A. Description of Advisory Firm Excellere Capital Management LLC is a Denver, Colorado-based private equity investment advisory firm that provides portfolio management and investment advisory services to private equity funds structured as Delaware limited partnerships. Excellere Capital Management, LLC was founded in 2006 and focuses on recapitalizations and buyouts of North American companies operating in the lower middle-market. Its managing members are Christopher Glaws, Bradford Cornell, Matthew Hicks, and Patrick O’Keefe. Excellere and its relying adviser, Excellere Capital Management II LLC (together, “Excellere”), provide investment advisory services to Excellere’s private fund clients. Excellere currently manages three (3) funds, Excellere Capital Fund II, L.P. (“Fund II”), Excellere Capital Fund III, L.P. (“Fund III”) and Excellere Capital Fund IV, L.P. (“Fund IV”), (together “Primary Funds”). Excellere also provides advisory services to investment vehicles established by the Firm to facilitate co-investments of third- party assets alongside a Primary Fund in a single portfolio asset. Primary Funds and co-investment vehicles are referred to each as an “Excellere Fund” and collectively the “Excellere Funds”. The general partners of the Excellere Funds are Delaware limited liability companies and are affiliates of Excellere. Each has the power and authority to delegate the management of the Excellere Funds to Excellere. See Item 10: Other Financial Industry Activities

and Affiliations for a list of entities affiliated with Excellere that serve as general partners to Excellere Funds. Excellere manages each Excellere Fund within the guidelines and restrictions set forth in the Funds’ governing documents and within respective regulatory guidelines and limitations. Investment advice is provided directly to the Excellere Funds, and it is not tailored for the individual needs of investors. B. Types of Advisory Services Offered Interests in Excellere Funds are privately offered only to “qualified purchasers” as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), which are generally institutional investors (for example, public and private pension funds) and certain high-net-worth individuals (for example, individuals with at least $5 million in investment assets). Excellere’s investment advice is limited to the investments made by the Excellere Funds. Excellere’s advisory services include the general and day-to-day operations of the Excellere Funds and the acquisition and disposal of, and dealings with, investments by or for the Excellere Funds. Excellere’s advisory services are tailored to the investment strategies of the Excellere Funds. The investment strategy of the Excellere Funds is to invest in private equity and equity-related investments in lower middle-market companies primarily in North America, including, without limitation, the making of investments in debt obligations of portfolio companies in anticipation of the exchange or conversion of such obligations into equity securities of such portfolio companies. C. Client Assets We Manage As of December 31, 2021, Excellere managed $2,107,200,623 of regulatory assets under management (which includes uncalled capital commitments) on a discretionary basis. Excellere does not manage client assets on a non-discretionary basis.