HMI Capital Management, L.P. (“HMI” or “we”), a Delaware limited partnership, began operations in November 2008. HMI currently provides discretionary investment advisory services to three private funds, HMI Capital Partners, L.P., HMI Capital Offshore Partners, L.P., and Merckx Capital Partners, L.P. (each, a “Fund” and collectively, the “Funds”). HMI Capital Partners, L.P. and Merckx Capital Partners, L.P. are Delaware limited partnerships. HMI Capital Offshore Partners, L.P. is a Cayman Islands exempted limited partnership. HMI Capital Offshore Partners, L.P. is the feeder fund in a master-feeder structure with HMI Capital Partners, L.P. HMI is the investment manager of each of the Funds. HMI Capital Fund GP, LLC (the “General Partner”), an affiliate of HMI, is the Funds’ general partner. The principal owners of both HMI and the General Partner are Marco (“Mick”) Hellman and Justin Nyweide. Each Fund is managed in accordance with its own investment objectives and is not tailored to any particular private fund investor (each an “investor” or “limited partner”). In managing the Funds, HMI focuses primarily, but not solely, on investing in public and private equities. However, HMI is authorized to enter the Funds into any type of investment transaction that it deems appropriate under the terms of the respective Fund’s governing documents. Please see “Methods of Analysis, Investment Strategies and Risk of Loss” section below for additional information. HMI’s investments in private companies are limited to those investors who have “opted in” to HMI’s side pockets. Investments held in side pockets cannot exceed 25 percent of each investor’s capital account, calculated using the cost basis of the private investments.

HMI seeks to hold a concentrated portfolio focused on three industry sectors: Technology & Software, Financial Services, and Consumer & Business Services. The Funds’ investors do not have the right to specify, restrict, or influence the Funds’ investment objectives or any investment or trading decisions. The Funds’ investment objectives and restrictions are contained in their distinct governing documents. HMI tailors its advisory services to the objectives and restrictions set forth in the Funds’ governing documents. HMI currently provides advice only to the Funds, but may, from time to time, serve as the investment manager for additional funds or products, such as co-investment vehicles, which may invest alongside the Funds, and may offer investors in the Funds the opportunity to co-invest with the Funds in particular investments. HMI and its affiliates are not obligated to arrange co-investment opportunities for investors, and no investor will be obligated to participate in such an opportunity. HMI and its affiliates have sole discretion as to the amount (if any) of a co- investment opportunity that will be allocated to a particular investor and may allocate co-investment opportunities instead to other investors or to third parties. HMI or its affiliates may receive fees and / or incentive allocations from co-investors, which may differ from the fees and / or incentive allocations borne by the Funds. Any co-investment vehicle will only offer investors an opt-in right for single security investments. We do not participate in wrap fee programs. As of December 31, 2023, HMI’s total regulatory assets under management were approximately $3,506,017,116. HMI does not manage assets on a non-discretionary basis.