Providence Equity Partners

For purposes of this brochure, “Adviser” means Providence Equity Partners L.L.C. (“Providence”), a Delaware limited liability company, together (where the context permits) with certain of its affiliates that provide advisory services to and/or receive management fees or Carried Interest (as defined below) from the Funds (as defined below). These affiliates are formed for tax, regulatory or other purposes in connection with the organization of the Funds or serve as general partners of the Funds. Background Established in 1989, the Adviser was a pioneer in a sector-based approach to private equity, convinced that a dedicated team of industry experts could build companies of enduring value in the dynamic communications industry. The funds sponsored by the Adviser have invested in more than 180 companies over the Adviser’s 37-year history. The Adviser’s team operates out of offices in Providence, New York, London, Boston and Atlanta. The Adviser partners with companies across different stages in their development, from growth capital and complex recapitalizations of family-owned businesses to large buyouts and takeprivates. The Adviser can employ a variety of financing structures and for its Flagship Funds (as defined below) targets equity investments of $150 million to $500 million. With respect to the Flagship Funds, the Adviser prefers to lead its investments, serve on portfolio company boards, and work collaboratively with portfolio company management. With respect to Providence Public Master L.P. (together with its feeder funds, the “Providence Public Fund”), the Adviser generally pursued liquid investments in publicly-traded equities and also had the ability to invest in privately issued securities in both public and private companies, however, it is winding up its operations and currently only holds privately issued securities. Since 1989, Providence has built its reputation as a leading sector specialist in media, communications, education and technology throughout North America and Europe. Providence believes the industries in which it invests are large, growing and dynamic and help people around the globe connect, work, learn, play and transact. The Adviser believes these industries are also an increasingly important part of people’s daily lives and how they spend their time. The dynamic nature of these industries lends itself to a specialist investing approach, where deep domain expertise and a rich network of industry relationships help navigate a constantly evolving landscape and identify attractive places to invest. Providence’s current focus on three verticals offers, in the Adviser’s view, a broad and diverse set of investment opportunities. The principal owners of Providence (directly and indirectly) are R. Davis Noell, J. David Phillips, Karim A. Tabet, Michael J. Dominguez, and Providence Equity Global Group L.L.C. Services The Adviser provides investment advisory services to 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”). The Adviser currently serves as the investment manager for Providence Equity Partners IX, L.P., Providence Equity Partners IX-A S.C.Sp. (together with Providence Equity Partners IX, L.P., “Providence IX”), Providence Equity Partners VIII L.P., Providence Equity Partners VIII-A L.P.,

Providence Equity Partners VIII (Scotland) L.P. (together with Providence Equity Partners VIII L.P. and Providence Equity Partners VIII-A L.P., “Providence VIII”), Providence Equity Partners VII L.P., Providence Equity Partners VII-A L.P., Providence Equity Partners VI L.P., and Providence Equity Partners VI-A L.P. (the “Flagship Funds”). The Adviser also serves as the investment manager for the Providence Public Fund and certain Co-Investment Vehicles (as defined below). The Adviser expects in the future to advise other funds in addition to those listed herein. Investors in the Funds are generally required to be “qualified purchasers” as defined in the 1940 Act. The Adviser or its affiliates has established, and will in the future establish, Funds generally on a transaction-by-transaction basis to allow certain persons to invest alongside one or more PE Funds (as defined below) in a particular investment opportunity or, in certain cases, opportunities (each such vehicle, a “Co-Investment Vehicle”). Co-Investment Vehicles are typically limited to investing in securities relating to the transaction or transactions with respect to which they were organized; however, certain Co-Investment Vehicles are permitted to invest in securities relating to multiple Funds, transactions or portfolio companies. As a general matter, any co-investment by a Co-Investment Vehicle will be on terms and conditions not more favorable than the terms and conditions of the investment by the applicable Flagship Fund. The Adviser has established, and will in the future establish, Funds to retain an investment for a longer period of time and to acquire one or more portfolio companies from existing Funds and provide the existing Funds’ investors with, amongst potential other options, the ability to either: (1) receive cash proceeds from the sale or transfer of such portfolio companies and/or (2) “roll” (i.e., retain) their interest in such portfolio companies (each such Fund, a “Continuation Fund”). Additionally, the Adviser also establishes affiliates which serve, and may itself serve, as general partner (or analogous entity) of certain other Funds which are “feeder” vehicles (each, a “Feeder Fund”) organized to invest exclusively in another Fund, and/or alternative investment vehicles (each, an “Alternative Investment Vehicle”) organized to address, for example, specific tax, legal, business, accounting or regulatory-related matters that arise in connection with a transaction or transactions. The Flagship Funds, Providence Public Fund, Co-Investment Vehicles, Continuation Funds, Feeder Funds, Alternative Investment Vehicles and any other clients of the Adviser are collectively referred to, as the context permits, as the “Funds”. All of the Funds other than the Providence Public Fund are collectively referred to, as the context permits, as the “PE Funds”. The PE Funds make primarily long-term private equity and equity-related investments, as well as, on occasion, investments in debt instruments. In accordance with the PE Funds’ respective investment objectives, investments are generally made in companies doing business in the media, communications and education industries. The Providence Public Fund is winding up its operations and currently only holds privately issued securities. The Adviser’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. The Adviser serves as the investment adviser or general partner to the Funds in order to provide such services.

Investment advice is provided directly to the Funds, subject to the discretion and control of the applicable general partner, and not individually to the limited partners of the Funds. Services are provided to the Funds in accordance with an advisory agreement with each of the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally set forth in the organizational documents of the applicable Fund. As of December 31, 2025, the Adviser managed a total of $24,119,177,044 of client assets, all of which is managed on a discretionary basis.

Management Fees In respect of certain PE Funds and the Providence Public Fund, the Adviser is paid a quarterly management fee, payable in advance, by such applicable Fund. Certain of the Flagship Funds no longer pay management fees due to where each such Flagship Fund is in its life cycle. Management fees are paid by each of the PE Funds with either cash on hand (including cash drawn from credit facilities), disposition proceeds or from drawdowns of the investors’ unfunded capital commitments. Management fees paid by each PE Fund and the Providence Public Fund are indirectly borne by investors in such Funds, including any Funds that invest in a PE Fund, the Providence Public Fund (such as Feeder Funds) or Alternative Investment Vehicles. With respect to the PE Funds, the management fee is typically calculated based on capital commitments or remaining invested capital, as to which a disposition has not occurred. With respect to certain PE Funds, the management fee is typically calculated based on value, cost basis or remaining invested capital. Management fees, in some cases, are reduced or waived during the life of a Flagship Fund. Portfolio companies are expected to enter into dividend recapitalization transactions, which would result in the payment of cash dividends to certain Funds. Pursuant to the applicable Fund’s organizational documents, such amounts, when returned to investors, do not reduce the base upon which management fees are charged. With respect to the Providence Public Fund, the management fee is calculated as a percentage of the net asset value of the Fund (or based on the lower of cost or fair market value for certain illiquid investments). The general partner of each Fund generally is permitted to terminate the advisory agreement upon 60 days’ notice, or a shorter or longer notice period as set forth in each relevant Fund’s organizational documents. Upon termination of a relevant advisory agreement, management fees that have been prepaid are returned on a prorated basis. The precise amount of, and the manner and calculation of, the management fees for each Fund is disclosed in the organizational and offering documents of such Fund. The management fees are negotiated collectively with the investors of each Fund and are subject to waiver or reduction by the Adviser. For example, the Adviser and certain of its principals, employees, former employees or their family members and related vehicles typically invest (directly or indirectly) in the Funds, and management fees assessed on such investments are typically substantially reduced or waived entirely and in certain cases the Carried Interest (as defined below) is waived, up to certain thresholds. In addition, a portion of such principals’ and employees’ capital subscription may be made through reductions in or waiver of the management fee payable to the Adviser by such Fund in lieu of capital contributions by such principals and employees. Investors that meet certain

minimum investment amounts or early investment deadlines also, in some cases, benefit from lower management fees as disclosed in the organizational documents for the Funds. Certain CoInvestment Vehicles may pay management fees, Carried Interest, and/or administration fees. Except as otherwise set forth in the organizational documents of a Fund, the management fees paid by a Fund will generally be reduced by a percentage of: (1) the amount of fees, if any, paid by such Fund to persons acting as placement agents in connection with the offer and sale of interests in such Fund to certain potential investors, (2) the fees incurred by the Adviser in connection with the organization of such Fund that exceed a limit specified in such Fund’s organizational documents and/or (3) certain Other Fees (as defined below) received by the Adviser or its affiliates. The amount and manner of such reduction, if any, is set forth in the advisory agreement and/or organizational documents of the applicable Fund. To the extent such Other Fees are shared, such Other Fees and any resulting management fee reductions will generally be allocated among the applicable Fund(s) (including Co-Investment Vehicle(s)) on the basis of the relative ownership of each entity in the relevant investment or another method. Generally, once a Fund has been allocated its portion of such Other Fees, such portion is further allocated among all of the investors in such Fund pro-rata in accordance with their capital commitments to such Fund or such other manner in accordance with the Fund’s partnership agreement. Generally, the portion of Other Fees allocable to a Fund or third-party investor that does not pay management fees, or to portfolio company management, will be retained by the Adviser and such amounts will not offset any management fees or Carried Interest. Other Fees and Expenses Generally, and except as otherwise set forth in the organizational documents of a Fund, the Adviser will ultimately bear all fees of any placement agent that solicits investors for the Funds either directly or via an offset to the management fee. The Funds will bear all legal and other expenses, including the out-of-pocket expenses of the applicable general partner, incurred in the formation of the Funds and their general partners up to an amount specified in the organizational documents of the applicable Fund. Organizational expenses in excess of this amount, if any, ultimately will be borne by the Adviser either directly or via an offset to the management fee. With respect to sell-side advisor and placement agent fees from Continuation Fund transactions, the Selling Fund will typically bear these expenses. Generally, and except as set forth in the organizational documents of the applicable Fund, a Fund will pay all expenses, costs and liabilities incurred in connection with its operations and investments and the performance by the Adviser and the Fund of their respective obligations pursuant to the terms of the relevant Fund’s partnership agreement and investment management agreement, including: (a) out-of-pocket expenses, costs and liabilities (including those incurred by subsidiaries used to hold, manage or administer investments) associated with identifying, structuring, negotiating, acquiring, monitoring, financing, holding or disposing of investments, including due diligence costs, research and market data costs, responsible investing assessment costs, publications, periodicals and database services, legal, consulting, appraisal, business development, travel, accommodation, entertainment, expenses incurred preparing, reviewing and negotiating placement agent agreements, and other expenses (including certain general partner registration expenses); (b) out-of-pocket expenses incurred as a result of a proposed transaction or

investment that is not consummated, to the extent not reimbursed by a third party; (c) the organization of any alternative investment vehicle; (d) litigation expenses (including potential litigation and discovery requests), arbitration and mediation expenses, expenses of acquiring and maintaining liability insurance or bonds covering indemnified persons (including commissions, premiums and deductibles to obtain directors’ and officers’ liability and errors and omissions insurance, whether or not indemnifiable) and other insurance and indemnity expenses, and the amount of any judgments or settlements paid in connection with any of the foregoing; (e) all taxes (including VAT), fees and other governmental charges levied against a Fund or payable by such Fund and all expenses incurred in connection with any tax audit, investigation, settlement or review of a Fund; (f) expenses and costs, including without limitation travel, meals and accommodation expenses, associated with communications to and meetings or conferences of or with the investors regardless of whether persons other than Fund investors attend the meeting (as well as expenses of attendees who are not existing investors that also attend such meetings or conferences) as well as those associated with any Fund advisory committee meetings (including printing and duplication expenses, and mailing expenses) and other advisory committee expenses (including legal counsel, accountants, auditors, financial advisors or any other advisors or experts retained to assist the advisory committee and other expenses incurred in connection with advisory committee action); (g) all expenses incurred in connection with hedging transactions and currency conversions; (h) expenses and costs of liquidating such Fund, any alternative investment vehicles and any subsidiaries of the foregoing; (i) administrative expenses and costs, including expenses associated with entity management, information technology, the maintenance of books of account, the preparation of financial statements, estimates and any financial reports (including expenses relating to preparing, printing and distributing investor reports and disclosures physically or electronically (including software or hardware used to electronically distribute such reports) including any information requests and items conforming to investor-requested reporting templates, such as those from the Institutional Limited Partners Association (“ILPA”), which may differ from the Adviser’s standard form of reporting), fairness opinions, tax returns and related schedules (including all reasonable expenses costs, fees and expenses of auditors, administrators, valuation agents, tax specialists, accountants and counsel rendered to or on behalf of a Fund, and the cost of any subscription fees and expenses and expenses relating to software tools, programs and other technology) and anti-money laundering or “know your customer” diligence and investor verification services in connection with the onboarding, periodic refresh, and ongoing participation of investors in a Fund; (j) expenses relating to developing and maintaining artificial intelligence tools and systems, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”) for the benefit of a Fund (including, but not limited to, costs of diligencing, engaging, monitoring, and utilizing professional service providers, subscriptions and related software and hardware, server infrastructure and hosting, and the expenses, fees, charges and/or related costs incurred, charged or specifically attributed or allocated (based on methodologies determined by the Adviser) to the Fund for any internally generated AI Technologies of the Adviser); (k) fees and expenses (including but not limited to their respective travel, meals, accommodation and entertainment expenses) of senior advisors, operating partners, executives in residence, advisers, investment bankers, attorneys, accountants, consultants, responsible investing consultants and other similar professionals who are not employees or

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Methods of Analysis and Investment Strategies The Adviser’s investment professionals, senior advisors, operating partners and executives in residence seek to generate attractive deal flow, often developing investment opportunities before they come to the attention of other investors. Once a potential investment is identified, it typically is reviewed and analyzed by a team of investment professionals assigned to the deal and, where appropriate, one or more senior advisors, operating partners, or executives in residence. Prospective investments that pass the initial review then proceed to an intensive due diligence review. This process typically involves extensive analysis of the company’s strategy, products, historical and projected operating results, regulatory and technology issues, as well as an assessment of key market dynamics. The Adviser typically receives information directly from the entity (or its agents and/or representatives) it is investigating as a potential investment opportunity for a Fund. In its Flagship Funds, the Adviser pursues private equity investments (as well as, on occasion, investments in debt instruments) in companies operating in the media, communications, education and technology industries by seeking to purchase attractive assets at compelling prices or to finance activities that create significant value. The Adviser seeks to enhance the value of portfolio companies through improved operations, strategic restructuring and successful exit strategies. Any determinations or actions with respect to the acquisition or disposition of investments by a PE Fund are made by the investment committee of the general partner for such Fund. The investment committee reviews and is responsible for approving all investments, monitors due diligence practices and provides advice in connection with key commercial and legal terms of potential investments. Any investment committee decision with respect to the Flagship Funds requires the vote of a majority of the members. The investment committee of the general partner for each Flagship Fund (other than Providence IV and IX) currently consists of Jonathan M. Nelson, Andrew Tisdale, and Messrs. Dominguez, Noell, Phillips, and Tabet. The investment committee of the general partner for Providence IX consists of Robert Sudo, Messrs. Dominguez, Noell, Phillips, Tabet and Tisdale. The composition of the membership of any investment committee may be changed by the general partner of the appropriate PE Fund at any time. The Flagship Funds’ private equity investments generally have a targeted investment time horizon of 3-6 years. The PE Funds’ investments are typically acquired in privately-negotiated transactions in which the applicable PE Fund acquires a controlling or influential equity position. Where such PE Fund acquires a controlling or influential equity position, the Adviser is often able to exercise influence and add value to such investments. Certain PE Funds are also permitted to make debt investments in portfolio companies. Such debt investments will generally be acquired in privatelynegotiated transactions in companies doing business in the media, communications and education industries. In certain instances, the Funds are permitted to purchase debt securities in a company in which another Fund holds an equity interest. The Funds are permitted to make investments in both publicly-listed and privately-held companies. The Providence Public Fund’s remaining investments are private investments. The details of each Fund’s investment strategies and

investment restrictions are disclosed in the offering and organizational documents provided to prospective investors in such Fund. The Adviser provides investment advice with respect to a wide range of securities and other investments, including, but not limited to, bank loans and participations, private placements and other securities not registered or exempt from registration under the Securities Act, bonds, convertible securities and equity securities issued by foreign issuers, futures contracts, forward contracts, swaps, swaptions, commodities, hybrid securities, other “synthetic” or derivative instruments, trades executed on margin, credit-linked notes, credit default notes and credit swaps. Risks Investing in securities involves a substantial degree of risk. A Fund may lose all or a substantial portion of its investments, and investors in the Funds must be prepared to bear the risk of a complete loss of their investments. In addition, material risks relating to the investment strategies and methods of analysis described above, and to the types of securities typically purchased by or for the Funds in connection with those strategies and methods, include the following: Risks Related to the Nature of the Funds’ Investments Many of a PE Fund’s investments will be, and all the Providence Public Fund’s remaining investments are, highly illiquid, and there can be no assurance that a Fund will be able to realize a return on such investments in a timely manner. Consequently, dispositions of such investments may require a lengthy time period or may result in distributions of securities in kind to investors that may or may not be marketable. Certain securities in which a Fund will invest will be the most junior in what typically will be a complex capital structure, and thus subject to the greatest risk of loss. Certain of the Fund’s investments are in businesses with little or no operating history. Certain of a Fund’s investments may be in portfolio companies with high levels of debt or may be in leveraged buyouts. Leveraged buyouts by their nature require companies to undertake a high ratio of fixed charges to available income. Such investments are inherently more sensitive to declines in revenues and increases in expenses. To the extent a Fund makes debt investments, such Fund will be subject to additional risks, including those related to credit and market risks and special risks associated with investing in bank loans and participations, unsecured loans, second-lien loans, non-investment grade debt and other loans and debt instruments. Since the Funds will only make a limited number of investments, and because a Fund’s investments generally will involve a high degree of risk, poor performance by a small number of investments could severely affect total returns to a Fund and its investors. In addition, the Funds may hold stocks, options and other equity-related instruments that may be subject to various types of risk, including market risk, liquidity risk, counterparty credit risk, legal risk and operations risk. In addition, equity-related instruments can involve economic leverage and may, in some cases, involve significant risk of loss. Equity securities may also include common stocks, preferred stocks, interests in real estate investment trusts, convertible debt obligations, convertible preferred stocks, equity interests in trusts (including shares issued by trusts registered as investment companies under the 1940 Act), partnerships, joint ventures or limited

liability companies and similar enterprises, warrants and stock purchase rights. In general, equity values fluctuate in response to the activities of individual companies and in response to general market and economic conditions. Accordingly, the value of the stocks and other securities and instruments that a Fund holds directly or indirectly may decline over short or extended periods of time. The stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. The volatility of equity securities means that the value of an investment in a Fund may increase or decrease significantly over relatively short periods. Projections A Fund relies upon projections developed by the Adviser or a portfolio company concerning the portfolio company’s future performance, outcome and cash flow. Projections are inherently subject to uncertainty and factors beyond the control of the Adviser and the portfolio company and may be changed. The inaccuracy of certain assumptions, the failure to satisfy certain financial requirements and the occurrence of other unforeseen events could impair the ability of a portfolio company to realize projected values, outcomes and cash-flows. Pay-to-Play Laws, Regulations and Policies Several states and municipal pension plans have adopted so-called pay-to-play laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state or municipal officials by individuals or entities seeking to do business with state or municipal entities, including investments by public retirement funds. The SEC has also adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees contribute to certain elected officials or candidates for office. If a general partner, the Adviser or their respective employees or affiliates fails to comply with such pay-to-play laws, regulations or policies, such non-compliance could have an adverse effect on a Fund by, for example, providing the basis for the withdrawal of the affected government plan investor as a limited partner. Media, Communications and Technology Regulatory Considerations Certain Funds invest in a number of different media, communications and technology-related industries. Certain companies in those industries are or may become subject to extensive regulatory requirements. Certain regulations that are intended to limit the concentration of ownership and control of communications and media companies may prevent the Funds from making certain investments that it would otherwise make. For example, the Funds may be precluded from making certain investments in communications and media companies based on sharing common management with one or more of the Funds that have an interest in a similar portfolio company. Other regulations may cause the Funds to incur substantial additional costs or lengthy delays in connection with the completion or disposition of an investment. In general, investors will be subject to special “insulating” provisions. Expedited Transactions Investment analyses and decisions by the Adviser are frequently required to be undertaken on an expedited basis to take advantage of investment opportunities, in particular, in light of current

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The Adviser provides investment advisory services to the Funds (other than with respect to certain Co-Investment Vehicles as set forth in their organizational documents). Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Investors in the Funds are generally “qualified purchasers” as defined in the 1940 Act, and may include, among others, high net worth individuals, banks, thrift institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, university endowments, corporations, sovereign wealth funds, limited partnerships and limited liability companies. The Funds generally do not have a minimum size, but minimum investment commitments are generally established for investors in the Funds. The general partner of each Fund has sole discretion to permit investments below the minimum amounts set forth in the offering documents of such Fund.

In respect of each Flagship Fund, the applicable general partner (and therefore indirectly employees of the Adviser and certain PSG Equity L.L.C. (“PSG”) employees, principals and other persons) are also generally entitled to receive a portion of distributions of net Fund profits (the “Carried Interest”) that would otherwise be distributed to such Fund’s investors. See “Relationship with PSG” in Item 11 below, as well as “Related Service Fees and Related Other Fees” in Item 5 above. In respect of the Providence Public Fund, its general partner (and indirectly Providence, PSG and employees of Providence, principals and other persons) may receive a performance allocation (the “Performance Allocation”) based on cumulative net performance for each calendar year that would otherwise be allocated to the Providence Public Fund’s investors. The Carried Interest and Performance Allocation received by such related persons conform with the requirements set forth in Section 205 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Carried Interest paid by the Flagship Funds and the Performance Allocation paid by the Providence Public Fund are indirectly borne by the investors in such Funds, including any Funds that invest in a Flagship Fund or the Providence Public Fund (such as Feeder Funds). Co-Investment Vehicles and Feeder Funds pay or bear performance-based fees on a case-by-case basis as set forth in the applicable organizational documents. The precise amount of, and the manner and calculation of, the Carried Interest or Performance Allocation for each Fund is disclosed in the organizational and offering documents of each Fund. The Carried Interest provisions are negotiated collectively with the investors of each Fund, and the Carried Interest and Performance Allocation for each Fund are also subject to waiver or reduction by the applicable general partner. For example, the Adviser and certain of its principals and employees and their family members and related vehicles typically invest (directly or indirectly) in the Funds, and the Carried Interest or Performance Allocation assessed on such investments is typically substantially reduced or waived entirely. The payment of Carried Interest or a Performance Allocation or the payment of Carried Interest or allocation of a Performance Allocation in varying amounts by some, but not all, Funds creates an incentive for the Adviser to disproportionately allocate time, services, functions or investment opportunities to Funds paying such performance-based fees or Funds paying such performance16

based fees at a higher rate than another Fund. With respect to the Flagship Funds, generally, and except as may be otherwise set forth in the organizational documents of the Flagship Funds, this conflict is mitigated, at least in part, by provisions restricting the Adviser and its principals, unless consented to by limited partners holding interests representing at least two-thirds of the aggregate commitments to the applicable Flagship Funds, from closing a new pooled multiple investment fund with investment objectives and policies substantially similar to those of the applicable Flagship Fund until the earlier of (i) the end of the applicable Flagship Fund’s investment period or (ii) such time as the applicable Flagship Fund is at least 75% invested or committed (including amounts reserved for follow-on investments and reasonably anticipated expenses of the applicable Flagship Fund). With respect to Co-Investment Vehicles, this conflict is further mitigated because Co-Investment Vehicles invest in portfolio companies alongside one or more Flagship Funds in pre-set amounts. The governing documents of any Alternative Investment Vehicle will generally contain terms and conditions substantially similar to those of the Flagship Fund with respect to which it is formed, and profits and losses of an Alternative Investment Vehicle generally will be aggregated with those of such Flagship Fund for purposes of determining distributions by the Flagship Fund and the Alternative Investment Vehicle (except as may be advisable because of legal, regulatory or tax constraints). Please also see Item 12 below regarding trade aggregation and Item 11 below for additional information relating to how conflicts of interests are generally addressed by the Adviser.

Related General Partners The Adviser organizes the Funds, which are limited partnerships for which the Adviser (including affiliates of Providence) serves as general partner. For a description of material conflicts of interest created by the relationship among the Adviser and the general partners, as well as a description of how such conflicts are addressed, please see Item 11 below. Affiliated Advisers Providence is affiliated with the investment advisers listed below. Providence has entered into consulting agreements with certain of these affiliates, pursuant to which they provide certain nonexecution advisory services to Providence and the Funds, including but not limited to providing research services, investment recommendations, structuring advice and negotiation services, ongoing monitoring and reporting regarding portfolio companies, consulting with portfolio companies, preparing materials for investor reports, providing employees to serve as directors of portfolio companies, and providing employees to vote proxies at portfolio company shareholder meetings. − Providence Equity LLP: a foreign advisory affiliate of Providence organized in the UK and authorized to perform certain activities by the UK Financial Conduct Authority. − Merganser Capital Management, LLC (“Merganser”): a U.S. registered investment adviser with the SEC and an affiliate of Providence. Clients of the Adviser may from time to time participate in transactions alongside other clients of Providence or clients of an affiliated adviser. Merganser is operated and managed separately from the Adviser, and Merganser does not have any involvement in the day-to-day investment operations of the Adviser. The Adviser does not direct or coordinate investment recommendations with Merganser and all such recommendations and allocations of investment opportunities are made by the Adviser independent of Merganser.

For a description of material conflicts of interest created by the relationship among the Adviser and the affiliated advisers, as well as a description of how such conflicts are addressed, please see Item 11 below.

Trading Code of Ethics The Adviser’s Code of Ethics requires each of the Adviser’s employees to deal honestly and fairly with all persons with whom he or she has contact. Employees at all times must place the interests of the Funds and their investors first. Employees are required to conduct their personal trading so as to avoid any actual or potential conflicts of interest or any abuse of a position of trust or responsibility. Moreover, employees are not permitted to take inappropriate advantage of their positions. The Code of Ethics includes policies regarding personal trading by the Adviser’s employees and members of their immediate families. These policies limit personal trading by employees 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. Employees must report every account in which they have a direct or indirect beneficial interest, other than personal savings or checking accounts that are not able to hold securities of any type and certain cryptocurrency accounts, and have copies of periodic accounts statements sent by their broker(s) to the Adviser’s compliance department. In addition, if they directly or indirectly influence or control trading in the account, they must pre-clear covered securities transactions with the Adviser’s compliance department. The Adviser reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time without providing notice to limited partners or prospective limited partners. A copy of the Code of Ethics is available to any client or prospective client upon written request by emailing Sarah Conde, Managing Director, General Counsel & Chief Compliance Officer of Providence Equity Partners L.L.C., at S.Conde@provequity.com. Valuation of Fund Assets The Adviser has a duty to value the Funds as provided in and consistent with the organizational documents of the Funds. The Adviser has adopted a policy regarding the valuation of Fund assets. The principal purpose of this policy is to provide a basis for establishing valuations reported by Funds. With respect to the PE Funds, the Adviser does not generally assess management fees, Carried Interest, or other performance fees or allocations based upon the Adviser’s valuation determinations. With respect to the Providence Public Fund, the Adviser bases its management fees and Performance Allocations on the valuation of the Fund’s assets, the calculation of which it has delegated to its administrator, subject to the overall supervision and direction of the Fund’s general partner. In addition, performance information for the Funds will be reported to investors based on such valuations. Certain Funds have portfolio investments, including restricted securities in publicly held companies and privately held investments, which are carried at an estimate of fair value as determined in good faith, pursuant to procedures determined by the valuation committees thereof.

In the absence of special circumstances, all portfolio investments, other than restricted and privately held portfolio investments, are fair valued using the observable market value. Market value for unrestricted, publicly traded portfolio investments of the PE Funds is determined based on the closing price on the exchange on which the security is principally traded. The price of publicly-traded portfolio investments of one Fund or Funds may be impacted by certain investment decisions made by another Fund or Funds, including, but not limited to, decisions to hold, trade, dilute, hedge, short or change its ownership interest in such publicly-traded portfolio investments or in other investments in such Fund or Funds that otherwise impact the price of publicly-traded portfolio investments of the Funds. Restricted and privately held portfolio investments and other instruments not enumerated above, which may not have readily ascertainable market values, are valued at fair value, which is the estimated amount that would be received upon the sale of the portfolio investment in an orderly transaction between market participants on the measurement date as outlined in ASC 820 of US GAAP. In establishing the fair value of portfolio securities, the Adviser takes into consideration, for each portfolio company, some or all of the following: (a) historical and prospective financial performance and key operating metrics, (b) financial and operating benchmarks of guideline comparable companies, (c) conditions of, and outlook for, the specific industry in which the portfolio company operates as well as the overall economy, (d) the portfolio company’s stage of operational development and progress in executing its business plan, (e) prices paid in sales of such investments or similar investments or securities in recent public or private transactions, (f) the price and extent of public trading in similar securities of the portfolio company or comparable companies, (g) the existence of tender offers or acquisition or merger proposals affecting a portfolio company’s securities, (h) preferred dividends, liquidation preferences, mandatory redemption rights, conversion rights, participation rights, anti-dilution rights, and registration rights of the subject security, (i) reports prepared by third-party analysts, (j) the impact of fluctuations in foreign currency exchange rates, purchase cost, (k) the class of security held by a Fund, including whether such securities are subordinated, (l) valuations of comparable companies, (m) discounted cash flow analysis, (n) significant recent events affecting the issuer, including pending mergers and acquisitions, (o) and restrictions as to salability or transferability not otherwise taken into account in the valuation methodology and (p) other pertinent information determined relevant by the Adviser. However, because of the inherent uncertainty of valuation, the recommended values may differ significantly from values that would have been used had a ready market for the restricted and privately held portfolio investments existed (and the difference between the ultimate sale price and fair value may be material). Notwithstanding the foregoing, valuations for a particular Fund will comply with the requirements of the relevant Fund’s organizational documents. Given the illiquid nature of the investments held by the Providence Public Fund, the net asset value of such assets cannot be determined with the same degree of certainty as such Fund’s other publicly-traded investments historically were determined. For the purpose of calculating management fees, such assets generally will be valued at the lower of cost or the fair value on the date of such determination as set forth in such Fund’s offering documents. For accounting purposes, such investments will be valued at fair value as reasonably determined by such Fund’s general partner.

A valuation committee formed by the Adviser may modify the valuation methods described above if it determines that such modifications are appropriate and reasonable to reflect the value of any securities or other assets or liabilities, and will document the basis for any modifications, in each case, in accordance with the requirements of the relevant Fund’s organizational documents. The Adviser, under the oversight of the general partners of certain Funds and in accordance with such general partners’ valuation policies, values the assets of such Funds and interests of investors in accordance with its policies and procedures, which the Adviser may change in its sole discretion and with the principles-based framework of ASC 820 of US GAAP in relation to each asset the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date. A valuation committee reviews and approves all portfolio company valuations on a quarterly basis. For the Providence Public Fund, a valuation committee reviews and approves investment valuations on a quarterly basis. The value of an investment may not reflect the price at which the investment could be sold in the market, and the difference between the Adviser’s valuation and the ultimate sales price or price that a Fund could have achieved if it sold the asset to a third party at the time of such valuation may be material. When estimating fair value, the Adviser will apply a methodology based on its best judgment (including, for instance, determination of when an investment should be written down or written off) that is appropriate in light of the nature, facts and circumstance of the investments. Such determination is inherently subjective, may be shaped by market information and other considerations, and can change over time. Under certain circumstances, the valuation of investments will affect the amount and timing of the Carried Interest payable by the limited partners and the amount of management fees. The valuation of investments may also affect the ability of the Adviser to raise a successor fund because prospective investors are likely to consider performance of a Fund in making any investment decisions with respect to a successor fund. There may be circumstances where the Adviser is incentivized to determine valuations that are higher or lower than the actual fair value of investments. The Adviser has broad discretion in determining the value of a Fund’s investments. This discretion is particularly impactful in determining the value of privately held securities, which comprise most of the securities held by the Funds. In valuing such securities, the Adviser adheres to ASC 820 of US GAAP and takes into account relevant factors, which include, without limitation, one or more of the following: purchase cost; sales prices of recent public or private transactions in the same or similar securities; the class of security held by a Fund, including whether such securities are subordinated; valuations of comparable companies; discounted cash flow analysis; significant recent events affecting the issuer, including pending mergers and acquisitions; and restrictions as to salability or transferability not otherwise taken into account in the valuation methodology. In determining whether an investment has been permanently impaired, the Adviser primarily considers whether the carrying value of the investment exceeds its anticipated or expected recoverable amount and if the investment’s remaining cost basis value is unlikely to recover in the foreseeable future, taking into account, among other things, the occurrence of certain events such as bankruptcy, material defaults on loans, and transactions that subordinate or materially dilute a Fund’s interest in the investment. The Adviser is permitted to determine that even extremely distressed investments should not be written down or permanently impaired. There are circumstances where the Adviser is incentivized to determine valuations that are higher or lower than the actual fair value of investments. For example, under certain circumstances, the

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The Adviser has complete discretion to determine the broker or dealer to be used and the commission rates to be paid in instances where a broker or dealer is used. Generally, investments of the PE Funds are not purchased or sold through a broker, dealer or underwriter. When executing transactions on behalf of the Funds through a broker, dealer or underwriter, the Adviser’s objective will generally be to obtain the most favorable commission and the best price obtainable on each transaction in light of the quality of execution provided. As such, brokers, dealers and underwriters are selected primarily on the basis of their execution, capability and trading expertise. In addition to using brokers as “agents” and paying commissions, certain Funds may buy or sell securities directly from or to dealers acting as principals at prices that include markups or markdowns and may buy securities from underwriters or dealers in public offerings at prices that include compensation to the underwriters and dealers. The Adviser will generally allocate brokerage on behalf of such Funds on the basis of best available execution and in consideration of such broker’s provision or payment of the costs of brokerage and research services that are of benefit to such Funds. Accordingly, if the Adviser determines in good faith that the amount of commissions charged by a broker is reasonable in relation to the value of the brokerage and research services provided by such broker, a Fund may pay commissions to such broker in an amount greater than the amount another firm might charge. Such brokerage and research services furnished by brokers through which a Fund effects securities transactions may include the cost of investment research and may be used by the Adviser or its affiliates in advising other Funds and not necessarily the Fund effecting the securities transaction. The Adviser will comply with Section 28(e) of the Exchange Act with respect to the allocation of brokerage, which permits the use of “soft dollars” in certain circumstances. Certain brokers and custodians may provide capital introduction services whereby the Adviser may be afforded the opportunity to make a presentation regarding its services to certain qualified investors identified by the brokers. While the brokers generally provide such services at no additional cost to the Adviser, the Adviser and not a Fund may be the principal or sole beneficiary of those services, thus presenting a potential conflict of interest between such Fund and the Adviser, which is responsible for selecting the brokers for such Fund and negotiating the broker’s brokerage, margin and other fees. In order to monitor best execution, the Adviser’s Chief Compliance Officer will periodically monitor broker-dealers to assess the quality of execution of brokerage transactions effected on behalf of the Adviser and each applicable Fund. Aggregation of Trades The Adviser may aggregate (or bunch) the orders of more than one Fund for the purchase or sale of the same publicly traded security. Portfolio managers and traders may employ this practice because larger transactions can enable them to obtain better overall prices, including lower commission costs or mark-ups or mark-downs. The Adviser may combine orders on behalf of Funds with orders for other funds for which it or its affiliates have trading authority, or in which

it or its affiliates have an economic interest. In such cases, if an order is not filled at the same price, the Adviser and its affiliates generally allocate the publicly traded securities or proceeds arising out of those transactions (and the related transaction expenses) on an average price basis among the various participants and pursuant to the terms of each Fund’s organizational documents. While the Adviser believes combining orders in this way will, over time, be advantageous to all participants, in particular cases the average price could be less advantageous to a Fund than if such Fund had been the only account effecting the transaction or had completed its transaction before the other participants. The securities available for purchase or sale by certain Funds may be reduced at times as a result of such order aggregation by the Adviser. When orders for publicly traded securities are not entirely filled, allocations shall be made based upon the Adviser’s procedures for the allocation of investment opportunities. Where aggregate trades have been filled during the course of the trading day at different prices, the costs of the publicly traded securities to each client will be averaged priced to the extent possible. See the Adviser’s response to Item 11 above for more information regarding conflicts of interest related to investment and trading discretion. Trade Errors Due to the nature of investing in public securities, trade errors are possible with respect to a Fund, and in such cases, the Adviser will generally seek to promptly correct and mitigate any losses resulting from trade errors and similar human errors in accordance with its policies and procedures and subject to the applicable organizational documents of a Fund. As with all other financial gains and losses attributable to investments, any financial gains or losses resulting from trade errors generally are borne by the applicable client and underlying investors, subject to the terms of the applicable organizational documents of such Fund and standard of care.

For details regarding economic benefits provided to the Adviser by non-clients, including a description of related material conflicts of interest and how they are addressed, please see Item 11 above. The Adviser and its affiliates from time to time engage in a broad range of activities, including providing Related Services to actual and potential portfolio companies of the Funds. Such Related Services are complementary to the investment supervisory services provided by the Adviser. Time spent on Related Services varies from investment to investment. In addition, the Adviser and its related persons, in certain instances, receive discounts on products and services provided by portfolio companies of Funds. The Adviser notes that from time to time it engages one or more persons to act as a placement agent for a Fund in connection with the offer and sale of interests to certain prospective investors. Such persons generally will receive a fee, in part, in an amount equal to a percentage of the capital commitments for interests in a Fund that are accepted by the Fund’s general partner with respect to such prospective investors and are eligible for reimbursement of expenses. Such fees will be negotiated individually between the Adviser and such person.

This item is not applicable to the Adviser.

The investments made and held by the PE Funds are both private and public but are generally illiquid and long-term in nature. Accordingly, the review process is not directed toward a shortterm decision to dispose of securities. The remaining investments held by the Providence Public Fund are generally illiquid in nature. However, the Adviser closely monitors the portfolio companies in which the Funds invest and generally maintains an ongoing oversight position in such companies (including, in many cases with respect to the PE Funds, representation on the board of directors of such companies). With respect to the PE Funds, reviews occur regularly and are conducted by the Adviser’s deal teams and senior management. Moreover, the Adviser has a separate group designated to monitoring portfolio company performance for the PE Funds (the “Portfolio Operations Group”). The Portfolio Operations Group provides a second level of review of each PE Fund portfolio company on an ongoing or a periodic basis. The Adviser bears the compensation of the Portfolio Operations Group.

The Adviser provides written quarterly unaudited reports and written annual audited reports to the limited partners of the Funds. Moreover, the Adviser provides quarterly letters to the limited partners of the Funds.

This item is not applicable to the Adviser.

The Adviser typically has the discretion to determine, without consent of the Funds or the investors in the Funds, the particular securities or instruments to be bought and sold in accordance with the terms and conditions of the applicable organizational documents of each Fund. The Adviser will provide investment advice to the Funds, subject to certain limitations and restrictions on the Funds as to, for example, diversification and type of permitted investments. Funds will typically make direct investments in companies, although the Adviser may in its discretion form a special purpose vehicle with respect to particular investments. Co-Investment Vehicles, Alternative Investment Vehicles and other clients of the Adviser are generally established in order to invest alongside or in the place of one or more Flagship Funds in a particular investment opportunity or opportunities, and the Adviser typically has limited discretion to invest the assets of the Co-Investment Vehicles, Alternative Investment Vehicles or other clients of the Adviser independent of these limitations as set forth in the organizational documents of the Co-Investment Vehicles, Alternative Investment Vehicles or other clients of the Adviser and the applicable Flagship Fund.

It is the Adviser’s fiduciary duty to vote proxies and consents in the best interests of the Funds and the overriding principle of the Adviser’s proxy voting is to maximize the financial interests of the Funds. It is the policy of the Adviser in voting proxies to consider and vote each proposal with the objective of maximizing long-term investment returns for the Funds. The Adviser has established guidelines regarding the voting of proxies on routine, non-routine, corporate governance and social issues. The Adviser may, however, vote in a manner that is contrary to the general guidelines if it believes that it would be in a Fund’s best interest to do so. All proxies, unless voted in accordance with the Adviser’s general guidelines on routine, nonroutine, corporate governance and social issues, will require a mandatory conflicts of interest review, which will include consideration of whether the Adviser, any investment professional or other person recommending how to vote and/or the Adviser’s affiliates and their clients has an interest in how the proxy is voted that may present a conflict of interest. The Adviser is not required to vote a proxy if the cost of voting a particular proxy due to special translation, delivery or other requirements would outweigh the benefit of voting for the Fund. Situations may arise in which more than one Fund invests in the same company. In those situations, two or more Funds may have different investment strategies, investment objectives, investment styles, terms or investment committees, or may otherwise have differing considerations with respect to the company. As a result, the Adviser may cast different votes on behalf of different Funds. The Adviser uses a proxy advisory service and performs due diligence on such provider on a regular basis. The Adviser does not currently use a proxy voting service, however, in the future, the Adviser may determine to engage such service. In such case, the Adviser will perform due diligence on such provider in connection with the engagement and on a regular basis. The Adviser will retain all books and records relating to its proxy voting activities on behalf of client accounts in accordance with the requirements of Rule 204-2(c)(2) under the Advisers Act. Copies of the Adviser’s proxy voting policies and procedures and relevant proxy logs are available to any client or prospective client by emailing Sarah Conde, Managing Director, General Counsel & Chief Compliance Officer of Providence Equity Partners L.L.C., at S.Conde@provequity.com.

This item is not applicable to the Adviser.