For purposes of this brochure, unless otherwise noted, the “Advisers” mean (i) Valiant Capital Management, L.P. (“VCM”) and (ii) Valiant Peregrine Management, L.L.C. (“VPM”). VCM is a Delaware limited partnership that has been in business since 2008. VCM’s President, controlling owner and portfolio manager is Christopher R. Hansen. VPM is a Delaware limited liability company and has been in business since 2019. VPM’s controlling owners and managing members are Christopher R. Hansen and Daniel Karubian. Daniel Karubian is the portfolio manager of VPM. Each Adviser operates its business as follows: (1) VCM currently serves as the investment adviser to the following funds:
• Core Funds. VCM serves as investment adviser to two investment funds that have substantially the same investment strategy: Valiant Capital Partners, L.P., a Delaware limited partnership (the “Core U.S. Fund”), and Valiant Capital Master Fund, L.P., a Cayman Islands exempted limited partnership (the “Core Master Fund”), whose primary, unaffiliated limited partner is Valiant Capital Partners Offshore, Ltd., a Cayman Islands exempted company (the “Core Offshore Feeder”, and together with the Core U.S. Fund and the Core Master Fund, the “Core Funds”).
• India Funds. VCM serves as investment adviser to Valiant India Opportunities Master Fund, L.P., a Cayman Islands exempted limited partnership (the “India Master Fund,” and with the Core Master Fund, the “Master Funds”). The India Master Fund has two “feeder” funds, Valiant India Opportunities Fund, L.P., a Delaware limited partnership (the “India U.S. Fund,” and with the Core U.S. Fund, the “U.S. Funds”), and Valiant India Opportunities Offshore, L.P., a Cayman Islands exempted limited partnership (the “India Offshore Feeder,” and with the Core Offshore Feeder, the “Offshore Feeders”, and together with the India Master Fund and the India U.S. Fund, the “India Funds” ). Each U.S. Fund is available only to “qualified purchasers” so that it can be excluded from the definition of an “investment company” (a so-called mutual fund) under section 3(c)(7) of the Investment Company Act of 1940, as amended (the “ICA”). The U.S. Fund may admit more than 100 investors under that exclusion. Each Offshore Feeder is available for investment by non-U.S. investors and U.S. tax- exempt investors that are “qualified purchasers” so that

they also can be excluded from the definition of an “investment company” under section 3(c)(7) of the ICA. A “VCM Fund” or the “VCM Funds” mean the U.S. Funds and any or all of the Offshore Feeders and the Master Funds, as the case may be. Although the Core Funds have substantially the same investment strategy, their performance is expected to differ over time due principally to tax related differences in trading, the different timing of subscriptions to and redemptions or withdrawals from each VCM Fund, and various legal or regulatory restrictions or expenses that may apply to one or more of the VCM Funds. Likewise, while the India U.S. Fund and the India Offshore Feeder have substantially the same investment strategy and both invest through the India Master Fund, their performance is expected to differ over time due principally to the different timing of subscriptions to and withdrawals from each VCM Fund. VCM invests on behalf of the VCM Funds in securities consisting principally, but not solely, of equity and equity-related securities that are traded publicly and privately in U.S. and non- U.S. markets, but is authorized to enter into any type of investment transaction that it deems appropriate under the terms of the VCM Funds’ governing documents. (2) VPM currently serves as the investment adviser to Valiant Peregrine Fund, L.P., Valiant Peregrine Fund 2, L.P., and Valiant Peregrine Special Opportunities Fund 1, 1A, 1B, 1C, 2, 3, 4 and 5 (the “Peregrine Funds”, and together with the VCM Funds, the “Funds” or “Clients”). The Peregrine Funds are available for investment by investors that are “qualified purchasers” so that it also can be excluded from the definition of an “investment company” under section 3(c)(7) of the ICA. VPM invests on behalf of the Peregrine Funds in equity and equity-oriented securities of privately held companies in the technology, consumer and services sectors, but is authorized to enter into any type of investment transaction that it deems appropriate under the terms of the Peregrine Funds’ governing documents. As of December 31, 2023, the Advisers had regulatory assets under management of approximately $2,813,312,473. The Advisers only manage assets on a discretionary basis. Fund investors have no opportunity to select or evaluate any Fund investments or strategies. The Advisers select all Fund investments and strategies.