Corsair Capital Management, L.P.: investment adviser

Major are also referred to as the “Portfolio Managers” throughout this brochure. Corsair currently serves as the investment manager/adviser of the following clients: 

Private investment funds:

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Corsair Capital Partners, L.P., Corsair Capital Partners 100, L.P., Corsair Capital Investors, Ltd. (collectively, the “Corsair Capital Funds”)

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Corsair Select, L.P., Corsair Select 100, L.P., Corsair Select Offshore, Ltd. and Corsair Select Master Fund, Ltd. (collectively, the “Corsair Select Funds” and together with the Corsair Capital Funds, the “Private Funds” or the “clients”)

Corsair may in the future manage other pooled investment vehicles or accounts (including separately managed accounts). From 1991 to 2002, Mr. Petschek, either directly or separately through an entity he controlled, managed a predecessor-in-interest to Corsair Capital Partners, L.P. From 1998 to 2004, Mr. Major, either directly or through an entity he controlled, managed a predecessor-in-interest to Corsair Select, L.P. All of the other Private Funds have been managed by Corsair since inception. Corsair generally invests with a long-bias primarily in publicly-traded equity securities of U.S. and Canadian corporations. (See Item 8.) As of February 28, 2026, Corsair managed approximately $957,005,672 of regulatory assets under management on a discretionary basis. Corsair does not manage any assets on a non-discretionary basis.

The General Partner of Corsair Capital Partners 100, L.P. generally charges performance compensation at rates ranging from 15% to 20% of the increase in net asset value of this Private Fund, subject to a high water mark. CCM generally charges Corsair Capital Partners 100, L.P. a management fee, paid quarterly in advance, at rates ranging from 1.0% to 1.5% per annum of the net asset value of this Private Fund. The Operations Manager of Corsair Capital Investors, Ltd. generally charges performance compensation at rates ranging from 15% to 20% of the increase in net asset value of this Private Fund, subject to a high water mark. CCM generally charges Corsair Capital Investors, Ltd. a management fee, paid quarterly in advance, at rates ranging from 1.0% to 1.5% per annum of the net asset value of this Private Fund. The General Partner of Corsair Select 100, L.P. generally charges performance compensation at rates ranging from 15% to 20% of the increase in net asset value of this Private Fund, subject to a high water mark. CCM generally charges Corsair Select 100, L.P. a management fee, paid quarterly in advance, at rates ranging from 1.5% to 2.0% per annum of the net asset value of this Private Fund. Corsair’s compensation and fees are generally non-negotiable with respect to the Private Funds listed above but do vary amongst the Private Funds and within each Private Fund. Corsair’s compensation schedules for Corsair Capital Partners, L.P., Corsair Select, L.P. and Corsair Select Offshore, Ltd. are contained in their respective Confidential Offering Memoranda. Each Private Fund’s Confidential Private Offering Memorandum is herein referred to as its “PPM”. Corsair generally deducts its management fees from the Private Funds quarterly in advance. Management fees for the Private Funds will be pro-rated or refunded for any period for which the applicable Private Fund no longer exists and for any intra-quarter redemptions from the Private Funds by investors. Management fees accrue monthly. Corsair retains the right to waive or reduce fees, or charge different fees, with respect to its investors in the Private Funds. In addition, employees and their immediate family members are generally not charged performance compensation nor management fees in connection with their investments in the Private Funds. Expenses Generally Corsair’s clients will generally be obligated to pay certain fees and expenses of, or pertaining to, the applicable client. Without limiting the foregoing, generally, the Private Funds shall pay, or reimburse Corsair for, certain fees and expenses of the applicable Private Fund, which may include, in some or all instances, organizational and offering costs, fees and costs relating to the trading of securities, interest and commitment fees on loans and debit balances, brokerage commissions (see Item 12, “Brokerage Practices”), costs of borrowing securities to be sold short, legal, accounting (including the fees and expenses of third party service providers who provide trade reconciliation services to the Private Funds and maintain the Private Funds’ shadow books and records), auditing and tax preparation fees and expenses,

costs of any outside appraisers and other experts or consultants engaged by Corsair in connection with specific transactions, withholding and transfer taxes, government charges, bank charges, insurance costs, costs of preparing and mailing reports to investors, and other similar fees and expenses. The Private Funds will also pay or reimburse Corsair for research fees and expenses (including online news and quotation services) appropriately allocable, in Corsair’s discretion, to the applicable Private Fund’s operations. To the extent that Corsair incurs any expenses for the benefit of multiple clients, Corsair generally will allocate such expenses in any manner that it deems equitable, taking into account written agreements with such clients (including the Private Funds’ governing documents) and applicable facts and circumstances, including the relative size of the applicable entity or account, the nature or source of the product or service and the benefits derived from and the extent of use of the product or services. Nonetheless, the portion of an expense that Corsair allocates to a client for a particular product or service might not reflect the relative benefit derived by such client from that product or service in any particular instance. Our expense allocations often depend on inherently subjective determinations, but the expense allocations made by Corsair will be in good faith. There may be situations in which the appropriate allocation of expenses in the course of evaluating potential investments may not be clear (for example, if a client and one or more other clients considered making an investment that was not consummated). Expenses will typically be allocated among the clients participating in the relevant investment or potential investment, except to the extent stated otherwise in the applicable client agreement (including the Private Funds’ governing documents). However, in all cases, subject to applicable legal, regulatory, contractual or similar restrictions, Corsair will make expense allocation decisions in its sole discretion in good faith. Corsair may also allocate a portion of certain clients’ capital to money market funds, exchange-traded funds or similar products that bear certain fees and expenses including those payable to their investment managers and service providers. To the extent that Corsair so allocates capital, in addition to the fees and expenses described above, the clients will indirectly bear such fees and expenses, as these funds and/or other products in turn pay similar fees to their investment managers and other service providers. Corsair and its personnel generally can be expected to receive certain intangible and/or other benefits and/or perquisites arising or resulting from their activities on behalf of clients, including benefits and other discounts provided from service providers. For example, airline travel or hotel stays incurred as a client expense typically result in cash rebates, “miles,” “points” or credit in loyalty/status programs, and such benefits and/or amounts will exclusively benefit Corsair and/or such personnel even though the cost of the underlying service is borne by the Private Funds or any other Corsair clients. The value of such benefits and perquisites will neither be subject to an offset against fees or expenses payable by clients nor will they otherwise be shared with clients.

The terms of the performance-based fees and allocations may differ in the future among the Private Funds or other accounts Corsair manages. This may result in a conflict of interest when Corsair allocates opportunities among such clients because there will be an incentive to favor allocations to clients that have higher performance-based fees and allocations. To avoid such a conflict of interest, Corsair generally follows documented procedures in allocating opportunities among its clients which do not take into account the performance-based fees and allocations to which such clients are subject. (See Item 11.)

The minimum investment in the Private Funds is generally $500,000, provided that Corsair may accept lesser investments in its discretion, to the extent permitted by applicable law.

Corsair believes that it has developed an expertise in investing in companies undergoing financial restructuring, including spin-offs, postreorganization companies, and other catalyst-driven opportunities.

Strategy Research. Corsair principally uses fundamental research to identify and assess potential portfolio investments. Such research is predominantly conducted by Corsair, but Corsair also has access to such research from a variety of other sources. This research typically includes analysis of financial statements and other data, meeting company personnel, visiting company facilities, reviewing customers and competitors and analyzing comparable companies or securities. The purpose of this research is to develop investment insights that Corsair believes may provide a basis for investment profitability. While Corsair intends to conduct at least basic research regarding a broad range of companies, it will focus special attention on (i) companies undergoing substantial operating or financial change, which frequently include companies involved in spinoffs or corporate reorganizations and/or restructurings; and (ii) companies operating in industries or other environments undergoing substantial change. These circumstances sometimes result in Corsair focusing on companies with little or no research coverage or a perceived lack of adequate research coverage by securities firms generally. Concentration. Corsair believes that good investment ideas, and the time required to exploit them successfully, are both limited. Therefore, to the extent circumstances permit, Corsair intends to use a selective approach to evaluating potential investments. With respect to the Corsair Capital Funds, their portfolios tend to be invested during most periods in core positions in approximately 20-30 companies while maintaining relatively smaller positions or near term trading opportunities in up to another approximately 50-100 companies. The portfolios of the Corsair Select Funds tend to be concentrated in the core positions of the Corsair Capital Funds. The portfolios of the Private Funds may not be diversified as to industries, and substantial positions may be taken by such Private Funds in the securities of a single issuer. However, with respect to the Corsair Capital Funds, no investment (at the time of purchase) is expected to have a value of more than 5% of such Private Fund’s total equity. Consistent with the foregoing strategy, and to varying degrees, the Private Funds’ portfolios will include various positions, such as (i) long positions that Corsair believes to be undervalued; (ii) short positions that Corsair believes to be overvalued; (iii) socalled “special situations,” such as spin-offs and “stub” stocks; and (iv) “event-related” and merger arbitrage positions. Corsair may employ investment techniques involving derivative securities, such as options and convertible securities, which may present more favorable risk/reward relationships. Corsair may also use hedging devices. The Private Funds may utilize leverage when Corsair believes it appropriate. However, Corsair reserves the right to deviate from any and all elements of the foregoing strategies, and the use of any of such techniques, to the extent it deems appropriate.

Investments The Private Funds’ capital is intended to be invested primarily in publicly-traded equity securities of U.S. and Canadian corporations. Nevertheless, in the interest of both preserving capital and taking advantage of profit opportunities, Corsair retains the flexibility with respect to the Private Funds, to invest in a variety of situations and use a broad range of specialized investment techniques. The Private Funds will invest not only in equity securities, but will from time to time also invest in debt and so-called hybrid securities, such as convertible securities. The Private Funds will from time to time invest in the securities of foreign issuers, including both those traded overseas as well as those traded in the United States. Trading in securities of foreign issuers often involves additional risks (such as those associated with unfavorable changes in exchange rates) but also, in Corsair’s view, may offer selective opportunities for unusual gains. The Private Funds will from time to time invest in securities that are not widely traded. It is not expected, however, with respect to the Corsair Capital Funds, that more than 5% of any Corsair Capital Fund’s total equity (measured at the time of purchase) will be comprised of private securities or other business interests which are not registered under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or applicable foreign regulatory authority. Each Private Fund’s position in certain securities may be substantial in relation to the public market (“float”) (if any) for such securities. Arbitrage The Private Funds will from time to time engage in several forms of arbitrage, such as balance sheet arbitrage or pair-trading. Balance sheet arbitrage consists of the purchase of securities of an issuer coupled with the short sale of other securities of the same issuer to take advantage of attractive price disparities given that issuer’s current financial situation. Pair-trading consists of buying one security and simultaneously selling short another security within the same industry group. Corsair will from time to time also engage in risk arbitrage on a selective basis. Short Selling Corsair will engage in short selling when it deems it appropriate. This includes situations where Corsair believes, primarily on the basis of fundamental research and analysis, that the security in question is overvalued, as well as transaction-related investments where short selling will be used to “lock-in” profits. Short-selling involves the sale of a security that the Private Funds do not own and must borrow in order to make delivery in the hope of purchasing the same security at a later date at a lower price. Selling securities short risks losing an amount greater than the proceeds received.

Options Transactions The Private Funds will from time to time engage in various types of options transactions, including hedging by investing in options on securities, although this strategy is currently employed only from time to time. Hedging in options may reduce the risks of both short selling and taking long positions in certain transactions. The Private Funds will from time to time also establish options positions when Corsair believes that options or other derivative securities present more favorable risk/reward relationships than owning the underlying security. The Private Funds will from time to time also utilize certain options, such as various types of index or “market basket” options, in an effort to hedge against certain market-related risks, as Corsair deems appropriate. Leverage The Private Funds may utilize, where appropriate, leverage with respect to their investment activities. Generally, leverage may be obtained through the use of borrowed funds, primarily margin borrowings from brokers through which the Private Funds will effect transactions, to increase the amount of invested capital in its long or short securities positions. The use of leverage increases both the proportionate amount of potential gain, as well as potential loss, relative to the Private Funds’ equity capital. Corsair does not anticipate the use of leverage to be a regular part of the investment program for the Corsair Capital Funds; however, with respect to the Corsair Select Funds, Corsair will at times employ leverage. No Private Fund will borrow amounts in excess of the value of its capital. Cash and Cash Equivalent Investments It is Corsair’s intention to concentrate its research efforts on a limited number of core investment opportunities which Corsair, through its own investment analysis, regards as particularly attractive. It is not a goal of Corsair for the Private Funds to be fully invested in securities. In addition, a portion of the Private Funds’ assets will generally be invested in cash and cash equivalents, although Corsair anticipates that such percentage of assets will often be less for the Corsair Select Funds than for the Corsair Capital Funds. Relationship with Portfolio Companies The Private Funds will not ordinarily acquire investment positions with the intention of seeking control or substantially influencing the control of a particular issuer. However, there will from time to time be situations which, in Corsair’s judgment, require active efforts to seek changes in particular management policies or strategies, or to change management itself. In such situations, Corsair will from time to time, either alone or with other investors, make its views known to management and will from time to time seek to influence, in a manner consistent with the Private Funds’ investment objectives and resources, the management or policies of a particular issuer. Flexibility

The development of a trading strategy is a continuous process and Corsair’s trading strategy and methods may therefore be modified from time to time. As a result, the trading methods employed by the Private Funds may also change from time to time in the future. Investing in securities involves risk of loss that clients and investors should be prepared to bear. Certain Risks Associated with Methods of Analysis and Investment Strategies General. An investment in each Private Fund or other account managed by Corsair is speculative and involves a high degree of risk. There can be no assurance that the investment objectives of any Corsair client will be achieved or that an investment with Corsair will generate positive returns for any client. The Private Funds have limitations on investors’ ability to redeem or transfer their interests in the Private Funds. Each Private Fund’s investment techniques involve significant risks which are described in detail in the PPM of each Private Fund. Prospective investors and other clients are strongly urged to review the applicable PPM and/or other governing documents carefully and consult with their own financial, legal and tax advisors before investing in a Private Fund or appointing Corsair to manage a client account. Individualistic Investment Strategy. The Private Funds will seek to attain their investment objective through a strategy of investing in securities which Corsair believes to be incorrectly valued by the market. Corsair intends to rely to a large extent upon its own research, analysis and ultimately judgment in identifying investment opportunities which, for a variety of reasons, may be neglected, ignored or misunderstood by the remainder of the investment community. As Corsair intends to rely upon its own research and analysis in making investment decisions, the Private Funds will be especially dependent upon Corsair’s individual investment skills and abilities, to a degree perhaps higher than that inherent in managed investment entities generally. Investors in the Private Funds thus will be substantially dependent upon a highly individualistic investment strategy of Corsair and will be exposed to both the risks and rewards incident thereto. Concentration of Investments. The Private Funds will from time to time hold a few relatively large positions in relation to each Private Funds’ respective capital. Furthermore, the Private Funds’ portfolio generally will not be diversified among a wide range of types of securities, countries or industries. Such concentration of capital in a limited number of investments and lack of wide diversification could make the Private Funds’ portfolio more susceptible to any single occurrence affecting one or more of those securities, countries or industries, resulting in more rapid changes in the Private Funds’ portfolio, upward or downward, than would be the case with greater diversification. Losses in any such position could have a material adverse impact on the Private Funds’ capital. Small to Medium Cap Stocks. At any given time, the Private Funds will from time to time have significant investments in smaller-to-medium sized companies with market capitalizations of less than $1 billion. These securities often involve greater risks than the securities of larger, better-known companies. For example, prices of such stocks are often more volatile than prices of large-capitalization stocks. Smaller companies often times lack the management experience, financial resources, product diversification, and competitive strength of larger companies. In addition, due to thin trading in some such

stocks, an investment in these stocks may be more illiquid than that of larger capitalization stocks. Dependence on Service Providers. As the Private Funds have no employees, they are dependent upon their counterparties and the businesses that are not controlled by Corsair that provide services to the Private Funds. Examples of service providers include the prime brokers, legal counsel and the auditors. Although Corsair intends to transact with counterparties and service providers it believes to be reliable, errors are inherent in the operations of any business. Errors or misconduct of counterparties and service providers could have a material adverse effect on the Private Funds and the investors’ investments therein. Each investor’s relationship in respect of its investment is with the applicable Private Fund only. Accordingly, absent a direct contractual relationship between an investor and the relevant service provider, no investor will have any contractual claim against any service provider for any reason related to its services to the Private Funds. Instead, the proper plaintiff in an action in respect of which a wrongdoing is alleged to have been committed against the applicable Private Fund by the relevant service provider is, prima facie, such Private Fund. Subject to applicable law, the agreements between the service providers and the Private Funds generally contain broad indemnification and exculpation provisions that require the Private Funds to indemnify, exculpate and hold harmless the service providers and certain of their affiliates or agents from any losses or costs incurred by them except in certain limited circumstances. Business Continuity. Various force majeure events, including acts of God, natural disasters like fire, flood or earthquakes, wars, terrorist acts, outbreaks of infectious disease, epidemics, pandemics or other serious public health concerns, cyber-attacks, technology and/or power failures, labor strikes, or geopolitical or other extraordinary, or other unforeseen circumstances or events, may materially disrupt Corsair’s business and operations, or the business and operations of any counterparty or service provider to Corsair or the Private Funds, and the Private Funds may be adversely affected thereby. For example, if a significant number of Corsair’s personnel were to be unavailable in a force majeure event (such as war, terror attack or an outbreak of infectious disease), Corsair’s ability to effectively conduct the Private Funds’ business could be severely compromised. In addition, the cost to the Private Funds, Corsair or its affiliates of repairing or replacing damaged assets or systems resulting from such force majeure event could be considerable. While Corsair has adopted certain policies and procedures designed to restore and/or continue Corsair’s business and operations in such situations, there is no guarantee that such policies and procedures will be effective in any of such situations or will be implemented in time, and the Private Funds may be adversely affected thereby. Inside Information. From time to time, Corsair and its affiliates may come into possession of inside information concerning specific companies. Under applicable securities laws, this may limit the Private Funds’ ability to buy or sell securities issued by such companies. If a Private Fund holds the securities of a company with respect to which Corsair is in possession of inside information, such Private Fund may be restricted from trading the securities of such company for an indefinite period of time, which could result in losses to such Private Fund. Investment Analysis. When assessing investment opportunities, Corsair relies on resources that may have limited or incomplete information. In particular, Corsair relies on publicly

available information and data filed with various government regulators or made directly available to Corsair by the issuers of securities or through sources other than the issuers. Although Corsair expects that it will evaluate information and data as it deems appropriate and will seek independent corroboration when reasonably available, Corsair will not evaluate all publicly available information and data and is not in a position to confirm the completeness, genuineness or accuracy of the information and data that it evaluates. As a result, there can be no assurance that the due diligence exercise carried out by Corsair will reveal or highlight all relevant facts that may be necessary or helpful in evaluating investment opportunities. Any failure to have identified the relevant facts may result in an inappropriate investment decision, which may have a material adverse effect on the value of any investment in the Private Funds. Changes and Uncertainty in U.S. and International Regulation. It is expected that the current U.S. administration will seek to enact changes to numerous areas of law and regulations currently in effect. Any such changes could significantly impact the Private Funds. Specific legislative and regulatory proposals discussed during election campaigns and recent public statements that might have a material impact include, without limitation, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code, and antitrust enforcement. Changes in federal policy are subject to further uncertainty, as changes could be implemented at regulatory agencies over time through policy and personnel changes, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions under the current presidential administration remain highly uncertain. It is possible that future changes will adversely affect the Private Funds’ operating environment and consequently their business, financial condition and results of operations. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on the Private Funds, including the ability of the Private Funds to execute their investment objectives and to receive returns. The Private Funds may be adversely affected by uncertainties such as international and domestic political developments, changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries to which the Private Funds’ assets are exposed through their investments or investor base. During this period of uncertainty, market participants may react quickly to unconfirmed reports or information and as a result there may be increased market volatility. This unpredictability could cause Corsair to alter investment and trading plans, including the holding period of positions and the nature of instruments used to achieve the Private Funds’ trading objectives. In the United States, Corsair and the Private Funds may be adversely affected as a result of new or revised legislation or regulations imposed by the SEC, the Financial Stability Oversight Council, and other U.S. governmental regulatory authorities or self-regulatory organizations that supervise the financial markets. In addition, the securities and futures markets are subject to comprehensive statutes and regulations including margin requirements. Regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) could result in Corsair and the Private Funds becoming subject to additional regulatory compliance

burdens and trade reporting, which may add significant cost to the Private Funds. The Dodd-Frank Act endows the SEC, the CFTC, and other regulators with discretionary authority to write and interpret new rules. The ultimate impact of the Dodd-Frank Act on Corsair and the Private Funds is unclear and will depend in large part on the regulations that the CFTC and SEC promulgate, as well as any legislative changes that may be made. Market Disruption Events and Geopolitical Risks. The Private Funds will from time to time trade in different markets and different kinds of instrument types. It is possible that as a result of war, terrorist act, natural disaster, outbreak of infectious disease, epidemic, pandemic or other serious public health concern, or geopolitical or other extraordinary or unforeseen circumstance or event (a “Market Disruption Event”), one or more of these markets may cease operating for a limited or indeterminable period of time. In that event, it may be difficult for the Private Funds to value the positions that trade in the affected markets, and the Private Funds may be exposed to significant movements in the perceived value of instruments without having the ability to trade those instruments. Additionally, Market Disruption Events may have a substantial effect on economies and securities markets in the U.S. or worldwide, and could materially adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Private Funds’ investments. Market Disruption Events could also affect the principal prime brokers and custodians that carry and clear the Private Funds’ trades and positions. The inability of key marketplace intermediaries to function could have an adverse impact upon liquidity as well as the ability of the Private Funds to trade their positions. Market Disruption Events could also have a direct physical impact upon the Private Funds’ and/or Corsair’s operations, including the destruction of their facilities and/or incapacity or loss of life to key personnel. Furthermore, significant tariff disputes between trading partners can cause affected countries to retaliate, resulting in “trade wars” which can cause negative effects on the economies of such countries, as well as the global economy. For example, a trade war could cause increased costs for goods imported to the trading partners, thus limiting customer demand for these products and reducing the volume and scope of trading. In addition, disruption in trading markets may result to depressed capital and business investment, curtailed spending, as well as volatile or otherwise negatively impacted financial markets. These effects can be amplified as business confidence drops and investment decisions are delayed. Also, imposition of new or higher tariffs can result in the adoption of tariffs by other countries, thus widening the negative effects on the global economy. While the Private Funds have taken steps intended to mitigate the adverse consequences that could arise from the occurrence of a Market Disruption Event, the inability to predict the timing, location, source and severity of such event or events make it difficult to provide assurances that the Private Funds would not suffer material adverse consequences should a Market Disruption Event occur. Herding Risk. The substantial growth of the hedge fund industry, including banks and investment banks trading large, highly-leveraged positions of the same nature as those held by hedge funds, has augmented herding risks. Whatever the “fair price” of a security or a relationship, its trading price is sometimes radically altered or influenced by the market activity of traders executing parallel trading programs. This factor may provide surprising and sudden losses at unpredictable times, even after long periods of calm. The negative

impact of herding is greatest when markets are under stress and traders holding large leveraged positions seek to liquidate or cover positions simultaneously. Currency Risks. The Private Funds will from time to time invest in securities and other instruments denominated or quoted in currencies other than the U.S. Dollar, as well as securities and other instruments of companies having substantial profits and/or revenues generated in non-U.S. currencies. In connection therewith, Corsair will from time to time hedge against the resulting currency exposure wherever economically prudent. However, changes in currency exchange rates and/or erosion of non-U.S. currencies will affect the value of the Private Funds’ portfolio and the unrealized appreciation or depreciation of investments. Additionally, such hedging transactions will from time to time include a credit component pursuant to which the Private Funds may be required to grant to their hedging counterparty a security interest in certain of its assets. Accordingly, in such a case, if the Private Funds default with respect to a currency hedging transaction, then the hedging counterparty could lay claim to an interest in such assets. Further, the Private Funds may incur costs in connection with conversions between various currencies. Foreign currency exchange dealers realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell currency to the Private Funds at one rate, while offering a lesser rate of exchange should the Private Funds desire immediately to resell that currency to the dealer. The Private Funds will conduct their currency exchange transactions on a spot (i.e., cash) basis at the spot rate prevailing in the currency exchange market. The Private Funds may also take speculative positions in currencies, which will be subject to the same risks discussed above. Inflation Risk. High inflation may undermine the performance of the Private Funds’ investments by reducing the value of such investments and/or the income received from such investments. Generally, for example, when inflation rises, the Federal Reserve will increase interest rates to decrease borrowing, driving the value of the dollar down even as the cost of goods rises and spending power drops. This causes bond yields (interest) to increase as investors demand compensation for inflation risk. Ultimately, the price of the debt securities is expected to drop as investors lose interest in it, lowering the value of any such investments. Furthermore, for example, on discounted cash flow calculations and the presumption that interest rates will change, growth stocks are typically negatively impacted by high inflation. Rising inflation is also expected to lead to general market uncertainty and therefore could impact all types of investments made by the Private Funds. There is no guarantee that the Private Funds will have positive performance even in, or especially in, environments of sharply rising inflation. There is no guarantee that the Private Funds will be able to successfully mitigate inflation risk or that interest rates will match changes in inflation rates. Counterparty and Custodial Risk. To the extent the Private Funds invest in swaps, “synthetic” or derivatives instruments, repurchase agreements, certain types of option or other customized financial instruments, or, in certain circumstances, non-U.S. securities, the Private Funds take the risk of non-performance by the other party to the contract. This risk may include credit risk of the counterparty and the risk of settlement default. This risk may differ materially from those entailed in exchange-traded transactions which generally

are supported by guarantees of clearing organizations, daily market-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Private Funds have concentrated its transactions with a single or small group of counterparties. Corsair is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. The ability of Corsair to transact business with any one or number of counterparties, the lack of any meaningful and independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Private Funds. In addition, there are risks involved in dealing with the custodians or brokers who settle Private Funds trades particularly with respect to non-U.S. investments. Under CFTC regulations, “futures commission merchants” (“FCMs”), such as the Private Funds’ prime brokers, are required to maintain customers’ assets in a segregated account. If the Private Funds’ FCM fails to do so, under certain circumstances, such as the inability of another customer of the FCM or the FCM itself to satisfy substantial deficiencies in the other customer’s account, the Private Funds may be subject to a risk of loss of its assets on deposit with such prime broker. In the case of any bankruptcy or customer loss, the Private Funds might recover, even with respect to property specifically traceable to the Private Funds, only a pro rata share of all property available for distribution to all of the FCM’s customers. It is expected that all securities and other assets deposited with custodians or brokers will be clearly identified as being assets of the Private Funds and hence the Private Funds should not be exposed to a credit risk with respect to such parties. However, it may not always be possible to achieve this segregation and there may be practical or timing problems associated with enforcing the Private Funds’ rights to its assets in the case of an insolvency of any such party. Forward Trading. Forward contracts (including foreign exchange) and options thereon, unlike futures contracts, are not traded on exchanges and are not standardized; rather banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated -- there is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they trade and these markets can experience periods of illiquidity, sometimes of significant duration, which could result in substantial losses to the Private Funds. Exchange Traded Funds (“ETFs”). The Private Funds will from time to time trade in ETFs. ETFs are generally structured to invest in all or a representative sample of the securities that generally replicate the price and yield performance of an underlying market index or sector such as a broad stock market, industry sector, domestic or international equity or fixed income, or U.S. or foreign government bond. ETF shares are traded on stock exchanges and markets at open market prices that generally track the net asset value per share of the ETF. Direct issuances and redemption of ETF shares at the ETF’s net asset value per share only occur in large blocks (or creation units) transacted between the ETF and authorized institutional purchasers on an in-kind basis. An exchange traded sector fund may be adversely affected by the performance of that specific sector or group of industries on which it is based. International investments may involve risk of capital loss from

unfavorable fluctuations in currency values, differences in generally accepted accounting principles, or economic and/or political instability in other nations and/or other factors. Although index-based ETFs are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indices, ETFs may not be able to replicate exactly the performance of the indices because of their expenses and other factors. ETF shares may trade at either a discount or premium to their underlying net asset value. The purchase or sale of ETF shares on the secondary market involves the payment of brokerage commissions, and the purchase and redemption of creation units involves other transaction costs and brokerage commissions. Investors in ETFs also directly bear the ETF’s costs associated with its payment of investment management fees and fees for administrative, custodial or other services and thus the investors in the Private Funds will indirectly incur an additional layer of fees and expenses. Alternative Data Risk. Corsair employs so-called “alternative data,” which generally refers to data that is not the traditional exchange or accounting data that has been widely used by the mainstream investment industry. Risks associated with alternative data include the possibility of new legal and regulatory frameworks targeting the collection and use of the data or technological changes that may make the data less useful or available. There is also the possibility that the organizations providing alternative data may cease operations, change business models, or suffer temporary outages due to technical issues. Insider trading and “fair practice” laws are generally untested in this area. Investment decisions based on alternative data may be flawed for various reasons, such as incomplete, “dirty” or misunderstood data, or problems with the technology used to collect and analyze it. Systems Risks. The Private Funds depend on Corsair to develop and implement appropriate systems for the Private Funds’ activities. Certain of the Private Funds’ and Corsair’s operations interface with or depend on systems operated by third parties, including market counterparties and other service providers, and the Private Funds or Corsair may not be in a position to verify the risks or reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by worms, viruses and power failures. Any such defect or failure could have a material adverse effect on the Private Funds. For example, such failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades, and cause inaccurate reports, which may affect the Private Funds’ ability to monitor their investment portfolio and their risks. Operational and Information Security Risk from Cyberattacks. The Private Funds and their service providers may be subject to operational and information security risks resulting from cyberattacks. Cyberattacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cybersecurity breaches. Cyberattacks affecting the Private Funds, Corsair or its affiliates, the Private Funds’ administrators, prime brokers, custodians, and other third party service providers may adversely impact the Private Funds. For instance, cyberattacks may interfere with the processing of investor transactions, impact the ability to calculate the Private Funds’ net asset value, cause the release of private investor information or other confidential information, impede trading, subject the Private Funds and their service providers to regulatory fines or financial losses, and cause reputational damage. Similar types of cybersecurity risks are also present for other market participants, which may have material adverse consequences for the Private Funds, and may cause the Private Funds’ investments to lose value. The Private Funds may also be the target of cyber-fraud that could result in

the theft of assets from the Private Funds, especially as computer malware, viruses and computer hacking, fraudulent use attempts and phishing and spoofing attacks have become more prevalent. In the hedge fund industry, these attacks have included third party actors submitting fraudulent withdrawal and transfer requests, resulting in the theft of the rightful investor’s assets. The Private Funds and their service providers may incur additional costs relating to cybersecurity preparations, and such preparations, though taken in good faith, may be inadequate. Cyberattacks are viewed as an emerging risk and the scope of the risk and related mitigation techniques are not yet fully understood and are subject to continuing change. While Corsair has put in place certain safeguards in case of disruption of information technology, including transmission failures, there can be no guarantee that such measures will be effective against all situations or will be implemented in time and the Private Funds may be adversely affected thereby. Artificial Intelligence Risks. Corsair expects to utilize artificial intelligence (“AI”) in its business operations, including to facilitate investment research, and the challenges with properly managing our use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on our business operations. Additionally, AI tools used by us may produce inaccurate, misleading or incomplete responses that could lead to errors in our employees’ decision-making which could have a negative impact on the performance of the Private Funds. Furthermore, the Private Funds may invest in companies that use AI (including machine learning), which presents multiple risks, and whose technology presents a number of risks inherent in its use. AI algorithms or automated processing of data may be flawed and datasets may be insufficient or contain biased information, which can create discriminatory outcomes. AI algorithms may use third-party AI with unclear intellectual property rights or interests. Intellectual property ownership and license rights, including copyright, of generative and other AI output, have not been fully interpreted by courts or regulations. The United States and other countries may consider comprehensive legal compliance frameworks specifically for AI, which is a trend that may increase now that the European Commission has proposed the first such framework. Any failure or perceived failure by Corsair, a company in which it invests or a client thereof to comply with such requirements could have an adverse impact on its business. AI use or management by Corsair, a company in which it invests or others, including decisions based on automated processing or profiling, inappropriate or controversial data practices, or insufficient disclosures regarding machine learning and algorithms, have and could impair the acceptance of AI solutions or subject a company to lawsuits, regulatory investigations or other harm, such as negative impacts to the value of its intellectual property or a company’s brand. These deficiencies could also undermine the decisions, predictions or analysis AI applications produce, or lead to unintentional bias and discrimination, subjecting Corsair or a company in which it invests to competitive harm, legal liability, and brand or reputational harm. The rapid evolution of AI may require a company to allocate additional resources to help implement AI ethically in order to minimize unintended or harmful impacts, and may also require Corsair and/or a company in which a client invests to make additional investments in the development of proprietary datasets, machine learning models or other systems, which may be costly.

(See Item 11.) Subject to applicable law, Corsair may effect transactions (generally for rebalancing purposes) in which one client will purchase securities from or sell securities to another client (including a Private Fund in which Corsair or its principals may have a significant interest). This may result in a conflict of interest because a potential transaction may result in benefits to one transacting party that may be greater than the benefits to the other transacting party. In order to mitigate such conflicts, Corsair effects such transactions only when it believes that such transactions are in the interests of each participating party. Such transactions shall be effected for cash consideration, generally at the closing price of the particular security, and no brokerage commission or transfer fee shall be paid to Corsair or its related persons in connection with any such transaction. (See Item 11.) The Portfolio Managers (and/or other related persons) may have a greater portion of their personal assets invested in certain Corsair clients than in the others. As a result, Corsair may have a conflict of interest in allocating investment opportunities among its clients. Corsair will generally follow documented procedures in allocating trades among its clients. (See Item 11.) To the extent that any expenses are incurred by Corsair on behalf of more than one of its clients, Corsair will allocate such expenses as it deems appropriate and consistent with the applicable governing agreements. Services by Certain Related Persons There are no material conflicts of interest resulting from the relationship between CCM and any of its related persons that provide services to the Private Funds, other than any conflicts described in this Item 10. Services by Service Providers Certain advisors and other service providers, or their affiliates, to the Private Funds and other clients may also provide services to or have business, personal, familial, political, financial or other relationships with Corsair. Such advisors and service providers may be investors in the Private Funds, sources of investment opportunities, or co-investors with or counterparties to transactions involving the foregoing. These relationships may influence

Corsair in deciding whether to select or recommend any such advisor or service provider to perform services for the Private Funds and other clients (the cost of which will generally be borne directly or indirectly by such Private Funds and other clients). Notwithstanding the foregoing, Corsair will generally seek to engage advisors and service providers for the Private Funds and its other clients on the basis of, without limitation, the overall quality of advice and other services provided. In addition, Corsair has a conflict of interest where a service provider (e.g., legal counsel or accountants) provides services directly to Corsair, and separately provides services to one or more clients, in that Corsair may potentially obtain services at a lower cost (or obtain other terms that are more beneficial) than Corsair otherwise could have as a result of the service provider’s work performed on behalf of, and the compensation paid to the service provider by, such clients. In particular, unless inconsistent with our applicable written client agreement, costs associated with services rendered to the benefit of a client may be borne by such client. Corsair may use some of the same service providers as are retained on behalf of one or more clients and, in some cases, fee rates, amounts or discounts may be offered to Corsair by a third-party service provider which differ from those offered to a client as a result of scheduled or ad hoc rate changes, differences in the scope, type or nature of the service or transaction, alternative fee arrangements and negotiation. Related persons of Corsair were previously employees of Collins Stewart, which has since been acquired by Canaccord Genuity Securities LLC. The Private Funds and other clients may use Canaccord Genuity to execute securities trades, but intends to do so only to the extent consistent with the guidelines for selecting brokers and dealers described herein. Although there are no current plans of doing so, in the future related persons of Corsair may become employees of Canaccord Genuity or of another brokerage firm.

In addition, among other things, Corsair’s Code of Ethics governs all personal investment transactions by its employees, its policies with respect to gifts and entertainment, compliance with applicable federal securities laws, the manner in which violations of federal securities laws are to be reported, and certain other outside activities of its employees. Corsair will provide a copy of its Code of Ethics to any prospective client or client upon request. Participation or Interest in Client Transactions and Transactions between Client Accounts Corsair offers the opportunity to qualified prospective investors to invest in the Private Funds. The Portfolio Managers and other management persons have significant personal

investments in the Private Funds. In addition, Corsair and its affiliates receive performance-based fees and allocations from its clients. Subject to applicable law, Corsair may effect transactions between the Private Funds and/or other future Corsair clients (generally for rebalancing purposes) whereby one client will purchase securities from or sell securities to another client (see Item 10). If Corsair effects a cross trade between an account in which Corsair or its controlling persons own more than twenty-five percent (25%) and another client account, such transaction may be deemed to be a principal transaction under the Advisers Act. Such transactions may create a conflict of interest for Corsair because Corsair has an incentive to put its or its control persons’ interests in such accounts before the interests of its clients in the other account. In order to mitigate this conflict of interest, Corsair monitors the interests of its principals, their immediate family members and their affiliates in its client accounts, and will not effect any cross trades between accounts if Corsair believes that such trade would result in a principal transaction unless: 1) Corsair believes that such transaction is in the interest of the clients participating in the transaction; and 2) Corsair obtains the consent of the applicable clients and makes appropriate disclosures as required by the Advisers Act. Personal Securities Trading Employees are generally prohibited from purchasing equities and, without limiting the foregoing, from engaging in a personal securities transaction without the prior written consent of Corsair’s Chief Compliance Officer. Generally, in granting or denying a request to engage in a personal securities transaction, the Chief Compliance Officer, in consultation with one of the Portfolio Managers, takes the following guidelines into account: (i) employees may not trade opposite of Corsair’s recommendations (except in limited situations where the employee, spouse or child is suffering a financial hardship); (ii) employees may not engage in “front-running” of client accounts, which is a practice generally understood to be personally trading ahead of client accounts; (iii) employees may not purchase or sell a security that is in the process of being purchased or sold, respectively, by the Private Funds or other Corsair clients until such Private Funds or other clients have completed their purchases or sales of such securities, unless the Chief Compliance Officer, in consultation with one of the Portfolio Managers, consents; and (iv) as a general matter, employees should not be engaged in short-term (less than three (3) months) trading of securities. That fact that the underlying securities are highly liquid (if applicable) may also influence the Chief Compliance Officer’s decision. Prohibitions relating to personal trading also generally apply to any spouse or child of an employee living in the same household as such employee. Timing of Transactions and Allocation of Investment Opportunities Corsair may buy or sell securities for one client at the same time that Corsair or its related persons buy or sell the same security for one or more other clients. This will typically happen when more than one client is capable of purchasing or selling a particular security based on investment objectives, available cash and other factors. This may create a conflict of interest if one or more clients may benefit from making the trade before or after the other

client(s). Corsair will generally aggregate trades, subject to best execution, to mitigate any such conflict of interest. (See Item 12, “Aggregation of Orders.”) Purchases for Corsair’s clients are generally allocated so that clients will reach their desired position sizes in the applicable security, based upon the objectives of each client. When the Portfolio Managers determine that a particular investment opportunity would be desirable for more than one client, they will seek to allocate such opportunity among such clients in a manner that they deem fair and equitable under the circumstances existing at such time. The factors that the Portfolio Managers may consider in making such determination include (but are not limited to): the investment strategy (including concentration guidelines) of each client; any regulatory, contractual or investment restrictions and/or other limitations of each client; the relative amounts of capital in each client account available for new investments of the type at issue; Corsair’s perception of the appropriate risk/reward ratio for each client; current positions in the applicable security in each client account; the liquidity of each client account at the time of investment and thereafter; applicable tax considerations; the availability of the investment opportunity, and the overall portfolio composition of each client account. Sales from the client accounts are generally made on a pro rata basis, subject to the consideration of the factors above, to the extent applicable. As a general matter and subject to the factors noted above, Corsair strives to allocate investment opportunities on a pro rata basis among clients that employ the same or a similar investment strategy, subject to any particular limitations that apply to a client account. Without limiting the foregoing, an investment opportunity suitable for the Corsair Capital Funds generally will be allocated pro rata among the Corsair Capital Funds, and an investment opportunity suitable for the Corsair Select Funds generally will be allocated pro rata among the Corsair Select Funds. The reasons for any allocations made on a non-pro rata basis among the Corsair Capital Funds will be documented on the trade blotter. Likewise, the reasons for any allocations made on a non-pro rata basis among the Corsair Select Funds will also be documented on the trade blotter. The investment opportunities allocated to the Corsair Select Funds are investments that the Portfolio Managers consider to be core positions in the Corsair Capital strategy (“Core Positions”). A position may become a Core Position at (x) the time the position is initiated in the Corsair Capital Funds, or (y) once such position reaches a certain size within the Corsair Capital Funds. Positions held by the Corsair Select Funds generally are approximately two to two-and-a-half times more concentrated than in the Corsair Capital Funds, but may be more or less concentrated in the discretion of the Portfolio Managers. Exceptions to Corsair’s allocation policy may be made at the discretion of the Portfolio Managers. Corsair’s principals and employees are not permitted to trade securities for their own accounts that are the same securities that Corsair is trading on behalf of its clients without the prior consent of Corsair’s Chief Compliance Officer, whose ability to consent is limited as per Corsair’s personal securities transaction policies and procedures. (See “Personal Trading” of this Item 11.)

facilities, reputation, stability and integrity, reliability in keeping records, responsiveness, as well as research and research-related products and services, and with respect to a particular trade, the timing and size of the order, available liquidity and market conditions. On at least a semi-annual basis, Corsair’s Brokerage Committee (which includes the Chief Compliance Officer and one or both of the Portfolio Managers) meets to evaluate, among other things, the execution performance of the broker-dealers Corsair uses to execute client transactions, the services being provided by its prime brokers and the financial integrity of the prime brokers. In conducting such reviews, the Brokerage Committee may consider the factors described above in evaluating best execution. The Brokerage Committee also evaluates, and seeks to resolve, any conflicts of interest that Corsair may have in selecting brokers to execute client transactions. Research and Other Soft Dollar Benefits Corsair engages in informal and formal soft dollar arrangements with respect to securities transactions for its clients. Soft dollar arrangements generally arise when an investment adviser obtains products and services, other than securities execution, from a broker in return for directing client securities transactions to the broker. Soft dollar arrangements pose a conflict of interest for Corsair in that such arrangements allow Corsair to pay with client commissions expenses that it would otherwise bear. If Corsair uses client brokerage commissions (or markups or markdowns) to obtain research or other products or services, Corsair receives a benefit because it does not have to produce or pay for the research, products or services. Corsair believes that this conflict would be mitigated because its clients will generally pay for research as a “hard dollar” expense pursuant to their respective investment management agreements with Corsair. Corsair may have an incentive to select a broker based on its interest in receiving the research or other products or services offered by such broker, rather than on its clients’ interests in receiving lowest price. When engaging in soft dollar transactions, Corsair intends that such arrangements generally will only be entered into with respect to research and brokerage products and services (collectively, “Research”) that fall within the safe harbor created by Section 28(e) of the Exchange Act. The safe harbor requirements of Section 28(e) provide that in exercising Corsair’s discretionary authority to select or arrange for the selection of brokers for execution of transactions for its clients, and, subject to its duty to obtain best execution, Corsair may consider the value of Research provided orally or in writing by such brokers. Such Research may include, without limitation: written information and analyses concerning specific securities, companies or sectors; market, financial and economic studies and forecasts, as well as discussions with research personnel along with software, databases and other technical and telecommunication services utilized in the investment management process. If Corsair determines in good faith that the amount of commissions charged by a broker is reasonable in relation to the value of the brokerage and products or

services provided by such broker, a client may pay commissions to such broker in an amount greater than the amount another broker might charge. Corsair’s prime brokers provide it with front and back office services, including trading, securities lending, clearing, reporting, and settlement for equities, fixed income, foreign currency and options, as well as custodial services. Certain prime brokers may also provide Corsair with capital introduction services in the future. Corsair may also execute trades on behalf of its clients through such prime brokers, subject to receiving best execution. During Corsair’s last fiscal year, the broker-dealers who have executed its transactions have provided Corsair with the following as part of their bundled services: written research reports and trading-related services, including Bloomberg software, access to investmentrelated conferences and meetings with potential investment companies. Such research and research-related services may be used to service each or any of Corsair’s clients and not exclusively in connection with the management of the client that has the relationship with the applicable broker-dealer. During Corsair’s last fiscal year, Corsair has taken into account the quality, comprehensiveness and frequency of available Research considered to be of value provided by brokers when directing transactions to a particular broker. Corsair directed transactions to such brokers only consistent with best execution. Brokers sometimes suggest a level of business they would like to receive in return for the research services and products they provide, however Corsair has not committed to provide any level of brokerage business to any broker (other than a certain threshold revenue which is required in order to obtain prime brokerage services). Brokerage for Client Referrals Subject to applicable law and consistent with best execution, Corsair may direct some client brokerage business to brokers who refer prospective investors to Corsair and may pay or share amounts it receives as management fees and/or performance compensation. Because such referrals, if any, are likely to benefit Corsair but may only provide an insignificant (if any) benefit to its clients, Corsair may have a conflict of interest with its clients when allocating brokerage business to a broker who has referred investors to it. To mitigate this potential conflict, Corsair will not allocate brokerage business to a referring broker unless it determines in good faith that the commissions payable to such broker are not materially higher than those available from non-referring brokers offering services of substantially equal value to Corsair’s clients. Certain prime brokers may provide capital introduction services to Corsair in the future. Such services may influence Corsair in deciding whether to engage such prime brokers. Trade Error Policy Subject to applicable law, Corsair will reimburse the applicable Private Fund or other Corsair client for net losses that occur as a result of trade errors to the extent that it is required to do so under the applicable governing agreements. Corsair faces a potential conflict of interest because, should a trade error occur, generally Corsair (and not an independent third party) would be the party that determines whether Corsair is required to reimburse the Private Fund or other Corsair client based on the terms

of the applicable governing agreements. However, notwithstanding this potential conflict of interest, in all cases, Corsair would make such determination in good faith. Corsair may correct misallocations of trades among its client accounts by re-allocating the applicable trade using the intended allocation methodology prior to the trade’s settlement date. If an erroneous allocation cannot be corrected prior to or after settlement, Corsair may, if appropriate and subject to applicable law, correct such erroneous allocation by effecting a cross trade between its client accounts at the price at which the initial trade was effected. Corsair does not use soft dollars to correct trade errors and will not enter into agreements with broker-dealers to absorb any correction costs in exchange for the promise of future brokerage business. Aggregation of Orders Corsair will generally aggregate client trades, subject to best execution. Aggregation, or “bunching,” describes a procedure whereby an investment adviser combines the orders of two or more clients into a single order for the purpose of obtaining better prices and lower execution costs. Aggregation opportunities generally arise when more than one client is capable of purchasing or selling a particular security based on investment objectives, available cash and other factors. Corsair is not required to aggregate trades. Corsair may aggregate client orders when doing so will result in no worse overall price for its clients’ trades. Orders for the same security entered on behalf of more than one client will generally be aggregated subject to the aggregation being in the best interests of all participating clients. Subsequent orders for the same security entered during the same day may be aggregated with any previously unfilled orders; filled orders should be allocated to clients separately from subsequent orders. However, subsequent orders may be aggregated with filled orders if the market price for the security has not materially changed and the aggregation does not cause any unintended exposure or if such aggregation would not result in a change in the aggregate purchase price for each applicable client account. When a trade is to be executed for an individual Private Fund or other Corsair client and the trade is not in the best interests of other Private Funds or Corsair clients, then the trade will only be executed for that first Private Fund or client, as applicable. In addition, when Corsair encounters investment opportunities which are appropriate for more than one client or when an aggregated order is only partially filled, Corsair will allocate the investment opportunity on a pro rata basis to the clients participating in the investment based upon the criteria set forth in Item 11 above. Corsair will generally allocate “bunched” orders on an average price basis among its clients, and each client will bear a pro rata share of commission and ticket charges. In the event that Corsair determines, with the consent of the Chief Compliance Officer, to allocate securities purchased in a bunched order other than on an average price basis, the Chief Compliance Officer will document the reasons for such decision. Clients may pay more to the extent that Corsair does not, or is unable to, “bunch” orders, as seeking to place separate, non-simultaneous transactions in the same security for

multiple clients may negatively affect market price, transaction commissions and/or trade execution. A client’s nonparticipation in bunched trades may result in lost opportunities to purchase securities for such client’s account that other clients participating in bunched trades were able to purchase.

In addition, Corsair may give investors (including, without limitation, those investors who are given access to the additional information described herein) more favorable terms relating to fees and incentive allocations payable/allocable to Corsair. This would likely be accomplished by having the appliable Private Fund and Corsair enter into a “side letter” with the investor receiving these enhanced rights and/or by creating a different class of interests/shares of the Private Fund that is offered to some, but not necessarily all, investors. As a result, certain investors of a Private Fund may be better able to assess the prospects and performance of such Private Funds than other investors and may be able to withdraw their capital at times when other investors may not. A similar risk also exists to the extent that Corsair provides investors in other Private Funds with preferential information and/or liquidity terms. The Private Funds and Corsair will not be limited in its ability to enter into side letters or create new classes of interests/shares and, to the extent permitted by applicable law, will not be obligated to disclose the terms of such side letters and/or classes of interests/shares, and/or other preferential terms offered with respect to investments in other Private Funds, including, without limitation, the identity of the parties thereto, to any investor. In addition to the above and information and reports described below, investors may be provided with information (including position level information) about Corsair and its clients, as applicable, in response to questions and requests and/or in connection with due diligence meetings and other communications. Such information may not be distributed to other investors, prospective investors and/or clients who do not request such information. Each investor and/or client is responsible for making its own investment decisions and must decide for itself if it deems it necessary to seek additional information to make this decision. Corsair furnishes investors with monthly net asset value estimations and quarterly reports. Also, on an annual basis, investors receive a copy of the relevant Private Fund’s annual audited financial statements and, where applicable, a statement of taxable income (form K1).

This conflict applies as well to nominees that are compensated in connection with the investment of their clients’ assets with Corsair or in the private investment funds that we manage. Corsair may enter into soft dollar arrangements with brokers pursuant to which it obtains certain research and brokerage products and services in return for directing client securities transactions to the broker (see Item 12, “Selection of Brokers”).

Corsair currently retains a third party, Institutional Shareholder Services, Inc. (“ISS”), to assist Corsair in voting proxies. Proxies received by Corsair with respect to securities held in its clients’ accounts will generally be voted by ISS. ISS may also abstain from voting such proxies. However, the Portfolio Managers may elect to vote such proxies and/or override ISS, and in such case, they will vote the proxies in the manner that the Portfolio Managers determine is in the best interests of each client account for which they are voting. In addition, the Portfolio

Managers may determine to abstain from voting a proxy if they believe that such action is in the best interests of the applicable client. The Portfolio Managers may take into account the following factors, among others, in determining if a specific proposal is in, or not opposed to, the best interests of the applicable clients: (a) management of the issuer’s views and recommendations on such proposal; (b) whether the proposal may have the effect of entrenching existing management and/or making management less responsive to shareholders’ concerns (e.g., instituting or removing a poison pill, classified board of directors and/or other anti-takeover measure); and (c) whether the Portfolio Managers believe that the proposal will fairly compensate management for its and/or the issuer’s performance. If the Chief Compliance Officer believes that a material conflict exists between Corsair and any of its clients for which it is voting, Corsair shall rely exclusively on ISS to vote such proxies (and the Portfolio Managers will not vote such proxies or override ISS’s vote). Special considerations may apply in cases of conflicts of interest involving those funds that are deemed to constitute “plan assets” under ERISA. The Chief Compliance Officer will confer with appropriate ERISA counsel in such cases. Upon the request by a Private Fund or other Corsair client, Corsair will disclose to such Private Fund or client how it voted proxies for securities owned by such Private Fund or client. Corsair will provide a copy of its proxy voting policies and procedures to the Private Funds or other Corsair clients upon request. Class Action Participation Procedures To the extent that Corsair has discretion to participate in class action lawsuits filed against companies or issuers in which its clients are invested, Corsair will generally participate in such class action lawsuits unless it believes that such participation is not in the best interest of its clients. Corsair has retained a third party service provider to assist it in monitoring and submitting claims to recover proceeds to which Corsair’s clients may be entitled from class action settlements.