P2 Capital Partners, LLC: investment adviser

In a master-feeder structure, each feeder fund contributes its investible assets to the master fund and participates on a pro rata basis in the profits, losses and expenses of the master fund, based on the respective capital account balances of all Private Funds investing through the master fund. An affiliate of P2 serves as the general partner or manager of each domestic Private Fund and Cayman Islands master fund. Currently, the entities serving as general partners are: P2 Capital GP, LLC, P2 Capital GP XIII, LLC and P2 Capital GP XIV, LLC (collectively referred to as the “P2 Fund GPs”). Within the Private Funds, P2 has a number of partnerships and/or share classes that were formed to accommodate specific large institutional investors with particular investment requirements and restrictions. In addition, the Private Funds and/or P2 are authorized, without the approval of any investor, to enter into “side letters” or similar written agreements with investors that have the effect of establishing rights under, or altering or supplementing the terms of each Private Funds’ Confidential Offering Material; which may include a Confidential Offering Memorandum, Limited Partnership Agreement, Limited Liability Company Agreement and Investment Management Agreement (collectively referred to as the “COM”). The ability of other investors to elect to receive the benefit of such side agreements may be limited. Further, within the Private Funds, P2 has established certain partnerships through which certain investors may invest alongside one or more of the Private Funds for a particular public or private investment opportunity. These opportunities are typically only offered to certain limited partners, and generally provide such limited partners the ability to increase exposure to certain positions held by one or more of the Private Funds and/or provide P2 with the opportunity to outsize investments without distorting the overall risk/return profile of such Private Funds via excess concentration in one or more positions held by such Private Funds. Since P2 does not provide individualized advice to the investors in the Private Funds, investors must consider whether a particular Private Fund meets their investment objectives and risk tolerance prior to investing. Information about each Private Fund can be found in its COM. Advisory Services P2 manages the Private Funds under one main strategy: P2 seeks to generate significant capital appreciation by making strategic equity investments in primarily small capitalization (“small cap”) public and private companies. P2’s strategic equity investment style applies a private equity approach to investing in the public market. Specifically, P2 pursues a research intensive, concentrated, value-oriented, long-term, active and management-friendly investment style. As of December 31, 2025, P2 managed approximately $824,400,000, all on a discretionary basis.

Generally, management fees are paid either quarterly in arrears or quarterly in advance (less than six months in advance). For the Private Funds that pay in advance, the Private Fund documents provide that, upon termination, P2 will refund all management and other fees for which services have not been rendered. Each of the Private Fund agreements provides for the allocation of performance-based fees in the form of profit allocations to the relevant P2 Fund GP as carried interest. The Private Funds generally have a profit allocation ranging from 10% to 20% (depending on the particular Private Fund and the particular class of limited partnership interests or shares that an underlying investor has invested in) of the net profits attributable to each investor, which is paid to the P2 Fund GP of the Private Funds either at the end of the specified fee period or upon withdrawal of capital. For withdrawals, the profit allocation only applies with respect to the amount of capital withdrawn. The profit allocation is calculated as specified in each Private Fund's COM. Depending on the particular Private Fund (and the different investor classes, as available for a particular Private Fund), high water marks, hurdle rates and preferred returns may apply to the profit allocation. P2's performance fee is charged in compliance with Rule 205-3 under the Advisers Act. Although the Private Funds have different fee structures, P2 avoids the potential conflict of favoring those with higher overall fee structures by adhering to investment allocation procedures that promote the fair and equitable treatment of investment allocations over time. Allocation of Fees and Expenses In addition to P2’s management and performance-based fees, the Private Fund investors will bear various other fees and expenses charged to the Private Funds. Those fees will vary, but typically include fees such as brokerage (see “Item 12” of this Brochure for more information and details regarding P2’s brokerage practices), custodial and administration fees, directors fees, commissions and related costs, interest costs, insurance costs, legal fees, accounting, audit and tax preparation fees, taxes, costs associated with reporting and providing information to existing or prospective investors, investment and investment-related expenses, including research expenses, travel expenses, third-party valuation expenses and transaction and due diligence expenses (whether or not the transaction or investment is consummated). Some of these expenses, such as expenses in connection with a portfolio investment or proposed portfolio investment, are shared among the Private Funds, and in such case, are allocated to the Private Funds based on their pro rata share of these costs, at the sole discretion of P2. P2 is authorized to incur these expenses on behalf of the Private Funds; when this occurs, the respective Private Funds reimburse P2 in the amount of such expenses. Generally, P2 deducts management fees, performance fees and other fees and expenses from the Private Funds by instructing the Private Fund’s administrator to do so.

Prospective and existing investors in the Private Funds are advised to review the applicable Private Fund COM for a more extensive description of the fees and expenses associated with an investment in the Private Funds. Certain investors in the Private Funds, which are generally employees of P2, may not pay management and/or performance-based fees on their investment in the Private Funds. Notwithstanding this exception, such investors do pay their pro rata share of all other Private Fund expenses. P2 also receives certain fees in connection with its private equity investments. These fees are allocated to the Private Funds based on each Private Fund’s operating agreements with P2 and are generally used to offset management fees, as more fully described in each Private Fund’s COM.

However, this conflict is mitigated by P2’s allocation policy, pursuant to which P2 considers each participating Private Fund’s size, diversification, cash availability, investment objectives and any other relevant factors. P2’s investment allocations are designed to provide a fair allocation of purchases and sales of securities among the various Private Funds managed by P2, while preserving incentives for P2 to find new investment opportunities, and to ensure compliance with appropriate regulatory requirements. P2 will, to the best of its ability, conduct itself in a manner it considers to be the most fair and consistent with its fiduciary obligations to all of its advisory clients. In addition, the investors in the Private Funds may have conflicting investment, tax and other interests with respect to their investments in a Private Fund. As a consequence, conflicts of interest may arise in connection with decisions made by P2 and its related entities, including with respect to the nature or structuring of portfolio investments, which may be more beneficial for one investor than for another investor in a particular Private Fund, especially with respect to an investor's individual tax situation. In selecting and structuring portfolio investments appropriate for the Private Funds, P2 and its related entities will consider the investment and tax objectives of the Private Funds and its investors as a whole, not the investment, tax or other objectives of any Private Fund or investor individually. P2 will always place the interests of the Private Funds above any interests of its own.

There can be no assurance that the investment objectives will be achieved. Investment techniques that P2 may employ from time to time can, in certain circumstances, present substantial risks to investors in the Private Funds. The following risk factors do not purport to be a complete description of the risks involved in investing in the Private Funds. Prospective Private Fund investors are advised to review the Private Funds’ COM for a discussion of the risks associated with investing in the Private Funds. No Assurance of Investment Return; Risk of Loss. P2 cannot provide assurance that it will be able to choose, make and realize any particular investments or otherwise implement any Private Fund’s investment strategy, or that investments made by a Private Fund will generate expected returns. Moreover, P2 cannot provide assurance that the investors in the Private Funds will receive a return of their capital or any distribution from the Private Funds. An investment in the Private Funds involves a risk of partial or total loss of capital and should only be considered by potential investors with high tolerance for risk. An investor in a Private Fund should only invest in such Private Fund as a part of an overall investment strategy, and only if such investor is able to withstand a total loss of its investment. Competitive Marketplace. The Private Funds operate in a highly competitive market for investment opportunities. The Private Funds will compete with various other investors including public and private funds, commercial and investment banks and commercial finance companies. Many competitors are substantially larger and have considerably more financial and other resources. Other funds may have investment objectives similar to the Private Funds, which may create competition for investment opportunities. Certain competitors may have access to funding sources that are not available to the Private Funds as well as lower cost of funds, and may have higher risk tolerances or different risk assessments, which could allow them to consider a broader variety of investments and establish more relationships. This competition could impair the Private Funds’ business, financial condition, and results of operations. As a result of this competition, the Private Funds may not be able to take advantage of attractive investment opportunities. Control Positions. The Private Funds may acquire control positions in certain companies in which the Private Funds invests. Additionally, the managing member of P2 or other officers or employees of P2 may serve as an executive officer or a director of certain companies in which the Private Funds invest. The exercise of control over a company through a control position, or the service of an officer or employee of P2 as an officer or director of such company, imposes additional risks of liability for environmental

damages, product defects, failure to supervise management, violation of governmental regulations and other types of liability in which the limited liability generally characteristic of business operations may be ignored. If these liabilities were to occur, the Private Funds and the investors therein would likely suffer losses in their investments. In addition, a Private Fund’s acquisition of more than 10% of the equity securities of certain companies, or the service by the managing member or other officers or employees of P2 as an executive officer or a director, may subject such Private Fund to liability for “short-swing profits” under Section 16(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). Under Section 16(b), holders of more than 10% of any class of equity securities of a company registered under Section 12 of the Exchange Act and certain officers and directors of such an issuer are prohibited from any purchase and sale of any equity or derivative security of such issuer within any period of less than six months. If a Private Fund engages in a transaction that results in short-swing profits, such Private Fund may be required to return the amount of such profit to the issuer, which could adversely affect the overall return on investment realized by such Private Fund. Measures to avoid short-swing liability may limit the ability of such Private Fund to buy or sell securities of target companies. Securities law considerations relating to trading while in possession of material non-public information may limit the ability of a Private Fund to buy or sell securities of target companies. Antitrust or other regulatory complications may impose filing fees and other additional expenses on such Private Fund and may adversely affect its ability to acquire or dispose of investment positions. Implementation of Investment Strategy. The success of a Private Fund’s investment strategy may require, among other things: (i) that P2 properly identify companies whose securities prices can be improved through P2’s active influence on, and involvement in, the operations of such companies or through other corporate and/or strategic actions; (ii) that such Private Fund acquire sufficient securities of such companies at a sufficiently attractive price; (iii) that such Private Fund avoid triggering anti-takeover and regulatory obstacles while aggregating its position; (iv) that management of such companies and other security holders respond positively to P2’s proposals; and (v) that the market price of such companies’ securities increases in response to any actions taken by such company. There can be no assurance that any of the foregoing will succeed. Successful execution of an investment strategy with respect to a particular company may depend on the cooperation of other security holders and others with an interest in such company. Some security holders may have interests that diverge significantly from those of the Private Funds and some of those parties may be indifferent to the proposed changes. Moreover, securities that P2 believes are fundamentally undervalued or incorrectly valued may not ultimately be valued in the capital markets at prices and/or within the time frame P2 anticipates, even if a Private Fund’s strategy is successfully implemented. Even if the prices for a company’s securities have increased, there is no assurance that a Private Fund will be able to realize any increase in the price of such securities. Availability of Investment Opportunities. Identification and exploitation of many or all of the trading strategies P2 deploys and may deploy on behalf of the Private Funds involve a high degree of uncertainty. There can be no assurances that P2 will be able to identify and/or successfully take advantage of suitable investment opportunities for the Private Funds’ capital, which may potentially reduce the Private Funds’ returns due to excess capital or lead to (possibly material) losses due to changes in the Private Funds’ risk parameters in order to deploy capital. P2 may rely on market participants to inform it of particular trading opportunities. The failure of market participants to provide such information, P2’s good faith reliance on such information by market participants (whether through “frontrunning,” providing misinformation, or other actions), and other factors may also reduce returns, or even cause (possibly material) losses of the Private Funds.

Limited Diversification; Concentration. There can be no assurance that an investment in a Private Fund would improve the risk/return profile of any investor’s portfolio or otherwise improve the performance of the investor’s overall portfolio, and any investment in such Private Fund may in fact result in significant losses. A Private Fund’s overall portfolio of securities or instruments will not represent a broad diversification of investments among particular issuers, issues, companies, countries, industries, exchanges, counterparties, strategies, types of investments, or other shared characteristics. In general, a less diversified portfolio will tend to expose the Private Fund investors to greater volatility and risk than would be the case with a more broadly diversified portfolio. In addition, the Private Funds’ portfolios may be concentrated in particular issuers, issues, companies, countries, industries, exchanges, counterparties, strategies, types of investments, and/or other shared characteristics, in each case without any limitation other than applicable law or regulation (if any). Such concentration would magnify the effect that the realization of the risks associated with investments would have on a Private Fund’s portfolio. Difficult Market, Economic and/or Political Conditions and Government Actions. The activities of the Private Funds and their investments could be materially adversely affected by general economic conditions, as well as by the instability in global financial markets or changes in market, economic, political or regulatory conditions, as well as by numerous other factors outside the control of P2 and its affiliates. Interest rates and general levels of economic activity may affect the value and number of investments made by the Private Funds or considered for prospective investment. In addition, in 2008 and the succeeding years, world financial markets experienced extraordinary market conditions, including, among other things, extreme losses and volatility in securities markets and the failure of credit markets to function. These disruptions in global markets affected the price of, as well as the ability to make, certain types of investments. In reaction to these events, regulators in the U.S. and several other countries undertook unprecedented regulatory action. The Private Funds may be adversely affected by similar or other events in the future or by a severe worldwide economic downturn. Significant new regulations could limit the Private Funds’ activities and investment opportunities or change the functioning of the capital markets. Consequently, the Private Funds may not be capable of, or successful at, preserving the value of their assets, generating positive returns or effectively managing risks. Regulation of Private Funds. Legal, tax and regulatory changes may occur during the existence of the Private Funds that may adversely affect the Private Funds. The legal, tax and regulatory environment for the entire financial industry, generally, and private funds, specifically, is evolving, and regulatory changes may adversely affect the value of investments held by the Private Funds, the ability of the Private Funds to obtain leverage at a rate or on terms acceptable to the Private Funds, the cost of doing business (such as brokerage commissions and custody fees), and the investment strategies of the Private Funds and their implementation. In addition, the securities and futures markets are subject to comprehensive statutes, regulations, and margin requirements. The SEC, the CFTC, other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies and retain the right to suspend or limit trading in securities, swaps or futures, which may have an adverse impact on the Private Funds. In particular, the regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Private Funds may adversely affect the value of assets held by the Private Funds and their ability to pursue their investment strategies and such effect may be substantial. In addition, the tax environment for derivative instruments and funds is evolving, and changes in the taxation of derivative instruments or funds may adversely affect the value of total return swaps held by the Private Funds and the ability of the Private Funds to pursue their investment strategies.

Restricted Assignability and Illiquidity of the Interests. Participation in the Private Funds will generally be an illiquid investment. Interests in the Private Funds have not been registered under the Securities Act of 1933, as amended or any other applicable securities laws. There is no public market for the interests in the Private Funds and none is expected to develop. In addition, the interests in the Private Funds are not transferable except with the consent of P2, which consent may be withheld in the sole discretion of P2, and are subject to the terms and conditions of the applicable Private Fund’s governing documents. Investors in a Private Fund will only be permitted to withdraw from such Private Fund or cause such Private Fund to withdraw a portion of their interests at certain specified times. Short Selling. Subject to certain agreed restrictions on short selling, the Private Funds may sell securities short. Short sales can, in certain circumstances, substantially increase the impact of adverse price movements on a Private Fund’s portfolio. A short sale of a security involves the risk of a theoretically unlimited loss from a theoretically unlimited increase in the market price of the security, which could result in an inability to cover the short position. In addition, there can be no assurance that securities necessary to cover a short position will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating any loss. Securities Lending. The Private Funds may lend their portfolio securities to broker-dealers, financial institutions and other borrowers. The advantage of such loans is that the Private Funds continue to receive the interest or dividends on the loaned securities, while at the same time earning loan fees and/or interest on the collateral received from the borrower, which may be invested in short-term obligations. If the borrower fails to provide the requisite amount of collateral, the loan may be terminated and the Private Funds may be able to apply any collateral received from the borrower to replace the securities while holding the borrower liable for any replacement costs in excess of the collateral. On termination of the loan, the borrower is required to return the securities to the Private Funds; any gains or loss in the market price during the loan period would inure to the Private Funds. In the event of the bankruptcy of the other party to a securities loan, the Private Funds could experience delays in recovering the securities lent and/or realizing on the collateral received from the borrower. To the extent that the value of the Private Funds’ loaned securities has increased, the Private Funds could experience a loss if such securities are not recovered. Limited Liquidity of Instruments Held by the Private Funds. There are currently only limited secondary markets for the types of instruments in which the Private Funds may invest. Neither the issuers nor the underwriters of such investments are under any obligation to make a market in these instruments and, to the extent that such market making is commenced, it may be discontinued at any time. Therefore, there is no assurance that the Private Funds will have liquidity in respect of its investments, which could make it difficult for the Private Funds to meet their withdrawal obligations. Counterparty Credit Risk. Many of the markets in which the Private Funds effect their transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of “exchange based” markets. To the extent the Private Funds invest in swaps, derivative or synthetic instruments, or other over-the-counter transactions, on these markets, the Private Funds may take a credit risk with regard to parties with whom they trade and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Private Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Private Funds to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to

prevent settlement, or where a Private Fund has concentrated its transactions with a single or small group of counterparties. A Private Fund is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. The ability of a Private Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by such Private Fund. Credit Risk of Prime Brokers. The Private Funds will assume the credit risk associated with placing their funds and securities with their prime brokers, and the failure or bankruptcy of any of such prime brokers could have a material adverse impact on the Private Funds. Under the U.S. Commodity Exchange Act, as amended, futures commission merchants are required to maintain customers’ assets in a segregated account. To the extent that a Private Fund engages in futures and options contract trading and the futures commission merchants with whom such Private Fund maintains accounts fail to so segregate such Private Fund’s assets, such Private Fund will be subject to a risk of loss in the event of the bankruptcy of any of its futures commission merchants. In certain circumstances, such Private Fund might be able to recover, even in respect of property specifically traceable to such Private Fund, only a pro rata share of all property available for distribution to a bankrupt futures commission merchant’s customers. Hedging Risks. P2 may hedge some or all of a Private Fund’s portfolio by taking long and short positions in related securities. Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of such portfolio positions or prevent losses if the values of such positions decline, but establishes other positions designed to gain from those same developments, thus seeking to moderate the decline in the portfolio position’s value. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be obtained, and such Private Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs. P2 may determine in its sole discretion not to hedge against certain risks and certain risks may exist that cannot be hedged. Risks of Options. A Private Fund’s investment program may involve the purchase and sale of options. There are risks associated with the sale and purchase of call options and put options. Investing in options can result in a greater potential for profit or loss than investing in the underlying securities. The value of an option may change because of a change in the value of the underlying securities, the passage of time, changes in the market’s perception as to the future price behavior of the underlying securities, or any combination of the foregoing. In the case of the purchase of an option, the risk of loss of an option buyer’s entire investment in the option (i.e., the premium paid and transaction charges) reflects the nature of an option as a wasting asset that may become worthless at its expiration. Where an option is written (or sold) uncovered, the option seller may be liable to pay substantial additional margin, and the risk of loss is theoretically unlimited, as the option seller will be obligated to deliver, or take delivery of, a security at a predetermined price, which may, upon the exercise of the option, be significantly different from its market value at the time the option was initially written (or sold). The Private Funds may purchase and sell exchange-traded options on individual securities, securities sectors and/or securities indices. There can be no guarantee that there will at all times be a liquid market for all options. A market could become unavailable if one or more exchanges were to stop trading options or it could become unavailable with respect to options on a particular underlying stock if the exchanges stopped trading options on that stock. In addition, a market could become temporarily unavailable if unusual events (e.g., volume exceeds clearing capability) were to interrupt normal exchange operations. If an options market were to become illiquid or otherwise unavailable, an option holder would be able to realize profits or limit losses only by exercising and an options seller or writer would remain obligated until it is

assigned an exercise or until the option expires. If trading is interrupted in an underlying stock, the trading of options on that stock is usually halted as well. Holders and writers of options will then be unable to close out their positions until options trading resumes, and they may be faced with considerable losses if the stock reopens at a substantially different price. Even if options trading is halted, holders of options will generally be able to exercise them. However, if trading has also been halted in the underlying stock, option holders face the risk of exercising options without knowing the stock’s current market value. If exercises do occur when trading of the underlying stock is halted, the party required to deliver the underlying stock may be unable to obtain it, which may necessitate a postponed settlement and/or the fixing of cash settlement prices. Stock Index Options. The Private Funds may purchase and sell, call and put options on stock indices listed on securities exchanges or traded in the over-the-counter market for the purpose of realizing its investment objectives or for the purpose of hedging its portfolio; provided that any such purchase or sale of call and put options on stock indices is (i) a bona fide hedging transaction entered into in connection with the acquisition, holding or disposition of securities or (ii) entered into for the purpose of increasing tax efficiency and not for a speculative purpose. A stock index fluctuates with changes in the market values of the stocks included in the index. The effectiveness of purchasing or writing stock index options for hedging purposes will depend upon the extent to which price movements in a Private Fund’s portfolio correlate with price movements of the stock indices selected. Because the value of an index option depends upon movements in the level of the index rather than the price of a particular stock, whether such Private Fund will realize gains or losses from the purchase or writing of options on indices depends upon movements in the level of stock prices in the stock market generally or, in the case of certain indices, in an industry or market segment, rather than movements in the price of particular stocks. Accordingly, successful use by a Private Fund of options on stock indices will be subject to P2’s ability to correctly predict movements in the direction of the stock market generally or of particular industries or market segments. This requires different skills and techniques than predicting changes in the price of individual stocks. Swap Agreements. The Private Funds may enter into swap agreements for hedging or certain nonspeculative purposes. The most significant factor in the performance of swap agreements is the change in the individual equity values, specific interest rate, currency or other factors that determine the amounts of payments due to and from the counterparties. If a swap agreement calls for payments by a Private Fund, such Private Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the value of swap agreements with such counterparty can be expected to decline, potentially resulting in losses to a Private Fund. Leverage and Financing Risks. Certain Private Funds may borrow funds or otherwise employ leverage in their investment program. Such leverage may be achieved by borrowing funds from brokers, banks and other lenders, purchasing securities on margin, and using options, futures, forward contracts and equity swaps (as otherwise permitted). The use of margin and short-term borrowings creates additional risks to the Private Funds. Specifically, a Private Fund may use substantially all of its capital as margin deposits. If the value of such Private Fund’s securities fell below the margin level required by a prime broker, additional margin deposits would be required. If such Private Fund were unable to satisfy any margin call by a prime broker, the prime broker could liquidate such Private Fund’s position in some or all the financial instruments that are in such Private Fund’s account at the prime broker and cause such Private Fund to incur significant losses. The failure to satisfy a margin call, or the occurrence of other material defaults under margin or other financing agreements, could trigger cross-defaults under such Private Fund’s agreements with other brokers, lenders, clearing firms or other counterparties, multiplying the adverse impact to such Private Fund. In addition, because the use of leverage will allow such Private Fund to control positions worth significantly more than

its investment in such positions, the amount that such Private Fund may lose in the event of adverse price movements will be high in relation to the amount of its investment. In the event of a sudden decrease in the value of a Private Fund’s assets, such Private Fund might not be able to liquidate assets quickly enough to satisfy its margin requirements. In that event, such Private Fund may become subject to claims of financial intermediaries that extended “margin” loans. Such claims could exceed the value of the assets of such Private Fund. The banks and dealers that provide financing to such Private Fund can apply essentially discretionary margin, haircut, financing and collateral valuation policies. Changes by banks and dealers in any of the foregoing may result in large margin calls, loss of financing and forced liquidations of positions at disadvantageous prices. There can be no assurance that the Private Funds will be able to secure or maintain adequate financing. Cybersecurity Breaches. The information and technology systems of P2, the Private Funds’ general partners, the Private Funds and their respective service providers may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although P2 has implemented various measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, P2, the Private Funds’ general partners, the Private Funds and/or their respective service providers may have to make a significant investment to fix or replace such systems. The failure of such systems for any reason could cause significant interruptions in operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to Private Fund investors. Such a failure could harm the reputation of the P2, the Private Funds’ general partners, the Private Funds and their respective service providers, subject any such entity and their respective affiliates to legal claims and otherwise affect their business and financial performance. Artificial Intelligence and Machine Learning Developments. Recent technological advances in artificial intelligence and machine learning technology (collectively, “Machine Learning Technology”), pose risks to P2, the Private Funds and the Private Funds’ investments. While P2 could utilize Machine Learning Technology in connection with its business activities, including investment activities, P2 continues to evaluate and adjust internal policies governing use of Machine Learning Technology by its personnel. Notwithstanding any such policies, P2 personnel and other associated persons of P2 could, unbeknownst to P2, utilize Machine Learning Technology in contravention of such policies. P2, the Private Funds and the Private Funds’ investments could be further exposed to the risks of Machine Learning Technology if thirdparty service providers or any counterparties, whether or not known to P2, also use Machine Learning Technology in their business activities. P2 will not be in the position to control the manner in which thirdparty products are developed or maintained or the manner in which third-party services are provided. Use of Machine Learning Technology by any of the parties described in the previous paragraph could include the input of confidential information (including material non-public information), either by third parties in contravention of non-disclosure agreements, or by P2 personnel and other associated persons in contravention of P2’s policies into Machine Learning Technology applications, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users. Independent of its context of use, Machine Learning Technology is 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 model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error, potentially materially so, and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology.

To the extent that P2, the Private Funds or the Private Funds’ investments are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on P2, the Private Funds or the Private Funds’ investments. Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. Risks Associated with Use of AI Tools. In line with advances in computing technology, data analytics and related fields, there has been an increasing trend towards utilizing artificial intelligence (including generative artificial intelligence), large language models, Machine Learning Technology and similar tools, models and systems (collectively, “AI Tools”) by various market participants in the asset management industry. While P2 believes that AI Tools may offer potential efficiencies and analytical advantages, the use of AI Tools also introduces material risks to the Private Funds, including but not limited to the following: •

Use by P2. P2 intends to utilize AI Tools in connection with certain business activities, including investment research and underwriting, and to the extent it does so, P2 intends to evaluate from time to time and adjust internal policies and procedures governing use of AI Tools by its personnel. Notwithstanding any applicable policies, there is no assurance that such policies will be effective or that personnel will comply with them in all instances. Unauthorized or inappropriate use of AI Tools by P2’s personnel could adversely affect the Private Funds, including through the disclosure of confidential information (including material non-public information), reliance on erroneous outputs, misapplication of AI-generated insights or the incorporation of confidential information into AI-data sets.

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Third-Party Use. The Private Funds may be indirectly exposed to risks arising from the use of AI Tools by companies in which the Private Funds invest, counterparties, service providers, or other third parties. P2 does not control the development, implementation, or oversight of AI Tools used by such entities, and there can be no assurance that third-party practices will meet industry standards or comply with applicable legal, regulatory, or contractual obligations. For example, third parties may input confidential or proprietary information into AI Tools in violation of nondisclosure agreements or other restrictions, potentially resulting in data leakage, competitive harm, or regulatory liability.

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Model Risk and Inaccurate Outputs. AI Tools, particularly generative models, may produce inaccurate, misleading, or wholly fabricated outputs, or may reflect biases or spurious patterns inherent in their training data. The complexity and opacity of certain AI systems may make it difficult to identify such flaws prior to making investment decisions. As a result, reliance on AIgenerated information or insights may lead to suboptimal or erroneous investment outcomes.

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Implementation Risk. While P2 will seek to implement AI Tools in a manner that is consistent with its obligations to the Private Funds, the impact of the use of AI Tools in the investment research and underwriting processes may produce outputs that may result in losses to the Private Funds. If P2 has utilized such AI Tools in a manner consistent with the standard of care outlined in the governing documents of the Private Funds, P2 will not be liable to the Private Funds or any investor therein for such losses to such Private Funds.

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Regulatory Risk. Various governmental entities have been increasingly active in considering laws and market restrictions on the use of AI Tools in connection with investment management

activities. The passage and implementation of such laws and market restrictions may limit the ability of P2 to fully implement AI Tools in connection with the management of the Private Funds’ assets or otherwise, which could have an adverse impact on the performance of the Private Funds. •

Unforeseen Risks. AI Tools are a nascent and rapidly developing area of technology. The full range of risks associated with their use, particularly as applied in the context of private investments and asset management, cannot be fully anticipated at this time. Future developments in AI capabilities, public policy, regulatory oversight, or societal attitudes could give rise to new or increased risks not presently contemplated.

Non-U.S. Investments. Non-U.S. investments may involve certain special risks, including the following: (i) political or economic instability, (ii) the unpredictability of international trade patterns, (iii) the possibility of non-U.S. governmental actions such as expropriation, nationalization or confiscatory taxation, (iv) the imposition or modification of exchange controls, (v) price volatility, (vi) political or social instability, (vii) the imposition of withholding taxes on dividends, interest and gains, (viii) fluctuations in currency exchange rates and (ix) different bankruptcy laws and customs. These risks may be greater in emerging markets. An issuer of securities may be domiciled in a country other than the country in whose currency the instrument is denominated. The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. Non-U.S. issuers are generally subject to different accounting, auditing and financial reporting standards in different countries throughout the world. The volume of trading, the volatility of prices and the liquidity of issuers may vary in the markets of different countries. Hours of business, customs and access to these markets by outside investors may also vary. In addition, the level of government supervision and regulation of securities exchanges, securities dealers and listed and unlisted companies is different throughout the world. The laws of some countries may limit P2’s ability to invest in securities of certain issuers located in those countries. In addition, there may be a lack of adequate legal recourse for the redress of disputes and in some countries the pursuit of such disputes may be subject to a highly prejudiced legal system. As compared to U.S. entities, non-U.S. entities generally disclose less financial and other information publicly, and are subject to less stringent and less uniform accounting, auditing and financial reporting standards. Different markets also have different clearance and settlement procedures. Delays in settlement could result in temporary periods when a portion of the assets of a Private Fund are uninvested and no return is earned thereon. The inability of P2 to make intended security purchases due to settlement problems could cause P2 to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result either in losses by a Private Fund, due to subsequent declines in value of the portfolio security or, if P2 has entered into a contract to sell the security, could result in possible liability to the purchaser. The Private Funds are not obligated to engage in any currency hedging operations, and there can be no assurance as to the success of any hedging operations that the Private Funds may implement. The success of any such hedging operations will be subject to P2’s ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged and P2’s ability to continually recalculate, readjust and execute hedges in an efficient and timely manner. Risk of Natural Disasters, Pandemics and Terrorist Attacks. Countries and regions in which P2 invests, where P2 has its office or where P2 or the Private Funds otherwise do business are susceptible to natural disasters (e.g., fire, flood, earthquake, storm and hurricane) and pandemics or other outbreaks of serious

contagious diseases. The occurrence of a natural disaster or pandemic could adversely affect and severely disrupt the business operations, economies and financial markets of many countries (even beyond the site of the natural disaster or epidemic) and could adversely affect P2’s investment program or P2’s ability to do business. Consumer, corporate and financial confidence may be adversely affected by current or future tensions around the world, fear of terrorist activity, military conflicts, other acts of war (e.g., war, invasion, acts of foreign enemies, hostilities and insurrection, whether war is declared), localized or global financial crises or other sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. Furthermore, such confidence may be adversely affected by local, regional or global health crises, including but not limited to, the rapid and pandemic spread of novel viruses commonly known as SARS, MERS, and COVID-19 (Coronavirus). Such health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of affected portfolio companies. A climate of uncertainty, including the contagion of infectious viruses or diseases, may reduce the availability of potential investment opportunities, and increase the difficulty of modeling market conditions, potentially reducing the accuracy of financial projections. In addition, limited availability of credit for consumers, homeowners and businesses, including credit used to acquire businesses, in an uncertain environment or economic downturn may have an adverse effect on the economy generally and on the ability of P2 or the Private Funds to execute their respective strategies and to receive an attractive multiple of earnings on the disposition of businesses. This may slow the rate of future investments by P2 and result in longer holding periods for investments. Furthermore, such uncertainty, including the uncertainty stemming from the contagion of infectious viruses or diseases, or general economic downturn may have an adverse effect upon the Private Funds’ investments.

manner when dealing with the Private Funds, investors, the public, prospective investors, third-party service providers and fellow employees. Likewise, all employees must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting P2’s services and engaging in other professional activities. P2 distributes the Code of Ethics to each employee upon the commencement of employment, annually and upon any material change to the Code of Ethics. Each employee must also acknowledge that they have received, read, understood and agree to comply with P2’s policies and procedures described in the Code of Ethics upon the commencement of employment, annually and when it is materially amended. Investors in the Private Funds may obtain a copy of P2's Code of Ethics by requesting such information directly from P2 at (212) 508-5500. Personal Trading Employees are strictly prohibited from investing in any securities of issuers held in the Private Fund portfolios. The prohibition extends to any derivative instruments whose returns are based on the securities of issuers held in the Private Fund portfolios. If qualified, employees are encouraged to invest their personal capital in the Private Funds and can do so through a separate class of interests which are not charged management or performance fees. Employees who wish to diversify their investments are encouraged to do so through passive, non- discretionary vehicles such as mutual funds, hedge funds or separately managed accounts. Those employees who wish to maintain discretionary investment accounts such as brokerage accounts may do so, but are clearly prohibited from transacting in securities similar to those managed by P2. Employees generally may not transact in U.S. publicly quoted equities with a market cap of less than $5 billion (market capitalization as defined as of the date of each transaction). If an employee wishes to purchase a U.S. publicly quoted equity with a market cap of less than $5 billion, they must obtain written pre-approval from P2’s chief compliance officer (“CCO”). The pre-approval will be effective for five business days following the date of the pre-approval. If the transaction has not been affected by such date, a new pre-approval is required prior to commencing the transaction. Employees who already own public U.S. equities with a market cap of less than $5 billion must also follow this pre-clearance procedure when attempting to sell such securities. Additionally, the CCO will preapprove (or disapprove) all personal securities transactions in private placements and initial public offerings (“IPOs”). Employees are required to pre-clear, report and/or disclose reportable securities transactions to P2’s CCO on a quarterly basis. Employee trading activity is not permitted to be so excessive as to conflict with the employee’s ability to fulfill daily job responsibilities. P2’s personal securities transactions policies and procedures are designed to mitigate any potential material conflicts of interest associated with employees’ personal trading activities. Accordingly, the CCO will closely monitor employees’ investment patterns to detect potentially abusive behavior, including but not limited to frequent and/or short-term trades in any security, with particular attention paid to potential market- timing of mutual funds and trading that appears to be based on material non-public information. Material Non-Public Information Section 204A of the Advisers Act requires every investment adviser to establish, maintain and enforce

written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser’s business, to prevent the misuse of material non-public information by such investment adviser or any associated person. P2 conducts insider trading specific training at least annually for employees. Employees are strictly forbidden from engaging in insider trading, either personally or on behalf of the Private Funds. P2’s insider trading policies and procedures apply to all employees, as well as any transactions in any securities by family members, trusts or corporations directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the employee is a 10% or greater stockholder, as well as transactions by partnerships of which the employee is a partner unless the employee has no direct or indirect control over the partnership. Employees that interact directly with management of portfolio companies must be mindful of the kind of information that is conveyed during those interactions. A company’s board of directors is responsible for the oversight of the company’s business and has certain obligations imposed on it by law and contract. As part of its investment advisory activities, P2 may be requested to have an employee serve as a director of a company held in the portfolio of a Private Fund. In the event that an employee has any indication that information may be material or non-public, the Code of Ethics provides that such employee must neither trade on the information nor convey the information to others. Instead, the employee must immediately discuss the matter with the CCO. The Code of Ethics directs employees with questions as to whether they are in possession of material nonpublic information to inform the CCO as soon as possible. The CCO will conduct research to determine if the information is likely to be considered material and whether the information has been publicly disseminated.

P2, on behalf of the Private Funds, has entered into a prime brokerage relationship with Goldman, Sachs & Co. LLC ("Goldman"). Goldman will clear (generally on the basis of payment against delivery) each Private Fund’s public securities transactions which are effected through broker-dealers, serve as custodian of the Private Fund's public portfolio assets, lend securities which are sold short and provide margin credit. Since P2 does not typically transact on margin or sell securities short, the Private Funds pay Goldman an annual custody fee based on each Private Fund’s month-end net asset value held with Goldman. The fee is calculated and debited monthly from the Private Fund’s accounts. P2 is not required to maintain its relationship with Goldman and may change or add additional prime brokerage relationships at any time. Best Execution and Broker Selection As part of P2’s fiduciary duty to the Private Funds, P2 has an obligation to seek to obtain best execution on

trades given prevailing market conditions, to trade assets in a manner that is fair to all Private Funds and to exercise diligence and care throughout the trading process. While not defined by statute or regulation, “best execution” generally means the execution of client trades at the best net price considering all relevant circumstances. P2’s investment strategy is centered on the acquisition of large ownership stakes in a limited number of companies where P2 is often seeking a longterm investment opportunity. Therefore, for P2, best execution tends to be different from many other strategies that are much more trading intensive due to their larger number of positions and higher portfolio turnover. P2's focus is on receiving an optimal blend of size, price and confidentiality rather than focusing solely on price. Within this context, it is the policy of P2 to seek best execution for the Private Fund accounts. In fulfilling its duty to seek best execution, P2 seeks to obtain the most favorable terms for each transaction reasonably available under the circumstances. In selecting a broker-dealer, P2 considers the full range and quality of a broker-dealer's services including, among other things, the value of research provided, execution capability, the overall quality of execution, confidentiality, the commission rate charged and the responsiveness of the broker-dealer. Before P2 begins trading with a broker-dealer, an investment team member and the CCO will collectively conduct an initial review, at the CCO’s discretion, of the broker-dealer’s operational, financial and regulatory status. During the trading process, as part of their normal functions, the investment team member of P2 placing the trade will conduct a contemporaneous review, considering the execution quality of each trade. Any unexpected deviations in price, commission rate, market impact, execution speed or other aspects of execution quality will generally be discussed with the managing member of P2 and CCO. At least semi-annually, P2’s best execution committee, which is comprised of P2’s investment partners and the CCO, will consider and review P2’s current broker-dealers, trade executions and brokerage practices. The best execution committee will collectively rate all approved broker-dealers based on the quality of research, execution capabilities and access to liquidity provided by the broker-dealers. The resulting brokerdealer rankings, which are more subjectively biased towards the research capabilities of the broker-dealers, will assist P2’s investment team when allocating brokerage and soft dollars in the subsequent period. P2 does not consider Private Fund or individual investor referrals from broker-dealers when making brokerage allocation decisions. P2 does not consider the direction of brokerage at the request of investors in the Private Funds. Aggregation Policy P2 will aggregate trades of the Private Funds when such aggregation is expected to be in the best interest of all participating Private Funds. P2 will generally abide by the following procedures when aggregating trades: 1. P2’s investment team member directing the trade will prepare a written pre-allocation that identifies each participating Private Fund account and each such account’s expected participation (generally designated as pro rata). In determining the written pre-allocation, P2 will consider each Private Fund’s size, diversification, cash availability, investment objectives and any other relevant factors.

2. All accounts participating in a block trade must receive the average price and pay a proportional share of any commissions. 3. P2 will seek to allocate trades in a manner that is fair to all of the Private Funds, and will not allocate trades based on an account’s performance or fee structure. New Issues P2 does not intend to invest in shares of IPOs; however, in the event that it elects to do so in the future, it will allocate the limited investment opportunity on a fair and equitable basis, generally pro rata among the Private Funds, to eligible unrestricted investors. Cross Trades and Principal Trades P2 may use an unaffiliated broker-dealer to cross investments between the Private Fund accounts when such a transaction is advantageous for each participating Private Fund. Cross trades generally occur at the beginning of the month as part of the portfolio rebalancing process, and may be executed pre-market, afterhours, or during the trading day, pursuant to P2’s discretion. The investment will be crossed based on the market price of the investment provided by the executing broker / indicated on the applicable exchange on the date and time at which the rebalancing transactions are executed, and transaction costs will be divided equally between the participating Private Fund accounts. Since P2 does not act as a broker in transactions involving the Private Funds, or otherwise receive commissions or another type of remuneration for the Private Fund trades, it does not complete agency cross trades. Section 206(3) of the Advisers Act prohibits P2 and any employee or other affiliate from trading with any Private Fund on a principal basis, or from recommending an agency cross trade to both participants, unless P2 discloses the capacity in which it is acting to each participating Private Fund in writing before completion of the transaction, and obtains each participating Private Fund’s consent to the transaction. P2 will not generally engage in these principal transactions, and in the event that it does elect to do so, will adhere to the provisions set forth in Section 206(3). Soft Dollars P2 will only use soft dollars to obtain eligible research services that fall within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 28(e) of the Exchange Act provides a safe harbor that allows an investment adviser to pay more than the lowest available commission in order to obtain brokerage and research services (commonly referred to as a “soft dollar” arrangement). P2 may direct trades to a broker-dealer in recognition of research services and services furnished by such broker-dealer, even if such broker-dealer charges a higher execution rate than another broker-dealer. A product or service may have multiple uses, some of which are eligible under the Section 28(e) safe harbor, and others of which are not. An investment adviser may only use soft dollars to pay for that portion of the product or service that falls within the safe harbor. P2 does not pay for any products or services which may require an allocation of payment between hard and soft dollars (i.e., a “mixed-use” service) with soft dollars. Soft dollar credits are assets of the Private Funds that must be treated with appropriate care. In the aggregate, P2 believes that the products and services obtained with soft dollar credits will assist P2 in fulfilling its duties to the Private Funds; however, each and every product or service may not be used to service each

and every Private Fund managed by P2. The CCO will review regular soft dollar accrual and expenditure reports sent by broker-dealers. P2’s best execution committee will also periodically review P2’s soft dollar credit and debit balances, including any balances through commission sharing arrangements. If P2 develops large credit balances, the committee will consider whether the Private Funds are paying unnecessarily high commissions. Trade Errors Errors may occur during the investment decision-making process, as well as the trading process; both types of errors are considered “trade errors” for purposes of P2’s policy. The utmost care must be taken in making and implementing investment decisions on behalf of the Private Fund accounts. P2 attempts to minimize trade errors by implementing extensive transaction approval and reconciliation procedures. Additionally, P2’s investment strategy, which generally results in limited trading due to concentrated positions and low portfolio turnover, often results in very few trading errors. As disclosed in the Private Funds’ COM, the cost of errors in the Private Fund accounts will be borne by the Private Funds unless an error is the result of bad faith, gross negligence or willful misconduct by P2. To the extent that errors occur, they must generally be corrected as soon as practicable. Errors must also be promptly reported to the CCO and reviewed to determine whether policies or procedures should be changed to prevent future errors. The CCO will work with the investment team to resolve any trade errors. The CCO will maintain a trade error file that contains all documentation necessary to substantiate the actions taken to resolve each error. P2 will not use soft dollars or commitments of future brokerage business to compensate any broker- dealer for absorbing the cost of a trade error. However, to the extent that P2 can demonstrate that a broker-dealer was partly or entirely responsible for a trade error, that broker-dealer may be asked to bear part or all of the cost of the error. The CCO will retain documentation showing the broker-dealer’s responsibility in the trade error file.

Private Fund investors receive a quarterly account statement (containing their quarter-to-date and year-todate opening net asset value, any contributions and/or withdrawals, any net income or loss and an ending net asset value) directly from a third-party administrator. P2 also distributes a narrative investor letter summarizing the Private Fund's recent activity and the current status of the Private Fund's investments. Private Fund investors receive annual audited financial statements of the Private Fund within 120 days following the Private Fund's fiscal year end to comply with Rule 206(4)-2 (the "Custody Rule") under the Advisers Act. Each investor also receives relevant tax reporting information which may also be sent to a third-party service provider, such as the investor's financial consultant, tax advisor or independent custodian, if requested to do so by the investor.

Certain large investors in the Private Funds may negotiate to receive certain special reports or more frequent or more detailed information about their respective account. As such, these investors will be privy to certain information regarding one or more of the Private Funds that may only be available to other investors in those Private Funds upon request. Investors should refer to the relevant Private Fund's COM for more information about the reports provided.

With respect to pooled investment vehicles, each Private Fund is subject to an annual independent audit, the results of which must be distributed to the underlying investors within 120 days following the relevant Private Fund's fiscal year-end (compliant with generally accepted accounting principles and performed by a PCAOB certified auditor). Accordingly, under the Custody Rule, all of the Private Funds are audited annually.

the securities to be purchased and sold for the Private Fund accounts; the quantity of securities to be purchased or sold for the Private Fund accounts; the timing and prices that securities are purchased and sold; the broker-dealer through whom the securities are bought or sold; and the commission rates at which the securities transactions are effected.

Investors generally cannot place restrictions on P2's investment discretion with respect to the Private Funds; however, P2 may enter into side letter agreements with certain large or strategic investors granting them, among other things, restrictions with respect to position sizing, permitted investments and allocations of

private investments.

Due to the nature of P2's business and structure, P2 does not believe it is likely that material conflicts of interest will arise in voting proxies of portfolio companies. However, material conflicts of interest could arise in certain circumstances and employees must notify the CCO if they are aware of any material conflict of interest associated with a proxy vote. It is impossible to anticipate all material conflicts of interest that could arise in connection with proxy voting, but P2’s written proxy voting policies and procedures identify examples of potential conflicts for employees which are meant to help them identify if a potential conflict of interest exists. If P2 detects a material conflict of interest in connection with a proxy solicitation, P2 will convene its proxy voting committee, comprised of the CCO and the managing member of P2. If the proxy voting committee is unable to reach a consensus regarding the proxy vote, P2 will, at its own expense, engage an outside proxy voting service or consultant to make a recommendation. The CCO will retain documentation of the proxy voting service or consultant’s recommendation and will vote the Private Funds’ proxies in accordance with that recommendation. If no material conflict of interest is identified, the recommendation to vote the proxy as directed by the respective portfolio company’s lead investment partner shall be deemed to have been made in the best interests of the Private Funds. P2 will not neglect its proxy voting responsibilities, but P2 may abstain from voting if it deems that abstinence is in the Private Funds’ best interests. P2 utilizes an independent thirdparty proxy voting service to facilitate the electronic voting of proxies. P2 is further authorized to direct the Private Funds participation in class actions. P2 will complete class action lawsuit documents when it believes that doing so would be in the best interests of the Private Funds. P2 may abstain from attempting to participate in a class action lawsuit involving a portfolio company when it believes that the potential cost of participating outweighs the potential benefit or when P2 otherwise believes it is not in the best interest of the Private Funds to participate. Investors in the Private Funds may obtain a copy of P2's written proxy voting policies and procedures as well as information on how P2 voted specific proxies for the Private Funds by requesting such information directly from P2 at (212) 508-5500.