ADVISORY BUSINESS A. General Description of Advisory Firm Endicott Management Company (“EMC”), a Delaware S-Corporation, formed on March 15, 1996, provides investment advisory services on a discretionary basis to private investment funds (the “Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). An affiliate of EMC serves as the general partner of the Funds (“GP”). Such entities are generally under common control with EMC or possess substantially similar personnel and/or equity owners with EMC. EMC does business under the trade name “Endicott Group”. The principal owners of EMC are Wayne K. Goldstein and Robert I. Usdan. EMC is not a publicly held company. None of the equity interests in EMC are owned through subsidiaries. B. Description of Advisory Services The Funds make primarily long-term private equity and equity-related investments and, to a lesser extent, publicly traded securities, in accordance with the Funds’ respective investment objectives. EMC’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. EMC provides investment supervisory services to each Fund pursuant to and based on the investment objectives and investment restrictions set forth in the investment management or portfolio management agreements (each, an "Advisory Agreement") and limited partnership agreement and/or confidential

offering memorandum and (together with the Advisory Agreement, the "Governing Documents"). EMC will, at its discretion, enter into side letters or other similar agreements with certain investors. Such side letters have the effect of establishing rights (including economic or other commercial terms) under, or to alter or supplement, the Governing Documents. Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Investment restrictions for the Funds, if any, are generally established in the Governing Documents of the applicable Fund. We do not currently participate in any Wrap Fee Programs. The descriptions set forth in this Brochure of specific advisory services that EMC offers to the Funds, and investment strategies pursued and investments made by EMC on behalf of its Funds, should not be understood to limit in any way the EMC’s investment activities. EMC may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that EMC considers appropriate, subject to each Fund's investment objectives and guidelines. The investment strategies EMC pursues are speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Fund will be achieved. C. Assets Under Management As of December 31, 2023, EMC managed a total of $48,352,870 of client assets, which includes the total unfunded committed capital by investors to the Funds and the value of other assets all of which is managed on a discretionary basis.