Arlington Capital Partners: investment adviser

(“ACP GP Timber Coast” and together with, ACP GP IV, ACP GP V, ACP GP VI, ACP GP VII and any future affiliated general partner entities, the “General Partners”), and, Arlington Capital IV, L.P. (“Manager IV”), Arlington Capital V, L.P. (“Manager V”), Arlington Capital VI, L.P. (“Manager VI”) and Arlington Capital VII, L.P. (“Manager VII,” and together with, Manager IV, Manager V and Manager VI, the “Managers,” and the Managers, together with the General Partners and AME, the “Advisers”) provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. In its capacity as the manager of Arlington Capital Partners IV, L.P., a Delaware limited partnership (together with any of its feeder vehicles, alternative investment vehicles and other special purpose entities, “Fund IV”), Manager IV has the authority to manage the business and affairs of Fund IV. ACP GP IV is the general partner of Fund IV. In its capacity as the manager of Arlington Capital Partners V, L.P., a Delaware limited partnership (together with any of its feeder vehicles, alternative investment vehicles and other special purpose entities, “Fund V”), Manager V has the authority to manage the business and affairs of Fund V. ACP GP V is the general partner of Fund V. In its capacity as the manager of Arlington Capital Partners VI, L.P., a Delaware limited partnership (together with any of its feeder vehicles, alternative investment vehicles and other special purpose entities, “Fund VI”) and Timber Coast Private Opportunities, L.P., a Delaware limited partnership (together with any of its feeder vehicles, alternative investment vehicles and other special purpose entities, “Timber Coast”), Manager VI has the authority to manage the business and affairs of Fund VI and Timber Coast. ACP GP VI is the general partner of Fund VI, and ACP GP Timber Coast is the general partner of Timber Coast. In its capacity as the manager of Arlington Capital Partners VII, L.P., a Delaware limited partnership (together with any of its feeder vehicles, alternative investment vehicles and other special purpose entities, “Fund VII”), Manager VII has the authority to manage the business and affairs of Fund VII. ACP GP VII is the general partner of Fund VII. The Advisers manage the business and affairs of Fund IV, Fund V, Fund VI, Fund VII, Arlington TSI and Timber Coast (each, a “Fund,” and, together with any future private investment fund managed by the Advisers, the “Funds”).

The Funds are private equity funds that make primarily control investments through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” The Advisers’ investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments, evaluating add-on investments for existing portfolio companies and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted subject to certain limitations set forth in the applicable Fund’s limited partnership agreement (the limited partnership agreement or other operating agreement or governing document of each Fund, a “Limited Partnership Agreement”). The employees and/or owners of the Advisers will serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over the management of portfolio companies in which the Funds have invested. The Advisers’ advisory services for the Funds are further detailed in the applicable private placement memoranda and the supplements thereto or other offering documents (each, a “Private Placement Memorandum” and, collectively, the “Private Placement Memoranda” and, together with any relevant Limited Partnership Agreement, the “Governing Documents”) and the Limited Partnership Agreements and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds (generally referred to herein as “investors” or “limited partners”) participate in the overall investment program for the applicable Fund, but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Limited Partnership Agreement; such arrangements generally do not and will not create an adviser-client relationship between the Advisers and any investor. The Funds or the General Partners have entered into side letters, or other similar agreements (“Side Letters”), with certain investors that have the effect of establishing rights under, or altering or supplementing the terms (including economic or other terms) of, the relevant Limited Partnership Agreement(s) with respect to such investors. As of the date hereof, AME is managed by Matthew L. Altman, Michael H. Lustbader, Peter M. Manos and David Wodlinger (the “Managing Partners”), and each “principal owner” of this entity pursuant to SEC guidelines is listed on Schedule A of Part 1A of AME’s Form ADV. Each “principal owner” of Manager IV, Manager V, Manager VI and Manager VII pursuant to SEC guidelines is listed on Schedule R of Part 1A of AME’s Form ADV. Additionally, as permitted by the relevant Limited Partnership Agreement, Arlington expects to provide (or agrees to provide) certain current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, Arlington’s personnel and/or certain other persons associated with Arlington and/or its affiliates, co-investment opportunities (including the opportunity to participate in co-invest vehicles) that will invest in certain portfolio companies alongside a Fund. Such co-investments typically involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Fund making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle (including a co-investing Fund) purchases a portion of an investment from one or more Funds after such Funds have consummated their investment in the portfolio company (also known as a post-closing sell-down or transfer), which generally will have been funded through Fund investor capital contributions and/or use of a Fund credit facility. Any such purchase from a Fund by a co-investor

or co-invest vehicle generally occurs shortly after the Fund’s completion of the investment to avoid any changes in valuation of the investment, but in certain instances could be well after the Fund’s initial purchase, and, in certain circumstances, the co-investor or co-invest vehicle will be charged interest on the purchase, or the purchase price will be equitably adjusted, to compensate the relevant Fund for the holding period, and the co-investor or co-invest vehicle generally will be required to reimburse the relevant Fund for related costs. However, to the extent any such amounts are not so charged or reimbursed (including charges or reimbursements required pursuant to applicable law), they generally will be borne by the relevant Fund.

Supplemental Fees will be offset only to the extent they are paid during the holding period of the relevant Fund, and investors generally will not receive the benefit of Supplemental Fees paid prior to the Fund’s acquisition, or following the Fund’s disposition, of the relevant portfolio company. Similarly, to the extent a former Arlington employee becomes a consultant to, or employed by, a portfolio company, no compensation earned by such former employee will offset the Management Fee, whether or not such former employee has a remaining interest in the relevant Fund’s General Partner or affiliated entity. Conversely, in the event that Arlington employs a person that previously received compensation from a portfolio company, limited partners will receive the benefit of any applicable offset only beginning as of the relevant start date of the person’s employment with Arlington, and not with respect to any compensation paid prior to such date, including equity grants made prior to the date of employment that vest thereafter. Where the Governing Documents calculate Management Fees based on the amount of commitments or the amount of investment contributions, the amount of Management Fees generally will not be reduced based on reductions in investment value, except where specified by the relevant Governing Documents. As a general matter, Management Fees will be payable during term extensions unless otherwise agreed with investors. Broken deal expenses and other expenses relating to the diligence or evaluation of a prospective investment are allocated among investors within a Fund regardless of whether any individual investor negotiated for an elective or automatic contractual right that would have excused them from participating in the investment. As is typical for private equity funds, the Funds likely bear additional and greater fees and expenses, directly or indirectly, to the extent a portfolio company (or intermediate entity) pays fees and expenses, including fees and expenses of the Manager and its affiliates and company-level fees and expenses not covered by the list of permissible expenses set forth in the Limited Partnership Agreements, resulting in the Funds bearing additional fees and expenses than many other pooled investment products, such as mutual funds. There can be no assurance that the benefits to investors will be commensurate with such expenses. The relative percentage of these expenses that are borne by various stakeholders (including the relevant Fund, any co-investors, portfolio company management and other persons) is expected to depend upon the level at which such expenses are charged or incurred, and as a result some stakeholders are expected to bear an amount of fees or expenses disproportionate to the benefits they receive, or in some cases without receipt of any direct benefits. To the extent brokerage fees are incurred, they will be incurred in accordance with the general practices set forth in “Brokerage Practices.”

Management Fees Fund I Fund I was liquidated on December 22, 2014. Fund I’s remaining assets and liabilities were transferred to Arlington TSI, which does not charge a Management Fee. Fund II Fund II was liquidated on December 18, 2024. Fund III Fund III was liquidated on December 31, 2025. Fund IV All investors and prospective investors should review the Limited Partnership Agreement of Fund IV in conjunction with this Brochure for complete information on the fees and compensation payable with respect to Fund IV. In certain circumstances, different Funds are subject to different Management Fees and performance-based compensation arrangements. Arlington reserves the right to exempt certain parties, including employees, affiliates and related parties, from all or a portion of the Management Fee. In limited circumstances, the Management Fee payable to Manager IV by individual investors in Fund IV may be negotiable. Investors and prospective investors in Fund IV should note that similar advisory services may (or may not) be available from other investment advisers for similar or lower fees. All clients are “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (together, with the rules and regulations promulgated thereunder, the “Investment Company Act”), and therefore Arlington has not included specific fee information in response to this Item. The Management Fee, as determined on a quarterly basis, will be reduced by an amount equal to 100% of Fund IV’s allocable portion of any break-up fees, transaction fees and monitoring fees received by ACP GP IV, Manager IV or any of their respective managers, partners, members, shareholders, officers or employees in their capacities as such from Fund IV portfolio companies, during the immediately preceding quarterly period (the “Fund IV Offset Amount”). In addition, the Management Fee payable in any quarterly period will be reduced by an amount equal to the aggregate amount of all placement fees and excess organizational expenses paid or reimbursed by Fund IV prior to such period, but only to the extent that the aggregate Management Fee previously payable to Fund IV has not been reduced by such placement fees or excess organizational expenses. Prior to any reduction of the Management Fee, any unapplied Fund IV Offset Amount must first be used to reduce unconsummated transaction costs otherwise reimbursable by Fund IV. In the event that the aggregate amount of such fees to be applied against the Management Fee exceeds the Management Fee for such quarterly period, such excess will be carried forward to reduce the Management Fee payable in the following quarterly periods. To the extent any such excess remains unapplied upon termination of Fund IV, each Fund IV limited partner will receive from Manager IV its pro rata share (based on commitments) of such unapplied excess unless such limited partner has previously notified ACP GP IV in writing of its irrevocable election not to receive its pro rata share of such excess. Fund IV will be responsible for all fees, costs, expenses,

liabilities and obligations (other than normal overhead expenses of managing Fund IV, including compensation for AME employees, rent, utilities and other administrative expenses) relating to Fund IV’s and/or its subsidiaries’ activities, investments and business which are not borne or reimbursed by portfolio companies or potential portfolio companies (which reimbursement may be for travel and any other expenses incurred in connection with such portfolio company) or applied to reduce transaction fees, including without limitation, (i) all fees, costs, expenses, liabilities and obligations attributable to structuring, organizing, acquiring, holding, financing, refinancing, managing, operating, taking public or private, valuing, winding up, liquidating, dissolving and disposing of Fund IV’s investments (including, without limitation, interest and fees on money borrowed by Fund IV, Manager IV, ACP GP IV or any of their affiliates on behalf of Fund IV, registration expenses, commitment, real estate title, survey, brokerage, finders’, custodial and other fees); (ii) legal, accounting, administration, custodian, depositary, auditing, travel, litigation and indemnification costs and expenses, judgments and settlements, consulting (including consulting and retainer fees paid to Operating Executives (as defined below) or any member thereof, consultants performing investment initiatives and other similar consultants), brokerage, finders’, financing, appraisal, third party valuation, filing, printing, title, transfer, registration and other fees and expenses (including, without limitation, fees, costs and expenses associated with the preparation and delivery of Fund IV’s quarterly and annual reports, financial statements, tax returns, tax estimates and Schedule K-1s (including, without limitation, fees and expenses incurred in connection with the presentation and delivery of such statements via an electronic reporting medium) or any other administrative, regulatory or other Fund IV-related reporting or filing (including any Fund IV-related filings or reports contemplated by the Alternative Investment Fund Managers Directive or any similar law, rule or regulation)); (iii) all insurance premiums or similar expenses incurred by Fund IV or ACP GP IV in connection with the activities and management of Fund IV (including, without limitation, fidelity insurance, directors and officers and errors and omissions liability insurance and representations and warranties liability insurance); (iv) the cost of maintaining records and books of account in relation to the business of Fund IV; (v) all costs and expenses incurred as a result of termination of Fund IV and the distribution, realization or disposal of investments and other Fund IV assets pursuant thereto; (vi) all costs and expenses of any threatened or actual litigation or other dispute resolution process involving Fund IV and the amount of any judgment or settlement paid in connection therewith, excluding, however, the costs and expenses of any litigation or other dispute resolution process, judgment or settlement with respect to which an indemnitee is not entitled to indemnity pursuant to the Fund IV Limited Partnership Agreement; (vii) fees, costs and expenses of the Fund IV advisory committee incurred in accordance with the Fund IV Limited Partnership Agreement, (viii) all out-of-pocket fees, costs, expenses, liabilities and obligations incurred by Fund IV, ACP GP IV, Manager IV or any of their affiliates relating to investment and disposition opportunities for Fund IV not consummated (including, without limitation, legal, accounting, auditing, insurance, travel, consulting (including consulting and retainer fees paid to Operating Executives, consultants performing investment initiatives and other similar consultants)), brokerage, finders’, financing, appraisal, filing, printing, real estate title, survey, reverse breakup, termination and other fees and expenses (including broken deal expenses relating to transactions that have been offered to co-investors, if any); (ix) all out-of-pocket fees, costs and expenses incurred by Fund IV, ACP GP IV, Manager IV or any of their affiliates in connection with the annual and other periodic (if any) meetings of the Fund IV limited partners and any other conference or meeting with any Fund IV limited partner(s); (x) the Management Fee; (xi) any taxes, fees and other governmental charges

levied against Fund IV; (xii) placement fees and any expenses paid to third parties in connection with the organization and funding of Fund IV; (xiii) costs and expenses that are classified as extraordinary expenses under generally accepted accounting principals (U.S. GAAP); (xiv) all fees, costs and expenses incurred in connection with the organization, management, operation, and dissolution, liquidation and final winding up of any alternative investment vehicles; (xv) organizational expenses; and (xvi) unreimbursed expenses and unpaid fees of the Operating Executives or members thereof. The limited partners of Fund IV will be assessed periodically for such expenses in accordance with their capital commitments. AME and/or its affiliated investment advisers have been reimbursed for, and expect to continue being reimbursed for, any partnership expenses it incurred prior to making any distributions to limited partners of Fund IV. The Management Fee will be further reduced in the circumstances and by the amounts described in the Fund IV Limited Partnership Agreement. Fund V All investors and prospective investors should review the Limited Partnership Agreement of Fund V in conjunction with this Brochure for complete information on the fees and compensation payable with respect to Fund V. In certain circumstances, different Funds are subject to different Management Fees and performance-based compensation arrangements. Arlington reserves the right to exempt certain parties, including employees, affiliates and related parties from all or a portion of the Management Fee. In limited circumstances, the Management Fee payable to Manager V by individual investors in Fund V may be negotiable. Investors and prospective investors in Fund V should note that similar advisory services may (or may not) be available from other investment advisers for similar or lower fees. All clients are “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act, and therefore Arlington has not included specific fee information in response to this Item. The Management Fee payable will be reduced by an amount (the “Fund V Waived Fee Amount”) as provided in the Limited Partnership Agreement for Fund V. After giving effect to the Fund V Waived Fee Amount, the Management Fee will be reduced by an amount equal to 100% of any transaction, break-up, monitoring, or commitment fees received by ACP GP V from portfolio companies, in each case net of certain fees and expenses as set forth below and in the Limited Partnership Agreement (“Fund V Offset Fees”). In addition, the Management Fee payable in any quarterly period will be reduced by an amount equal to the aggregate amount of all placement fees and excess organizational expenses paid or reimbursed by Fund V prior to such period, but only to the extent that the aggregate Management Fee previously payable to Fund V has not been reduced by such placement fees or excess organizational expenses. Fund V will be responsible for all fees, costs, expenses, liabilities and obligations incurred by or on behalf of the Fund relating to its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company or potential portfolio company), including all fees, costs, expenses, liabilities and obligations relating or attributable to: (i) activities with respect to the structuring, organizing, negotiating, consummating, financing, refinancing, acquiring, bidding on, owning, managing, monitoring, operating, holding, hedging, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating

or otherwise disposing of, as applicable, the Fund’s portfolio companies and its actual and potential investments (including follow-on investments) or seeking to do any of the foregoing (including any associated legal, financing, commitment, transaction or other fees and expenses payable to attorneys, accountants, investment bankers, lenders, third-party diligence software and service providers, consultants and similar professionals in connection therewith and any fees and expenses related to transactions that may have been offered to co-investors), whether or not any contemplated transaction or project is consummated and whether or not such activities are successful; (ii) indebtedness of, or guarantees made by, the Fund, ACP GP V, the general partner of the Manager, or any “affiliated partner” on behalf of the Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee; (iii) financing, commitment, origination and similar fees and expenses; (iv) broker, dealer, finder, underwriting (including both commissions and discounts), loan administration, private placement fees, sales commissions, investment banker, finder and similar services; (v) brokerage, sale, custodial, depository (including a depositary appointed pursuant to the AIFMD), Swiss representative or paying agent (appointed pursuant to the Swiss Collective Investment Schemes Act (as amended) and the implementation thereof), trustee, record keeping, account and similar services; (vi) legal, accounting, research, auditing, administration (including fees and expenses associated with the Fund’s third-party administrator and administration or reporting software, if any), information, appraisal, advisory, valuation (including third-party valuations, appraisals or pricing services) consulting (including consulting and retainer fees and other compensation paid to the Operating Executives, consultants performing investment initiatives and other similar consultants), tax and other professional services; (vii) reverse breakup, termination and other similar fees; (viii) directors and officers liability, errors and omissions liability, crime coverage and general partnership liability premiums and other insurance and regulatory expenses; (ix) filing, title, transfer, registration and other similar fees and expenses; (x) printing, communications, marketing and publicity; (xi) the preparation, distribution or filing of the Fund’s related or investment-related financial statements or other reports, tax returns, tax estimates, Schedule K-1s or any other administrative compliance or regulatory filings or reports (including any filings or reports contemplated by the AIFMD or any similar law, rule or regulation), or other information, including fees and costs of any third-party service providers and professionals related to the foregoing; provided that ACP GP V or Manager V shall pay all fees and expenses related to ACP GP V or an affiliate registering and maintaining its registration as an investment adviser under the Advisers Act, and any compliance requirements related thereto (including costs and expenses related to preparation and filing of Form ADV and Form PF); (xii) developing, licensing, implementing, maintaining or upgrading any web portal, extranet tools, computer software or other administrative or reporting tools (including subscription-based services) for the benefit of the Fund or the limited partners; (xiii) any activities with respect to protecting the confidential or non-public nature of any information or data; (xiv) to the extent provided in the Limited Partnership Agreement, or otherwise approved by ACP GP V in its sole discretion, activities or proceedings of the advisory committee (including any costs and expenses incurred by representatives of ACP GP V, the advisory committee members, permitted observers and other persons in attending or otherwise participating in meetings of the advisory committee); (xv) indemnification (including any fees, costs and expenses incurred in connection with indemnifying any partner or other person pursuant to the Limited Partnership Agreement and advancing fees, costs and expenses incurred by any such person in defense or settlement of any claim that may be subject to a right of indemnification pursuant to the Limited Partnership

Agreement), except as otherwise set forth in the Limited Partnership Agreement; (xvi) actual, threatened or otherwise anticipated litigation, mediation, arbitration or other dispute resolution process, including any judgment, other award or settlement entered into in connection therewith; (xvii) any annual limited partner meeting or other periodic, if any, meetings of the limited partners and any other conference or meeting with any limited partner(s); (xviii) except as otherwise determined by ACP GP V in its sole discretion, any fee, cost, expense, liability or obligation relating to any alternative investment vehicle or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company of such alternative investment vehicle) that would be a Fund expense or organizational expense if it were incurred in connection with the Fund, and any expenses incurred in connection with the formation, management, operation, termination, winding up and dissolution of any feeder vehicles related to the Fund to the extent not paid by the investors investing in such entities; (xix) the termination, liquidation, winding up or dissolution of the Fund; (xx) defaults by the relevant General Partners and the limited partners of the Fund (collectively, the “Partners”) in the payment of any capital contributions; (xxi) amendments to, and waivers, consents or approvals pursuant to, the constituent documents of the Fund, ACP GP V and related entities and any alternative investment vehicle of the Fund, including the preparation, distribution and implementation thereof; (xxii) complying with any law or regulation related to the activities of the Fund (including regulatory expenses of ACP GP V incurred in connection with the operation of the Fund and legal fees and expenses); (xxiii) any litigation or governmental inquiry, investigation or proceeding involving the Fund, including the amount of any judgments, settlements or fines paid in connection therewith, except as set forth in the Limited Partnership Agreement; (xxv) unreimbursed costs and expenses incurred in connection with any transfer or proposed transfer by a limited partner of the Fund; (xxvi) any taxes, fees and other governmental charges levied against the Fund and all expenses incurred in connection with any tax audit, investigation settlement or review of the Fund (except to the extent that the Fund is reimbursed therefor by a partner or such tax, fee or charge is treated as having been distributed to the partners pursuant to the Limited Partnership Agreement); (xxvii) distributions to the partners and other expenses associated with the acquisition, holding and disposition of the Fund’s investments, including extraordinary expenses; (xxviii) unreimbursed expenses and unpaid fees of the Operating Executives or its members; (xxix) compliance or regulatory matters related to the Fund, except as set forth in the Limited Partnership Agreement; (xxx) any travel, lodging, meals or entertainment relating to any of the foregoing, including in connection with consummated and unconsummated investment and disposition opportunities; (xxxi) any organizational expenses; (xxxii) any placement fees; and (xxxiii) any other fees, costs, expenses, liabilities or obligations approved by the advisory committee. The partners will be assessed periodically for such expenses in accordance with their commitments. AME and/or its affiliated investment advisers have been reimbursed for, and expect to continue being reimbursed for, any broken deal expenses (including broken deal expenses relating to transactions that have been offered to co-investors) prior to making any distributions to partners. Fund VI All investors and prospective investors should review the Limited Partnership Agreement of Fund VI in conjunction with this Brochure for complete information on the fees and compensation payable with respect to Fund VI. In certain circumstances, different Funds are subject to different Management Fees and performance-based compensation arrangements. Arlington reserves the right to exempt certain parties, including employees, affiliates and related

parties, from all or a portion of the Management Fee. In limited circumstances, the Management Fee payable to Manager VI by individual investors in Fund VI may be negotiable. Timber Coast does not charge a Management Fee. Investors and prospective investors in Fund VI should note that similar advisory services may (or may not) be available from other investment advisers for similar or lower fees. All clients are “qualified purchasers,” as defined in Section 2(a)(51) of the Investment Company Act, and therefore Arlington has not included specific fee information in response to this Item. The Management Fee payable will be reduced by an amount (the “Fund VI Waived Fee Amount”) as provided in the Limited Partnership Agreement for Fund VI. After giving effect to the Fund VI Waived Fee Amount, the Management Fee will be reduced by an amount equal to 100% of any transaction, break-up, monitoring, or commitment fees received by ACP GP VI from portfolio companies, in each case net of certain expenses as set forth below and in the Limited Partnership Agreement (“Fund VI Offset Fees”). In addition, the Management Fee payable in any quarterly period will be reduced by an amount equal to the aggregate amount of all placement fees and excess organizational expenses paid or reimbursed by Fund VI prior to such period, but only to the extent that the aggregate Management Fee previously payable to Fund VI has not been reduced by such placement fees or excess organizational expenses, provided that such reduction will be allocated amongst the limited partners other than certain limited partners described in the Limited Partnership Agreement of Fund VI. Fund VI will be responsible for all fees, costs, expenses, liabilities and obligations relating to the Fund and/or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company or potential portfolio company), including all fees, costs, expenses, liabilities and obligations (referred to collectively as “costs”) relating or attributable to: (i) activities with respect to the origination, identification and sourcing of investment opportunities for the Fund, including attending and sponsoring industry conferences and events, meeting with consultants, finders, broker-dealers, investment banks and other sources of investments and developing and maintaining an investment pipeline; (ii) activities with respect to the pursuing, structuring, organizing, negotiating, consummating, financing, refinancing, diligencing (including any subscriptions to any periodicals, databases and/or research services), acquiring, bidding on, owning, managing, monitoring, operating, holding, hedging, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating, dissolving or otherwise disposing of, as applicable, actual and potential investments (including follow-on investments) or seeking to do any of the foregoing (including expenses incurred in connection with finding and/or partnering with executives of any potential or actual portfolio company) to do any of the foregoing with respect to the Fund’s investments (including executive compensation and benefits and fixed and overhead expenses incurred by any portfolio companies (including by a platform company prior to its first acquisition) and due diligence and legal expenses incurred in connection with finding and partnering with executives of any potential or actual portfolio company (including those incurred by such executive)), any associated legal, financing, commitment, transaction or other costs payable to attorneys, accountants, tax professionals, investment bankers, lenders, expert networks, third-party diligence, software and service providers, consultants and similar professionals (including any Operating Executives (as defined in the Fund’s Governing Documents)) in connection therewith, whether or not, for the avoidance of doubt, any contemplated transaction or project is consummated and whether or not such activities are

successful; (iii) indebtedness of, or guarantees made by, the Fund, ACP GP VI, the general partner of Manager VI, or any “affiliated partner” on behalf of the Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee; (iv) financing, commitment, origination and similar activities; (v) broker, dealer, finder, underwriting (including both commissions and discounts), loan administration, private placement fees, sales commissions, investment banker, finder and similar services; (vi) brokerage, sale, custodial, depository local paying agent, trustee, record keeping, account, registered office and similar services (including any depositary appointed pursuant to the AIFMD and any Swiss representative or paying agent appointed pursuant to the Swiss Collective Investment Schemes Act (as amended), including any law, rule or regulation relating to the implementation thereof), trustee, record keeping, account and similar services; (vii) reporting, filings and other ongoing compliance requirements contemplated by the AIFMD or any similar law, rule or regulation (excluding, for the avoidance of doubt, the initial and/or preliminary registrations, filings and compliance obligations related thereto), including secondary legislation, regulations, rules and/or associated guidance, and any related requirements; (viii) legal, accounting, research, auditing, technology, administration (including costs associated with any third-party administrator and administration, tracking or reporting software, if any), information, appraisal, advisory, valuation (including third-party valuations, fairness opinions, appraisals or pricing services), consulting (including consulting and retainer fees and other compensation paid to, and benefits or personnel costs provided to or on behalf of, the Operating Executives, consultants performing investment initiatives or providing services related to environmental, social and governance investment considerations and policies and other consultants), tax and other professional services (including costs related to the establishment or maintenance of any such activities or services); (ix) reverse breakup, termination and other similar arrangements (including, for the avoidance of doubt, such fees relating to transactions that have been syndicated or offered to but not taken by co-investors, or for which a syndication or co-investment was believed necessary in order to consummate such transaction); (x) insurance, including directors and officers liability, fidelity bond, cybersecurity, errors and omissions liability, crime coverage and general partnership liability premiums and other insurance (including costs related to any retention or deductibles and broker costs and commissions) and any consultants or other advisors utilized in the procurement, review, maintenance and analysis of insurance; (xi) filing, title, transfer, survey, registration and other similar activities; (xii) printing, communications, mailing, courier, marketing and publicity; (xiii) the preparation, distribution or filing of the Fund’s related or investment-related financial statements or other reports, tax returns, tax estimates, Schedule K-1s or similar forms or other communications with Partners, any other administrative, compliance or regulatory filings or reports (including Bureau of Economic Analysis Reports, any filings, reports and ongoing compliance contemplated by the AIFMD or any similar law, rule or regulation), or other information, including costs of any third-party service providers and professionals related to the foregoing; provided that ACP GP VI or Manager VI shall pay all fees and expenses related to ACP GP VI or an affiliate registering and maintaining its registration as an investment adviser under the Advisers Act, and any compliance requirements related thereto (including costs and expenses related to preparation and filing of Form ADV and Form PF); (xiv) compliance with any tax or financial account reporting regime, including FATCA (as defined in the Fund’s Governing Documents), the OECD Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard and any similar laws, rules and regulations, including any costs of any third-party service providers and professionals related to the foregoing; (xv) developing,

licensing, implementing, maintaining or upgrading any web portal, extranet tools, computer software (including accounting, investor reporting, ledger systems, financial management and cybersecurity) or other administrative or reporting tools (including subscription-based services) for the benefit of the Fund or the limited partners; (xvi) any activities with respect to protecting the confidential or non-public nature of any information or data (including any costs incurred in connection with the EU Data Protection Law or FOIA (as defined in the Fund’s Governing Documents)); (xvii) to the extent provided in the Limited Partnership Agreement, or otherwise approved by ACP GP VI in its sole discretion, activities or proceedings of the advisory committee (including any reasonable out-of-pocket costs incurred by representatives of ACP GP VI, the advisory committee members, permitted observers and other persons in attending or otherwise participating in meetings of the advisory committee); (xviii) indemnification (including legal and any other costs incurred in connection with indemnifying any partner or other person pursuant to the Limited Partnership Agreement and advancing costs incurred by any such person in defense or settlement of any claim that may be subject to a right of indemnification), except as otherwise set forth in the Limited Partnership Agreement; (xix) actual, threatened or otherwise anticipated litigation, mediation, arbitration or other dispute resolution process, including the costs of discovery related thereto and any judgment, other award or settlement entered into in connection therewith; (xx) any annual, periodic or special meeting of the partners and any other conference, meeting or webcast or other video conference with any Partner(s) (in each case, including any costs associated with venue, set-up, room and board, dining, mementos, honorarium, events or speakers and other meeting or conference-related costs), in each case to the extent incurred by the Fund, ACP GP VI or any other affiliate of ACP GP VI; (xxi) the Management Fee paid by the Fund; (xxii) except as otherwise determined by ACP GP VI in its sole discretion, any cost relating to any alternative investment vehicle or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company of such alternative investment vehicle) that would be a Fund expense if it were incurred in connection with the Fund, and costs incurred in connection with the formation, management, operation, termination, winding up and dissolution of any feeder vehicles related to the Fund to the extent not paid by the investors investing in such entities and any other costs related to any structuring or restructuring of any Fund entity; (xxiii) the dissolution, winding up or termination of the Fund and any persons owned directly or indirectly by the Fund (including portfolio companies) and related entities; (xxiv) defaults by partners in the payment of any capital contributions; (xxv) amendments to, and waivers, consents or approvals pursuant to, the constituent documents of the Fund, ACP GP VI and related entities, any entities owned directly or indirectly by the Fund (including portfolio companies) and any alternative investment vehicle of the Fund, including the preparation, distribution and implementation thereof; (xxvi) (A) compliance with any law, rule, regulation, policy, directive or special measure (including in relation to privacy, data protection, know-yourcustomer, anti-money laundering, sanctions or anti-terrorism considerations), including any legal, administrator, consulting or other third-party service provider costs related thereto, any regulatory costs of ACP GP VI or any of its affiliates incurred in connection with the operation of the Fund and any costs related to compliance with any environmental, social or governance or other investment considerations and policies applicable to the Fund, ACP GP VI and/or any of their respective affiliates and/or (B) the validation or other confirmation of any payments made to the Fund or ACP GP VI (including as a result of any anti-money laundering laws, rules or regulations); (xxvii) any litigation or governmental inquiry, investigation or proceeding involving the Fund, including any costs of discovery related thereto and the amount of any judgments, settlements or

fines paid in connection therewith, except as set forth in the Limited Partnership Agreement; (xxviii) any consultants, experts or advisors engaged, including independent appraisers engaged in connection with the Fund considering, making, holding or disposing of, directly or indirectly, an investment in the same person as one or more investment vehicles (other than the Fund) managed or controlled by ACP GP VI or any of its affiliates (in each case, to the extent permitted under the terms of the Limited Partnership Agreement); (xxix) unreimbursed costs incurred in connection with any transfer or proposed transfer by a limited partner or any limited partner’s name change, internal restructuring or change in trust, registered agent or custodian; (xxx) any taxes, fees and other governmental charges levied against the Fund and all costs incurred in connection with any tax audit, investigation settlement or review of the Fund (except to the extent that the Fund is reimbursed therefor by a partner) and any costs of or related to the “partnership representative” of the Fund, provided that the foregoing shall not affect the treatment of any such amount pursuant to the Limited Partnership Agreement; (xxxi) distributions to the partners and other costs associated with the acquisition, holding and disposition of investments, including extraordinary expenses; (xxxii) unreimbursed and unpaid costs of the Operating Executives or other persons engaged by the Operating Executives; (xxxiii) compliance or regulatory matters (except as otherwise set forth in the Limited Partnership Agreement), including compliance with the Limited Partnership Agreement and/or any Side Letter or similar agreement; (xxxiv) attendance of any member, manager, shareholder, partner, director, officer, employee or affiliate of ACP GP VI and related entities or any of their respective affiliates at any trade conference, including any applicable registration costs and exhibition, sponsorship or other presentation costs; (xxxv) any travel (including, where appropriate as determined by ACP GP VI, the cost of chartering private aircraft or other private air travel or a portion thereof; provided that the cost of such chartered or private air travel shall be limited to the cost of commercial first-class travel), car or ride sharing services, other modes of transportation, lodging or meals relating to any of the foregoing, including in connection with consummated and unconsummated investment and disposition opportunities; (xxxvi) any of the items listed in clauses (i) - (xxxv) above relating to any investment, restructuring, taking public or private, disposition, transaction, project or other opportunity not consummated or otherwise not successful and/or that may have been offered to co-investors (including co-investors’ proportionate share of any such expenses, including where related to an investment or other opportunity not consummated) or where offered to but not taken by co-investors, or for which a syndication or co-investment was believed necessary in order to consummate such transaction; (xxxvii) any organizational expenses; (xxxviii) any placement fees; and (xxxix) any other costs approved by the advisory committee. The partners will be assessed periodically for such expenses in accordance with their commitments. AME and/or its affiliated investment advisers have been reimbursed for, and expect to continue being reimbursed for, any broken deal expenses (including broken deal expenses relating to transactions that have been offered to co-investors) prior to making any distributions to partners. Fund VII All investors and prospective investors should review the Limited Partnership Agreement of Fund VII in conjunction with this Brochure for complete information on the fees and compensation payable with respect to Fund VII. In certain circumstances, different Funds are subject to different Management Fees and performance-based compensation arrangements. Arlington reserves the right to exempt certain parties, including employees, affiliates and related parties, from all or a portion of the Management Fee. In limited circumstances, the Management

Fee payable to Manager VII by individual investors in Fund VII may be negotiable. Investors and prospective investors in Fund VII should note that similar advisory services may (or may not) be available from other investment advisers for similar or lower fees. All clients are “qualified purchasers,” as defined in Section 2(a)(51) of the Investment Company Act, and therefore Arlington has not included specific fee information in response to this Item. The Management Fee payable will be reduced by an amount (the “Fund VII Waived Fee Amount”) as provided in the Limited Partnership Agreement for Fund VII. After giving effect to the Fund VII Waived Fee Amount, the Management Fee will be reduced by an amount equal to 100% of any transaction, break-up, monitoring, or commitment fees received by ACP GP VII from portfolio companies, in each case net of certain expenses as set forth below and in the Limited Partnership Agreement (“Fund VII Offset Fees”). In addition, the Management Fee payable in any quarterly period will be reduced by an amount equal to the aggregate amount of all placement fees and excess organizational expenses paid or reimbursed by Fund VII prior to such period, but only to the extent that the aggregate Management Fee previously payable to Fund VII has not been reduced by such placement fees or excess organizational expenses, provided that such reduction will be allocated amongst the limited partners other than certain limited partners described in the Limited Partnership Agreement of Fund VII. Fund VII will be responsible for all fees, costs, expenses, liabilities and obligations relating to the Fund and/or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company or potential portfolio company), including all fees, costs, expenses, liabilities and obligations (referred to collectively as “costs”) relating or attributable to: (i) activities with respect to the origination, identification and sourcing of investment opportunities for the Fund, including attending and sponsoring industry conferences and events, meeting with consultants, finders, broker-dealers, investment banks and other sources of investments and developing and maintaining an investment pipeline; (ii) activities with respect to the pursuing, structuring, organizing, negotiating, consummating, financing, refinancing, diligencing (including any subscriptions to any periodicals, databases and/or research services), acquiring, bidding on, owning, managing, monitoring, operating, holding, hedging, currency conversion, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating, dissolving or otherwise disposing of, as applicable, actual and potential investments (including follow-on investments) (including organization or maintenance of any entity used to acquire, hold, provide financing with respect to, or dispose of any one or more investments or otherwise facilitating the Fund’s investment activities) or seeking to do any of the foregoing (including expenses incurred in connection with finding and/or partnering with executives of any potential or actual portfolio company) to do any of the foregoing with respect to the Fund’s investments (including executive compensation and benefits and fixed and overhead expenses incurred by any portfolio companies (including by a platform company prior to its first acquisition) and due diligence and legal expenses incurred in connection with finding and partnering with executives of any potential or actual portfolio company (including those incurred by such executive)), whether or not, for the avoidance of doubt, any contemplated transaction or project is consummated and whether or not such activities are successful; (iii) legal, financing, commitment, transaction or other costs payable to attorneys, accountants, auditors, tax professionals, investment bankers, lenders, expert networks, third-party diligence, software and service providers, advisors, consultants, administrative agents, paying agents, broker-dealers, depositaries, custodians and

similar professionals (including any Operating Executives (as defined in the Fund’s Governing Documents)); (iv) indebtedness of, or guarantees made by, the Fund, ACP GP VII, the general partner of Manager VII, or any “affiliated partner” on behalf of the Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee; (v) financing, commitment, origination and similar activities; (vi) broker, dealer, finder, underwriting (including both commissions and discounts), loan administration, private placement fees, sales commissions, investment banker, finder and similar services; (vii) brokerage, sale, custodial, depository local paying agent, trustee, record keeping, account, registered office and similar services (including any depositary appointed pursuant to the AIFMD and any Swiss representative or paying agent appointed pursuant to the Swiss Collective Investment Schemes Act (as amended), including any law, rule or regulation relating to the implementation thereof), trustee, record keeping, account and similar services; (viii) reporting, filings and other ongoing compliance requirements contemplated by the AIFMD or any similar law, rule or regulation (excluding, for the avoidance of doubt, the initial and/or preliminary registrations, filings and compliance obligations related thereto), including secondary legislation, regulations, rules and/or associated guidance, and any related requirements; (ix) legal, accounting, research, market data, auditing, technology (including, without limitation, technology-related services, data collection, aggregation and analysis, and artificial intelligence), administration (including costs associated with any third-party administrator and administration, tracking or reporting software, if any), information, appraisal, advisory, valuation (including third-party valuations, fairness opinions, appraisals or pricing services), consulting (including consulting and retainer fees and other compensation paid to, and benefits or personnel costs provided to or on behalf of, the Operating Executives, consultants performing investment initiatives or providing services related to environmental, social and governance investment considerations and policies and other consultants), tax and other professional services (including costs related to the establishment or maintenance of any such activities or services); (x) reverse breakup, termination and other similar arrangements (including, for the avoidance of doubt, such fees relating to transactions that have been syndicated or offered to but not taken by co-investors, or for which a syndication or co-investment was believed necessary in order to consummate such transaction); (xi) insurance, including directors and officers liability, fidelity bond, cybersecurity, errors and omissions liability, crime coverage and general partnership liability premiums and other insurance (including costs related to any retention or deductibles and broker costs and commissions) and any consultants or other advisors utilized in the procurement, review, maintenance and analysis of insurance; (xii) filing, title, transfer, survey, registration and other similar activities; (xiii) printing, publishing, communications, mailing, courier, marketing and publicity; (xiv) the preparation, distribution or filing of the Fund’s related or investment-related financial statements or other reports, tax returns, tax estimates, Schedule K-1s or similar forms or other communications with Partners, any other administrative, compliance or regulatory filings or reports (including Bureau of Economic Analysis Reports, and any filings, reports and ongoing compliance contemplated by the AIFMD or any similar law, rule or regulation), or other information, including costs of any third-party service providers and professionals related to the foregoing; provided that ACP GP VII or Manager VII shall pay all fees and expenses related to ACP GP VII or an affiliate registering and maintaining its registration as an investment adviser under the Advisers Act, and any compliance requirements related thereto (including costs and expenses related to preparation and filing of Form ADV and Form PF); (xv) compliance with any tax or financial account reporting regime, including any Foreign Account Reporting Requirements (as defined in the Fund’s

Governing Documents) and any similar laws, rules and regulations, including any costs of any third-party service providers and professionals related to the foregoing; (xvi) developing, licensing, implementing, maintaining or upgrading any web portal, extranet tools, computer software (including accounting, investor reporting, ledger systems, financial management and cybersecurity) or other administrative or reporting tools (including subscription-based services) for the benefit of the Fund or the limited partners; (xvii) any activities with respect to protecting the confidential or non-public nature of any information or data (including any costs incurred in connection with the EU Data Protection Law or FOIA (as defined in the Fund’s Governing Documents)); (xviii) to the extent provided in the Limited Partnership Agreement, or otherwise approved by ACP GP VII in its sole discretion, activities or proceedings of the advisory committee (including any reasonable out-of-pocket costs incurred by representatives of ACP GP VII, the advisory committee members, permitted observers and other persons in attending or otherwise participating in meetings of the advisory committee); (xix) indemnification (including legal and any other costs incurred in connection with indemnifying any partner or other person pursuant to the Limited Partnership Agreement and advancing costs incurred by any such person in defense or settlement of any claim that may be subject to a right of indemnification), except as otherwise set forth in the Limited Partnership Agreement; (xx) actual, threatened or otherwise anticipated litigation, mediation, arbitration or other dispute resolution process, including the costs of discovery related thereto and any judgment, assessments, remediation or other award or settlement entered into in connection therewith except to the extent such costs or amounts have been finally determined to be not entitled to indemnification as provided in the Limited Partnership Agreement of Fund VII; (xxi) any annual, periodic or special meeting of the partners and any other conference, meeting or webcast or other video conference with any Partner(s) (in each case, including any costs associated with venue, set-up, room and board, dining, mementos, honorarium, events or speakers and other meeting or conference-related costs), in each case to the extent incurred by the Fund, ACP GP VII or any other affiliate of ACP GP VII; (xxii) the Management Fee paid by the Fund; (xxiii) except as otherwise determined by ACP GP VII in its sole discretion, any cost relating to any alternative investment vehicle or its activities, business, portfolio companies or actual or potential investments (to the extent not borne or reimbursed by a portfolio company of such alternative investment vehicle) that would be a Fund expense if it were incurred in connection with the Fund, and costs incurred in connection with the formation, management, operation, termination, winding up and dissolution of any feeder vehicles related to the Fund to the extent not paid by the investors investing in such entities and any other costs related to any structuring or restructuring of any Fund entity; (xxiv) the dissolution, winding up or termination of the Fund and any persons owned directly or indirectly by the Fund (including portfolio companies) and related entities; (xxv) defaults by partners in the payment of any capital contributions; (xxvi) amendments to, and waivers, consents or approvals pursuant to, the constituent documents of the Fund, ACP GP VII and related entities, any entities owned directly or indirectly by the Fund (including portfolio companies) and any alternative investment vehicle of the Fund, including the preparation, distribution and implementation thereof; (xxvii) (A) compliance with any law, rule, regulation, policy, directive or special measure (including in relation to privacy, data protection, know-yourcustomer, anti-money laundering, sanctions or anti-terrorism considerations), including any legal, administrator, consulting or other third-party service provider costs related thereto, any regulatory costs of ACP GP VII or any of its affiliates incurred in connection with the operation of the Fund and any costs related to compliance with any environmental, social or governance or other investment considerations and policies applicable to the Fund, ACP GP VII and/or any of their

respective affiliates and/or (B) the validation or other confirmation of any payments made to the Fund or ACP GP VII (including as a result of any anti-money laundering laws, rules or regulations); (xxviii) any litigation or governmental inquiry, investigation or proceeding involving the Fund, including any costs of discovery related thereto and the amount of any judgments, settlements or fines paid in connection therewith, except as set forth in the Limited Partnership Agreement; (xxix) any consultants, experts or advisors engaged, including independent appraisers engaged in connection with the Fund considering, making, holding or disposing of, directly or indirectly, an investment in the same person as one or more investment vehicles (other than the Fund) managed or controlled by ACP GP VII or any of its affiliates (in each case, to the extent permitted under the terms of the Limited Partnership Agreement); (xxx) unreimbursed costs incurred in connection with any transfer or proposed transfer by a limited partner or any limited partner’s name change, internal restructuring or change in trust, registered agent or custodian; (xxxi) any taxes, fees and other governmental charges levied against or paid by the Fund and all costs incurred in connection with any tax audit, investigation settlement or review of the Fund (except to the extent that the Fund is reimbursed therefor by a partner) and any costs of or related to the “partnership representative” of the Fund, provided that the foregoing shall not affect the treatment of any such amount pursuant to the Limited Partnership Agreement; (xxxii) distributions to the partners and other costs associated with the acquisition, holding and disposition of investments, including extraordinary expenses; (xxxiii) unreimbursed and unpaid costs of the Operating Executives or other persons engaged by the Operating Executives; (xxxiv) compliance or regulatory matters (except as otherwise set forth in the Limited Partnership Agreement of Fund VII), including compliance with the Limited Partnership Agreement and/or any Side Letter or similar agreement; (xxxv) attendance of any member, manager, shareholder, partner, director, officer, employee or affiliate of ACP GP VII and related entities or any of their respective affiliates at any trade conference, including any applicable registration costs and exhibition, sponsorship or other presentation costs; (xxxvi) any travel (including, where appropriate as determined by ACP GP VII, the cost of chartering private aircraft or other private air travel or a portion thereof; provided that the cost of such chartered or private air travel shall be limited to the cost of commercial first-class travel), car or ride sharing services, other modes of transportation, lodging, meals or entertainment relating to any of the foregoing, including in connection with consummated and unconsummated investment and disposition opportunities; (xxxvii) any of the items listed in clauses (i) - (xxxvi) above relating to any investment, restructuring, taking public or private, disposition, transaction, project or other opportunity not consummated or otherwise not successful and/or that may have been offered to co-investors (including co-investors’ proportionate share of any such expenses, including where related to an investment or other opportunity not consummated) or where offered to but not taken by co-investors, or for which a syndication or coinvestment was believed necessary in order to consummate such transaction; (xxxviii) any organizational expenses; (xxxix) any placement fees; (xl) costs associated with responding to information request from limited partners and other persons; and (xli) any other costs approved by the advisory committee. The partners will be assessed periodically for such expenses in accordance with their commitments. AME and/or its affiliated investment advisers is expected to be reimbursed for any broken deal expenses (including broken deal expenses relating to transactions that have been offered to co-investors) prior to making any distributions to partners.

Other Information As is generally the case in private equity funds, the relevant Governing Documents provide that a Fund’s Management Fee will be calculated and charged on a basis that generally is not tied to the Fund’s then-current net asset value. As further specified in the Governing Documents, from the effective date of the relevant Fund until a date specified in the Governing Documents (generally representing the earlier of the end of the Fund’s defined investment period and the date the General Partner (or an affiliate thereof) first begins receiving or accruing Management Fees from another Fund meeting certain criteria) (the “Stepdown Date”), Management Fees generally will be charged based on a formula tied to the amount of the relevant Fund’s aggregate commitments. Further, after the Stepdown Date, Management Fees generally will be charged and calculated based on a formula tied to the amount of investment contributions (including, where applicable, a Fund borrowing component and the amount of any capitalized Supplemental Fees or expenses paid to third parties, the Manager or its affiliates) made by the relevant Fund with respect to investments or portions thereof that (i) have not been distributed to the Fund’s limited partners, disposed of for cash or written-off for federal income tax purposes by the relevant Fund (such written-off investments, “Impaired Value Investments”) or (ii) in the case of any Fund portfolio company investment (excluding bridge financings) with respect to which such Fund has received any cash proceeds with respect to a leveraged recapitalization or similar transaction, do not constitute the portion of such investment equal to a fraction of such investment, not to exceed an amount, (A) the numerator of which is the aggregate amount of such cash proceeds and (B) the denominator of which is the Fund’s investment contributions invested in such portfolio company investment. As a result, the amount of Management Fees generally will not correspond with fluctuations in the Fund’s net asset value, including following the investment period, and will not be reduced in connection with any write downs (whether temporary or permanent), except in the case of investments or portions thereof written off for U.S. federal income tax purposes. Except where the Governing Documents expressly provide to the contrary, Management Fees will not be reduced (in whole or in part) in the case of partial distributions, partial sales of investments, decrease (including a significant decrease) in fair value or other event not constituting a complete realization, such as reorganization, recapitalization (including recapitalizations involving dividends), roll-over investment in connection with a sale or dividend distribution. Furthermore, pursuant to the Limited Partnership Agreements of Fund IV, Fund V, Fund VI and Fund VII, the Management Fee is generally payable quarterly and may be calculated as of the first day of each calendar quarter, without any intra-quarter adjustment to reflect changes in investment contributions and/or distributions during that quarter (as described above). As a result, limited partners may pay more or less in Management Fees for a given quarter because, after the Stepdown Date, the fee base is not adjusted during the quarter to reflect realization events, which would reduce investment contributions for purposes of calculating the Management Fee, or follow-on investments, which would increase investment contributions for that purpose. Management Fees will not be reimbursed or refunded under the Governing Documents in connection with an investment’s (i) distribution to the Fund’s limited partners, disposition for cash or being written-off for federal income tax purposes by the relevant Fund or (ii) leveraged recapitalization or similar transactions that do not constitute a complete realization, such as those described in the paragraph above.

The Governing Documents set forth the full list of terms under which Management Fees will be reduced, offset or otherwise be limited, and consequently investors should expect to bear the full Management Fee specified in the Governing Documents unless or until they are reduced in the circumstances and on the date(s) specified therein. Further, the Advisers are permitted to exempt certain investors in the Funds from payment of all or a portion of Management Fees, such as “friends and family” of Arlington or its personnel, or other investors meeting certain qualification requirements. The General Partners reserve the right to make any such exemption from fees that may be made by a direct exemption, a rebate by the Managers or through investment vehicles that co-invest with a Fund. For example, in instances where an Arlington professional or its affiliate invests in a Fund, such professional or its affiliate generally will be exempt from payment of the Management Fee and Carried Interest (as defined below) with respect to such Fund. In general, the offsets described under “Management Fees” above apply only with respect to the capital commitments of fee-paying investors. The Advisers retain flexibility to structure its compensation from investors and expects in certain circumstances to agree to invoice an investor directly for Management Fees or other compensation, rather than deducting such amounts from the investor’s capital account(s). The Funds generally invest on a long-term basis. Accordingly, Management Fees and other fees are expected to be paid, except as otherwise described in the Limited Partnership Agreements, over the term of the Funds and Fund limited partners are generally not permitted to withdraw or redeem interests in the Funds. An investor participating in a closing after the Fund’s initial closing date, or an effective date determined by the General Partner if applicable, bears Management Fees from the initial closing date or such effective date, as applicable, generally in addition to an interest component payable to the Manager. Owners or other current or former employees of the Advisers receive salaries and other compensation derived from, and in certain cases including a portion of, the Management Fee, Carried Interest or other compensation received by the Advisers or their affiliates. Arlington and/or its affiliates generally have discretion over whether to charge transaction fees, monitoring fees or other Supplemental Fees to a portfolio company and, if so, the rate, timing and/or amount of such compensation. The receipt of such compensation generally will give rise to conflicts of interest between the Funds, on the one hand, and Arlington and/or its affiliates on the other hand. The Funds may include alternative investment vehicles established in order to permit one or more investors to participate in one or more particular investment opportunities in a manner desirable for tax, regulatory or other reasons. Each General Partner generally has limited discretion to invest the assets of such alternative investment vehicles independent of limitations and other procedures set forth in the organizational documents of such vehicles and the Governing Documents of the related Fund. In certain circumstances, one Fund is expected to pay an expense common to multiple Funds and/or co-investors (including, without limitation, legal expenses for a transaction in which all such Funds and/or co-investors participate, or other fees or expenses in connection with services the benefits of which are received by other Funds and/or co-investors over time), and be reimbursed by the other Funds for their share of such expense, without interest. To the extent the paying Fund makes use of a credit facility to pay such expense, it generally will not be reimbursed

separately by other Funds for the costs of establishing, negotiating or maintaining the facility as a whole. While highly unlikely, it is possible that one of the other Funds could default on its obligation to reimburse the paying Fund. In certain circumstances, Arlington is expected to advance amounts related to the foregoing and receive reimbursement from the Funds to which such expenses relate. As described above, in certain circumstances, Arlington is expected to permit certain investors to co-invest in portfolio companies alongside one or more Funds, subject to Arlington’s related policies and practices and the relevant Limited Partnership Agreement(s) and/or Side Letter(s). Where a co-invest vehicle is formed, such entity will bear expenses related to its formation and operation, many of which are similar in nature to those borne by the Funds. In the event that a transaction in which a co-investment was planned ultimately is not consummated, including a transaction for which a co-investment was believed necessary in order to consummate such transaction or would otherwise have been beneficial in the judgment of the relevant General Partner, all broken deal expenses relating to such proposed transaction will be borne by the Fund(s), and not by any potential co-investors that were expected to participate in such transaction. To the extent that such co-investors have already executed definitive documentation to invest in such transaction, such co-investor is expected to bear its pro rata share of such broken deal expenses. To the extent the Fund makes use of a credit facility to invest in a portfolio company or pay related expenses, it generally will not be reimbursed separately by co-investors for the costs of establishing, negotiating or maintaining the facility as a whole. As a matter of practice, Arlington is typically paid Supplemental Fees from, on behalf of or with respect to co-investors in an investment, as well as other fees relating to the structuring and administration of co-investment arrangements. The receipt of such fees will not reduce the Management Fee payable by any Fund(s) that have also invested in such investment, and, as a result, a Fund will, in most cases, only benefit with respect to the relevant allocable portion of any such fee. As a result, a Fund will not benefit from the portion of any fee related to (i) General Partner or affiliated partner commitments; (ii) co-investors or potential co-investors (which could include co-investment vehicles managed by Arlington, service providers (including lenders and law firms), third parties, current or former portfolio company management or personnel, sellers or members of management that have rolled their interest or reinvested proceeds in the portfolio company and/or other owners); or (iii) the value of profits, participation or equity interests in or relating to the relevant portfolio company, including interests owned by current or former portfolio company management, which have the potential to be significant. Unless otherwise agreed with investors, Supplemental Fees generally will be payable during term extensions, even if Management Fees are reduced or eliminated during the extended term. In certain circumstances, Arlington expects that co-investors or other parties will negotiate the right to share a portion of fees relating to a particular investment, and the above-described Management Fee offset percentages will be applied after excluding any amounts paid to such persons. Arlington reserves the right to agree with Operating Executives, operating partners, joint venture or similar partners, service providers (including lenders, Fund counsel, transaction counsel, transaction service providers and other parties), portfolio company management or other persons that all or a portion of certain expense reimbursements, payments or other amounts owed to such persons relating to one or more investments will be paid in the form of a profits, participation or equity interest granted in the relevant investments or related intermediate entities.

While such an arrangement is more favorable to the relevant Fund in that it does not involve an initial cash outlay for the payment of expenses, and could be further favorable to the relevant Fund if the investment does not increase in value, in the event of appreciation in the relevant investment any such profits, participation or equity interest generally would have a dilutive impact on the Fund’s investment, as well as the potential to result in economic gains to the recipient greater than the original amount of compensation, which in either case could be substantial. Excluded from Fund expenses are ordinary administrative and overhead expenses of the General Partner incurred in connection with managing investments, including salaries of personnel, rent, utilities and other similar expenses specified in the Governing Documents. Arlington expects to be subject to potential conflicts of interest where certain administrative and other functions are performed by Arlington personnel would not be chargeable to the Funds under the Limited Partnership Agreement, but service providers performing the same services generally would be chargeable to the Funds thereunder.

Upon dissolution of any of the Funds, and with respect to Fund IV, Fund V, Fund VI and Fund VII, at the end of such Fund’s commitment period and each of the second and fourth anniversary thereof, the relevant General Partner shall be obligated to return to the relevant Fund the greater of (i) the amount such that each limited partner receives its contributed capital plus a preferred return of 8% per annum (or in respect of certain Fund VI limited partners and Fund VII limited partners under certain circumstances and on certain terms and conditions, in each case, as more fully described in the Limited Partnership Agreement of such Fund, 15%) or (ii) the amount (if positive) of distributions that such General Partner received in the aggregate, in excess of 20% (or in respect of certain Fund VI limited partners and Fund VII limited partners under certain circumstances and on certain terms and conditions, 25%) of such Fund’s cumulative net profits. Any amount repaid to a Fund cannot exceed the after-tax amount of Carried Interest that is distributed to such Fund’s General Partner. The Advisers typically do not advise Funds not subject to a Carried Interest, although the Advisers generally have the authority to waive Carried Interest with respect to certain affiliated partners as described under “Fees and Compensation.” The existence of performance-based compensation has the potential to create an incentive for the Advisers to operate the relevant Fund in a riskier, more speculative or other manner that is less favorable to investors than they would otherwise in the absence of such arrangement, although Arlington generally considers performance-based compensation to better align its interests with those of its investors, particularly in instances where the Governing Documents include terms requiring clawback or giveback of performance-based compensation amounts at the end of the relevant Fund’s life or at certain interim intervals.

The investors participating in the Funds generally include individuals, banks or thrift institutions, other investment entities, university endowments, sovereign wealth funds, family offices, pension and profit-sharing plans, trusts, estates or charitable organizations or other corporations or business entities and often include, directly or indirectly, principals or other personnel of AME and its affiliates and members of their families, Operating Executives or other service providers retained by AME or a Fund, as well as executives of portfolio companies. Fund IV, Fund V, Fund VI and Fund VII are closed to new investors. Otherwise, however, Fund IV has a stated minimum investment amount of $5 million for third-party investors though such limit was waived for certain investors. Fund V, Fund VI, Fund VII and Timber Coast each has a stated minimum investment amount of $10 million for third-party investors though such limits were waived for certain investors in Fund V, Fund VI and Fund VII. The Funds’ interests were offered and sold solely to accredited investors within the meaning of the rules and regulations promulgated under the U.S. Securities Act of 1933, as amended, who are also qualified clients (or qualified knowledgeable employees or owners of the Advisers).

Specifically, Arlington targets companies operating in fragmented industries, amenable to a buy-and-build strategy, serving unwavering bi-partisan priorities with long-term funding and growth trends, as Arlington believes these companies can help insulate the Funds’ portfolios’ sensitivity to change due to political cycles. Arlington seeks to make investments in companies that it believes possess identifiable “Franchise Value”, which Arlington defines as sustainable and differentiating characteristics that create the potential for strategic value and, therefore, premium valuations upon exit. In Arlington’s view, characteristics emblematic of such Franchise Value typically include: (i) high barriers-to-entry or substitution; (ii) deeply rooted customer relationships; (iii) distribution capabilities that are difficult to replicate; (iv) regulatory protection; (v) defensible or enduring cost structure advantages; and (vi) proprietary technology or specialized processes. Arlington seeks to leverage its Washington, D.C. network and contacts throughout the U.S. when operating in regulated industries that possess stable and defensive characteristics, such as aerospace and defense; government services and technology; healthcare; and business services and software. Arlington believes that companies with identifiable Franchise Value in the middle market, particularly in the ACP Verticals, can significantly enhance their appeal to larger strategic acquirers who are seeking to expand their footprint in the sector or subsector given the high barriers to entry and extensive regulatory framework. Investment Approach Arlington’s investment approach is designed to source quality investment opportunities in its ACP Verticals while maintaining strict pricing and leverage discipline. Key elements of Arlington’s approach include but are not limited to the following: •

partnering with industry veterans possessing significant knowledge in a specific industry and who have many years of experience running businesses (an “Operating Executive”);

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a highly disciplined approach to pricing and leverage;

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being a preferred partner to founding management;

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creatively structuring investments to bridge valuation gaps and mitigate risk;

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investing in repeatable themes and continuing strategies that Arlington believes present compelling investment opportunities for multiple funds; and

• seeking accelerated value creation through add-on investments. Investment Process Arlington adheres to a disciplined investment process to source, diligence, manage and exit its investments. Managing Policy Risk Arlington believes its thesis-driven approach to investing enables it to manage market risk at the beginning of the investment process. Arlington focuses on identifying sustainable, long-term trends within the ACP Verticals that serve bi-partisan initiatives with the potential to transcend administration and congress change. Arlington believes it is able to accurately identify these trends through information provided through its Washington, D.C. network and other contacts throughout the U.S. around potential shifts in policy and priorities, enabling Arlington to shape or adjust its overall view of the direction of the sectors. Sourcing Arlington focuses on proactive generation of investment opportunities outside of highly competitive bidding processes. Arlington believes that its visibility and local network in Washington, D.C. and throughout the U.S. provide a competitive advantage in originating opportunities within industries that are government-regulated or adjacent to them. Due Diligence In advance of committing significant resources of the Funds to a given opportunity, Arlington will assess: (i) its relevant industry experience, either in-house or through an Operating Executive; (ii) the potential for post-investment value creation; (iii) the pricing expectations and non-economic motivations of the seller; (iv) key risk factors and potential mitigants; and (v) transaction timing and structuring considerations. Transaction Structuring Arlington typically maintains control of the board of directors of each of its portfolio companies, which generally provides Arlington with the necessary control to make any changes at the companies it deems necessary. The independent board members of Arlington’s portfolio companies have included former admirals, generals, presidential cabinet members, ambassadors, and congressmen, as well as prominent industry executives, senior policy/secretarial department officials and former Arlington portfolio company CEOs that are invited to sit on the boards of existing portfolio companies.

Arlington’s investment professionals have a particular expertise in structuring transactions with founding management that seeks to optimize the financial and operational benefits for the business. In structuring transactions, Arlington will apply reasonable levels of debt financing and will seek to provide Arlington with sufficient downside protection. Investment Oversight Arlington believes that making control investments and taking an active role postacquisition is critical to generating returns. As such, Arlington is involved post-investment in its portfolio companies and actively works with its portfolio companies to identify and complete addon and strategic acquisitions, access new government contracts and clients, improve operations, augment and upgrade management teams as needed, introduce outside industry executives and board members, and refine company business models as necessary. The growth plan and operational objectives for a company are set forth in Arlington’s investment thesis and continually evaluated in light of current economic conditions and market opportunities. Exit Planning Arlington’s plans for exit begin prior to the closing of an investment. During the due diligence process, Arlington assesses the attractiveness of the industry segment and the prospect for multiple exit opportunities. Prior to committing capital to a portfolio company, Arlington seeks to identify the likely exit options, including not only sales to strategic buyers, but also sales to financial buyers, public equity offerings and recapitalizations. Arlington’s investment professionals analyze the viability of anticipated exit strategies during the investment decision-making process and potential exit opportunities are continually evaluated throughout Arlington’s ownership of the portfolio investment. Risks of Investment In addition to the general risks of loss associated with the Funds’ investments, prospective investors should carefully consider the following risk factors. As a result of these factors, as well as other risks, there can be no assurance that any Fund will meet its investment objectives or otherwise be able to successfully carry out its investment program. Economic And Industry Risk Although investments of the type sought by the Funds offer the opportunity for attractive returns, such investments are sensitive to any general downward swing in the economy or in the industrial or economic sectors in which the acquired business operates. The Funds’ investments consequently involve a high degree of financial risk, and the possibility of partial or total loss of capital exists. Prospective investors should not subscribe unless they can readily bear the consequences of such loss. Long-Term Investments Due to the nature of the Funds’ investments, it is uncertain as to when profits, if any, may be realized. Losses on unsuccessful investments may be realized before gains on successful

investments are realized. The return of capital and the realization of gains, if any, generally will occur only upon the partial or complete disposition of an investment. While an investment may be sold at any time, it is generally expected that this will not occur for a number of years after the initial investment date. Before such time, there may be no current return on the investment. The Funds may continue to hold illiquid investments at the end of the Funds’ scheduled term, which could require such term to be extended. Uncertain Economic, Social and Political Environment Certain countries have in the past, and may in the future, experience religious, political and social instability that could adversely affect a Fund. Such instability could result from, among other things, popular unrest associated with demands for improved political, economic, or social conditions or government policies. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector, and certain industries may be subject to significant government regulation. Additionally, exchange control regulations, expropriation, confiscatory taxation or the imposition of withholding or other taxes on dividends, interest, capital gains, other income or gross sale or disposition proceeds, nationalization, restrictions on foreign capital inflows, repatriation of investment income or capital, renunciation of foreign debt, political, economic or social instability, or other economic or political developments could adversely affect the assets of a Fund. Additionally, the availability of attractive investment opportunities for a Fund is expected to depend in part on governments in certain countries continuing to liberalize their policies regarding foreign investment and, in some cases, to further encourage private sector initiatives. In addition, countries may be in the initial stages of their industrial development and have a lower per capita gross national product or a lowincome economy as compared to the more developed economies. Markets for investments in such countries are not as developed and may be less liquid than markets in more developed countries. Investments in companies domiciled in emerging market countries may be subject to potentially higher risks as compared to the average among investments in more developed countries. Additionally, a Fund may be less influential than other market participants in jurisdictions where it or Arlington does not have a significant presence. U.S. Presidential Election The impact of past and future U.S. presidential and other elections could create significant uncertainty with respect to legal, tax and regulatory regimes in which the Funds, as well as the Advisers, will operate. The Trump administration has sought, and is expected to continue to seek, to enact changes to numerous areas of law and regulations currently in effect, including by executive orders some of which will be challenged in the U.S. court systems. Any such changes could significantly impact the Funds and the uncertainty resulting from court challenges and other changes could adversely affect the Funds. Any significant changes in, among other things, economic policy (including with respect to interest rates, foreign trade and regulatory changes leading to greater availability of bank debt), the regulation of the asset management industry, tax law, immigration policy and/or government entitlement programs could have a material adverse impact on the Funds and Funds’ investments. In addition, any changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing the financial services industry, foreign trade, manufacturing, outsourcing, development and investment in the territories and countries or types of investments in which the Funds are permitted to invest, and any negative

sentiments towards the United States as a result of such changes, could adversely affect the performance of the Funds. Trade Policy The Trump administration recently enacted and proposed to enact significant new tariffs on imports and may further increase existing tariffs or implement further new tariffs in the future. The eventuality, timing and rates of new tariffs, as well as the length of time that recently implemented tariffs remain in place, are difficult to predict at this time. Increasingly, the Trump administration also has threatened or targeted broad swathes of countries with punitive trade measures, such as universal steel and aluminum tariffs and reciprocal tariffs, including against China, Canada, Mexico and Europe. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the Funds. There is uncertainty as to the actions that will be taken under the Trump administration with respect to U.S. trade policy and while the Funds and the Advisers intend to comply with applicable laws, rapid changes in laws and/or implementation thereof could affect their capacity to comply. In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court’s ruling, the Trump administration raised potential alternative means through which the administration could impose tariffs. New trade policy could also create a legal burden for and negatively impact the Funds and their investments, including by increasing costs and necessity to exit certain investments. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Funds and their investments. While certain countries may agree to trade deals to address disputes, continued trade disputes between countries may remain unresolved which would result in an ongoing source of instability, potentially resulting in significant currency fluctuations and/or have other adverse effects on international markets, international trade agreements and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise), which could present similar and/or additional potential risks and consequences for the Funds and/or the Funds’ portfolio companies. In addition, trade disputes

may develop between other countries, which may have similar or more pronounced risks and consequences for the Funds and/or the Funds’ portfolio investments. Public Health Emergencies Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, Ebola and COVID-19, have resulted in historic market volatility and disruption, and future such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to the Fund. In the event of another pandemic or global health crisis like the COVID-19 pandemic, portfolio companies could experience decreased revenues and earnings, which could adversely impact Arlington’s ability to realize value from such investments and in turn reduce a Fund’s performance. Investments in certain sectors, including hospitality, location-based entertainment, retail, travel, leisure and events, office and residential, and in certain geographies could be particularly negatively impacted, as was the case during the COVID-19 pandemic. Portfolio companies could also face increased credit and liquidity risk due to volatility in financial markets, reduced revenue streams and limited access or higher cost of financing, which could result in potential impairment of the investments. In the event of significant credit market contraction as a result of a pandemic or similar global health crisis, a Fund could be limited in its ability to sell assets at attractive prices or in a timely manner in order to avoid losses and margin calls from credit providers. A pandemic or global health crisis can be expected to also pose enhanced operational risks. For example, the General Partners’ employees could become sick or otherwise unable to perform their duties for an extended period, and extended public health restrictions and remote working arrangements can be expected to impact employee morale, integration of new employees and preservation of Arlington’s culture. Remote working environments could also be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Moreover, Arlington’s third-party service providers could be impacted by an inability to perform due to pandemic-related restrictions or by failures of, or attacks on, their technology platforms. Additionally, restrictions on immigration and processing of visas and other work permits could affect the work force of Arlington’s portfolio companies, some of which rely on foreign talent as an important part of their work force, which could have a material adverse impact on their ability to implement their business plans. In connection with a public health emergency like the COVID-19 pandemic, Arlington has determined in the past, and could in the future determine, in its discretion, that it is most effective and/or efficient to use private air and/or charter travel due to travel restrictions and/or health and safety considerations, including to and from locations where Arlington’s personnel are currently living (even if different than where Arlington has historically had offices). The cost of such private air or charter travel, which could be increased due to the pandemic, shall be a generally be treated as a partnership expense subject to and in accordance with the Arlington’s policies and the Governing Documents of the relevant Fund.

Market Conditions The capital markets have experienced great volatility and financial turmoil. Moreover, governmental measures undertaken in response to such turmoil (whether regulatory or financial in nature) may have a negative effect on market conditions. General fluctuations in the market prices of securities and economic conditions generally may reduce the availability of attractive investment opportunities for a Fund and may affect a Fund’s ability to make investments. Instability in the securities markets and economic conditions generally (including a slow-down in economic growth and/or changes in interest rates or foreign exchange rates) may also increase the risks inherent in a Fund’s investments and could have a negative impact on the performance and/or valuation of the portfolio companies. Movements in foreign exchange rates may adversely affect the value of investments in portfolio companies and a Fund’s performance. Volatility and illiquidity in the financial sector may have an adverse effect on the ability of a Fund to sell and/or partially dispose of its portfolio company investments. Such adverse effects may include the requirement of a Fund to pay break-up, termination or other fees and expenses in the event such Fund is not able to close a transaction (whether due to the lenders’ unwillingness to provide previously committed financing or otherwise) and/or the inability of a Fund to dispose of investments at prices that the relevant General Partner believes reflect the fair value of such investments. The impact of market and other economic events may also affect a Fund’s ability to raise funding to support its investment objective. Deterioration of Credit Markets May Affect Ability to Finance and Consummate Investments Prior and recent deteriorations of the global credit markets have made it more difficult for investment funds such as the Funds to obtain favorable financing for investments. The recent deterioration of the sub-prime and global debt markets has dramatically reduced investor demand for high yield debt and senior bank debt, which in turn has led to some investment banks and other lenders to be unwilling to finance new private equity investments or to only offer committed financing for these investments on unattractive terms. A Fund’s ability to generate attractive investment returns may be adversely affected to the extent such Fund is unable to obtain favorable financing terms for its investments. Moreover, to the extent that such marketplace events are not temporary and continue, they may have an adverse impact on the availability of credit to businesses generally and could lead to an overall weakening of the U.S. and global economies. Such marketplace events also may restrict the ability of a Fund to realize its investments at favorable times or for favorable prices. Available Investments; Limited Liquidity of Investments The leveraged buyout and private equity investment industry in which Arlington and the Funds are engaged is highly competitive. Further, the identification of suitable investments is a difficult task, and there can be no assurance that the Funds will be able to implement its investment objectives. There is no assurance that the General Partner will be able to identify sufficient attractive investment opportunities to enable the full amount of capital committed to the Funds to be invested. However, Fund limited partners will be required to pay annual Management Fees during the commitment period based on the entire amount of their commitments. The General Partner also may encounter significant competition for many of the investments selected. Many of Arlington’s competitors may have greater financial and other resources and may have better access

to suitable investment opportunities. Other investors may make competing offers for investment opportunities that are identified, and even after an agreement in principle has been reached with a prospective seller, consummating the transaction is subject to a myriad of uncertainties, only some of which are foreseeable or within the control of a Fund. Furthermore, investments made by the Funds, to a large degree, will have limited liquidity. The Funds’ exit strategy with respect to one or more investments can be affected adversely by numerous factors, many of which may be unforeseen or unexpected at the time the investment is made. Moreover, the limited liquidity of investments may adversely affect its ability to implement its exit strategies in the face of unexpected developments. No Assurance of Profit, Cash Distributions, or Appreciation, or Rate of Return The Funds are entirely dependent upon Arlington and the Partners. While the General Partners intend to make investments that have estimated returns commensurate with the risks undertaken, there can be no assurance of success. There can be no assurance that investments by the Funds will achieve returns comparable to those achieved in the transactions undertaken previously by the Firm described herein or will achieve its targeted returns, or that an investment, once made, will be profitable and that an investor’s interest in such investment will have economic value. Further, a Fund’s investment portfolio is expected to consist primarily of securities issued by privately held companies, and operating results in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses. Historical returns achieved by Arlington in the Funds are not predictions of future performance. There can be no assurance that investments will generate cash flow available for distribution to investors or that the General Partners will be able to liquidate its investments on favorable terms. No Diversification Requirement; Junior Securities; Risk of Loss The Limited Partnership Agreements permit the General Partners to invest a certain percentage of total commitments in a single investment. Although the General Partners expect that the Funds will have a moderate degree of diversification, the General Partners are authorized, at any time, to invest its assets in only a few investments. Thus, the unfavorable performance by investments in one industrial or economic sector could have a substantial adverse impact on the aggregate returns realized by investors. Furthermore, to the extent that the capital raised is less than the targeted amount, the Funds could invest in fewer portfolio companies and thus be less diversified. In addition, the General Partners may also make opportunistic investments in other assets that offer particularly attractive returns. Moreover, the securities in which the Funds will invest may be among the most junior in a portfolio company’s capital structure and thus subject to the greatest risk of loss. Generally, there will be no collateral to protect an investment once made. Restrictions on Transfer; No Market for Interests in Funds; Illiquidity of Interests There are substantial restrictions upon the transferability of Fund interests under the Limited Partnership Agreements and the interests in Funds are not registered under any federal or state securities laws or the securities laws of any other jurisdiction and therefore are subject to the restrictions on transfer contained in such laws. Investors will not be able to transfer, sell or otherwise dispose of their interests in any manner that will violate the securities laws of any

jurisdiction. The interests in the Funds are not transferable except with the consent of the General Partners, which consent the General Partners could withhold in their sole discretion. In addition, withdrawals of Fund interests are not permitted. There is no market for the interests and none is expected to develop. Consequently, investors may not be able to liquidate their interests for a lengthy period of time, which may not be prior to the time any Fund liquidates the investments it makes. In addition, any such liquidation may be in the form of non-cash distributions to the investors. An investment in any Fund should be viewed as an illiquid investment. It is uncertain as to when profits, if any, will be realized. Furthermore, the expenses of operating a Fund (including the annual management fee payable to the relevant General Partner) may exceed such Fund’s income, thereby requiring that the difference be paid from such Fund’s capital, including, without limitation, unfunded commitments. In addition, there can be no assurance that the Funds will have sufficient cash flow to permit it to make annual distributions in the amounts necessary for the limited partners to pay all tax liabilities resulting from the limited partners’ ownership of limited partner interests. Lack of Sufficient Investment Opportunities The business of identifying, structuring and completing private equity transactions is highly competitive and involves a high degree of uncertainty. It is possible that a Fund will never be fully invested if enough sufficiently attractive investments are not identified. However, a Fund’s limited partners will be required to bear management fees during such Fund’s investment period based on the entire amount of such limited partners’ commitments and other expenses as set forth in the relevant Fund’s Limited Partnership Agreement. Investment Strategy While the General Partners generally intend to seek attractive returns for the Funds primarily through the investment strategy and methods described in the Private Placement Memorandum of each Fund, subject to the terms of the Limited Partnership Agreement, the General Partners are permitted to pursue additional investment strategies and/or modify or depart from its initial investment strategy, investment process and investment techniques to the extent it determines such modification or departure to be appropriate and consistent with the Limited Partnership Agreement. The General Partners are permitted to pursue investments outside of the industries and sectors in which Arlington has previously made investments or have internal operational experience. Use of Leverage The types of transactions that the Funds carry out will involve equity investments in businesses undertaking a significant amount of debt and the Funds are permitted to make use of leverage by incurring or having a portfolio company or intermediate entity incur debt to finance all or a portion of certain investments, whether on a temporary or long-term basis. Leverage generally magnifies both the Funds’ opportunities for gain and their risks of loss from any particular investment. The cost and availability of leverage is highly dependent on the state of the broader credit markets (and such credit markets may be impacted by regulatory restrictions and

guidelines), of which is difficult to accurately forecast. During times when credit markets are tight, it may be difficult to obtain or maintain the desired degree of leverage. The use of leverage by a Fund will also result in interest expense and other costs to a Fund that may not be covered by distributions made to such Fund or appreciation of its investments. The use of borrowed funds increases the sensitivity of such investments to adverse economic and commercial developments, competitive pressures, an adverse economic environment, as well as to risks relating to fluctuations in interest rates and could accelerate and magnify declines in the value of any Fund’s investments in the leveraged portfolio companies in a down market. These risks generally are expected to increase as interest rates rise, including in circumstances where a portfolio company’s creditworthiness is such that it must borrow at higher interest rates than are available to the relevant Fund. Moreover, lenders of borrowed funds will likely insist on the inclusion of affirmative and negative covenants that may affect the operating flexibility of particular investments, in addition to the burden of debt service, and potentially will constrain a leveraged portfolio company’s ability to finance future operations and capital needs. In the event any portfolio company cannot generate adequate cash flow to meet its debt service, any Fund may suffer a partial or total loss of capital invested in the portfolio company, which could adversely affect the returns of such Fund. Furthermore, should the credit markets be tight at the time a Fund determines that it is desirable to sell all or a part of a portfolio company, such Fund may not achieve an exit multiple or enterprise valuation consistent with its forecasts. Moreover, the companies in which a Fund will invest generally will not be rated by a credit rating agency. Except where otherwise required by the relevant Governing Documents, a Fund will not be obligated to borrow on behalf of a portfolio company, even in circumstances where the Fund’s creditworthiness would permit borrowing at a lower rate than is available to the portfolio company. A Fund is also permitted to borrow money or guaranty indebtedness (such as a guaranty of a portfolio company’s debt, a letter of credit or other forms of promise to provide funding) or otherwise be liable therefor, and in such situations, it is not expected that such Fund would be compensated for providing such guarantee or exposure to such liability. The use of leverage by a Fund generally also will result in fees, interest expense and other costs to such Fund that may not be covered by distributions made to such Fund or appreciation of its investments. While Fundlevel borrowings generally will be subject to limitations set forth in the Limited Partnership Agreements and interim in nature, asset- or intermediate entity-level leverage generally will not be subject to any limitations, including with respect to the amount of time such leverage may remain outstanding. A Fund is permitted to incur leverage on a joint, several, joint and several or crosscollateralized basis with one or more other investment funds and entities managed by the Advisers, including through Fund subsidiaries and other intermediate entities, and may have a right of contribution, subrogation or reimbursement from or against such entities. It is also possible that certain co-investors (potentially including service providers (including lenders and law firms), third parties, current or former portfolio company management or personnel, sellers or members of management that have rolled their interest or reinvested proceeds in the portfolio company and/or other owners) will not share in incurring such leverage or related costs and, as a result, the Fund will disproportionately bear the risk and/or costs of leverage arrangements. In addition, to the extent a Fund incurs leverage (or provides such guaranties), such amounts are permitted to be secured by capital commitments made by such Fund’s investors and such investors’ contributions may be required to be made directly to the lenders instead of such Fund.

Subscription Lines A Fund generally is permitted to enter into a subscription line with one or more lenders in order to finance its operations, including the acquisition, financing or refinancing of the Fund’s investments, as well as to consolidate or make less frequent capital calls to limited partners. Fundlevel borrowing subjects limited partners to certain risks and costs. For example, because amounts borrowed under a subscription line typically are secured by pledges of the relevant General Partner’s right to call capital from the limited partners, limited partners may be obligated to contribute capital on an accelerated basis if the Fund fails to repay the amounts borrowed under a subscription line or experiences an event of default thereunder. Moreover, any limited partner claim against the Fund would likely be subordinate to the Fund’s obligations to a subscription line’s creditors. In addition, Fund-level borrowing will result in incremental partnership expenses that will be borne by investors. These expenses typically include interest on the amounts borrowed, unused commitment fees on the committed but unfunded portion of a subscription line, an upfront fee for establishing a subscription line, and other one-time and recurring fees and/or expenses, as well as legal fees relating to the establishment, structuring and negotiation of the terms of the borrowing facility, as well as expenses relating to maintaining, renegotiating or terminating the facility. Because a subscription line’s interest rate is based in part on the creditworthiness of the relevant Fund’s limited partners and the terms of the applicable Limited Partnership Agreement, it may be higher than the interest rate a limited partner could obtain individually. To the extent a particular limited partner’s cost of capital is lower than the Fund’s cost of borrowing, Fund-level borrowing can negatively impact a limited partner’s overall individual financial returns even if it increases the Fund’s reported net returns in certain methods of calculation. Conflicts of interest have the potential to arise in that the use of Fund-level borrowing typically delays the need for limited partners to make contributions to a Fund, or results in short-term gains to a Fund, which in certain circumstances enhances the relevant Fund’s return calculations and thereby has the potential to benefit the marketing efforts of the General Partner and its affiliates and increases the likelihood that any hurdle or preferred return component in the Fund’s Carried Interest arrangements will be met. A portfolio company financing from a subscription line, rather than from a Fund-level equity commitment, has the potential to increase such returns, particularly in instances where the relevant amount has been drawn for an extended period of time. In other circumstances the use of Fundlevel borrowing can increase the base of a Fund’s Management Fee calculation, such as during periods where Management Fees are based in whole or in part on an acquisition cost that includes a borrowing component. Because Management Fees are incurred whether an investment is financed through capital calls or borrowings, and a Fund’s preferred return typically does not accrue on outstanding borrowings, the relevant General Partner has an incentive to cause the Fund to make investments and/or pay such amounts using a subscription line rather than making capital calls. The use of Fund-level borrowing arrangements, and the repayment or non-repayment thereof, can also influence the determination of the end of a Fund’s investment period, and cause or defer a related change in the basis of the relevant Fund’s Management Fee calculation under the Governing Documents. Conflicts of interest also have the potential to arise to the extent that a subscription line is used to make an investment that is later sold in part to co-investors (including one or more co-investing Funds) as, to the extent co-investors are not required to act as guarantors under the relevant facility or pay related costs or expenses, co-investors nevertheless stand to receive the benefit of the use of the subscription line and neither the relevant Fund nor investors

generally will be compensated for providing the relevant guarantee(s) or being subject to the related costs, expenses and/or liabilities. A credit agreement or borrowing facility frequently will contain other terms that restrict the activities of a Fund and the limited partners or impose additional obligations on them. For example, certain lenders or facilities are expected to impose restrictions on the relevant General Partner’s ability to consent to the transfer of a limited partner’s interest in the Fund or impose concentration or other limits on the Fund’s investments, and/or financial or other covenants, that could affect the implementation of the Fund’s investment strategy and/or a limited partner’s ability to transfer its interest in a Fund. In addition, in order to secure a subscription line, it is possible that the relevant General Partner would require certain financial information and other documentation from limited partners to share with lenders. The General Partner will have significant discretion in negotiating the terms of any subscription line and could agree to terms that are not the most favorable to one or more limited partners. In certain circumstances, due to separate evaluations of creditworthiness by lenders or facility providers, a portfolio company or other Fund subsidiary is expected to bear higher rates under a borrowing facility than are borne by the Fund, resulting in a potential net benefit to the Fund, or additional potential liquidity constraints or other burdens on the relevant portfolio company or Fund subsidiary. Fund-level borrowing involves a number of additional risks. For example, drawing down on a subscription line allows the relevant General Partner to fund investments and pay partnership expenses without calling capital, potentially for extended periods of time. Calling a large amount of capital (including amounts that would have represented multiple capital calls or investment closings absent the use of a subscription line) at once to repay the then-current amount outstanding under the subscription line could cause short-term liquidity concerns for limited partners that would not arise had the relevant General Partner called smaller amounts of capital incrementally over time as needed by a Fund. This risk would be heightened for a limited partner with commitments to other funds that employ similar borrowing strategies or with respect to other leveraged assets in its portfolio; a single market event could trigger simultaneous capital calls, requiring the limited partner to meet the accumulated, larger capital calls at the same time. Such larger capital amounts may increase the magnitude of potential investor defaults. A General Partner is authorized to use Fund-level borrowing to pay Management Fees and to reimburse Arlington for expenses incurred on behalf of the Fund. A Fund is also permitted to utilize Fund-level borrowing when a General Partner expects to repay the amount outstanding through means other than limited partner capital, including as a bridge for equity or debt capital with respect to an investment. If the Fund ultimately is unable to repay the borrowings through those other means, limited partners would end up with increased exposure to the underlying investment, which could result in greater losses. If an investment appreciates in value and is disposed of prior to repayment, the relevant Fund generally would apply disposition proceeds to repay the borrowing and related interest and expenses, the absence of invested capital funded by limited partners potentially will result in a distribution of net proceeds without a preferred return accrual on the amount invested. Accordingly, borrowings have the potential to support the distribution of proceeds to limited partners and increase the potential Carried Interest for the relevant General Partner, as reduced by the interest incurred by the relevant Fund. Subject to any limitations in the Governing Documents,

this scenario potentially incentivizes the relevant General Partner to permanently fund the acquisition and ongoing capital needs of a Fund’s investments and related expenses with the proceeds of such borrowings in lieu of drawing down capital contributions on an as-needed basis, and, accordingly, capital contributions to repay such borrowings may be required only at the time of the disposition of an investment (or never, if principal and interest on such borrowings are always repaid out of disposition proceeds). Investment- and Intermediate Entity-Level Borrowing Under the Limited Partnership Agreements, the relevant Funds are authorized to incur indebtedness that is secured by any assets of the Fund (e.g., asset-based borrowing, as well as “back leverage” and net asset value (NAV) facilities), and is permitted directly or indirectly through one or more intermediate entities (e.g., special purpose vehicles) to incur indebtedness, including to borrow money from any person, to make guarantees or provide other credit support to any person or to incur any other obligation (including other extensions of credit). Indebtedness is permitted to be incurred for any purpose relating to the activities of the relevant Funds, including without limitation to: finance any investment-related activities of the Funds; increase the buying power of the Funds; provide interim financing to the extent necessary to consummate the purchase of investments prior to the receipt of permanent financing or capital contributions or distributions (as applicable); pay for Fund expenses or fund the payment of Management Fees; make, hold or dispose of investments; provide financing or refinancing to portfolio companies; fund the payment of amounts to withdrawing limited partners; fund distributions to the partners; and/or provide collateral to secure outstanding letters of credit or to create reserves, in each case in accordance with the relevant Limited Partnership Agreements. Further, the relevant Funds are expected to provide credit support (including letters of credit) or guarantee the obligations of one or more intermediate entities or portfolio companies that are joined as “qualified borrowers” or “portfolio company borrowers” under a Fund’s subscription line facility for the purpose of providing financing to one or more of such entities in support of one or more investments. Other investors or owners of such intermediate entities (or portfolio companies) generally will not share in the risk and/or cost of such financing, or the guarantees or other credit support the relevant Fund provides in respect thereof under the relevant subscription facility. As a result, in a situation where additional credit support is required, the relevant Fund and not such other investors or owners would be obligated to provide such amounts. However, these other investors or owners have the potential to benefit indirectly therefrom, to the extent the financing improves portfolio company performance. Although in many cases the relevant Limited Partnership Agreements impose limits on borrowings at the Fund level, portfolio investments and intermediate entities generally do not have such limits on their ability to engage in borrowings or incur leverage with respect to all or a portion of the relevant investments. Risk of Temporary Financing If a Fund makes an investment with the intent of subsequently financing a portion of that investment, there is a risk that such Fund will be unable to successfully complete such a financing. This could lead to the Fund having a larger amount of capital invested in an investment than anticipated as well as reduced diversification.

To the extent a Fund provides temporary financing to facilitate portfolio company investments, it is possible that all or a portion of such financing will not be recouped within the time period specified in the relevant Limited Partnership Agreement, in which case the investment would be treated as a permanent investment of the Fund. As a result, the Fund’s portfolio could become more concentrated with respect to such investment than initially expected or otherwise provided for under the Fund’s investment limitations. Restricted Nature of Investment Positions Generally, there will be no readily available market for any Fund’s investments, and hence, most of such Fund’s investments will be difficult to value. Certain investments may be distributed in kind to the limited partners of a Fund and it may be difficult to liquidate the securities received at a price or within a time period that is determined to be ideal by such partners. After a distribution of securities is made to the Partners, many partners may decide to liquidate such securities within a short period of time, which could have an adverse impact on the price of such securities. The price at which such securities may be sold by such partners may be lower than the value of such securities determined pursuant to the applicable Limited Partnership Agreement, including the value used to determine the amount of Carried Interest available to the Advisers with respect to such investment. Importance of Certain Personnel Control over the operation of the Funds will be vested entirely with the Advisers, and any Fund’s future profitability will depend largely upon the business and investment acumen of the General Partners. Commercial, market, or other considerations may result in changes to a Fund’s staffing levels, investment operations or investment process. The loss or reduction of service of one or more of the General Partners could have an adverse effect on such Fund’s ability to realize its investment objectives. In addition, subject to the requirements set forth in the relevant Limited Partnership Agreement(s), the Advisers currently, and may in the future, manage other investment funds besides the currently existing Funds and Arlington’s investment professionals may need to devote substantial amounts of their time to the investment activities of such other funds, which will pose conflicts of interest in the allocation of the time of Arlington’s investment professionals. Fund limited partners generally have no right or power to take part in the management of the Funds, and as a result, the investment performance of any Fund will depend entirely on the actions of the Advisers. In addition, certain changes in the General Partners or circumstances relating to the General Partners could have an adverse effect on the Funds or one or more of their portfolio companies, including potential acceleration of debt facilities. Although the General Partners will monitor the performance of each Fund investment, it will primarily be the responsibility of each portfolio company’s management team to operate such portfolio company on a day-to-day basis. Although the Funds generally intend to invest in companies with strong management or recruit strong management to such companies, there can be no assurance that the management of such companies will be able or willing to successfully operate a company in accordance with the relevant Fund’s objectives.

Projections Projected operating results of a company in which a Fund invests normally will be based primarily on financial projections prepared by such company’s management, with adjustments to such projections made by the relevant General Partner in its discretion. In all cases, projections are only estimates of future results that are based upon information received from the company and third parties and assumptions made at the time the projections are developed. There can be no assurance that the results set forth in the projections will be attained, and actual results may be significantly different from the projections. Also, general economic factors, which are not predictable, can have a material effect on the reliability of projections. Conflicting Investor Interests Fund limited partners are expected to have conflicting investment, tax, and other interests with respect to their investments in the Funds, including conflicts relating to the structuring of investment acquisitions and dispositions. Conflicts will arise in connection with decisions made by a General Partner regarding an investment that may be more beneficial to one limited partner than another, especially with respect to tax matters. In structuring, acquiring and disposing of investments, the General Partner generally will consider the investment and tax objectives of the respective Fund and its limited partners as a whole, not the investment, tax, or other objectives of any limited partner individually. Need for Follow-On Investments Following its initial investment in a given portfolio company, a Fund is permitted to decide to provide additional funds to such portfolio company or consider the opportunity to increase its investment in a portfolio company, whether for opportunistic reasons, to fund the needs of the business, as an equity cure under applicable debt documents or for other reasons. There is no assurance that any Fund will make follow on investments or that any Fund will have sufficient funds to make all or any of such investments. Any decision by a Fund not to make follow on investments or its inability to make such investments may have a substantial negative effect on a portfolio company in need of such an investment (including an event of default under applicable debt documents in the event an equity cure cannot be made), resulting in a lost opportunity for such Fund to increase its participation in a successful portfolio company or the dilution of such Fund’s ownership in a portfolio company if a third party invests in such portfolio company. Investments to finance follow-on acquisitions present conflicts of interest, including the determination of the equity component and other terms of the new financing as well as the allocation of the investment opportunities in the case of follow-on acquisitions by one Fund in a portfolio company in which an existing Fund has previously invested. In addition, subject to the terms of its Limited Partnership Agreement, a Fund may participate in releveraging and recapitalization transactions involving portfolio companies in which an existing Fund has already invested or will invest. Conflicts of interest will likely arise, including determinations of whether existing investors are being cashed out at a price that is higher or lower than market value and whether new investors are paying too high or too low a price for the company or purchasing securities with terms that are more or less favorable than the prevailing market terms.

Lack of Investor Participation No investor has the right, power or authority to participate in the ordinary and routine management of any Fund’s affairs or to exercise any control over the decisions of the General Partners. The General Partners have the exclusive right to manage, control and operate the affairs and business of the Funds and to make all decisions relating thereto. Accordingly, no prospective investor should purchase any interests unless such prospective investor is willing to entrust all aspects of management to the respective General Partner. Although Arlington actively monitors the status of its investments and the performance of the officers and managers operating portfolio companies, the success of an investment will depend, to a large extent, upon the quality of the officers and managers of each portfolio company. Investors have no right or power to take part in or direct the management of any investment. Failure to Satisfy Investment Calls If investors fail to satisfy capital calls, the ability of the Funds to make investments would be adversely affected. If an investor fails to satisfy a capital call, it is obligated to pay interest on the capital call obligation until satisfied by such investor or any other investor or investors. In addition, non-defaulting investors have the right to purchase the defaulting investor’s interest in the applicable Fund for its defaulted value (as defined in the relevant Limited Partnership Agreement), provided that such non defaulting investors satisfy the defaulting investor’s pending capital call and agree to satisfy the defaulting investor’s future capital call obligation. As a result, an investor who fails to satisfy capital calls risks losing a portion of its investment in the applicable Fund. Board Participation Each General Partner seeks to have its respective Fund represented on the boards of directors (or comparable governing bodies) of certain of its portfolio companies. While such representation is expected to enhance each Fund’s general ability to manage its investments, it may also impair a Fund’s ability to sell the related securities because such Fund may be subject to fiduciary duties and other potential legal claims. The Funds will indemnify the respective fund manager for claims arising from such board representation, respectively. Serving on the board of directors of a portfolio company exposes each Fund’s representatives, and ultimately such Fund, to potential liability. Not all portfolio companies may obtain insurance with respect to such liability, and the insurance that portfolio companies do obtain may be insufficient to adequately protect officers and directors from such liability. PIPE Investments Subject to the terms of the Limited Partnership Agreement, a Fund is permitted to make private investments in public equities (“PIPE”) investments or private financing of public companies. PIPE investments may be purchased directly from a publicly traded company in a private placement transaction, typically at a discount to the market price of the company’s common stock. In a PIPE transaction, a Fund could bear the price risk from the time of pricing until the time of closing. The Funds will generally not be able to sell or distribute PIPE investments unless the securities are registered under applicable securities laws or an exemption from such registration is

available. In addition, even after the securities are saleable, it may take a significant period of time for the Funds to sell or distribute PIPE securities in an orderly manner during which time profit could have otherwise been realized or loss avoided, and in some cases the Funds may be prohibited by contract or law from selling such public company securities for a period of time. In addition, the Funds’ sales of thinly traded securities could depress the market value of such securities. These circumstances or events could reduce the Funds’ profitability. Disposition of the Funds’ public company investments may result in distributions in-kind to limited partners. Non-Controlling Investments While the General Partners do not anticipate causing the Funds to make non-controlling investments, to the extent any such investments are made, the Funds would have a limited ability to protect the Funds’ positions in such cases. During the process of exiting investments, the Funds at times may hold minority equity stakes of any size such as might occur if portfolio companies are taken public. As is the case with minority holdings in general, such minority stakes that the Funds may hold will have neither the control characteristics of majority stakes nor the valuation premiums accorded majority or controlling stakes. Where a Fund holds a minority stake, it may be more difficult for such Fund to liquidate its interests than it would be had the Fund owned a controlling interest in such company. Even if a Fund has contractual rights to seek liquidity of a Fund’s minority interests in such companies, it may be very difficult to sell such interests or seek a sale of such company upon terms acceptable to such Fund, especially in cases where the interests of the other investors in such company have different business and investment objectives and goals. Investments in Countries Outside the United States The Funds may invest in portfolio companies that are organized or headquartered or have substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be subject to certain additional risks due to, among other things, potentially unsettled points of applicable governing law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such regulations may be given effect during the term of the relevant Fund), the application of complex U.S. and non U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on such Fund and/or such Fund’s limited partners with respect to such Fund’s income, and possible non-U.S. tax return filing requirements for such Fund and/or such Fund’s limited partners. Additional risks of non-U.S. investments include: (a) economic dislocations in the host country; (b) less publicly available information; (c) less well-developed and/or more restrictive laws, regulations, regulatory institutions and judicial systems; (d) greater difficulty of enforcing legal rights in a non-U.S. jurisdiction; (e) civil disturbances; (f) government instability; and (g) nationalization and expropriation of private assets. Moreover, non-U.S. companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those that apply to U.S. companies.

Significant Adverse Consequences for Default The Limited Partnership Agreements provide for significant adverse consequences in the event a Fund limited partner defaults on its commitment or any other payment obligation. In addition to losing its right to potential distributions from a Fund, a defaulting Fund limited partner may be forced to transfer its interest in such Fund for an amount that is less than the fair market value of such interest and that may be paid over a period of up to ten years, without interest. Dilution Limited partners admitted or that increase their respective commitments to a Fund at subsequent closings generally will participate in then–existing investments of such Fund, thereby diluting the interest of existing limited partners in such investments. Although any such new Fund limited partner will be required to contribute its pro rata share of previously made capital contributions, there can be no assurance that this contribution will reflect the fair value of such Fund’s existing investments at the time of such contributions. Dilution risk applies to limited partners of a Fund as well as any parallel funds. The risk of dilution increases as such Fund’s subscription period increases and/or the amount of time an investment is held by the Fund before any co investors’ investments. As described above, the relevant Limited Partnership Agreement provides the purchase price borne by subsequent limited partners of the Funds, which includes subscriptions by limited partners to parallel funds, will be the original purchase price plus accrued interest, subject to the General Partner’s ability to utilize an equitable adjustment for such subsequent investors. For the avoidance of doubt, equitable adjustments are not expected to occur, except in limited circumstances prior to such rebalancing, including full realizations, partial realizations, dividend recapitalizations or similar events. This dilution risk can result in conflicts of interest between the General Partner and limited partners, including but not limited to, unrealized investments that have appreciated in value and the General Partner’s interests to increase Fund size and resulting Management Fees and additional Carried Interest potential. A General Partner’s Carried Interest Arlington’s carried interest creates a greater incentive for Arlington to make more speculative investments on behalf of the Funds or time the purchase or sale of investments in a manner motivated by the personal interests of Arlington personnel than if such performance-based compensation did not exist, as Arlington receives a disproportionate share of profits (above the preferred return hurdle). The general partner giveback obligations potentially creates other misalignments of interests between Arlington and limited partners, such as an incentive for Arlington to defer disposition of an investment that would result in a realized loss or a return on investment that was less than the preferred return and trigger the giveback, or delay the dissolution and liquidation of a Fund if doing so would trigger a giveback obligation. Co-Investments The Advisers may, in their sole discretion, provide or commit to provide co-investment opportunities to one or more Fund limited partners and/or other persons. Conflicts of interest may arise in the allocation of such co-investment opportunities. The allocation of co-investment

opportunities, which may be made to one or more persons for any number of reasons as determined by the Advisers in their sole discretion, may not be in the best interests of a Fund or any applicable individual Fund limited partner. In exercising their sole discretion in connection with such coinvestment opportunities, the Advisers may consider some or all of a wide range of factors, which may include the likelihood that an investor may invest in a future fund sponsored by the Advisers. Any Fund may co-invest with third parties through partnerships, joint ventures or other entities or arrangements. Such investments may involve risks not present in investments where a third-party is not involved, including the possibility that a third-party co-venturer or partner may at any time have economic or business interests or goals that are inconsistent with those of the relevant Fund, or may be in a position to take action contrary to the investment objectives of such Fund. In addition, a Fund may in certain circumstances be liable for actions of its third-party co-venturer or partner. Transfer by General Partner To the extent the relevant General Partner, its partners, the principals and/or their respective affiliates commit to make a direct or indirect investment in or along-side a Fund, a material participation in or a portion of such investment may thereafter be transferred to others, subject to any express limitations thereon in the relevant Limited Partnership Agreement. Public Company Holdings A Fund’s investment portfolio is permitted to contain debt and/or equity securities issued by publicly held companies. Such investments may subject such Fund to risks that differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of such Fund to dispose of such securities at certain times, increased likelihood of shareholder litigation and insider trading allegations against such companies’ executives and board members, including Arlington’s principals, and increased costs associated with each of the aforementioned risks. Lack of Unilateral Control Even if a Fund is the majority investor or controlling shareholder, as applicable, of a portfolio company, in certain circumstances it may not have unilateral control of the portfolio company. To the extent a Fund invests alongside third parties, such as institutional co-investors or private equity finds of other sponsors, the relevant portfolio companies may be controlled or influenced by persons who have economic or business interests, investment or operational goals, tax strategies or other considerations that differ from or are inconsistent with those of such Fund or its limited partners. Such third parties may be in a position to take action contrary to such Fund’s business, tax or other interests, and such Fund may not be in a position to limit such contrary actions or otherwise protect the value of its investment. Side Letters The General Partners, on behalf of the Funds, generally will enter into side letters in connection with the admission of certain limited partners to a Fund without the approval of any other limited partner, which would have the effect of establishing rights under or altering or

supplementing the terms of the Partnership Agreement or the Subscription Agreement with respect to such limited partners in a manner more favorable to such limited partners than those applicable to other limited partners. Such rights may be granted based on, among other considerations, the size of a limited partner’s commitment to a Fund, a limited partner’s legacy status as an investor in other Arlington funds (including, without limitation, the size of a limited partner’s commitment to one or more such other Arlington funds), its preexisting relationship with Arlington or a broader strategic relationship with Arlington. Such rights or terms in any such side letter or other similar agreement may include, without limitation, (i) excuse or exclusion rights applicable to particular investments, portions thereof or follow-on investments, including the application of excuse rights on an “automatic” basis (which may increase the percentage interest of other limited partners in, and contribution obligations of other limited partners with respect to, such investments) and an extension of timing for exercising such excuse rights, (ii) the General Partner’s agreement to extend certain information rights or additional reporting to such limited partner, including, without limitation, to accommodate special tax, regulatory, policy or other circumstances of such limited partners, (iii) waiver or modification of certain confidentiality obligations and / or documentation that might be requested by the General Partner for the benefit of lenders or other persons extending credit to or arranging financing for a Fund, (iv) consent of the General Partner to certain transfers by such limited partner or other exercises by the General Partner of its discretionary authority under the Limited Partnership Agreement of a Fund for the benefit of such limited partner, (v) restrictions on, or special rights of such limited partner with respect to, the activities of the General Partner, (vi) withdrawal rights (subject to the consent of the General Partner) due to legal, regulatory, tax, accounting or policy matters, including matters related to political contributions, gifts and other such policies, which may materially increase the percentage interest of other limited partners in, and their contribution obligations for, future investments and expenses, and reduce the overall size of a Fund, (vii) other rights or terms necessary in light of particular legal, regulatory, tax, accounting or public policy characteristics of a limited partner, (viii) economic arrangements (including, for example, with respect to any carried interest and/or management fees to be charged to the limited partners), (ix) matters regarding such limited partner’s right to participate in coinvestment opportunities (including, without limitation, preferential allocation thereof and the terms and conditions related to such participation, including any carried interest and/or management fees that might have to be charged with respect thereto or an affiliate thereof), which may be structured through one or more co-investment vehicles established by the General Partner for the benefit of such limited partners or their affiliates and which will not be viewed as affiliates of the General Partner under the Limited Partnership Agreement of such Fund and which may participate in co-investments alongside such Fund relating to some or all of the co-investment opportunities available with respect to sund Fund, (x) additional obligations, and restrictions of Fund VII with respect to the structuring of any investment (including with respect to alternative investment vehicles), (xi) matters regarding such limited partner’s (or it’s affiliate’s) interest in providing debt financing to a Fund or its portfolio companies, (xii) certain representations and warranties from the General Partner regarding the Fund and the General Partner or (xiii) waiver or modification of the default remedies that can be enforced against the limited partners. Such side agreements may permit such limited partners to take actions on the basis of information not available to other limited partners that do not have the benefit of such agreements. Any rights or terms so established in a side letter with a limited partner (including, for example, with respect to management fees and / or carried interest to be charged to such investor) will govern solely with respect to such limited partner (but not any of such limited partner’s assignees or transferees unless

so specified in such side letter) and will not require the approval of any other limited partner notwithstanding any other provision of the Limited Partnership Agreement of a Fund. Diverse Limited Partner Group; Possibility of Different Information Rights The limited partners could have conflicting investment, tax, and other interests with respect to their investments in the Funds. The conflicting interests of individual limited partners are expected to relate to or arise from, among other things, the nature of investments made by the Funds, the structuring or the acquisition of a Fund’s investments, and the timing of disposition of such Fund’s investments. As a consequence, conflicts of interest will arise in connection with decisions made by the General Partner, including with respect to the nature or structuring of investments that could be more beneficial for one limited partner than for another limited partner, particularly with respect to a limited partners’ individual tax situations. In selecting and structuring investments appropriate for a Fund, the General Partner will consider the investment and tax objectives of the Fund and the limited partners as a whole, and not the investment, tax, or other objectives of any limited partner individually. The limited partners are expected to be based in a wide variety of jurisdictions and take a wide variety of forms. The limited partners may, and likely will, have conflicting investment, tax, and other interests with respect to their investments in the Fund (including based on the time at which such limited partner is admitted to the Fund). The conflicting interests of individual limited partners may relate or arise from, among other things, the nature of investments made by the Fund, the structuring or the acquisition of investments, and the timing of disposition of investments. As a consequence, conflicts of interest have in the past arisen, and may in the future arise, in connection with the decisions made by the General Partner, including with respect to the nature or structuring of investments, the timing and valuation of rebalancing of investments between parallel funds where applicable, and other determinations, that may be more beneficial for one investor than for another investor, including with respect to investors’ individual tax situations. In selecting and structuring investments appropriate for the Fund, the General Partner will consider the investment and tax objectives of the Fund and the partners as a whole, and not the investment, tax, or other objectives of any limited partner individually. As a consequence of the foregoing, the General Partner may elect to exclude certain limited partners from particular investments for legal or regulatory reasons applicable to any such investment, in which case non-excluded limited partners will be allocated a greater proportionate interest in such investment. Since the General Partner will make a substantial commitment to the Fund and is entitled to carried interest under certain circumstances, conflicts may arise between its own interests and those of the limited partners in relation to such decisions. It is also possible that the Fund or the Fund’s portfolio companies may be counterparties (such counterparties dealt with on an arm’s-length basis) or participants in agreements, transactions, or other arrangements with an investor or an affiliate of an investor in or alongside the Fund. Such investors described in the previous sentences will therefore have different information about Arlington and the Fund than limited partners not similarly positioned. Prospective investors should note that, to the extent members of the advisory committee or limited partners in the Fund who are also invested in other Arlington funds vote on any matter regarding conflicts (including conflicts between the Fund and other Arlington funds) or otherwise participate in matters involving a vote

or action thereby, any such limited partners in the Fund will have an interest in other Arlington investment vehicles and, as a result, may not be motivated to vote solely in accordance with their interests related to the Fund. In other Arlington funds, limited partner advisory committee members who represent more than one fund have in the past participated, and will likely in the future, still participate, in any advisory committee process that will impact one or more of their respective interests, which may present a conflict; they may not in the future be asked to recuse themselves from voting in such situations and their votes are expected to be included in the tally. Additionally, not all limited partners conduct due diligence or monitor their investments in vehicles such as the Fund in the same manner. For example, certain limited partners may as part of their due diligence prior to investing in the Fund request certain information from the General Partner, or following their investment in the Fund may periodically request from the General Partner certain information regarding the Fund and investments and/or portfolio companies that is not otherwise set forth in (or has yet to be set forth in) the reporting and other information required to be delivered to all limited partners. In such circumstances, the General Partner may provide such information to such limited partner, but the General Partner is not obligated to, and is not expected to, affirmatively provide such information to all limited partners in circumstances where it has provided such information upon request by one or more limited partners (although the General Partner generally expects that it would provide the same information upon request and treat similarly situated limited partners equally in that regard). Arlington seeks to be responsive to the needs and requests of its limited partners as appropriate, and as such, it is expected that investors seeking specific information may be provided different information than others who do not make similar requests. For the avoidance of doubt, Arlington does not make any representation that equal or substantially similar information is provided to similarly situated investors on an equal basis or at all. As a result, certain limited partners may, and often do, have more information about the Fund than other limited partners, and the General Partner will have no duty to, and does not expect to, ensure all limited partners seek, obtain or process the same information regarding the Fund and its investments and/or portfolio companies. Where limited partners are co-investors in a portfolio company they are likely to receive more detailed information concerning that portfolio company than other limited partners that are not co-investors. The Fund and the General Partner have investors from diverse jurisdictions, including from certain jurisdictions that could cause heightened CFIUS risks (see below for details concerning CFIUS) to the Fund, and therefore these factors and other similar factors may also inform differences in quantity and quality of information received by different limited partners in the Fund. Risks Relating to Due Diligence of and Conduct at Portfolio Companies Before making investments, each General Partner will typically conduct due diligence that it deems reasonable and appropriate based on the facts and circumstances applicable to each investment. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants, investment banks and other third parties may be involved in the due diligence process to varying degrees depending on the type of investment. Such involvement may present a number of risks primarily relating to a General Partner’s reduced control of the functions that are outsourced. When conducting due diligence and making an assessment regarding an investment, a General Partner will rely on the resources available to it, including information provided by the target of an investment and, in some circumstances, third-party investigations. A General Partner’s due diligence investigation with respect to any investment opportunity may not reveal or highlight all

relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, a due diligence investigation will not necessarily result in any particular investment being successful. There can be no assurance that attempts to provide downside protection with respect to investments will achieve their desired effect and potential investors should regard an investment in a Fund as being speculative and having a high degree of risk. Hedging Arrangements; Related Regulations The relevant General Partner is authorized (but not obligated) to endeavor to manage a Fund’s or any applicable portfolio company’s currency exposures, interest rate exposures or other exposures, using hedging techniques where available and appropriate. There can be no assurance that any derivatives and other hedging transactions will be effective in mitigating risk in all market conditions or against all types of risk (including unidentified or unanticipated risks or where the General Partner does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of a derivative or other hedging arrangement), thereby resulting in losses to a Fund. The General Partner may not be able to effectively hedge against or adequately anticipate, or choose not to hedge or mitigate, certain risks that may adversely affect a Fund’s investment portfolio. Funds are permitted to incur costs related to such hedging arrangements, which are permitted to be undertaken in exchange-traded or over-the-counter (“OTC”) contexts, including futures, forwards, swaps, options and other instruments. There can be no assurance that adequate hedging arrangements will be available on an economically viable basis or that such hedging arrangements will achieve the desired effect, and in some cases hedging arrangements may result in losses greater than if hedging had not been used. In some cases, particularly in OTC contexts, hedging arrangements will subject a Fund to the risk of a counterparty’s inability or refusal to perform under a hedging contract, or the potential loss of assets held by a counterparty, custodian or intermediary in connection with such hedging. OTC contracts may expose a Fund to additional liquidity risks if such contracts cannot be adequately settled. Certain hedging arrangements may create for the relevant General Partner and/or one of its affiliates an obligation to register with the U.S. Commodity Futures Trading Commission (“CFTC”) or other regulator or comply with an applicable exemption. Losses may result to the extent that the CFTC or other regulator imposes position limits or other regulatory requirements on such hedging arrangements, including under circumstances where the ability of a Fund or a portfolio company thereof to hedge its exposures becomes limited by such requirements. Currency and Foreign Exchange Risks Each Fund’s books and records will be denominated in United States dollars, and distributions will generally be made in United States dollars. However, each Fund may make investments in other currencies, and changes in the exchange rates between such currencies and the United States dollar could have an adverse effect on each such Fund, including the amounts available for distribution and the value of securities to be distributed in-kind. Moreover, a Fund may incur costs when converting one currency into another. The value of an investment may fall substantially as a result of fluctuations in the currency in which the investment is made as against the value of the U.S. dollar.

Absence of Certain Statutory Regulation Neither Arlington nor the General Partners are registered as investment companies under the Investment Company Act of 1940. Therefore, investors will not have the rights or protections provided by such act. Neither Arlington nor the General Partners are registered as broker-dealers under the Securities Exchange Act of 1934, as amended (together, with the rules and regulations promulgated thereunder, the “Exchange Act”), or with the Financial Industry Regulatory Authority (“FINRA”), and consequently are not subject to the recordkeeping and specific business practice provisions of the Exchange Act or the rules of FINRA. Regulatory Compliance Certain of a Fund’s investments may result in reporting and compliance obligations under the Exchange Act and/or the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The cost of compliance will be borne by such Fund. Changes in Applicable Law The Advisers must comply, and must cause the Funds to comply with various legal requirements, including, but not limited to, requirements imposed under United States federal tax law and federal and state securities laws. If any of the laws and regulations currently in effect should change or any new laws or regulations should be enacted, the legal requirements to which the Advisers, the Funds and the investors may be subject could differ materially from current requirements and may materially and adversely affect the Advisers, the Funds and the investors. Pay-to-Play Laws A number of states and municipal pensions plans have adopted so-called “pay-to-play” laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including investments by public retirement funds. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation to a government client for a period of up to two years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates. If the Advisers, their employees or affiliates fails to comply with such pay-to-play laws, regulations or policies such non-compliance could have an adverse affect on the Funds by, for example, providing the basis for the withdrawal of an affected public pension fund investor. Impact of Government Regulation, Reimbursement and Reform Certain or all industry segments in which a Fund may invest are (or may become) (i) highly regulated at both the federal and state levels in the United States and internationally and (ii) subject to frequent regulatory change. Certain segments may be highly dependent upon various government (or private) reimbursement programs. While each Fund intends to invest in companies that seek to comply with applicable laws and regulations, the laws and regulations relating to

certain industries are complex, may be ambiguous or may lack clear judicial or regulatory interpretive guidance. An adverse review or determination by any applicable judicial or regulatory authority of any such law or regulation, or an adverse change in applicable regulatory requirements or reimbursement programs, could have a material adverse effect on the operations and/or financial performance of the companies in which a Fund may invest. By way of example, the healthcare and financial services industries have been, and will likely continue to be, significantly impacted by recent administrative actions and legislative changes, and various U.S. federal, state or local or non-U.S. legislative proposals related to such industries are introduced from time to time, which, if adopted, could have a significant impact on such industries in general and/or on companies in which a Fund may invest. In addition, various agencies and departments of the U.S. government regulate the defense and aerospace industries. New and existing regulations and burdens of regulatory compliance may have a material adverse effect on portfolio companies that operate in these industries. There can be no assurance that any changes in laws, regulations, governmental policy or other executive branch actions will not have an adverse impact on the Funds and its investments, including the ability of the Funds to execute its investment objectives and to achieve attractive returns. Monetary Policy and Governmental Intervention Actions by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and other central bankers, including changes in policies, may have a significant effect on interest rates and on the U.S. and world economies generally, which in turn may affect the performance of a Fund’s investments on an absolute and/or relative basis. For example, in response to interagency guidance on leveraged lending by the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation has indicated a willingness to curtail certain leveraged lending to market participants such as private equity firms in connection with their investment activities, and in such cases private equity funds would need to finance portfolio investments with a greater proportion of equity relative to prior periods and the terms of debt financing may be less flexible for borrowers compared to prior periods. These developments may impair a Fund’s ability to consummate transactions and/or cause such Fund to enter into transactions on less favorable terms. Enhanced Scrutiny and Certain Effects of Potential Regulatory Changes A Fund’s ability to achieve its investment objectives, as well as the ability of a Fund to conduct its operations, is based on laws and regulations that are subject to change through legislative, judicial or administrative action. Future legislative, judicial or administrative action could adversely affect a Fund’s ability to achieve its investment objectives, as well as the ability of a Fund to conduct its operations. The effects of regulatory changes could also be indirect. The regulatory environment for private investment funds is evolving, and changes in the regulation of private investment funds have the potential to adversely affect the value of investments held by a Fund and the ability of a Fund to effectively employ its investment and trading strategies. Increased scrutiny and legislation applicable to private investment funds and their sponsors could also impose significant administrative burdens on Arlington and divert time

and attention from portfolio management activities. In addition, a Fund will be required to register under certain additional foreign laws and regulations, and will need to engage additional distributors or other agents in certain non-U.S. jurisdictions in order to market interests to potential investors. The effect of any future regulatory change on a Fund could be substantial and adverse. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in the availability of senior and subordinated financing for transactions, in part in response to regulatory pressures on providers of financing to reduce or eliminate their exposure to such transactions. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The SEC, other regulators and selfregulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The current state of the evolving regulatory environments may significantly increase the cost of managing a Fund and providing effective compliance oversight and any such costs and expenses will be borne directly by a Fund as partnership expenses. The current regulatory environment in the U.S. may be impacted by future legislative developments. Specific legislative and regulatory proposals discussed during election campaigns and more recently that might materially impact a Fund and/or its portfolio investments include, but are not limited to, regulatory measures for the U.S. financial services industry, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code (including added scrutiny of management fee and carried interest waivers), public company reporting requirements and antitrust enforcement. Any such changes, as well as any uncertainty concerning future legislation, could significantly impact a Fund, its investments and its ability to achieve its investment objectives. Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. None of the General Partners, the Funds or their affiliates can predict the ultimate impact of the foregoing on any Fund, its business and investments, or the private equity industry generally, and any prolonged uncertainty could also have an adverse impact on a Fund and its investment objectives. Future changes may adversely affect a Fund’s operating environment and therefore such Fund’s business, operating costs, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. In addition, any changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing the financial services industry, foreign trade, manufacturing, outsourcing, development and investment in the territories and countries or types of investments in which a Fund may invest, and any negative sentiments towards the United States as a result of such changes, could adversely affect the performance of the investments. Moreover, media (including social media) has the potential to influence public sentiment and escalate tensions both within the U.S. and in international relations, which could cause social unrest and could negatively impact stock markets and economics around the globe and the investments.

Dynamic Investment Strategy While each General Partner generally intends to seek attractive returns for a Fund through the investment strategy and methods described herein, the relevant General Partner is permitted to pursue additional investment strategies and/or modify or depart from its initial investment strategy, investment process or investment techniques to the extent it determines such modification or departure to be appropriate and consistent with the relevant Limited Partnership Agreement(s). A General Partner is permitted to pursue investments outside of the industries and sectors in which Arlington has previously made investments or has internal operational experience. Limited Liability of Arlington and the Manager; Indemnification The Limited Partnership Agreements provide that the General Partners, the Advisers, their respective directors, partners, members, shareholders, officers, employees, or agents will not be personally liable, responsible or accountable in damages or otherwise to the Funds or to any investor for any breach of fiduciary duty. The foregoing provisions will not be construed so as to provide for the exculpation or indemnification of any such party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law. The Limited Partnership Agreements also provide that, to the maximum extent permitted by applicable law, the Funds will indemnify their respective General Partners, the Advisers, and their respective affiliates and their respective directors, partners, members, shareholders, officers, employees or agents (each, an “Indemnified Person”) from and against any claims, losses, liabilities, damages, costs or expenses (including, without limitation, attorney fees, judgments and expenses in connection therewith and amounts paid in defense and settlement thereof) to which any Indemnified Person may directly or indirectly become subject in connection with the relevant Fund or in connection with any involvement with a portfolio company of such Fund (including, without limitation, serving as an officer, director, consultant or employee of any portfolio company), except for in the limited circumstances set forth in the relevant Limited Partnership Agreement. The Limited Partnership Agreements also provide that attorneys’ fees and expenses incurred by an Indemnified Person in connection with any matter for which indemnification may be sought under each Limited Partnership Agreement shall be paid by the respective Fund. Material Non-Public Information; Other Regulatory Restrictions As a result of the operations of Arlington and its affiliates, as well as in connection with officerships or directorships of Arlington personnel, Arlington frequently comes into possession of confidential or material, non-public information. Therefore, Arlington and its affiliates may have access to material, non-public information that may be relevant to an investment decision to be made by a Fund. Consequently, a Fund may be restricted from initiating a transaction or selling an investment which, if such information had not been known to it, may have been undertaken on account of applicable securities laws or Arlington’s internal policies and practices and practices. Due to these restrictions, a Fund may not be able to make an investment that it otherwise might have made or sell an investment that it otherwise might have sold.

Similarly, anti-money laundering, anti-boycott and economic and trade sanction laws and regulations in the United States and other jurisdictions may prevent Arlington or the Funds from entering into transactions with certain individuals or jurisdictions. The United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and other governmental bodies administer and enforce laws, regulations and other pronouncements that establish economic and trade sanctions on behalf of the United States. Among other things, these sanctions may prohibit transactions with or the provision of services to, certain individuals or portfolio companies owned or operated by such persons, or located in jurisdictions identified from time to time by OFAC. Additionally, antitrust laws in the United States and other jurisdictions give broad discretion to the U.S. Federal Trade Commission, the United States Department of Justice and other U.S. and nonU.S. regulators and governmental bodies to challenge, impose conditions on, or reject certain transactions. In certain circumstances, antitrust restrictions relating to one Fund’s acquisition of a portfolio company may preclude other Funds from making an attractive acquisition or require one or more other Funds to sell all or a portion of certain portfolio companies owned by them. As a result of any of the foregoing, a Fund may be adversely affected because of Arlington’s inability or unwillingness to participate in transactions that may violate such laws or regulations, or by remedies imposed by any regulators or governmental bodies. Any such laws or regulations may make it difficult or may prevent a Fund from pursuing investment opportunities, require the sale of part or all of certain portfolio companies on a timeline or in a manner deemed undesirable by Arlington or may limit the ability of one or more portfolio companies from conducting their intended business in whole or in part. Consequently, there can be no assurance that any Fund will be able to participate in all potential investment opportunities that fall within its investment objectives. Sanctioned Investors If after subscribing to a Fund a limited partner is included on a list of prohibited persons maintained by a relevant regulatory or governmental authority (including OFAC or equivalent non-U.S. authorities) (a “Sanctions List”), the relevant General Partner will have the sole discretion to determine the resolution, remedy and manner of compliance of the Fund with applicable laws, including without limitation a “freeze” on distributions and/or capital calls from the relevant limited partner and reporting to the relevant authorities. Adverse actions by any such authorities, including temporary or permanent stays or holds on the Fund’s activities, could materially and adversely affect the Funds. Valuation of Investments Generally, the relevant General Partner will determine the value of all of a Fund’s investments for which market quotations are available based on publicly available quotations. However, market quotations will be unavailable for virtually all of a Fund’s investments because, among other things, the securities of portfolio companies held by such Fund generally will be illiquid and not quoted on any exchange. Each General Partner will determine the value of all of the Fund’s investments that are not readily marketable based on ASC 820 guidelines as promulgated by the Financial Accounting Standards Board and any subsequent valuation guidelines required of an investment fund reporting under generally accepted accounting principles as promulgated in the United States. However, the process of valuing securities for which reliable

market quotations are not available is based on inherent uncertainties and the resulting values may differ from values that would have been determined had an active market existed for such securities. The exercise of discretion in valuation by the relevant General Partner may give rise to conflicts of interest, including in connection with determining the amount and timing of distributions of carried interest and the calculation of management fees. There can be no assurance that the relevant General Partner will have all of the information necessary to make valuation decisions in respect of these investments, or that any information provided by third parties on which such decisions are based will be correct. There can be no assurance that the valuation decision of a General Partner with respect to an investment will represent the value realized by the relevant Fund on the eventual disposition of such investment or that would, in fact, be realized upon an immediate disposition of such investment on the date of its valuation. Accordingly, the valuation decisions made by such General Partner may cause it to ineffectively manage the relevant Fund’s investment portfolios and risks, and may also affect the diversification and management of such Fund’s portfolio of investments. The General Partners have not historically, but may in the future engage a third-party valuation firm to review and provide oversight in connection with its valuation process. While such valuation firm would be expected to be independent, there can be no assurances that they would be completely impartial in reviewing the General Partner’s valuations, and such valuation firm would be relying on the company data provided by the General Partner as opposed to gathering its own company data, which could jeopardize the role and purpose of the valuation firm as an independent check on the General Partner’s valuations. The valuation of portfolio companies may also affect the ability of Arlington to raise a successor fund to the Funds. With respect to carried interest, it can be expected that the value of unrealized portfolio companies will be a factor in determining how carried interest is allocated and distributed among Arlington employees and professionals, including Arlington’s managing partners (e.g., the unrealized gain or loss for an investment will affect the timing and amount of the carried interest distributions (from all investments) received by the professionals leading such unrealized portfolio company). For these reasons, the General Partner will have an incentive to determine valuations that are higher or lower than the actual fair value of portfolio companies, depending on the context surrounding such valuation. In addition, in the event that a Fund makes any distribution in-kind to limited partners, the fair market value of such property is expected to be determined by the relevant General Partner (who at times may receive input from a third-party valuation expert), subject to the terms and conditions of the Limited Partnership Agreement of the relevant Fund. As there is no guarantee that such valuations will reflect the value for such assets that would be achieved if such assets were sold to a third party rather than distributed in-kind, investors in a Fund may not receive the price for such assets that they may otherwise have received if such assets were sold in a third-party sale. If the valuations made by the General Partner in connection with the distribution-in-kind and used to calculate performance and carried interest are higher than what could have been received if such investment were instead disposed of to third parties, held to maturity, or otherwise disposed of in another manner, the amount of carried interest received by Arlington and/or its affiliates, or the timing of receipt of carried interest, could be higher and earlier in time than it would have been if such assets were sold in a third-party sale. Additionally, because the amount of proceeds limited partners are deemed to receive in connection with potential distributions-in-kind of marketable

securities is determined using an average of the trading prices both prior to and after the date of distribution (as more fully described in the Limited Partnership Agreement of the relevant Fund), the General Partner’s carried interest may be based on a valuation that is higher or lower than the price of the securities actually distributed to the limited partners or that the General Partner would have received had such securities been sold for cash, in each case at the time of distribution. The General Partner will also use the same methodology for purposes of calculating the performance of the investment where not otherwise specified in the Limited Partnership Agreement of the relevant Fund. Contingent Liabilities Upon Disposition In connection with the disposition of an investment, a Fund and the applicable General Partner may be required to make (and/or be responsible for another person’s or entity’s breach of) representations and warranties, e.g., about the business and financial affairs of the applicable portfolio company, the condition of its assets and the extent of its liabilities, in each case generally in the nature of representations and warranties typically made in connection with the sale of similar businesses, and may be responsible for the content of disclosure documents under applicable securities laws. They may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents are inaccurate. These arrangements may result in contingent liabilities, which would be borne by the applicable Fund and, ultimately, its investors. Unfunded Pension Liabilities Portfolio Companies Courts have found that, in certain circumstances, an investment fund could be treated as a “trade or business” for purposes of determining pension liability under the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”). Therefore, where an investment fund owns 80% or more (or under certain circumstances less than 80%) of a portfolio company, such fund (and any other 80%-owned portfolio companies of such fund) might be found liable for certain pension liabilities of such a portfolio company to the extent the portfolio company is unable to satisfy such liabilities. Each Fund is permitted to invest in a portfolio company that has unfunded pension fund liabilities, including structuring the investment in a manner where such Fund owns an 80% or greater interest in such portfolio company. If a Fund (or other 80%-owned portfolio companies of such Fund) were deemed to be liable for such pension liabilities, this could have a material adverse effect on the operations of such Fund and the companies in which the Fund invests. This discussion is based on current court decisions, statute and regulations regarding ERISA control group liability as in effect as of the date of this Brochure, which may change in the future as the case law and guidance develops. Director Liability A Fund will often seek to obtain the right to appoint one or more representatives to the board of directors (or similar governing body) of the companies in which it invests. Serving on the board of directors (or similar governing body) of a portfolio company exposes the relevant Fund’s representatives, and ultimately the relevant Fund, to potential liability. Not all portfolio companies may obtain insurance with respect to such liability, and the insurance that portfolio companies do obtain may be insufficient to adequately protect officers and directors from such liability. In

addition, involvement in litigation can be time consuming for such persons and can divert the attention of such persons from such Fund’s investment activities. Cybersecurity Risks Cyber security incidents, cyber-attacks, denial of service attacks, ransomware attacks, and social engineering attempts (including business email compromise attacks) have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future (including as a consequence of the COVID-19 pandemic and the increased frequency of virtual working arrangements). There have been a number of recent highly publicized cases involving the dissemination, theft and destruction of corporate information or other assets, as a result of a failure to follow procedures by employees or contractors or as a result of actions by a variety of third parties, including nation state actors and terrorist or criminal organizations. Arlington, the Funds, their portfolio companies and investments, their service providers and affiliates and other market participants increasingly depend on complex information technology and communications systems to conduct business functions, and their operations rely on the secure processing, storage and transmission of confidential and other information in their systems and those of their respective third-party service providers. These information, technology and communications systems are subject to a number of different threats or risks that could adversely affect Arlington, the Funds, their portfolio companies and investments and the limited partners. For example, the information and technology systems of Arlington, the Funds, their portfolio companies and investments and other related parties, such as service providers, may be vulnerable to damage or interruption from cyber security breaches, computer viruses or other malicious code, ransomware attacks, network failures, computer and digital infrastructure failures, infiltration by unauthorized persons and other security breaches, usage errors by their respective professionals or service providers, power outages or catastrophic events such as fires, tornadoes, floods, hurricanes, earthquakes, wars and terrorist attacks. Third parties may also attempt to fraudulently induce employees, customers, third-party service providers or other users of Arlington’s, a Fund’s, its portfolio companies’ and investments’, or their respective service providers’ systems to disclose sensitive information in order to gain access to Arlington’s, a fund’s or its portfolio companies’ and investments’ data or that of the limited partners. There also have been several publicized cases where hackers have requested ransom payments in exchange for not disclosing client or customer information or restoring access to digital infrastructure, pipelines and other infrastructure assets. If unauthorized parties gain access to any information and technology systems of Arlington, the Funds, their portfolio companies and investments or certain service providers or affiliates, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to the limited partners (and their beneficial owners) and material nonpublic information. Although Arlington has implemented, and the portfolio companies and service providers may implement, various measures to manage risks relating to these types of events, such systems could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. There also have been several publicized cases of ransomware where hackers have requested ransom payments in exchange for not disclosing client or customer information or restoring access to information technology or communications systems. Arlington does not control the cyber security plans and systems put in place by thirdparty service providers, and such third-party service providers may have limited indemnification

obligations to Arlington, a Fund and its portfolio companies or investments, each of which could be negatively impacted as a result. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in Arlington’s, its affiliates’, a Fund’s and a portfolio company’s or investment’s operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to the limited partners (and their beneficial owners), material nonpublic information and the intellectual property and trade secrets and other sensitive information in the possession of Arlington and the portfolio companies. Arlington, the Funds or their portfolio companies or investments could be required to make a significant investment to remedy the effects of any such failures, harm to their reputations, legal claims that they and their respective affiliates may be subjected to, regulatory action or enforcement arising out of applicable privacy and other laws, adverse publicity, other events that may affect their business and financial performance. Artificial Intelligence Technology Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”), including, for example, the OpenAI ChatGPT application and internally-developed data analysis tools that rely on such artificial intelligence and machine learning technologies, may create opportunities and risks for Arlington, the Funds, investment vehicles and accounts, portfolio companies and/or their respective affiliates or service providers. Arlington is expected to expand its use of AI Technologies in connection with its business and investment activities and expects its portfolio companies, service providers and investments, and their respective affiliates, will use and are expected to expand their use of AI Technologies. Actual usage of such AI Technologies will vary across Arlington’s business, the Funds, portfolio companies and investments and while Arlington expects to adopt and adjust usage policies and procedures governing the use of AI Technologies by its personnel, risks remain including misuse of such AI Technologies. To this end, the Funds are expected to pay and bear a portion of fees, costs and expenses for obtaining and maintaining such technology in connection with such AI Technologies, including for electronic subscription materials, data providers (including related systems and services from such data providers and data management software) and costs of related information management systems and trading systems, including development of such systems (whether maintained at Arlington or otherwise) in connection with such AI Technologies. Further, AI Technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms but it is not possible or practicable to incorporate all relevant data into models that AI Technologies utilize to operate. It is expected that the data in such models may contain a degree of inaccuracy and error, and potentially materially so, and that such data as well as algorithms in use could otherwise be inadequate or flawed, which would likely degrade the effectiveness of AI Technologies and could adversely impact Arlington, the Funds, their portfolio companies and investments and/or their respective affiliates or service providers, to the extent they rely on the work product of such AI Technologies. The volume and reliance on data and algorithms also make AI Technologies, and in turn Arlington, the Funds, their portfolio companies and investments, and/or their respective affiliates or service providers more susceptible to cybersecurity threats. In addition, Arlington, the Funds, their portfolio companies and investments could be exposed to risks to the extent they, their third-party service providers or any counterparties use AI Technologies in their business activities. Arlington will not be in a position to fully control the manner in which third-party products are developed or maintained or the manner in which third-party services utilizing AI Technologies are provided. There is no guarantee that these or other AI Technologies utilized or developed by operating partners or service providers will not present similar risks

in the future and Arlington, the Funds, and their portfolio companies and investments could experience directly or indirectly negative impacts or otherwise be subject to or implicated by litigation or investigations involving any possible violation of laws related to use of AI Technologies by operating partners or service providers. Moreover, use of AI Technologies by any of the parties described in the previous paragraphs could include the input of confidential Arlington information (including material, non-public information and personal information) by third parties in contravention of non-disclosure agreements or by Arlington personnel or other related parties in contravention of Arlington’s policies and procedures (or by any such parties in accordance with Arlington policies, procedures and/or non-disclosure agreements), and in any case, could result in such confidential information becoming part of a dataset that is accessible by AI Technologies applications and users. The use of AI Technologies, including potential inadvertent disclosure of confidential Arlington information, could also lead to legal and regulatory investigations and enforcement actions. Further, the use of AI Technologies could result in claims by third parties of infringement, misappropriation or other violations of intellectual property, including based on the use of large datasets to train AI Technologies, or the use of output generated by AI Technologies, in either case which may contain or be substantially similar to third-party material protected by intellectual property, including patents, copyrights or trademarks. Arlington may not be in a position to control the manner in which third-party products or services utilizing AI Technologies are provided, developed, used or maintained. In addition, AI Technologies may be competitive with the business of portfolio companies or increase the potential for obsolescence of a portfolio company’s products or services (particularly as the capabilities of AI Technologies improve), and accordingly the increased adoption and use of AI Technologies may have an adverse effect on portfolio companies or their respective businesses. AI Technologies and their current and potential future applications including in the private investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. For example, if Arlington were to share or license AI Technologies, including ones that include some degree of internal development, with investors, issuers, portfolio companies, or other third parties, such activity could introduce additional risks to Arlington, the Funds and their portfolio companies and investments or other users of such AI Technologies. Regulations related to AI Technologies may also impose certain obligations on organizations, and the costs of monitoring and responding to such regulations, as well as the consequences of non-compliance, could have an adverse effect on organizations connected to Arlington, the Funds, and their investments and portfolio companies. The costs of monitoring and responding to such laws, regulations, and orders, as well as the consequences of non-compliance, such as legal and regulatory investigations, enforcement actions and litigation, could have an adverse effect on Arlington, the Funds and their portfolio companies and investments, and/or their respective affiliates or service providers.

Responsible Investment While Arlington may consider sustainability and human rights-related factors alongside many other factors when making investment decisions, it does not specifically pursue a sustainability or environmental, social or governance (“ESG”) based investment strategy, nor does it target investments or limit its investments to those that meet specific sustainability criteria or standards. Arlington seeks to integrate the consideration of material sustainability and human rights related factors into its investment process when these arise in accordance with its policy, and in all cases subject to its fiduciary duty to create long-term value for its investors and any applicable legal, regulatory or contractual requirements (including the investment objectives of a Fund set forth in such Fund’s Limited Partnership Agreement). Depending on the investment,

certain sustainability or human rights-related factors could have a material effect on the return and risk profile of the investment. As such, Arlington views the consideration of applicable, material sustainability and human rights-related factors in Arlington’s investment process as an opportunity to potentially enhance or protect the performance of an investment over the long-term. Arlington’s responsible investing policy and associated procedures and practices are expected to change over time. There is no guarantee that Arlington will be able to successfully implement its responsible investing policy or make investments in companies that create a positive impact while achieving its investment strategy. In addition, applying sustainability or human rights-related factors to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by Arlington, or any judgment exercised by Arlington, will reflect the beliefs or values of any particular investor. Further, responsible investing practices are evolving rapidly, particularly in the United Kingdom (“UK”), and the EEA (which may be looked to as models in growth markets), and there are different principles, frameworks, methodologies, and tracking tools being implemented by other asset managers, and Arlington’s adoption and adherence to various such principles, frameworks, methodologies and tools is expected to vary over time. There is growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of sustainability and human rights-related factors, and Arlington’s responsible investing policies could become subject to additional regulation in the future. At present, the Funds are not expected to be actively marketed to investors domiciled, or with a registered office in the EEA for the purposes of the Alternative Investment Fund Managers Directive (the “AIFMD”) and is, therefore, not subject to the EU’s Sustainable Finance Disclosure Regulation (“SFDR”), or to the EU Taxonomy Regulation, as at the date of this Memorandum. If and to the extent that a Fund were to become subject to SFDR in the future, such Fund would be required to make additional disclosures with respect to certain sustainability-related matters, which would be expected to increase legal, compliance, reporting and other associated costs and expenses, borne by such Fund, including costs and expenses of collecting and calculating data and the preparation of policies, disclosures and reports, in addition to other matters that relate solely to marketing and regulatory matters, and such costs and expenses may reduce investor returns. Irrespective of whether SFDR were to apply to a Fund, there is increasing demand from certain investors, particularly in the EU and UK, for private funds to follow responsible investing practices, and for managers of private funds to monitor and report on certain sustainability and human rights-related information, and Arlington may enter into such arrangements pursuant to side letters with certain limited partners in connection with each such limited partner’s admission to a Fund as a limited partner. On the other hand, anti-ESG and anti-diversity, equity and inclusion (“DEI”) sentiment has also gained momentum, particularly in the U.S., with several dozen states, Congress and the Executive Branch having proposed or enacted “anti-ESG” or “anti-DEI” policies, legislation, executive orders or initiatives or issued related legal opinions. Such policies, legislation, executive orders, initiatives, litigation, legal opinions, and scrutiny could result in Arlington facing additional compliance obligations, becoming the subject of investigations or enforcement actions, or sustaining reputational harm, or require certain investors to divest or discourage certain investors from investing in a Fund. On the basis of the foregoing, Arlington acknowledges that the Funds may be subject to competing demands from different limited partners in different jurisdictions and other stakeholder groups with divergent views on sustainability and human rights-related matters, including the appropriate role of sustainability and human rights in the investment process, and

with respect to responsible investing practices more broadly. Arlington reserves the right to adopt such arrangements as it deems necessary or desirable to act in the best interest of the Funds and to comply with applicable current or future legal and regulatory requirements. Reliance on Government Contracts A Fund is likely to invest in portfolio companies that are heavily dependent on U.S. government contracts, which may be only partially funded. These contracts are subject to the government’s political and budgetary constraints (which can change), changes in short-range and long-range plans, the timing of contract awards, the congressional budget authorization and appropriation processes, the government’s ability to terminate contracts for convenience or for default, as well as other risks such as contractor debarment in the event of certain violations of legal and regulatory requirements. Portfolio companies providing services under U.S. government contracts are also subject to extensive regulation and audit by agencies of the U.S. government. If such portfolio companies are subject to adverse audits or regulatory or legal actions by the U.S. government, such portfolio companies could be subject to liabilities, penalties, and disqualification from future government contracts, adversely affecting the business and results of a Fund. In addition, the possibility of a partial or temporary government shutdown in the U.S., whether caused by government funding impasses, pandemics, cybersecurity breaches, or otherwise, could potentially delay award of U.S. government contracts and timing of payments. There can be no assurance that future funding impasses, such as the disagreements that resulted in the shutdowns in the current and the prior administration, will not occur again. A government shutdown could give rise to various risks and uncertainties that could negatively impact the performance of the Funds, which is beyond the control of the General Partners or other reductions in the federal work force could give rise to various risks and uncertainties that are beyond the control of the General Partners and could negatively impact the performance of the Funds. The United States federal government is subject to funding impasses that have resulted in temporary shutdowns of certain government agencies and services. There can be no assurance that future funding impasses and resulting government shutdowns will not occur again. A government shutdown could give rise to various risks and uncertainties that could negatively impact the performance of the Funds, which is beyond the control of the General Partners. A prolonged government shutdown or a reduction in the federal workforce could also impact inspections, regulatory review and certifications or cause other situations that could impede a Fund’s ability to effectively implement its investment strategy. Regulations Affecting the Aerospace Industry The aerospace industry is highly regulated in the United States by the Federal Aviation Administration (the “FAA”) and in other countries by similar agencies. Portfolio companies in or servicing the aerospace industry may need to be certified to engineer and service parts and components used in specific aircraft models. The U.S. Department of Defense, and most other military organizations may require compliance with additional government regulations when servicing their equipment and may conduct reviews similar to those conducted by civil regulatory authorities. Such portfolio companies may also be subject to or provide services to others that are

subject to a variety of U.S. Commerce, Treasury and State Department regulations and other governmental trade regulations that can increase costs and add to the complexity of doing business. To the extent the FAA reduces staffing of air traffic controllers during a shutdown, or, to the extent the U.S. Transportation Security Administration (the “TSA”) reduces staffing of security agents or other airport-related workers, such actions could result in increased delays, reduced arrival rates and increased flight cancellations across the airline industry, which could, in turn, reduce the demand for aircraft. Further, portions of the federal government deemed nonessential may be shut down, including the FAA and/or the TSA. Because airline operations are regulated by governmental agencies, a government shutdown may have an adverse impact on the Funds’ operations. A prolonged government shutdown could also impact inspections, regulatory review and certifications or cause other situations that could impede the Funds’ ability to effectively implement its investment strategy. For example, a government shutdown could delay the Funds’ efforts to seek certifications of aircraft from governmental agencies, which could have a material adverse effect on the Funds’ financial condition. Cyclicality of the Aerospace Industry Demand for new aerospace products and aftermarket services is tied to the worldwide airline industry’s ability to finance the purchase of new aircraft, the ability to maintain existing aircraft to rigorous government regulations, and the industry’s current and forecasted demand for seats, flights and routes. Demand for aerospace products is also influenced by airline industry profitability, the price of fuel, technological changes and advancements, world trade policies, government-to-government relations, terrorism, disease outbreaks, environmental constraints imposed on aircraft operations, pricing and other competitive factors. A Fund’s portfolio companies in or servicing this sector may be adversely affected by demand cycles in the aerospace industry. Terrorist attacks, geopolitical conflict or security events may adversely affect the Funds’ and/or Arlington’s business, financial condition and operating results. The airline industry is also highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and loyalty programs. Consolidation in the airline industry, the rise of subsidized government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered and will continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and competitive cost structures. Increased competition in both the domestic and international markets may have a material adverse effect on any aircraft-related investment’s business, financial condition and operating results. The aerospace industry is dependent on a number of factors. For example, the aerospace industry depends, in part, on the price and availability of aircraft fuel. Continued periods of high fuel costs, significant disruptions in the supply of aircraft fuel or significant further increases in fuel costs could have a significant negative impact on air carriers’ operating results. Certain airlines

continue to experience significant operating losses. Union disputes, employee strikes and other labor-related disruptions may adversely affect airlines’ operations. The aerospace industry is materially adversely affected by terrorist attacks and security events, and continues to face ongoing security concerns and cost burdens associated with security. Increases in insurance costs or reductions in insurance coverage may adversely impact airlines operations and financial results. Changes in government regulation could increase airlines’ operating costs and limit their ability to conduct their business. It is subject to risk of losses and adverse publicity stemming from any accident involving an investment in an aircraft or airline partners. An aircraft crash or other serious accident could expose the Funds and/or Arlington to significant liability. The aerospace industry is subject to weather factors and seasonal variations in airline travel, which cause financial results to fluctuate. Any of these factors can affect the value of the Funds’ investments. Finally, the rapid spread of contagious illnesses can have a material adverse effect on aircraft investments and results of operations. The rapid spread of a contagious illness such as a novel coronavirus, or fear of such an event, can have a material adverse effect on the demand for worldwide air travel and therefore have a material adverse effect on aircraft business and results of operations. Moreover, operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness. Similarly, travel restrictions or operational issues resulting from the rapid spread of contagious illnesses in a part of the world in which an investment may have operations may have a material adverse effect on aircraft business and results of operations. General Risk of Investments in Technology and Software Companies The technology and software sectors are challenged by various factors, including rapidly changing market conditions and/or participants, new competing products, changing consumer preferences, short product life cycles, services and/or improvements in existing products. A Fund’s portfolio companies will compete in this potentially volatile environment. There is no assurance that products or services sold by the portfolio companies will not be rendered obsolete or adversely affected by competing products and services or that the portfolio companies will not be adversely affected by other challenges. Moreover, competition can result in significant downward pressure on pricing. Instability, fluctuation or an overall decline within the software industry will likely not be balanced by investments in other industries not so affected. In the event that the software sector as a whole declines, returns to a Fund’s limited partners may decrease. Investment in digital infrastructure, including AI Technologies, and energy- and powerenabling infrastructure, involves many significant, relatively unique and potentially acute risks. Project revenues can be affected by a number of factors, including economic conditions, political events, competition, regulation and the financial position and business strategy of customers. Unanticipated changes in the availability or price of inputs necessary for the operation of an infrastructure asset may adversely affect the overall profitability of the investment. Events outside the control of a portfolio company (which for all purposes includes assets, projects, properties, data sites and/or businesses in which a Fund invests), such as political action and governmental regulation, demographic changes, economic growth, increasing fuel prices, government macroeconomic policies, social stability, natural disasters, changes in weather, changes in demand for products or services, bankruptcy or financial difficulty of a major customer and/or acts of war or terrorism, could significantly reduce the revenues generated or significantly increase the

expense of constructing, operating, maintaining or restoring infrastructure facilities. In turn, this will adversely affect a Fund’s investment in a portfolio company, including that it may impair a portfolio company’s ability to repay its debt, make distributions to such Fund or result in termination of an applicable concession or other agreement to which the portfolio company is a party. As a general matter, the operation and maintenance of infrastructure assets or businesses involve various risks, many of which may not be under the control of the owner/operator, including labor issues, failure of equipment to perform as anticipated, structural failures and accidents and the need to comply with the directives of government authorities. It is expected that portfolio companies will typically maintain insurance to protect against certain risks where available on reasonable commercial terms, such as business interruption insurance, and such insurance is intended to offset loss of revenues during an operational interruption. However, such insurance is subject to customary deductibles and coverage limits and may not be sufficient to recoup all of a portfolio company’s losses. In addition, investments in digital infrastructure and other infrastructure assets may also be affected by the prevailing prices of related commodities such as oil, gas and coal. Commodity prices are generally subject to significant fluctuation. Competition in the Technology Sector Competitors of the Funds and their portfolio companies range in size from diversified global companies with significant research and development resources to small, specialized firms whose narrower product lines may let them be more effective in deploying technical, marketing and/or financial resources. Barriers to entry in the software and technology industries are low and software products can be distributed broadly and quickly at relatively low cost. Many of the areas in which a Fund and its portfolio companies participate evolve rapidly with changing and disruptive technologies, shifting user needs, and frequent introductions of new products and services. Third-party Infringement Claims A Fund (or an affiliate thereof) or a portfolio company may receive notices from others claiming such Fund (or an affiliate thereof) or such portfolio company has infringed their intellectual property rights. Any such claims, whether or not meritorious, could result in costly litigation and divert the efforts of Arlington and its management and personnel. The number of these claims may grow because of constant technological change in the software industry, increased user-generated content, the extensive patent coverage of existing technologies, and the rapid rate of issuance of new patents. Additionally, portfolio companies may use “open source” software in their products, or may use such software in the future. Such open source software is generally licensed by its authors or other third parties under open source licenses. Licensing authors or third parties may allege that a portfolio company has not complied with the conditions of one or more of these licenses. To resolve these and other intellectual property infringement claims, a Fund and/or portfolio companies may enter into royalty and licensing agreements on terms that are less favorable than currently available, stop selling or redesign affected products, or pay damages to satisfy indemnification commitments with customers. In addition to money damages, in some jurisdictions plaintiffs can seek injunctive relief that may limit or prevent

importing, marketing and selling products that have infringing technologies. These outcomes may cause operating margins to decline. Software Code Protection Source code is often critical to portfolio companies. If an unauthorized disclosure of a significant portion of source code occurs, a portfolio company could potentially lose future trade secret protection for that source code as well as use of open source software. This could make it easier for third parties to compete with such portfolio company products by copying functionality, which could adversely affect revenue and operating margins. Unauthorized disclosure of source code could also increase security risks (e.g., viruses, worms, and other malicious software programs that may attack portfolio company products and services). Costs for remediating the unauthorized disclosure of source code and other cyber-security breaches, may include, among other things, increased protection costs, reputational damage and loss of market share, liability for stolen assets or information and repairing system damage that may have been caused. Remediation costs may also include incentives offered to portfolio company customers or other business partners in an effort to maintain the business relationships after a security breach or other incident. General Risks of Investments in Healthcare Companies While investments in healthcare companies offer the opportunity for significant gains, such investments also involve a high degree of business and financial risk and can result in substantial or total loss. Healthcare companies may face intense competition, including competition from companies with greater financial resources, more extensive research and development, sales and marketing, customer services and support and other capabilities and a larger number of qualified managerial and technical personnel. Companies in which the relevant Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, regulatory enforcement actions, a change in the competitive environment, or an economic downturn. For example, healthcare companies and their services are subject to federal and state anti-kickback laws, false claims acts, and other laws related to reimbursement by government healthcare programs. Violations of any of these laws may result in potentially significant penalties, including criminal and civil and administrative penalties, damages, fines, disgorgement, imprisonment, exclusion from participation in government healthcare programs, contractual damages, reputational harm, administrative burdens, and diminished profits and future earnings. The relevant Fund’s portfolio companies may operate at a loss or with substantial variations in operating results from period to period, and many will need substantial additional capital to support additional research and development activities or expansion, to achieve or maintain a competitive position, and/or to expand or develop management resources. Healthcare Reform Healthcare reform continues to be a significant factor in the profitability of companies in which the Funds could invest. The efforts to reform the healthcare delivery system in the United States and Europe has resulted in increased pressure on pharmaceutical companies, healthcare providers and other participants in the healthcare industry to reduce costs. The enactment of the Inflation Reduction Act has the potential to impact pricing of the products and reimbursement of the customers of the companies in which a Fund invests, such as outsourced service and

infrastructure providers. Other federal and state proposals related to the pricing of pharmaceuticals may lead to additional controls on drug pricing, government reimbursement, and access to products that could impact the companies in which a Fund invests. These competitive forces place constraints on the levels of overall pricing, and thus could have a material adverse effect on profit margins for the companies in which such Fund invests. Additionally, significant reductions in the workforces of federal healthcare agencies such as the U.S. Food and Drug Administration may have significant impacts on product review timeframes and may increase the length of time it takes to bring a product to market for the customers of the companies in which the Funds could invest. Healthcare Regulation and Reimbursement Various segments of the healthcare industry are (or may become) (i) highly regulated at both the federal and state levels in the United States and internationally, (ii) subject to frequent regulatory change and (iii) dependent upon various government or private insurance reimbursement programs. While the Funds intend to make investments in companies that comply with relevant laws and regulations, certain aspects of their operations may not have been subject to judicial or regulatory interpretation. An adverse review or determination by any one of such authorities, or an adverse change in the regulatory requirements or reimbursement programs, could have a material adverse effect on the operations and/or financial performance of the companies in which such Fund invests. The second Trump administration and Congress are considering changes to Medicaid and Medicare, including proposals to restructure Medicaid in a manner that would shift more financial responsibility for Medicaid to states, proposals which could result in individuals losing coverage, and the imposition of new or additional requirements that could result in individuals having difficulty obtaining or maintaining coverage. There is uncertainty regarding whether, when, and what these or other health reform measures will be adopted, the timing and implementation of alternative provisions, and the impact of alternative provisions on providers, plans, and other healthcare industry participants. Other potential changes, including the potential repeal of the U.S. Patient Protection and Affordable Care Act, have a significant impact on the healthcare industry. In addition, various legislative proposals related to the healthcare industry are introduced from time to time at the U.S. federal and state level, and any such proposals, if adopted, could have a significant impact on the healthcare industry and/or on companies in which a Fund could invest. Governmental and Third-Party Payors to Healthcare Companies In both the U.S. and foreign markets, sales of a healthcare company’s products and its success will depend in part on the availability of reimbursement from third-party payors such as government health administration authorities, private health insurers, and other organizations. The levels of revenues and profitability of healthcare companies may be affected by the continuing efforts of governmental and third party payors to contain or reduce the costs of healthcare. Any reductions in coverage or reimbursement levels may adversely affect the companies in which the Funds invest. Significant uncertainty exists as to the reimbursement status of newly approved healthcare products. There can be no assurance that a company’s proposed products will be considered cost effective or that adequate third-party reimbursement will be available to enable a company to maintain price levels sufficient to realize an appropriate return on its investment in product development, or that healthcare providers will incorporate such newly approved healthcare products into their practices or adopt their use over existing treatment options.

Dependence of Protection of Intellectual Property The Funds’ portfolio companies may own or develop various patents and other forms of intellectual property that will be subject to challenge, invalidation, infringement, misappropriation or circumvention by third parties, including by direct competitors of such portfolio companies. Such portfolio companies may also rely significantly upon proprietary technology, information, processes and know-how, and other types of intellectual property that are not protected by patents. The relevant General Partner expects that the Fund’s portfolio companies will seek to protect their proprietary information through trade secret or confidentiality agreements with their employees, consultants, subcontractors and other parties, as well as through other measures. However, these measures may not provide adequate protection for unpatented proprietary information or other intellectual property rights. In the event of an infringement of the intellectual property rights of a portfolio company, a breach of a confidentiality agreement or divulgence of proprietary information, the portfolio company may be adversely affected and may not have adequate and effective legal remedies, resulting in a deterioration of investment value for such Fund. Disclosure of Information Certain limited partners of the Funds may be subject to state public records or similar freedom of information laws, which may compel public disclosure of confidential information regarding Arlington, the Funds, its investments and its investors. There can be no assurance that such information will not be disclosed either publicly, or to regulators, law enforcement agencies or otherwise, including for purposes of complying with regulations or policies to which Arlington, a Fund, the General Partner, their affiliates, portfolio companies or service providers to any of them may be or become subject. While there are certain confidentiality provisions providing protection against requirements to publicly disclose such records and reports, and there currently is an exemption from the U.S. Freedom of Information Act available in respect of such records and reports, no assurance can be given that the mandated disclosure of records or reports to the SEC or other governmental entities will not have a significant negative impact on Arlington, a Fund, the General Partner or any limited partner of the Funds. Likewise, enhanced recordkeeping and reporting requirements and SEC scrutiny and examinations increases the Funds’ compliance, administrative and other operational costs. The General Partner is permitted to withhold confidential information or other information and materials from any Funds’ limited partner or to such limited partner’s affiliates, employees, representatives, agents or attorneys if the General Partner determines that such disclosure is not in the best interests of a Fund, any Partner or any portfolio company or is not permitted by applicable law, statute, governmental rule, or regulation or judicial or governmental order, judgment or decree. In addition, due to the fact that potential investors in a Fund may have different diligence inquiries and/or request different information, Arlington may provide certain information to one or more prospective investors that it does not provide to all prospective investors. Notwithstanding the foregoing, or the provision of any Fund’s Limited Partnership Agreements, Arlington will not as a matter of policy interpret any Fund’s confidentiality or information rights provisions to: (i) prohibit any limited partner from reporting possible violations of applicable law or regulation to any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation; or (ii) require any limited partner to provide notification that it has made such reports or disclosures.

Additional Government or Market Regulation Market disruptions and the dramatic increase in the capital allocated to alternative asset management during recent years have led to increased governmental as well as self-regulatory organization scrutiny of the private fund industry in general. In addition, certain legislation proposing greater regulation of the industry is periodically considered by Congress, as well as the governing bodies of various jurisdictions. It is impossible to predict what, if any, changes in the regulations applicable to the Funds, the General Partners, the markets in which they trade and invest or the counterparties with which they do business may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of a Fund and increase the risk such Fund could be required to disclose the identities of the limited partners. In addition to, and in particular in light of, the changing global regulatory climate, a Fund may be required to register under certain foreign laws and regulations, in addition to those described above, and need to engage distributors or other agents in certain non-U.S. jurisdictions in order to market interests to potential investors. The effect of any future regulatory change(s) on such Fund may be substantial and adverse. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The SEC, other regulators and selfregulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. Litigation In the ordinary course of its business, Arlington, a Fund and Arlington’s personnel or affiliates may be subject to litigation. The outcome of such proceedings may materially adversely affect the value of such Fund and may continue without resolution for long periods of time. Any litigation may consume substantial amounts of the General Partner’s and the principals’ time and attention, and that time and the devotion of these resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation. Advisory Committee A General Partner will appoint one or more limited partner representatives to the advisory committee of the relevant Fund in its sole discretion, and Arlington expects to be subject to varying incentives and potential conflicts of interest in determining which limited partners will be permitted to appoint a representative thereto. While a General Partner will retain ultimate responsibility for all decisions relating to the operation and management of a Fund, the advisory committee is empowered under such Fund’s Limited Partnership Agreement to make certain decisions affecting the Fund and its limited partners’ investments in the Fund, including consenting to conflict of interest situations, as well as certain approvals or consents required by U.S. federal securities laws. Pursuant to the terms of the Governing Documents, all limited partners are bound by the determinations of the advisory committee, regardless of whether an individual limited partner is represented by a member of the advisory committee. Interests of the limited partners represented on the advisory committee are expected to diverge significantly from other limited partners in respect of regulatory treatment, tax sensitivities, portfolio compositions, experience and other factors, and the decisions of the advisory committee could reflect such diverging interests. The Limited Partnership Agreements will provide that to the fullest extent permitted by applicable law, none of the advisory committee members shall owe any fiduciary duties to the Fund or any

other limited partner. In addition, representatives of the advisory committee in a Fund may have various business and other relationships with Arlington (including longstanding investing relationships) and its partners, employees and affiliates, including being an investor in another Fund that is counter-party in a conflict transaction. These relationships may influence their decisions as members of the advisory committee and they will not be required to recuse themselves from any such conflicted transaction. To the extent members of an advisory committee vote regarding conflicts or otherwise participate in matters involving a vote or action, such members will not vote solely in accordance with their interests related to such Fund and will vote in a manner that is beneficial to such members’ other interests at the expense of the Fund. Additionally, it is expected that limited partners who designate representatives to participate on the advisory committee may, by virtue of such participation, have more information about the Fund and portfolio investments in certain circumstances than other limited partners generally and may be disseminated information in advance of communication to other limited partners generally. Although such limited partners are subject to confidentiality obligations, there is no guarantee that such limited partners will not use information received as a member of the advisory committee for purposes unrelated to, and potentially harmful to, a Fund. Additionally, because the advisory committee is expected to be comprised of limited partners with large commitments, the advisory committee may not embody a representative sample of limited partners. Finally, advisory committee members may choose to abstain from voting on certain issues, which means that certain votes and issues could be decided only by non-abstaining members to the extent representing a majority of the advisory committee members. Effect of General Economic and Market Conditions on the Fund’s Activities; Uncertain Environment The success of a Fund’s activities will be affected by general economic and market conditions such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in law (including laws relating to taxation of such Fund’s investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect the level and volatility of financial instruments’ prices and the liquidity of such Fund’s investments. Volatility or illiquidity could impair such Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets — the larger the positions, the greater the potential for loss. The current global economic and political climate continues to be one of uncertainty. A climate of uncertainty may reduce the availability of potential investment opportunities and increase the difficulty of modeling market conditions, reducing the accuracy of a Fund’s financial projections. Furthermore, recent volatility in the global financial markets and political systems of certain countries may have adverse spill-over effects into the global financial markets generally, including the U.S. A recession, slowdown and/or sustained downturn in the U.S. or global economy (or any particular segment thereof) or weakening of credit markets (including a perceived increase in counterparty default risk) could adversely affect a Fund’s profitability, impede the ability of a Fund’s investments to perform under or refinance any debt obligations, impair a Fund’s ability to effectively deploy its capital or realize investments on favorable terms and may have an adverse impact on the availability of credit to businesses generally, which in turn may have an adverse impact on the business and operations of a Fund. The current political environment could

also create additional regulatory burdens applicable to the General Partner and/or the Funds, which could have an adverse effect on the Funds. It is important to understand that in, light of the nature of certain investments, a Fund may not be able to react quickly to changes in market conditions and such Fund could incur material losses even if it reacts quickly to difficult market conditions. There can be no assurance a Fund will not suffer material adverse effects from broad and rapid changes in market conditions. International Conflicts and Geopolitical Events Wars and other international conflicts, such as the Israeli-Palestinian conflict, recent escalation of conflict in the Middle East, Southwest Asia, and Venezuela, and the ongoing military conflict between Russia and Ukraine, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. The aforementioned ongoing conflicts and the measures taken in response have had and could be expected to continue to have a negative impact on the economy and business activity globally (including in the countries in which the Funds invest), and therefore could adversely affect the performance of the investments. The severity and duration of the conflicts and their future impact on global economic and market conditions (including, for example, oil prices) are impossible to predict, and as a result, present material uncertainty and risk with respect to the Funds, the performance of their investments, portfolio company operations, and the ability of the Funds to achieve their investment objectives. Similar risks exist to the extent that any portfolio companies, service providers and vendors of Arlington, the Funds and their affiliates, or certain other parties have material operations or assets in the countries where such conflicts are taking place or in the immediate surrounding areas. The ultimate impact of these conflicts (and other geopolitical events, including national referenda, elections, interest rates, political movements, humanitarian crises, national and international policy changes, actual or perceived trade wars, import or export controls, executive orders, laws, legal systems and regulatory regimes) and their effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of the Funds or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict. These matters may have a significant adverse impact and result in significant losses to the Funds. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities, supply chain disruptions and reductions in the availability of capital. It may also limit the ability of a Fund to source, diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy which any Fund intends to pursue, all of which could adversely affect the Fund’s ability to fulfill its investment objectives.

Operating Executives Additionally, as further described herein and in the applicable Private Placement Memorandum and/or Limited Partnership Agreement of each Fund, it is Arlington’s practice to retain certain Operating Executives (including entities formed for the benefit of such persons and/or to facilitate the provision of their services) to provide services to (or with respect to) one or more Funds and/or certain current or prospective portfolio companies in which one or more Funds invest. Such Operating Executives generally provide services in relation to the identification, acquisition, due diligence, holding, improvement and disposition of portfolio companies, including operational aspects of such companies. In certain circumstances these services also include serving in management or policy-making positions for portfolio companies. Operating Executives receive compensation, including, but not limited to, cash fees, retainers, discretionary bonuses (whether or not based on pre-determined milestones), transaction fees, a profits, participation or equity interest in a portfolio company or holding company, incentive equity and stock awards, remunerations from Arlington and/or its Funds or affiliates, guaranteed minimums or other compensation, the amount of which typically is determined according to one or more methods, including the value of the time (including an allocation for overhead and other fixed costs) of such Operating Executives, a percentage of the value of the portfolio company, the invested capital exposed to such portfolio company, amounts believed to be charged by other providers for comparable services and/or a percentage of cash flows from such company. Compensation in the form of profits or equity interests in a portfolio company or intermediate holding company generally has a dilutive impact on the Fund’s investment, and has the potential to result in economic effects greater than the original amount of compensation, and the relevant Fund typically will bear the costs of all Operating Executives’ compensation as well as fees, costs and expenses of structuring Operating Executives arrangements. Operating Executives also generally will be reimbursed for certain travel and other costs in connection with their services. No such compensation received by, or amounts reimbursed to, the Operating Executives will offset or reduce the Management Fee. The use of Operating Executives subjects the Advisers to potential conflicts of interest, as discussed under “Conflicts of Interest,” below. Additionally, portfolio companies are permitted to provide opportunities for Operating Executives to invest in such portfolio company and reimburse costs and expenses incurred by Operating Executives. Operating Executives may receive remuneration from the relevant General Partner and/or the relevant Fund or affiliates and/or be entitled to other forms of compensation. Such investment opportunities, reimbursements and other compensation paid to an Operating Executive will not offset the Management Fees of the relevant Fund as described herein. The use of Operating Executives and the allocation of compensation paid to them by Arlington, its affiliates and/or the portfolio companies may subject Arlington and/or its affiliates to potential conflicts of interest. Arlington believes that such potential conflicts may be reduced by the anticipated cost savings to portfolio companies (which is expected to be to the benefit of the Fund) that will result if the cost of the Operating Executive is lower than market rates for the services provided and/or if the quality of the services of the Operating Executive align with Arlington’s model for the portfolio company and improve portfolio company performance. Although Arlington seeks to retain Operating Executives with a view to reducing costs to portfolio companies and, ultimately, the relevant Fund, a number of factors may result in limited or no cost savings from such retention. Arlington also seeks to reduce potential conflicts of interest resulting from such arrangement by structuring compensation packages for such persons in a manner that Arlington believes will align

such persons’ interest with those of the relevant Fund’s limited partners, and seeks to retain only Operating Executives and service providers which it believes provide a level of service at a value generally consistent with other relevant market alternatives. However, there can be no assurance that no other service provider is more qualified to provide the applicable services or could provide such services at lesser cost. Foreign Investment Clearance Risk Current laws and regulations in various jurisdictions give heads of state and regulatory bodies the authority to block or impose conditions with respect to acquisitions of, and investments in, local entities by foreign persons if that acquisition or investment threatens to impair national or economic security or is otherwise deemed undesirable. In addition, many jurisdictions restrict foreign investment by taking steps including but not limited to placing limitations on foreign investment, implementing investment screening or approval mechanisms, and restricting the employment of foreigners as key personnel. In addition, a number of U.S. states are passing and implementing state laws prohibiting or otherwise restricting the acquisition of interests in real property located in the state by foreign persons (“Foreign Ownership Laws”). In some cases, a Fund’s investment involving a U.S. business (including a U.S. branch or subsidiary of a company domiciled outside of the United States) may be subject to review and approval by the Committee on Foreign Investment in the United States (“CFIUS”). In the event that CFIUS or any non-U.S. equivalent thereof reviews one or more investments or in the event that a Foreign Ownership Law applies to a particular investment, there can be no assurance that such Fund will be able to maintain or proceed with such investment on terms that are acceptable to the General Partner. CFIUS may recommend that the U.S. President block such transactions, or CFIUS may impose conditions on such transactions, certain of which may materially and adversely affect a Fund’s ability to execute its investment strategy. Additionally, CFIUS or any non-U.S. equivalent thereof may seek to impose limitations on one or more such investments that may prevent a Fund from maintaining or pursuing investment opportunities that a Fund otherwise would have maintained or pursued which could adversely affect the performance of such Fund’s investment in such portfolio companies and thus the performance of such Fund. Current legislation and implementing regulations expand the scope of CFIUS’ jurisdiction to cover more types of transactions and empower CFIUS to scrutinize more closely investments in U.S. “critical infrastructure,” “critical technology,” and “sensitive personal data” companies, including investments involving foreign limited partners that may be deemed “non-passive.” These reforms could impact the ability of non-U.S. limited partners to participate in a Fund’s investments to the extent CFIUS has jurisdiction, which may impair a Fund’s ability to execute its investment strategy. They could also increase the number of transactions involving the Funds that would be subject to CFIUS review and investigation as well as the timing and substantive risks described above. The outcome of CFIUS’ and other foreign direct investment processes may be difficult to predict, and there is no guarantee that, if applicable to a portfolio company, the decisions of CFIUS would not adversely impact a Fund’s investment in such entity. The Limited Partnership Agreement of a Fund may contain provisions that require certain limited partners to be excluded from participating in an investment, for example, where their participation is at risk of jeopardizing such Fund’s ability to successfully acquire, hold, operate, sell, transfer, exchange, pledge or

dispose of a prospective portfolio investment in light of legal, regulatory or other similar considerations. In response to mounting national security concerns regarding foreign ownership of U.S. land, several U.S. states have recently enacted or proposed Foreign Ownership Laws in an effort to limit foreign ownership of real property. These Foreign Ownership Laws may impact the ability of non-U.S. limited partners to participate in a Fund’s investments, which may impair the Fund’s ability to execute its investment strategy. The foregoing laws could limit the Funds’ ability to invest in certain entities or impose burdensome notification requirements, operational restrictions, or delays in pursuing and consummating transactions. The effect of such laws could also result in a Fund excluding (in whole or in part) the participation of certain limited partners from certain transactions. As a result, other limited partners may be required to provide additional capital to make the investment and would have a larger pro rata share than if all the limited partners had participated. The Funds’ investments outside of the United States may also face delays, limitations, or restrictions as a result of notifications made under and/or compliance with these legal regimes and rapidly-changing agency practices. Other countries continue to establish and/or strengthen their own national security investment clearance regimes, including in response to U.S. encouragement of other countries to impose CFIUS-like regulations on foreign investment in certain sectors and assets on national security grounds. These regulatory regimes could have a corresponding effect of limiting the Funds’ ability to make investments in such countries. Other jurisdictions are similarly in the midst of ongoing reform that may establish further restrictions and increase risk by enhancing governments’ powers to scrutinize, impose conditions on, and potentially block mergers, acquisitions, and other transactions. These requirements and the disclosure process may delay or otherwise impact a Fund’s acceptance and drawdown of capital commitments from certain investors and approval of transfers by or to certain limited partners. The foregoing requirements may also result in circumstances in which a Fund determines not to pursue certain potential investment opportunities in these countries. Heightened scrutiny of foreign direct investment worldwide may also make it more difficult for a Fund to identify suitable buyers for investments upon exit and may constrain the universe of exit opportunities for an investment in an issuer. As a result of such regimes, a Fund may incur significant delays and costs, be altogether prohibited from making a particular investment, or impede or restrict syndication or sale of a Fund’s assets to certain buyers, all of which could adversely affect such Fund’s ability to meet its investment objectives or to realize value from an investment. Privacy and Data Protection Law Compliance Risk The adoption, interpretation and application of consumer protection, data protection and/or privacy laws and regulations (“Privacy Laws”) in the United States, Europe and elsewhere could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and current and planned business activities of Advisers, the General Partners, the Funds and/or their portfolio companies, and increase compliance costs and require the dedication of additional time and resources to compliance for such entities. A failure to comply with such Privacy Laws by any such entity or

their service providers could result in fines, sanctions or other penalties or litigation, which could materially and adversely affect the results of operations and overall business, as well as have a negative impact on reputation and Fund performance. As Privacy Laws are implemented, interpreted and applied, compliance costs for the Advisers, the General Partners, the Funds and/or their portfolio companies, are likely to increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. Certain jurisdictions, including U.S. states, have proposed, adopted or are considering similar Privacy Laws, which if enacted could impose significant costs, potential liabilities and operational and legal obligations. Such Privacy Laws and regulations are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability for regulated entities, which could include the Advisers, the General Partners, the Funds and/or their portfolio companies. U.S. Taxation of Carried Interest Current U.S. federal income tax law treats certain income allocations to service providers by a partnership (such as the Funds), including any carried interest, as short-term capital gain taxed at higher ordinary income rates unless such partnership has held the asset which generated such gain for more than three years. This three-year holding period requirement may create the potential for conflicts of interest between the General Partners and the limited partners. For example, the General Partners may cause the Funds to hold investments for longer than they would absent adverse tax consequences to the General Partners from a shorter holding period; or waive or defer the distribution or allocation of carried interest to the General Partners, potentially changing the character or amount of income allocated to limited partners. In addition, the current tax treatment of carried interest may change, and carried interest allocations may not be eligible for the preferential long-term capital gains tax rate regardless of the applicable holding period. The foregoing could adversely affect the after-tax returns of Arlington’s managing partners, employees of Arlington or other individuals associated with the Funds or the General Partners who were or may in the future be granted direct or indirect interests in a General Partner entitling such persons to benefit from carried interest, which could make it more difficult for the General Partners and their affiliates to incentivize, attract and retain individuals to perform services for the Funds. Changes to Benchmark Rates To the extent that a Fund’s investments, borrowing facilities, hedging activities, or other assets or structures are tied to interest rates based on benchmark or reference rates, including the Secured Overnight Financing Rate (“SOFR”) or other rates (each, a “Benchmark Rate”), the Fund may be subject to certain material risks, including the risk that a Benchmark Rate is terminated, ceases to be published or otherwise ceases to be broadly used by the market. Regulators, central banks, governments and other market participants have transitioned historical instruments and contracts away from LIBOR to new Benchmark Rates. Future transitions to and from Benchmark Rates have the potential to: increase volatility or illiquidity in markets; cause delays in or reductions to financing options for the Funds and their portfolio companies; increase the cost of borrowing; reduce the value of certain instruments or the effectiveness of certain hedges; cause uncertainty under applicable legal documentation; or otherwise impose costs and

administrative burdens relating to factors that include document amendments and changes in systems. Secondaries and other General Partner-Led Transactions There continues to be a significant market for secondary sales, general partner-led transactions, continuation funds, successor fund investments and other transactions, and Arlington reserves the right to dispose of (or seek additional capital for) Fund investments through such means. Many of these transactions involve an auction process run by an investment bank and a buyer (or buyer group) that agrees to purchase a portion of one or more investments that will continue to be managed by Arlington following the transaction. Such transactions are permitted to be undertaken for various reasons, including, for example, to balance competing interests between offering liquidity to existing limited partners and maintaining exposure to an asset where Arlington believes there is the potential for additional value generation. Where undertaken, existing limited partners typically are offered certain options relating to receiving liquidity from the transaction or continuing to maintain exposure to the asset, assets or a new portfolio of assets (including a portfolio that combines assets from multiple Funds sponsored by Arlington and its affiliates), often on different terms than their original investment in the Fund. However, certain transactions are expected to involve: a limited partner investing (or being required to invest) additional capital in the existing Fund and/or other investment vehicles; a greater exposure to one or more particular portfolio companies; and/or a delay in the full liquidation of the Fund’s investment. In other circumstances, limited partners that elect to continue to hold a direct or indirect interest in the relevant portfolio company will have their interest adjusted as if distributed to such limited partners (i.e., a portion of such interest will be allocated to the relevant General Partner to the extent of its right to receive carried interest, if any), effectively diluting such limited partners’ interests. Each of these transactions has the potential for conflicts between the interests of a Fund or limited partner and those of Arlington or any buyer group that typically are not applicable to more traditional investment sales. For example, in circumstances where Arlington or an affiliate will continue to manage and receive fees and/or performance-based compensation relating to the subject assets following the transaction (potentially in addition to performance-based compensation earned by the relevant General Partner on the sale of an asset from an existing Fund in such transaction), their incentives are expected to diverge from those of limited partners who elect to sell their interests. Similarly, there are potential conflicts of interest among the selling Fund, Arlington, the relevant General Partner and any buyer group relating to the valuation and consideration offered for the subject investment(s). To the extent Arlington requires existing limited partners and/or new buyers to commit capital to a continuation fund or another Fund managed by Arlington in addition to the purchase amount paid in a transaction (including commitments to the relevant Fund in specified ratios to the purchase price), such requirement is expected to have a dilutive effect on the purchase price for the selling Fund and its limited partners. There can be no assurance that any such transaction will accurately reflect the fair market value of the investment(s) being sold. Further, the relevant General Partner is expected to be incentivized, including through the possibility of receiving additional compensation, to make investments in portfolio companies with the view of holding such investments for longer periods of time or to make investments that it would not otherwise have made if the possibility of liquidity through a secondary transaction did not exist. Where co-investors historically have been invested in an investment subject to such a transaction, there can be no assurance that they will receive the same

liquidity or other options as limited partners in the relevant Fund, and in such circumstances Arlington reserves the right to compel co-investors to receive cash or continue to hold an interest in the relevant investment. In other circumstances, certain limited partners will not be permitted to continue to maintain exposure to the asset(s) due to a lack of eligibility to invest in a continuation vehicle under relevant securities, tax or other considerations. Although relevant potential conflicts of interest are disclosed to limited partners and/or the relevant advisory committee of the Fund prior to the closing of the transaction, there can be no assurance that Arlington will successfully identify all conflicts of interest or resolve or mitigate all such conflicts of interest in favor of a Fund or any individual limited partner or group of limited partners. However, Arlington reserves the right, in its sole discretion, to determine to engage in such transactions, subject to any approvals required in the relevant Governing Documents. Arlington is permitted to seek the consent of the relevant Fund advisory committee(s) to approve conflicts associated with such transactions and accordingly not all limited partners will necessarily be able to approve or disapprove of such transactions. Similar to any prospective sale or disposition of Fund investments, to the extent such transactions are not consummated, the relevant Fund is expected to bear as broken deal expenses all of the related costs in the absence of an agreement with other parties to bear a portion of such costs. Banking Sector Risk Events involving limited liquidity, defaults, non-performance of contractual obligations or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or that affect the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past led and could in the future lead to market-wide liquidity problems. Notably, bank closures in the United States and Europe have caused uncertainty for financial services companies and fear of instability in the global financial system generally. In addition, certain financial institutions - in particular, smaller and/or regional banks but also certain global, systemically important banks have experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions have withdrawn, or will withdraw in the future, significant sums from their accounts at these institutions. Notwithstanding intervention by governmental agencies to stabilize the banking sector and to protect the uninsured depositors of banks that have recently closed, there is no guarantee that the uninsured depositors of a financial institution that closes (which depositors could include the Funds and/or their portfolio companies) will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. There is a risk that other banks, or other financial institutions, will be similarly impacted, and it is uncertain what steps (if any) financial regulators and central banks would take in such circumstances. As a consequence, for example, the Funds and/or their portfolio companies could be delayed or prevented from accessing money, making any required payments under their own debt or other contractual obligations (including making payroll obligations) or pursuing key strategic initiatives, and limited partners could be impacted in their ability to honor capital calls and/or receive distributions. In addition, such bank failures or instability could affect, in certain circumstances, the ability of both affiliated and unaffiliated joint venture partners, lenders, co-lenders, syndicate lenders or other parties to undertake and/or execute transactions with the Funds, which in turn would result in fewer investment opportunities being made available to the Funds, result in shortfalls or defaults under existing investments, or impact a Fund’s ability to provide additional follow-on support to portfolio companies. In addition, in the event that a

financial institution that provides credit facilities and/or other financing to a Fund or its portfolio companies closes or experiences distress, there can be no assurance that such financial institution will honor its obligations or that such Fund or such portfolio companies will be able to secure replacement financing or capabilities at all or on similar terms and/or in a timely manner. Uncertainty caused by recent bank failures – and general concern regarding the financial health and outlook for other financial institutions – could have an overall negative effect on banking systems and financial markets generally. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Funds, their portfolio companies or their respective financial performance. Custody and Banking Risks The Funds will maintain funds with one or more banks or other depository institutions (“Banking Institutions”), which include U.S. and non-U.S. Banking Institutions, and the Funds will enter into credit facilities or have other financial relationships with Banking Institutions. The distress, impairment or failure of one or more Banking Institutions with whom a Fund, its portfolio companies and/or Arlington transact could inhibit the ability of such Fund or its portfolio companies to access depository accounts or lines of credit at all or in a timely manner. Also, there can be no assurance that such Banking Institutions will honor their obligations or that such Fund or such portfolio companies will be able to secure replacement financing or capabilities at all or on similar terms. In such cases, it is possible that the Fund would be forced to delay or forgo investments or to call capital when it is not desirable to do so, resulting in lower performance for such Fund. In the event of such a failure of a Banking Institution where a Fund or one or more of its portfolio companies holds depository accounts (including accounts used for depositing principal and interest payments from borrowers on loans owned by such Fund), access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection will generally not be available for balances in excess of amounts insured by the FDIC (and similar considerations could apply to Banking Institutions in other jurisdictions not subject to FDIC protection). In such instances, it is possible that a Fund and its affected portfolio companies would not recover such excess, uninsured amounts and instead, would only have an unsecured claim against the Banking Institution and participate pro rata with other unsecured creditors in the residual value of the Banking Institution’s assets. The loss of amounts maintained with a Banking Institution or the inability to access such amounts for a period of time, even if ultimately recovered, could be materially adverse to a Fund or its portfolio companies. One or more limited partners or Arlington could also be similarly affected and unable to fund capital calls, further delaying or deferring new investments. In addition, Arlington will not always be able to identify all potential solvency or stress concerns with respect to a Banking Institution or to transfer assets from one bank to another in a timely manner in the event a Banking Institution comes under stress or fails. Additionally, there can be no assurances that a Fund or its portfolio companies will establish banking relationships with multiple financial institutions. In certain cases, a Fund and its portfolio companies are expected to be subject to contractual obligations to maintain all or a

portion of their respective assets (including deposits) with a particular bank (including, without limitation, in connection with a credit facility or other financing transaction). Social Media and Publicity Risk The use of social networks, message boards, internet channels and other platforms has become widespread within the United States and globally. As a result, individuals now have the ability to rapidly and broadly disseminate information or misinformation, without independent or authoritative verification. Any such information or misinformation regarding Arlington, the Funds or one or more portfolio companies could have a material and adverse effect on the value of the Funds. Inflation The U.S. and other developed economies have recently experienced higher than normal inflation rates. It remains uncertain whether substantial inflation in the U.S. and other developed economies will be sustained over an extended period or have a significant effect on the U.S. or other economies. Inflation and rapid fluctuations in inflation rates have recently, and may continue to have, negative effects on the economies and financial markets (including securities markets) of various countries. For example, if an investment is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. Investments may have revenues linked to some extent to inflation, including, without limitation, by government regulations and contractual arrangements. As inflation rises, an investment may earn more revenue but incur higher expenses, including in the form of increased cost of capital. As inflation declines, an investment may not be able to reduce expenses commensurate with any resulting reduction in revenue. Furthermore, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy, and certain central banks have raised interest rates. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Certain countries, including the U.S., have recently seen increased levels of inflation and there can be no assurance that continued and more wide-spread inflation will not have an adverse impact on the Funds’ investments and returns. Conflicts of Interest Arlington and its related entities and individuals engage in a broad range of advisory and non-advisory activities, including investment activities for their own account and for the account of multiple Funds, and providing transaction-related, investment advisory, legal, management and other services to Funds and portfolio companies. Arlington will devote such time, personnel and internal resources as it believes are necessary to conduct the business affairs of the Funds in an appropriate manner, as required by the relevant Limited Partnership Agreements, although the Funds and their respective investments will require varying levels of demand over time. In the ordinary course of Arlington conducting its activities, the interests of a Fund likely will conflict with the interests of Arlington, one or more other Funds, portfolio companies or their respective affiliates in certain circumstances. Certain of these conflicts of interest are discussed herein, and the applicable Governing Documents also disclose additional conflicts of interest.

Arlington Professionals Situations could arise in which the interests of Arlington and its professionals and those of the limited partners of the Funds could conflict. For example, the General Partners will earn a disproportionately higher return on investments that yield in excess of the preferred return on invested capital for the relevant Fund. Thus, it may be in a General Partner’s interest to make investments with a higher risk profile than it would otherwise make in the absence of such arrangements or to retain ownership of investments for a longer period in an effort to achieve a higher return. In addition, Arlington and its principals and officers may invest for their personal accounts in the same areas of investment opportunity as those in which a Fund may invest and may become aware of, and participate in, business opportunities in which limited partners of such Fund may not be given the opportunity to invest as long as such opportunities are not otherwise suitable for such Fund. In addition, due to differing investment objectives or other factors, Arlington and its principals and officers may take investment positions in securities that are different from, or opposite to, the positions taken by a Fund. Representatives of Arlington may also serve on the boards of directors of portfolio companies and provide management, consulting, investment banking and other services to companies in which a Fund invests and/or to companies that are not Fund portfolio companies. Limited partners will have no right to any fees derived from these activities. Other Activities During the commitment period of a Fund, all appropriate investment opportunities generally will be pursued through such Fund, subject to certain limited exceptions set forth in the Fund’s Limited Partnership Agreement and the Adviser’s allocation policies (including, but not limited to, allocations made to existing Arlington Funds to invest the remainder of their capital, and any co-investment vehicles and/or any continuation funds pertaining thereto). Arlington personnel reserve the right to manage their own personal investments, whether or not through a formal family office or estate planning structure, to establish trusts, endowments, charitable programs, foundations or similar arrangements, and to pay or receive compensation relating to the foregoing. The Advisers’ investment staff will continue to manage and monitor all Funds over the life of each Fund. Arlington believes that the significant investment of the General Partners in the Funds, as well as the General Partners’ interest in the carried interest, operate to align, to some extent, the interests of the Advisers with the interests of each Fund and its limited partners, although certain principals of Arlington and its affiliated partners have made and expect to make investments outside of Arlington. Such outside investments likely will compete with one of the Funds or companies acquired by the Funds in certain circumstances. Following the commitment period of a Fund, the Advisers likely will focus their investment activities on other opportunities and areas unrelated to such Fund’s portfolio company investments, though the Advisers will continue to manage and monitor investments in such Fund as well as any other previous Funds. To the extent an advisory opportunity is received that is unsuitable for a Fund, in Arlington’s sole discretion, Arlington and its personnel reserve the right to refer such opportunity to third parties or to make personal investments in the relevant opportunity. Unless restricted by the Governing Documents, Arlington personnel are permitted to serve on boards or act in other roles unaffiliated with Arlington, the Funds or their portfolio companies, including boards of charitable and educational institutions, public companies and former portfolio companies, and receive

compensation in connection with such services and roles, none of which will offset or otherwise reduce Management Fees. Arlington may in the future consider the launch of any type of capital markets and/or credit advisory functions, including but not limited to additional businesses to advise on the issuance of debt or equity and/or to participate in loan origination, syndication and/or servicing. In the event that Arlington decides to engage in any such business, any underwriting spreads or other fees of any kind with respect to any such activities, including spreads or fees from any portfolio company of any Fund or any other investment vehicle sponsored by Arlington, will not be offset against the management fee payable by the limited partners of a Fund even if paid by or on behalf of, or are otherwise derived from, a portfolio company of such Fund. Additionally, Arlington and/or its employees may hold equity or other investments in companies or businesses (even if they are not affiliates of Arlington) that provide services to or otherwise contract with portfolio companies. Conversely, Arlington and/or its employees may hold interests in competitors to portfolio companies in which case, their interests may be in conflict with the portfolio companies of the Funds. In connection with such relationships, Arlington and/or its employees may also make referrals and/or introductions to portfolio companies, which may result in financial incentives (including additional equity ownership) and/or milestones benefiting Arlington or such employees that are tied or related to participation by portfolio companies. The Funds and the limited partners will not share in any fees or economics accruing to Arlington or such employees as a result of these relationships and/or participation by portfolio companies. In addition, Arlington and its principals and officers reserve the right to invest for their personal accounts in the same areas of investment opportunity as those in which the Funds may invest and may become aware of, and participate in, business opportunities in which investors may not be given the opportunity to invest as long as such opportunities are not otherwise suitable for the Funds. In addition, due to differing investment objectives or other factors, Arlington and its principals and officers may take investment positions in securities that are different from, or opposite to, the positions taken by a Fund. Representatives of Arlington are permitted to also serve on the boards of directors of, and provide management, consulting, and other services to companies that are not Fund portfolio companies. Investors will have no right to any fees derived from these activities. Charitable and Political Contributions To the fullest extent permitted by applicable law, Arlington may make, and/or may require, cause or invite a portfolio company to make, contributions to charitable initiatives, certain communities and/or related organizations or other non-profit organizations from time to time that Arlington believes could, directly or indirectly, enhance the value of the investments, assist in completing an acquisition or other transaction (whether or not documented at the time of such acquisition or transaction) or otherwise serve a business purpose for, or be beneficial to, a Fund or its portfolio companies. Such contributions could be designed to benefit employees of a portfolio company, the community in which a portfolio company operates or a charitable cause essential to, or consistent with, the business purpose of a portfolio company. In certain instances, such charitable initiatives could be sponsored by, affiliated with or related to current or former

employees of Arlington, portfolio company management teams, advisors, service providers, vendors, joint venture partners, and/or other persons or organizations associated with a Fund or its portfolio companies. These relationships could influence Arlington’s decision to make, and/or to require, cause or invite a portfolio company to make, charitable contributions. Further, from time to time, such charitable contributions by such portfolio company could supplement or replace charitable contributions that Arlington would have otherwise made. Also, in certain instances, Arlington may, from time to time, select a service provider or other counterparty to a Fund or its investments based, in part, on the charitable initiatives of such person where Arlington believes such charitable initiatives could, directly or indirectly, enhance the value of the investments or otherwise be beneficial to the portfolio companies. To the fullest extent permitted by applicable law, a portfolio company and/or, less commonly, Arlington on behalf of a portfolio company, may, in the ordinary course of its business, make political contributions to elected officials, candidates for elected office or political organizations, hire lobbyists or engage in other permissible political activities in U.S. or non-U.S. jurisdictions with the intent of furthering its business interests or otherwise. Portfolio companies are not considered affiliates of Arlington under the Limited Partnership Agreements of the Funds (and in some cases may not be controlled by Arlington), and therefore such activities are not subject to relevant policies of Arlington and such activities may be undertaken by a portfolio company without the knowledge or direction of Arlington. In other circumstances, there may be initiatives where such activities are coordinated by Arlington for the benefit of certain portfolio companies. Any such charitable contributions or political contributions made by Arlington or the portfolio companies, if material, could affect a Fund’s performance in respect of the relevant investment and will not offset management fees payable by such Fund. There can be no assurance that any such activities will be beneficial to or enhance the value of such Fund or its portfolio companies, or that Arlington will be able to resolve any associated conflict of interest in favor of such Fund. Allocation of Investment Opportunities The Advisers will be presented with investment opportunities that would be suitable for more than one Fund. In determining which Fund(s) should participate in such investment opportunities, the Advisers are subject to conflicts of interest among the investors in such investment vehicles. Except as required by the relevant Limited Partnership Agreement, the Advisers are not obligated to recommend any investment to any particular investment vehicle. The Advisers attempt to resolve such conflicts of interest in light of their obligations to investors in each of the Funds in accordance with the provisions of the relevant Funds’ Limited Partnership Agreements, and attempt to allocate investment opportunities among the Funds in a fair and equitable manner. Where necessary, the Advisers consult and receive consent to conflicts from an advisory committee consisting of the limited partners of each applicable Fund. In making allocations among Funds, Arlington must first determine which Fund(s) will, or are required to, participate in the relevant investment opportunity. Arlington generally assesses whether an investment opportunity is appropriate for a particular Fund based on the Fund’s Limited Partnership Agreement, as well as factors including but not limited to: investment

restrictions and objectives (including those set forth in the relevant Fund’s Limited Partnership Agreement, where applicable), strategy, risk profile, time horizon, tax sensitivity, tolerance for turnover, asset composition, diversification limitations, cash level (if any), applicable tax and regulatory considerations, life-cycle, structure and other factors that Arlington deems relevant. For example, a newly organized Fund generally will seek to purchase a disproportionate amount of investments until it is substantially invested. A Fund generally reserves the right to invest together with other Funds advised by an affiliated adviser of Arlington in the manner set forth in the relevant Limited Partnership Agreements and the Advisers’ allocation policy. Arlington will determine the allocation of investment opportunities among Funds in a manner that it believes is fair and equitable to its clients under the circumstances over time consistent with Arlington’s obligations and reserves the right to take into consideration factors such as those set forth above. In other circumstances, during the period that a portfolio company is owned by a Fund, it could become a suitable investment for one or more other Funds due to size, revenue, earnings, change in business focus or other characteristics. Following such determination of allocations among Funds, Arlington reserves the right to offer co-investment opportunities to one or more potential co-investors, including Operating Executives, vendors, service providers and/or other third parties, as determined by the Funds’ Limited Partnership Agreements, Side Letters and Arlington’s procedures regarding allocation. In certain cases, determinations to allocate such amounts or investment opportunities to vendors or service providers will be made prior to the determination of the availability of opportunity for other co-investors, and as such generally will decrease the amount of co-investment opportunities available. Arlington’s procedures permit it to take into consideration a variety of factors in making such determinations, including but not limited to: expressed interest in co-investment opportunities; expertise of the prospective co-investor in the geographic location, market or industry to which the investment opportunity relates; perceived ability to quickly execute on transactions; tax, regulatory, securities laws and/or other legal considerations (e.g., qualified purchaser or qualified institutional buyer status); perceived ease of process in coordinating or completing the investment with the prospective co-investor or co-investors similar thereto; Arlington’s perception of whether the investment opportunity may subject the prospective coinvestor to legal, regulatory, reporting, or other burdens that make it less likely that the prospective co-investor would act upon the investment opportunity if offered or would impair Arlington’s ability to execute the relevant transaction in the desired time or on desired terms; Arlington’s perception of the ability of the co-investors to continue to support the investment in the event of subsequent financings; size of the investment allocation and practicality of dividing it up among multiple co-investors; lender requirements; existence of a formal or informal strategic relationship with the prospective co-investor; and other factors that Arlington considers important in connection with the specific transaction or investment. Although Arlington reserves the right to consider a prospective co-investor’s willingness to invest in future Funds, such willingness generally will not be the sole determining factor considered by Arlington in identifying coinvestors. Arlington reserves the right to grant certain third-party investors (including anchor or other early-committing investors or investors making large commitments) the opportunity to evaluate specified amounts of prospective co-investments in Fund portfolio companies or otherwise to have priority in co-investment opportunities. Furthermore, Arlington or its related persons expect to make decisions regarding whether and to whom to offer co-investment opportunities in consultation with other participants in the

relevant transactions, such as a lender or co-sponsor. Co-investment opportunities typically will be offered to some and not to other Fund investors, and the consideration of the factors set forth above likely will result in certain Arlington investors receiving multiple opportunities to co-invest while others expressing interest in co-investments have the potential to receive none. Allowing any co-investment generally reduces the amount of the relevant investment opportunity that theoretically could have been taken by the relevant Fund, and Arlington expects to be subject to potential conflicts of interest in determining the amount of investment opportunity that should be allocated to the relevant Fund because (i) co-invest opportunities generally appeal to Fund investors and third parties, (ii) to the extent co-investments made by Fund investors are not subjected to Management Fees and/or performance-based compensation, co-investments blend the effective rates of compensation paid by such persons in a manner not subject to the “most-favored nation” provisions of side letters and (iii) co-investors’ proportionate share of a particular investment typically is not subject to the Management Fee offset provisions of a Fund’s Governing Documents. In order to facilitate the acquisition of a portfolio company, a Fund reserves the right to make (or commit to make) an investment in the company with a view to selling a portion of the investment to co-investors or other persons prior to or following the closing of the acquisition. In such event, the relevant Fund will bear the risk that any or all of the excess portion of such investment may not be sold or may only be sold on unattractive terms, including for example the risk that a portion of the investment will be syndicated at reduced cost, at cost, or at a lower amount at a time when the General Partner believes the value of such investment has appreciated or should be higher than that paid (or willing to be paid) by a co-investor. To the extent such a syndication is made, the General Partner’s interest in limiting the Fund’s exposure to a given investment while providing a potential benefit to co-investors investing at such lower values will give rise to a potential conflict of interest. As a consequence of a failed co-investment syndication process or a co-investment syndication on unattractive terms, the relevant Fund would be required to (i) bear the entire portion of any break-up, topping or other fees, costs and expenses related to such investment (including the proportionate share of such amounts that were expected to have been borne by co-investors), (ii) hold a larger-than-expected investment in such portfolio company, (iii) receive less-than-fair-market value for the syndicated portion of the investment and/or (iv) be diluted or realize lower than expected returns from such investment. When and to the extent that personnel and related persons of Arlington and its affiliates make capital investments in or alongside certain Funds, Arlington and its affiliates are subject to potentially conflicting interests in connection with these investments. Arlington’s allocation of investment opportunities among the persons and in the manner discussed herein often will not result in proportional allocations among such persons, and such allocations likely will be more or less advantageous to some such persons relative to others. While Arlington will allocate investment opportunities in a manner that it believes is fair and equitable to its clients under the circumstances over time and considering relevant factors, there can be no assurance that a Fund’s actual allocation of an investment opportunity, if any, or the terms on which that allocation is made, will be as favorable as they would have been if the potential conflicts of interest to which Arlington expects to be subject, as discussed herein, did not exist. Where multiple Funds invest at the same, different or overlapping levels of a portfolio company’s capital structure, there are potential conflicts of interest in determining the terms of each such investment. Questions may arise subsequently as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be refinanced or

restructured. In troubled situations, decisions including whether to enforce claims, or whether to advocate or initiate a restructuring or liquidation inside or outside of bankruptcy, and the terms of any work-out or restructuring may raise conflicts of interest, particularly with respect to Funds that have invested in different securities within the same portfolio company. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, Funds may or may not provide such additional capital, and if provided, each Fund generally will supply such additional capital in such amounts, if any, as determined by Arlington in its sole discretion. Because of the different legal rights associated with debt and equity of the same portfolio company, Arlington expects to face a potential conflict of interest in respect of the advice it gives to, and the actions it takes on behalf of one Fund versus another Fund (e.g., the terms of debt instruments, the enforcement of covenants, the terms of recapitalizations and the resolution of workouts or bankruptcies). If a Fund enters into any indebtedness with another Fund on a joint and several basis, each applicable General Partner is expected to enter into one or more agreements that provide each Fund with a right of contribution, subrogation or reimbursement. In administering, or seeking to reinforce, these agreements, Arlington expects to be subject to potential conflicts of interest, for example between a Fund with a reimbursement obligation and a Fund seeking reimbursement. In certain circumstances Funds are expected to be prohibited from exercising (or Arlington may deem it appropriate to refrain from exercising) voting or other rights in order to mitigate the relevant potential conflicts, notwithstanding the fact that the investment(s) of one Fund or the other may be subject to creditor claims regarding subordination of interests. Arlington intends to mitigate any potential conflicts by structuring such agreement in a manner intended to cause each Fund to bear its proportionate share of the applicable indebtedness, without undue favoritism over time. Potential conflicts are expected to arise when and to the extent a Fund makes investments in conjunction with an investment being made by another Fund, or if it were to invest in the securities of a company in which another Fund has already made an investment. A Fund may not, for example, invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as other Funds. This likely will result in differences in price, terms, leverage and associated costs. Where multiple Funds invest or consider investments in the same company at different times, the first Fund to invest typically will bear all or a higher level of diligence and transaction fees, costs and expenses than the Funds later to invest (whether in the same or different strategy than the first Fund); similarly, to the extent a transaction does not proceed, the first Fund to invest typically will bear the full amount of broken deal expenses relating to the transaction, regardless of whether other Funds could or would have invested in the company in potential future transactions. Further, there can be no assurance that the relevant Fund and the other Fund(s) or vehicle(s) with which it co-invests will exit such investment at the same time or on the same terms. Arlington and its affiliates may express inconsistent views of commonly held investments or of market conditions more generally, including in instances where different investment professionals express different views regarding the same investment. There can be no assurance that the return on one Fund’s investments will be the same as the returns obtained by other Funds participating in a given transaction. Given the nature of the relevant conflicts there can be no assurance that any such conflict can be resolved in a manner that is beneficial to both Funds. In that regard, actions taken for one or more Funds may adversely affect other Funds. Investments by more than one Fund in the same portfolio company also have the potential to raise the risk of using assets of a Fund to support positions taken by other Funds. There can be no assurance that any Fund’s return from a transaction would be equal to and not less than another

Fund participating in the same transaction or that it would have been as favorable as it would have been had such conflict not existed. Allocation of Fees Subject to any relevant restrictions or other limitations contained in the Limited Partnership Agreements of the Funds, Arlington will allocate fees and expenses in a manner that it believes is fair and equitable to its clients under the circumstances over time and considering such factors as it deems relevant, but in any case in its sole discretion. In exercising such discretion, Arlington expects to be faced with a variety of conflicts of interest. As a general matter, shared expenses typically will be allocated among all relevant Funds or co-invest vehicles receiving the benefit of such expenses (in the relevant General Partner’s sole discretion) and eligible to reimburse expenses of that kind. In all such cases, subject to applicable legal, contractual or similar restrictions, and the Governing Documents’ terms, expense allocation decisions will generally be made by Arlington or its affiliates using their reasonable judgment, considering such factors as they deem relevant, but in their sole discretion to be fair and equitable across these vehicles. The allocations of such expenses may not be proportional, and any such determinations involve inherent matters of discretion, e.g., in determining which Funds or coinvest vehicles benefit (or the extent to which they actually or potentially could benefit) from the relevant service relating to the expense, or whether to allocate pro rata based on number of Funds or co-invest vehicles receiving related benefits or proportionately in accordance with fund size (including amount of remaining committed capital), asset size or fair value, number of investors, number of investments, number of users, or in certain circumstances determining whether a particular expense has greater benefit to a Fund or Arlington. The Funds generally have different expense reimbursement terms, including with respect to Management Fee offsets, which is expected in certain cases to result in the Funds bearing different levels of expenses with respect to the same investment. Further, Arlington reserves the right to consider each relevant Fund’s strategy as a component of its allocation of investment expenses, and as a general matter will not allocate expenses associated with one Fund’s equity investment to a different Fund’s credit investment, or vice versa, even if the two investments are in the same portfolio company. In certain limited circumstances, a Fund is expected to pay an expense common to it and one or more other Funds (including, without limitation, legal expenses for a transaction in which all such Funds participate, or other fees or expenses in connection with services the benefits of which are received by multiple Funds over time), and be reimbursed by the other relevant Funds by their share of such expense, without interest. While highly unlikely, it is possible that one of the other Funds could default on its obligation to reimburse such other Fund. In certain circumstances, Arlington is expected to advance amounts related to the foregoing and receive reimbursements from the Funds to which such expenses relate. Positions with Portfolio Companies As a result of the Funds’ controlling interests in portfolio companies, Arlington and/or its affiliates typically have the right to appoint portfolio company board members (including current or former Arlington personnel or persons serving at their request), or to influence their appointment, and to determine or influence a determination of their compensation. From time to

time, portfolio company board members approve compensation and/or other amounts payable to Arlington and/or its affiliates. Such amounts will be in addition to any Management Fees or Carried Interest paid by a Fund to Arlington. Additionally, a portfolio company typically will reimburse Arlington or service providers retained at Arlington’s discretion for expenses (including without limitation travel expenses) incurred by Arlington or such service providers in connection with the performance of services for such portfolio company. Service provider expenses are required to be reimbursed whether or not there is overlap in expertise, function or services performed by Arlington personnel. This subjects Arlington and its affiliates to conflicts of interest because the Funds generally do not have an interest or share in these reimbursements, and the amount of such reimbursements over time is expected to be substantial. Arlington determines the amount of these reimbursements for such services in its own discretion, subject to its internal reimbursement policies and practices. Although the amount of individual reimbursements typically is not disclosed to investors in any Fund, their effect is reflected in each Fund’s audited financial statements, and any fee paid or expense reimbursed to Arlington or such service providers generally is subject to: agreements with sellers, buyers and management teams; the review and supervision of the board of directors of or lenders to portfolio companies; and/or third party co-investors in its transactions. These factors help to mitigate related potential conflicts of interest. In connection with its services to the Funds and their investments, Arlington, its affiliates and personnel expect to receive the benefit of certain tangible and intangible benefits. For example, in the course of Arlington’s operations, including research, due diligence, investment monitoring, operational improvements and investment activities, Arlington and its personnel expect to receive and benefit from information, “know-how,” experience, analysis and data relating to Fund or portfolio company (as applicable) operations, terms, trends, market demands, customers, vendors and other metrics (collectively, “Arlington Information”). In many cases, Arlington Information will include tools, procedures and resources developed by Arlington to organize or systematize Arlington Information for ongoing or future use. Although Arlington expects its Funds and their portfolio companies generally to benefit from Arlington’s possession of Arlington Information, it is possible that any benefits will be experienced solely by other or future Funds or portfolio companies (or by Arlington and its personnel) and not by the Fund or portfolio company from which Arlington Information was originally received or derived. Arlington Information will be the sole intellectual property of Arlington and solely for the use of Arlington. Arlington reserves the right to use, share, license, sell or monetize Arlington Information, without offsetting or otherwise reducing Management Fees, and the relevant Fund or portfolio company will not receive any financial or other benefit of such use, sharing, licensure, sale or monetization. In addition, it is possible that certain activities of, and expenses borne by, portfolio companies will benefit Arlington, its affiliates and personnel, which may include, without limitation, certain travel, accommodation and other entertainment benefits (including, commercial and private air travel, hotel stays, dining and attendance at various sporting and other events) arising in connection with Arlington, its affiliates and its personnel’s evaluation, management, oversight and disposition of such portfolio company. Additionally, expenses relating to the Funds or portfolio companies are expected to be charged using credit cards or other widely available third-party rewards programs that provide airline miles, hotel stays, lodging or travel rewards, rental cars, traveler loyalty or status programs, “points,” “cash back,” rebates, discounts and other arrangements, perquisites and benefits under the available terms of such reward programs. Such benefits will, whether or not de

minimis or difficult to value, inure to the benefit of Arlington, its affiliates or their personnel or related parties receiving them, even though the cost of the underlying service is borne by the Fund and/or by the portfolio companies, the Funds or their respective investors. No such rewards will offset or reduce Management Fees. Arlington generally exercises its discretion to recommend to a Fund or to a portfolio company thereof that it contracts for services with certain service providers, and such service providers are expected to include: (i) Arlington or a related person of Arlington (which may include a portfolio company of such Fund), (ii) an entity with which Arlington or its affiliates or current or former members of their personnel has a relationship or from which Arlington or its affiliates or their personnel otherwise derives financial or other benefit, including relationships with joint venturers or co-venturers, or relationships where Arlington personnel are seconded, or from which Arlington receives secondees (including secondees at no or reduced cost to Arlington), resources or training; or (iii) certain limited partners or their affiliates. For example, Arlington expects to be presented with opportunities to receive financing and/or other services in connection with a Fund’s investments from certain limited partners or their affiliates that are engaged in lending or related business. This discretion subjects Arlington to conflicts of interest, because although Arlington selects service providers that it believes are aligned with its operational strategies and will enhance portfolio company performance and, relatedly, returns of the relevant Fund, Arlington has a potential incentive to recommend the related or other person (including a limited partner) because of its financial or other business interest. There is a possibility that Arlington, because of such belief or for other reasons (including whether the use of such persons could establish, recognize, strengthen and/or cultivate relationships that have the potential to provide longer-term benefits to the relevant Funds or Arlington), would favor such retention or continuation even if a better price and/or quality of service could be obtained from another person. Arlington will not necessarily seek out the lowest cost options when incurring (or causing a Fund or its portfolio companies to incur) such expenses. Although Arlington generally seeks appropriate rates for services, it reserves the right to prioritize prior usage, perceived quality, sector competence or expertise, familiarity, onboarding speed or other factors in retaining or recommending service providers. Additionally, Arlington expects certain service providers, their affiliates and personnel to invest in, or co-invest alongside, one or more Funds, and due to the nature of the service provider relationships and the timing of services these persons have the potential to have information advantages relative to other investors or co-investors, and likely will be offered co-investment opportunities before such opportunities are presented to other interested prospective co-investors. It is possible that service providers consider the overall level of work performed for Arlington, the Funds or their portfolio companies in determining whether to provide reduced rates or benefits to Arlington. Based on the foregoing factors, limited partners should not expect service providers to Arlington or any Fund to provide services that will be the most beneficial to any limited partner or group of limited partners. There may also be other tangible or intangible benefits to Arlington and/or its personnel by virtue of payments made by a Fund or a portfolio company to others, such as investment banks or other financial advisors, in connection with transactions, for example in the form of opportunities offered and given to Arlington or its personnel that may not benefit a Fund. In addition, Arlington or a Fund may enter into service or other contracts with portfolio companies in which such Fund or Arlington may receive discounts on fees and expenses or other favorable terms. Arlington

personnel may also benefit from meals and entertainment (some of which could be viewed as extravagant) from portfolio companies and service providers. In certain circumstances where Arlington commits or has committed to seek “market” or “arms-length” (or similar formulations) rates or terms, Arlington will do so in its sole discretion, seeking rates that it has determined in its sole discretion to be reflective of the range of rates in the applicable or related markets. Arlington reserves the right to deem third-party investment in a transaction to be verification that the transaction was entered into at a value that is “arm’s-length.” Consequently, Arlington undertakes no minimum amount of benchmarking, and does not represent that any such benchmarking ultimately will be accurate, comparable or relate specifically to the assets, services, geographies or comparable markets to which such rates or terms relate. Where such rates or terms include hourly components, Arlington reserves the right to rely on approximations or estimates of time spent for purposes of allocating or charging for services. Any methodology, or choice among methodologies, involves potential conflicts of interest. Benchmarking data generally includes information relating only to hourly or project-based rates, and so generally does not include the value of any profits, participation or equity interests (including co-investment opportunities) in or relating to portfolio companies with respect to which the relevant services are provided; as such, references to “market” or “arms-length” (or similar formulations) rates or terms refer only to the contracted-for hourly or project-based rates. Where such rates or terms include hourly components, Arlington reserves the right to rely on approximations or estimates of time spent for purposes of allocating or charging for services. Any methodology, or choice among methodologies, involves potential conflicts of interest. Whether or not Arlington has a relationship with or receives financial or other benefit from recommending a particular service provider, there can be no assurance that no other service provider is more qualified to provide the applicable services or could provide such services at lesser cost. Although uncommon, Arlington reserves the right to cause a Fund to enter into a transaction whereby the Fund (i) purchases securities from, or sells securities to, other Funds, coinvestors or co-investment vehicles or (ii) co-invests alongside such other Funds or co-investors. Such transactions may arise in contexts where a portfolio company owned by one Fund is acquired by a portfolio company acquired by another Fund. Any of these transactions raise potential conflicts of interest, including where: (i) the investment of one Fund supports the value of portfolio companies owned by another Fund; or (ii) the transaction allows Arlington or its affiliates to realize Carried Interest or receive future Management Fees or other compensation with respect to such investments. These conflicts are heightened to the extent the relevant securities are illiquid or do not have a readily ascertainable value, and there generally can be no assurance that the price at which such a transaction is entered into represents what ultimately would be the underlying investment’s fair value. To the extent required by the relevant Funds’ Limited Partnership Agreements or otherwise in the sole discretion of Arlington, Arlington reserves the right to seek to mitigate such conflicts by seeking input from an unaffiliated third party (including the use of a consultant or investment banker paid for by the relevant Fund(s) to opine as to the fairness or “arm’s-length” nature of a purchase or sale price, whether or not part of a formal fairness opinion, “request for proposal” process, or proposal or quotation provided exclusively for the benefit of Arlington) or by obtaining the consent of the relevant Fund(s) (including, where authorized, the consent of each Fund’s advisory committee) to such transactions. In certain circumstances, Arlington reserves the right to determine that the willingness of a third party to make an investment on the same or similar terms demonstrates the fairness of the relevant transaction (including its

value) to a Fund under then-current market conditions and, therefore, determine not to obtain a consent or fairness opinion. Arlington intends that any such transactions be conducted in a manner that it believes to be fair and equitable to each Fund under the circumstances, including a consideration of the potential present and future benefits with respect to each Fund. Further, cross transactions are expected to arise in the context of automatic or other re-balancing of investments among parallel investing entities, and in such circumstances, Arlington generally will not seek a fairness opinion or advisory committee consent, given that such transactions typically are effected close in time to the initial Fund’s investment or pursuant to authorizing provisions in the relevant Governing Documents. Although Arlington generally structures Funds to avoid cross-guarantees and other circumstances in which one Fund ultimately bears liability for all or part of the obligations of another Fund or any Arlington affiliate, in certain circumstances lenders and other market participants negotiate for the right to face only select Fund entities, which may result in a single Fund being solely liable for other Funds’ share of the relevant obligation and/or joint and several liability among Funds. In such cases, Arlington intends to cause the relevant other Funds to enter into a back-to-back guarantee, indemnification or similar reimbursement arrangement, although the Fund undertaking the obligation in the first instance generally will not receive compensation for being primarily liable under these arrangements. In other circumstances, lenders and other market parties are expected to seek “cross default” rights under which a Fund will be treated as in default under the relevant facility in the event of a default by another Fund or an Arlington affiliate relating to their respective lending or other facilities; if any such provision were to be triggered, a Fund’s limited partners could suffer adverse effects resulting from any default by any Fund or an Arlington affiliate, whether or not related to the Fund in which such limited partners have invested. Arlington and/or its affiliates reserves the right to employ or engage personnel with preexisting ownership interests in portfolio companies owned by the Funds or other investment vehicles advised by Arlington and/or its affiliates; conversely, current or former personnel or executives of Arlington and/or its affiliates are expected to serve in significant management roles at portfolio companies or service providers recommended by Arlington. Similarly, Arlington, its affiliates and/or its personnel maintain relationships with (or may invest in) financial institutions, service providers and other market participants, including but not limited to managers of private funds, banks, brokers, advisors, consultants, finders (including executive finders and portfolio company finders), executives, attorneys, accountants, institutional investors, family offices, lenders, current and former personnel, and current and former portfolio company executives, as well as certain family members or close contacts of these persons. Certain of these persons or entities will invest (or will be affiliated with an investor) in, engage in transactions with and/or provide services (including services at reduced rates) to, Arlington and/or its affiliates, and/or the Funds or other investment vehicles they advise. In other circumstances, these vendors are expected to provide personal banking, private wealth or lending arrangements (including lending arrangements with respect to personal investments in or through Arlington entities, whether or not relating to financing Arlington personnel obligations to fund General Partner commitment obligations) to Arlington personnel and their estate planning vehicles. Arlington expects to be subject to a potential conflict of interest with a Fund in recommending the retention or continuation of a third-party service provider to such Fund or a portfolio company if such recommendation, for example, is motivated by a belief that the service provider or its affiliate(s) will continue to invest in one or more Funds, will provide Arlington information about markets and industries in which

Arlington operates (or is contemplating operations) or will provide other services that are beneficial to Arlington or one or more other Funds. Arlington expects to be subject to a potential conflict of interest in making such recommendations, in that Arlington has an incentive to maintain goodwill between itself and the existing and prospective portfolio companies for a Fund, while the products or services recommended may not necessarily be the best available to the portfolio companies held by a Fund. Arlington, its affiliates, and equity holders, officers, principals and employees of Arlington and its affiliates reserve the right to buy or sell securities or other instruments that Arlington has recommended to a Fund. In addition, officers, principals and personnel reserve the right to buy securities in transactions deemed unsuitable for a Fund, but will not in such circumstances be required to share in, reimburse or compensate the relevant Fund for due diligence or other expenses (including broken deal expenses) incurred by the Fund in connection with the Fund’s consideration of the relevant investment opportunity. Such transactions are subject to any restrictions in the relevant Fund’s Limited Partnership Agreement and any policies and procedures set forth in Arlington’s Code of Ethics. The investment policies, fee arrangements and other circumstances of these investments generally vary from those of any Fund. Employees and related persons of Arlington have, and are expected to continue to have, capital investments in or alongside certain Funds, or in prospective portfolio companies directly or indirectly, as well as in investment vehicles (including private funds) sponsored by potential competitors, and therefore expects to have additional potential conflicting interests in connection with these investments. The General Partner of each of Fund IV, Fund V, Fund VI and Fund VII generally is permitted to receive a distribution in kind from the applicable Fund, including in connection with investment dispositions or the payment in kind of amounts owed to the General Partner as Carried Interest (which generally will be made using the value of the relevant securities on the date of distribution). In such circumstances, there is a potential conflict of interest between the General Partner (and its beneficial owners) and the relevant Fund’s limited partners. For example, the General Partner and its beneficial owners may intend to hold the investment for a different time period than Arlington deems suitable for the Fund. Although the General Partner and its beneficial owners bear the risk that the value of such securities will decrease during their holding period, to the extent the value of the relevant securities increases following the Fund’s disposition thereof, neither the relevant Fund nor its limited partners will benefit from the increase, and over time the economic benefit to the General Partner and its beneficial owners could exceed the value of the General Partner’s pro rata interest in the Fund and the amount of Carried Interest owed. To the extent the beneficial owners of the General Partner contribute such securities to a charity (including to a private foundation or other charitable organization associated with, operated or chosen by such persons or their families), any tax efficiencies or other personal benefits associated with the contribution will inure to the benefit of such beneficial owners rather than to the Fund or its limited partners. Except to the extent prohibited by the Governing Documents, Arlington and its personnel are permitted to market, organize, sponsor or act in other capacities (including as director, founder or manager) for other pooled investment vehicles, accounts or special purpose acquisition companies, the investment or business strategy of which does not overlap with the Fund(s) and to receive compensation (including in the form of management fees, performance-based compensation, founders’ equity or similar interests) relating thereto. Subject to any limitations

imposed by the Governing Documents and anti-“assignment” provisions of the Advisers Act, Arlington and its personnel are also permitted to offer, restructure and monetize interests in Arlington. Because a General Partner’s Carried Interest is based on a percentage of net realized profits, it may incentivize such General Partner to cause a Fund to make riskier or more speculative investments than it otherwise would make or to retain ownership of investments for a longer period in an effort to achieve a higher return. Also, because there is a fixed investment period after which capital from investors in a Fund may only be drawn down in limited circumstances and because Management Fees are, at certain times during the life of a Fund, based upon capital invested by such Fund, this fee structure creates an incentive to deploy capital when an Adviser might not otherwise have done so. The Governing Documents provide the Advisers with wide-ranging authority to make determinations, including those related to investment purchases and dispositions (and their timing), valuation and other matters that in each case have the potential to affect the Advisers’ compensation. In making such determinations, the Advisers are subject to potential conflicts of interest. For example, the potential to earn additional compensation creates an incentive for an Adviser or its affiliates to make investments and to hold investments longer than otherwise would be the case in the absence of the relevant Fund’s Management Fee and Carried Interest compensation arrangements. The Advisers expect to be incentivized to cause a Fund to make, hold, value and/or dispose of investments (and to delay or forego a determination that the investments are Impaired Value Investments) to receive greater ongoing Management Fees and, potentially, earlier and/or larger Carried Interest distributions than would otherwise be the case. Where the Management Fee is calculated taking into account the valuation of an investment, the Advisers will have incentives to make determinations that result in the continued payment of, or a higher, Management Fee. Where the Governing Documents do not require Management Fees to be reduced in connection with investment reorganizations, restructurings, roll-over investments, extraordinary dividends or similar transactions, an Adviser is incentivized to pursue such transactions. In many circumstances, the calculation of Management Fees after the Stepdown Date will include the value of capitalized transaction fees, monitoring fees and other Supplemental Fees, expenses, costs or other amounts relating to, unrealized investments, including such amounts payable or reimbursable to the Managers and their affiliates. The Managers and their affiliates have incentives to capitalize such amounts into a transaction, not only to avoid having portfolio companies pay such amounts out of available operating cash, but also to increase the base on which future Management Fees will be calculated. These incentives run counter to the Managers’ and their affiliates’ incentives to reduce the amount of fees, expenses and costs borne by the Funds’ investments in light of the effect of these amounts on the Funds’ Carried Interest calculations. Additionally, the amount of Carried Interest owed to the relevant General Partner is dependent in part on the amount and timing of investment dispositions, and the relevant General Partner expects to be subject to related potential conflicts of interest in determining whether and when to dispose of investments and/or make distributions within the requirements of the relevant Governing Documents. Arlington’s wide-ranging authority on the determination of Impaired Value Investments, and the criteria used by the relevant General Partner or its affiliates in valuing an investment, or

determining whether an investment is an Impaired Value Investment, have the potential to be subjective, to be influenced by market information and other factors and to vary over time. There can be no assurance that a third party or investor would agree with the substance or timing of the relevant General Partner’s determination that an investment is an Impaired Value Investment, and except as set forth in the Governing Documents, neither the General Partner nor its affiliates is obligated to follow any third-party methodology in making its determination on whether an investment meets the relevant standards or whether value can be recovered or retained during the Fund’s holding period. The General Partner may, subject to the Governing Documents, make such determination taking into account such facts and circumstances it deems relevant. As a general matter, the standards for determining Impaired Value Investments are intended to be high, and are not intended to apply to investments experiencing partial or temporary declines in value. Because the amount of the Manager’s compensation is dependent in part on an investment’s status as an Impaired Value Investment, the relevant General Partner faces potential conflicts of interest in determining whether an investment meets, or continues to meet, the relevant criteria. Although Arlington will operate in accordance with the Governing Documents, as well as its valuation policy, in order to mitigate the potential for subjectivity in making such determinations, there can be no assurance that the Governing Documents or such valuation policy will address all of the factors relevant to such determination, or completely eliminate all potential conflicts of interest in making such determinations. Since Arlington is permitted to retain certain Supplemental Fees (as described under “Fees and Compensation”) in connection with Fund investments, it expects to be subject to a potential conflict of interest in connection with approving transactions and setting such compensation. In many cases, Supplemental Fees are based on enterprise value or other metrics relating to a portfolio company, but also have the potential to be charged on a flat-fee basis or based on another metric, and there can be no assurance that the amount of Supplemental Fees charged will be proportional to the amount of hours of work performed or tangible work product generated on behalf of the portfolio company. Additionally, Arlington, its personnel, affiliates or others designated by Arlington expect to receive compensation in the form of portfolio company securities. To the extent any such securities are received, after any applicable offset provisions in the Governing Documents are applied (which could be based on the then-present value of such securities), Arlington and/or such other recipients will be permitted to retain such securities as Supplemental Fees, and in doing so will be subject to potential conflicts of interest in determining whether to sell such securities (subject to restrictions imposed by the portfolio company and/or Arlington) or retain such securities for a period consistent with their own financial and investment objectives, which may differ from those of the relevant Fund. In addition, because portfolio company securities typically represent newly issued incentive equity (whether in the form of common stock, warrants or options to buy common stock, or similar instruments), the receipt of compensation in the form of securities typically has the result of diluting a Fund’s relative ownership of the portfolio company awarding such compensation. In certain circumstances, such as those relating to short- or long-term portfolio company cash or liquidity needs, and regardless of whether the portfolio company is undergoing financial stress, Arlington reserves the right to accrue, defer or forego payments of Supplemental Fees, and reserves the right to charge interest at then-available rates with respect to such amounts. In such cases, in accordance with the Governing Documents, investors will not receive the benefit of Management Fee offsets with respect to such amounts until they are actually received. Even in

circumstances where Supplemental Fees would be completely offset against Management Fees under the Governing Documents, the Managers’ receipt of Supplemental Fees when due from portfolio companies provides a benefit to Arlington in that it generally results in earlier availability of such amounts relative to Management Fee due dates. In accordance with the Governing Documents, investors will not receive interest or other compensation for the time period between Supplemental Fee receipt and the later date of offset of the relevant amounts (if any) against the relevant Management Fees. Subject to each Fund’s Governing Documents, for the avoidance of doubt, to the extent that any other Fund or any other entity or individual co-invests alongside such Fund in any portfolio company investment, any offset fees will be allocated among the Funds and the coinvestors in proportion to the cost of the investment or potential investment in the portfolio company held (or committed to be held) by each. Accordingly, the Funds will, in most cases, only benefit from the Management Fee reduction with respect to its allocable portion of any such offset fee and not the portion of any such fee allocable to any other investor in a portfolio company. Similarly, in certain circumstances, Arlington expects that co-investors or other parties will negotiate the right to share a portion of such offset fees from a particular investment, and the Management Fee offset will be applied after excluding any amounts paid to such persons. Side Letters The General Partners have entered into Side Letters with certain investors in a Fund providing such investors with different or preferential rights or terms, including but not limited to different fee structures or arrangements (including discounted or rebated compensation terms, modified waterfall mechanics and/or receipt of a portion of Arlington’s compensation, none of which generally will be subject to the “most-favored nation” provisions of such Side Letters), different information rights, specialized reporting, priority co-investment rights or targeted coinvestment amounts, and rights to serve on the Fund’s advisory committee, liquidity or transfer rights, confidentiality protections and disclosure rights, modification of default remedies, excuse rights applicable to particular investments or industries (which may increase the percentage interest of other limited partners in, and contribution obligations of other limited partners with respect to, such investments) as well as economic procedural and other terms. Arlington is likely to have its own economic and/or other business incentives to provide certain terms to certain limited partners (e.g., based on commitment amount to a Fund or the timing thereof, the ability of a limited partner to provide sourcing or other services to Arlington, its affiliates and personnel or the Funds, or the potential to establish, recognize, strengthen or cultivate relationships that have the potential to provide longer-term benefits to Arlington, its affiliates and personnel, or the Funds). Further, Side Letters also are expected to relate to strategic relationships under which an investor agrees to make capital commitments to multiple Funds. Except in the circumstances and on the timing required by the applicable Governing Documents, other investors will not receive disclosure of Side Letters or related provisions, and as a general matter, the other investors have no recourse against a Fund, Arlington, the relevant General Partner or any of their affiliates in the event that certain investors have received additional and/or different rights and/or terms as a result of such Side Letters. Side Letters subject Arlington to potential conflicts of interest, including in circumstances where an investor’s right to serve on the relevant Fund’s advisory committee results in the investor receiving additional information relative to other investors. To the extent an investor is subject to statutory or other limitations on indemnification, or otherwise negotiates rights

relating thereto, other investors may be subject to increased losses, or be required to bear an increased portion of indemnification amounts. Other Side Letter rights are likely to confer benefits on the relevant limited partner at the expense of the relevant Fund or of limited partners as a whole, including in the event that a Side Letter confers additional reporting, information rights and/or transfer rights, the costs and expenses of which are expected to be borne by the relevant Fund. As a consequence of one or more limited partners being excused or excluded, or from regulatory, tax or other factors altering or limiting their participation in investments or ability to bear certain liabilities or obligations, the aggregate returns realized by participating or non-participating limited partners could be adversely affected in a material manner by the unfavorable performance of particular investments; similar considerations apply in the event a limited partner defaults on a drawdown in respect of an investment. Although Arlington believes it to be unlikely, excuse or other rights requested or received by one or more limited partners (or such regulatory, tax or other factors applicable to such limited partners) representing a substantial percentage of a Fund have the potential to create significant variations in limited partner investment returns or exposures to liabilities or obligations, or to influence or affect the investment strategy and pursuit of investment opportunities by the General Partner on behalf of the relevant Fund as a whole. A limited partner’s voting rights may, for regulatory or other reasons, be restricted in the circumstances specified in the Governing Documents. Conversely, any restriction on the voting rights of one or more limited partners will generally increase the relative voting percentage of the other limited partners in the applicable Fund. Further, limited partners with different domiciles or tax categorizations could receive different investment returns or amounts of tax basis and/or pay different levels of expenses, e.g., based on tax savings or ownership of alternative investment vehicle, “blocker” or other structures used to facilitate their investments in, through or below a Fund. Operating Executives As described above under “Methods of Analysis, Investment Strategies and Risk of Loss – Investment and Operating Strategy”, one key element of Arlington’s investment approach is partnering with Operating Executives who have experience running businesses. Former Operating Executives are expected to become Arlington personnel or personnel of portfolio companies. Consequently, the determination of whether individuals are Operating Executives is expected to vary and/or be revisited, which poses potential conflicts of interest where certain changes in status or categorization would reduce costs that Arlington otherwise would be required to bear. Arlington may partner with an Operating Executive to assist it in identifying one or more target portfolio companies. As a part of that arrangement, Arlington may agree with the Operating Executive that, once a Fund acquires a portfolio company identified by the Operating Executive, Arlington may cause the portfolio company to hire the Operating Executive in an executive-level position. Such arrangements may create a potential conflict of interest, in that such compensation arrangement may incentivize the Operating Executive to recommend an investment in a portfolio company even though the investment may not be in the best interests of the Fund. Arlington believes that it effectively mitigates that risk through its highly disciplined investment process, rigorous preinvestment due diligence and the many years of business and private equity investment experience of its personnel, all of which allow Arlington to form its own conclusions as to the merits of each proposed investment. Furthermore, whether Arlington does, in fact, invest is never at the discretion of the Operating Executive. In addition, after a portfolio company has hired an Operating Executive, the Operating Executive typically causes the portfolio company to enter into a professional services agreement with Arlington, pursuant to which Arlington agrees to provide

certain management and other services to the portfolio company and the portfolio company agrees to pay additional compensation to Arlington (which, as described herein under “Fees and Compensation”, may offset in whole or in part the Management Fee otherwise payable to the Managers). An Operating Executive may have an incentive to cause the portfolio company to enter into such an agreement as a result of his or her prior contractual relationships with Arlington, even though such agreement may not be in the best interests of the portfolio company and therefore the Fund. In addition, as described above, portfolio companies (and, to a lesser extent, the Funds) are expected to pay certain fees or other compensation to, and reimburse expenses of, Operating Executives and other third party consultants (including consultants introduced or arranged by Arlington and/or its affiliates that may regularly provide services to one or more portfolio companies), and such amounts do not offset or reduce the Management Fee as described herein. In some circumstances, consultants are expected to request that the amount of fees payable in relation to their services instead be directed to a third party or donated to a charitable organization, and in these cases the relevant Fund will bear such amount as a permissible expense to the same extent as if it were paid to the consultant itself. The following discussion of Operating Executives applies equally to any such other third party consultants. Operating Executives generally make use of Arlington resources or otherwise be associated with Arlington. Arlington and/or its affiliates reserve the right to agree to compensate such persons to the extent portfolio company-related compensation falls below certain specified levels on an aggregate annualized basis, or provide other compensation. Operating Executive compensation is expected to include cash fees, retainers, transaction fees, a profits or equity interest in a portfolio company, remunerations from Arlington, its affiliates and/or the Fund, or other compensation. Additionally, portfolio companies may provide opportunities for Operating Executives to invest in such portfolio company and reimburse costs and expenses incurred by Operating Executives. Such investment opportunities, reimbursements and other compensation paid to an Operating Executive will not offset or reduce the Management Fees of any Fund as described herein, and the use of Operating Executives is expected to fluctuate and/or expand over time. To the extent that Operating Executives are paid retainers or guaranteed minimum compensation amounts, there is the possibility that certain portfolio companies or Funds will bear a greater share of such compensation due to the utilization of Operating Executives’ services at a time when fewer portfolio companies or Funds make use of them. Under many of these arrangements, including where Operating Executives are paid a flat fee, there can be no assurance that the amount of compensation paid in a particular year will be proportional to the amount of hours worked or the amount or written work product generated by the Operating Executive. The use of Operating Executives and the compensation paid to them by Arlington, its affiliates and/or the portfolio companies subjects Arlington and/or its affiliates to potential conflicts of interest. Arlington believes that such potential conflicts have the potential to be reduced by the anticipated cost savings to portfolio companies (which is expected to be to the benefit of the applicable Fund(s)) that will result if the cost of the Operating Executive is lower than market rates for the services provided and/or if the quality of the services of the Operating Executive align with Arlington’s model for the portfolio company and improve portfolio company performance. Although Arlington seeks to retain Operating Executives with a view to reducing costs to portfolio companies (and ultimately, the Funds) and/or improving portfolio company performance, a number of factors may result in limited or no cost savings from such retention. Arlington also seeks to reduce potential conflicts of interest resulting from such arrangements by structuring compensation packages for such persons in a manner that Arlington believes will align

such persons’ interests with those of the Funds’ limited partners, and seeks to retain only Operating Executives and service providers which it believes provide a level of service at a value generally consistent with other relevant market alternatives. However, there can be no assurance that no other service provider is more qualified to provide the applicable services or could provide such services at lesser cost. Service Providers and Other Counterparties The service providers, advisors, counterparties or their executive officers or other affiliates (including any administrators, lenders, brokers, attorneys, consultants, and investment or commercial banking firms) of the Funds, the General Partners or any of their affiliates are in certain cases existing investors in a Fund and are expected to be investors in a Fund and/or sources of investment opportunities, and co-investors or counterparties therein, or may be a portfolio company. Additionally, certain employees of Arlington have, or may in the future have, family members or relatives employed by, or own interests in, such advisors and/or service providers. This may influence the General Partner in deciding whether to select such a service provider for a Fund, or have other relationships with Arlington and/or a Fund, and may incentivize Arlington to engage such service provider over a third party and/or to utilize the services of such service providers and vendors more frequently than would be the case absent the conflict, or to pay such service providers and vendors higher fees or commissions than would be the case absent the conflict. There is the potential for Arlington to have a conflict of interest with a Fund if it were to recommend the retention or continuation of a service provider to a Fund or a portfolio company, given the possibility that such recommendation, for example, could be motivated by a belief that the service provider will continue to invest in Arlington funds or will provide Arlington with information about markets and industries that Arlington or its affiliates operate in or may in the future invest in, will provide other services or benefits that are beneficial to Arlington or its affiliates or Arlington personnel, and/or financial sponsorship or events held by such service provider (for example, transaction closings and/or other related expenses including, outings, trips, informational summits or training events for Arlington employees or portfolio company personnel). Fees paid by a Fund or its portfolio companies to service providers and vendors do not offset or reduce the Management Fee payable by the limited partners of a Fund and are not otherwise shared with a Fund unless required by the Limited Partnership Agreement of such Fund. Notwithstanding the foregoing, investment transactions for a Fund that require the use of a service provider will generally be allocated to service providers where it is the judgment of the General Partner that selecting such service provider(s) is in the best interest of such Fund, in light of the facts and circumstances that exist at that time. The General Partner considers and has the discretion to weigh a variety of factors, such as other business a particular broker, dealer or investment bank has done or may do with Arlington and its affiliates (for example, identifying investment opportunities or potential investors or performing investment banking services which may relate to other Funds), when determining the fees paid to such service providers. Subject to certain restrictions, the General Partner, Arlington, the Funds, and the portfolio companies may engage common service providers from time to time. In such circumstances, there may be a conflict of interest between the General Partner or Arlington, on the one hand, and a Fund and/or portfolio companies, on the other hand, in determining whether to engage such service providers, including the possibility that the General Partner or Arlington will favor the engagement or continued engagement of such persons if it receives a benefit from such service providers, such

as lower fees, that it would not receive absent the engagement of such service provider by a Fund and/or the portfolio companies. In certain circumstances, advisors and service providers, or their affiliates, charge different rates or have different arrangements for services provided to the General Partner or its affiliates as compared to services provided to a Fund and/or the portfolio companies, which result in the General Partner or its affiliates receiving more favorable rates or arrangements with respect to services provided to it by a common service provider than those payable by a Fund and/or the portfolio companies, or the General Partner or its affiliates receiving a discount on services, the impetus of which may have been as a result of the volume of work given to the service provider by the General Partner or its affiliates (including such work performed on behalf of a Fund and its portfolio companies). In such circumstances the General Partner or its affiliates may be receiving a benefit that was derived, at least in part, by work paid for by a Fund, even though such Fund and/or its portfolio companies might receive a lesser, or no, discount. For example, both Arlington and a Fund may benefit from a discount from Arlington’s primary outside law firms for non-transactional work. Similarly, Arlington, the Funds, their portfolio companies and/or their affiliates may enter into agreements or other arrangements with service providers, vendors and other similar counterparties (whether such counterparties are affiliated or unaffiliated with Arlington) from time to time whereby such counterparty may charge lower rates and/or provide discounts or rebates for such counterparty’s products and/or services depending on certain factors, including without limitation, volume of transactions entered into and potential transactions to be entered into with such counterparty by Arlington, the Funds, their portfolio companies and/or their affiliates in the aggregate. Additionally, Arlington, the Funds, their portfolio companies and/or their affiliates will from time to time engage investment banks or other similar financial advisors in connection with specific projects. In most cases, the costs and expenses of these third parties will be borne (directly or indirectly) by the Funds and limited partners (and not Arlington). However, one of the tangible and/or intangible benefits from these relationships includes general referral of investment opportunities, which opportunities are likely at times to inure to the benefit of the Funds and/or Arlington (and not the parties bearing the cost of the particular engagement that created, enhanced or supported the underlying relationship that came to produce such opportunities in the first place). In addition, in connection with an actual or potential investment, Arlington may from time to time compensate an investment bank or other service provider in connection with their contributions to such investment, which such contributions may be indirect, qualitative and/or may include, consideration for potential future business opportunities. Such arrangements may or may not have been formalized with a written agreement. While any such payment is expected, in part or in whole, to be borne by a Fund, such arrangements may provide a benefit to other Funds and to Arlington itself, including by virtue of any goodwill generated between Arlington and such service provider, which could result in enhanced deal flow to such other Arlington funds which have not borne a portion of such fees paid to the investment bank. Arlington expects that it may in the future institute a program under which portfolio companies owned by the Funds would be given the option to participate in purchasing, vendor or similar arrangements with Arlington, its affiliates and/or other portfolio companies. Program participants would expect to receive discounts negotiated with various vendors and service providers on a group wide basis. Arlington would allocate any fees and/or third-party administration costs for such program among the relevant Funds and/or portfolio companies. In certain cases, such arrangements will involve the sharing of risk, such as under group insurance arrangements where deductibles are shared or calculated with regard to the group rather than individual insured parties. Arlington and its affiliates also might participate in the program in

exchange for an allocable portion of any such fees and/or costs, and receive similar benefits and discounts as the portfolio companies participating therein. No such amounts would offset or reduce the Management Fee. Arlington believes the potential for conflicts relating to such arrangements would be mitigated by the anticipated cost savings to portfolio companies (which would be expected to benefit the applicable Fund(s)) that would result if the rates for goods and services were discounted due to scale or relative to those widely available in the market. Arlington has incentives to use or to recommend products or services of one portfolio company to another, which generally will involve fees, commissions, servicing payments or other compensation. Potential conflicts of interest arise in making such recommendations, as Arlington has incentives to maintain goodwill between it and its former, existing and prospective portfolio companies, and as a result the products or services recommended may not necessarily be the best or lowest cost option. It is expected that Arlington, its affiliates and personnel and/or persons selected by them will receive the benefit of “friends and family” and similar discounts from portfolio companies owned by the Funds under which such portfolio companies make their goods and/or services available at reduced rates. To the extent that portfolio companies offer such discounts to customers other than Arlington and such persons as part of their standard commercial practices in an effort to expand their respective customer bases, Arlington believes that the potential for conflicts of interest relating to such discounts would be mitigated. Arlington, its affiliates and personnel generally refrain from requesting or negotiating for such discounts in the ordinary course. Discounted prices or better terms offered by a portfolio company to Arlington, any other portfolio company or third parties have the potential to affect the returns of the portfolio company. Although the Governing Documents generally contain broad exculpation and indemnification provisions, nothing in the Governing Documents, including such provisions, is intended to constitute a waiver, in the case of a limited partner of a Fund, of any non-waivable right of such limited partner under applicable law (including under the federal securities laws), and, in the case of the General Partners and their affiliates, constitute a waiver of any such person’s non-waivable duties under applicable law. The relevant liability standards under insurance coverage procured by Arlington are expected to vary by carrier, and such standards are expected to vary depending on, for example, coverage features or limitations then-available from the carrier at the time of insurance contract renewal. As a result, insurance coverages are expected to vary from relevant liability and/or indemnity standards in the Governing Documents. Investors generally will be responsible for insurance premiums, as set forth in the Governing Documents, regardless of whether the liability and/or indemnity standards in Arlington’s insurance coverage are higher or lower than that set forth in the Governing Documents. Advisory Committee Rights The Funds have each established an advisory committee, consisting of representatives of investors. A conflict of interest may exist when some, but not all, investors are permitted to designate a member to the advisory committee because those designating limited partners will, for instance, have greater information rights. Except where the Limited Partnership Agreement of such Fund specifically requires that a matter be brought to the advisory committee, the General Partner will have sole discretion to decide whether to present any potential conflict to the advisory committee. For example, the General Partner may disclose to a Fund’s advisory committee certain

actions or activities related to conflicts of interest or may seek the consent of the advisory committee in certain situations requiring consent of a client of a registered investment adviser under the Advisers Act. In the event that the General Partner consults with the advisory committee as to certain potential conflicts of interest (as has occurred in the past), it could be disadvantageous to the investors, including those investors who do not designate a member to the advisory committee. The advisory committee may form one or more subcommittees, any of which may be delegated the authority to approve any matter otherwise allocated to the full advisory committee (including, but not limited to, a conflicts committee) as a majority of its members (excluding observers) consider appropriate. Additionally, although Arlington has adopted policies and procedures designed to manage conflicts among Arlington funds, members of the respective advisory committees, such parties may, and at times do, have conflicts of interest that do not disqualify such members from voting or consenting to matters submitted to their advisory committees for consideration or review or otherwise acting in a manner that could adversely impact a Fund. For example, in a situation where Arlington arranges for a Fund to purchase an investment from, or sell an investment to, another Fund, if an advisory committee member has an interest in both Funds involved, such member may favor one Fund over the other, for example, if such member’s interests are more aligned with the Fund it favors. In addition, if the member has an interest unrelated to Arlington, it may not act in the best interest of the Fund that it represents. While it is possible Arlington may adopt policies or procedures to address such conflicts in the future, it has not done so to date and has no present plans to do so, and it may not be possible to eliminate such conflicts. Secondary Transferees In certain cases, Arlington will have the opportunity (but, subject to any applicable restrictions or procedures in the Limited Partnership Agreement of such Fund, no obligation) to identify one or more secondary transferees of interests in a Fund. In such cases, Arlington will not receive compensation for identifying such transferees, and will use its discretion to select such transferees based on suitability and other factors similar to those employed in selecting co-investors, and unless required by the Limited Partnership Agreement of such Fund, will determine in its sole discretion whether the opportunity to receive a transfer of Fund interests should be offered to one or more existing limited partners. Contractual Restrictions under M&A Documentation While Arlington has sought, and will continue to seek, to resist, mitigate and/or manage contractual restrictions requested by investment counterparties, non-competition undertakings and similar arrangements are becoming increasingly prevalent in M&A transactions. Any restrictions applicable to a Fund, whether arising under existing investment documentation or negotiated in future investment documents, may have adverse consequences, including, without limitation, limiting the Fund’s ability to invest in certain sectors and/or geographies. Further, Arlington may enter into one or more strategic relationships in certain regions or with respect to certain types of investments that, although intended to create additional opportunities for a Fund, may require the Fund to share such opportunities or otherwise limit the portion of an opportunity the Fund may pursue. In some cases, such arrangements may simultaneously benefit another Fund.

Conflicts Relating to Subscription Lines Arlington’s use of borrowing on behalf of a Fund presents potential conflicts of interest. In particular, Arlington may face competing incentives between repaying outstanding borrowings and retaining borrowed amounts for the benefit of the Fund. In circumstances where interest on such borrowings accrues at a rate lower than the Fund’s preferred return, Arlington will be incentivized to cause the Fund to borrow rather than to draw down capital commitments. Where the preferred return begins to accrue once capital contributions are due (regardless of when the Fund borrows, makes the relevant investment, or pays expenses) and ceases to accrue upon the return of such capital contributions, the use of borrowing to shorten the period between calling and returning capital may reduce the period during which the preferred return accrues. Accordingly, in circumstances where no preferred return is attributable to amounts borrowed in advance of, or in lieu of, calling capital, Fund-level borrowing will typically reduce the amount of preferred return to which limited partners would otherwise have been entitled if the General Partner had instead called capital. As a result, the General Partner may receive carried interest earlier than it would have absent such borrowing. In addition, where the Management Fee is calculated as a percentage of invested capital, a limited partner may be required to pay Management Fees on borrowed amounts used to fund investments that have not yet been realized, even though such amounts would not accrue preferred return as described above. The costs associated with establishing and/or maintaining a subscription line of credit are expected to be significant, and there can be no assurance that the benefits to limited partners will be commensurate with those costs. Any of the situations described in this section subjects Arlington and/or its affiliates to potential conflicts of interest. Arlington attempts to resolve such conflicts of interest in light of its obligations to its Funds and the obligations owed by Arlington’s advisory affiliates to investors in investment vehicles managed by Arlington, and attempts to allocate investment opportunities among a Fund, other Funds and such investment vehicles in a manner it believes to be fair and equitable to the Funds under the circumstances. To the extent that an investment or relationship raises particular conflicts of interest, Arlington will review the circumstances of such investment or relationship with a view to addressing and mitigating the potential for conflict. Where necessary, Arlington consults and receives consent to conflicts from an advisory committee consisting of limited partners of the relevant Fund(s) and such other investment vehicles.

Petershill does not have authority over the day-to-day operations of investment decisions of AME or its relying advisers as they relate to the Funds, although it has negotiated certain minority protection and consent rights in connection with its indirect investment in such relying advisers. Although it intends to maintain operations, strategy and investment decisions separate from Petershill, AME and its relying advisers generally will have incentives to conduct operations in a manner that benefits Petershill.

In addition, the Code requires such personnel to comply with procedures designed to prevent the misuse of, or trading upon, material non-public information. A copy of the Code will be provided to any limited partner or prospective limited partner of the Fund upon request to Brian Foist, Arlington’s Chief Compliance Officer and Chief Financial Officer, at (202) 337-7500. However, the Advisers reserve the right to refine and modify the Code and its other policies and procedures over time. No investor or prospective investor should invest with the Advisers on the basis of, or otherwise rely on, the provisions thereof, and any such refinements or modifications have the potential materially to affect the investments available to the Funds or the expenses borne thereby. Personal securities transactions by employees who manage client accounts are required to be conducted in a manner that prioritizes the client’s interests in client eligible investments. The Advisers and their affiliated persons may come into possession of material non-public or other confidential information about public companies which, if disclosed, might affect an investor’s decision to buy, sell or hold a security. Under applicable law, the Advisers and their affiliated persons would be prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any person, regardless of whether such person is a client of the Advisers. Accordingly, should the Advisers or any of their affiliated persons come into possession of material non-public or other confidential information with respect to any public company, the Advisers would be prohibited from communicating such information to clients, and the Advisers will have no responsibility or liability for failing to disclose such information to clients as a result of following their policies and procedures designed to comply with applicable law. Similar restrictions may be applicable as a result of the Advisers’ personnel serving as directors of public companies and may restrict trading on behalf of clients, including the Funds. Principals and personnel of the Advisers and their affiliates generally are expected to directly or indirectly own an interest in one or more Funds or certain co-investment vehicles. To the extent that co- investment vehicles exist, such vehicles are expected to invest based on a fixed percentage in one or more of the same portfolio companies as the Funds. Co-invest opportunities generally are also expected to be presented to certain affiliates of the Advisers, as well as thirdparty investors and other persons, and such co-investments may be effected through co-invest vehicles, directly in a particular portfolio company or through an intermediate entity in a portfolio company’s structure. Such co-investment opportunities generally will be allocated in the manner described under “Methods of Analysis, Investment Strategies and Risk of Loss.”

The Advisers and their affiliates, principals and personnel expect to carry on investment activities for their own account for personal or employee investment vehicles and, potentially, for family members, friends or others who do not invest in the Funds, as well as give advice and recommend securities to vehicles which may differ from advice given to, or securities recommended or bought for the Funds even though their investment objectives may be the same or similar. The operative documents and investment programs of certain vehicles sponsored by Arlington (the “Reference Funds”) generally restrict, limit or prohibit, in whole or subject to certain procedural requirements, investments of certain other vehicles in issuers held by such Reference Funds or may give priority with respect to investments to such Reference Funds. Some of these restrictions could be waived by investors (or their representatives) in such Reference Funds or be subject to limitations (e.g., by time or percentage of capital deployed). Each General Partner reserves the right to advance funds on behalf of a Fund and contribute such amounts to the relevant Fund as a special interim capital contribution for investment, to be redeemed at a later date. A yield amount in connection with such borrowing typically is borne by the relevant Fund, consistent with the Governing Documents. Similarly, Arlington or an affiliate is authorized to sign non-disclosure agreements or other deal documentation in view of future participation by one or more Fund(s), although this typically is done as a courtesy and without compensation from a Fund.

In such event, the Adviser will seek to select brokers on the basis of best price and execution capability. In selecting a broker to execute client transactions, the Advisers reserve the right to consider a variety of factors, including: (i) execution capabilities with respect to the relevant type of order; (ii) commissions charged; (iii) the reputation of the firm being considered; and (iv) responsiveness to requests for trade data and other financial information. The Advisers have no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular client transaction or to select any broker on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of the charges of eligible brokers and to reduce the expenses incurred for effecting client transactions to the extent consistent with the interests of such clients. Although the Advisers generally seek competitive commission rates, they may not necessarily pay the lowest commission or commission equivalent. Transactions may involve specialized services on the part of the broker involved and thereby entail higher commissions or their equivalents than would be the case with other transactions requiring more routine services. Consistent with the Advisers seeking to obtain best execution, brokerage commissions on client transactions are permitted to be directed to brokers in recognition of research or deal flow furnished by them, although the Advisers generally do not make use of such services at the current time. Such research services could include economic research, market strategy research, industry research, company research, fixed income data services, computer-based quotation equipment and research services and portfolio performance analysis. As a general matter, research provided by these brokers would be used to service each of the Advisers’ Funds. However, each and every research service may not be used for the benefit of each and every Fund managed by the Advisers, and brokerage commissions paid by one Fund may apply towards payment for research services that might not be used in the service of such Fund. Research services may be shared among the Advisers and their affiliates. The Advisers do not employ any agreement or formula for the allocation of brokerage business on the basis of research services; however, the Advisers in their discretion reserve the right to cause the Funds to pay such brokers a commission for effecting portfolio transactions in excess of the amount of commission another broker adequately qualified to effect such transactions would have charged for effecting such transactions. This generally arises where the Advisers have determined in good faith that such commission is reasonable in relation to the value of brokerage

and research services received. In reaching such a determination, the Advisers would not be required to place or attempt to place a specified dollar value on the brokerage or research services provided by such broker. The Advisers will periodically determine which brokers have provided research or deal flow that has been helpful in the management of the Funds. To the extent consistent with the Advisers’ goal to obtain best execution for the Funds, the Advisers reserve the right to seek to place a portion of the trades that they direct with the brokers who are identified through this process. To the extent that an Adviser allocates brokerage business on the basis of research services or deal flow, it expects to have an incentive to select or recommend broker-dealers based on the interest in receiving such research, deal flow, or other products or services, rather than based on its Funds’ interest in receiving most favorable execution. The Advisers do not anticipate engaging in significant public securities transactions; however, to the extent that the Advisers engage in any such transactions, any orders will be executed pro rata across the Fund making the investment, and within a reasonable amount of time of order receipt. To the extent that orders for the Funds are completed independently, the Advisers also reserve the right to purchase or sell the same securities or instruments for several Funds simultaneously. The Advisers are permitted, but are not obligated, to purchase or sell securities for several client accounts at approximately the same time. Such orders may be combined or “batched” to facilitate obtaining best execution and/or to reduce brokerage commissions or other costs. Batched transactions are executed in a manner intended to ensure that no participating Fund of the Advisers is favored over any other Fund. When an aggregated order is filled in its entirety, each participating Fund generally will receive the average price obtained on all such purchases or sales made during such trading day. To the extent such orders are not batched, they may have the effect of increasing brokerage commissions or other costs. In the Advisers’ private company securities transactions on behalf of the Funds, the Advisers reserve the right to retain one or more broker-dealers or investment banks, the costs of which will be borne by the relevant Fund and/or its portfolio companies. In determining to retain such parties, the Advisers reserve the right to consider a variety of factors, including: (i) capabilities with respect to the type of transaction being contemplated; (ii) commissions or fees charged; (iii) reputation of the firm being considered; and (iv) responsiveness to requests for information. As a result, although the Advisers generally will seek reasonable rates for such services, the market for such services involves more subjective evaluations than public securities brokerage transactions, and the Funds may not pay the lowest commission or fee for such services.

Each Fund generally will provide to each of its limited partners (i) annual GAAP audited and quarterly unaudited financial statements, (ii) annual tax information necessary for each limited partner’s tax return and (iii) at the time of delivery of the financial statements, reports providing a description of all investments held by the Funds and a narrative summary of the status of each such investment. In addition to the reporting provided to all investors, the Advisers expect to provide certain investors with additional or more frequent information that other investors will not receive (e.g., under a Side Letter or in response to diligence or other requests).

The Advisers rely on the “annual audit exemption” in the Custody Rule, which exempts an adviser to a limited partnership, limited liability company or other pooled investment vehicle from the requirement to provide notice to clients when the adviser opens an account with a qualified custodian on a client’s behalf, deliver quarterly account statements to investors, and arrange for an annual surprise examination of the vehicle’s assets, so long as the adviser requires the vehicle to be audited annually by an independent public accountant that is registered with the Public Company Accounting Oversight Board, in accordance with GAAP and distributes the audited financial statements to the investors in the vehicle within 120 days of the end of the fiscal year. In addition, upon liquidation of the fund, each Adviser must distribute such vehicle’s audited financial statements, also prepared in accordance with U.S. GAAP, to all limited partners (or member or other beneficial owners) promptly after the completion of such audit, a “liquidation audit.”

In the event that there is or may be a conflict of interest in voting proxies, the Proxy Policy provides that an Adviser may address the conflict using several alternatives, including by seeking the approval or concurrence of the Funds’ advisory committees on the proposed proxy vote or through other alternatives set forth in the Proxy Policy. Additionally, a Fund’s advisory committee is authorized to approve the Adviser’s vote in a particular solicitation. The Advisers do not consider service on portfolio company boards by Arlington personnel or their receipt of management or other fees from portfolio companies to create a material conflict of interest in voting proxies with respect to such companies. In addition, the Proxy Policy sets forth certain specific proxy voting guidelines followed by the Advisers when voting proxies on behalf of a Fund. If you would like a copy of the Adviser’s complete Proxy Policy or information regarding how the Advisers voted proxies for particular portfolio companies, please contact Brian Foist, the Arlington Chief Compliance Officer and Chief Financial Officer, at (202) 337-7500 and it will be provided to you at no charge.

This Part 2B (the “brochure supplement”) provides information about Matthew L. Altman that supplements Arlington Management Employees, LLC’s (the “Firm” or “Arlington”) Form ADV Part 2A (the “brochure”). Such brochure should have been provided to you prior to, or in conjunction with, this brochure supplement. Please contact Brian Foist, the Firm’s Chief Compliance Officer, at (202) 337-7500 if you have not received the Firm’s brochure or if you have any questions about the contents of this brochure supplement.

Item 2. Educational Background and Business Experience Matthew L. Altman, 51, joined Arlington in 2001 and is a member of the Firm’s Investment Committee. Mr. Altman shares overall responsibilities for all management and investment activities of the Firm. He has primary responsibility for Arlington’s healthcare investments and shares responsibility for the Firm’s A&D investments. Mr. Altman has closed LBOs, recapitalizations and growth equity investments representing approximately $3.0 billion in value during his 24-year career in private equity. His private equity experience encompasses a wide range of industries including healthcare services, aerospace, defense, industrial manufacturing, specialty distribution and media. Prior to joining Arlington, Mr. Altman worked at Stonington Partners, a $1.0 billion private equity fund established in 1994 by the principals of Merrill Lynch Capital Partners. His responsibilities at Stonington included originating and conducting due diligence of investment opportunities, structuring and negotiating transactions, arranging public and private debt financing, designing management incentive plans and participating in portfolio company management and realizations. Mr. Altman was also directly involved in the monitoring and realization of Merrill Lynch Capital Partners’ investments. Mr. Altman earned an M.B.A. from the Stanford Graduate School of Business and received a B.A. degree, summa cum laude, from Duke University in Economics. He currently serves on the Board of Directors of Afton Scientifics, AVS Bio, CBSET, Cordica Medical, Everest Clinical Research, Grand River Aseptic Manufacturing, Millstone Medical Outsourcing, and Riverpoint Medical, and previously served on the Board of Directors of Advanced Health Media, Avalign Technologies, Cambridge Major Laboratories, Chandler/May, Inc., Cherry Creek Radio, Consolidated Precision Products, Endeavor Robotics, Main Line Broadcasting, MB Aerospace Holdings, Micron Technologies, Molecular Products, New Vision Group, Ontario Systems, Tex Tech Industries, and United Flexible. Item 3. Disciplinary History There are no legal or disciplinary events to disclose with respect to Mr. Altman. Item 4. Other Business Activities Mr. Altman has engaged in, and in the future is expected to engage in, personal and family investment and advisory activities (collectively, “Personal Activities”), which activities include making investments unrelated to Arlington, its investment strategies and its advisory clients. Such Personal Activities may involve investments in, alongside or in partnership with individuals or entities, as applicable, which are not affiliated with Arlington or its advisory clients. Such investments may be in real estate, early-stage companies, credit and/or other types of assets or investment strategies that are generally unrelated to Arlington and its lines of business. For the avoidance of doubt, Mr. Altman’s Personal Activities do not, in the aggregate, materially interfere with his obligations to Arlington and its advisory clients. Item 5. Additional Compensation Mr. Altman does not receive any additional compensation that is required to be disclosed.

Item 6. Supervision As a Partner of Arlington, Mr. Altman is responsible for implementing and overseeing the investment strategy of the clients of Arlington. Mr. Altman is subject to the supervision of the Arlington Chief Compliance Officer and Chief Financial Officer, Mr. Brian Foist, with respect to compliance matters, but is not otherwise subject to the supervision of any other person. Mr. Foist can be reached at bfoist@arlingtoncap.com or (202) 337-7500.

PART 2B OF FORM ADV: BROCHURE SUPPLEMENT – Michael H. Lustbader Item 1 – Cover Page Michael H. Lustbader 7373 Wisconsin Avenue, Suite 2100 Bethesda, MD 20814 Tel. (202) 337-7500 Fax. (202) 600-3924 March 31, 2026

This Part 2B (the “brochure supplement”) provides information about Michael H. Lustbader that supplements Arlington Management Employees, LLC’s (the “Firm” or “Arlington”) Form ADV Part 2A (the “brochure”). Such brochure should have been provided to you prior to, or in conjunction with, this brochure supplement. Please contact Brian Foist, the Firm’s Chief Compliance Officer, at (202) 337-7500 if you have not received the Firm’s brochure or if you have any questions about the contents of this brochure supplement.

Item 2. Educational Background and Business Experience Michael Lustbader, 50, joined Arlington in 1999 and is a member of the Firm’s Investment Committee. Mr. Lustbader shares overall responsibilities for all management and investment activities of the Firm. Mr. Lustbader has primary responsibility for the Firm’s government services investments and shares responsibility for the Firm’s software and business services investments. He has 24 years of private equity and mergers and acquisitions transactional experience having been involved in approximately 50 transactions. Prior to Arlington, Mr. Lustbader worked at Lazard Frères & Co. in New York in the Telecommunications and Technology practice, where he focused on advising corporate clients on mergers and acquisitions. He has been responsible for all aspects of sourcing, evaluating, structuring and closing buyout transactions. Mr. Lustbader’s private equity experience includes outsourced business services, IT services and the A&D industry. Mr. Lustbader earned an A.B. degree, magna cum laude, from Harvard College with a major in Social Studies. He currently serves on the Board of Directors of Exostar, Integrated Data Services, Neumo, Pond & Company, TRP Infrastructure Services and Tyto Athene and previously served on the Board of Directors of Apogen Technologies, Avenu, BlueHalo, Centauri, CompuSearch Software Systems, ITI, J&J Worldwide MicroPact, Inc., Novetta Solutions, Polaris Alpha, SECOR International, SignalTree Solutions, Quantum Spatial and Zemax. Item 3. Disciplinary History There are no legal or disciplinary events to disclose with respect to Mr. Lustbader. Item 4. Other Business Activities Mr. Lustbader has engaged in, and in the future is expected to engage in, personal and family investment and advisory activities (collectively, “Personal Activities”), which activities include making investments unrelated to Arlington, its investment strategies and its advisory clients. Such Personal Activities may involve investments in, alongside or in partnership with individuals or entities, as applicable, which are not affiliated with Arlington or its advisory clients. Such investments may be in real estate, early-stage companies, credit and/or other types of assets or investment strategies that are generally unrelated to Arlington and its lines of business. For the avoidance of doubt, Mr. Lustbader’s Personal Activities do not, in the aggregate, materially interfere with his obligations to Arlington and its advisory clients. Item 5. Additional Compensation Mr. Lustbader does not receive any additional compensation that is required to be disclosed. Item 6. Supervision As a Partner of Arlington, Mr. Lustbader is responsible for implementing and overseeing the investment strategy of the clients of Arlington. Mr. Lustbader is subject to the supervision of the Arlington Chief Compliance Officer and Chief Financial Officer, Mr. Brian Foist, with respect

to compliance matters, but is not otherwise subject to the supervision of any other person. Mr. Foist can be reached at bfoist@arlingtoncap.com or (202) 337-7500.

PART 2B OF FORM ADV: BROCHURE SUPPLEMENT – Peter M. Manos Item 1 – Cover Page Peter M. Manos 7373 Wisconsin Avenue, Suite 2100 Bethesda, MD 20814 Tel. (202) 337-7500 Fax. (202) 600-3924 March 31, 2026

This Part 2B (the “brochure supplement”) provides information about Peter M. Manos that supplements Arlington Management Employees, LLC’s (the “Firm” or “Arlington”) Form ADV Part 2A (the “brochure”). Such brochure should have been provided to you prior to, or in conjunction with, this brochure supplement. Please contact Brian Foist, the Firm’s Chief Compliance Officer, at (202) 337-7500 if you have not received the Firm’s brochure or if you have any questions about the contents of this brochure supplement.

Item 2. Educational Background and Business Experience Peter Manos, 60, joined Arlington in 2002, and is a member of the Firm’s Investment Committee. Mr. Manos shares overall responsibility for all management and investment activities of the Firm. Mr. Manos has primary responsibility for Arlington’s A&D investments and shares responsibility for the Firm’s healthcare investments. Mr. Manos has over 28 years of private equity, public equity and mergers and acquisitions transactional experience and has completed 55 transactions in a variety of industries representing over $4.8 billion in aggregate enterprise value. Prior to Arlington, Mr. Manos co-founded Capitol Partners, a Washington, D.C.-based LBO firm focused exclusively on healthcare investments. Previously, Mr. Manos was a Vice President at The Carlyle Group where he was a member of the aerospace and defense group and a co-founder of the firm’s healthcare investment practice. Mr. Manos began his career as an investment banker at DLJ and later at Peers & Co. His private equity and transactional experience is complemented by his operating experience as co-founder and President of iFinance, Inc., a point-of-sale credit infrastructure company. Mr. Manos earned an M.B.A. from the Harvard Business School and received a B.A. degree from Stanford University with a major in English. He is currently on the Board of Directors of Keel, Kinetic Engine Systems, Qarbon Aerospace, Radius Aerospace, Stellant Systems Verus Aerospace, and Tex Tech Industries and previously served on the Board of Directors of Advanced Health, Avalign Technologies, Cambridge Major Laboratories, Chandler/May, Inc., Consolidated Precision Products, Endeavor Robotics, Forged Solutions Group, MB Aerospace, Molecular Products, Ontario Systems, Quantum Spatial, SECOR International, TSI Group, Inc. and United Flexible. Item 3. Disciplinary History There are no legal or disciplinary events to disclose with respect to Mr. Manos. Item 4. Other Business Activities Mr. Manos has engaged in, and in the future is expected to engage in, personal and family investment and advisory activities (collectively, “Personal Activities”), which activities include making investments unrelated to Arlington, its investment strategies and its advisory clients. Such Personal Activities may involve investments in, alongside or in partnership with individuals or entities, as applicable, which are not affiliated with Arlington or its advisory clients. Such investments may be in real estate, early-stage companies, credit and/or other types of assets or investment strategies that are generally unrelated to Arlington and its lines of business. For the avoidance of doubt, Mr. Manos’ Personal Activities do not, in the aggregate, materially interfere with his obligations to Arlington and its advisory clients. Item 5. Additional Compensation Mr. Manos does not receive any additional compensation that is required to be disclosed.

Item 6. Supervision As a Partner of Arlington, Mr. Manos is responsible for implementing and overseeing the investment strategy of the clients of Arlington. Mr. Manos is subject to the supervision of the Arlington Chief Compliance Officer and Chief Financial Officer, Mr. Brian Foist, with respect to compliance matters, but is not otherwise subject to the supervision of any other person. Mr. Foist can be reached at bfoist@arlingtoncap.com or (202) 337-7500.

PART 2B OF FORM ADV: BROCHURE SUPPLEMENT – David C. Wodlinger Item 1 – Cover Page David C. Wodlinger 7373 Wisconsin Avenue, Suite 2100 Bethesda, MD 20814 Tel. (202) 337-7500 Fax. (202) 600-3924 March 31, 2026

This Part 2B (the “brochure supplement”) provides information about David C. Wodlinger that supplements Arlington Management Employees, LLC’s (the “Firm” or “Arlington”) Form ADV Part 2A (the “brochure”). Such brochure should have been provided to you prior to, or in conjunction with, this brochure supplement. Please contact Brian Foist, the Firm’s Chief Compliance Officer, at (202) 337-7500 if you have not received the Firm’s brochure or if you have any questions about the contents of this brochure supplement.

Item 2. Educational Background and Business Experience David Wodlinger, 46, joined Arlington in 2006 and is a member of the Firm’s Investment Committee. Mr. Wodlinger shares overall responsibility for all management and investment activities of the Firm. Mr. Wodlinger has primary responsibility for Arlington’s investments in the government contracting, technology-enabled business services and software and IT services sectors. Prior to Arlington, Mr. Wodlinger worked in Deutsche Bank’s Financial Sponsors Group in New York. While at Deutsche Bank, Mr. Wodlinger worked on the origination, diligence, structuring, and financing of leveraged buyouts, including Blackstone’s acquisition of New Skies Satellites, Kelso’s acquisition of Insurance Auto Auctions, Hicks Muse’s acquisition of Swett & Crawford, and Carlyle, CD&R, and Merrill Lynch Private Equity’s $15.0 billion buyout of Hertz. Since joining Arlington, Mr. Wodlinger has completed more than 40 acquisitions including BlueHalo, Cambridge Major Labs, Centauri, Compusearch Software Systems, Micron Technologies, Novetta Solutions, Polaris Alpha, Quantum Spatial and Systems Planning and Analysis. Prior to Deutsche Bank, Mr. Wodlinger worked as a management consultant focused on the U.S. Intelligence Community. Mr. Wodlinger earned an A.B. degree in Economics, cum laude, from Georgetown University. He currently serves on the Board of Directors at AeroVironment, Inc., GRVTY, and Systems Planning and Analysis. David previously served on the Board of Directors of BlueHalo, Cambridge Major Labs, Centauri, Eqlipse Technologies, Micron Technologies, Novetta Solutions, Polaris Alpha, and Quantum Spatial. Item 3. Disciplinary History There are no legal or disciplinary events to disclose with respect to Mr. Wodlinger. Item 4. Other Business Activities Mr. Wodlinger has engaged in, and in the future is expected to engage in, personal and family investment and advisory activities (collectively, “Personal Activities”), which activities include making investments unrelated to Arlington, its investment strategies and its advisory clients. Such Personal Activities may involve investments in, alongside or in partnership with individuals or entities, as applicable, which are not affiliated with Arlington or its advisory clients. Such investments may be in real estate, early-stage companies, credit and/or other types of assets or investment strategies that are generally unrelated to Arlington and its lines of business. For the avoidance of doubt, Mr. Wodlinger’s Personal Activities do not, in the aggregate, materially interfere with his obligations to Arlington and its advisory clients. Item 5. Additional Compensation Mr. Wodlinger does not receive any additional compensation that is required to be disclosed. Item 6. Supervision As a Partner of Arlington, Mr. Wodlinger is responsible for implementing and overseeing the investment strategy of the clients of Arlington. Mr. Wodlinger is subject to the supervision of

the Arlington Chief Compliance Officer and Chief Financial Officer, Mr. Brian Foist, with respect to compliance matters, but is not otherwise subject to the supervision of any other person. Mr. Foist can be reached at bfoist@arlingtoncap.com or (202) 337-7500.