Bain Capital Asset Management, LP

Bain Capital Asset Management, LP (“BCAM” or the “Adviser”), a Delaware limited partnership wholly owned by Bain Capital, LP (“Bain Capital”) provides investment advisory services to pooled investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”), including the Clarendon Funds (defined below), Boylston Low Correlation Investments, L.P., Boylston Real Assets Fund, L.P. (collectively, the “Boylston Funds”), and the Coinvest Clients (defined below). As the investment adviser of the Boylston Funds, and the Clarendon Funds (defined below) (collectively, the “Partner Investments Clients”), BCAM identifies investment opportunities for, and may participate in the acquisition, monitoring and disposition of investment opportunities for the Partner Investments Clients. The primary focus of BCAM’s investment advisory activity is recommending limited partnership interests in third party funds that invest in independent return, opportunity credit, hedged equity, infrastructure, real estate, natural resources, public equity (developed and emerging markets), private equity and venture asset classes to the Partner Investments Clients and advising pooled investment vehicles through which current and former personnel of Bain Capital and their affiliates, and certain related persons, invest in Related Funds (defined below) or participate in transactions executed by Related Funds; in each case advised by the Affiliate Advisers (each as defined below) other than BCAM (such pooled vehicles, the “Coinvest Clients,” and together with the Partner Investments Clients, the “ Boylston Clients”). The Partner Investments Clients generally use a “fund of funds” investment structure, and, as such, the Partner Investments Clients do not typically make direct investments in publicly traded securities or in private operating entities. The Coinvest Clients typically invest directly in the Related Funds or make direct investments alongside the Related Funds. BCAM provides investment advisory services to each Boylston Fund pursuant to separate investment and advisory agreements (each a “Boylston Advisory Agreement”). Investments may be executed through an aggregator vehicle (a “Clarendon Fund”). For Boylston Funds and Coinvest Clients, investment advice is provided directly to each Boylston Fund and Coinvest Client, subject to the direction and control of the applicable general partner of such Boylston Fund and Coinvest Client and not individually to investors in those Boylston Funds and Coinvest Clients. Any restrictions on investing in certain types of investments are established by the general partner of the applicable Boylston Fund and Coinvest Client and are set forth in the governing documents for each respective Boylston Fund and Coinvest Client. The governing documents of the Coinvest Clients and/or Related Funds restrict Coinvest Clients to investing on a formulaic basis in or alongside the Related

Funds. In particular, when a Coinvest Client coinvests with a Related Fund (defined below) that is a private equity or venture capital fund, the governing documents of the general partner of the Coinvest Client require such general partner to comply with any agreement with respect to voting or disposing of such co-investment made by the general partner of the Related Fund (defined below). BCAM also provides sub-advisory services to certain pooled investment vehicles structured as insurance dedicated funds (“IDFs”). BCAM sub-advises such IDFs, which invest in investment vehicles managed by Bain Capital’s affiliated registered investment advisers. With respect to these vehicles, BCAM focuses on investing the IDFs’ assets in underlying investment vehicles pursuing various investment strategies, including in the capital markets, private markets, and insurance spaces. BCAM allocates IDF capital to underlying funds pursuing these strategies, particularly to vehicles managed by BCAM and Bain Capital’s affiliated investment advisers. BCAM further provides investment advisory services to one or more insurance companies that are in the business of providing life insurance, annuities, property insurance, and casualty insurance (each a “BCAM Insurance Company Client”). BCAM advises Insurance Company Clients about investing their reserves and/or other investible assets. In particular, BCAM’s advisory activities include, among other things, (i) sourcing, identifying, and evaluating investment opportunities; (ii) making investment decisions; (iii) making investment representations on behalf of the BCAM Insurance Clients; and (iv) buying, selling and otherwise trading securities and other assets. BCAM manages assets in accordance with investment management agreements entered into with BCAM Insurance Company Clients, which contain the clients’ general instructions and mandate limitations. In certain instances, BCAM establishes separately managed accounts (“SMAs”) for its BCAM Insurance Company Clients. BCAM also enters into sub-advisory agreements with other Bain Capital affiliated advisers, which may sub-advise SMAs or other investment vehicles established by BCAM Insurance Company Clients. In addition, BCAM in some instances will recommend that BCAM Insurance Company Clients invest in investment vehicles managed by Bain Capital affiliated registered investment advisers and/or utilize advisory services rendered by them. BCAM provides investment advisory services to each BCAM Insurance Company Client pursuant to an investment management agreement and to each IDF pursuant to a sub-advisory agreement (each, an “Advisory Agreement”). The terms of these documents, including any restrictions on investments in certain types of securities, are the result of negotiations with the applicable BCAM Insurance Client (as defined

below). The Advisory Agreement of a BCAM Insurance Client may be changed by such BCAM Insurance Client only to the extent permitted by the applicable Advisory Agreement. The BCAM Insurance Company Clients and IDFs are referred to collectively as “BCAM Insurance Clients.” Boylston Clients and BCAM Insurance Clients are collectively referred to as “Clients.” As of December 31, 2025, BCAM provides investment advice to approximately $16,294,282,000 of Client assets, of which $15,058,120,000 is discretionary 1 and $1,236,162,000 is non-discretionary.

With respect to Boylston Clients: BCAM does not currently charge management fees or performance-based fees from Boylston Clients. Partner Investments Clients may be allocated the expenses associated with the operation of BCAM for the services provided to Partner Investments Clients (including insurance premiums and third-party service providers) in accordance with the guidelines set forth in the BCAM expense allocation policy, which are provided to investors in the Boylston Funds and Clarendon Funds. Further, certain clients are charged an allocation of expenses of BCAM’s operating expenses annually based on the net asset value of their assets under management with BCAM (“NAV charge”). Complex investments may charge a higher NAV charge, which is based on multiple factors including, but not limited to, administrative complexity, and are disclosed during the offering of the investment. Services provided to the Coinvest Clients are generally paid for by Bain Capital. Coinvest Clients’ pro-rata share of certain expenses related to the Coinvest Clients have in the past and may in the future be borne by the Coinvest Clients. With respect to BCAM Insurance Clients, fees include: As compensation for investment advisory services rendered to BCAM Insurance Clients, BCAM generally receives an advisory fee (“Advisory Fee”). Advisory Fees billed to BCAM Insurance Clients vary client by client and are generally payable quarterly in advance, quarterly in arrears, semi-annually in arrears, or a combination thereof. The fee structures described above are modified from time to time. The precise amount of, and the manner and calculation of, the Advisory Fee for each BCAM Insurance Client is established by BCAM and set forth in such BCAM

BCAM does not have ultimate investment discretion with respect to the assets of any Boylston Fund or Coinvest Client as such discretion is retained by the general partner of each Boylston Fund or Coinvest Client.

Insurance Client’s Advisory Agreement and/or other documentation received by such BCAM Insurance Client. Upon termination of an Advisory Agreement, appropriate treatment, including, where applicable, returning prepaid Advisory Fees on a prorated basis, will be given to Advisory Fees collected in advance. Advisory Fees sometimes differ from one BCAM Insurance Client to another. Expenses Applicable to BCAM Insurance Clients While BCAM Insurance Clients generally bear their own expenses, these expenses may vary among BCAM Insurance Clients and are subject to the terms and conditions set forth in the applicable BCAM Insurance Client’s offering materials, governing documents, or other analogous organizational documents. The expenses borne by BCAM Insurance Clients depend on the terms of the Advisory Agreement negotiated with the applicable BCAM Insurance Client. Unless otherwise specified herein or in such BCAM Insurance Client’s organizational documents, each eligible BCAM Insurance Client bears its organizational expenses and, to the extent not paid by portfolio companies or other investment vehicles, operational expenses and obligations, which shall include:

costs, expenses and liabilities relating to investments, whether consummated or unconsummated, including: (i) any such expenses incurred in connection with platform companies and add-on acquisitions; (ii) expenses relating to identifying, discovering, sourcing, developing (including any retainers, success and finder’s fees and other compensation paid to contractors, senior advisors, joint venture partners, fundless sponsors and sourcing and operating partners), evaluating, valuing, researching, investigating, structuring (including rating agency fees and expenses), diligencing, monitoring, maintaining, servicing, purchasing, making, holding, acquiring, registering (including notary and “gestoria” costs), selling (or potentially selling), refinancing (including any brokerage, borrowing and financing fees or expenses) or restructuring investments; (iii) broken deal and reverse break-up fees, liquidated damages, forfeited deposits, reverse termination fees or similar payments; (iv) all costs and expenses relating to lodging, travel, transportation (including the use of private/chartered, first class or business air travel, taxis, car rentals and any other form of transportation), meals, entertainment and related expenses (including as incurred by a member of the investment team or other member of a general partner, BCAM and/or their affiliates, whether or not traveling) incurred in connection with the BCAM Insurance Client’s affairs, including, for the avoidance of doubt, travel-related expenses incurred in connection with evaluating, making and monitoring investments; (v) professional costs and expenses (including legal, compliance, tax, financial, accounting,

actuarial, valuation, advisory and consulting/experts (including consultants or experts for industry-specific matters, due diligence, reference checks, sourcing or introductions and other similar costs)); (vi) brokerage commissions, hedging costs, expenses relating to short sales, prime brokerage fees, custodial expenses, clearing and settlement charges, private placement fees, syndication fees, solicitation fees, arranger fees, sales commissions, pricing and valuation fees (including appraisal fees), underwriting commissions and discounts, investment banking fees, advisory fees, and bank charges, and custodial, trustee, transfer agent, government and/or regulatory filing, recordkeeping and other administrative costs; (vii) fees of servicers of any investment (including servicers of pools of loans and arrangements providing for profits or other incentive-based compensation); (viii) salaries, bonuses and fringe benefits payable to employees of BCAM, a general partner or their affiliates who are retained to provide operational support (including servicing) to the BCAM Insurance Client or its investments and portions of rent, utilities, information technology, other real- estate related expenses and other similar items and related overhead expenses associated with the retention of such persons; and (ix) salaries, bonuses and fringe benefits payable to any experts or consultants serving as executives or directors for portfolio companies;

all expenses of the BCAM Insurance Client incurred in connection with the ongoing operation and administration of the BCAM Insurance Client, including any legal, tax, auditing, accounting, administrative, Environmental, Social, and Governance (“ESG”), procurement, technology, cybersecurity, bookkeeping, recordkeeping, reporting and clerical services to the BCAM Insurance Client (in each case, whether performed by internal staff of BCAM or a general partner, affiliates of or entities established by BCAM or a general partner or by third parties), and expenses related to acquiring, developing, implementing or maintaining related software; provided that the amount charged to a BCAM Insurance Client for such services by internal staff may be capped at a certain dollar amount;

all costs and expenses incurred in connection with financings (including financing fees, legal fees and expenses, agent fees and other fees and expenses incurred in connection therewith);

all fees, costs, taxes and expenses incurred in connection with the BCAM Insurance Client’s audits, financial statements and tax reporting, including (i) preparing, filing or distributing tax information, returns or elections and complying with any tax audit, investigation, settlement or review; (ii) the preparation and maintenance of the BCAM Insurance Client’s books and records and account holder diligence; (iii) the preparation and delivery of

wires and distributions, financial and other reports, circulars, forms, notices, valuations, investment summaries and other information (including related courier and delivery expenses); (iii) the costs of auditing reports; and (iv) expenses incurred by any partnership representative or “designated individual” thereof in connection with the BCAM Insurance Client;

all fees, costs and expenses incurred in connection with the dissolution, winding up and liquidation of the BCAM Insurance Client;

expenses and fees of any administrator, depositary and/or custodian and any other service provider;

all fees, costs and expenses incurred in connection with litigating or owning any investments of the BCAM Insurance Client (including servicing fees, including master servicing, primary servicing, special servicing, asset or property advisory fees, and the fees and expenses of any individual hired to manage, service or dispose of any assets) or litigation related to the BCAM Insurance Client;

legal fees incurred in servicing loans and financings, advisory fees (including income- based repayments, receivership costs and similar fees and costs), value-added taxes and taxes incurred in connection with investments;

all research and data expenses (including news and quotation subscriptions, market research; costs of attending or hosting conferences (including those related to developing potential investment ideas, trends and themes within industries, sectors or geographies) and networking events (including those organized by BCAM or a portfolio company) and any related travel-related expenses;

information technology expenses (including expenses of any technology service providers), expenses related to acquiring, developing, implementing or maintaining related hardware and software, other information technology expenses (including phone and information charges) and total logistic control expenses;

all fees, expenses and costs in connection with any legal and/or regulatory compliance (including anti-financial crime compliance and any compliance obligations that arise from any law, rule, regulation, policy, directive or special measure (including any amendments or successors thereto) (including those relating to privacy, protecting confidential information, data protection, know-your-customer, anti-money laundering, sanctions or antiterrorism considerations)), participation in or costs arising from any law,

regulation, policy, program or industry initiatives concerning ESG including SFDR and the Taxonomy Regulation compliance (as well as compliance with ESG initiatives), data collection, reporting or other best practice, and any government and/or regulatory filings related to BCAM Insurance Clients (including Form PF and Annex IV) or the offering of interests in the BCAM Insurance Client or the BCAM Insurance Client’s investments (including regulatory filings of the General

all fees, costs and expenses of registration, qualification or exemption of the BCAM Insurance Client under any law or regulation (including the Foreign Account Tax Compliance Act, the Organisation for Economic Cooperation and Development’s (OECD) Standard for Automatic Exchange of Financial Account Information - Common Reporting Standard, DAC6, antimoney laundering and central bank reporting), and any legal or regulatory compliance with any law or regulation, and related reports, disclosures, licenses, registrations or notifications;

all fees, costs and expenses related to any governmental inquiries, investigations or proceedings relating to the BCAM Insurance Client, including any judgments, settlements or fines;

any costs, losses, damages or other expenses relating to any warranties or indemnities given by the BCAM Insurance Client in relation to any investments, including where a claim has been made in respect of such warranties or indemnities;

any costs of, or related to, subsidiaries, AIVs (as defined below), Irish collective asset management vehicles, real estate operating companies, special purpose vehicles and other vehicles through which the BCAM Insurance Client makes, holds or proposes to make or hold investments, including costs associated with (i) establishing, managing and administering such entities (including board of director expenses, corporate governance and secretarial expenses, fees and expenses associated with accounting, tax and financial services, reporting and cash handling fees and expenses, fees and expenses incurred in connection with audits and regulatory compliance), (ii) admitting partners thereto and (iii) winding up and dissolving such entities;

any costs of, or related to, establishing, changing or maintaining a residence in certain jurisdictions (including rent for office space, related overhead, board of directors expenses and employee salaries and benefits);

all costs and expenses incurred in connection with or incidental to the incurrence or refinancing of any credit facility or other indebtedness, loan servicing (assets and liabilities), guarantees by, letters of credit or

other obligations of the BCAM Insurance Client, including interest owed on any loans advanced to the BCAM Insurance Client by affiliates of a general partner or BCAM;

all out-of-pocket expenses incurred in connection with the collection of amounts due to the BCAM Insurance Client from any person or entity;

all expenses incurred in connection with the obtaining and maintaining of insurance policies by or on behalf of investments of the BCAM Insurance Client, a general partner, BCAM and their affiliates and the BCAM Insurance Client’s advisory board with respect to BCAM, such as director and officer insurance, error and omission insurance, property damage insurance, block insurance on loans, insurance on environmental risks, warranty and indemnity insurance, financial institution bond and key person coverage, including the allocable portion of any insurance policies that provide a general partner and/or BCAM with coverage covering multiple funds, personnel or liabilities, including the BCAM Insurance Client;

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For the Partner Investments Clients, BCAM’s investment strategy involves in-depth strategic and financial analysis, placing particular emphasis on global market dynamics, non-correlation, and manager capability. BCAM typically recommends investments in funds which it believes will outperform their relative benchmarks, generally in asset classes not offered under Bain Capital’s platform. BCAM’s fundamental research includes the following detailed analyses: ·

Sub-strategy/geographic attractiveness

·

Competitive analysis

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Management strategy and capability

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Absolute and relative performance versus competitors and benchmarks

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Key risks and opportunities

As part of its in-depth research, BCAM dedicates significant resources to assessing an investment’s strategic position rather than simply performing financial analysis. This strategic evaluation generally includes market research, peer analysis, risk assessment and management interviews and reference checks. For Coinvest Clients, BCAM follows a strategy of investing directly in or alongside Related Funds, as set forth in the applicable Coinvest Client’s and/or Related Fund’s (defined below) governing documents and the governing documents of the Coinvest Client’s general partner. For BCAM Insurance Clients, BCAM manages in accordance with their investment strategy, applicable Advisory Agreements, and other governing documents. Certain strategies and agreements may place more significant restrictions on BCAM’s ability to make certain investments.

IDFs BCAM sub-advises IDFs, including providing advice about investing in underlying investment funds managed by Bain Capital and its affiliates.

BCAM Insurance Company Clients BCAM’s advisory activities with respect to a BCAM Insurance Company Client includes advising about investing their reserves and/or other investible assets. Potential investments will be considered and analyzed in accordance with the BCAM Insurance Company Client’s governing documents. Risks Investing in securities involves a substantial degree of risk. The investments made by each Client may lose all or a substantial portion of their value, and investors in a Client must be prepared to bear the risk of loss, including total loss, of their investments therein. Different risks may exist with respect to investments in different Clients. The risks associated with an investment in particular Clients may be substantially impacted by the nature and timing of the market. In addition, material risks relating to the investment strategies and methods of analysis described above, and the types of securities purchased by the Clients in connection with those strategies and methods, include the following: Risks Applicable to Clients

Risks Related to Investing in a Private Fund

Reliance on the Adviser An investor in a Client must rely on the Adviser’s ability to identify and make investments consistent with a Client’s investment objective and policies. In addition, the investors and limited partners will generally not have an opportunity to evaluate the relevant economic, financial or other information regarding specific investments to be made by a Client or the terms of any investment ahead of the investment being made. The Adviser may be unable to find a sufficient number of attractive opportunities to fully invest a Client’s portfolio or meet its investment objective. Further, there can be no assurance that what the General Partner or the Adviser perceives as an attractive investment opportunity will not, in fact, result in substantial losses due to one or more of a wide variety of factors. In addition, there can be no assurances that allocations of investment opportunities will be made pro rata as between the Clients and other Related Funds, and any such allocation determinations will be made in accordance with the factors described herein. Limited partners and investors have no right or power to take part in the management of a Client. Investors will not receive the detailed financial information regarding companies in which a Client invests that is available to the General Partner and the Adviser. Accordingly, no person or entity should subscribe for, or otherwise acquire interests unless such person or entity is willing to entrust all aspects of the management of the Client to the General Partner and the Adviser. The loss of the services of one or more of the members of the professional staff of the Adviser could have an adverse impact on a Client’s ability to realize its investment objective. In addition, it is expected that all of the officers and employees responsible for managing or advising a Client will continue to have responsibilities with respect to other funds, accounts, and investments managed and advised by the Adviser. Thus, such persons will have demands made on their time for the investment, monitoring, exit strategy and other functions of other funds, managed accounts or similar investment vehicles. In addition, the limited partnership agreement and the investment management agreement limit the circumstances under which the General Partner, the Adviser and their respective affiliates (and other related parties) can be held liable to a Client. As a result, limited partners may have a more limited right of action in certain cases than they would in the absence of such provisions.

Risks Associated with Investments in or alongside Underlying Funds Clients expect to make investments in or alongside, investment funds, accounts, and operating company securities across a range of alternative asset classes, including public equity securities, fixed income securities, private equity, venture capital, foreign exchange, real assets (including public and private real estate, natural resources and commodities), other liquid and illiquid investments. The risk that an Underlying Fund could be required to liquidate positions at disadvantageous prices because of an inability to raise margin collateral from other sources. Fourth, it increases the risk that an Underlying Fund may not honor a

Client’s liquidity expectations. A side effect of the inability to redeem from an Underlying Fund is that the Adviser may be unable to reallocate a Client’s assets as dynamically as the Adviser may otherwise desire. This limitation will exist even when an Underlying Fund has not implemented a constraint on its expected liquidity. Given that, even under normal market and operating conditions, the Underlying Funds permit redemptions infrequently (or, in some cases, not at all) and on significant advance notice, a Client’s flexibility to reallocate assets among Underlying Funds will be limited. The Adviser has no control over the liquidity of Underlying Funds and depends on the portfolio managers to provide appropriate valuations as well as liquidity in order to process investor redemptions. In some cases, the Adviser allocates assets to Underlying Funds that later impose liquidity constraints making it impossible to terminate them as the Adviser desires. Investors must recognize that under certain circumstances, restrictions on liquidity that portfolio managers impose may materially restrict or delay investor redemption rights. An inability to redeem from an Underlying Fund may expose a Client to losses it could have otherwise avoided if the Client had been able to redeem from that Underlying Fund. An inability to redeem from an Underlying Fund may also cause a Fund to become unbalanced because it may be forced to obtain liquidity from more liquid investments.

Senior Advisors and Third-Party Service Providers The Adviser may retain third parties (which may include former employees of the General Partner, the Adviser or their respective affiliates) to provide services in relation to the Clients’ offering, investment activities underlying investments and/or operations. In particular, senior advisors may be retained to provide sourcing, consulting or advisory services, including services related to the development of investment theses and investment opportunities in a given sector or deal analyses (in each case, services may, for the avoidance of doubt, be provided prior to the commencement of an offering or investment). Additional third-party consultants, legal advisors, accountants, investment banks and/or others are expected to be retained to assist in the investment due diligence process to varying degrees depending on the particular investment. In addition, the General Partner and the Adviser may retain one or more individuals in connection with sourcing potential investments for the Clients, establishing platforms for investments, operating portfolio companies or providing other similar services (such individuals, senior advisors, fundless sponsors and other third-party experts, advisors, or consultants, “service providers”). Such involvement of service providers may present a number of risks primarily relating to the General Partner’s reduced control of the functions that are outsourced. In addition to Third-Party Service Providers, the Fund GPs and/or the Fund Adviser will from time to time, engage other operating professionals, including third-party consultants and/or employees or former employees of the Fund GPs, the Fund Adviser and their respective affiliates.

The involvement of Third-Party Service Providers may present a number of risks primarily relating to the General Partner’s reduced control of the functions that are outsourced. In addition, Third- Party Service Providers may not have requirements or the time and attention they devote to each Client, their activities, or their investments The General Partner and the Adviser may rely on the findings of service providers in making, offering, investment and/or management decisions. Bain Capital and the Adviser may not be in a position to verify the risks or reliability of such Third- Party Service Providers. The Clients and the Adviser may suffer adverse consequences from actions, errors, or failures to act by such Third- Party Service Providers. While no service provider providing services to the Clients will have any fiduciary duties to the Clients or the limited partners, they may be entitled to indemnification under the terms of the service contracts or other arrangements entered into with respect to the Clients, which costs and expenses of such indemnification would be borne by the Clients. In certain circumstances, Bain Capital and its employees may have other commercial or personal relationships with other service providers which makes the General Partner or Adviser more likely to engage that Third-Party Service Providers or which present other conflicts of interest which may not be possible to manage in such a way that they are avoided. Fees paid to service providers may be structured in various ways, including as an annual, quarterly, monthly, daily, or hourly fee or retainer, consulting fee (e.g. time and materials), and/or incentive compensation based on the particular services provided (such as a bonus or success fee or profits interest (in the form of cash or equity) based on pre-determined targets, milestones or similar factors), based on the particular services provided or as guaranteed minimum compensation (which may ultimately be borne by the Clients). Collectively, these fees generally will be borne by the Clients or their portfolio companies. In addition, service providers may also be granted equity interests (including stock options) in one or more portfolio companies, which they may not have received if they did not have an ongoing relationship with the General Partner, the Adviser and the Clients. Any such equity interests (including any stock options, and other rights to purchase interests in the portfolio investments) will not be for the benefit of the Clients. Third- Party Service Providers or their affiliates often charge different rates or have different arrangements for specific types of services. However, relevant comparisons may not be available for a number of reasons, including as a result of a lack of a substantial market of providers or users of such services or the confidential, specialized and/or bespoke nature of such services. In connection with such relationships, the General Partner will make determinations of market rates based on its consideration of a number of factors, which are generally expected to include the General Partner’s experience with relevant Third- Party Service Providers and the overall quality and/or nature of the services they provide. Whether or not the Adviser or its employees have a relationship or receive financial or other benefit from recommending a particular Third- Party Service Providers, there can be no assurance that no other Third- Party Service Providers is not more qualified to provide the applicable services or could provide such services at lesser

cost.

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BCAM provides investment advisory services to the Boylston Funds, subject to the direction and control of the general partner of such Boylston Fund, to the Clarendon Funds, and to the Coinvest Clients. Limited partners or investors in the Boylston Funds, Clarendon Funds, and Coinvest Clients are current and former personnel of Bain Capital and its affiliates. Legal eligibility requirements must be met by limited partners in the Boylston Funds, Clarendon Funds, and Coinvest Clients. BCAM further provides sub-advisory services to pooled investment vehicles structured as IDFs and advisory services to one or more BCAM Insurance Company Clients.

Not applicable.

Related General Partners Boylston Investors, LLC serves as the general partner or sole member, as applicable, of the general partner for the Boylston Funds and Clarendon Funds. Boylston Coinvestors, LLC serves as the general partner for the Coinvest Clients. Boylston Low Correlation Investors, L.P. serves as the general partner of Boylston Low Correlation Investments, L.P., Boylston Real Assets Fund Investors, LLC serves as the general partner of Boylston Real Assets Fund, L.P. and BCES Management, LLC, serves as the general partner for the Clarendon Funds. Affiliated Advisers BCAM has affiliated advisers based in the U.S., each of which focuses primarily on a different area of investment management, although such areas may overlap from time to time (such advisers, together with BCAM, the “U.S. Affiliate Advisers”). Each U.S. Affiliate Adviser is registered as an investment adviser with the SEC. The U.S. Affiliate Advisers currently include but are not limited to, in addition to BCAM: - Bain Capital Credit, LP, which uses fundamental credit analysis to identify attractive investment opportunities and seeks strong risk adjusted returns, primarily in credit products and fixed-income investments; - Bain Capital Crypto, LP, whose primary objective is investing capital, knowledge and time to enhance protocol or company growth in crypto and blockchain technology sectors; - Bain Capital Double Impact, LP, which focuses on equity investing in impact- or

mission- oriented companies and more traditional companies with positive impact products and services; - Bain Capital Insurance Solutions, LP, which advises private funds focused on investing in insurance companies, subadvises insurance dedicated funds, and provides certain advisory services to insurance companies; - Bain Capital Life Sciences, LP, which focuses on equity investing in biopharmaceutical, medical device, diagnostics and enabling life science technology companies; - Bain Capital Private Equity, LP, which focuses on leveraged buyouts and growth capital in a wide variety of industries; - Bain Capital Real Estate, LP, whose primary objective is to research and advise on real estate and real estate-related investments; - Bain Capital Special Situations, LP, whose primary investment objective is to invest across all market cycles, combining credit, equity, corporate and real estate expertise to partner where other providers may not; - Bain Capital Tech Opportunities, LP, which focuses on equity investing in technology and technology-enabled companies; - Bain Capital Ventures, LP, which focuses on seed through late-stage growth equity investing in software, hardware, information, healthcare, and technologydriven business services companies; - BCPC Advisors, LP, a subsidiary of Bain Capital Credit, LP, which is an investment adviser to business development companies; and - BCSF Advisors, LP, a subsidiary of Bain Capital Credit, LP, which is an investment adviser to business development companies and a sub-adviser to registered investment companies. In addition to the U.S. Affiliate Advisers, Asset Resurgence Mauritius Manager, Bain Capital (Singapore) Pte. Ltd., Bain Capital (UK) Limited, Bain Capital Advisors (India) Pvt. Ltd., Bain Capital Asset Manager Mauritius, Bain Capital (Hong Kong) Ltd., Bain Capital Credit (Australia) Pty. Ltd., Bain Capital Credit, Ltd., Bain Capital Investments (Europe) Ltd., Bain Capital Investments (Ireland) Ltd., Bain Capital Investments (Luxembourg) Sarl, Bain Capital Private Equity (Asia) Ltd., Bain Capital Private Equity (Europe), LLP, Bain Capital (Japan), LLC, and India Resurgence Asset Management Business Pvt. Ltd., affiliates of Bain Capital, are licensed in their applicable jurisdictions with various regulators (together with the U.S. Affiliate Advisers, the “Affiliate Advisers”).

The Affiliate Advisers’ investment activities are conducted independently, but the Affiliate Advisers may provide an extensive personal network and access to vertical industry expertise. On occasion, the Funds may also benefit from attractive nontraditional investment opportunities from Affiliate Advisers. Bain Capital has established other non-investment advisory related entities which are affiliates of the Affiliate Advisers. These entities do not provide investment advisory services and have been organized primarily to provide services incidental to the services of the Affiliate Advisers. Affiliated Broker-Dealer Bain Capital Markets, LLC, is an affiliated broker-dealer registered with the SEC and is a member of FINRA. Bain Capital Markets, LLC places securities and instruments issued by certain private investment funds that the Advisers and their affiliates manage and provides certain Capital Markets Services (as defined above) for certain portfolio companies of such private investment funds. Affiliated Insurance Business Federal Life Group, Inc. (together with its subsidiaries, “Federal Life”) is an insurance carrier that provides life, health, and annuity products across individual and institutional markets. Conflicts of Interest The discussion below reflects both historical and current practices of BCAM and the Clients and practices vary among the Clients. As a diversified private investment firm, Bain Capital and its affiliates, including BCAM, engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds or accounts and provide investment banking, advisory, management and other services to funds and operating companies. Bain Capital currently has a number of affiliate advisers, including BCAM (the “Affiliate Advisers”), each of which focuses primarily on a different investment strategy, although such investment strategies overlap from time to time. The Boylston Funds and Clarendon Funds advised by BCAM are referred to as the “Partner Investments Clients.” The Coinvest Clients advised by BCAM are referred to as the “Coinvest Clients.” The Partner Investments Clients and the Coinvest Clients together are referred to as the “Boylston Clients.” The BCAM Insurance Company Clients and IDFs (as defined in Item. 4) are referred to collectively as “BCAM Insurance Clients.” Boylston Clients and BCAM Insurance Clients are collectively referred to as “Clients.”

The funds and accounts advised by the Affiliate Advisers (including the Clients) are referred to as the “Related Funds.” In the ordinary course of conducting its activities, the interests of a Client or its limited partners will, on occasion, conflict with the interests of BCAM or its affiliates, other Clients or one or more other Related Funds, or other Clients or with their respective affiliates. The following describes certain potential conflicts of interest that exist; however, other conflicts are disclosed throughout this document, and current or potential investors should review this document in its entirety. For additional risks and conflicts regarding the Coinvest Clients, refer to the ADV 2 of the Bain Capital Affiliate Adviser for the applicable Related Fund. Dealing with conflicts of interest is complex and difficult and new and different types of conflicts may subsequently arise. While Bain Capital has adopted procedures to address such conflicts, there can be no assurance that these procedures will have their desired effect. There can be no assurance that Bain Capital or the Adviser will be able to resolve all conflicts in a manner that is favorable to the Clients. Resolution of Conflicts Each of BCAM and the other Affiliate Advisers will deal with all conflicts of interest using its best judgment, but in its sole discretion. When conflicts arise among investment funds or accounts advised or managed by BCAM and the other Affiliate Advisers, the participating Affiliate Advisers will represent the interests of the investment funds or accounts they advise. In resolving conflicts, the Affiliate Advisers will generally consider various factors, including the interests of funds and accounts they manage in the context of both the immediate issue at hand and the longer- term course of dealings. From time to time, BCAM and the other Affiliate Advisors will determine to refer certain conflicts of interest to Bain Capital’s Allocation Committee (the “Allocation Committee”), comprised of senior Bain Capital personnel, for review and resolution, particularly in situations where BCAM and the other Affiliate Advisors are unable to resolve such conflicts. Similarly, the Allocation Committee may in its sole discretion determine to review and make determinations regarding certain conflicts of interest. When conflicts arise between a Client and another Client, BCAM will resolve the conflict. In doing so, it will generally consider various factors, including the interests of such Client and the other Client with respect to the immediate issue and/or with respect to the longer-term course of dealing among the Clients. In the case of all conflicts involving a Client, the determination as to which factors are relevant, and the resolution of such conflicts, will be made in the sole discretion of BCAM. While BCAM has procedures in place designed to mitigate conflicts of interest among Clients and other Related Funds, there can be no guarantee that these procedures will be successful. By acquiring an interest, a Client investor acknowledges and represents that it has

carefully reviewed this “Conflicts of Interest” section and understands and consents to the existence of potential conflicts of interest including, without limitation, those described in this section and, to the extent permitted by applicable law, to the operation of the Client subject to these conflicts. Sources of Conflicts of Interest There are numerous perceived and actual conflicts of interest among the Client, the Related Funds, the Adviser and the Affiliate Advisers. The conflicts of interest that may be encountered by each Client include those discussed below, although the discussion below does not describe all of the conflicts that may be faced by the Clients. Other conflicts are disclosed throughout this document and this document should be read in its entirety for other conflicts. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts are likely to subsequently arise.

Adviser Personnel It is expected that personnel of the Adviser responsible for managing a Client will have responsibilities with respect to other Clients and/or Related Funds, including funds and accounts that are raised in the future, as well as the investments of the Clients and/or other Related Funds. Substantial time may be spent by such personnel monitoring the investments of other Clients and/or other Related Funds. Conflicts of interest may arise in allocating time, services, or functions of such personnel.

Placement Agents An affiliate of Bain Capital, Bain Capital Markets LLC, will act as a placement agent to the Funds. Representatives of Bain Capital Markets, LLC are employees of the general partner of the Underlying Bain Capital Funds, the Adviser, or its affiliates. Bain Capital Markets, LLC and its representatives do not provide services to investors or provide investment recommendations. In this regard, the affiliated placement agent does not make any determination regarding whether an investment in any Client is in the best interests of, or suitable for, any investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any Client. To the extent Bain Capital Markets, LLC offers limited partnership interests in the Underlying Bain Capital Funds, Bain Capital Markets, LLC’s interests may conflict with the interests of investors inasmuch as Bain Capital Markets, LLC has an incentive to sell these limited partnership interests, as investments in a Fund generate fees for Bain Capital. This incentive may conflict with the interests of investors. Additional placement agents may also be engaged with respect to the Clients.

Conflicts Relating to BCAM and Certain Affiliate Advisers The Affiliate Advisers have existing and potential advisory and other relationships

with a significant number of portfolio companies and other clients, and have in the past and may in the future provide financing, services, advice or otherwise deal with third parties whose interests conflict with the interests of a company (or a company directly or indirectly held by a fund) in which a Client has invested, such as competitors, suppliers or customers of a company in which a Client has invested. On occasion, an Affiliate Adviser may recommend or cause such a third party to take actions that are adverse to a Client or companies in which it has invested. BCAM and the other Affiliate Advisers have in the past and may in the future also engage and retain advisers, consultants and similar professionals who are not employees or affiliates of such Affiliate Adviser (notwithstanding that such professionals may be exclusive to such Adviser) and who may, from time to time, receive payments from such Affiliate Adviser or receive payments from or allocations of investment opportunities with respect to, entities, which may include entities in which the Related Funds have interests. These fees will not be shared by the Related Funds or the limited partners of the Related Funds.

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Trading Code of Ethics BCAM has adopted a Code of Ethics Policy for its personnel. The policy describes personnel standard of conduct and fiduciary duties and limits personal trading by its personnel and their immediate family/household members in a wide range of securities, including common and preferred stock, debt instruments, securities that are convertible or exchangeable for equity or debt securities, and derivative instruments. Personnel must report every account that they or their immediate family member use for trading securities covered by the policy and, if they directly or indirectly influence or control trading in the account, they must generally preclear covered securities transactions and have copies of trade confirmations and periodic account statements sent by their broker to the compliance department. Controlled trading by personnel and their immediate family/household members is prohibited in a wide range of securities that appear on restricted lists and confidential watch lists and additional steps are taken to ensure that personnel and their immediate family/household members are not permitted to trade for their personal account in securities selected for the Related Funds and to ensure personnel do not engage in “front-running” of the Related Funds’ investment opportunities. Personnel are required to promptly report any violation of the Code of Ethics policy of which they become aware. Personnel are required to annually certify compliance with the Code of Ethics policy. A detailed summary of the Code of Ethics is available to Clients, prospective clients, limited partners and prospective limited partners during the investment due diligence process. A copy may be obtained by contacting the BCAM compliance department. Related Person Investment For further detail regarding circumstances in which BCAM or a related person (a) recommends to clients, or buys or sells for client accounts, securities in which BCAM or a related person has a material financial interest, (b) invests in the same securities that BCAM or a related person recommends to clients, or (c) recommends securities to clients, or buys or sells securities for client accounts, at or about the same time that BCAM or a related person buys or sells the same securities for BCAM’s own (or the related person’s own) account, as well as related conflicts of interest, please see Code of Ethics above. In addition, BCAM’s personnel may buy securities in transactions offered to but

rejected by the Related Funds. Such transactions are subject to the policies and procedures set forth in BCAM’s Code of Ethics. The investment policies, fee arrangements and other circumstances of these investments may vary from those of the Related Funds. If BCAM personnel have made large capital investments in or alongside the Related Funds, they may have conflicting interests with respect to these investments. For further details regarding these arrangements, as well as related conflicts of interest, please see Item 10 above.

As Clients’ investments are primarily in Underlying Funds, BCAM anticipates that investments in publicly traded securities will be infrequent occurrences (e.g., distributions of public securities from an Underlying Fund). Investment in publicly traded securities may occur more regularly among the Coinvest Clients. To meet its fiduciary duties to the Clients, BCAM has adopted written policies to address issues that might arise with respect to purchasing, holding, and selling publicly traded securities. For each of the Clients, BCAM may have, subject to the direction of such Client’s general partner, if applicable, sole discretion over the purchase and sale of investments (including the size of such transactions) and the broker or dealer, if any, to be used to effect transactions. In placing each transaction for a Client involving a broker-dealer, BCAM will seek “best execution” of the transaction. “Best execution” means obtaining for a Client account the lowest total cost (in purchasing a security) or highest total proceeds (in selling a security), taking into account the circumstances of the transaction and the reputability and reliability of the executing broker or dealer. In determining whether a particular broker or dealer is likely to provide best execution in a particular transaction, BCAM takes into account all factors that it deems relevant to the broker’s or dealer’s execution capability, including without limitation, pricing terms offered by the broker-dealer, the ability of the brokerdealer to deliver prompt and reliable execution, the size and type of the transactions, the nature and character of the market for the securities, operational efficiency with which transactions are effected, the broker- dealer firm’s financial stability, confidentiality, back office stability, trading desk capacities, referrals, custody, settlement, familiarity with derivative securities strategies and the overall value and quality of the services offered by the broker-dealer firm. BCAM also retains sub-advisors (including Affiliated Advisors) with trading capabilities and will rely on these sub-advisors to seek best execution. To the extent they aggregate orders for purchase and sale, BCAM will aggregate such orders as it deems appropriate and in accordance with each Client’s documents and in the best interest of each Client.

For details regarding economic benefits provided to BCAM by non-clients, including a description of related conflicts of interest, please see Item 10 above. In addition, BCAM and its related persons may, in certain instances, receive discounts on products and services provided by the affiliated advisers’ portfolio companies.

No material items exist as of this time.

The portfolio investments of the Partner Investments Clients are continuously reviewed by a team of investment professionals. The team includes a Partner and other investment professionals of BCAM. The portfolio investments of Coinvest Clients are continuously reviewed and monitored with information provided by the Affiliate Advisers for the applicable Related Funds. BCAM reviews BCAM Insurance Clients’ portfolios to attempt to identify issues early on and to take action where necessary. The portfolio of investments of each BCAM Insurance Client is reviewed by applicable investment professionals. Reporting Investors in the Boylston Funds and Clarendon Funds receive regular reporting updates through quarterly letters, investor one-on-one meetings and other materials. Investors in the Coinvest Clients receive regular reporting updates through quarterly reports and other materials. BCAM and the applicable general partner, if any, may from time to time, in their sole discretion, provide additional information upon request relating to such Boylston Client to one or more BCAM investors as they deem appropriate. BCAM Insurance Company Clients will generally negotiate reporting requirements specific to their account. In the event of individually negotiated terms for BCAM Insurance Company Clients, BCAM will provide the reporting mutually agreed to by the parties as evidenced in their Advisory Agreement. Reporting for subadvised vehicles will be done pursuant to the specific subadvisory agreements in place.

BCAM has determined that it has custody of certain client assets for purposes of the Advisers Act as BCAM is a related person of the General Partner of each Boylston Fund, Clarendon Fund and Coinvest Client in addition to having custody over other client accounts. It is the policy of BCAM to comply with the Advisers Act requirements in respect of

the assets of any such client. To the extent certain Clients’ assets are held by one or more custodial banks, such custodial banks maintaining such Clients’ assets send account statements to an independent representative, who compares the account statement received from the custodial bank to the account statements BCAM delivers to investors. In accordance with SEC guidance, with respect to certain investments in privately offered securities, a specified custodian may hold only documentation relating to or referencing such investments but not the actual investment itself, and/or investments of a client may not be registered in the name of the custodian. Consequently, the custodian may not have control over the disposition of such investments, or the ability to direct delivery of sale proceeds or other distributions from such investments to the custodian. Further, for such investments, the custodian may not have the ability to validate or reconcile ownership of the investment with any third party, including the issuer.

BCAM will provide investment management services to each BCAM Insurance Client in accordance with the terms and conditions of the Advisory Agreement, which may provide BCAM with discretionary investment authority. The terms of these documents are generally set at the time BCAM enters into the Advisory Agreement with the applicable BCAM Insurance Client and are the result of negotiations with the applicable BCAM Insurance Client. BCAM provides investment advisory services to each of the Boylston Funds pursuant to the Boylston Advisory Agreements. Investment advice is provided by BCAM directly to Boylston Low Correlation Investments, L.P., and Boylston Real Assets Fund, L.P., subject to the direction and control of the general partner of such Boylston Fund. The governing documents of the Coinvest Clients and/or Related Funds restrict Coinvest Clients to investing on a formulaic basis in or alongside the Related Funds. In particular, when a Coinvest Client coinvests with a Related Fund that is a private equity or venture capital fund, the governing documents of the general partner of the Coinvest Client require such general partner to comply with any agreement with respect to voting or disposing of such coinvestment made by the general partner of the Related Fund. The general partner of the Clarendon Fund will make investment decisions with respect to such investment after such investment is made. Any restrictions on investments in certain types of securities are, for the Boylston Funds, established by the general partner of the applicable Boylston Fund, and are set forth in the documentation received by each limited partner prior to investment in such Boylston Fund.

The Boylston Funds and Clarendon Funds are not able to direct the vote of their

general partner. The general partners of the Boylston Funds and Clarendon Funds intend to vote proxies or similar corporate actions either in accordance with management recommendations, or otherwise in the best interests of the Boylston Funds and Clarendon Funds, taking into account such factors as it deems relevant in its sole discretion. BCAM’s proxy voting policy is designed to ensure that if a material conflict of interest is identified in connection with a particular proxy vote, that the vote is not improperly influenced by the conflict. Coinvest Clients are not able to direct the vote of their general partner. In particular, when a Coinvest Client coinvests with a Related Fund that is a private equity or venture capital fund, the governing documents of the general partner of the Coinvest Client require such general partner to comply with any agreement with respect to voting for such coinvestment made by the general partner of the Related Fund. As applicable, BCAM intends to vote proxies or similar corporate actions in accordance with the best interests of the applicable BCAM Insurance Client, taking into account such factors as it deems relevant in its sole discretion. Upon receipt of a proxy request, BCAM will contact the appropriate investment professional responsible for the issuer. The senior investment professional reviews the information, determines what is in the best interests of the BCAM Insurance Client and ensures the vote is completed in a timely manner. BCAM’s proxy voting policy is designed to ensure that if a material conflict of interest is identified in connection with a particular proxy vote, that the vote is not improperly influenced by the conflict. Conflicts of interest will arise from time to time in relation to proxy voting requirements. BCAM shall monitor all proxies for any potential conflicts of interest. If a material conflict of interest arises, BCAM will determine what is in the best interests of the relevant BCAM Insurance Client and will seek to take appropriate steps to eliminate any such conflict. A summary of BCAM’s proxy voting policies and procedures is available to BCAM Insurance Clients, prospective clients during the investment due diligence process, a copy of which may be obtained by BCAM’s Operations Department. A detailed summary of BCAM’s proxy voting policies and procedures is available to limited partners and prospective limited partners in the Boylston Funds, Clarendon Funds and Coinvest Clients during the investment due diligence process. A copy of the proxy voting policies and procedures may be obtained by contacting BCAM’s compliance department. Existing clients may obtain copies of relevant proxy logs, identifying how proxies were voted in connection with a BCAM Insurance Client, Boylston Fund, Clarendon Fund or Coinvest Client, and copies of proxy voting policies and procedures upon written request to: Bain Capital Asset Management, LP, 200 Clarendon Street, Boston, MA 02116. Attn: Compliance Department.

Item 18. Financial Information

Item 19. Requirements for State-Registered Advisers