The registrant is currently managing three advisory client Funds: Banc Fund IX L.P., Banc Fund X L.P., and the TBFC Financial Technologies Fund L.P. While Fund Management believes its work on behalf of Banc Funds IX, X, and the Financial Technologies Fund, is complementary, Fund Management may have conflicts in allocating investment opportunities among the Funds. TBFC may also accept other investment advisory clients and other advisory engagements. In addition to the management fee paid to TBFC, relying advisors MidBan IX L.P., MidBan X L.P., and MidBan XI L.P. will have a carried interest in net capital gains and certain high-yield income. An investment in a Fund is subject to many of the risks that one encounters in any private equity fund, including the investor’s limited ability to sell, transfer, or liquidate the investment; the limited rights of investors with respect to management control or investment strategy; the possibility that the Fund will not be wound up in the forecasted period; possible litigation or regulatory issues; limitation of management liability and indemnification by the Fund; the reliance upon Fund Management for virtually all investment and management decisions; the risks inherent in the types of permissible investments, including derivative securities, troubled assets, and non-traditional investments; the lack of registration under the Securities Act of 1933, the Investment Company Act of 1940, and any applicable state securities laws; and that outside legal counsel to the Fund and TBFC does not represent, and has no legal or other duties to, any of the investors. In addition, Fund investment returns will depend upon a number of factors, including: the profitability of individual companies; the ability of Fund Management to perform successful due diligence; to identify value for Banc Fund investments and to exit those investments; risks inherent in smaller capitalized companies, including typically more limited business operations and financial resources; the risks of investments in non-public or thinly traded securities, including possible restrictions on trading; the ability of portfolio company managers to execute their business plans; the robustness of the industry consolidation; the extent, if any, of the anticipated recovery of banks and other companies; competition in the financial services sector; corporate governance and internal control issues; and the occurrence of fraud in the financial services industry. As these Funds will invest primarily in U.S.-based financial service companies, it will encounter risks specific to that industry, including: systemic risk: factors outside the control of a particular financial institution may adversely affect the ability of the financial institution to operate normally or may impair its financial condition; regulators who may impose new or different rules, including capital requirements; other regulatory and taxation changes; shifts or volatility in interest rates; application of new or recent valuation standards affecting financial statements; interest rates that are extremely high or low; a flat or inverted yield curve that hurts operating earnings; volatile housing and mortgage markets; irrational competition, or entry valuations that reduce the returns that the Fund may earn. The concentration of Fund investing in this sector may magnify the above-mentioned risks. The financial services industry is not a monolith. Companies in each segment are subject to different pressures and different opportunities. Some of the businesses in which predecessor Banc Funds have invested, and in which Banc Funds may invest, are commercial banking, savings & loan associations, savings banks, insurance, security brokerage, commercial finance, consumer finance, investment banking, and asset management. Profitability in banking is to a significant degree dependent upon the availability and cost of capital and deposit funds. Economic conditions in the real estate market may affect certain banks and savings associations. Neither extensive regulation nor the federal insurance deposits ensures the solvency or profitability of companies in this industry. Many of the investment considerations discussed in connection with banks can also apply to insurance and other financial service companies. Investment banking, securities brokerage, and investment advisory firms are subject to extensive government regulation and to the risks inherent in securities trading and underwriting activities. While Banc Funds IX and X generally invest in small subregional companies, portfolio valuations can suffer: when larger financial service companies experience pronounced valuation volatility; when other financial service businesses experience operating difficulties, or when there is a global credit crunch. A good example of these risks is 2008. While Funds IX and X did not have investments in large or medium-sized banks, nor did they invest in subprime mortgages or in mortgage banking companies, the valuation of Banc Fund portfolio companies declined along with those of other financial service companies. The TBFC Financial Technologies Fund L.P. is a private equity fund that will invest in financial technology and financial service companies that are growing and changing the industry to a more

tech-forward posture. The Fund will benefit from the stewardship and Fund management of a team of investment managers who have invested in a mix of fintech companies, depositories, investment banks, and asset managers. Since 1986, this group has focused exclusively on the financial services domain. For its 10 predecessor Funds, Fund Management raised $3 billion and has invested over $5.8 billion. We anticipate that three big drivers of Fund investment returns will be the high growth rates of portfolio companies driven by the enormous technology spend coming over the next two decades, the ongoing consolidation of companies in the financial services industry, and a move away from zero interest rates. Technology transformation is across every facet of financial services, there is a technology transformation underway. From customer acquisition to customer onboarding, from systems accounting to market research, from data collection to data management, and from regulatory management to operations management, financial service companies are developing or acquiring technology to make their businesses more efficient and effective. We estimate that the industry will spend over $5 trillion in the next two decades to accomplish this transformation. The current annual technology spend rate in U.S. banking alone is $100 billion. Annual growth rates of some of our fintech companies are in the 50-90% range. This Fund intends to invest in those companies that will lead or support the industry in making this transformation. Industry consolidation is a second big driver of investment returns as banks buy other banks, banks buy fintech companies, fintech companies buy banks, and fintech companies buy fintech companies. Almost all transactions will involve a takeover premium. The historical competitive pressures that have driven the industry consolidation in financial services remain in place, and are now augmented by additional pressure to afford new technology investments. This, in turn, is pressuring companies to build scale. The combination of ‘get bigger and buy more tech’ dumps fuel on the already burning M&A fire. The financial services industry benefits from higher interest rates. As interest rates go up, loan spreads generally widen because loan rates rise faster than depository rates. At this time, real interest rates are negative; rates in general are below normal levels; loan spreads remain narrow, and banks are earning modestly on un-loaned and uninvested balances. The Federal Reserve Bank currently has zero as its interest rate target, but inflation is now putting pressure on the Fed and other central banks to raise rates. Higher interest rates allow bank margins to expand. We believe Fund portfolio companies are, and will continue to be, positively leveraged to higher interest rates. The business of TBFC was founded by Charles J. Moore, its President, in 1986 and TBFC was initially registered in 1997. Mr. Moore is the principal owner of the Registrant. The Registrant provides investment advisory services on a discretionary basis to Banc Fund IX L.P. (“Fund IX”). The general partner of Fund IX is an affiliate of the Registrant. The Registrant advises Fund IX through the Registrant’s role and position as the general partner of its affiliate associated with Fund IX. The Registrant provides investment advisory services on a discretionary basis to Banc Fund X L.P. (“Fund X”). The general partner of Fund X is an affiliate of the Registrant. The Registrant advises Fund X through the Registrant’s role and position as the general partner of its affiliate associated with Fund X. Additionally, the Registrant provides investment advisory services on a discretionary basis to the TBFC Financial Technologies Fund L.P. (“Fintech Fund”). The general partner of the TBFC Fintech Fund is an affiliate of the Registrant. The Registrant advises the TBFC Fintech Fund through the Registrant’s role and position as the general partner of its affiliate associated with the TBFC Fintech Fund. Collectively, Fund IX, Fund X, and the TBFC Fintech Fund will be referred to as “the Funds” and each a “Fund”. The primary investment objective of each Fund is to invest in the financial services industry through investments in subregional banks, thrifts, and other companies offering financial services. This may include insurance companies, securities brokerage companies, leasing, and finance companies. The Partnership may invest in insurance contracts, and also in companies that provide business services to banks and other financial companies. The Funds must limit their investments outside the United States to not more than 10% of its portfolio. Investments in any instruments used for hedging purposes are similarly limited to 10% of the portfolio. As of December 31, 2023, TBFC had $1,077,342,851 of discretionary assets under management. Information regarding each Fund’s operations and investment strategies is delivered in conjunction with each Fund’s Private Placement Memorandum, Limited Partnership Agreement, and Subscription Agreement (the “Governing Documents”). The information contained herein is only intended to be a summary of the information applicable to the Funds, and does not contain all of the terms and conditions in such documents.