Firm Description Carson Management Company, LLC, (“CMC”) was founded in 2009 and is an investment management firm that specializes in providing management services to a limited number of private limited partnerships. The general partners of these limited partnerships are affiliates of CMC. These investment partnerships generally invest in private investment funds focused on European and North American private equity and North American energy investments. Principal Owner Royal W. Carson, III is the sole equity owner of CMC. Types of Advisory Services CMC provides investment supervisory services that consist of the formation, structuring, management and administration of private investment limited partnerships (“Partnerships” or “Clients”) which invest in underlying private investment funds (“Fund(s)” or “Underlying Fund(s)”) seeking access to European and North American private equity investments and North American energy investments. The general partner for each Partnership is an affiliate of CMC. The privately offered Partnerships are CMC’s only investment advisory Clients. The Partnerships are not required to register as investment companies under the Investment Company Act of 1940 in reliance upon an exemption available to private investment funds whose securities are not publicly offered. CMC manages the Partnerships on a discretionary basis in accordance with the terms and conditions of each Partnership’s offering and organizational documents. The general partner of a Partnership may also offer limited partners the opportunity to make a direct investment in a business side- by-side with the Partnership through a co-investment pooled investment vehicle. As of 12/31/2022, CMC manages approximately $477,528,907 in assets for approximately 19 Partnerships. Approximately $477,528,907 is managed on a discretionary basis, and $0 is managed on a non-discretionary basis. Tailored Relationships The services provided for each Client are documented in a Management Services Agreement between CMC and the Client. These services may differ between Clients depending on the services needed and are at the discretion of the general partner. Types of Agreements The following agreements define our typical Client relationship. Management Services Agreement All of our Clients (i.e. the Partnerships) are provided services under a Management Services Agreement between CMC and the Client. Services include Investment Management Services

and Administrative Services. Investment Management Services typically include (i) identifying and evaluating investment opportunities for the Partnerships, including (a) analyzing and investigating investment opportunities, (b) structuring investments and proposed investments of the Partnership and (c) negotiating the terms of, and directing the preparation and review of, all documents required to complete investment transactions of the Partnership; (ii) monitoring the performance of investments; (iii) preparing or assisting the general partner in preparing valuations of any investments; and (iv) making recommendations in respect of the liquidation or disposition of investments, including evaluating, structuring and supervising, if appropriate, the timing and method of disposition or liquidation of investments. Administrative Services typically include (i) preparing or assisting the general partner in preparing communications to the limited partners of the Partnership; (ii) maintaining or assisting the general partner in maintaining all books and records relating to the operations, business or affairs of the Partnership; (iii) preparing or assisting the general partner in preparing all tax returns, audited financial statements and other reports required by the limited partnership agreement of the Partnership; (iv) consulting with legal counsel, auditors and other professionals in connection with its duties under this Agreement; (v) conducting or assisting the general partner in conducting meetings of the limited partners of the Partnership; (vi) disbursing or assisting the general partner in disbursing distributions to partners of the Partnership or paying expenses of the Partnership; (vii) processing or assisting the general partner in processing the organization or evaluation of, or the offer and sale of limited partner interests in, the Partnership; (viii) perform or assist in the performance of such administrative or managerial functions as may be necessary or appropriate in connection with the management of the operations, business or affairs of the Partnership; and (ix) provide such additional services to the Partnership and the General Partner as may be reasonably requested from time to time by the General Partner. The Management Fee is based upon the specific terms of the partnership agreement of the Partnerships and is typically between 0.75% and 1.0% per annum.