A. Description of Advisory Firm KAILAI Advisers Ltd., a Cayman Islands company (“Registrant”), is owned by its partners, directors, and officers (including an ownership share of greater than 25% held by Xiao Hua Liu). Registrant and its predecessor entities have been in business since 1997. Registrant, directly or through its affiliates, provides investment advisory services to private investment funds sponsored by Registrant or its affiliates for the purpose of making private equity and similar investments in media, communications and business services in the US and/or abroad (depending on the investment mandate of each particular fund), as well as their related investment vehicles, such as parallel funds, alternative investment vehicles, and co-investment vehicles (collectively, such funds and related vehicles, together with subsequently sponsored funds and their related vehicles, and any similar pooled investment vehicles formed or managed by Registrant or its affiliates, will be referred to as the “Funds”). Certain affiliates controlled by or under common control with Registrant may serve as the general partner (or equivalent position) or investment manager of the Funds. Such affiliates are supervised persons of Registrant and intend to conduct their activities in accordance with the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and the rules thereunder. Any employees of such affiliate(s), and other persons acting on their behalf, are and shall be subject to the supervision and control of Registrant. Such affiliates that are not separately registered are relying on Registrant’s registration under the Advisers Act and are not registering themselves. All references herein to “Registrant” shall include such affiliates as applicable. B. Types of Advisory Services Offered Registrant, directly or through its affiliates, provides advice to the Funds in respect of their investment portfolios, as well as certain ancillary managerial and administrative services, including, without limitation, identifying and screening potential investments, recommending strategies for the management and disposition of investments, monitoring the performance of portfolio companies, assisting in certain circumstances with the management of portfolio companies, and preparing reports necessary or appropriate for compliance with the governing agreements of the Funds. Investments in the Funds are

privately offered and sold generally to investors that are (i) “accredited investors” as defined under Regulation D of the Securities Act of 1933, as amended and (ii) “qualified purchasers” or “knowledgeable employees” of the Registrant, in each case as defined under the Investment Company Act of 1940, as amended (the “Investment Company Act”). See also Item 4.A. above. C. Services Tailored to Individual Needs of Clients Registrant’s advisory services are geared to the management of the Funds, the investment objectives, parameters and restrictions of which are disclosed to investors in the applicable governing agreements before they invest. Investment restrictions applicable to a specific Fund are customarily imposed in the governing agreements for such Fund, as agreed upon with investors. Registrant or certain affiliates may also enter into side letters or other writings with specific Fund investors which have the effect of establishing rights under, or altering or supplementing, the terms of Fund agreements, in respect of the investor to whom such letter or writing is addressed. Any rights established, or any terms altered or supplemented, will govern only that Fund investor and not a Fund as a whole. Such side letters may impose restrictions on participation in certain investments or types of investments made by the Funds and may also provide benefits to certain investors in a Fund not provided to investors in such Fund generally (for example, adjustments to fees or other economics, access to information, ability to transfer interests in a Fund or compliance with specified laws or regulations). Neither Registrant nor its affiliates will enter into a particular side letter if Registrant determines that the provisions contained in such side letter would be disruptive to the applicable Fund or its investment program. Disclosure of applicable side letter practices is made to investors prior to their investment in the applicable Fund. D. Wrap Fee Programs Wrap fees are comprehensive fees charged to a client for providing a bundle of services, such as investment advice, investment research and brokerage services. Registrant does not participate in wrap fee programs. E. Client Assets As of December 31, 2023, Registrant managed approximately $110,308,165 of client assets on a discretionary basis. As of December 31, 2023, Registrant did not manage any assets on a non- discretionary basis.