Advent International, L.P.: investment adviser

The Funds make investments in securities of growth oriented privately held companies and, to a limited extent, also invest in early-stage companies and publicly held companies (each, a “portfolio company” and, together, “portfolio companies”).

Advent has been in business since 1984. A. Advisory Services

Sourcing Investments Providing services in the private equity business requires a significant amount of time and resources dedicated to identifying companies that may offer securities suitable for investment by the Funds, a process often referred to as “deal sourcing.” Advent has a wellestablished process for deal sourcing that has been developed based on years of experience. Deals are sourced in a number of different ways, including business and professional contacts, investment banks, accounting firms, other private equity firms, cold calls and trade publications. Advent also has a network of operating partners, industry and deal advisors and certain other third-party consultants who are available in a contractual advisory capacity to assist with deal sourcing. Business proposals are also submitted directly to Advent from companies looking for capital. To source deals, Advent’s investment professionals receive and screen business plans, visit companies, meet with entrepreneurs and management teams, attend trade shows and conferences, research industries and technologies, review publications, and engage in many other related activities. Due Diligence and Evaluation of Investments

Potential investment opportunities are subjected to a rigorous due diligence process by Advent’s investment staff. Advent’s network of operating partners, industry advisors and deal advisors, as well as operations advisors (collectively, “Independent Advisors”), may also assist in conducting due diligence. Due diligence procedures typically include financial and

market analysis, research on the business sector and region, reference checks on management, and evaluating markets for product offerings. Before an investment is made, it is evaluated by Advent for suitability and must be approved by the investment committee for the relevant Investment Program. This evaluation includes research on the company, its market and competition, a detailed financial and exit analysis, deal structuring, a review of management and employees, environmental studies, where appropriate, and other technical analysis. Determining and negotiating the financial structure of these investments is a significant component of the value added by Advent for the Funds as it impacts the financial returns on the investment. Investments can be structured as majority or minority equity positions, growth buy-outs, traditional leveraged buyouts, mezzanine financings, recapitalizations, or acquisitions. Ongoing Management of Investments

Throughout the life of a Fund’s investment in a company, Advent is committed to building the company into a successful business. Advent and its representatives generally take an active role on behalf of the Funds, which are typically represented on the boards of directors of the companies in which they have control investments. Advent’s approach often involves working extensively with portfolio company management to accelerate growth and create value through operational improvements, strategic repositioning, and market expansion, domestically and internationally. Some of Advent’s investment professionals have operating or strategic consulting backgrounds. In addition to the role of Advent’s investment professionals, Advent may provide companies in which its Funds invest with management or operating personnel or other management or consulting services (“Business Services”) and access to its Portfolio Support Group, which can provide operational support to management in their development and execution of their business plans. The Portfolio Support Group is an in-house Advent team of professionals with operational experience that brings tools and temporary resources to help drive operating improvements at portfolio companies. To complement Advent’s in-house capabilities, Independent Advisors may also work to support the growth of businesses in which the Funds invest. Operating partners are senior industry executives, typically former CEOs, who work with Advent on a consulting basis in specific sectors to help find attractive investment opportunities, conduct due diligence and create and drive value creation plans for portfolio companies, often as portfolio company executives or active board members. Operations advisors are functional experts who work with portfolio companies to enable growth in areas such as IT, HR and finance. Other Independent Advisors are also senior industry executives but are typically engaged as consultants on more of an ad hoc, shorter-term basis. Advent’s involvement with portfolio companies through its investment professionals, Portfolio Support Group, and third-party Independent Advisors allows it to:

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Build a board of directors that has strong operational expertise, from outsiders as well as Advent investment professionals, and governs actively; Develop detailed strategic and operating plans and track progress against milestones, while providing the important, but more traditional, financial input; Enhance, upgrade, or change a management team when appropriate; and Manage or drive projects on behalf of the portfolio company such as entering new markets or executing an acquisition program.

Additionally, Advent believes that international reach and outlook are critical to success in a global marketplace. Many of Advent’s investments take advantage of cross-border opportunities. Advent’s international platform enables it to help a company in areas such as addressing new markets, channel development, offshore manufacturing, business alliances, technology and product sourcing, and cross-border acquisitions and divestitures. It also enhances Advent’s ability to identify trends from outside a company’s country of origin that may create new opportunities to generate value, even for a single-country business. Operating Partners and Other Independent Advisors

Advent’s operating partners and other Independent Advisors (who are not partners or employees of Advent or its affiliates, but rather consultants engaged by Advent, the Funds and/or their portfolio companies to provide advisory and other services from time to time) are often involved in both pre- and post-investment activities relating to portfolio companies. For potential portfolio investments, they may assist in finding investment opportunities, conducting due diligence, validating the operational improvement potential, evaluating portfolio company management, and providing additional assistance through their industry contacts. After a portfolio investment is made, Independent Advisors often work closely with management of the portfolio company to provide industry expertise and experience and to implement the value-creation plan constructed for the business. In addition, Independent Advisors may provide functional expertise to portfolio companies to drive certain transformative initiatives. After the investment is made, it is also common for Independent Advisors to be hired by a portfolio company in a senior executive capacity or to serve on the portfolio company’s board of directors. The source of payment to Independent Advisors (which can include per diem, incentive compensation tied to the performance of a Fund and retainer as well as investment and/or exit success fees) depends on the services being provided. For example, if an Independent Advisor provides general industry or other non-portfolio company specific information to Advent, Advent pays any associated costs. If an Independent Advisor provides services specific to a current or prospective portfolio company of a Fund, the Fund typically pays its pro rata share of those costs, as provided in the Fund’s organizational documents. In

many cases when an Independent Advisor is involved in the investment in a portfolio company, it is expected that he or she will be retained by the portfolio company in a management role if the investment is made by a Fund. If an Independent Advisor is elected or appointed to, or hired for, an executive, board or other position with a portfolio company (such as Chairman or CEO), the portfolio company pays any related compensation directly to the Independent Advisor just as it would to any other person holding such position. An Independent Advisor may also participate in the portfolio company’s applicable incentive equity. Because Independent Advisors are not Advent employees, cash or equity compensation paid to them by prospective or current portfolio companies is not offset against the management fees paid to Advent by the Funds that invest in those portfolio companies. In addition, certain Independent Advisors are permitted to invest in Adventmanaged co-investment funds on a no-fee basis (refer to Item 5 of this Brochure) or alongside the Funds in one or more portfolio companies. Exiting Investments

Depending on the investment focus or strategy of a Fund, Advent will typically seek to exit an investment within three to five years after the initial investment, although the actual exit timeline may be shorter or longer. Throughout the life of the investment, the exit strategy is always a priority. The exit strategy can vary for different companies and markets and may involve managing toward an IPO, a trade sale of the company, or the sale of a Fund’s stake in the company to another party, be it another financial investor or a strategic investor. Advent can assist the portfolio company in completing its initial public offering on a U.S. or international stock exchange or, if the exit will be through a private sale, work with the management team to identify the right buyer and negotiate suitable terms. Advent builds businesses for continued success beyond its investment period, and the exit process is part of that mandate. B. Investment Criteria of the Funds

The Funds in each Investment Program have specific investment criteria as well as investment restrictions and guidelines. In connection with investing in a new Fund, investors in that Fund may request that it have specific investment limitations or restrictions that are designed to address legal, tax, investment or other objectives. Examples of these types of restrictions include prohibitions on investing in companies engaged in certain activities or a limitation on how much capital may be invested in a single company. Refer to Item 8 of this Brochure for a description of the general investment strategies followed by Advent’s different Investment Programs.

C. Assets Under Management As of December 31, 2025, Advent managed $91,634,619,258 of client assets on a discretionary basis. Advent does not manage client assets on a non-discretionary basis. Advent’s assets under management as of December 31, 2025, includes the uncalled capital commitments of the Funds and is calculated for those Funds that have capital commitments or investments denominated in a currency other than U.S. dollars based on the applicable exchange rate on December 31, 2025.

Generally, the management fees during the investment period of the Fund are based on the total capital committed to the Fund by investors. For most Funds, after the investment period, the management fees are based on the cost basis of currently-held investments with certain adjustments for investments that have been written down below a certain threshold and on which the investment professionals are no longer working. For some Funds the percentage amount of the management fee will also reduce after the investment period. In some cases, the adjustment to the amount upon which the management fees are based or the percentage amount of the management fee can occur earlier if certain events happen before the end of the Fund’s investment period. Unless otherwise agreed with a Fund’s investors, management fees will continue to be payable during any term extensions. In addition, the organizational documents do not require any reduction or refund of management fees, in whole or in part, in connection with, distributions (including those arising from dividend recapitalizations), reorganizations, restructurings, roll-over investments, extraordinary dividends or similar transactions, or where one or more other Fund(s) exit their investment(s) (including credit investments) in the relevant portfolio company, whether in whole or in part, in each case where such events do not result in a complete disposition of the relevant Fund’s interest, and even where the value of the Fund’s investment or the Fund’s ownership percentage has been reduced (including materially reduced) as a result. However, in the event of a partial sale of an investment, the management

fee base will be reduced to reflect only the cost attributable to the retained portion of such investment. No refund of previously paid management fees is paid.

The payment schedule for management fees varies by Fund. Typically, management fees are paid quarterly in advance. When a Fund is terminated or the formula for calculating the management fees payable by a Fund is adjusted, the management fees will be prorated for the relevant period and, if management fees have been prepaid, a portion of the previously paid management fee may be returned to the Fund. Management fees charged by Advent to a Fund are typically subject to reduction for a Fund’s organizational expenses, to the extent they exceed certain limits set forth in the partnership agreement of that Fund, and a negotiated percentage (up to 100%) of any net transaction fees, deal monitoring fees, breakup fees and directors’ fees received by Advent or its affiliates with respect to that Fund’s investments. As such, any Fund receiving a reduction in management fees will only receive such reduction as it applies to its pro rata portion of the total fees charged. The pro rata portion of such fees allocable to certain Funds and certain Co-Investment Vehicles (as defined below) that do not pay management fees or are otherwise not entitled to a management fee offset and to certain investors in the Funds that have elected not to receive their share of the offset will be retained by Advent and its affiliates.

Advent has established special purpose Funds that are used for the purpose of enabling its eligible current and former professionals and certain Independent Advisors to co-invest in the same investments made by other Funds. Advent also has established special purpose Funds that are used for the purpose of enabling individuals whom Advent expects will be able to provide strategic benefits to the Funds as a result of their industry expertise or relationships, prior involvement with companies in which Funds have invested, regulatory expertise or other unique qualifications that could be beneficial in sourcing, evaluating, acquiring or managing investments for the Funds (the “Strategic Partners”) to invest in the same investments made by other Funds. In addition, Advent may permit certain charitable entities, which Advent has determined has goals and objectives that support, promote or enhance Advent’s philosophy of giving back to the communities in which it operates and for which Advent or an affiliate or representative has the ability to influence its strategic direction, operating activities, investments or priorities for the application of donations or other proceeds (“Designated Charities”) to invest in an SP Fund (as defined below). The obligation or right of such special Funds, which, in the case of the Funds established for Advent’s eligible current and former professionals, are referred to in this Brochure as “Employee Funds,” in the case of the Funds established for Advent’s Independent Advisors, are referred to in this Brochure as “IA Funds,” in the case of the Funds established for Advent’s Strategic Partners and Designated Charities, are referred to in this Brochure as “SP Funds”, to co-invest, and the minimum and maximum total commitments of the Employee

Funds’ that may be used for co-investment, are typically specified in the partnership agreement or other documents of the Fund with which they co-invest.

In order to encourage participation by eligible professionals, certain Independent Advisors, Strategic Partners and Designated Charities, IA Funds, and SP Funds are not charged management fees or performance-based compensation, and the Employee Funds are not typically charged management fees or performance-based compensation, subject to limited exceptions detailed in their governing documents. Advent believes participation in Employee Funds, IA Funds, and SP Funds is important because it helps to align the interests of Advent’s professionals, Independent Advisors and Strategic Partners more closely with those of its Funds.

When committing to invest in a Fund, certain investors will request that Advent consider them for future co-investment opportunities. If Advent determines that a co-investment opportunity is available, it may admit those investors for which Advent determines the coinvestment is appropriate to a special purpose investment vehicle to make that coinvestment (the “Co-Investment Vehicles”). Certain Co-Investment Vehicles are not charged management fees or performance-based compensation but may pay administrative fees to defer the costs associated with administering them. Other Co-Investment Vehicles are charged management fees and/or performance-based compensation, the amount and payment terms of which are determined through negotiations with the investors in the applicable Co-Investment Vehicle at its inception. In addition, Advent has the discretion to charge Co-Investment Vehicles fees in connection with actual or contemplated investments that are subject to co-investment arrangements. Whether or not any fees or other compensation are paid by a Co-Investment Vehicle, and the amount and payment terms, depends on the circumstances of the investment made by the Co-Investment Vehicle and is negotiated with investors in the Co-Investment Vehicle at the Co-Investment Vehicle’s inception. Co-Investment Vehicles are typically responsible for paying all expenses relating to their formation and ongoing operations, as well as their share of expenses relating to making, managing or disposing of investments, except that certain Co-Investment Vehicles are not required to pay certain expenses or fees, such as reverse termination fees, extraordinary expenses such as litigation costs and judgments, or broken deal expenses or fees, in the event that the proposed investment for the Co-Investment Vehicle is not consummated.

Any fees and expenses incurred in connection with the organization of a Co-Investment Vehicle (including fees and expenses related to negotiating the governing documents of such Co-Investment Vehicle as well as fees and expenses described above) that is expected to invest alongside the Funds in an investment will be borne by such Funds to the extent such

Co-Investment Vehicle does not ultimately make such investment, whether or not such investment is consummated by the Funds. Advent will have sole discretion in determining the particular allocation of costs, fees and expenses among Funds and co-investors or CoInvestment Vehicles.

In addition to the Funds paying management fees and performance-based compensation, the Funds and the companies in which they invest also pay or reimburse Advent or its affiliates for expenses relating to the Funds’ formation and fundraising activities (other than placement agent fees and expenses, which are borne by the General Partner), the sourcing, evaluating, investigating, developing and researching (including expenses relating to developing and maintaining alternative data, artificial intelligence platforms and other data platforms and costs of due diligence (including third-party due diligence software and service providers)), making, managing or disposing of their investments, ongoing operations of the Funds, costs and expenses incurred preparing materials to facilitate the ongoing compliance with the organizational documents of a Fund and side letters (including summaries of ongoing partnership agreement and side letter obligations, investor trackers, and other related documentation), and fees, compensation and expenses of Independent Advisors and other third-party consultants, including any third-party brokerage fees incurred in connection with transactions in securities owned by the Funds. (Refer to Item 12 of this Brochure for a description of Advent’s brokerage practices.) In some cases, portfolio companies or prospective portfolio companies may also pay transaction fees, deal monitoring fees, break-up fees, directors’ fees or fees for Business Services. The partnership agreements of certain Funds permit Advent or its affiliates to retain any fees received by them for providing Business Services, often subject to certain caps, which, if exceeded, will generally result in a reduction of the management fees otherwise payable to Advent. The terms of the partnership agreements of the Funds generally provide that the management fees otherwise payable by a Fund will be reduced by a negotiated percentage (up to 100%) of the Fund’s pro rata share of any Business Service fees in excess of the cap, transaction fees, deal monitoring fees, break-up fees and directors’ fees received by Advent or its affiliates based on the invested capital of such Fund. The pro rata portion of such fees allocable to a Fund that does not pay management fees (including, but not limited to, certain Co-Investment Vehicles, certain Employee Funds, IA Funds or SP Funds) will be retained by Advent. As such, any Fund receiving a reduction in management fees will only receive such reduction as it applies to its pro rata portion of the total fees charged that will be offset. In addition, the Funds’ portfolio companies may engage Independent Advisors to, among other things, serve in a senior executive capacity or to serve on the portfolio company’s board of directors. Compensation paid to Independent Advisors will not offset management fees or be included in any caps on Business Services fees.

Fees and expenses allocated to a portfolio company at the time of investment are generally capitalized into the amount of invested capital. Accordingly, to the extent that management fees are calculated based on invested capital, this would increase the amount of management fees paid to Advent.

Certain Co-Investment Vehicles established by Advent are not charged performance-based compensation, while other Co-Investment Vehicles may be subject to performance-based compensation arrangements as negotiated with the investors in the applicable Co-Investment Vehicle at its inception. Performance-based compensation arrangements may create an incentive for Advent to recommend investments that could be riskier or more speculative than those that would be recommended under a different compensation arrangement. Such compensation arrangements also can create an incentive to favor higher compensation paying Funds over other Funds in the allocation of investment opportunities. Advent has a Fund Allocation Policy and follows procedures designed to allocate investment opportunities among its Funds in a fair and equitable manner and to address this potential conflict from influencing the allocation of investment opportunities among Funds.

The Advent Tech (AT) Program focuses on select minority and majority equity stakes within the technology sector, primarily in Europe and North America, and selectively in other global markets. Funds in the AT Program co-invest in GPE technology deals while also investing in deals that are too small for the GPE program to pursue.

The Latin American Private Equity Fund (LAPEF) Program focuses on controloriented investments in later-stage companies throughout Latin America. Funds in the LAPEF Program invest primarily in Brazil, Mexico and Colombia, but will also consider opportunities in Argentina, Peru, Chile and selected other countries in the region. These Funds focus on the same five sectors as the GPE Program, also with a specific local interest in financial services, infrastructure, business services, consumer, education and healthcare.

One or more of Advent’s Programs may participate in a particular investment, dependent on the facts and circumstances of the opportunity and in accordance with Advent’s Fund Allocation Policy. Advent’s investment strategy for Funds that are not included in its primary Investment Programs varies based on the particular Fund and the terms of the partnership agreements and other operative documents for that Fund. Refer to Item 4 of this Brochure for a description of the methods of analysis used by Advent in formulating investment advice.

B. Material Risks For a description of risks relating to a particular Fund, please refer to the private placement memorandum or offering memorandum for that Fund.

Investments by the Funds in portfolio companies involve a risk of loss that the investors in the Funds should be prepared to bear. The performance of the Funds’ portfolio companies, and therefore the value of the Funds’ investments, will be subject to many factors over which the Funds may have limited or no control. There can be no assurances that any of the portfolio companies in which the Funds invest will succeed. It is possible that a Fund could lose some or all of its capital invested in any portfolio company, and investors in the Funds must be prepared to bear the risk of a complete loss of their investment. The following is a non-exhaustive list of risks associated with the Funds’ investment activities. 1. Market Conditions

The business of identifying, structuring, closing and realizing private equity transactions is highly fragmented and intensely competitive, involves a high degree of uncertainty and is subject to market conditions. The Funds compete for investments with other investment partnerships and corporations, family offices, merchant banks, industrial groups, strategic industry acquirers, financial institutions and other institutional investors, including hedge funds, private investment funds and sovereign wealth funds, investing directly or through affiliates, some of which may have more relevant experience, greater financial resources or more personnel than Advent. As a result of this competitive environment, there can be no assurance that the Funds are able to identify suitable investment opportunities, acquire them on reasonable terms, achieve their targeted or anticipated rate of return or fully invest their committed capital. As a result of such potential risks, returns to investors may be decreased. General economic and market conditions may adversely affect the private equity industry generally and the performance of the investments made by the Funds in particular. A range of factors, including, for example, public market volatility, the availability and cost of credit, credit defaults, inflation and interest rates, economic uncertainty, currency devaluation, changes in tax policy, exchange rate fluctuations, trade barriers, foreign ownership restrictions, industry-specific conditions, competition, technological developments, and domestic and global political, military and diplomatic events, as well as environmental and socioeconomic trends can substantially and adversely impact the business and prospects of the Funds and their portfolio companies. Periods of macroeconomic weakness or recession, heightened volatility or disruption in the financial and credit markets could increase these risks, potentially resulting in other-than-temporary impairment of assets of the Funds’ portfolio companies.

Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, negative effects on economies and financial markets. For example, if a portfolio company is unable to pass increased costs onto customers or adjust its pricing in response to higher inflation, its profitability may be adversely affected. Portfolio companies may have revenues linked to some extent to inflation, including, without limitation, by government regulations and contractual arrangements. As inflation rises, a portfolio company may experience margin compression if expenses rise faster than revenues and may face challenges in securing additional financing as lenders tighten credit or increase interest rates in response to inflationary trends. Conversely, during periods of declining inflation, a portfolio company may not be able to reduce its cost base as quickly as revenues decline, further pressuring profitability. Governmental efforts to curb inflation often have negative effects on the level of economic activity. There can be no assurance that inflation will not become a serious problem again in the future and thus have an adverse impact on the Funds’ returns.

Trade conflicts between the U.S. and certain foreign countries have intensified in recent periods. The U.S. government has altered its approach to international trade policy, indicating its intent to renegotiate, or potentially terminate, certain existing bilateral or multilateral trade agreements and treaties with foreign countries and imposing, or threatening to impose, tariffs on certain foreign goods. Some foreign governments, including the Chinese government, have instituted, or threatened to institute, retaliatory tariffs on certain U.S. goods. The continuation or further intensification of such conflicts may lead to the introduction of additional barriers to trade, an increase in the cost of certain goods, a decrease in trade volume, supply chain disruptions, shifts in consumer sentiment and/or a general decrease in corporate profits and securities prices in both public and private markets, any of which could have an adverse impact on the performance of the Funds’ portfolio companies and returns to investors. 2. Non-U.S. Investments and Non-U.S. Risks Generally

The Funds make non-U.S. investments, which are subject to additional risks, including but not limited to: currency exchange risks such as fluctuations in exchange rates between the U.S. dollar and other currencies in which the Fund’s non-U.S. investments are denominated, and costs associated with converting of investment principal and income between currencies; exposure to interest rates on instruments held by the Funds; differences in legal and regulatory frameworks including unexpected regulatory changes, enhanced compliance requirements, potential currency controls, and restrictions on investment or repatriation of capital; differences in documentation, settlement, corporate actions, and shareholder rights and other matters; differences between U.S. and foreign securities markets, including greater price volatility, lower liquidity, absence of uniform accounting, auditing and financial

reporting standards, practices and disclosure requirements and varying degrees of government oversight; potential economic, social and political risks, including exchange controls, restrictions on foreign investment or capital repatriation , political, economic or social instability, including sovereign defaults, regulatory changes, expropriation, confiscatory or withholding taxes on dividends, interest, capital gains; or other income, and other adverse economic and political developments; potentially adverse tax consequences, such as possible foreign taxes on income and gains, and requirements for investors to file tax returns or pay taxes in certain jurisdictions; differences in legal systems , such as requirements for transfer or value added taxes, limits on interest rates and potential lender liability; increased accounting and compliance costs and the burden of navigating diverse foreign laws; potential hostility toward foreign or private equity investors; and less publicly available information. The legal systems of some countries in which the Funds invest lack transparency or could limit the protections available to foreign investors, and the Funds may find it difficult to effectively protect their interests or pursue claims in t less developed legal systems or commercial markets The Funds generally do not intend to obtain political risk insurance. Accordingly, future government actions in such countries could have a significant effect on economic conditions, private sector companies and the Funds’ return from their investments. Further, accounting, auditing, financial and other reporting standards, practices and disclosure requirements in certain of the countries in which the Funds may invest may differ fundamentally from those in the U.S. and Western Europe, resulting in less reliable and less detailed information. Financial statements may not accurately reflect a company’s financial position or results of operations as they would under U.S. generally accepted accounting principles. In addition, in certain instances, Funds may not have access to all information necessary to conduct its due diligence or the information available to the Funds may be less reliable than markets.

On January 31, 2020, the United Kingdom (“UK”) formally withdrew from the European Union (“EU” and such withdrawal, “Brexit”). After this, the UK entered a transition period during which the majority of existing EU rules continued to apply in the UK. Following the end of the transition period on December 31, 2020, EU rules ceased to apply in the UK. The EU and the UK subsequently agreed to the EU-UK Trade and Cooperation Agreement (“TCA”), which governs the trading relationship between the UK and the member states of the EU from and after January 1, 2021.However, the TCA does not include a comprehensive agreement on financial services. In the absence of such an agreement, UK financial sector firms now have more limited access to the EU market, and EU firms face similarly limited access to the UK owing to the loss of passporting rights under applicable EU and UK legislation. While alternative arrangements and structures may permit some cross-border

marketing and services between the EU and UK, these are subject to legal uncertainty and the risk of further legislative or regulatory restrictions.

Despite the TCA, the relationship between the UK and the EU has fundamentally changed and there is still uncertainty about the long-term impact of these new arrangements. Given the size and importance of the UK economy, ongoing uncertainty about its legal, political and economic relationship with the EU will be a source of instability and significant currency fluctuations and could otherwise adversely affect international markets and cross-border arrangements (including economic, tax, fiscal, legal, regulatory or otherwise). Businesses that depend on the free movement of goods or the provision of cross-border services between the UK and the European Economic Area (as currently constituted) could be adversely affected. Restrictions on cross-border services, movement of employees, non-tariff barriers on goods, potential tariffs resulting from “rules of origin” or non-compliance with the aspects of the TCA, increased transit times, and other factors all have the potential to materially impair business profitability. Consequences could involve re-establishing operations in different jurisdictions, relocating personnel or seeking new regulatory authorizations, all of which can be costly and disruptive. These factors could adversely affect the Funds, the performance of their investments and their ability to fulfill their investment objectives. Any decision by another EU member state to withdraw from the EU could exacerbate such uncertainty and instability and may present similar and/or additional potential risks. Brexit has also had, and may continue to have, a negative effect on global economic conditions and financial markets and has prompted and could continue to prompt calls for other EU member states to consider withdrawal. Such developments could raise concerns about the future of the EU, potentially reducing global market liquidity and restricting the ability of key market participants to operate, including in markets relevant to the Funds. The Funds and their portfolio companies could be adversely affected, particularly if they have exposure to businesses that rely on access to the single market for customers’ goods, materials or labor.

The Funds are subject to the risk that war, terrorism or other related geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on global economies and markets generally, as well as adverse effects on issuers of securities and the value of the Funds’ investments. Such events as well as other changes in global economic, political or health conditions could adversely affect individual issuers or groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of the Funds’ investments. At such times, the Fund’s exposure to a number of other risks described elsewhere in this section can increase. Further, the military operations of the U.S. and its allies, ongoing instability in various parts of the world and the continued prevalence of terrorist attacks worldwide could have

significant adverse effects on the global economy and, in particular, on the regions in which the Funds invest and/or intend to invest.

Corruption scandals are common and likely to persist in certain regions where the Funds invest. Investors in the Funds may thus be exposed to the increased costs and risks of corruption, and there can be no assurance that any reform efforts will have a meaningful effect during the terms of the Funds. Although Advent and/or its affiliates conduct antibribery and anti-corruption (ABAC) due diligence on new investments, the Funds may acquire an investment with risks related to prior non-compliance with one or more of these statutes. Despite Advent’s and its affiliates’ anti-bribery policies and procedures, portfolio companies, particularly in cases where the Funds do not control such portfolio company, persons acting on behalf of the Funds or any portfolio company, as well as third-party consultants, managers and advisors may engage in conduct that could result in a violation of one or more of the U.S. Foreign Corrupt Practices Act (“FCPA”), the UK Bribery Act of 2010 (the “UK Bribery Act”) or other similar laws. Any determination that a controlled or noncontrolled entity has violated the FCPA, the UK Bribery Act or other applicable anticorruption or anti-bribery laws could subject Advent and/or its Affiliates and the Funds to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation, reputational harm and/or a general loss of investor confidence. In such cases, the Fund could suffer significant losses from the cost of defense, operational disruptions, and fines or penalties. 3. Risks Related to Outside Events

Any public health emergency including outbreaks of new COVID-19 variants, SARS, H1N1/09 flu, avian flu, other coronaviruses, Ebola, Mpox, or other existing or new epidemic diseases, or the threat thereof could result in renewed market volatility and disruption, negatively impacting the Funds and their portfolio companies and meaningfully affecting the Funds’ ability to fulfill their investment objectives. Valuations during or following a public health emergency are subject to heightened uncertainty and numerous subjective judgments, any or all of which could turn out to be incorrect with the benefit of hindsight. Furthermore, traditional valuation approaches may need to be modified during such periods to effectively capture fair value amid significant volatility or market dislocation. The effects of a public health emergency may negatively impact the value and performance of the Funds’ portfolio companies, the Funds’ ability to source, manage and divest investments (including in circumstances where potential transactions are already signed but not closed) and the Funds’ ability to achieve their investment objectives, all of which could result in significant losses to the Funds. Certain regions in which the Funds may invest or conduct activities are susceptible to natural disasters and disease outbreaks that could have a severe impact on the value of, or even

destroy, assets in those regions. Governmental or health regulations adopted in response to such events may require the temporary closure of corporate or governmental offices, which would severely disrupt the Funds’ operations in the affected area. Catastrophic losses may be uninsurable or only insurable at prohibitively high rates, making coverage impracticable. If a major uninsured loss were to occur with respect to any of the Funds’ investments, the Funds could lose both invested capital and anticipated profits.

Certain regions in which the Funds invest or conduct activities may further be particularly sensitive to weather and climate conditions. Global climate change may cause more extreme weather conditions and increased volatility in seasonal temperatures and is widely considered to be a significant threat to the global economy. Damage resulting from extreme weather may not be fully insured. Although the Funds’ targeted investments do not fall within industries commonly identified as “carbon intensive” or directly addressing climate change, it is possible that climate change-related risks could result in unanticipated expenses or other consequences, which could have a material adverse effect on an investment, or the Funds. Environmental laws, regulations and regulatory initiatives play a significant role in certain industries and companies in which the Funds invest or may invest in the future and can have a substantial impact on such investments. These industries and companies could face considerable oversight from environmental regulatory authorities and significant influence from non-governmental organizations and special interest groups and may be subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements. Violations may result in administrative, civil or criminal enforcement proceedings, penalties and other liabilities, including third-party claims and litigation, curtailment or shutdown of operations, permit revocation or non-renewal, loss of contracts and reputational impacts. New and more stringent environmental and health and safety laws, regulations or permit requirements, or stricter interpretations of existing laws or regulations, could impose substantial additional costs on investments or potential investments. Moreover, failure to comply with regulatory or legal requirements could have a material adverse effect on a portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also result in material personal injury or property damage claims. Any non-compliance with these laws and regulations could subject the Funds and their portfolio companies to material administrative, civil or criminal penalties or other liabilities. In certain circumstances, environmental authorities and other parties may seek to impose personal liability on the limited partners of a partnership (such as the Funds) for environmental liabilities. Advent has established a Responsible Investment Policy, which is intended to apply, as applicable, to the Funds’ investment portfolios, consistent with and subject to their fiduciary

or other duties and applicable legal, regulatory, and contractual requirements. Depending on the investment, environmental, social and governance (“ESG”) factors could have a material effect on the return and risk profile of the investment. The process of selecting and evaluating material ESG factors is inherently subjective, and Advent may be subject to competing demands from different investors and other stakeholders with divergent views on ESG matters, including the role of ESG factors in the investment process. There is no guarantee that the criteria used or judgment exercised by the applicable general partner or any thirdparty ESG advisor will reflect the beliefs, values, internal policies or preferred practices of any particular investor or other asset managers, or prevailing market trends. Although Advent views the consideration of ESG as an opportunity to potentially enhance or protect the performance of its investments over the long term, Advent cannot guarantee that its ESG program, which depends in part on qualitative judgments, will positively impact the performance of any individual investment or the Funds as a whole. The materiality of ESG factors on an individual asset or issuer and, on a portfolio as a whole, depends on many factors, including the relevant industry, location, asset class, and investment strategy. ESG factors, issues, and considerations do not apply in every instance or with respect to each investment held, or proposed to be made, by the Funds, and will vary greatly based on numerous criteria, including, but not limited to, location, industry, investment strategy, and issuer-specific and investment-specific characteristics. In evaluating a prospective investment, the applicable general partner often depends upon information and data provided by the entity or obtained via third-party reporting or advisors, which may be incomplete or inaccurate and could cause the applicable general partner to incorrectly identify, prioritize, assess, or analyze the entity’s ESG practices and/or related risks and opportunities.

In addition, Advent’s Responsible Investment Policy and associated procedures and practices are expected to change over time. Advent is permitted to determine, in its discretion, that it is not feasible or practical to implement or complete certain of its ESG initiatives based on cost, timing, or other considerations. It is also possible that market dynamics or other factors will make it impractical, inadvisable, or impossible for the applicable general partner to adhere to all elements of the Funds’ investment strategies, including with respect to ESG risk and opportunity management, whether with respect to one or more individual investments or the Funds’ portfolios generally. In addition, Advent will not take ESG factors into account to the extent it believes doing so is not permissible under applicable law, which will be determined by Advent in its sole discretion.

4. Financial Institution and Leverage Risks

An investment in a Fund is subject to the risk that one of the banks, brokers, counterparties, clearinghouses, exchanges, lenders or other custodians (each, a “Financial Institution”) of some or all of such Fund’s (or any portfolio company’s) assets fails to timely perform or otherwise defaults on its obligations or experiences insolvency, closure, seizure, receivership or other financial distress or difficulty (each, a “Distress Event”). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance, undercapitalization, market forces or accounting irregularities. If a Financial Institution experiences a Distress Event, Advent, its affiliates, the Funds and/or any of the portfolio companies may be unable to access deposits, borrowing facilities or other services, either permanently or for an indeterminate period of time. While certain assets held by regulated Financial Institutions in the United States may be insured up to stated balance amounts, amounts in excess of the relevant insurance are subject to risk of total loss, and non-U.S. Financial Institutions may pose increased risk of loss. Any Distress Event may have a potentially adverse effect on the ability of Advent and its affiliates to manage the Funds and their investments, and on the ability of any Fund or any portfolio company to maintain operations, which could result in operational burdens, significant losses, and unconsummated investment acquisitions and dispositions. Such losses could include: a loss of funds; an obligation to pay fees and expenses in the event a Fund is unable to close a transaction (whether due to the inability to draw capital on a credit line provided by a Financial Institution experiencing a Distress Event, the inability of a Fund to access capital contributions or otherwise); the inability of a Fund to acquire or dispose of investments, including at prices that the relevant general partner believes reflect the fair value of such investments; and/or the inability of Advent, its affiliates or portfolio companies to make payroll, fulfill obligations and/or maintain operations. If a Distress Event leads to a loss of access to a Financial Institution’s services, it is also possible that Advent or its affiliates will experience operational burdens and expenses, and a Fund or a portfolio company will incur additional expenses and/or delays in putting in place alternative arrangements and such alternative arrangements may be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital or otherwise). There can be no assurance that Advent or its affiliates will be able to exercise contractual remedies under the agreements with Financial Institutions in the event of a Distress Event, or that such remedies will be successful or avoid losses, delays or other negative impacts. The Funds and their portfolio companies are also subject to additional risks in the event a Financial Institution utilized by investors of a Fund or suppliers, vendors, service providers or other counterparties of a portfolio company become subject to Distress Events, which could have

a material adverse effect on a Fund, its investors or such portfolio companies, including the risk of investor defaults.

Many Financial Institutions require, as a condition to using their services (including lending services), that the Funds, Advent, an affiliate and/or the relevant portfolio company maintain all or a set amount or percentage of their respective accounts or assets with the Financial Institution, which heightens the risks associated with a Distress Event with respect to such Financial Institutions. Although Advent and its affiliates seek to do business with Financial Institutions that they believe are creditworthy and capable of fulfilling their respective obligations to the Funds, Advent and its affiliates are under no obligation to use a minimum number of Financial Institutions with respect to any Fund, or to maintain account balances at or below the relevant insured amounts.

The portfolio companies in which the Funds invest will typically rely on the use of leverage and, to some extent, the Funds’ ability to achieve attractive rates of return on investments will depend on such companies’ ability to access sufficient sources of indebtedness at attractive rates. In certain of the private equity investments by the Funds, indebtedness may constitute a significant portion of a portfolio company’s total capitalization, including debt incurred in connection with the Funds’ investments. An increase in general interest rates or in the risk premium required by debt providers could make it more difficult for the Funds to consummate investments that depend on financial restructuring. Increases in interest rates could also make it more difficult to identify and consummate private equity investments because other potential buyers, including strategic buyers, may have sources of equity capital or access to lower-cost debt capital, enabling them to bid more aggressively for assets. While investments in highly leveraged companies offer the opportunity for capital appreciation, such investments also involve a high degree of risk. As a result, recessions, operational challenges and other general business and economic risks may have a more pronounced effect on the profitability and viability of such companies. Highly leveraged portfolio companies are inherently more sensitive to declines in revenue, increases in expenses and interest rates and adverse economic, market and industry developments. The amount of a leveraged company’s borrowings, the interest rates on those borrowings (which may fluctuate from time to time) and the associated fees and costs may have a marked effect on performance. Rising interest rates, in particular, can significantly increase a portfolio company’s interest expense, causing losses and/or an inability to service outstanding indebtedness. Similarly, market disruptions could impact a portfolio company’s ability to source indebtedness as well as its ability to repay existing indebtedness as a result of the forced suspension of its business activities for an extended period of time. It is also typical for portfolio companies to be subject to operating and financial covenants in connection with their debt financing. If a portfolio company cannot generate adequate cash flow to meet its debt service obligations or defaults under the covenants pursuant to its borrowing

arrangements, it may be required to immediately repay all outstanding indebtedness. An acceleration of a portfolio company’s debt repayment could result in a bankruptcy filing by the portfolio company, and the Funds may suffer a partial or total loss of their investment in such portfolio company. As a result, the risk of loss associated with a leveraged portfolio company is generally greater than for a portfolio company with comparatively less debt.

A Fund may obtain (either directly or indirectly, and either alone or together with other Funds or accounts managed or advised by Advent) one or more credit facilities to (i) facilitate investments by such Fund in portfolio companies, (ii) fund organizational and operating expenses, payment of management fees and/or other obligations of such Fund or portfolio companies or (iii) otherwise carry out the business of such Fund. For example, the Funds may make investments with proceeds from drawdowns under one or more revolving credit facilities, which may be secured by the assets of the Funds or the undrawn capital commitments of investors in the Funds. The interest expense and other costs of any such borrowings will be borne by the relevant Funds. In addition, Advent has in the past and may from time to time in the future cause the Funds to procure borrowing through a subscription line or credit facility in order to make an investment, syndicating out a portion of the investment to one or more co-investors. In addition, in such a situation, the relevant Fund will bear a disproportionate amount of credit risk in incurring the debt on behalf of such coinvestors. As a general matter, the use of leverage by the Funds on a short-term basis pending capital contributions from investors to repay the borrowing will amplify the Funds’ returns (either negative or positive) to investors. If a Fund provides for a preferred return to investors in that Fund, it is expected that interest on revolving credit facility borrowings would be at a rate lower than the preferred return, which would not begin accruing until capital contributions are made to fund an investment (or repay borrowings used to fund an investment). Under those circumstances the general partner of the Fund would have an incentive to cause the Fund to borrow under the revolving credit facility to fund investments in lieu of calling capital from investors.

Other Funds may benefit from another Fund’s line of credit. This could occur in a variety of situations, including where one Fund warehouses an investment for another Fund, another Fund participates in an investment at a later date than the original investing Fund, or for administrative convenience. In these situations, the Fund utilizing its credit line capacity could incur higher costs or risks, for example by bearing the interest expense of such utilization (to the extent such costs are not passed through to the other Funds) and using capacity which could otherwise be used for other transactions for the benefit of the Fund. If a Fund borrows under a credit facility during its investment period, it is generally expected that such Fund’s interim capital needs would be satisfied through such borrowings and that drawdowns of capital contributions by such Fund, including those used to pay principal and

interest on credit facilities, would generally be expected to be “batched” together into larger, less frequent capital calls (although actual timing and amounts may vary). The batching of capital calls may amplify the magnitude of potential defaults by investors as a result of there being fewer but larger capital calls. To the extent a subscription facility is due upon demand by a lender (such as upon an event of default or otherwise), such a demand may be issued at an inopportune time at which liquidity is generally constrained, potentially resulting in greater defaults as a result of such liquidity constraints and/or investors facing similar capital calls in multiple funds and being unable to satisfy all such demands simultaneously. Moreover, the existence of a subscription facility may impair an investor’s ability to transfer its interest in a Fund as a result of restrictions imposed on such transfers by the lender.

The use of Fund-level borrowings will differ based on available credit facility capacity and contractual terms applicable to each Fund and each such credit facility. Therefore, as the subscription credit facilities utilized by the Funds may have different terms, while the Funds may be invested in the same investment, and while the valuation of such investment would be consistently determined pursuant to the relevant organizational documents, the investment return can, in certain circumstances, differ among the Funds as a result. The Funds may enter into a credit facility together with other investment vehicles managed by Advent as co-borrowers. In such circumstances, Advent would attempt to compartmentalize borrowings under the credit facility and the collateral for such borrowings so that the combined credit facility would effectively operate in the same manner as if each borrower had entered into a separate credit facility. However, it may not be possible to compartmentalize borrowings in that manner and it may be necessary for the borrowers to accept joint and several liability for some or all borrowings under a combined credit facility, which could result in a Fund being jointly and severally liable for the full repayment of another Fund’s borrowings as well as a requirement that a Fund’s assets be pledged as collateral for all borrowings under that credit facility.

Although it presents many of the same risks as Fund-level borrowing, indebtedness of entities other than a Fund is typically not treated as Fund-level borrowing for purposes of the Funds’ governing documents, even if the special purpose vehicles or other entities incurring such leverage engage in borrowings that are cross-collateralized with or among multiple investments such that multiple investments and a substantial portion of a Fund’s value is at risk. To the extent such borrowings are not recourse to the Fund, these borrowings may not be subject to the same limitations on Fund-level borrowing as are set forth in the relevant Fund's governing documents. To the extent a borrowing by a special purpose vehicle or other entity is cross-collateralized by multiple fund investment, the negative performance of one asset may materially and adversely affect the performance of other investments or a Fund as a whole (for example, in the event of a foreclosure where equity

interests of the investments are pledged as collateral). Furthermore, depending on the terms of the cross-collateralization and the performance of the underlying assets, it is possible that a Fund may ultimately bear a disproportionate share of the risk arising from any guarantees, borrowings or credit support that are incurred on a cross-collateralized or joint basis with other Funds, special purpose vehicles or other entities, but a Fund will not receive compensation for bearing such risks for other such Funds or special purpose vehicles or other entities.

Although in many cases a Fund’s governing documents impose limits on borrowings at the Fund level, portfolio investments, special purpose vehicles and intermediate entities generally do not have such limits on their ability to engage in borrowings or incur leverage with respect to all or a portion of the relevant investments. For example, any indebtedness incurred by any special purpose vehicle established by a Fund to hold a single, multiple or all investments (such as a lending facility collateralized or secured by a Fund’s holdings in some or all of its investments) generally would not be subject to the limits on borrowing or guarantees by such Fund in its governing documents unless there is recourse to the Fund.

Subject to the terms of their governing documents, certain Funds may incur indebtedness under an asset facility secured by the Funds’ direct or indirect interests in portfolio companies or other assets of the Funds or their subsidiaries (e.g., asset-based borrowing, as well as “back leverage” and net asset value (NAV) facilities) and are permitted directly or indirectly through one or more intermediate entities (e.g., special purpose vehicles) to incur indebtedness, including to borrow money from banks and other financial institutions or lenders, to make guarantees or provide other credit support (in each case, subject to any applicable limitations set forth in the Fund’s organizational documents) or to incur any other obligation (including other extensions of credit). The purpose of an asset facility is to provide greater flexibility to meet a Fund’s cash needs later on in the life of such Fund when capital may be called or reserved for other purposes. An asset facility may allow a Fund to avoid recalling distributions from investors or prematurely disposing of investments to meet such Fund’s cash requirements, especially in the context of unexpected market developments or other conditions that impact the timing and amount of cash required to support such Fund’s portfolio companies and their other obligations. Indebtedness is permitted to be incurred for any purpose relating to the activities of a Fund, including, without limitation, to: finance any investment-related activities of such Fund; increase the buying power of such Fund; provide interim financing to the extent necessary to consummate the purchase of investments prior to the receipt of permanent financing or capital contributions; pay for Fund expenses or fund the payment of management fees; make, hold or dispose of investments; and provide financing or refinancing; in each case in accordance with the organizational documents of such Fund. The organizational documents of certain Funds impose limitations on the aggregate amount of indebtedness that may be outstanding under

an asset facility at any one time, including, in certain cases, limitations based on the net asset value of the applicable Fund. While it is generally expected that an asset facility, if any, would be obtained later in the life of a Fund when most of the capital commitments have been called, such Fund is not prohibited from entering into an asset facility earlier in its life when capital may remain uncalled. Borrowings under an asset facility may not be used solely for the purpose of making distributions to the investors in a Fund; provided that, in certain cases, a Fund may be permitted to borrow in anticipation of proceeds expected to be received from a portfolio company disposition with respect to which a definitive agreement has been signed. The effect of an asset facility could be, among other things, to accelerate the receipt of distributions, including carried interest, to the applicable Advent entity. Further, in connection with an asset facility, Advent has the ability to pledge the Funds’ assets, including on a cross-collateralized basis, thus exposing multiple investments to the risk of loss in the event of default.

From time to time, the Funds may lend to portfolio companies on a short-term, unsecured basis or may otherwise invest in a portfolio company on an interim basis with the expectation of a subsequent refinancing or syndication. The Funds may also utilize fund-level borrowing as a bridge for equity or debt capital with respect to an investment, with the expectation of repaying the amount outstanding through means other than investor capital. For reasons not always in the Funds’ control, such refinancing or syndication may not occur, or the Funds may be unable to repay fund-level borrowings through the anticipated means. This would result in such bridge financing or interim investment remaining outstanding longer than anticipated and the Funds’ exposure to such investment potentially being larger than originally intended, which could result in greater losses for investors. In such circumstances, the interest rate (if any) or other terms of such bridge financing or interim investment may not adequately reflect the risk associated with the position taken by the Funds and may result in a return on such bridge financing or interim investment that is below the Funds’ target investment returns.

Further, a Fund may be required to make contingent funding commitments or provide guarantees to its portfolio companies or to other vehicles or entities in or alongside which such Fund invests and to provide other credit support arrangements in connection therewith. Such credit support may take the form of a guarantee, a letter of credit (including for the purpose agreeing to fund additional equity financing or capital expenditures into a portfolio company at a certain time or upon the occurrence of a certain event) or other forms of promise to provide funding.

5. Capital Requirements

Following the Funds’ initial investment in a portfolio company, the Funds may determine to provide additional capital to such portfolio company and/or its subsidiaries or may otherwise have an opportunity to increase their investment (whether for opportunistic reasons, to support the business’s ongoing needs, as an equity cure under applicable debt documents or for other reasons). However, there is no assurance that the Funds will make follow-on investments or that the Funds will have sufficient capital to make all or any of such investments, or regarding the amount of any follow-on investments. Any decision by the Funds not to make follow-on investments or their inability to do so may have a substantial negative impact on a portfolio company in need of such capital or may result in a lost opportunity for any Fund to increase its participation in a successful portfolio company. In the event any Fund does not participate in a follow-on investment opportunity and other investors provide the requested financing, such Fund’s ownership interest in the portfolio company will likely be substantially diluted. The Funds may experience delays in investing their aggregate commitments, which may cause the Funds’ performance to lag behind other investment vehicles with similar investment programs. The applicable general partners may not be able to identify a sufficient number of potential investments that meet the Funds’ investment objectives. Conversely, subject to the terms of their governing documents, the Funds may deploy a significant portion of their aggregate commitments over a short period of time, which would increase the likelihood that the Funds are adversely impacted by market dislocations, economic shocks, recessions or other downturns. This could leave an insufficient amount of remaining capital available to the Funds to seek to invest opportunistically during and after such downturn. 6. Foreign Exchange and Hedging

The Funds’ investments will typically be made in various countries and, accordingly, such investments and any proceeds therefrom will be denominated in a range of currencies. The value of these investments will fluctuate as a result of changes in currency exchange rates, and the Funds may incur costs associated with currency conversions. If investments made by a Fund are denominated in a currency other than such Fund’s base currency, the relative value of those investments (or the proceeds from their disposition), when valued in such Fund’s base currency, will fluctuate as a result of changes in currency exchange rates between the date of investment and the valuation or disposition date. As a result, changes in the value of an unrealized investment or the return on a realized investment could reflect currency fluctuations rather than changes in the underlying investment.

In connection with acquiring, financing, holding and/or disposing of certain investments, the Funds may employ hedging techniques designed to reduce the risks of adverse movements in interest rates, securities prices and/or currency exchange rates. The Funds may incur costs related to these hedging arrangements, which may be undertaken in exchange‐traded or over‐the‐counter (“OTC”) markets, including through derivative instruments, such as futures, forwards, swaps, options and “synthetic” or derivative contracts. Derivative instruments are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. The Funds’ use of derivative instruments, if any, involves risks different from, and possibly greater than, the risks associated with investing directly in securities.

There can be no assurance that any hedging arrangement will be effective, and there is a risk of imperfect correlation between the value of the hedging instrument The value of the position or risk being hedged, such that the hedge may not fully offset the losses or gains in the underlying investment. Derivatives also involve the risk of mispricing or improper valuation, as well as the risk of ambiguous documentation, which could adversely affect the Funds’ ability to realize the intended benefits of a hedging strategy. While such transactions may reduce certain risks, they may also introduce additional risks and could result in greater expense or liability for the Funds than would have been incurred if the Funds had not engaged in such transactions. Thus, while the Funds may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance by the Funds than if they had not entered into such hedging transactions. The Funds may be exposed to counterparty risk, including the risk of a counterparty’s inability or refusal to perform under a hedging or derivative contract, or the potential loss of assets held by a counterparty, custodian or intermediary in connection with such arrangements.

The Funds may engage in transactions that could result in the Funds being considered “commodity pools” for purposes of the rules of the U.S. Commodity Futures Trading Commission (“CFTC”). The general partners, Advent and their respective affiliates may rely on exemptions from the obligation to register as “commodity pool operators” (“CPOs”), including the exemption under CFTC Rule 4.13(a)(3). In the event that any such exemptions apply, unlike registered CPOs, none of the general partners, Advent or their respective affiliates, as applicable, would be required to provide investors with a CFTC-compliant disclosure document or certified annual reports that meet CFTC requirements for registered CPOs.

7. Types of Investments

There is no assurance as to the degree of diversification that will be achieved in the Funds’ investments, either by geographic region, industry or number of investments. The Funds participate in a limited number of investments, and a significant portion of the portfolio companies may be concentrated in a few jurisdictions and industries. Investors may be subject to concentration levels higher than anticipated or intended for the Funds. As a consequence, the aggregate return of the Funds may be adversely affected by the unfavorable performance of any single investment, geographic region or industry (which may be exacerbated by the use of leverage) or a small number of portfolio companies.

Except as expressly provided in their governing documents, the Funds are not subject to any material limitations on the instruments, geographic regions, asset classes, transaction types or sectors in which they may invest nor the specific investment strategies that may be employed on their behalf. The Funds may pursue additional investment strategies and may modify or depart from their initial investment strategy, investment process and investment techniques as they determine appropriate subject to the terms of the applicable governing documents. The Funds, either alone or together with other affiliated entities, may hold controlling interests in the portfolio companies in which the Funds invest. To the extent that the Funds, either alone or together with other affiliated entities, obtains controlling interests in these portfolio companies, the exercise of such control may result in additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally applicable to business ownership may be ignored. If any of these liabilities were to arise, the Funds could suffer a significant loss. Even where the Funds, either alone or together with other affiliated entities, holds a controlling interest in a portfolio company, it may not always have unilateral control over all significant decisions or the ability to fully protect the value of its investment. The exercise of control may be subject to contractual arrangements, co-investor rights, regulatory requirements or other limitations that restrict the Fund’s ability to direct the management or operations of the portfolio company as it sees fit. The Funds may also hold non-controlling interests in portfolio companies and, therefore, may have a limited ability to protect their positions in such companies. As a condition of making non-controlling investments in portfolio companies, the Funds will seek to obtain appropriate shareholder rights to protect their investments, but it may not be possible to obtain such rights in all cases. If the Funds do not have a controlling position or other shareholder rights to protect their interests, it is possible that a portfolio company could take actions that negatively impact the value of the Funds’

investments or that prevent the Funds from disposing of their investments in the portfolio company.

The Funds typically will make and hold their investments through master-holding companies, some or all of which may hold investments in more than one portfolio company. When a Fund invests in a portfolio company through a master holding company, the master holding company may be owned in part by the Fund and in part by co-investors in such portfolio company. In certain instances, one or more master holding companies may be used for portfolio investments in specific countries. Master holding companies are structured to separately track the invested capital, expenses and returns for each portfolio investment. All expenses of forming and operating a master holding company are allocated across the investments held by that master holding company, with expenses specific to a particular portfolio company investment allocated to that investment, and all other expenses allocated equally across all investments held at the time the expense is incurred. As a result, the Funds will bear all expenses associated with each master holding company through which they make and hold investments in portfolio companies.

A master holding company will typically hold each portfolio company investment through an intermediate holding company structure that is intended to insulate the master holding company from claims and liabilities associated with such investment in such portfolio company. However, there can be no assurance that this structure will effectively insulate the master holding company from third-party claims or liabilities associated with a portfolio company investment. Any liability or expense incurred by a master holding company that is attributable to a specific portfolio company investment will be allocated to the Funds that participated in that investment. While the master holding company may have insurance coverage for all or a portion of any such liabilities or expenses, it is possible that such Funds to which a liability or expense has been allocated will not have sufficient assets , and that the master holdings company’s insurance coverage will be inadequate to satisfy such liability or expense. In such cases, other assets of the master holding company could be used to satisfy the obligation. Consequently, investments of a Fund that are made and held through a master holding company could be used to satisfy liabilities and expenses associated with other investments held by such master holding company in which such Fund does not have an interest, which would negatively impact the performance of such Fund. If a third-party were to make a claim against a master holding company, it is possible that the master holding company could incur significant expenses in connection with defending itself against that claim even if it ultimately succeeds in avoiding liability to the third-party. It is also possible that a master holding company would elect to settle a third-party claim rather than incur the expense of litigation.

Some of the Funds’ investments are in middle-market to upper middle-market companies. Investments in middle-market companies may entail larger risks than are customarily associated with investments in larger companies. Middle-market companies may have more limited product lines, narrower markets and fewer financial resources, making them more susceptible to economic downturns, competitive pressures and market volatility. Middlemarket companies also typically rely on smaller management teams, and the loss or underperformance of key individuals can have a disproportionate impact on company performance. Further, middle-market companies may face greater challenges in raising additional capital, both for growth and to weather downturns, and there is an increased risk that such companies may be unable to secure follow-on financing on acceptable terms, or at all. Middle-market companies may have less access to favorable debt financing terms and lenders may impose more restrictive covenants. Investments in middle-market companies are generally illiquid and the market for exits, whether through initial public offerings, trade sales or secondary buyouts, is often less robust than for larger companies, which may result in longer holding periods and increased difficulty in achieving exits at attractive valuations. As a result, such Funds may experience delays or challenges in realizing gains from their investments and may be required to hold such investments for longer periods than initially anticipated, which could adversely affect the Funds’ overall performance and liquidity profile. Although growth equity investments are not the Funds’ primary focus, certain Funds occasionally make such investments. Growth equity investments offer the potential for significant capital gains, but they also involve a higher degree of business and financial risk, which can result in substantial or total loss. Growth equity portfolio companies may operate at a loss or with substantial variations in operating results from period to period, and many growth equity portfolio companies will require substantial additional capital to support research and development, expansion, or to achieve and maintain a competitive position. These companies may also need to expand or develop their management resources.

While early-stage investments are not their primary focus, the AT Program Funds may make such investments, including investments in venture capital companies, start-ups, and/or commitments to support management teams engaged in the discovery, development or exploration of resources or technologies. Such investments offer the potential for significant gains but also involve a high degree of business and financial risk and can result in substantial losses. Risks include those generally associated with investing in companies at an early stage of development or with limited or no operating history, companies operating at a loss or with substantial variations in operating results, and companies requiring substantial additional capital to continue day-to-day operations, support growth or achieve and maintain a competitive position. The success of any investment in a start-up, venture capital or other early-stage company may depend significantly on the skills and talent of the

entrepreneur or management team, the development of new technologies, services or products, or other events that involve a high degree of uncertainty and risk. Early-stage companies may also face intense competition, including from larger companies with greater financial resources, more extensive research, development, marketing and service capabilities, and a larger pool of qualified managerial and technical personnel.

The Funds also generally invest all or a portion of their capital in companies involved in the technology sector. Investments in the technology sector often presented heightened risks due to rapidly changing market conditions and participants, the introduction of new competing products and services, improvements to existing offerings, and evolving global trade regulations and restrictions. The Funds’ portfolio companies in the technology sector will compete in this dynamic and volatile environment. Some of the Funds’ portfolio companies in the technology sector may depend on the successful development, implementation, marketing and customer acceptance of new technologies, which can become obsolete or otherwise unattractive at any time. In the event that the technology sector as a whole declines, returns to the Funds from such investments may be adversely affected. Some portfolio companies may rely on obtaining regulatory approvals, while others may require changes to existing or the development of new ones. Securing regulatory approvals or adapting to new regulatory requirements may be costly, difficult or even impossible to obtain and may involve significant delays. Investments in certain regulated portfolio companies may also impose costly and burdensome regulatory obligations on the Funds. Additionally, companies in the technology-enabled and other growth industries are often highly dependent on intellectual property. The value of a Fund’s investment in such a portfolio company may be dependent, in whole or in part, upon the value of such company’s intellectual property. These companies may incur substantial costs to protect their intellectual property, including litigation to enforce intellectual property rights or defend against infringement claims. Litigation involves a high degree of uncertainty and can be expensive. If the Funds’ portfolio companies are unable to protect the value of their intellectual property, are found to infringe on others’ intellectual property rights, or incur substantial legal costs, the value of the Funds’ portfolio investments in such sector could be materially impaired, and the Funds could incur losses. Some of the Funds’ portfolio companies may be subject to various and evolving laws relating to foreign investment in U.S. businesses, export controls, and transactions involving sanctioned persons, entities or jurisdictions. These laws include, but are not limited to, Section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment Risk Review Modernization Act of 2018, and the regulations at 31 C.F.R. Parts 800 and 802, as amended, administered by the Committee on Foreign Investment in the United States; the

Export Administration Regulations at 15 C.F.R. Parts 730 to 774; the International Traffic in Arms Regulations at 21 C.F.R. Parts 120 to 130; the Export Control Reform Act of 2018, which is being implemented in part through Commerce Department rulemakings to impose new export control restrictions on “emerging and foundational technologies” yet to be fully identified; and U.S. economic sanctions administered by the Office of Foreign Assets Control, of the U.S. Department of the Treasury, at 31 C.F.R. Parts 501 to 589. The application of these laws and regulations including ongoing regulatory developments may negatively impact such portfolio companies in various ways, including by restricting access to capital and markets; limiting potential collaborations , regulating the export of such portfolio companies’ products, services, and technology , increasing compliance costs and timelines, and exposing companies to potential fines, sanctions, or other penalties. The Funds reserve the right to invest in portfolio companies that have exposure to virtual currencies, blockchain or distributed ledger technology (collectively, “Digital Assets”). Digital Assets are technological innovations with a limited history and involve a high degree of business and financial risk that can result in substantial or total loss of investment. Companies with exposure to Digital Assets face a number of market, operational, legal and regulatory risks that are distinct from those associated with other asset types. These risks include, but are not limited to, price volatility, inconsistent pricing across different virtual exchanges, illiquid markets, valuation challenges, custody risks, risks associated with “mining” or transaction verification, difficulties converting virtual currencies to fiat currencies and the potential for exchange failures due to security breaches, cyberattacks, fraud or other operational failures. Virtual currencies are particularly vulnerable to network attacks, hacking and security breaches. Legal and regulatory risks are also significant, as U.S. federal, state and foreign authorities may classify virtual currencies differently within their respective jurisdictions.

A portion of certain Funds’ capital is invested in companies involved in the healthcare sector. Investing in securities of healthcare companies involves substantial risks, including (but not limited to) the following: there is scarce capital being invested in such securities, which can lead to increased price volatility and unpredictable liquidity; certain companies may have limited operating histories; scarcity of management and marketing personnel with appropriate scientific or medical training may slow or impede such companies’ growth; the possibility of lawsuits related to patents or products, product obsolescence, changes in government policies, and shifting investor sentiment and preferences with regard to healthcare industry investments (some of which are generally perceived as risky) may adversely affect the value of such securities; and volatility in the broader markets affecting the prices of healthcare company securities may cause the performance of the Funds attributable to such securities to experience substantial volatility. Additionally, there are risks unique to investments in healthcare companies arising from increasing regulation and

government intervention in the healthcare industry, as well as the complexity of ethical issues.

A portion of certain Funds’ capital may be invested in companies that are involved in the exploration or production of oil or gas, as well as, companies that provide products and services to such businesses, including drilling products and services, pipeline or transportation services or exploration or seismic technologies and services. Investments in companies involved, directly or indirectly, in the oil or gas sector often present heightened risks due to their dependence on market prices for oil and natural gas, which have historically been volatile and are subject to factors beyond any Fund’s or its portfolio companies’ control. These factors include the level of worldwide production, imports, regional, national global market demand, weather conditions, competition from alternative energy sources, and changes in governmental regulations affecting the industry. Any substantial or extended decline in the price of oil or gas may have an adverse effect on the value of the Funds’ investments in such companies. The revenues and operating results of companies involved, directly or indirectly, in the oil or gas sector are also dependent on, and subject to, the demand for, and supply of, oil and gas, the availability of alternative energy sources, the success of development and drilling activities, the availability of equipment and qualified personnel, and compliance with state and local laws and regulations relating to the exploration for, and the development, production and transportation of, oil and gas, which may change from time to time in response to economic or political conditions.

As part of their investment strategies, the Funds may acquire shares of a public company with the intent of taking the company private. In the event that the Funds are not successful in effecting a public-to-private transaction, they may be unable to implement their intended business strategy for the company and the Funds’ returns on such investment may be adversely affected. Further, the Funds would be subject to the risks and costs customarily associated with owning a significant portion of a public company’s shares, including restrictions on the sale of such shares, ongoing reporting requirements, potential director liability for Fund representatives serving on the public company’s board of directors and restrictions associated with the receipt of material, non-public information. The Funds may invest in portfolio companies that are undergoing restructuring to address actual or anticipated severe financial difficulties, which may never be overcome and may result in a portfolio company becoming subject to bankruptcy or insolvency proceedings. Portfolio companies experiencing financial distress may require substantial additional capital to support continued operations or to improve their financial condition and may have significant leverage that requires ongoing servicing. Such companies may also face greater potential legal exposure, including litigation against such company and/or its officers and directors, which could contribute to increased expenses, including defense costs.

Consequently, such investments could subject the Funds to additional potential liabilities, which may exceed the value of the Funds’ original investments. 8. Portfolio Company and Third Party-Related Risks

The Funds’ portfolio companies’ day-to-day operations will be the responsibility of such company’s management team. Although Advent and its affiliates will be responsible for monitoring the performance of each investment, including, from time to time, with possible contributions from Advent’s Portfolio Support Group, and will seek to invest in companies operated by strong management teams or to build such teams, there can be no assurance that the management team of any portfolio company will be able to operate the portfolio company as expected by the Funds. Further, Advent and its affiliates may have limited protections and governance rights in this regard if the Funds do not control the portfolio company. Liabilities of portfolio companies, including those related to activities that occurred prior to the Funds’ investment, could have an adverse impact on the Funds. In connection with the disposition of investments, the Funds and their general partners may be required to make (and/or be responsible for another person’s or entity’s breach of) certain representations and warranties, regarding the business and financial affairs of the portfolio company as is typical in the sale of any business. The Funds and their general partners may also be responsible for the content of disclosure documents under applicable securities laws. They may be required to indemnify the purchaser of such investments to the extent that any such representations, warranties or disclosures are found to be inaccurate. These arrangements may result in the incurrence of contingent liabilities for which the Funds may establish reserves or escrows. It is also possible that other claims could be asserted against the Funds in connection with their investments and business operations. To the extent that the Funds do not have sufficient uncalled capital or other available resources to satisfy such liabilities, the investors in the Funds may be required to return capital and earnings previously distributed by the Funds to satisfy such liabilities.

The Funds typically will have the right to appoint one or more representatives to the boards of directors (or comparable governing bodies) of their portfolio companies. Serving on such boards will expose the Funds’ representatives, and ultimately the Funds, to potential liability. Although portfolio companies often purchase insurance to protect directors and officers from such liability, certain portfolio companies may not obtain such insurance, or the coverage obtained may be insufficient. There can be no assurance that any insurance will prove sufficient even if obtained. In addition, representation of the Funds on a portfolio company’s board of directors may impair the Funds’ ability to sell their securities in that portfolio company at such times and on such terms as they might otherwise desire.

Furthermore, any Advent personnel serving as a director of a portfolio company owes fiduciary duties to both the portfolio company and the Funds, and may be required to make decisions that are not in the best interests of one or the other. Advent personnel serving as directors may make decisions for a portfolio company that negatively impact the returns received by a Fund. In addition, to the extent that any Advent personnel serves as a director on the boards of multiple portfolio companies, this may create conflicts of interest among such multiple portfolio companies. If the Funds are a significant shareholder with board representation, they could be subject to legal claims they would not otherwise be subject to as a passive investor, including claims of breach of the duty of loyalty, securities law claims and other board-related claims. The Funds will generally indemnify such representatives for claims arising from board representation.

The transactional nature of the Funds’ business exposes the Funds and Advent and its affiliates generally to the risk of third-party litigation. In the ordinary course of business, the Fund may be subject to litigation from time to time. The outcome of litigation proceedings may materially and adversely affect the value of the Funds, and such litigation proceedings may continue without resolution for extended periods of time. The risk of future third-party litigation with respect to a portfolio company of the Funds is more likely to arise in situations where the Funds exercise control of, or significant influence over, a portfolio company’s business operations. To the extent not covered by insurance, the expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments, absent certain conduct by the officers or employees of Advent or its affiliates, would be borne by the Funds, would reduce their net assets and could require investors to return to the Funds amounts previously distributed by the Funds. Advent, its affiliates and other related parties are entitled to indemnification by the Funds in connection with such litigation.

Misconduct by employees, partners, officers or directors of Advent and its affiliates, by service providers to Advent or the Funds and/or their respective affiliates, or by portfolio companies or their employees could cause significant losses to the Funds. Such misconduct may include entering into unauthorized agreements or transactions, failure to comply with operational and risk management procedures (including due diligence procedures), misrepresentations as to investments under consideration by the Funds, or the improper use or disclosure of confidential, personal or material non-public information. Such actions could result in litigation, regulatory enforcement or serious financial harm, including limiting the Funds’ business prospects or future marketing activities, non-compliance with applicable laws or regulations and the concealment of any of the foregoing. Such activities may result in reputational damage, litigation, business disruption and/or financial losses to the Funds. Advent has implemented controls and procedures designed to minimize the risk of such

misconduct. However, no assurances can be given that Advent will be able to identify or prevent all instances of such misconduct.

It is possible that certain of the Funds’ transactions may be undertaken through local brokers, banks or other organizations. In those circumstances the Funds would be subject to the risk of default, insolvency or fraud of such organizations, including where such entities have custody of the Funds’ assets. There can be no assurance that any money advanced to such organizations would be repaid or that the Funds would have any recourse in the event of default. The collection, transfer and deposit of bearer securities and cash expose the Funds to a variety of risks including theft, loss and destruction. The Funds will also be dependent upon the general soundness of banking systems and other infrastructure.

Advent and its affiliates may be permitted to receive fees from portfolio companies or potential portfolio companies for providing Business Services. If portfolio companies or potential portfolio companies of a Fund pay Business Services fees, that Fund will indirectly bear a portion of any of these fees, often subject to certain caps and management fee offsets. Advent will typically have the ability to significantly influence or control management of a portfolio company, which in those cases effectively will give Advent the ability to influence or control the type of services it or its affiliates will provide to that portfolio company and the compensation that will be paid for those services, and as a result, conflicts and risks can arise. The Funds will maintain deposits with one or more banks or other depository institutions (“banking institutions”), which may include U.S. and non-U.S. institutions, and may enter into credit facilities or have other financial relationships with such banking institutions. The distress, impairment or failure of one or more banking institutions with whom the Funds, their portfolio companies, the general partners and/or Advent transact may inhibit the ability of the Funds or their portfolio companies to access depository accounts or lines of credit at all or in a timely manner. In such cases, the Funds may be forced to delay or forgo investments or to call capital at inopportune times, resulting in lower performance for the Funds. In the event of such a failure of a banking institution where the Fund or one or more of its portfolio companies holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC (and similar considerations may apply to banking institutions in other jurisdictions not subject to FDIC protection). In such instances, the Funds and their affected portfolio companies may not recover such excess, uninsured amounts and would only have an unsecured claim against the banking institution, participating pro rata with other unsecured creditors in the residual value of the banking institution’s assets. The loss of amounts maintained with a banking institution or the inability to access such amounts for a period of time, even if ultimately recovered, could

be materially adverse to the Funds or their portfolio companies. The Funds or a portfolio company may also be unable to acquire or dispose of investments, including at prices that the general partner believes reflect the fair value of such investments. One or more investors or a Fund’s general partner could also be similarly affected and unable to fund capital calls, further delaying or deferring new investments. In addition, a Fund’s general partner may not be able to identify all potential solvency or stress concerns with respect to a banking institution that it believes are creditworthy and capable of fulfilling its obligations to the Fund, neither the Fund’s general partner nor its affiliates are under any obligation to use a minimum number of banking institutions with respect to the Fund or to maintain account balances at or below the relevant insured amounts. The Funds may acquire interests in certain portfolio companies in cooperation with others through co-investment arrangements. The Funds’ ability to exercise significant influence over management in these cooperative efforts will depend upon the nature of the coinvestment arrangement. Such investments may, under certain circumstances, involve risks not otherwise present, including the possibility that the Funds’ co-investor may not be able to satisfy its financial obligations, that such co-investor may not be obligated to pay any broken deal fees and expenses if such co-investment is not consummated (thereby resulting in the Funds paying a disproportionate share of such broken-deal fees and expenses relative to their anticipated share of such co-investment (including 100% of such fees and expenses), that such co-investor might at any time have economic or business interests or goals that are inconsistent with those of the Funds, and that such co-investor may be in a position to take action contrary to the instructions or requests of the Funds or contrary to the Funds’ policies or objectives. In addition, such arrangements are likely to involve additional restrictions on the resale of the Funds’ interests in the portfolio company. 9. Risks Associated with Models and Projections

The Funds rely on projections, forecasts and estimates developed by Advent’s officers or employees or by a portfolio company concerning the portfolio company’s anticipated future performance and cash flow. Projections, forecasts and estimates are forward-looking statements, are based upon certain assumptions and are inherently subject to uncertainty and factors beyond the control of Advent, its affiliates, their officers and employees, and any portfolio company. Actual events are difficult to predict and often differ from those assumed. Inaccurate assumptions, failure to satisfy certain requirements or the occurrence of unforeseen events could impair a portfolio company’s ability to realize projected values and cash flow thereby adversely affecting the Funds’ performance. Factors such as changes in interest rates, domestic and foreign business conditions, market volatility, financial developments or legal changes can materially impact actual results.

10. Data – Use and Collection; Data Privacy; Cybersecurity

Advent relies extensively on complex information technology and communications systems (and may rely on new systems and technologies in the future) to conduct essential business functions, including trading, data collection, transaction clearing and settlement, investment evaluation, distributions, expense payments, investment monitoring and the generation of risk management and other critical reports. Many of these operations depend on systems supplied or operated by third parties, including administrators, market counterparties, subcustodians and other. While the Funds exercises diligence in selecting and monitoring its service providers, the Funds may not be in a position to verify the risks or reliability of such information technology and communications systems. Despite the efforts of Advent, its affiliates and the Funds’ service providers to adopt technologies, processes and practices designed to protect their computer systems and the confidentiality, integrity and availability of information belonging to the Funds and their investors, these systems remain vulnerable to a range of threats.

To better identify economic and market trends, Advent may share data and analytics with its portfolio companies. For example, data analytics derived from one portfolio company may inform business decisions at another portfolio company or guide investment decisions by Advent and its affiliates, without direct compensation to the data source. The benefits of these arrangements are difficult, if not impossible, to quantify or allocate, and direct monetary compensation for such information is generally not provided. Advent and its affiliates may utilize such data outside of Fund activities in a manner that may provide a material benefit to Advent, without directly compensating or otherwise benefiting the Funds. As a result, Advent may have an incentive to pursue investments (on its own behalf or on behalf of the Funds) based on the data it can access through its portfolio companies, and/or to use such data to benefit Advent and/or investments held by other Funds. In addition, Advent receives and generates a wide range of portfolio company data , including financial, industry, market, operational, customer, supplier, competitor, ESG and other metrics some of which may be considered “big data.” This information may, in certain instances, include confidential and/or sensitive data received or generated in connection with efforts on behalf of one Fund’s investment (or prospective investments. Access to such information may allow Advent to better able to anticipate macroeconomic and industry trends, enhance portfolio company operations and identify investment opportunities. Information from one portfolio company owned an Advent-managed fund may be used to inform strategies for Advent and other Advent-managed funds that do not own an interest

in such portfolio company, without compensation or benefit to the relevant Fund or portfolio company. Further, data is expected to be aggregated across the Funds and their respective portfolio companies with Advent serving as the central repository and holding ownership, use and distribution rights therein. Advent may also share data between portfolio companies of different Advent-managed funds, which could create competitive disadvantages, and indirectly harm certain portfolio companies. A portfolio company. may incur incremental expenses in collecting and organizing information requested or required to be furnished to Advent (which expenses are indirectly borne by the Funds). Advent may, in certain instances, use this information to benefit itself, its affiliates, or other Advent-managed funds, Funds without compensating or otherwise benefitting the Fund or Advent-managed funds or portfolio companies from which such information was obtained. In addition, Advent may have an incentive to pursue investments in portfolio companies based on the data and information expected to be received or generated. Furthermore, as required by contractual confidentiality obligations, internal policies or applicable law (including data privacy , insider trading, antitrust and national security laws), Advent is generally free to use data from a Fund’s activities in its sole discretion for the benefit of Advent and other Adventmanaged funds. The sharing and use of data and analytics present potential conflicts of interest and any benefits received by Advent or its personnel will not be subject to management offsets or otherwise shared with a Fund or its investors. Advent incorporates “alternative data” information from non-traditional sources such as smartphone applications, social media, product reviews, price tracking, satellite imagery, geolocation data, financial transactions and consumer surveys into its investment process. There can be no assurance that Advent will be successful in using alternative data in its investment process. The use of alternative data involves substantial uncertainty and various risks, including possibility of misinterpretations or reliance on inaccurate, incomplete, or otherwise flawed data. Obtaining and using alternative data may entail significant expense, including expenses that are partially or wholly borne by the Funds. Regulatory scrutiny of the collection, distribution and use of alternative data continues to increase, and Advent’s use of alternative data could create liability for Advent and/or the Funds. Regulatory or other actions related to alternative data could cause reputational, financial or other harm to Advent and the Funds. Future restrictions on the use of alternative data may adversely affect Advent’s investment process and the performance of its Funds. Advent’s ability to use, manage and aggregate data may be limited by the effectiveness of its policies, systems and practices for acquiring, validating, storing, protecting, processing and sharing data. Inadequate data management or aggregation may limit Advent’s ability to manage current and emerging risks, adapt to changing business needs or leverage new technologies, artificial intelligence (“AI”) and machine-learning technology (“ML Technology”). While Advent and its affiliates or their personnel may utilize AI and ML

technology in connection with their business activities, including investment activities, Advent personnel, Independent Advisors, consultants, affiliates, portfolio companies, thirdparty service providers or other counterparties could, unbeknownst to Advent and its affiliates, utilize AI or ML Technology in a way that may expose Advent and its affiliates, the Funds or the Funds’ portfolio companies to a range of risks. . Use of AI or ML Technology by any of these parties may directly or indirectly create security or data risks and may increase trademark, licensing and copyright risks.

Advent may restrict certain uses of third-party and open-source AI or ML Technology tools, but Advent personnel, advisors or affiliates may still use these tools, which poses additional risks relating to the protection of Advent’s, the Funds’, and the Funds’ portfolio companies’ proprietary data. These risks include potential exposure of confidential or proprietary information to unauthorized recipients, misuse of Advent’s or third-party intellectual property, and increased vulnerability to cybersecurity threats. Use of AI or ML Technology tools may also result in allegations or claims against Advent, a Fund or a Fund’s portfolio companies related to intellectual property infringement, unauthorized access to or use of proprietary information or non-compliance with open-source software requirements. AI and ML Technology are generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the models these technologies use. Certain data in such models will inevitably contain inaccuracies or errors, potentially materially so, or may otherwise be inadequate or flawed, which could degrade the effectiveness of the technology. Inaccurate, misleading or incomplete AI or ML Technology-generated outputs could lead to errors in Advent’s or its employees’ and consultants’ decision-making, portfolio management or other business activities, which could have a negative impact on Advent or on the performance of a Fund and its portfolio companies. Inherent bias in the construction of AI or ML Technology can also lead to a wide array of risks, including reputational harm. Conversely, to the extent competitors of Advent, its affiliates, the Funds or a Fund’s portfolio companies utilize AI or ML Technology more extensively or effectively, such competitors may gain a competitive advantage.

The regulatory landscape for AI and ML Technology is rapidly evolving in the United States and internationally. U.S. federal and state agencies, as well as foreign regulators, are increasingly focused on the use of these technologies in financial services and other industries, issuing new rules and guidance. For example, in the United Kingdom, the government has pledged to introduce legislation imposing obligations on developers of advanced AI models, with a principles-based regime expected to be introduced in 2025. In the European Union, the Artificial Intelligence Act (Regulation (EU) 2024/1689) (the “EU AI Act”) represents the world’s first comprehensive legislative framework for AI, coming into force in August 2024 and taking effect in stages through August 2027. The EU AI Act classifies AI systems according to risk and imposes a range of obligations on developers, importers,

distributors and users of AI systems, including prohibitions on certain high-risk practices and significant enforcement powers for regulators. Additionally, the Council of Europe has adopted the Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law, the first international legally binding treaty in the field, which obligates signatories to adopt appropriate legislative, administrative or other measures to give effect to its principles. Ongoing and future regulatory actions with respect to AI generally or AI’s use in any industry in particular may materially affect Advent’s, the Funds or the Funds’ portfolio companies’ ability to use AI and ML Technology as intended and may require significant changes to operations or compliance practices. AI and ML Technology and their applications, including in private investment and financial sectors, continue to develop rapidly and it is impossible to predict all future risks that may arise from such developments. As part of its business, Advent processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Funds and personally identifiable information of the investors in the Funds. Similarly, service providers of Advent and the Funds may process, store and transmit such information. The information and technology systems used by Advent, the Funds and their service providers may be vulnerable to damage or interruption from computer viruses, network failures, computer or telecommunication failures, security threats (including ongoing cyber security threats and attacks), and infiltration by unauthorized persons and security breaches. Advent has procedures and systems in place to protect such confidential information and prevent data loss and security breaches. However, such measures cannot provide absolute security.

For example, cyber-attacks and other malicious internet-based activity continue to increase in frequency and magnitude. Advent’s, the Funds’ portfolio companies’ and the Funds’ investors’ information and technology systems may be vulnerable to actual or perceived damage or interruption from computer viruses, malware, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to Advent may be susceptible to compromise, leading to a breach of Advent’s network. Advent’s systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Online services provided by Advent to investors in the Funds may also be susceptible to compromise. Breach of Advent’s information systems may cause information relating to the transactions of the Funds and personally identifiable information of investors in the Funds to be lost or improperly accessed, used or disclosed. The loss or improper access, use or disclosure of Advent’s and/or the Funds’ proprietary information may cause Advent

and/or the Funds to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on the Funds and the investors’ investments therein.

Cyber-attacks may take the form of socially engineered frauds, such as “phishing”. There have been instances of foreign government-sponsored hacking targeting American corporate intellectual property and the Funds’ portfolio companies may be at similar risk. Advent and the Funds’ service providers may be subject to ransomware or other attacks that could cause a substantial business disruption or loss of availability of data that could prevent the Funds and Advent from executing its investment strategy or accessing an account, which could lead to financial losses. Third parties may also attempt to fraudulently induce employees, Fund investors, third-party service providers or other users of Advent’s systems to disclose sensitive information in order to gain access to Advent’s data or that of the Funds’ investors or portfolio companies, or to transfer funds to unauthorized third parties. Companies and service providers have also been subject to “ransomware” attacks. As further evidence of the increasing and potentially significant impact of cyber security breaches, in the last few years the U.S. government and several multinational companies, including financial institutions and retailers, reported cyber security breaches affecting their computer systems that resulted in the personal information of millions of citizens, customers and employees being compromised. The service providers of Advent and the Funds are subject to the same electronic information security threats as Advent. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Funds and personally identifiable information of the investors may be lost or improperly accessed, used or disclosed.

The use of social networks, message boards, internet channels and other platforms has become widespread within the United States and globally. As a result, individuals now have the ability to rapidly and broadly disseminate information or misinformation without independent or authoritative verification. Any such information or misinformation regarding Advent, its affiliates, the Funds or one or more portfolio companies could have a material and adverse effect on the value of the Funds.

The adoption, interpretation and application of consumer protection, data protection and/or privacy laws and regulations in the United States, Europe and other jurisdictions (collectively, “Privacy Laws”) could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and current and planned business activities of Advent, its affiliates, the Funds and/or their portfolio companies, and increase compliance costs and

require the dedication of additional time and resources to compliance for such entities. A failure to comply with such Privacy Laws by any such entity or their service providers could result in fines, sanctions or other penalties or litigation, which could materially and adversely affect the results of operations and overall business, as well as have a negative impact on reputation and Fund performance. As Privacy Laws are implemented, interpreted and applied, compliance costs for Advent, its affiliates, the Funds and/or their portfolio companies, are likely to increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. Certain jurisdictions, including U.S. states, have proposed, adopted or are considering similar Privacy Laws, which if enacted could impose significant costs, potential liabilities and operational and legal obligations. Such Privacy Laws are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability for regulated entities, which could include Advent, its affiliates, the Funds and/or their portfolio companies. 11. Fund Considerations

The Funds’ investments in portfolio companies are generally illiquid and long-term, and there can be no assurance that the Funds will be able to realize their investments at attractive prices or otherwise effect a successful exit strategy. The Funds may also hold or receive distributions of securities that cannot be sold except pursuant to a registration statement filed under applicable securities laws or unless an exemption from such laws is available. Advent, its affiliates and/or the Funds may have access to non-public information regarding certain portfolio companies, the possession of which also could limit the Funds’ ability to sell such investments. There can be no assurance that the Funds will be able to divest or otherwise dispose of all of their investments prior to the end of their terms, which may require the Funds to restructure and recapitalize, make in-kind distributions upon dissolution or extend their terms in order to liquidate their investments in an orderly manner.

The success of the Funds depends in substantial part on the skill and expertise of Advent’s and its affiliates’ investment and operating professionals. There can be no assurance that such professionals will continue to be associated with or remain in the same roles at Advent or its affiliates, or otherwise throughout the life of a particular investment or a particular Fund. Further, the individuals with responsibility for investing in, or managing and disposing of, investments for one Fund also have responsibilities to other Funds. As a result, they will not devote their full time and attention to any particular Fund and its portfolio companies. In seeking investments in portfolio companies, Advent competes with other investors and investment advisers, some of which may have more relevant experience, greater financial

resources or more personnel than Advent. It is also possible that competition for investment opportunities may increase in the future, thus reducing the number of opportunities available to the Funds and adversely affecting the terms upon which such investments can be made. Accordingly, there can be no assurance that Advent will be able to identify (or that the Funds will be able to complete) attractive investments in the future, which could slow the pace of investment or reduce the investment returns for the Funds. 12. Legal and Regulatory Considerations

Changes in U.S. federal policy, including tax and regulatory policies, as well as shifts in the priorities and personnel of regulatory agencies can alter the level of oversight and the regulatory environment for the financial services industry and for corporate entities more broadly. The timing, scope and economic impact of such changes under to the current administration remain highly uncertain.

Certain industry segments in which a Fund may invest are (or may become) (i) highly regulated at both the federal and state levels in the United States and internationally and (ii) subject to frequent regulatory change. While each Fund intends to invest in companies that seek to comply with applicable laws and regulations, the laws and regulations relating to certain industries are complex, may be ambiguous or may lack clear judicial or regulatory interpretive guidance. An adverse review or determination by any applicable judicial or regulatory authority of any such law or regulation, or an adverse change in applicable regulatory requirements, could have a material adverse effect on the operations and/or financial performance of the companies in which a Fund may invest. Additionally, the SEC has proposed, and is expected to continue to propose, rules that will impact the business of Advent, its affiliates and the Funds. As a result of such current and future rulemaking, the Funds may incur significant delays and costs or be altogether prohibited from making a particular investment.

Anti-money laundering, anti-boycott and economic and trade sanction laws and regulations in the United States and other jurisdictions may prevent Advent, its affiliates or the Funds from entering into transactions with certain individuals or jurisdictions. The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and other governmental bodies administer and enforce laws, executive orders, regulations and other pronouncements that establish economic and trade sanctions on behalf of the United States. Among other things, these sanctions may prohibit transactions with, and the provision of services to, certain individuals or portfolio companies owned or operated by such persons or located in jurisdictions identified from time to time by OFAC. Additionally, antitrust laws in the United States and other jurisdictions give broad discretion to the U.S. Federal Trade Commission, the U.S. Department of Justice and other U.S. and non-U.S. regulators and governmental bodies to challenge, impose conditions on, or reject certain transactions. In

certain circumstances, antitrust restrictions relating to one Fund’s acquisition of a portfolio company may preclude other Funds from making an attractive acquisition or require one or more other Funds to sell all or a portion of certain portfolio companies owned by them.

As a result of any of the foregoing, a Fund may be adversely affected because of Advent’s or its affiliates’ inability or unwillingness to participate in transactions that may violate such laws or regulations, or by remedies imposed by any regulators or governmental bodies. Any such laws or regulations may make it difficult or may prevent a Fund from pursuing investment opportunities, require the sale of part or all of certain portfolio companies on a timeline or in a manner deemed undesirable by Advent or its affiliates, or may limit the ability of one or more portfolio companies from conducting their intended business in whole or in part. Consequently, there can be no assurance that any Fund will be able to participate in all potential investment opportunities that fall within its investment objectives.

Certain investments by the Funds involving the acquisition of a U.S. business, including assets with a nexus to U.S. interstate commerce and, in some cases, U.S. real estate without any underlying U.S. business, may be subject to review by the Committee on Foreign Investment in the United States (“CFIUS”) depending on , among other things, the structure, beneficial ownership, and control of interests in the Funds and their general partners as well as the nature of the U.S. business. CFIUS regulations and the information and filings required thereunder could change at any time. Certain of the Funds’ investors are non-U.S. investors, and, in the aggregate, may comprise a substantial portion of the Funds’ aggregate commitments. This increases both the risk that Fund investments may be subject to CFIUS review, and the risk that limitations or restrictions will be imposed by CFIUS and/or other FIC regulators on the Funds’ investments. Any review and approval of a Fund investment by CFIUS and/or another FIC regulator may have outsized impact on transaction certainty, timing, feasibility and cost, among other things. Moreover, in the event that CFIUS or another FIC regulator reviews one or more of the Funds’ investments, there can be no assurances that the Funds will be able to maintain or proceed with such investments on terms acceptable to the Funds. CFIUS or another FIC regulator may seek to impose limitations, conditions or restrictions on, or prohibit, one or more of the Funds’ investments. Such measures may prevent the Funds from maintaining or pursuing investments or adversely affect the performance of Fund investments, and thus the Funds’ overall performance. Regulations related to cross-border investments are also rapidly evolving. For example, in January 2025, the U.S. outbound investment security program took effect, which prohibits or requires notifications with respect to certain transactions involving Chinese companies, as well as companies with a significant financial nexus to China, that deal in certain categories of semiconductors and microelectronics, quantum information technologies, and artificial intelligence technologies. Because the Funds invest globally, including in China, evolving

outbound investment restrictions and similar regulatory regimes may restrict the Funds’ investment activities in certain countries, require regulatory disclosures, restrict the counterparties with whom the Funds may transact, and/or impose other adverse consequences.

To the extent that certain Funds’ direct or indirect investments or any instrument to which the Funds or their portfolio companies are party, are subject to a variable interest rate based on (or calculated with reference to) a benchmark such as the Euro Interbank Offered Rate, the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”) or any other rate, benchmark or index (collectively, “Benchmark Rates”), the Funds may be subject to certain material risks. Certain Benchmark Rates, have historically been, may presently be, and/or may in the future become, subject to manipulation, regulatory scrutiny, reform, phase-out, discontinuation, replacement, volatility, or other changes. Such developments may result in (a) a Benchmark Rate being artificially lower or higher than it otherwise would have been; (b) changes to calculation methodologies; (c) disruptions to liquidity and; (d) market uncertainty as to the current or future status of any such Benchmark Rate.

London Interbank Offered Rate (“LIBOR”) was the offered rate at which major international banks could obtain wholesale, unsecured funding. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Funds may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies (e.g., SOFR for USD LIBOR and SONIA for GBP LIBOR). The full impact of the transition to new reference rates on the Funds or the financial instruments in which the Funds invest cannot yet be fully determined. It is not possible to predict whether there will be any further changes in the methods pursuant to which any Benchmark Rates are determined and any other reforms to Benchmark Rates that will be enacted in the United States, the UK, the EU or elsewhere, or the effects thereof. Any such changes or further reforms to Benchmark Rates may result in a sudden or prolonged increase or decrease in such reported rates, which could have a material adverse impact on the value of the Funds’ investments and any payments or receipts linked to the relevant Benchmark Rates thereunder. 13. Potential Conflicts of Interest

The Funds are subject to certain actual, potential or apparent conflicts of interest arising from their management by Advent and its affiliates. Certain actual, potential or apparent conflicts are discussed below. There can be no assurance that Advent and its affiliates will identify or resolve all conflicts of interest and, if resolved, that such conflicts will be resolved

in a manner that is favorable to any particular Fund. For a more detailed description of the conflicts relating to a particular Fund, please refer to the private placement memorandum for such Fund.

Some Funds may have the same or similar investment strategies or may have investment strategies that include a significant overlap of target investments, which could result in such Funds co-investing with each other or competing for investment opportunities. When Funds co-invest in a portfolio company, one or more of the investing Funds may invest less in such portfolio company than it would have invested in the absence of the participation of other co-investing Funds. It is also possible that Funds with the same or similar investment strategies may compete for Advent resources required to identify, make and manage investments. Additionally, Advent and its affiliates may in the future expand their investment management services beyond their existing Funds and Investment Programs, including through funds with different investment criteria, investment or operational strategies, target investment sizes, geographic focuses or expected hold periods (such as funds that primarily target investments in publicly traded or listed securities, debit securities or growth equity investments), single-investor funds, managed accounts, overage funds, special purpose acquisition companies and other specialized investment vehicles, including but not limited to Multi-Strategy Investment Vehicles, Debt Funds and Secondaries Funds (collectively, the “Other Products”). Such Other Products may compete with, or have overlapping investment strategies with, the Funds, and may from time to time invest in the same portfolio companies as the Funds, including on different terms or in a different part of the capital structure. As a result, conflicts of interest will arise in connection with allocating investment opportunities and making, managing or disposing of investments by the Funds and Other Products. The Funds’ governing documents typically include restrictions on the formation of competing funds during a specified time period. Advent also has adopted a Fund Allocation Policy regarding the allocation of investment opportunities when more than one Fund has capital available for a particular investment. In addition, a Fund may not pursue an investment opportunity that is within its mandate as a result of trading activities of, or other investments made by, other Funds and/or their portfolio companies. Regardless of such policies and procedures, Advent’s or its affiliates’ allocation of investment opportunities among the Funds (including any Other Products) may result in the allocation of all or none of an investment opportunity to any particular Fund, or a disproportional allocation among such persons, with such allocations being more or less advantageous to some such persons relative to other such persons. There can be no assurance that any particular Fund’s actual allocation of an investment opportunity, if any, or the terms on which such allocation is made, will be as favorable as they would be if conflicts of interest did not exist. There can be no assurance that any particular Fund will have an opportunity to participate in all investments that fall within such Fund’s investment objectives or that in hindsight, a

particular investment opportunity should have been allocated to one Fund over another Fund (including any Other Products).

The individuals at Advent and its affiliates who are responsible for providing investment advice and services to any particular Fund also have responsibilities to other Funds, and it is not expected that they will devote their full business time and attention to any particular Fund. Advent personnel may also engage in personal securities transactions that can, in certain circumstances, relate to securities or instruments that are also held or acquired by the Funds or otherwise involve companies or issuers in which the Funds acquire a different principal investment (including, for example, with respect to seniority) potentially resulting in misaligned interests between the Funds and such persons. Additionally, certain Advent personnel are themselves and/or have family members or relatives who are actively involved in industries and sectors in which the Funds invest or have business, personal, financial or other relationships with companies in such industries or other sectors, which gives rise to potential or actual conflicts of interest. For example, such personnel or family members or relatives might be officers, directors, personnel or owners of companies or assets that are actual or potential investments of the Funds or other counterparties of the Funds and the portfolio companies. Moreover, in certain instances, the Funds or the portfolio companies may purchase or sell companies or assets from or to, or otherwise transact with, companies that are owned by such personnel or family members or relatives or in which such personnel or family members or relatives have an interest or other involvement. The fees for services provided by such service providers may or may not be at the same rate charged by other third-party service providers and Advent is not required to select service providers who may have lower rates (or to engage in any benchmarking of such fees). Current and former founders, officers and executives and other affiliates of portfolio companies have in the past and may, from time to time in the future, invest in an SP or IA Fund. While Advent believes this aligns portfolio company management teams with the best interests of the Fund, Advent may, in certain circumstances, be incentivized to take (or refrain from taking) certain actions with respect to a portfolio company in order to maintain the goodwill with such portfolio company management team investor or other affiliate of the portfolio company that is an investor in a Fund such that they continue to invest in the Funds, among other reasons. Advent’s relationships with current, prospective or former executives, directors and founders or other affiliates of portfolio companies of the Funds or of other private funds, and executives of the banks and other lending institutions that provide financing to the portfolio companies of the Funds will under certain circumstances lead to conflicts of interest, including conflicts of interest with respect to portfolio companies of the Funds that are associated with such individuals and entities. For example, such relationships could

influence decisions as to whether to invest in or divest from a portfolio company and the timing of such an investment decision. Such decisions could inure to the benefit (or detriment) of one Fund over another Fund.

Subject to the terms of its governing documents, a Fund (i) may invest in companies in which Advent, its affiliates, their personnel or other Funds have certain direct or indirect ownership interests. These interests may r investments to, or purchase investments from, Advent, its affiliates, their personnel or other Funds. Such transactions involve conflicts of interest, as Advent or its affiliates may receive fees and other benefits, directly or indirectly, from or otherwise have interests in both parties to the transaction and may have differing financial incentives with respect to each party to the transaction. Further, by not exposing such buy-and-sell transactions to market forces, the Funds may not receive the best price available. These conflicts are heightened to the extent the relevant securities are illiquid or lack a readily ascertainable value, and there can be no assurance that the transaction price reflects the fair value of the underlying investment. Conflicts of interest are also heightened to the extent the relevant general partners are allocated different percentages of carried interest from Funds in the same investment, or if economic terms, performance or the potential for carried interest vary between Funds, particularly when one Fund sells its portion of an investment to another Fund, potentially crystallizing a portion of such carried interest. When multiple Funds and/or Other Products invest in the same company at different times, the first Fund to invest typically will bear a greater share of diligence and transaction fees, costs and expenses than later Funds or Other Products. Similarly, to the extent a transaction does not proceed, the first Fund or Other Product to invest typically will bear the full amount of broken-deal expenses relating to the transaction, regardless of whether other Funds or Other Products could or would have invested in the company in potential future transactions. In addition, subject to the terms of the applicable governing documents, portfolio companies in which a Fund has invested are permitted to invest in, acquire or sell their securities to, or enter into other transactions with, affiliates of Advent (including other Funds or Other Products), as well as portfolio companies in which other Funds have invested. Any of these transactions could give rise to conflicts of interest, including in circumstances where Advent or its affiliates are able to influence the terms and conditions of the transaction or the parties involved, and Advent may have different economic interests in the parties involved in the transaction. The applicable Funds’ governing documents set forth conditions that must be satisfied for those transactions to occur that are intended to mitigate the potential for conflicts of interest.

From time to time a Fund may invest in a company in which one or more Funds hold, or may acquire, an investment in a different class of such company’s debt or equity that is junior or

senior to the Fund’s investment. In the case of such investment, there can be no assurance that any arising conflict can be resolved in a manner that is beneficial to each Fund. For example, Advent or its affiliates may be required at times to make decisions with respect to debt or preferred equity investments held by some Funds that are adverse to the interests of other Funds as subordinated investors in the same company. In the event such a company enters bankruptcy, the Funds holding securities that are senior in bankruptcy preference may have the right to aggressively pursue the company’s assets to fully satisfy their claims, and Advent or its affiliates may be required to pursue such remedies on behalf of such Funds. As a result, if a Fund holds a more junior position in the capital structure, it could lose some or all of its investment. Similarly, conflicts could arise to the extent that a Fund has the ability to influence the terms or timing of a sale of a company in which another Fund has an investment. When Advent or its affiliates act as the investment adviser or manager of a Fund that has a priority debt or equity interest in a company relative to the Fund’s equity or debt interest in that company, they will not be obligated to take into consideration the interests of the Fund or its investors. Advent’s and its affiliates’ ability to implement a Fund’s strategies effectively may be limited to the extent that contractual obligations entered into in respect of investments made by another Fund impose restrictions on the first Fund engaging in certain transactions that Advent or its affiliates may otherwise be interested in pursuing. In addition, in the event a portfolio company breaches a debt or asset covenant, two Funds holding investments of different priorities may have conflicting interests regarding the waiver or enforcement of available remedies. The involvement of Funds at both the equity and debt levels may also limit the exchange of strategic information among creditors. In certain circumstances, the Funds will be prohibited from exercising voting or other rights and will be subject to claims by other creditors with respect to the subordination of their interests. In addition, because different legal rights are associated with debt and equity investments, a conflict of interest arises in respect to the advice given to, and the actions taken on behalf of, a debt-holding Fund versus an equity-holding Fund. In addition, a Fund may participate in re-leveraging or recapitalization transactions involving portfolio companies in which other Funds have invested or will invest, potentially in securities or on terms that give such other Funds priority over the first Fund (e.g., debt securities with repayment priority over equity holders). Conflicts of interest will likely arise, including determining whether existing investors are being cashed out at fair value and whether new investors are paying appropriate prices or receiving terms that are consistent with market standards. Advent may adopt policies and procedures designed to mitigate such potential conflicts of interest. However, there can be no assurance that Advent’s own interests will not influence its conduct or that Advent’s policies and procedures will have adequately anticipated all conflicts that may arise.

Subject to the terms of the applicable governing documents, a Fund general partner may seek to create liquidity for the investors of such Fund in respect of one or more portfolio companies at any time, including: (a) by offering each investor the opportunity to elect to (i) receive a cash distribution in respect of all or part of its underlying interest in a portfolio company, (ii) continue to hold an interest in the portfolio company through a vehicle sponsored by such general partner or its affiliates (a “Continuation Fund”) or (iii) increase such investor’s indirect interest in such portfolio company, in the discretion of such general partner and to the extent that there is sufficient interest from other investors in reducing their indirect interests in the portfolio company; or (b) by pursuing any alternative transaction structure which achieves a similar economic result for the investors (and with the continuation transaction described in (a), each a “Liquidity Transaction”). In the event a Fund pursues a Liquidity Transaction, such Fund and/or its investors will be expected to bear all costs related to a Liquidity Transaction that is not consummated, and at least a portion of the costs of any consummated Liquidity Transaction, including (without limitation) the costs of forming and marketing the Continuation Fund, as well as fees for services that would only have accrued to the benefit of certain subsets of Fund investors, such as where applicable, those electing to continue their participation, if the transaction had closed. Such amounts will under certain circumstances also include expenses that would have been attributable to Funds that were expected to participate in the Liquidity Transaction that did not ultimately close. To the extent that another Fund or other vehicle sponsored by Advent or its affiliates considers participating in a Liquidity Transaction alongside a Fund, but ultimately does not participate, the Fund is expected to bear the expenses that would otherwise have been borne by the Fund or vehicle that opted out of the transaction. The allocation of Liquidity Transaction expenses raises conflicts of interest, as described herein. A Fund is expected to bear such amounts irrespective of whether the Fund’s advisory committee or limited partners, as applicable, has provided prior consent to the transaction and/or any such expense arrangements. Liquidity Transactions give rise to additional actual and potential conflicts of interest. Such transactions would generally allow the applicable general partner and/or its affiliates to realize carried interest and/or obtain future management fees and carried interest with respect to portfolio investments sold by the applicable Fund to a Continuation Fund that it otherwise would not receive if the portfolio investment were sold to an unrelated third-party. There can be no assurance that the investors would obtain their desired level of liquidity in a sale of a Fund portfolio investment to a Continuation Fund or that they will have the option to retain an interest in such portfolio investment through the Continuation Fund on the same terms as their investment in such Fund or that they will not be diluted. In connection with a Liquidity Transaction, Advent will have no obligation to engage in any third-party sale or public offering process for such portfolio company prior to the Liquidity Transaction or obtain any independent third-party valuation. As a result, there can be no assurance that a third party

would not offer a higher price for a portfolio investment than any Continuation Fund, and the applicable general partner is unlikely to identify all potential buyers or pursue all potential transaction alternatives. Other conflicts of interest arise in these Liquidity Transactions because: (i) Advent and Advent personnel are expected to have the ability to make material investments in a Continuation Fund, which, if exercised, may cause them to take actions that benefit the Continuation Fund over the selling Fund; (ii) Advent is actively involved in negotiating the terms of the sale on behalf of the selling Fund, on the one hand, and the Continuation Fund, on the other hand (including the determination of the transaction sale price and the allocation of expenses incurred in the transaction); (iii) of the requirement for an investor in the Continuation Fund to make an investment in a Fund or a commitment to invest in a future Fund, and/or (iv) such transactions may provide Advent and its affiliates an opportunity to build valuable and/or strategic relationships with actual or potential investors in a Fund and/or a future Fund which (a) incentivizes Advent to favor such investors because of the potential for Advent and its affiliates to earn additional management fees with respect to any such investment or commitment to invest, and (b) could affect the price such investors offer to purchase the asset from the selling Fund.

In addition, Advent may determine to share valuation information with investors in the Continuation Fund, which would provide such investors with more information than a typical buyer of a Fund’s portfolio companies. Advent will also provide information to potential investors in the Continuation Fund regarding the portfolio company, the proposed transaction, and other matters and may provide less information to the selling Fund’s limited partners. There is also a risk that Advent’s valuation of a portfolio company at the time of the Liquidity Transaction could underestimate the actual value of the portfolio company, or that Advent will agree to transfer the portfolio company at a price lower than its historical valuation, thereby reducing the returns to limited partners who do not participate in the Liquidity Transaction. Advent faces conflicts of interest in determining portfolio company valuations, the price at which the Liquidity Transaction takes place, and what information is shared with particular investors. Additionally, conflicts of interest arise in Liquidity Transaction as a result of the allocation of fees and expenses, because fees and expenses will be incurred in connection with the transaction, and Advent might determine to allocate bankers’ fees and certain other fees and expenses solely to selling investors and not to the “rolling investors” or “new investors” in the Continuation Fund or vice versa. In connection with their responsibilities to the Funds or other activities, personnel of Advent or its affiliates may acquire confidential, or material non-public information relating to potential or existing portfolio companies or may be restricted from initiating transactions in certain securities. In such cases, the Funds may be prohibited from buying or selling securities of that company, even if the information was not obtained through activities on behalf of the Funds. Advent and AGO (as defined in Item 10) currently operate without

information barriers or ethical screens that some investment fund managers use to minimize the risk of individuals possessing material non-public information influencing their investment decisions. Due to securities law restrictions, the Funds may not be free to act upon any information obtained from AGO or may be prohibited from taking actions that they otherwise would have taken if information had not been shared by AGO.

From time to time, Advent or its affiliates will be required to decide how to allocate expenses among all relevant Funds. These allocations may not be proportional, as certain Funds have different expense reimbursement terms, including with respect to management fee offsets. Such determinations involve inherent discretion, e.g., in deciding whether to allocate expenses pro rata based on the number of funds or co-investors receiving related benefits or proportionately according to asset size, or in certain circumstances , based on whether a particular expense has a greater benefit to the Funds or the general partners and/or their affiliates, and Advent or its affiliates may have a financial incentive to favor allocations that benefit themselves. Advent’s discretion in making such determination creates a potential conflict of interest as Advent may have an incentive to allocate expenses to a particular Fund over another Fund or other co-investor or Co-Investment Vehicle. In addition, there may be occasions where a Fund procures borrowing through a subscription line or credit facility in order to make an investment, syndicating out a portion of the investment to another Fund. To the extent the borrowing Fund is not successful in syndicating all or a portion of the investment to another Fund, the borrowing Fund may bear more than its expected pro rata share of the cost of interest from the borrowing. To the extent that the applicable governing documents do not specify the manner in which an investment-related expense will be allocated, Advent or its affiliates, as applicable, will determine the appropriate allocation in their discretion , taking into account a variety of considerations and using methods they believe are fair and reasonable and these methods will vary depending on the types of expense. However, such allocation determinations are inherently subjective and may give rise to conflicts of interest. Advent maintains umbrella general partner liability (“GPL”) insurance, which includes professional indemnity and directors and officers coverage, for all of its employees and controlled affiliates, including the Funds, but excluding portfolio companies in which the Funds invest. Advent or its affiliates pay a portion of the insurance premium, including an amount attributed to the employment practice liability portion of the coverage. The remainder of the premium is charged to the Funds and allocated among them by taking into consideration certain facts and circumstances, including the value of a particular Fund’s investments and its total capital commitments from investors. While Advent considers certain objective criteria when determining how to allocate the cost of insurance coverage that applies to multiple entities (and may make corrective allocations should it determine subsequently that such corrections are necessary or advisable), because of the uncertainty

of whether claims will arise in the future, when they may arise and the amount that may be involved in a particular claim, the allocation of insurance costs is inherently subjective. As a result, it is unlikely that Advent will be able to accurately allocate the cost of any such insurance coverage based on the actual claims history of any particular Fund over the life of such Fund. While Advent makes such allocations in its reasonable discretion, a conflict of interest arises in such allocations because Advent has an incentive to allocate expenses away from itself more generally and away from Funds that provide more favorable economics to Advent. There can be no assurance that a different allocation would not result in a particular Fund bearing less (or more) of these costs. In addition, because Advent bears a portion of such cost, conflicts can arise in Advent’s determination of the proper allocation of such cost among itself and the Funds. Further conflicts of interest can arise (and have in the past arisen) if an umbrella insurer, including Advent’s GPL insurer, agrees to provide coverage in connection with matters relating to Funds in exchange for Advent releasing such insurer from future claims relating to other and/or all Funds for a certain period of time. Advent has discretion to enter into such agreements with insurers, taking such factors and considerations as it deems appropriate, potentially benefiting certain Funds to the detriment of others. The Funds may incur expenses in connection with a potential investment that is expected to be made by the Funds but is abandoned before it is made. As a general matter, the Funds will be obligated to pay all expenses incurred in connection with an investment opportunity that is considered by the Funds, even if the investment is not consummated and even if potential co-investors in that investment do not agree to pay any share of such expenses. Advent or its affiliates from time to time may cause a Fund to bear the full cost and expense of engaging certain third-party service providers on behalf of a portfolio company. In the event that such Fund is not the sole shareholder of such portfolio company, other shareholders will benefit from the costs incurred by such Fund and will not reimburse such Fund for their pro rata portion of the cost of any such service provider. The Funds will pay or reimburse Advent or its affiliates for certain research and data fees, as well as costs and expenses related to investments or proposed investments and information technology fees, costs and expenses related to acquiring, developing, licensing, implementing, maintaining or upgrading software and other information technology tools. However, the same data, information, software and information technology tools may also benefit other Funds now or in the future and may benefit Advent and its affiliates in connection with their ongoing business activities.

Advent expects certain service providers, their affiliates and personnel to invest in, or coinvest alongside, one or more Funds, and due to the nature of the service provider relationships and the timing of services, these persons have the potential to have information advantages relative to other investors or co-investors, and in certain circumstances could be offered co-investment opportunities before such opportunities are presented to other

interested prospective co-investors or could be offered co-investment opportunities or fund investment terms on preferred terms, including preferred economics, that would not otherwise be available to other investors absent the service provider relationship.

Conflicts of interest exist in the allocation of the costs and benefits of arrangements with service providers for the provision of goods or services to Advent, the Funds, Other Products and/or their respective portfolio entities. Advent manages such conflicts and makes allocation judgments with respect to such costs and benefits in its fair and reasonable discretion, notwithstanding its interest in the outcome. Advent’s allocation decisions with respect to service providers at times are informed by input from the relevant service provider (including but not limited to where the service provider provides recommended allocation percentages across the relevant parties or provides market practice insight with respect to allocation percentages), and it is possible that the relevant service provider could, due to a conflict, recommend expense allocations that are more favorable to Advent than the Funds or their portfolio companies. There may be instances where the target portfolio company of one Fund is the service provider of another Fund, and an acquisition of the target portfolio company by the original Fund would create a conflict of interest for the other Fund. For example, when the target portfolio company of the original Fund is the valuation agent of the other Fund, the acquisition of the portfolio company by the original Fund would create issues related to independence. Therefore, due to such conflict, there may be circumstances where Advent declines to make an investment on behalf of the original Fund, even if such investment would be beneficial to the original Fund and/or fits within the original Fund’s Allocation Policy. Additionally, due to such conflict, there may be circumstances where the interests of the original Fund are subordinated to the perceived interests of the other Fund, which may be to the detriment of the original Fund.

One or more parties will act as placement agents for the interests in certain Funds. Any fees and expenses incurred in connection with the admission of investors to such Funds are typically borne and paid by the applicable General Partner from its own funds, and the Funds generally do not pay or incur any placement agent fees or expenses in connection with investments by their limited partners. However, any fees paid to locally licensed intermediaries or distributors that the Funds are required to engage to accept subscriptions or offer interests in the Funds in a particular jurisdiction outside of the United States shall not be deemed to be placement fees for this purpose and, consequently, will not offset the management fees paid by the Funds.

Advent maintains a global network of Independent Advisors who are not partners or employees of Advent or its affiliates, but rather consultants (which, for the avoidance of

doubt, may include former employees of Advent) engaged by Advent, the Funds or their portfolio companies to provide advisory and other services from time to time. As a result of the various forms in which Independent Advisors may be compensated and by whom, as well as Advent’s role in determining whether an Independent Advisor will provide services to a portfolio company, serve on its board of directors or be hired as an executive officer and the potential economic benefits to Advent and its Independent Advisors that may result conflicts and risks can arise when Advent is determining whether an Independent Advisor will provide those services or serve in that capacity.

The Funds may acquire portfolio companies that compete in certain geographic areas or sectors with portfolio companies held by other Funds, which can result in competition among such portfolio companies for lenders, products, service providers or customers, among others, which may create conflicts of interest. Certain portfolio companies also may provide services or products to, or are customers of, other portfolio companies, which can result in conflicts of interest to the extent that Advent is involved in recommending or selecting portfolio companies owned by one Fund to provide services or products to portfolio companies owned by another Fund. In providing advice to a portfolio company’s business, Advent may consider the interests of one portfolio company or Fund and is not obligated to, and need not, take into consideration the interests of other relevant portfolio companies or Funds. As a result, a conflict of interest may arise in these instances because advice and recommendations provided by Advent to a portfolio company may have adverse consequences to a separate portfolio company owned by another Fund. The performance and operations of a competitor, customer or service provider portfolio company could conflict with, and adversely affect the performance and operations of another portfolio company, or could adversely affect prices, business opportunities or potential acquisition opportunities. For instance, a portfolio company may seek to expand its market share at the expense of another portfolio company, withdraw business from another portfolio company in favor of another company offering the same product or service at a lower price, increase its own prices, purchase assets from, or sell assets to, another portfolio company, commence litigation against another portfolio company, or prevent one portfolio company from commencing litigation against another portfolio company. From time to time a Fund’s portfolio companies will be counterparties or participants in commercial agreements, transactions or other arrangements with other portfolio companies of such Fund or other Funds. These agreements, transactions and other arrangements will involve payment of fees and other amounts, none of which will result in any offset to the management fee. Such agreements, transactions and other arrangements will generally be entered into without the consent or direct involvement of the Funds and/or Advent or the consent of any Fund’s advisory committee.

Certain of the Funds’ operations interface with or depend on third parties, and the Funds and/or Advent may not be in a position to verify the risks or reliability of such third parties. The Funds may suffer adverse consequences from actions, errors or omissions by such third parties and will have obligations, including indemnity obligations with limited recourse against them. The costs, fees and expenses associated with third-party service providers will generally be borne by the Funds instead of, thereby increasing the expenses borne by the investors.

From time to time, Advent may establish arrangements with providers of goods and services (collectively, the “Preferred Provider Programs”) under which certain portfolio companies owned by the Funds are given the option to participate with Advent, its affiliates and other portfolio companies in purchasing, vendor or similar arrangements. These Preferred Provider Programs are designed to provide group-wide pricing discounts negotiated by Advent, other preferential terms and/or a higher level of service or quality than participants in the program might otherwise receive. While Advent may recommend or may introduce a portfolio company to particular vendors, participation in a Preferred Provider Program by portfolio companies and other participants is voluntary. Advent and its affiliates may also participate in any of the Preferred Provider Programs and receive similar group-wide benefits and discounts as the portfolio companies participating in those programs, which could result in a conflict of interest for Advent in recommending a Preferred Provider Program to a portfolio company even if other service providers could provide similar services at a lesser cost. Advent does not charge portfolio companies any fees or other assessments relating to its Preferred Provider Programs regardless of whether they participate in one or more of those programs. Similarly, the terms negotiated by Advent with preferred providers do not provide for any payments to Advent or its affiliates that are related to or dependent upon any portfolio company purchasing goods or services from those preferred providers. Advent and its affiliates may also participate in any of the Preferred Provider Programs and receive similar group-wide benefits and discounts, but any such benefits or discounts received by Advent or its affiliates will not offset the management fees or other amounts payable by the Funds. When Advent, its affiliates, the Funds and the portfolio companies of the Funds participate in a Preferred Provider Program, they will do so on the same negotiated terms that the provider is expected to offer to other participants. However, under certain circumstances, other providers may charge different rates or offer different arrangements than those provided to Advent, the Funds and/or the portfolio companies, which could result in Advent or its affiliates receiving a discount or more favorable terms on those goods or services while the Funds and portfolio company receive a lesser, or no, discount or less favorable terms on similar goods or services. Advent and its affiliates do not request or require discounts or other arrangements for services as a condition for providers also serving its managed funds

or portfolio companies, nor are any such discounts contingent on a certain level of business or revenue for the provider from Advent’s or its affiliates’ managed funds or their portfolio companies. This can create a conflict of interest between the parties in determining whether to engage such service providers, including the possibility that Advent will favor the engagement or continued engagement of such persons if it receives a benefit from such service providers, such as lower fees, that it would not receive absent the engagement of such service provider by the Funds.

Advent may also be confronted with tasks that can be accomplished either by its employees or by third-party service providers or vendors. Advent’s allocation of such tasks may be influenced by whether Advent or a Fund would bear the fees and expenses of a third-party service provider or vendor. Due to, among other things, limited internal resources, Advent may be incentivized to allocate such tasks related to Funds to third-party service providers or vendors (including in cases where its employees may be able to accomplish such a task faster or with higher quality than a third-party service provider or vendor), such that the Funds would bear the fees and costs thereof.

In some cases, Advent, its affiliates, the Funds and/or their portfolio companies may retain service providers or purchase goods from vendors that employ individuals who are former employees of Advent or its affiliates, family members or have some other relationship with personnel of Advent or its affiliates. Advent, its affiliates, personnel of Advent or its affiliates, or their family members, may also have a direct or indirect financial or other interest in a service provider or vendor that provides services or goods to a managed fund or a portfolio company, or some other relationship with that service provider or vendor. A number of factors, including the particular relationship with a service provider and the nature of its services (which may be specialized or customized to meet the needs of Advent and its Funds and portfolio companies in ways that other providers may not offer), could result in such service provider’s fees, costs and expenses not always being comparable to those charged for such services by other third parties and, consequently, there may be limited or no cost savings from the retention of such service provider. These relationships can give rise to conflicts of interest in the selection of, and terms of business, with, such providers. To mitigate these conflicts, Advent requires that individuals involved in selecting service providers or vendors for its Funds or their portfolio companies conduct reasonable diligence on the service provider or vendor and select only those providers and vendors that they believe will deliver the best execution for the Funds and their portfolio companies based on factors Advent deems relevant, which could include, such as expertise, availability, service quality, the ability of the service provider to meet Advent’s specific requirements and competitive fees. Advent will not have an obligation to evaluate alternative providers or to compare pricing for such service provider’s services.

As part of Advent’s business, Advent, its affiliates and other Advent personnel have developed many relationships with third parties which have the potential to raise conflicts of interest. Such third parties include investment bankers, lenders, consultants, professional advisors (such as attorneys and accountants), co-investors, current and former directors, officers, employees and contractors of current and former portfolio companies, current and former service providers to current and former portfolio companies, former employees and contractors and members of Advent. Certain of these third parties: (i) introduce investment opportunities to Advent; (ii) arrange for, or facilitate the financing of, the purchase or recapitalization of current and potential portfolio companies; (iii) introduce portfolio companies to potential acquisition or merger candidates; (iv) facilitate the disposition of portfolio companies or (v) provide investment banking, consulting, legal or advisory services to Advent, the Funds or portfolio companies. In addition, such third parties may invest in one or more Funds, co-invest in one or more portfolio companies, provide other significant business or investment services to Advent, the Funds and/or portfolio companies, or compete with the Funds for investment opportunities. These relationships create conflicts of interest as Advent will have incentives to select or recommend any such third-party to perform services for the Funds or a portfolio company. The cost of any services provided by such third parties will generally be borne directly or indirectly by the Funds or portfolio companies, as applicable. From time to time a portfolio company of a Fund may provide goods or services to other Funds’ portfolio companies, including as part of a Preferred Provider Program described above. These portfolio companies may be owned by Funds in the same or different Investment Programs. To the extent that such portfolio companies are owned by Funds in different Investment Programs, there is potential for conflicts of interest that may arise if one program’s portfolio company benefits at the expense of another Investment Program’s portfolio company. Advent or its affiliates may recommend or request that a portfolio company purchase goods or services from another portfolio company, which could give rise to conflicts to the extent that Advent or its affiliates have different economic interests in those portfolio companies or the Funds that have invested in those portfolio companies. However, each portfolio company’s management team will have the ability to determine whether or not to select another portfolio company as a vendor or service provider and to negotiate the terms on which they will conduct business. Advent or its affiliates engage certain service providers (including law firms) on behalf of the Funds and personnel of such service providers have in the past been, and may in the future be, seconded to Advent or its affiliates on a temporaryor internship basis, sometimes at “at cost” rates. In such circumstances, Advent or its affiliates may, from time to time, benefit from these arrangements, particularly if “at cost” rates are less than market rates for such services. A conflict of interest exists because Advent or its affiliates may have an incentive to

select a provider based on the benefit of seconded employees, even if the costs of such secondment are borne by Advent or its affiliates.

Additionally, portfolio companies have in the past and may be expected in the future to hire former Advent personnel. Even if the former Advent personnel continue to vest in carried interest from Advent, any compensation paid by the portfolio company for the role at the portfolio company is not expected to be subject to the management fee offset or otherwise shared with the Funds and/or their investors.

From time to time Advent, its affiliates and their personnel may receive the benefit of “friends and family” and similar discounts from portfolio companies owned by the Funds under which such portfolio companies make their goods or services available at reduced rates or on other preferential terms that otherwise would not be available to Advent, its affiliates or their personnel. Because of Advent’s control of the Funds that own such portfolio companies and, in some cases, the participation of its or its affiliates’ personnel on the board of directors or similar governing body of such portfolio companies, there is a potential for conflicts of interest associated with the receipt of such “friends and family” or similar discounts. Typically, portfolio companies will offer such discounts to customers other than Advent, its affiliates and their personnel as part of their standard commercial practices to expand their respective customer bases, which Advent believes helps mitigate the potential conflicts resulting from such arrangements Advent, its affiliates and their personnel maintain relationships with a range of service providers—including financial institutions, market participants, legal counsel, investment banks, broker-dealers and other professional advisers—that may also be investors in the Funds. The engagement of a service provider may occur before, during or after their admission to the Funds. Over the life of the Funds, Advent generally expects to exercise its discretion in recommending or selecting service providers for the Funds and their portfolio companies. This dynamic creates potential conflicts of interest. Although Advent intends to select service providers that it believes are aligned with its operational strategies and that will enhance Funds’ and portfolio companies’ performance, Advent may have an incentive to recommend the initial or ongoing retention of a service provider to the Funds or a portfolio company owned by the Funds if such recommendation, for example, were motivated by a belief that the service provider or its affiliates will continue to invest in the Funds, provide Advent with information about markets and industries in which Advent and its affiliates operate (or are contemplating operations), provide other services that are beneficial to Advent or its affiliates, will maintain goodwill with Advent and/or will provide financial sponsorship of events held by Advent (such as transaction closing dinners or outings, or information summits or training events for Advent or portfolio company personnel).

Advent and its personnel have in the past and may from time to time in the future receive certain intangible and other benefits and/or perquisites arising from their activities on behalf of the Funds, including benefits and discounts provided by service providers. For example, airline travel or hotel stays incurred as Fund expenses may result in “miles” “points” or credit in loyalty/status programs accruing to Advent and/or its personnel, and such benefits, rewards and/or amounts (whether or not de minimis or difficult to value), will exclusively benefit Advent and/or such personnel even though the cost of the underlying service is borne by the Funds, investors and/or a portfolio company. Any such benefits, rewards or amounts will not be subject to the offset arrangements or otherwise shared with the Funds, investors and/or the applicable portfolio company. In addition, airline travel incurred as a Fund expense for Advent personnel traveling for appropriate Fund-related purposes (including, without limitation, travel related to portfolio companies, prospective portfolio companies or other Fund-related matters) may benefit such Advent personnel to the extent the trip also serves a personal purpose.

The Funds may advance the costs and expenses of an indemnified party pending the outcome of the particular matter (including a determination as to whether or not such indemnified party was entitled to indemnification or engaged in conduct that negated such indemnified party’s entitlement to indemnification). As a result, there may be periods where the Funds are advancing expenses to an individual or entity with whom the Funds are not aligned or is otherwise an adverse party in a dispute. Moreover, the Fund general partners will, notwithstanding any actual or perceived conflict of interest, be the beneficiary of any decision by it to provide indemnification (including advancement of expenses). The Funds’ governing documents contain provisions that may (i) modify and replace the duties, including fiduciary and other duties, to the Funds and the investors to which the general partners and their affiliates (including Advent and its affiliates) may otherwise be subject, (ii) authorize, and permit conduct on the part of the general partners and their affiliates (including Advent and its affiliates) that might not otherwise be permitted pursuant to such duties, and (iii) limit the remedies of investors with respect to breaches of such duties.

The general partner of a Fund may elect, in its sole discretion, to offer to all investors with sharing percentages in a portfolio company the option of receiving a distribution in kind of their share of such portfolio company. If an investor elects to receive securities in kind for its share of a portfolio company, such general partner or its affiliate may receive its carried interest distribution with respect to such investor as cash or a distribution in kind. Because Advent and its affiliates possess and have access to information on portfolio companies and such general partner’s determinations to make distributions, Advent and its affiliates are in a better position to make an election (or change an existing election) to receive in kind distributions with respect to specific portfolio companies than investors who may have limited or no information regarding such portfolio companies. Further, where more than one

Fund holds the same securities or instruments, Advent or its affiliates may determine to undertake a distribution in kind of securities to investors from one but not all of Funds, with the result that investors of Funds invested in the same securities will have different returns on their investment. Advent and its affiliates reserve the right to make investments on behalf of themselves and/or the Funds that are competitive to the companies that a particular Fund makes an investment in. For example, one Fund may invest in a portfolio company that competes with a portfolio company of another Fund. Further, in providing advice and recommendations to, or with respect to, such investments and in dealing with such investments on behalf of one Fund, to the extent not prohibited by law, Advent and its affiliates will not take into consideration the interests of other Funds. Accordingly, such advice, recommendations and dealings may result in adverse consequences to such other Funds or their investments.

The Fund general partners or their affiliates are generally entitled to receive carried interest distributions if the Funds’ investments are sufficiently profitable, which may create an incentive for Advent or its affiliates to make more risky or speculative investments on behalf of the Funds than they would otherwise make in the absence of such carried interest distributions. Further, as Advent and its affiliates manage other Funds for which they receive differing levels of performance-based compensation, they may have an incentive to favor the Funds, or to take increased investment risks on behalf of such Funds, for which they receive a larger performance-based compensation. In addition, Advent and its affiliates may be incentivized to hold on to investments even after the end of the term of the Funds, including those with poor prospects for improvement if doing so would allow Advent and its affiliates to receive ongoing management fees under the terms of the applicable governing documents. A Fund general partner or its affiliates may defer disposition of one or more investments or delay the liquidation of such Fund if the disposition and/or liquidation would result in a realized loss to such Fund or would otherwise result in a clawback event for such general partner or its affiliates. Where the applicable governing documents do not require management fees to be reduced in connection with investment reorganizations, restructurings, roll-over investments, extraordinary dividends or similar transactions, a Fund general partner or its affiliates are incentivized to pursue such transactions. The U.S. federal income tax law treats certain allocations of capital gains to service providers by partnerships such as the Funds as short-term capital gain (taxed at higher ordinary income rates) unless the partnerships have held the asset generating such gain for more than three years. This may create an incentive for the general partners to hold investments for a longer period. This greater-than-three-year holding period requirement for long-term capital gains treatment in respect of carried interest for U.S. federal income tax purposes (and any conditions or requirements that may need to be satisfied to benefit from tax

regimes applicable to carried interest in other jurisdictions) may create potential conflicts of interest between the Fund general partners and the investors by affecting investment decisions, including the timing and structure of dispositions, and could adversely impact returns for investors. For example, a Fund general partner may cause a Fund to borrow more frequently, in greater amounts or for longer periods; hold investments for longer than it would absent adverse tax consequences to such Fund general partner or its affiliates from a shorter holding period; or waive or defer the distribution or allocation of carried interest to such Fund general partner or its affiliates, potentially changing the character or amount of income allocated to investors.

The valuation of the Funds’ investments will be determined by Advent or its affiliates. The valuation methodologies used to value investments will involve subjective judgments, projections, assumptions and opinions about future events, which may or may prove not accurate. The valuation of the Funds’ investments could affect the amount and timing of payment of management fees and carried interest payable to Advent or its affiliates, which could create conflicts of interest. Over-valuations could lead to overcharged management fees, an acceleration of carried interest distributions or a delay in or avoidance of a clawback obligation.

Under the applicable governing documents, a Fund’s advisory committee generally has the ability to review and waive compliance with certain provisions thereof, including consenting to conflict of interest situations, as well as certain approvals or consents required by U.S. federal securities laws. Pursuant to the terms of the governing documents, all investors are bound by the determinations of the advisory committee, regardless of whether an individual investor is represented by a member of the advisory committee. A Fund’s advisory committee is expected to be comprised of representatives of investors with divergent interests, objectives, regulatory treatment, tax sensitivities, portfolio compositions, experience and other factors. An advisory committee member may consider the interests of the investor it represents over the interests of the investors as a whole when voting or consenting to any matter submitted to the advisory committee. Members of the advisory committee may have conflicts of interest that do not disqualify such members from voting or consenting to matters submitted to the advisory committee for consideration or review. In addition, representatives of the advisory committee may have various business and other relationships with Advent and its partners, employees and affiliates. These relationships may influence their decisions as members of the advisory committee and present conflicts of interest. Advent and its affiliates generally have significant discretion in the management of the affairs of the Funds, including, but not limited to, discretion in: appointing members to the advisory committee; setting the “commencement date” for the Funds (which impacts the accrual of

management fees); allocating Fund expenses; allocating the economic burden of certain taxes and other expenses; advancing of indemnification expenses; settling claims that may trigger Fund indemnification obligations; admitting additional investors; consenting to transfer requests; excusing or excluding certain investors from investments; valuing portfolio investments; addressing certain conflicts of interest; interpreting provisions of the Fund governing documents, side letters with investors and/or other agreements that may be ambiguous as applied to specific factual circumstances; structuring investments to address tax or other considerations; applying penalties to defaulting investors; making distributions in cash or in kind; determining the timing of the Fund’s last investment ,final liquidation and distribution; determining whether transactions constitute a “disposition” for purposes of calculating carried interest; determining if an investment’s value is likely to remain impaired permanently for purposes of calculating management fees and/or carried interest calculations; offering co-investment opportunities; making certain unilateral amendments to Fund governing documents; and such other matters as may arise from time to time. Advent and its affiliates are incentivized to take their own interests into account in exercising such discretion, and the exercise of such discretion could adversely affect investors generally or disproportionately impact certain investors. The Funds generally enter into side letters with certain investors that have the effect of establishing rights under, or altering or supplementing the terms of, the Funds’ governing documents with respect to such investors. In addition, Advent may from time to time agree to certain matters relating to knowledge transfer, knowledge sharing, training and/or secondments with one or more investors as part of an overall firm relationship.

Over the course of 2022 and 2023, in connection with the Gayosso Transaction, Servicios Funerarios (i) filed civil claims in Mexico (the “Mexican Civil Proceedings”), (ii) caused criminal proceedings to be initiated in Mexico (the “Mexican Criminal Proceedings”) and (iii) commenced a civil action in the United States District Court for the District of Massachusetts (together with the Mexican Civil Proceedings and the Mexican Criminal Proceedings, the “Gayosso Litigation”) against Advent and certain other defendants. In 2023, Advent and the Selling Funds filed an action in the Delaware Court of Chancery against Servicios Funerarios,

seeking injunctive, declaratory, and compensatory relief on the basis of the Guarantee. In 2024, the Delaware Court of Chancery, among other things, (i) held that Servicios Funerarios breached the Guarantee; (ii) permanently enjoined Servicios Funerarios from prosecuting the Mexican Civil Proceedings against Advent; and (iii) declared that the Guarantee was terminated as of March 2022 when Servicios Funerarios filed the Mexican Civil Proceedings. In October 2022, the judge in the Mexican criminal proceeding issued an order immobilizing the transfer of certain assets unrelated to Gayosso, which were indirectly held by different Funds (the “Initial Asset Embargo”). The Initial Asset Embargo and a subsequent asset embargo authorized in January 2023 have since expired. It is possible that Servicios Funerarios may seek the imposition of similar measures in the future. Any such restrictions could impact the sale of portfolio companies held by Funds different than those involved in the Gayosso Litigation, including the Fund. Advent categorically rejects the allegation that it or its affiliates committed fraud, has not identified any merit to the accusations of fraud, and continues to vigorously contest Servicios Funerarios’ claims in all proceedings. The Gayosso Litigation remains ongoing.

Advent do Brasil Consultoria E Participações Ltda – Brazil Advent International Advisory S.L. – Spain Advent International Australia Pty Ltd – Australia Advent International Colombia S.A.S. – Colombia Advent International Cyprus Limited - Cyprus Advent International GmbH – Germany Advent International Hong Kong Limited – China

8. Advent International Japan Godo Kaisha – Japan 9. Advent International Ltd. – United Kingdom 10. Advent International Luxembourg S.à.r.l. – Luxembourg 11. Advent International Netherlands B.V. – Netherlands 12. Advent International PE Advisors, S.C. – Mexico 13. Advent International SAS – France 14. Advent International S.r.l. – Italy 15. Advent Investment Advisory GmbH – Germany

Advent has established the following wholly owned subsidiaries to provide investment advisory services to certain Funds domiciled in Luxembourg. Each listed entity has been appointed as the alternative investment fund manager of certain of these Funds and has appointed Advent as a sub-advisor to assist it in providing management services to those Funds. 1. Advent International GPE VII, LLC 2. Advent International GPE VIII, LLC

Advent International Fund Manager S.à.r.l. (the “AIFM”), an indirect wholly-owned subsidiary of Advent based in Luxembourg, serves as the alternative investment fund manager for certain Funds domiciled in Luxembourg. The AIFM has delegated certain of its management duties with respect to certain Funds to Advent, and other Funds, to Advent International Lux LLC (“Advent Lux”), a wholly-owned subsidiary of Advent, which then has engaged Advent to provide investment advisory services to Advent Lux in connection with the performance of such delegated management duties.

Advent Global Opportunities Management LLC (“AGOM”), a wholly-owned subsidiary of Advent, is a registered investment adviser that provides investment advisory services to pooled investment vehicles (each an “AGO Fund” and collectively, the “AGO Funds”), and also provides research services to a one or more institutional clients. The AGO Funds include (i) private funds organized in a “master-feeder” structure in which several feeder funds invest substantially all of their assets into the master fund (the “AGO Master Fund”) and, in turn, the AGO Master Fund make investments primarily on publicly traded equities and select noncontrolling private investments in both U.S. and non-U.S. companies, including issuers in emerging markets, (ii) two private funds, each with a single investor that co-invested in a single private investment alongside the AGO Master Fund and (iii) a private fund that, to the extent practicable, employs a public investment strategy similar to the public investment strategy employed by the AGO Master Fund with a tax-efficient focus. Advent Global Opportunities Management Ltd. (together with AGOM, “AGO”) is a majority-owned subsidiary of AGOM that provides research services to AGOM. AGO carries out portions of its

compliance, finance, and other operational functions on an integrated basis with Advent, allowing AGO to leverage Advent’s experience and the breadth of Advent’s global organization. Employees of AGO also participate in meetings and discussions with employees of Advent who are involved in managing the Funds, and in those meetings and discussions information regarding potential investment opportunities may be discussed. Although the AGO Funds and the Funds have different primary investment strategies, from time to time an investment opportunity will be appropriate for both the AGO Funds and the Funds and an AGO Fund will make an investment alongside a Fund. In addition, an AGO Fund will, from time to time, invest in a company owned by a Fund at a different time than the Fund’s investment and may be in a different type of security than the Fund owns. Please refer to Item 11 for a description of potential conflicts of interest that can arise in connection with allocating an investment opportunity to the AGO Funds or the Funds as well as conflicts that can arise when the Funds and the AGO Funds invest in the same company, and the manner in which Advent addresses such conflicts. Various entities serve as general partners of the Funds and are related persons of Advent. For a description of material conflicts of interest created by the relationship among Advent and the general partners, as well as a description of how such conflicts are addressed, please see Item 11 below.

The Code of Ethics is designed to prevent the personal securities transactions and interests of the employees of Advent (directly and indirectly, including through AGO Funds) from interfering with (i) making decisions in the best interest of the Funds and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts where appropriate. The Code of Ethics requires pre-clearance of transactions in most securities and restricts, with certain exceptions, both the purchase of single-name securities and any trading in the securities of any issuer included on Advent’s restricted list.

Interested persons may request a copy of Advent’s Code of Ethics by contacting Joanna Polcari, Assistant Vice President, Compliance, at (617) 391-1550 or jpolcari@adventinternational.com.

Below is a summary of material conflicts that arise in connection with the participation or interest of Advent and its affiliates and employees in Fund transactions, including participation through an investment in Employee Funds, IA Funds, SP Funds, other Funds and AGO Funds, and an interest arising from serving as a director or in another role with respect to the issuer of securities held by a Fund. Additional conflicts may be disclosed elsewhere in this brochure. In addition, for a more complete description of the potential conflicts of interest relating to a particular Fund please refer to the offering memorandum for such Fund.

Certain Funds may compete for investments with other existing Funds as well as CoInvestment Vehicles and/or new funds that may be formed in the future, some of which may have the same or similar investment strategies. While the Funds co-invest with Employee Funds, IA Funds and SP Funds in each investment, they also may co-invest in certain portfolio companies with other Funds, Co-Investment Vehicles, AGO Funds and new funds that may be formed in the future that have the same or a similar investment strategy or may have a different primary investment strategy but nonetheless may invest in certain portfolio companies in which the Funds invest or are considering an investment. As a result, conflicts of interest will arise in connection with allocating investment opportunities and making, managing or disposing of investments by the Funds. Advent has adopted certain policies and procedures intended to address situations that can give rise to conflicts of interest, including a Fund Allocation Policy, and the Funds’ organizational documents set forth certain restrictions on forming competing Funds and amounts invested by Advent employees and affiliates, as well as other requirements regarding the allocation of investment opportunities.

Advent makes allocation determinations based solely on its expectations at the time such investments and dispositions are made; however, investments and their characteristics may change and there can be no assurance that allocation was appropriate in hindsight. In some cases, Advent’s observation and application of the Fund Allocation Policy may affect adversely the price paid or received by a Fund, or the size of the position purchased or sold by the Fund. Certain Funds are permitted to invest in portfolio companies in which other Funds, affiliates of Advent or personnel of Advent or its affiliates have direct or indirect ownership interests if the conditions specified in the applicable Funds’ organizational documents are satisfied. Some Funds also are permitted to sell their investments to, or purchase investments from, other Funds, affiliates of Advent or personnel of Advent or certain of its affiliates if the

conditions specified in the applicable Funds’ organizational documents for such transactions have been satisfied. In addition, portfolio companies in which certain Funds have invested are permitted to invest in, acquire or sell their securities to, or enter into other transactions with, portfolio companies in which other Funds have invested if the conditions specified in the applicable Funds’ partnership agreements are satisfied. Any of these transactions could give rise to conflicts of interest, including in circumstances where Advent or its affiliates are able to influence the terms and conditions on which such transactions occur and have different economic interests in the parties involved in those transactions. The applicable Funds’ partnership agreements set forth conditions that must be satisfied for those transactions to occur that are intended to mitigate the potential for conflicts of interest, which may include one or more of the following: (i) obtaining a waiver of the restriction on related party transactions by the applicable limited partner advisory committee; (ii) a concurrent purchase or sale of securities by a third-party of at least 15% of the investment on the same or no more favorable terms and obtaining a third-party fairness opinion; (iii) in cases where Advent personnel own less than 10% of the target company, satisfaction of additional conditions such as the securities being purchased in the open market, or at a price not exceeding the most recent closing price, or all other funds owning, in the aggregate, less than 20% of the outstanding equity and having paid less than $75,000,000 for such equity; (iv) purchases of securities from related parties at a price not exceeding the highest price paid by a third-party purchaser, subject to a 5% cap on the aggregate amount of securities purchased from related parties; and (v) in connection with an initial public offering or commencement of trading on a securities exchange, purchases or sales of securities from or to related parties, subject to a specified cap and at a price equal to the price paid by thirdparty purchasers in such offering or transaction. When a Fund co-invests in a portfolio company with other Funds or AGO Funds, or invests in a portfolio company in which another Fund or an AGO Fund has already invested, it is possible that such Fund and the co-investing Funds or AGO Funds may have conflicting interests with respect to the management or disposition of their investment. For example, one Fund may have capital available to participate in a follow-on investment in that portfolio company while another Fund may not have enough capital to participate, which could result in a divergence of views with respect to approving any transaction by the portfolio company that will require an additional equity investment from its investors, or could result in one Fund suffering dilution with respect to its investment as a result of another Fund’s follow-on investment. It is also possible that it may be appropriate for one Fund to dispose of its investment earlier than the other co-investing Funds because that Fund has achieved its return objective with respect to its investment or because that Fund is nearing its dissolution date, which could result in a divergence of views with respect to when to sell a portfolio company or could result in one Fund disposing of its investment before the other co70

investing Funds. Investments disposed of at different times will likely be disposed of at different valuations and, as a result, each Fund may realize different returns as compared to the same investment held by another Fund. These variations in timing may be detrimental to a Fund. At the same time, if Advent determines it is advisable for a Fund to exit an investment at the same time as another Fund, the term of which may expire sooner than the former Fund’s, such Fund may dispose of its interest earlier than it ordinarily would have and may, as a result, experience lower returns than it otherwise may have earned on such investments. In addition, investors may receive different considerations (for instance, investors in one Fund may receive cash whereas investors in another Fund may be provided the opportunity to receive distributions in-kind), which may impact the realized return ultimately received by each Fund. In the event that a conflict of interest arises in connection with managing or disposing of an investment in which a Fund has co-invested with other Funds or AGO Funds, the applicable Fund documents may set forth certain requirements that must be satisfied, such as obtaining a waiver of the restriction on related party transactions by the applicable advisory committee. Subject to complying with any approval or other requirements in the applicable Fund and investment documents, Advent will determine how best to resolve such conflicts taking into consideration the best interests of the Funds and the particular facts and circumstances applicable to each Fund and its investment.

Subject to any specific agreements or contractual rights with limited partners, in general, (i) no investor in a Fund has a right to participate in any co-investment opportunity and investing in a Fund does not give an investor any rights, entitlements or priority to coinvestment opportunities, (ii) decisions regarding whether and to whom to offer coinvestment opportunities, as well as the applicable terms on which a co-investment is made, are made in the sole discretion of Advent or its related persons or other participants in the applicable transactions, such as co-sponsors, (iii) co-investment opportunities typically will be offered to some and not other investors in the Funds, in the sole discretion of Advent or its related persons, and investors may be offered a smaller amount of co-investment opportunities than originally requested and an investor may be offered fewer co-investment opportunities than other investors in the same Fund, with the same, larger or smaller capital commitments to such Fund, (iv) certain persons other than investors in the Funds (e.g., consultants, Independent Advisors, joint venture partners, persons associated with a portfolio company and other third parties), may be offered co-investment opportunities, in the sole discretion of Advent or its related persons, and (v) co-investors may purchase their interests in a portfolio company at the same time as the Funds or may purchase their interests from the applicable Funds after such Funds have consummated their investment in the portfolio company. Each co-investment opportunity (should any exist) is likely to be different, and the allocation of each such opportunity will be dependent upon the facts and

circumstances specific to that unique situation (e.g., timing, industry, size, geography, asset class, projected holding period, exit strategy and counterparty). Additionally, non-binding acknowledgements of interest in co-investment opportunities do not require Advent to notify the recipients of such acknowledgements if there is a co-investment opportunity.

In the event that Advent determines to offer an investment opportunity to co-investors, there can be no assurance that Advent will be successful in offering a co-investment opportunity to a potential co-investor, in whole or in part, that the closing of such co-investment will be consummated in a timely manner, that the co-investment will take place on the terms and conditions that will be preferable for the Fund or that expenses incurred by the Fund with respect to the syndication of the co-investment will not be substantial. Funds bear the risk that any or all excess portion of an investment is not sold or is sold on unattractive terms. In the event that Advent is not successful in offering a co-investment opportunity to potential co-investors, in whole or in part, the Fund may consequently hold a greater concentration and have more exposure in the related investment opportunity than was initially intended and bear the entire portion of any fees, costs and expenses related to such investment, which could make the Fund more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. An investment that is not syndicated to co-investors as originally anticipated could significantly impact a Fund’s available capital and overall investment outcome. Therefore, it is possible that a Fund that overcommits to an investment will bear a disproportionate allocation of the risks associated with the transaction without being compensated for assuming such risks. Allocating a portion of an investment opportunity for a co-investment generally reduces the amount of the relevant investment opportunity that theoretically could have been taken by a Fund, and because co-investment opportunities generally appeal to investors and third parties, there are potential conflicts of interest in determining the amount of investment opportunity that should be allocated to a Fund.

Advent or its affiliates have established and reserve the right to in the future to establish dedicated Co-Investment Vehicles for specific investors in order to facilitate investments by the relevant investors as co-investment parties alongside a Fund. Such Co-Investment Vehicles were established at Advent or its affiliates’ sole discretion, and Advent’s and its affiliates had no obligation to offer a similar opportunity to any other investor. Separately, Advent or its affiliates have, at the request of certain investors, established, and reserve the right to in the future establish, partnerships or other entities that at the relevant time of determination were formed to co-invest with certain Funds and/or other accounts managed or advised by Advent or its affiliates in one or more portfolio companies or other investments, to the extent the investments by such partnership or other entity are either (a) limited to only holding or investing in a single portfolio company or (b) subject to positive or negative approval rights of the partners or other investors of such partnership or other

entity (each, a “Non-Control Co-Investment Vehicle”). Neither Advent nor its affiliates shall have any obligation to form such vehicles for any other investor. The existence of CoInvestment Vehicles and Non-Control. Co-Investment Vehicles may make it more likely that the investors therein will be allocated co-investment opportunities as such vehicles make it more efficient for those investors to assess and fund such opportunities and may ultimately reduce or eliminate co-investment opportunities available to other investors.

Advent’s Employee Funds, IA Funds and SP Funds co-invest in the same investments that are made by the Funds. The amount and certain other terms of co-investments by Advent’s Employee Funds typically are agreed with the investors in the Funds with which the Employee Funds co-invest and are described in the governing documents of the applicable Funds. Former employees of Advent may invest via an Employee Fund, an IA Fund or an SP Fund, depending on structuring needs. Co-Investments by Employee Funds, IA Funds and SP Funds are also subject to Advent’s Fund Allocation Policy. Negotiating certain terms of such co-investments with the investors in the Funds and following Advent’s Fund Allocation Policy helps to minimize the potential for conflicts of interest in connection with Employee Fund, IA Fund and SP Fund co-investments.

The AGO Funds primarily invest in passive investments in publicly traded securities through open market transactions and selectively in private companies and acquire minority positions in companies. Although the AGO Funds and the Funds have different primary investment strategies, from time to time an investment opportunity will be appropriate for both the AGO Funds and one or more Funds. In that event, the investment opportunity will be allocated among the AGO Funds and the Funds as provided in Advent’s Fund Allocation Policy, subject to complying with any requirements in such Funds’ organizational documents. It is also possible that (i) an AGO Fund will make an investment in a company in which a Fund has already invested or that a Fund will make an investment in a company in which an AGO Fund has already invested, including at different levels of a company’s capital structure, or (ii) either a Fund or an AGO Fund will buy securities from the other fund. A Fund’s organizational documents typically require that certain conditions or criteria must be satisfied, which may include obtaining a waiver of the restriction on related party transactions by the applicable advisory committee, for certain transactions involving that Fund and certain related parties, including certain purchases or sales of securities by a Fund from or to an AGO Fund. If potential conflicts arise between the interests of the AGO Funds and the Funds in connection with the acquisition, management or disposition of any investment, Advent and AGO will determine how best to resolve those conflicts, subject to obtaining a waiver of the restriction on related party transactions by the applicable advisory committee and complying with any other requirements in the applicable Fund and

investment documents. In addition, it is possible that Advent or personnel of Advent invest in an investment held by an AGO Fund (including through an initial public offering), which would result in Advent or personnel of Advent receiving an allocation of such securities.

If an AGO Fund invests in the same company as a Fund, such investment may be made in the same or different securities or at the same or different times. Conflicts may arise in determining the terms of the Fund’s and the AGO Fund’s investments, particularly if the AGO Fund invests in different types of securities than the investment by the Fund. For example, if the AGO Fund invests in debt securities and the Fund invests in equity securities of the same portfolio company, questions may arise as to whether payment obligations and covenants should be enforced, modified or waived, whether payments should be accelerated or whether the portfolio company’s debt should be refinanced. Decisions about what actions should be taken in a troubled situation, including whether or not to enforce claims or bring litigation against a portfolio company, whether or not to advocate or initiate a restructuring or liquidation inside or outside of bankruptcy, whether or not or in what manner to exercise a voting or consent right, and the terms of any work-out or restructuring may raise conflicts of interest and Advent may be incentivized to choose a course of action that would benefit one Fund to the detriment of the other Fund. In addition, because different legal rights are associated with debt and equity investments, a conflict of interest arises in respect to the advice given to, and the actions taken on behalf of, a debt-holding Fund versus an equityholding Fund. In such circumstances, Advent could be conflicted when determining how to exercise the Fund’s rights as holder of equity securities and the Fund’s representatives on the board of directors of the portfolio company, if applicable, may have similar conflicts. Certain employees of Advent who are involved in investment decisions for the Funds also serve on AGO’s Investment Oversight Committee, which sets the investment strategy for the AGO Funds and provides input on investment opportunities for the AGO Funds, and those employees may face similar conflicts. Advent has in the past pursued and continues to pursue investment strategies that it believes are complementary to its business. Pursuing strategies that differ from Investment Programs could create conflicts of interest between the new strategy and the Investment Programs. If such complementary investing strategies are pursued, there will be a conflict of interest in the allocation of investment opportunities among one or more Investment Programs and the new strategy. In such event, Advent will evaluate for such Investment Programs or such new strategies a variety of factors which may be relevant in determining whether a particular investment opportunity is appropriate and feasible for each such Investment Programs or such new strategy, including (1) the nature of the investment opportunity taken in the context of market conditions at the time of such opportunity, and (2) whether such investment opportunity is, consistent with (a) the governing documents for the applicable

Investment Program’s Funds, and (b) the allocation policies and procedures adopted by Advent which Advent makes available to limited partners for review upon request.

Advent’s allocation of investment opportunities among the Investment Programs and new strategies in the manner discussed herein likely will be more or less advantageous to some such Investment Programs or new strategies relative to others. While Advent will allocate investment opportunities in a manner that it believes is fair and equitable to its investors under the circumstances over time and considering relevant factors, there can be no assurance that a Fund’s actual allocation of an investment opportunity, if any, or the terms on which that allocation is made, will be as favorable as they would be if the potential conflicts of interest to which Advent expects to be subject, discussed herein, did not exist.It is Advent’s policy not to engage in any principal transactions without disclosing to the Fund before the completion of such transaction the capacity in which Advent is acting and obtaining the consent of the Fund’s advisory committee for such transaction. Principal transactions are generally defined as transactions where an adviser, acting as principal for its own account or the account of an affiliated broker-dealer, buys from or sells any security to any advisory client. A principal transaction may also be deemed to have occurred if a security is crossed between an affiliated fund and another client account.

It is Advent’s policy not to engage in cross-trading transactions. A cross trading transaction is defined as a transaction where a person acts as an investment adviser in relation to a transaction in which the investment adviser, or any person controlled by or under common control with the investment adviser, acts as broker for both the advisory client and for another person on the other side of the transaction. A cross-trading transaction may arise where an adviser is registered as a broker-dealer or has an affiliated broker-dealer.

The Funds may create a platform for acquiring companies in a particular industry for the purpose of creating synergies across, and adding value to, such companies (e.g., merging companies together to create economies of scale or running certain companies in a coordinated manner). In such instances, a holding company (“Holding Company”) would be created that would acquire and manage the companies in the platform. The investments in the Holding Company may be managed together (including, for example, the use of common service providers, combined and/or otherwise sold together as part of a single transaction or series of related transactions). The Holding Company would be staffed with personnel responsible for sourcing, acquiring and managing companies for the Holding Company. All of the Holding Company’s costs and expenses, initial or ongoing and for any purpose, including compensation for its personnel (which compensation may include, among other things, salary, benefits, retainers and the granting of profit participation in certain investments of Holding Company and/or a capital interest in such investments or the underlying assets), overhead expenses (including, without limitation, rent, property taxes

and utilities allocable to the workspaces) and all expenses related to sourcing would be borne by the Holding Company (and, therefore, indirectly borne by the Funds). Such costs, fees and expenses will not offset the management fee and are in addition to management fees and other compensation (e.g., carried interest) received by Advent. In addition, as Advent earns management fees and carried interest from the Funds, Advent will benefit from the assets, income and gains of the Holding Company.

Occasionally, upon the termination of the fundraising period for a particular Investment Program, Advent may cause certain Funds in that Investment Program to transfer portions of an investment held by those Funds to other Funds in the same Investment Program. These one-time transfers are effected shortly after the end of the fundraising period for the applicable Investment Program in accordance with the disclosed and agreed-upon terms in the organizational documents of the Funds involved in order to assure that each Fund in an Investment Program is holding its correct pro rata share of each investment. In addition, Advent may, under limited circumstances, cause certain Funds to sell securities to other Funds, subject to requirements set forth in the applicable Fund’s limited partnership agreement, which may include obtaining a waiver of the restriction on related party transactions by the applicable advisory committees of the Funds involved in the transaction and compliance with the terms of the organizational documents of the Funds applicable to those transactions. Advent does not receive any additional compensation for these transactions and is not deemed to be a broker for purposes of Section 206(3) of the Advisers Act in connection with such transactions and, therefore, such transactions are not crosstrading transactions. However, these transactions may entail a conflict of interest because, in such limited circumstances, Advent acts for both Funds and may have an incentive to improve the performance of one Fund by selling an underperforming asset to another for example, to earn fees and/or improve its performance allocation or investment returns. Advent recognizes its fiduciary duties and adopted written policies and procedures designed to comply with its duties, including by seeking to treat all Funds fairly and equitably under the circumstances over time In the case of all conflicts of interest, Advent determines which factors are relevant, and how to mitigate and resolve such conflicts, using its best judgment, but in its sole discretion except to the extent otherwise specified in the organizational documents of a Fund (such as where the waiver of the restriction on related party transactions by the applicable advisory committee is required). In resolving conflicts, Advent may consider various factors, including the interests of the applicable Funds with respect to the immediate issue and/or with respect to their longer-term courses of dealing.

More detailed procedures for resolving certain conflicts of interest are set forth in the offering memorandum and organizational documents of the applicable Fund, and certain additional conflicts are disclosed elsewhere in this brochure.

Advent’s selection of brokers is based on a number of factors, including, but not limited to, the size and type of transaction, the markets for securities to be purchased or sold, execution, efficiency, settlement capability, financial condition of the broker-dealer, the quality of the broker-dealers portfolio execution on a continuing basis, and reasonableness of brokerage commissions. A review process is used to evaluate the applicable considerations each time a position is acquired, exited or transferred away from an executing broker. Advent always attempts to achieve the best overall execution price for its Funds in light of the structure of the particular transaction. Advent will evaluate each transaction to confirm that the execution price is in line with, or exceeds, that of the current market based on specific facts and circumstances of the transaction. The lowest possible commission cost is not necessarily sought for every transaction in that it may not result in the best quality execution of transactions effected for the Funds.

It is Advent’s policy not to enter into any soft dollar arrangements. A “soft dollar” arrangement is an arrangement whereby an investment adviser directs client brokerage, or pays higher commissions, to a particular broker-dealer in return for research or other services from such broker-dealer. Advent may, however, receive proprietary research and electronic trading, order routing and risk monitoring services from broker-dealers as an incident of doing business with such broker-dealers, but only where (i) there is no arrangement to direct a specific amount of Advent’s commission business to such brokerdealers in exchange for such items and (ii) Advent does not “pay up” for such items in the form of higher commissions on Fund trades. Advent does not have any formal or informal soft dollar arrangements by which it receives research or brokerage products or services. It is Advent’s policy not to enter into directed brokerage arrangements. A “directed brokerage” arrangement is an arrangement whereby a client of an investment adviser instructs the adviser to direct a portion of its brokerage transactions to a particular brokerdealer.

When more than one Fund holds securities of the same portfolio company, Advent typically sells a pro rata portion (based on the amount of securities that each Fund holds) of the securities held by each Fund at the same time. This aggregation of sales is typically required by the organizational documents of the Funds. Occasionally less than all of the Funds holding securities of the same portfolio company will sell in the same transaction. However, this only occurs when the Funds have acquired those securities at different times or otherwise have different investment objectives.

Portfolio reports are prepared for all Funds. They are furnished to investors in the Funds as agreed upon in the partnership agreements or other organizational documents of the Funds. These reports may be provided quarterly, semi-annually or annually, and their contents may vary by Fund. Portfolio reports include a description of the securities held by the Fund; the total cost, unit cost and current value of each security in the Fund’s portfolio; a summary of all transactions for the account of the Fund during the applicable period; and the Fund’s performance for the period from inception. The reports also contain a short general discussion of the individual investments made by the relevant Fund.

fund managers may perform distribution activities for the offer and sale of interests in such Funds through their offices and branches and may enter into distribution agreements with affiliates or third parties for the offer and sale of interests in certain jurisdictions. For details regarding economic benefits provided to Advent by non-clients, including a description of related material conflicts of interest and how they are addressed, please see Item 11 above. Item 15 – Custody

Advent defines the best interest of a Fund in this context primarily with reference to the impact that the issue being voted upon may have on the desirability of owning the security from the perspective of the Fund.

Advent’s proxy voting policies and procedures include guidelines regarding: (i) the determination, on a case-by-case basis, of how proxies will be voted; (ii) the responsibility

of certain designated employees with regard to the proxy voting process; (iii) how material conflicts of interest are addressed so that all proxies are considered and voted in the best interest of the applicable Fund; and (iv) record keeping requirements. Upon request, Advent will provide a Fund or an investor in a Fund with information regarding how the applicable Fund’s proxies were voted and will provide a copy of its proxy voting policies and procedures. To obtain this information, please send a written request to: Advent International, L.P. Prudential Tower 800 Boylston Street Boston, MA 02199 Attn: Fund Administration 617-951-9400