Overview Founded in June 2005, Hillhouse Investment Management, Ltd. (“HIM”) provides investment advice to clients organized as privately-offered pooled investment vehicles or similar structures (the “Funds”) and may, from time to time, also advise managed accounts or similar relationships. The Funds and all such HIM-advised managed accounts are referred to herein as “clients.” HIM is a wholly-owned subsidiary of Hillhouse Group Limited, which itself is a wholly-owned subsidiary of Hillhouse Group Holdings Limited. Mr. Lei Zhang directly owns 100% of Hillhouse Group Holdings Limited. HIM is part of the “Hillhouse Investment Group,” a multinational group of related advisory entities. To comply with local operational requirements (including the issuance of local work visas), HIM engages local affiliates including those based in Hong Kong (Hillhouse Investment Management Limited), the People’s Republic of China (the “PRC” or “China”) (Hillhouse (Beijing) Advisory Limited and Shanghai Gaoling Equity Investment Management Ltd.), Singapore (HHLR Management Pte. Ltd.), the Cayman Islands and the United States (the “U.S.”) (Altitude Crest Partners Inc.). While these local affiliates are not registered as investment advisers with the United States Securities and Exchange Commission (the “SEC”), HIM subjects these local affiliates’ personnel to its compliance policies and deems their books, records, and personnel to be within the scope of HIM’s retention and production obligations. Another HIM affiliate, HHLR Advisors, Ltd. (“HHLR”), which is discussed in Item 10, is registered as an investment adviser with the SEC. While the investment programs and activities of HHLR and HIM overlap, HHLR generally focuses more on publicly-listed (or similarly liquid) investment opportunities, while HIM generally focuses more on less liquid investment opportunities, including venture capital, private equity, private debt and buyout transactions. HIM and HHLR also share certain policies, personnel and resources. Accordingly, certain information on HIM contained in this Brochure, including information regarding personnel, is presented on an aggregate basis for HIM, HHLR, and the local affiliates. Investment Philosophy and Strategies HIM’s investment philosophy is to seek long-term, risk-adjusted returns through bottom-up analysis and fundamental proprietary research. As part of HIM’s bottom-up analysis, it performs both qualitative and quantitative assessments of potential investments with a particular focus on opportunities upon which it can gain insights and discover value in an ever-changing world. In general, HIM’s client portfolios generally focus on less-liquid investment opportunities. However, client portfolios may also hold investments in publicly-listed securities or instruments with similar liquidity. While HIM applies its general investment philosophy across all of its clients’ accounts, it operates numerous investment strategies by tailoring investment programs and trading and investment decisions for each client account. Investment strategies that HIM provides vary across clients and may vary over time. Markets and Investment Opportunities HIM primarily invests for client accounts in equity and debt securities, but could, and does, invest in a wide range of securities and other financial instruments including, without limitation: share capital; common and preferred stock (privately-placed and exchange-traded); shares of beneficial interest; partnership interests and similar financial instruments; bonds, notes, debentures and other debt instruments (whether subordinated, convertible, or otherwise); commodities; currencies; interest rate, currency, commodity, equity, debt, and other derivative products (including, without limitation, (i) futures contracts (and options on futures contracts) relating to stock indices, currencies, other financial instruments, and all other commodities, (ii) swaps, participatory notes, options, warrants, caps, collars, floors, and forward rate agreements, (iii) spot and forward currency transactions, and (iv) agreements relating to or securing such transactions); equipment lease certificates; equipment trust certificates; loans; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts; participations; mutual funds; money market funds; structured securities; repurchase agreements; obligations of governments and instrumentalities; commercial paper; certificates of deposit; bankers’ acceptances; trust receipts; choses in action; real estate, including fee interests, leaseholds, mortgages, or other real estate assets; and any other obligations and instruments or evidences of indebtedness of whatever kind or nature; in each case, of any person, corporation, government, or other entity whatsoever, whether or not publicly traded or readily marketable. HIM invests client assets in a wide range of countries, markets and exchanges throughout the world. Clients also face indirect exposure to some or all of the instruments and investments listed above through investments in special purpose vehicles and similar entities. Advisory Services HIM manages its current client accounts on a discretionary basis but could provide advisory services on a non-discretionary basis. HIM manages client accounts in accordance with any investment restrictions or guidelines set forth in the offering documents for each Fund or, for non- Fund clients, in accordance with the authority delegated to it (including any limits on that authority) under the applicable client’s investment management agreement or governing documents. HIM consults with each client on its investment objectives and strategies and tailors its services and advice to those objectives and strategies. HIM had approximately $44.74 billion of assets under management as of December 31, 2022, all of which is managed on a discretionary basis. The amount of assets under management reported in this Brochure is lower than the amount of “regulatory assets under management” that HIM reports in Part 1, Item 5 of its Form ADV because Item 5 requires an adviser to report assets under management inclusive of any uncalled commitments and without deducting any outstanding indebtedness or other accrued but unpaid liabilities. To prevent the appearance of an overstatement of HIM’s assets under management, HIM has calculated assets under management in this Brochure exclusive of uncalled commitments and taking into account certain unpaid liabilities and outstanding indebtedness. Fund Structures The structure of HIM’s advisory relationship can vary in accordance with a specific client agreement, and services can be provided by HIM directly or through an affiliate. Many Funds are organized as master-feeder structures. A master-feeder structure is commonly used to accumulate capital raised from U.S. taxable, U.S. tax-exempt, and non-U.S. investors into one central vehicle – a master fund – in order to enhance the critical mass of investable assets, improve economies of scale under which the fund arrangements operate and enhance operational efficiencies, thereby reducing costs. Other client relationships are structured without a master-feeder structure, such as a single partnership or company. HIM commonly serves as, controls, or is under common control with an entity that serves as, a general partner (or similar controlling entity) of Funds organized as partnerships or other structures. The general partner of one Fund could also act as the general partner (or similar controlling entity) of other Funds or investment vehicles. HIM and the other Hillhouse Investment Group entities advise, in addition to the Funds and accounts disclosed in Item 5.K. and Item 7.B. of Part 1A of the HIM and the HHLR Form ADVs, numerous non-U.S. accounts and vehicles (including PRC funds denominated in renminbi (“RMB”) and co-investment vehicles) which are deemed not to be advisory relationships within the scope of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”) and which are not discussed in this Form ADV. Managed Accounts HIM currently does not, but may in the future, advise individualized managed accounts on terms that are agreed to with the applicable client. Co-Investments HIM and its affiliates, from time to time, form, sponsor, manage, arrange, offer or advise investment vehicles or accounts in connection with a particular investment strategy or theme, and also establish, sponsor or advise, on a transaction-by-transaction basis, an investment vehicle or account through which certain persons could invest alongside or independently of one or more clients (each such vehicle or account, a “Co-Investment Arrangement”) in companies in which one or more clients make, or have made, an investment (each, a “Portfolio Company,” and, collectively, “Portfolio Companies”). Certain Co-Investment Arrangements participate in individual investments or a series of related or unrelated investments alongside one or more other clients of HIM and its affiliates. Certain Co-Investment Arrangements also make investments independently of (and not alongside) other clients of HIM and its affiliates. In addition, certain Funds (and other HIM clients) from time to time co-invest with each other. HIM’s fee and compensation practices for Co-Investment Arrangements are subject to a case-by-case agreement with the applicable investor. At times, co-investors participating in a Co-Investment Arrangement pay no management fees or carried interest in connection with the co-investment, or pay them at a lower rate, and the transaction fees received by HIM or its affiliates in respect of a co-investor’s pro rata portion of any investment will not offset the management fee paid by the applicable Fund to HIM or its affiliate. Co-investors will likely also acquire their interest in the Portfolio Company at the same time as the applicable Fund or purchase their interest from the applicable Fund after such Fund has consummated the full investment. Moreover, investors approached as potential co-investors will in most cases not bear any transaction costs of investments that are not consummated or be subject generally to the same risks to which the applicable Fund is throughout the investment process. In sum, awarding a co-investment opportunity to an investor generally will afford it proportionately greater exposure to a particular investment at a proportionately lower cost. In addition, co-investors might have the ability to elect whether or not to participate in follow on investments. Co-investors, however, could be subject to different liquidity terms or achieve different economic returns than other investors in the applicable Fund investing in the same Portfolio Companies. For example, co-investors may not have the ability to leverage certain opportunities, or may not be able to accept or transact in certain distributions in kind available to the investors in the applicable Fund, which could impact liquidity, the timing of distributions, or returns. When HIM determines to offer co-investment opportunities, HIM generally has complete discretion to determine to whom HIM will offer these co-investment opportunities. HIM could offer co-investment opportunities to some investors but not all of them, will generally determine the terms and conditions of co-investments in its sole discretion, and the allocations of any co- investment opportunities among investors (to the extent any investor is offered any co-investment opportunities) will not correspond to their pro rata interests in the applicable Fund. HIM takes into account various facts and circumstances deemed relevant for determining allocations relating to co-investment opportunities and establishing co-investment structures. Such factors include, among others, a potential co-investor’s certainty of funding and execution; the potential co- investor’s size of commitment to the applicable Fund; expertise of the co-investor and its ability to make a meaningful contribution to the co-investment such as in sourcing or completing the transaction or providing operational skill or insight; preferences of the target company; the overall strategic benefit to the transaction, the applicable Fund or HIM in offering a co-investment opportunity to the potential co-investor; the expertise of the potential co-investor with respect to the geographic location or business activities or industry of the prospective target company; the investment objectives

and existing portfolio of the potential co-investor; the legal or regulatory constraints to which the proposed investment is expected to give rise; ease of process with respect to arranging a co-investment group; other potential legal, regulatory, tax, reporting, public relations, competition, confidentiality, financial and other factors; and other facts or circumstances that HIM deems appropriate or relevant. HIM is not required to consider all of these factors, and some factors will be more or less important depending upon the nature of the particular investment and related circumstances. HIM expects to allocate certain co-investors a greater proportion of an investment opportunity than others as a result of these factors. HIM, at times, causes a Fund to temporarily warehouse a portion of an investment opportunity in order to facilitate a co-investment by one or more affiliated or third-party co-investors and fund such warehoused investment by calling capital from investors of such Fund and/or drawing down on the applicable Fund’s credit facility. If such co-investment is not ultimately consummated, the Fund will end up holding a larger portion of such investment than it otherwise expected or desired to hold, which could make the Fund more susceptible to fluctuations in value resulting from adverse economic or business conditions. Parallel Investment Entities Clients of HIM and its affiliates may from time to time utilize parallel investment entities, which invest side-by-side with each other, to address relevant legal, tax, regulatory and similar reasons. One or more clients of HIM and its affiliates may invest alongside each other in one or more investments, including sidecar funds, co-investment vehicles and clients with similar or identical investment strategies or objectives and clients that have separate and distinct, but overlapping, investment strategies or objectives. In many cases, the exit from such investments will be tied or otherwise coordinated among such co-investing clients. However, such co-investing clients could have conflicting goals or considerations with respect to the price and timing of disposition opportunities which could result in a client making or exiting its investment at a different effective price or with differing costs or terms from other co-investing clients. HIM and its affiliates, owes a fiduciary duty to each such client and could face a conflict of interest in respect of the advice it gives to its clients with respect to such co-investments, including the timing and terms of disposition of such co-investments. Situations could arise where the co-investing clients invest on different (and more favorable) terms and have interests or requirements that conflict with and adversely impact another co-investing client (for example, with respect to the timing of acquisitions and disposals or control rights) and, accordingly, investments could be acquired at different times in different parts of the capital structure at lower or higher prices or valuations and on different terms. The different prices paid for, or terms of, securities held by the co-investing clients will create conflicts of interest. One client’s view of the investment and their interests could diverge from other co-investing clients and the clients will be acting in their own interests and could take actions that are adverse to the interests of other co-investing client(s). In addition, the co-investing clients could exit such investment at different time and/or on different terms, in which case the disposition or other actions of a client could affect the value of other co-investing clients’ investment. Please see “Investment Allocations and Related Conflicts” below for additional information relating to investment allocations. Investment Allocations and Related Conflicts HIM faces a number of conflicts in allocating investment opportunities among its various clients, including clients with similar or identical investment strategies or objectives and clients that have separate and distinct, but overlapping, trading and investment strategies or objectives. HIM also faces additional allocation conflicts in connection with certain proprietary or principal vehicles owned or controlled by HIM and its affiliates. These conflicts are heightened by the fact that the various Funds and other clients sponsored, advised, or managed by HIM and its various affiliates have different management and incentive fee structures. In circumstances where investment opportunities presented to HIM or any of its affiliates fall within the investment strategies or objectives of more than one client, HIM and its affiliates will have significant latitude in determining the allocation of such opportunities among its various clients and third parties. In some circumstances, HIM will allocate the same or similar trade or investment opportunities among clients and proprietary or principal vehicles. In other circumstances, HIM will allocate investment opportunities to certain clients or to proprietary or principal vehicles and not to other clients. For example, there are certain investment opportunities where certain clients are unable to participate due to market, regulatory or deal-related restrictions and requirements. Where investment opportunities fall within the investment strategy or objectives of more than one client, HIM’s policy is to allocate investment opportunities among eligible clients fairly and equitably, to the extent possible, over a period of time, taking into account a variety of considerations. In an effort to ensure fairness in the allocation of investment opportunities among HIM’s clients, HIM has adopted allocation policies, procedures, and processes that permit HIM to take into account various factors, including: the suitability of the investment for each of HIM’s clients; HIM’s clients’ investment objectives, strategies and focuses; the pre-money valuation of the prospective Portfolio Company; the portfolio composition of HIM’s clients, including market and industry sector exposure, and the anticipated holding period of the prospective investment; the expected amount of capital required for the investment as well as the applicable client’s projected future capacity for investment; the applicable client’s liquidity and reserve levels; the applicable client’s actual or projected capacity for investment and the timing thereof; the applicable client’s targeted rate of return; the stage of development of the prospective Portfolio Company or other investment; the risk profile or other attributes of the investment opportunity; the expected life cycle of the applicable client and its ability to make or dispose of an investment; any allocation targets (e.g., geographical targets and size targets) of the applicable client; the sourcing of the investment opportunity within HIM; the nature of returns from the investment (e.g., current income, expected rate of return and long-term capital growth); the management, control or governance rights (or the anticipated management, control or governance rights) of the prospective Portfolio Company; the representation on the board (or similar governing body) or creditors committee (or similar committee with respect to creditors or lenders) of the prospective Portfolio Company; the extent of any covenant, representation, warranty, default rights and remedies in respect of the prospective investment opportunity; the liquidation preference, subordination within equity or debt structure and security of the prospective Portfolio Company; the HIM personnel who will monitor, oversee or have a level of engagement with the investment opportunity; the potential to gain influence or control over the prospective portfolio investment; the ability of the applicable client to accommodate structural, timing, regulatory, legal, and other aspects of the investment process or the investment itself; legal, tax, contractual, regulatory; and other considerations deemed relevant in good faith. To the extent that all or a portion of an investment opportunity is inappropriate for HIM’s clients, HIM, its employees and its affiliates could participate in such opportunities, subject to HIM’s policies and procedures. Co-Investment Allocation Conflicts. The allocation of co-investment opportunities also raises the potential for certain conflicts of interest, including that HIM has the incentive to allocate such opportunities in a manner that benefits HIM economically by virtue of fees and other compensation that will be payable to HIM by the co-investors and/or by encouraging co-investors to enter into a relationship, or expand their relationship, with HIM. At times, HIM offers co-investment opportunities on a systematic basis to investors that make sizeable commitments to or investments in Funds or to other persons or for other reasons, including in connection with broader strategic relationships, and could for administrative convenience or otherwise form one or more special co-investment vehicles for this purpose. HIM also offers co- investment opportunities to strategic investors (which might include one or more investors in a Fund), including in relation to specific industry sectors, geographies, strategies, or other focus. The exercise of such co-investment rights could limit the amount of the investment opportunity available to a client and will limit the amount of co-investment opportunities available to other potential co-investors. In addition, HIM could, from time to time, offer co-investment opportunities to its consultants, servicers and certain entrepreneurs and experienced operational professionals in Portfolio Companies for which such consultant, servicer, entrepreneur or experienced operational professional provides services. The size of such co-investment opportunities will depend, in part, on the level of participation in respect of sourcing, evaluating and negotiating a particular portfolio investment. Clients are also permitted to provide credit, equity, or other support, including letters of credit and equity commitment letters, in order to facilitate its and/or a co-investor’s participation in a potential investment. Other co-investors expected to co-invest in a potential investment are not always parties to such undertakings or commitments. To the extent they are not, the funding obligation under an equity commitment letter or similar undertaking and any related commitment as well as the risk of loss with respect to any deposit will remain the primary obligation and risk of the originating Fund or `other investment entity and any co-investors participating in the relevant investment will be liable only for their respective shares of the funding obligation or deposit as and when, and to the extent that they enter into a joinder or other equity commitment undertaking, which (if entered into) typically will not occur until after signing of the relevant transaction documents. In addition, subject to any requirements in respect of principal transactions, HIM and its affiliates may provide similar support and services. In addition, at times, HIM causes a Fund to temporarily warehouse a portion of an investment opportunity in order to facilitate a co-investment by one or more affiliated or third-party co- investors and fund such warehoused investment by calling capital from investors of such Fund and/or drawing down on the applicable Fund’s credit facility. If such co-investment is not ultimately consummated, the Fund will end up holding a larger portion of such investment than it otherwise expected or desired to hold, which could make the Fund more susceptible to fluctuations in value resulting from adverse economic or business conditions. The risk of a co-investment not being consummated will increase if an investment decreases in value during the warehousing period, which increases the risk that the warehousing Fund will likely be required to bear the losses in connection with any such investment. When co-investors purchase their interest from a warehousing Fund after that Fund has consummated the investment, the price paid by co-investors is determined by HIM, the relevant Fund general partner, or their affiliates in their sole discretion, taking into account the cost of the investment to such Fund, the cost of capital and other factors and might not reflect the full cost incurred by such Fund in connection with the investment, any interest charge on the co-investment amount, the cost of establishing the credit facility utilized to acquire the investment (if applicable) or the risk borne by such Fund in connection with purchasing and warehousing the investment.