General Description and Principal Owner. Saratoga Management Company LLC ("Saratoga"), a Delaware limited liability company, provides advisory services to Saratoga Partners IV LP (the "Fund"), a private equity fund that is excluded from the definition of "investment company" under the Investment Company Act of 1940, as amended, and separately managed accounts (“SMAs”). Since Saratoga commenced business in 1984, it has executed middle-market, control buyout transactions and provided investment management services to four corporate buy-out partnerships. More recently, it began managing a strategy to invest SMAs in debt securities issued by private investment funds organized as collateralized loan obligation (“CLO”) vehicles. Saratoga is owned by Christian L. Oberbeck. The Fund commenced operations in 1998 and has been closed to new investors since 1998.1 On September 17, 2016, the Partnership was not extended and the General Partner is winding down the Partnership. Mr. Oberbeck is supported by a team of investment professionals experienced in the advisory services offered by Saratoga many of whom have been working together for over fifteen years. The current portfolio of investments Saratoga oversees in the Fund is generally comprised of securities issued by various non- public companies with revenue generally between $10 million and $400 million, although some may have lesser or greater revenue. The current portfolio of investments Saratoga oversees in the SMAs is generally comprised of BB rated tranches of CLO debt securities. Saratoga is under common control and considered operationally integrated with another registered investment adviser, Saratoga Investment Advisors, LLC ("SIA"). Advisory services offered. Saratoga provides investment management and advisory services to the Fund, a private investment fund. Saratoga, with the Fund's general partner, Saratoga Associates IV LLC, a Delaware limited liability company ("General Partner"), identifies

investment opportunities for, and participates in the acquisition, management, monitoring and disposition of investments of the Fund. The primary focus of Saratoga's investment advisory activity is advising on private equity investments, including management buyouts, in a wide variety of industries in companies with annual EBITDA primarily between $5 million and $40 million. These investments take the form of privately negotiated investment instruments. Saratoga also provides investment management and advisory services to SMAs. SMA client assets are invested in debt securities issued by CLO vehicles. In general, these securities are comprised of BB rated tranches of these CLO debt securities. Tailoring to individual needs and investment restrictions. Generally, with respect to the Fund, Saratoga neither tailors its advisory services to the individual needs of investors in the Fund nor accepts investor-imposed investment restrictions. Saratoga provides investment advisory services to the Fund pursuant to an investment advisory agreement ("Advisory Agreement"). Investment advice is provided by Saratoga directly to the Fund, subject to the direction and control of its General Partner. With respect to SMAs, Saratoga is able to tailor its advisory services and investments based on specific SMA client objectives and/or investment strategies as discussed with the applicable SMA client. 1 Since its initial closing, the Fund's limited partnership agreement has been amended on several occasions in accordance with the terms and provisions of that agreement. As a result, the disclosure contained in this document regarding various terms of Saratoga's advisory services may differ from those described in the initial offering documents for the Fund. 5 48688839.1 Assets under management. As of December 31, 2023, Saratoga managed a total of approximately $2,143,008,300 of client assets, of which approximately $12,177,100 were attributable to the Fund2 All assets are managed on a discretionary basis.