Russia Partners Management, LLC (“RPM” or the “Firm”) is an investment adviser that provides investment advisory services to private equity investors. RPM is a wholly-owned subsidiary of Siguler Guff Global, LP which, together with its affiliates (collectively, “Siguler Guff”), operates as a global multi-strategy private markets investment firm. Founded in 1991 by Messrs. George Siguler, Drew Guff and Donald Spencer as the Private Equity Group of PaineWebber, Siguler Guff began business as an independent adviser in 1995, with RPM registering as an investment adviser in 2012. Siguler Guff is privately-owned. Two of the founders, George Siguler and Drew Guff, together with entities established for the benefit of their immediate families, each own over 25% of Siguler Guff’s securities, in equal amounts. An affiliate of The Bank of New York Mellon Corporation owns a non-voting 20% interest in Siguler Guff. The Firm is a dedicated private equity investment adviser, and all of its services to clients relate to managing private equity and associated investments. The Firm provides discretionary investment management services to private equity investors through pooled investment vehicles (“Managed Funds”) that have invested the majority of their assets in direct equity and equity-related investments in companies operating in the Russian Federation and other countries of the former Soviet Union. This brochure discusses the Firm’s business generally. Russia Partners Advisers LLC, a non-affiliated entity of RPM, provides investment advisory services to RPM. Services for Managed Funds include screening and investigating investments, negotiating the terms and conditions of participation in those investments, ongoing monitoring of investments and communicating with those investments’ management teams, and managing the disposition

of investments. In addition, the Firm may occasionally accept discrete assignments from clients to analyze or manage specific investments. The Firm does not participate in wrap fee programs. The Firm tailors its advisory services to meet the individual needs and investment restrictions of groups of investors. Because Managed Funds are pooled investment vehicles, in general, each investor participates in each Managed Fund on the same terms and conditions, as set forth in the organizational documents. The Firm may also tailor its services by entering into “side letter” arrangements with investors in cases where investors are subject to additional needs or restrictions not met with a parallel fund. Side letters might supplement the existing organizational documents, and address issues such as reporting or confidentiality, regulatory or tax considerations applicable to an investor, and clarification of the application of specified sections of the Managed Fund’s organizational documents. Typically, each investor in a Managed Fund has the right to elect to receive the benefit of side letter provisions extended to similarly situated investors. As of September 30, 2023, Regulatory Assets Under Management (“RAUM”) are: Discretionary RAUM: $310,041,037 Non-Discretionary RAUM: None These amounts reflect RAUM as disclosed in Part 1 of the Firm’s Form ADV and include all securities accounts for which the Firm provides continuous and regular supervisory or management services. None of the Managed Funds have any undeployed capital. The Managed Funds are not making new investments and remain in the process of selling their remaining investments. The Firm has not raised any new capital or launched any new Managed Funds and has no plans to raise any new capital or Managed Funds.