Tiger Pacific Capital LP

Tiger Pacific Capital LP, a Delaware Limited Partnership (“Tiger Pacific” or the “Firm”), commenced operations in November 2012 and is controlled by Run Ye (the “Managing Partner”). Tiger Pacific currently offers discretionary investment advisory services to the following private investment funds; Tiger Pacific Domestic Fund LP, Tiger Pacific Offshore Fund Ltd., Tiger Pacific Master Fund LP, Tiger Pacific Opportunities Domestic Fund LP, and Tiger Pacific Opportunities Master Fund LP, each a “Fund” and collectively referred to as the “Funds.” The Funds are currently Tiger Pacific’s only clients; however, Tiger Pacific may in the future organize and/or provide investment advisory services to other private investment funds and/or managed accounts. Each Fund is managed pursuant to the objectives specified in the materials by which that Fund offers its ownership interests to investors (“Investors”). Tiger Pacific does not tailor its services to individual Investors in the Funds, nor do individual Investors have the right to specify, restrict, or influence the Funds’ investment objectives or any investment or trading decisions. Tiger Pacific’s advisory services to the Funds are detailed in the applicable investment management agreements, limited partnership or other operating agreements and/or other governing documents (together, the “Governing Documents”). As of December 31, 2025, Tiger Pacific managed approximately $1,855,940,621 (US) of regulatory asset under management on a discretionary basis. Tiger Pacific does not manage any assets on a non-discretionary basis.

The specific manner in which the Firm charges fees is described in each Fund’s Governing Documents. All investors should review the governing documents of the respective Fund in conjunction with this Brochure for complete information on the fees and compensation payable with respect to the applicable Fund. In general, Tiger Pacific receives a management fee and a performance allocation (as further described below) in connection with advisory services to its clients. Management Fees The Funds are obligated to pay Tiger Pacific a management fee calculated quarterly. Depending on the Fund and the series, the Investor’s management fee is either payable in advance as of the beginning of each quarter, or payable in arrears at the end of each quarter. The management fee is calculated at an annual rate, which ranges between three-fourths percent (0.75%) and one and three-fourths percent (1.75%) of the net asset value of the respective series, without accrual of any Performance Allocation not yet earned. For certain series, an amount equal to the Management Fees paid to the Investment Manager during that series’ performance period will be applied to reduce on a dollar-for-dollar basis (but not below zero) any Performance Allocations allocated to the General Partner for those series during such performance period. The management fee will be deducted directly from the capital account of an Investor. The management fee will be adjusted for contributions and withdrawals/redemptions made during the quarter. While management fees are not generally negotiable, Tiger Pacific in its sole discretion does, and reserves the right to in the future, from time to time waive or modify the management fee to certain Investors that are members, employees or affiliates of the Firm or relatives of

such persons and for certain large or strategic Investors, or Investors that meet certain requirements as outlined in the applicable Governing Documents. For a more detailed discussion on management fees, please see the relevant Fund’s offering memorandum. Other Expenses Any of the Funds will pay, or reimburse Tiger Pacific Partners LLC (the “General Partner”) or Tiger Pacific, for all costs, fees and expenses related to portfolio investments or prospective investments (whether or not consummated) of the Funds, such as the research, evaluation, acquisition, holding and disposition thereof and all third-party expenses in connection therewith (including, without limitation, expenses relating to proxies, underwriting and private placements, brokerage commissions, price validation and third-party valuation services, dealer spreads, interest on, and fees and expenses arising out of, debit balances or borrowings, dividends payable with respect to securities sold short, exchange, clearing fees, give-up and intermediation fees, clearing and settlement charges, as well as transaction fees and expenses relating to the foregoing, custodial fees, investment related travel and entertainment expenses in connection with investment activity, appraisal fees, investment banking expenses and professional investigatory services, fees and profit-sharing payments due to unaffiliated advisors, sub-advisors and consultants, finders and service companies, risk monitoring expenses, specific expenses incurred in obtaining or maintaining systems, research and other trading costs (including market data expenses), costs and expenses relating to the Fund’s regulatory compliance, including, without limitation, costs of compliance programs, examinations, regulatory inquiries and regulatory filings (including legal, regulatory or compliance fees and expenses of the General Partner, Tiger Pacific and any of their respective affiliates in connection with ongoing compliance, filing and reporting obligations under Advisers Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), “blue sky” laws or any other applicable laws, which obligations pertain to the Funds’ holdings, Investors, counterparties, risk systems and operations (e.g., Form PF), order management systems, information and information service subscriptions utilized with respect to the Fund’s investment program, including phone and internet charges, any tax-related structuring or legal fees and expenses incurred, any withholding, transfer or other taxes imposed on any of the Funds, and expenses related to organizing any alternative investment vehicle through which investments may be made and other execution and transaction costs), to the extent that such costs, fees and expenses are not reimbursed by a third-party. Each of the Funds will also pay, or reimburse the General Partner and/or Tiger Pacific, all other operating fees and expenses or out-of-pocket costs of the administration of the Funds, including, without limitation, ongoing offering fees and expenses, accounting (including expenses associated with the preparation of the Fund’s financial statements and tax returns, and any other tax information relating to the Funds), audit, administration and legal expenses, costs of any litigation or investigation involving Fund activities, indemnification payments, costs associated with meetings of Investors, reporting, providing and mailing information to existing and prospective Investors, costs associated with maintaining insurance to protect the Fund, Tiger Pacific or any other covered person from liabilities to third parties in connection with the Fund’s affairs (including liability premiums), taxes and other governmental charges, fees and duties payable by the Fund, damages incurred by the Fund or any covered person, extraordinary fees and expenses, if any, and costs of winding up and liquidating the Fund. Such costs will include the Fund’s allocable share of the fees and expenses of any third-party providers of “back office” and “middle office” services relating to trade settlement, and accounting and related operations for the Fund. For a more detailed discussion of brokerage and transaction costs, Investors are directed to “Item 12: Brokerage Practices.”

Investment Strategy Tiger Pacific seeks to achieve long-term significant capital gain while maintaining low correlation with relevant indices, primarily through both long and short Asia-related equity investments. Tiger Pacific aims to achieve its investment objective through: 

Applying its deep and native knowledge base, as well as contrarian mind-set, to identify market mispricing, primarily in Asia-related equities;

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Taking a fundamental-driven equity selection approach that is based on a rigorous bottom-up research process;

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Strategically focusing on domestic consumption-driven sectors in Asia. With the industry and geography focus, Tiger Pacific aims to identify long-term structural trends in the underlying companies/sectors of investment securities ahead of the market; and

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Predominantly investing through long and short equities, a combination of which can decrease the risk of disruption from global or regional macro and liquidity events. For clarity, Tiger Pacific Opportunities Master Fund LP invests in long equities (not in short positions).

The Funds are primarily concentrated in globally listed equity investments of underlying Asian based companies. Currently the Funds are predominantly comprised of investments in companies based in China, Japan, South Korea, Taiwan and India but also include investments in companies based in other countries like Malaysia and Indonesia. They may also include

companies based in other countries with exposure to Asian economies. The portfolio will also primarily focus on sectors that are driven by domestic consumption, including, but not limited to, financial services, real estate, consumer, retail, industrial, auto, healthcare, telecom, internet and technology. Risk of Loss The following is a summary of the material risks associated with Tiger Pacific’s investment strategies. For a more detailed description of associated risks, please review the respective Fund’s offering documents, including each Fund’s offering memorandum. Investing in securities involves a risk of loss that Investors should be prepared to bear. All investments involve the risk of loss of principal, a reduction in earnings (including interest, dividends and other distributions), and the loss of future earnings. These risks include market risk, interest rate risk, regulatory risk and general economic risk. Although Tiger Pacific manages the assets in a manner consistent with risk tolerances, there can be no guarantee that the Firm’s efforts will be successful. Dependence on Key Management Personnel The success of the Funds is highly dependent on the financial and managerial expertise and skill of Tiger Pacific’s team of investment professionals, including the Managing Partner. There is no assurance that the Managing Partner or other key members of management of Tiger Pacific will continue to be employed by the Firm for any period. The loss of one or more key individuals of Tiger Pacific could have a material adverse effect on the performance of the Funds. The performance of investment professionals’ prior investments is not necessarily indicative of a Fund’s future results. While the applicable General Partner intends for a Fund to make investments that have estimated returns commensurate with the risks undertaken, there can be no assurances that any targeted internal rate of return will be achieved. On any given investment, partial or total loss of principal is possible. Performance Allocation The performance allocation of a percentage of the Funds’ net profits to the General Partner may create an incentive for Tiger Pacific to make investments on behalf of the Funds that are riskier or more speculative than would be the case if such allocations were not made. Since the performance allocation is calculated on a basis which generally includes unrealized appreciation of assets, such allocation could be greater than if it were based solely on realized gains. Non-U.S. Securities The Funds invest a portion of their assets in the equity or other securities and instruments of issuers located outside the U.S. Such investments may be affected by political, social and economic uncertainty affecting a country or region. Many financial markets in which the Funds invest, including, without limitation China, Japan, South Korea, Taiwan, and India are not as developed or as efficient as those in the U.S. and the Funds will be subject to fiscal and taxation policies, regulatory regimes, including securities regulations, market and settlement practices and sovereign and political risks of the countries in which the Funds invest. As a result, liquidity may be reduced and price volatility may be higher. The legal and regulatory environment may also be different, particularly as to bankruptcy and reorganization. Financial accounting standards and practices may differ, and there may be less publicly available information in respect of such companies.

Force Majeure Risk Tiger Pacific’s strategies and investments on behalf of its Funds may be affected by force majeure events (i.e., events beyond the Firm’s control, including acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, and/or other circumstances resulting in property damage, network interruption, and/or prolonged power outages). Some force majeure events could adversely affect Tiger Pacific’s ability to perform its obligations until it is able to remedy the force majeure event. In addition, the losses to the Funds resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease that becomes a global pandemic, as in the case of COVID-19) could also have a broader negative impact on the world economy and international business activity generally, or in any of the countries where Tiger Pacific may invest specifically on behalf of its Funds. In particular, such events may materially and adversely impact the value and performance of the Funds, their ability to source, manage and divest investments and their ability to achieve their investment objectives. In addition, the operations of the Funds and their respective General Partners and managers may be significantly impacted, or even temporarily or permanently halted, as a result of required office closures, government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to the force majeure event. Any one or any combination of the foregoing may therefore adversely affect performance. Cybersecurity Risk Investment vehicles such as the Funds and their service providers may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally (including, for example, through cyber-attacks known as “phishing” and “spear-phishing”), denial-of-service attacks on websites, the unauthorized release of confidential information and causing operational disruption. Cyber-attacks may interfere with the processing of transactions, impact the Funds’ ability to value their assets, cause the release of private information or confidential information of the Funds, impede trading, cause reputational damage, and subject the Funds to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. While the Funds have established business continuity plans and systems designed to prevent such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Artificial Intelligence and Machine Learning Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”), as well as the rapid growth and widespread use thereof, have the potential to pose risks to Tiger Pacific and the Funds. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which the Funds invest, and any such changes could create new and unpredictable operational, legal and/or regulatory risks. Many jurisdictions have passed or are considering laws and regulations concerning AI Technologies, which could adversely affect the Funds. Additionally, Tiger Pacific and the Funds could be further exposed to the risks of AI Technologies if third-party service providers or any counterparties, whether or not known to Tiger Pacific, use AI Technologies in their business activities. Tiger Pacific will not be able to control the use of AI Technologies in third-party products or services, including those provided by Tiger Pacific’s and its affiliates’ service providers. Additionally, Tiger Pacific and its personnel reserve the right to use AI Technologies in connection with the Firm’s business activities, including to support the Firm’s due diligence and investment activities. AI

Technologies are generally highly reliant on the collecting and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI Technologies use to operate. Certain data in AI Technologies potentially will contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of such AI Technologies. Even where AI Technologies are utilizing accurate data, they may, nonetheless, output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such AI Technologies to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of AI Technologies is expensive and complex, and may involve unforeseen difficulties including material performance problems and undetected defects or errors. Any such inaccuracies or errors could have adverse impacts on the operations and/or performance of the Firm and the Funds. In addition, use of AI Technologies poses various risks related to confidentiality, privacy and cybersecurity. Any of such risks or misuse could have an adverse effect on Tiger Pacific and the Funds. Furthermore, AI Technologies could be used against the Firm or a Fund in a criminal or negligent way. AI Technologies and their applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that have the potential to arise from such developments. Any of the foregoing factors could have a material and adverse effect on Tiger Pacific and the Funds. Dependence on Service Providers The Funds are also dependent upon its counterparties and the businesses that provide services to the Fund (the “Service Providers”). Examples of Service Providers include the administrator, prime brokers, the custodian, legal counsel and the auditor. Errors are inherent in the business and operations of any business, and although Tiger Pacific will adopt measures to prevent and detect errors by, and misconduct of, counterparties and Service Providers, and transact with counterparties and Service Providers it believes to be reliable, such measures may not be effective in all cases. Errors or misconduct could have a material adverse effect on the Funds and the limited partners’ investments therein. Systems Risk Tiger Pacific and the Funds rely on computer programs, internal infrastructure and services, and data provided by third parties to trade, clear and settle securities and other transactions, to evaluate certain securities or situations based on real-time or delayed trading information, to monitor the Funds’ portfolio, and to generate risk management and other reports that are critical to the oversight of the Funds’ activities. In addition, the Funds and Tiger Pacific’s operations interface with and depend on systems operated by third parties, including prime brokers and market counterparties and their sub-custodians and other service providers, and Tiger Pacific may not be in a position to verify the risks or reliability of such third-party systems. These third-party programs or systems may be subject to certain defects, failures, or interruptions, including, but not limited to, those caused by computer “worms,” viruses and power failures. Any such defect or failure could have a material adverse effect on the Funds. Currency Risks Direct and indirect investments that are denominated in non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Dramatic fluctuations in the value of a country’s currency could have an adverse impact on the profitability of the Funds. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation,

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Tiger Pacific currently provides investment advice only to the Funds. The Funds are privately offered investment funds, exempt from registration under the U.S. Investment Company Act of 1940, as amended. Each Fund imposes minimum Investor qualification standards and a minimum investment requirement of $1 million. Initial and additional subscription minimums are disclosed in the offering memorandum for each Fund, which may be waived at the discretion of the Firm. In general, each Investor in the Funds must be an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended, and a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940. Investors of the Funds should review the offering documents for additional information regarding suitability and the subscription process.

Performance Allocations The General Partner of Tiger Pacific Master Fund LP is entitled to receive an annual Performance Allocation (the “Performance Allocation”), at the end of each fiscal year, which will be calculated and charged separately with respect to each limited partner’s/shareholder’s capital account in Tiger Pacific Domestic Fund LP and Tiger Pacific Offshore Fund Ltd. , equal to 20% with respect to Series 1, Series 1 SRI, Series 2, Series 4, and Series 4 SRI interests, 17% with respect to Series 1A and Series 2A interests and 17.5% with respect to Series 5 interests, of the increase in net assets resulting from operations, subject to a loss recovery amount (additionally referred to as a “high-water mark”). The Performance Allocation with respect to Series 5 Interests will be calculated and charged over two calendar year periods based on the relevant Series 5 Investors’ subscription date and will be subject to a clawback clause. In general, the clawback for Series 5 Investors is the performance allocation of the first year (after deduction of a tax distribution) that may be credited back to the Investors in the subsequent year in an event there are losses in the subsequent year. The Performance Allocation for Series 1 or 30 Shares is equal to the excess, if any, of (i) 30% of the Series 1 or 30 alpha for the current performance period, over (ii) the sum of (A) the aggregate amount of management fees that such Series 1 or 30 limited partner paid in respect of its Series 1 or 30 Interests during the applicable performance period, plus (B) any applicable Management Fee Carryforward (as defined below). A Series 1 or 30 limited partner’s “Management Fee Carryforward” means the excess (if any) of the aggregate amount of management fees paid in respect of such limited partner’s Series 1 or 30 Interests in a performance period, over the Performance Allocation allocated to the General Partner in respect of such limited partner’s Series 1 or 30 Interests for the same period. The General Partner of Tiger Pacific Opportunities Master Fund LP is entitled to receive an annual Performance Allocation, at the end of each fiscal year, which will be calculated and charged separately with respect to each limited partner’s/shareholder’s capital account in Tiger Pacific Opportunities Domestic Fund, equal to 20% with respect to Series 1 and Series 4 interests, of the amount by which such limited partner's performance change for a performance period exceeds a benchmark index return over a loss recovery amount. When calculating the performance allocation, net profits will be reduced by the management fee, and all relevant items of income, loss and expense incurred will be taken into account. The General Partner in its sole discretion does, and reserves the right to in the future, from time to time waive or modify the performance allocation for Investors that are members, employees or affiliates of the General Partner or Tiger Pacific, relatives of such persons, and for certain large or strategic Investors, or Investors that meet certain requirements as outlined in the applicable Governing Documents. For a more detailed discussion on performance allocations, please see the relevant Fund’s offering memorandum. All performance allocations are charged in compliance with Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), whereby each Investor that is charged a performance fee must be a “qualified client.” The existence of performance-based compensation has the potential to create various conflicts of interest, including an incentive for the Firm and/or its affiliates to operate the relevant Fund in a riskier, more speculative, or other manner that is less favorable to investors than it would otherwise make in the absence of such arrangement.

Tiger Pacific seeks to address the potential for any such conflicts of interest with allocation policies and practices that provide that transactions and investment opportunities will be allocated to the Funds in accordance with each Fund’s investment guidelines and Governing Documents, as well as other factors that do not include the amount of performance-based compensation received by Tiger Pacific or any personnel. The Firm maintains policies and procedures reasonably designed to mitigate these conflicts so that over time, the Funds are treated in a fair and equitable manner with respect to the allocation of investment opportunities.

Tiger Pacific currently has two affiliated entities: Tiger Pacific Capital Holdings, the General Partner of Tiger Pacific; and Tiger Pacific Partners LLC, the General Partner of Tiger Pacific Domestic Fund LP, Tiger Pacific Master Fund LP, Tiger Pacific Opportunities Domestic Fund LP and Tiger Pacific Opportunities Master Fund LP.

Personal Trading Code of Ethics Pursuant to Rule 204A-1 of Advisers Act Tiger Pacific has adopted a Code of Ethics (the “Code”), designed to ensure that the Firm and employees conduct business in accordance with all applicable laws and regulations and in an ethical and professional manner. All employees at Tiger Pacific owe a duty of loyalty, fairness and good faith towards the Funds and Investors, which includes an obligation to adhere not only to the specific provisions, but to the general principles that guide the Code. The Code was adopted to avoid possible conflicts of interest, avoid the inappropriate use of material, non-public information and ensure the propriety of Tiger Pacific employees’ trading activity. All employees must obtain pre-clearance from the CCO prior to executing certain trades and prior to participating in certain investments so that a determination may be made as to whether or not the transaction could pose a conflict to the Funds. Additionally, employees are required to confirm quarterly transaction reporting through the use of a compliance platform or provide duplicate copies of brokerage statements to Tiger Pacific, to assist in monitoring compliance with employee trading policies. Tiger Pacific reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time. No investor or prospective investor should invest with Tiger Pacific on the basis of, or otherwise rely on, the provisions thereof, and any such refinements or modifications have the potential to materially affect the investments available to the Funds or the expenses borne thereby. Clients may receive a copy of Tiger Pacific’s Code upon request by contacting the CCO. All employees must obtain pre-approval from the CCO before participating in an initial public offering, limited offering, or private placement. Additionally, employees must obtain preapproval from the CCO before making personal transactions in any publicly traded securities, and the Firm and/or its employees are prohibited from investing in securities and issuers that are listed on the Firm’s “Restricted List”. The Code also describes the Firm’s duty to protect material, non-public information about securities/investment recommendations provided to (or made on behalf of) the Funds. Participation and Interest in Client Transactions Employees are prohibited from transacting in single name listed stocks in Japan, China, Hong Kong, South Korea, Taiwan and India, including those that are American Depository Receipts originating from these countries. If an employee holds such investments at the time of employment, they are permitted to sell such legacy positions only after receiving pre-clearance from the CCO.

Tiger Pacific is authorized to determine the broker-dealer to be used for each securities transaction in the Funds. In placing portfolio transactions for the Funds, Tiger Pacific seeks to obtain the best execution for the Funds’ accounts, which takes into account a number of the

following quantitative and qualitative factors, among others: price, timeliness of execution, the availability of financing, the financial stability and reputation of a broker, the value of research, corporate access, brokerage and other services provided, the responsiveness of a brokerdealer, a broker-dealer’s financial resources, counterparty credit risk, and access to liquidity for certain less liquid products. In selecting a broker-dealer to execute transactions, we need not solicit competitive bids and do not have an obligation to seek the lowest available commission cost. It is not the practice of Tiger Pacific to negotiate “execution only” commission rates, thus the Funds may be deemed to be paying for research, brokerage or other services provided by the broker which are included in the commission rate. Soft Dollars Section 28(e) of the Securities Exchange Act of 1934, as amended, is a “safe harbor” that permits an investment manager to use commissions or “soft dollars” to obtain research and brokerage services that provide lawful and appropriate assistance in the investment decisionmaking process. Tiger Pacific limits the use of “soft dollars” to obtain research and brokerage services to those benefits that fall within the Safe Harbor of Section 28(e). Tiger Pacific maintains two soft dollar arrangements with Morgan Stanley and Goldman Sachs, respectively, and all expenses fall within the Safe Harbor of Section 28(e). The services received in connection with this arrangement are generally for certain market data charges and expert network providers used by the investment team as well as outsourced trade execution firms used by Tiger Pacific in certain circumstances. When an adviser uses client brokerage commissions to obtain research or other products, it receives a benefit because it does not have to pay for such research or other products. An adviser may have an incentive to select a broker based on the receipt of such products and services rather than the client’s interest in receiving best execution. An adviser may pay higher commissions to a broker which provides soft dollar benefits. Tiger Pacific generally uses soft dollars in a manner that benefits all of the Funds. Aggregation of Orders Tiger Pacific can manage assets for a number of Clients, which can have the same or similar investment objectives. It is Firm’s policy to allocate investment opportunities that it identifies as being suitable for more than one Client fairly and equitably over time consistent with its fiduciary duties to Clients and taking into account all relevant facts and circumstances. At this time, Tiger Pacific’s policy is not to aggregate orders for trades among multiple Client accounts. Because Tiger Pacific Master Fund LP and Tiger Pacific Opportunities Master Fund LP invest with distinct strategies, Tiger Pacific currently does not aggregate trade orders for these Funds. Tiger Pacific monitors the cost (if any) to each such Fund resulting from not aggregating trade orders to ensure that, over time, neither Fund benefits at the expense of the other.

Other than the products and services that Tiger Pacific receives from broker-dealers (described above under “Item 12 - Brokerage Practices”), Tiger Pacific does not receive any economic benefits from third parties in connection with the provision of investment advice to the Funds. Additionally, Tiger Pacific does not currently directly or indirectly compensate any person for Investor referrals. While the head of investor relations for Tiger Pacific attends brokerage committee meetings from time-to-time in a guest observer capacity, Tiger Pacific makes all best execution determinations pursuant to a rating system that does not consider Investor referrals as a factor.

Tiger Pacific has not been subject to any disciplinary action, whether criminal, civil or administrative, including regulatory, in any jurisdiction. Likewise, no persons involved in the management of Tiger Pacific have been subject to such actions.

The Managing Partner reviews and approves the Fund’ new investment opportunities and material investment decision regarding the Fund’s existing investments on an ongoing basis to ensure adherence with the investment objectives and guidelines set forth in the respective Fund’s offering documents.

On an annual basis, Investors receive a copy of the relevant Fund’s annual audited financial statements within 120 days after the Fund’s fiscal year end. Investors also receive monthly account statements provided by the Fund administrator. Additionally, Tiger Pacific provides monthly summary reports and quarterly commentary letters to Investors.

For purposes of Rule 206(4)-2 under the Advisers Act (the “Custody Rule”), Tiger Pacific is deemed to have custody over the Funds’ assets. In accordance with the Custody Rule, a qualified custodian is not required to deliver quarterly account statements to the Funds or their respective Investors as long as (i) the Funds are audited by an independent public accountant that is registered with, and subject to inspection by, the Public Company Accounting Oversight Board, (ii) the Funds’ audited financial statements are prepared in accordance with U.S. generally accepted accounting principles, and (iii) Tiger Pacific delivers such annual audited financial statements to Investors within 120 days after the end of each Fund’s fiscal year. Tiger Pacific urges investors to carefully review these audited financial statements.

Tiger Pacific has discretionary authority to manage securities accounts on behalf of the Funds. The Investors in the Funds generally do not have the ability to place any limits on Tiger Pacific’s authority beyond the limitations set forth in the governing documents and/or offering documents of the applicable Fund.

Tiger Pacific has established proxy voting policies and procedures (a “Proxy Voting Policy”) designed to ensure that proxies are voted in the best interest of the Funds. Tiger Pacific’s Proxy Voting Policy provides that, when voting proxies, the Firm must follow procedures designed to identify and address material conflicts that may arise between Tiger Pacific’s interests and those of the Funds. Investors in the Funds do not direct Tiger Pacific with respect to proxy voting. If Tiger Pacific determines that a conflict of interest exists as to a particular issuer, the CCO will determine whether the conflict of interest is material to the vote. If Tiger Pacific

determines it is not material, the Firm will vote without further procedures. If determined that it is material, Tiger Pacific will resolve the conflict in one of several possible ways, such as by engaging a third-party to recommend a vote. Investors may request a copy of the Firm’s Proxy Voting Policy, as well as relevant proxy voting records, by contacting the CCO at (212) 401-4188.

Tiger Pacific is not aware of any material financial commitment that impairs its ability to meet contractual and fiduciary commitments to the Funds or Investors and has not been the subject of a bankruptcy proceeding.