Symphony Technology Group, LLC: investment adviser

(collectively with Fund IV AIV, “Fund IV”); and STG ST, L.P. (“STG ST” and together with Fund III, Fund IV and any other parallel or alternative investment vehicle formed in connection with the foregoing, collectively, the “Funds” and each a “Fund”). Each Fund is affiliated with a general partner which has the authority to make investment decisions on behalf of the applicable Fund. STG III GP, L.P. (“General Partner III”), a Delaware limited partnership formed in 2007, is the general partner of Fund III; STG IV GP (Cayman), L.P. (“General Partner IV AIV”), a Cayman Islands exempted limited partnership formed in 2018, is the general partner of Fund IV AIV; STG IV GP, L.P. (“General Partner IV”), a Delaware limited partnership formed in 2011, is the general partner of Fund IV; and STG ST GP, L.P. (“STG ST GP”), a Delaware limited partnership formed in 2020, is the general partner of STG ST. Each of General Partner III, General Partner IV, General Partner IV AIV, and STG ST GP (each, a “General Partner” and collectively, the “General Partners”) is subject to the Advisers Act pursuant to and in reliance upon the Management Company’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which collectively operate as a single advisory business together with the Management Company. Pursuant to each Fund’s agreement of limited partnership (each, a “Partnership Agreement”, and together with a Fund’s memorandum, the “Governing Documents”) and to management agreements (each, a “Management Agreement”) between the Management Company, each General Partner and each Fund, each General Partner has delegated day-to-day investment advisory responsibility for each Fund to the Management Company. Each Fund invests through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” Symphony’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating investments, managing and monitoring investments and achieving dispositions for such investments. Investments are made predominantly in non-public companies, although investments in public companies are permitted. When investing in portfolio companies, the senior principals (the “Principals”) or other personnel of the Management Company generally serves on such portfolio companies’ respective boards of directors or otherwise acts to influence control over management of portfolio companies held by a Fund. Symphony is not making new platform investments and the Funds are being managed in wind down.

The advisory services provided by the Management Company and the General Partners for the Funds are detailed in each Fund’s private placement memorandum, management agreement and/or Partnership Agreement and are further described in Item 8, below. Investors in a Fund (generally referred to herein as “investors” or “limited partners”) participate in such Fund’s overall investment program but may be excused from a particular investment due to legal, regulatory or other applicable constraints; for the avoidance of doubt, such arrangements generally do not and will not create an adviser-client relationship between Symphony and any investor. Each Fund or its General Partner generally enter into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights under, altering or supplementing the applicable Partnership Agreement, including providing informational rights, addressing regulatory matters or varying fees and carried interest, with respect to such investors. Side Letter rights, benefits or privileges are not always made available to all investors, nor are they required to be disclosed to all investors, consistent with the Governing Documents and general market practice. The Management Company’s principal owner is Dr. Romesh Wadhwani. STG Partners Affiliation STG Partners LLC (“STG Partners”) was founded in 2017 and serves as the investment manager of several private investment funds and co-investment vehicles (collectively, the “STG Funds”). STG Partners was formed to succeed the Management Company and is led by William Chisholm. The Management Company and STG Partners have different ownership, but have significant overlap with regard to advisory personnel, investment strategy and processes. Under an investment management agreement, members of STG Partners provide services to Symphony, the Symphony Funds and portfolio companies of the Symphony Funds.

The amount of Management Fees generally will not correspond with fluctuations in the net asset value of the individual investment and will not be reduced in connection with any write-downs, except if the investment has been permanently written off. A permanent write-down determination is made in the discretion of the valuation committee in accordance with the Partnership Agreement and Symphony’s valuation policy. Except where the Partnership Agreement expressly provides to the contrary, Management Fees will not be reduced (in whole or in part) in the case of partial distributions (e.g., those resulting from a dividend recapitalization), partial sales, reorganizations, restructurings, rollover of an investment or similar transactions, in each case in circumstances that do not result in

the complete disposition of STG ST’s interest therein, and even in cases where the value of the Fund’s investment or ownership percentage in the portfolio company has been reduced as a result of such transaction. In addition, Management Fees generally will not be reimbursed or refunded under the Partnership Agreement in the event of realizations, dispositions or partial write-downs that occur partway through the relevant calculation period. Further, where there has been a partial disposition or permanent write-down of the Fund’s investment and the fair market value of the investment following such event exceeds the total amount of the Fund’s investment contributions relating to the investment, the Partnership Agreement does not require Management Fees to be reduced. The Management Fee base includes capitalized transaction-specific expenses of the unrealized investment, which poses a conflict of interest in that the inclusion of such fees and expenses results in a higher Management Fee than if such transaction fees and expenses were not capitalized into the asset base. Symphony and/or its affiliates receive additional compensation and reimbursement of certain expenses in connection with management and other services performed for portfolio companies of a Fund to the extent provided by the applicable Partnership Agreements. Investors in the Funds also bear certain expenses. A summary of each Fund’s fees and expenses follows, but investors should review the applicable Fund’s Partnership Agreement for details regarding that Fund’s fee structure and expenses. Terms not defined herein are defined in the applicable Partnership Agreement. Carried Interest Each Fund’s General Partner generally is entitled to receive a carried interest with respect to such Fund’s realized profits, as more fully described in the applicable Partnership Agreement, provided that, solely in the case of Fund IV, General Partner IV generally will be entitled to receive a carried interest with respect to Fund IV’s realized profits in excess of a preferred return and subject to a catch-up provision, as more fully described in Fund IV’s Partnership Agreement. The carried interest distributed to a General Partner is subject to a potential giveback at the end of a Fund’s life and, in the case of Fund IV, at other specified times, if such General Partner has received excess cumulative distributions. Other Information Symphony is permitted to exempt certain investors in a Fund from payment of all or a portion of Management Fees and/or carried interest, including Symphony, its affiliates and any other person designated by Symphony, such as “friends and family” of Symphony or its personnel, members of the Operations Group, service providers or other investors, in Symphony’s sole discretion. Symphony reserves the right to make any such exemption from Management Fees and/or carried interest by a direct exemption, a rebate by Symphony and/or its affiliates, or through other Funds which co-invest with a Fund. For example, in instances where a Symphony 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 with respect to such Fund (although such investors generally pay their pro rata share of certain Fund expenses). Additionally, to the extent permitted by the relevant Partnership Agreement, certain General Partners have the right to permit investors, affiliated with Symphony or otherwise, to invest through the relevant General Partner or other vehicles that do not bear Management Fees and/or carried interest

(although such investors generally pay their pro rata share of certain Fund expenses). In general, the Management Fee offsets described above apply only with respect to the Commitments of feepaying investors. Each Fund invests on a long-term basis. Accordingly, Management Fees and other fees are expected to be paid, except as otherwise described in the applicable Partnership Agreement, over the term of a Fund and investors generally are not permitted to withdraw or redeem interests in a Fund. Principals or other current or former employees of the Management Company or their affiliates generally 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 Symphony. Fund Expenses In addition to the Management Fee and carried interest payable to Symphony, each Fund bears certain expenses, which differs across Funds. As set forth in the applicable Partnership Agreement and subject to any limitations set forth therein, each Fund generally bears all expenses to the extent not paid by a portfolio company, including, without limitation: (i) all costs, expenses, liabilities and obligations attributable to acquiring, holding and disposing of such Fund’s investments (including travel and, where appropriate, meal and entertainment expenses, interest on money borrowed by such Fund or indebtedness entered into pending participation by a coinvestor in an investment, the Management Company or the General Partner on behalf of such Fund, registration expenses and brokerage, finders’, custodial and other fees), (ii) legal, accounting, auditing, insurance, litigation and indemnification costs and expenses, judgments and settlements, consulting (including operating partners), finders’, financing, appraisal, filing and other fees and expenses and compliance with any anti-money laundering rules and regulations, (iii) expenses of a Fund’s advisory board incurred in accordance with such Fund’s Partnership Agreement, (iv) all costs, expenses, liabilities and obligations incurred by such Fund, the General Partner or their affiliates relating to investment and disposition opportunities for such Fund not consummated (including legal, accounting, auditing, insurance, travel, consulting, finders’, financing, appraisal, filing, printing, real estate title and other fees and expenses; such expenses are hereinafter referred to as “Broken Deal Expenses”) whether undertaken prior to the initial closing date or otherwise, including for a potential secondary transaction, including Broken Deal Expenses relating to transactions that have been offered to co-investors, (v) all out-of-pocket fees and expenses incurred by such Fund, the General Partner or their affiliates in connection with any conference or meeting of the limited partners and related meal and entertainment expenses, (vi) any taxes, fees and other governmental charges levied against such Fund, (vii) any private placement or finders’ fees and expenses paid to third parties in connection with the organization and funding of such Fund, (viii) costs and expenses that are classified as extraordinary expenses under U.S. GAAP, and (ix) a portion of certain organizational expenses. As a general matter, Broken Deal Expenses and other expenses relating to the diligence or evaluation of a prospective investment are allocated among the 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. Each Fund also generally will bear the costs of implementing, monitoring and complying with investment guidelines and directives relating to the Fund’s

strategy, including in Side Letters relating thereto, including software used to monitor side letter compliance, and (where applicable) environmental, social, governance and other standards to which the relevant General Partner has committed in making investments on behalf of the Fund. Additionally, subject to the relevant Partnership Agreement, a Fund typically will bear certain unreimbursed expenses of portfolio companies and intermediate holding vehicles through which the Fund invests. The Funds generally are not responsible for Symphony’s expenses in connection with maintaining and operating its offices (such as compensation of their employees, rent, utilities and general office expenses except such amounts included as Fund expenses in the relevant Partnership Agreement, including operating partner compensation and expenses). To the extent brokerage fees are incurred, they will be incurred in accordance with the general practices set forth in “Brokerage Practices.” The Funds also bear expenses indirectly to the extent a portfolio company pays expenses, including expenses of Symphony and/or its affiliates; 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. Symphony reserves the right to agree with joint venture or similar partners, service providers, 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 interest granted in the relevant investments or related intermediate entities. While such an arrangement could be more 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 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. As is typical for private equity funds, the Funds likely bear additional and greater expenses, directly or indirectly, than many other pooled investment products, such as mutual funds, and there can be no assurance that the benefits to investors will be commensurate with such expenses. Symphony generally has discretion over whether to charge transaction fees, monitoring fees or other compensation to a portfolio company and, if so, the rate, timing and/or amount of such compensation. The receipt of such compensation may give rise to potential conflicts of interest between the Funds, on the one hand, and Symphony on the other hand. Operating Partners Additionally, as further described herein and in the applicable Memorandum and/or Partnership Agreement of each Fund, it is Symphony’s practice to retain certain operating partners (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 or certain current or prospective portfolio companies in which one or more Funds invest or may invest. Such operating partners generally provide services in relation to the identification, acquisition, holding, improvement and disposition of portfolio companies, including operational aspects of such companies, and also provide board of director and/or management services to portfolio companies. In certain circumstances, these services also include serving in management or policy-making positions for portfolio companies. Operating partners receive compensation, including, but not limited to, cash fees, retainers, discretionary bonuses (whether or not based on pre-determined milestones), co-investment opportunities (including in portfolio companies in which they are not involved), transaction fees, a profits, participation or equity interest in a portfolio company or

holding company, profits or equity interests in one or more Funds or General Partners, remuneration from Symphony (for which Symphony may be reimbursed by the applicable portfolio company) and/or its Funds or affiliates or other compensation, which typically are 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 partners, a percentage of the value of the portfolio company, the invested capital exposed to such portfolio company, amounts charged by other providers for comparable services and/or a percentage of cash flows from such portfolio 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 partner compensation as well as fees, costs and expenses of structuring operating partner arrangements. Operating partners also generally will be reimbursed for certain travel and other costs in connection with their services. No such amounts will offset or reduce the Management Fee, and are not otherwise covered by the Management Fee. The use of operating partners subjects Symphony to conflicts of interest, as discussed in Item 8, below. Operating partners are not subject to the restrictions or provisions in the Governing Documents that relate to affiliates of Symphony (i.e., as noted above, Management Fees are not offset by amounts received by or on behalf of operating partners). Any determination to engage an individual as an operating partner, advisor or consultant rather than an employee is made by Symphony in its sole discretion. Allocation of Fees and Expenses In good faith and in its fair and reasonable discretion, the Management Company determines on a case-by-case basis whether an expense should be borne (in whole or in part) by the Management Company, a Fund, multiple Funds or a portfolio company. To the extent that the Governing Documents do not expressly provide for a method of allocation or to the extent that an invoice does not relate to a specific Fund, the Management Company will typically allocate common expenses among multiple Funds on a pro rata basis and in accordance with its policies and procedures on expense allocation, unless another method is more equitable. Where one or more Funds to which an expense would otherwise be allocable are not permitted to receive an allocation based on the applicable Governing Documents, the portion of the expense attributable to such Fund(s) will be borne by Symphony.

Management of multiple vehicles on a side-by-side basis has the potential to create conflicts of interest with regard to Symphony’s allocation of investment opportunities, expenses, time and attention of advisory personnel and consideration for certain transactions. Although Symphony generally makes new investments for a Fund with the same investment objectives only after a predecessor Fund is substantially invested or committed as more fully described in the applicable Fund’s Governing Documents, management of side-by-side Funds can create an incentive for Symphony or its personnel to favor a Fund in which Symphony or an affiliate has a greater financial interest. Additionally, to the extent that Symphony personnel are assigned varying percentages of carried interest from the Funds, such personnel are subject to potential conflicts of interest, to the extent they are involved in identifying investment opportunities as appropriate for Funds from which they are entitled to receive a higher carried interest percentage. The existence of performance-based compensation has the potential to create an incentive for a General Partner to make more speculative investments on behalf of a Fund than they would otherwise make in the absence of such arrangement, although Symphony 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 at the end of the relevant Fund’s life or at certain interim intervals.

The Funds may include alternative investment vehicles established from time to time 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. Alternative investment vehicle sponsors generally have limited discretion to invest the assets of these vehicles independent of limitations or other procedures set forth in the organizational documents of such vehicles and the Partnership Agreement of the related Fund. The Funds generally have a minimum investment amount of at least $2 million for thirdparty investors, which could be waived by the applicable General Partner. Fund interests are generally offered and sold to “qualified purchasers” as defined in the Investment Company Act (or qualified knowledgeable Symphony employees).

Each Fund’s portfolio companies typically have a strong existing franchise at the time of such Fund’s investment, including a recurring revenue base of sticky customers and leverageable intellectual property. Target businesses generally also have the potential for transformation, including cost transformation, innovation potential, and growth opportunities. Finally, target investments typically are valued at less than 1.25x revenue and/or less than 8x EBITDA. Post-closing, Symphony utilizes its expertise in order to attempt to simultaneously drive growth, innovation and cost transformation at its portfolio companies. Symphony proactively builds (where not already present) and partners with management teams to deliver increased value to clients, to retain the best talent and to improve business performance. Consistent with the above-described elements of its investment strategy, Symphony principally focuses on three different facets of each portfolio company: (1) growth through innovation; (2) cost transformation; and (3) financial engineering and effective deal structuring. Risks of Investment Each Fund and its investors bear the risk of loss that Symphony’s investment strategy entails. The risks involved with Symphony’s investment strategy and an investment in a Fund include, but are not limited to, those described below. Investors should review a Fund’s private placement memorandum for information regarding the risks specific to an investment in that Fund. Business Risks. Each Fund’s investment portfolio consists primarily of securities issued by privately held, unseasoned companies, and operating results in a specified period are difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses. Future and Past Performance. The performance of the Principals’ prior investments, and the performance of the Funds to date, if any, is not necessarily indicative of a Fund’s future results. While the General Partners intend for the Funds to make investments that have estimated returns commensurate with the risks undertaken, there can be no assurances that any targeted internal rate of return will be achieved. On any given investment, loss of principal is possible.

Investment in Junior Securities. The securities in which the Funds 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 the Funds’ investment once made. Concentration of Investments. Each Fund participates in a limited number of investments and intends to make most of its investments in one industry or one industry segment or within a short period of time. As a result, a Fund’s investment portfolio could become highly concentrated, and the performance of a few holdings or of a particular industry may substantially affect its aggregate return. Furthermore, to the extent that the capital raised is less than the targeted amount, the Fund may invest in fewer portfolio companies and thus be less diversified. 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, limited partners are required to bear Management Fees during the Fund’s investment period based on the entire amount of the limited partners’ Commitments as well as other expenses as set forth in the applicable Partnership Agreement. Illiquidity; Lack of Current Distributions. An investment in the Funds should be viewed as an illiquid investment. It is uncertain as to when profits, if any, will 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. Before such time, there may be no current return on the investment. Furthermore, the expenses of operating the Funds (including the Management Fee payable to a General Partner or an affiliate) may exceed its income, thereby requiring that the difference be paid from the Fund’s capital, including unfunded Commitments. Leveraged Investments. The Funds are permitted to make use of leverage by incurring or having a portfolio company or intermediate entity incur debt to finance a portion of their investment in a given portfolio company, including in respect of companies not rated by credit agencies. Leverage generally magnifies both a Fund’s opportunities for gain and its risk of loss from a 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), which state is difficult to accurately forecast, and at times it may be difficult to obtain or maintain the desired degree of leverage. The use of leverage by the Funds will also result in interest expense and other costs. The use of leverage also imposes restrictive financial and operating covenants on a company, in addition to the burden of debt service, and will constrain its ability to operate its business as desired and/or finance future operations and capital needs. The leveraged capital structure of portfolio companies will increase the exposure of a Fund’s investments to any deterioration in a company’s condition or industry, competitive pressures, an adverse economic environment or rising interest rates and could accelerate and magnify declines in the value of the Fund’s investments in the leveraged portfolio companies in a down market. These risks generally are expected to increase as interest rates risk, 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. In the event any portfolio company cannot generate

adequate cash flow to meet its debt service, the 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 limited or costly at the time a Fund determines that it is desirable to sell all or a part of a portfolio company, the Fund may not achieve an exit multiple or enterprise valuation consistent with its forecasts. Moreover, the companies in which the Funds invest generally will not be rated by a credit rating agency. The Funds are also permitted to borrow money or guaranty indebtedness (such as a guaranty of a portfolio company’s debt). The use of leverage by the Funds generally also will result in fees, interest expense and other costs to the Funds that may not be covered by distributions made to a Fund or appreciation of its investments. The Funds are permitted to incur leverage on a joint, several, joint and several or crosscollateralized basis with one or more other Funds and entities managed by the General Partners or any of their affiliates, 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 (including management, any roll-over investors and/or thirdparty co-investors) will not share in incurring such leverage and that a 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 Commitments made by the Fund’s investors and such investors’ contributions may be required to be made directly to the lenders instead of the Fund. Subscription Lines. Each Fund is generally permitted to enter into a subscription line with one or more lenders in order to finance its operations (including the acquisition of such Fund’s investments). Fund-level 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 such Fund fails to repay the amounts borrowed under a subscription line or experiences an event of default thereunder. Moreover, any limited partner claim against a Fund would likely be subordinate to such Fund’s obligations to a subscription line’s creditors. In addition, Fund-level borrowing will result in additional 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 relevant 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 applicable Fund’s cost of borrowing, Fund-level borrowing can negatively impact a limited partner’s overall individual financial returns even if it increases such Fund’s reported net returns in certain methods of calculation. 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 a Fund, impose

concentration or other limits on the Fund’s investments, limit the limited partners’ ability to use their interest in a Fund as collateral for other indebtedness, and/or impose financial or other covenants, that could affect the implementation of the Fund’s investment strategy. In addition, in order to secure a subscription line, the relevant General Partner is permitted to obtain certain financial information and other documentation from limited partners to share with lenders. The relevant General Partner will have significant discretion in negotiating the terms of any subscription line and may 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 a 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 at once to repay the-then current amount outstanding under a 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. A General Partner is authorized to use Fundlevel borrowing to pay Management Fees and to reimburse Symphony for expenses incurred on behalf of the relevant Fund. A Fund is also permitted to utilize Fund-level borrowing when the relevant 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 a 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. In borrowing on behalf of a Fund, relevant General Partner is subject to conflicts of interest between repaying such obligations and retaining borrowed amounts for the benefit of the Fund, and in circumstances where interest accrues on any such outstanding borrowings at a rate lower than the relevant Fund’s preferred return, is expected to have incentives to cause the Fund to borrow in this manner rather than drawing down capital commitments. Where a preferred return begins to accrue after capital contributions are due (regardless of when the Fund borrows, makes the relevant investment, or pays expenses) and ceases to accrue upon return of these capital contributions, the use of borrowing to shorten the period between calling and returning capital limits the amount of time the preferred return will accrue. In circumstances where there is not a preferred return on funds borrowed in advance or in lieu of calling capital, Fund-level borrowing typically will reduce the amount of preferred return to which the limited partners would otherwise be entitled had the General Partner called capital, and thus could result in the relevant General Partner receiving carried interest sooner than it would without borrowing. In addition, when the Management Fee is calculated as a percentage of invested capital, a limited partner is authorized 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. It is

expected that the costs relating to the establishment and/or maintenance of a subscription line of credit will be significant, and there can be no assurance that the benefits to limited partners will be commensurate with such costs. Early-Stage / Start-Up Investments. The Funds are authorized to make investments in start-up and early-stage companies, which have inherently greater risk than more established businesses. The growth of these companies may require significant time and effort resulting in a longer investment horizon than can be expected with lower risk investment alternatives. Such investments can experience failure or substantial declines in value at any stage. There is no assurance that such investments by the Funds will be successful. 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 funds of other sponsors, or makes a minority investment, the relevant portfolio company 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 the Funds or their limited partners. Such third parties may be in a position to take action contrary to a Fund’s business, tax or other interests, and a Fund may not be in a position to limit such contrary actions or otherwise protect the value of its investment. Limited Transferability of Fund Interests. There is no public market for Fund interests, and none is expected to develop. There are substantial restrictions upon the transferability of Fund interests under the Partnership Agreement and applicable securities laws. In general, withdrawals of Fund interests are not permitted. In addition, Fund interests are not redeemable. Restricted Nature of Investment Positions. Generally, there will is no readily available market for Fund investments, and hence, most of the Funds’ investments are difficult to value. Certain investments may be distributed in kind to the partners 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 Partnership Agreement, including the value used to determine the amount of carried interest available to the General Partner with respect to such investment. Reliance on the General Partner, STG Partners and Portfolio Company Management. Initially, a Fund has no operating history, and it is dependent on the General Partner. Control over the operation of the Funds will be vested with the General Partners (and currently with STG Partners pursuant to the investment management agreement), and the Funds’ future profitability depends largely upon the business and investment acumen of the Principals. The loss or reduction of service of one or more of the Principals could have an adverse effect on a Fund’s ability to realize its investment objectives. In addition, the Principals manage multiple Funds and the Principals may need to devote substantial amounts of their time to the investment activities of such other Funds, which may pose conflicts of interest in the allocation of the time of the Principals.

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 the Funds depends on the actions of the General Partners and/or STG Partners. In addition, certain changes in a General Partner or STG Partners or circumstances relating to a General Partner or STG Partners may have an adverse effect on a Fund or one or more of its portfolio companies including potential acceleration of debt facilities. Although STG Partners currently monitors the performance of each Fund investment, it is primarily 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 a Fund’s objectives. Projections. Projected operating results of a company in which the Funds invest normally will be based primarily on financial projections prepared by such company’s management, with adjustments to such projections made by Symphony 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. Limited partners may have conflicting investment, tax, and other interests with respect to their investments in a Fund, including conflicts relating to the structuring of investment acquisitions and dispositions. Conflicts may 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, a General Partner generally considers the investment and tax objectives of a Fund and its partners as a whole, not the investment, tax, or other objectives of any limited partner individually. Non-U.S. Investments. The Funds are permitted to 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 a 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 a Fund and/or the partners with respect to a Fund’s income, and possible non-U.S. tax return filing requirements for a Fund and/or the 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 Partnership Agreement provides for significant adverse consequences in the event a 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 limited partner may be forced to transfer its interest in the 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 the Fund, thereby diluting the interest of existing limited partners in such investments. Although any such new limited partner is required to contribute its pro rata share of previously made capital contributions, there can be no assurance that this contribution reflects the fair value of a Fund’s existing investments at the time of such contributions. General Partner’s Carried Interest. The fact that a General Partner’s carried interest is based on a percentage of net profits may create an incentive for the General Partner to cause the Fund to make riskier or more–speculative investments or to hold an investment longer than otherwise would be the case. Transfer by General Partner. To the extent a General Partner, its partners, the Principals and/or their respective affiliates commit to make a direct or indirect investment in or alongside 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 Partnership Agreement. Public Company Holdings. A Fund’s investment portfolio may contain securities and debt 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 greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such securities and debt at certain times, increased likelihood of shareholder litigation and insider trading allegations against such companies’ executives and board members, including the Principals, and increased costs associated with each of the aforementioned risks. Director Liability. A Fund often seeks 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 a Fund’s representatives, and ultimately the 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 a Fund’s investment activities. Uncertain Economic, Social and Political Environment. Consumer, corporate and financial confidence may be adversely affected by current or future tensions around the world, fear

of terrorist activity and/or military conflicts, localized or global financial crises or other sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. A climate of uncertainty may reduce the availability of potential investment opportunities, and increases the difficulty of modeling market conditions, potentially reducing the accuracy of financial projections. In addition, limited availability of credit for consumers, homeowners and businesses, including credit used to acquire businesses, in an uncertain environment or economic downturn may have an adverse effect on the economy generally and on the ability of a Fund and its portfolio companies to execute their respective strategies and to receive an attractive multiple of earnings on the disposition of businesses. This may slow the rate of future investments by such Fund and result in longer holding periods for investments. Furthermore, such uncertainty or general economic downturn may have an adverse effect upon such Fund’s portfolio companies. Financial Market Fluctuations. Turmoil such as that experienced by the U.S. and global financial markets as a result of bank failures in 2023, the 2019 novel coronavirus (“COVID 19”, together with any other similarly infectious diseases, each a “Pandemic”) and potential new Pandemics, the ongoing conflicts involving Russia and Ukraine and in Gaza, the stock market instability as a result of recent tariffs and such as markets endured during the global financial crisis of 2008, illustrates the risk that the financial markets can experience uncertainty, volatility and instability, potentially for protracted periods of time. Lending and the global credit markets can experience substantial volatility, disruption, liquidity shortages and to some extent financial instability. Global financial markets in the past have experienced considerable and prolonged declines in the valuations of equity and debt securities and periodic acute contraction in the availability of credit. These financial market fluctuations have the potential to adversely affect the value of a Fund’s portfolio companies and/or increase the risks inherent in a Fund’s portfolio companies. At times during the life of a Fund, the state of global credit markets, when coupled with uncertainty of the global financial system generally, can make it significantly more difficult to obtain favorable financing terms for its investments. There can be no assurances that conditions in the global financial markets will not worsen and/or adversely affect one or more of a Fund’s portfolio companies (including with respect to performing under or refinancing their existing obligations), its access to capital or leverage, its ability to effectively deploy its capital or realize investments on favorable terms or its overall performance. General fluctuations in the market prices of securities and interest rates have the potential to adversely affect the value of the Funds’ portfolio companies and/or increase the risk associated with the Funds’ portfolio companies. In particular, conditions in the credit markets could have a significant impact on the business of the Funds. The ability of companies, businesses, projects or assets to refinance debt depends, among other factors, on their ability to obtain financing, including by selling new debt in the high-yield debt or bank financing markets. Similarly, there can be no assurance that the Funds will not suffer material adverse effects from broad and/or rapid changes in market conditions in the future. The level of investment opportunities can decline from Symphony’s current expectations, making fewer investment opportunities available to the Funds (although, during a time of challenging market conditions, it is possible there could be opportunities to take larger positions in the transactions that do occur). Another possible consequence of a constrained credit market is that the Funds can take a longer

than anticipated period to invest capital, as a result of which, at least for some period of time, the Funds likely would be more concentrated in a limited number of investments than expected. Consequently, during this period, the returns realized by the Funds (and thus the investors, including the General Partners) can be substantially adversely affected by the unfavorable performance of a small number of these investments. Furthermore, market conditions can unfavorably impact a Fund’s ability to secure leverage on terms as favorable as more established borrowers in the market, or as those terms obtained during better market conditions or to obtain any leverage on commercially feasible terms. To the extent a Fund is able to secure financing for investments, increases in interest rates such as those recently experienced or in the risk spread demanded by financing sources make the partial financing of investments with indebtedness more expensive and could limit such Fund’s ability to structure and consummate its investments. Although Symphony believes at this time the continued unfolding of the credit cycle will result in attractive investment opportunities, it is possible it will not be able to manage the timing of the Funds’ investments in the most advantageous manner, which could result in further depreciation in values. A Fund’s investment strategy and the availability of opportunities satisfying a Fund’s risk-adjusted return parameters relies in part on the continuation of certain trends and conditions observed in the financial markets and in some cases the improvement of such conditions. Trends and historical events do not imply, forecast or predict future events, and, in any event, past performance is not indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by Symphony will prove correct, and actual events and circumstances have the potential to vary significantly. Receipt of Confidential and/or Material, Non-Public Information; Other Regulatory Restrictions. As a result of the operations of Symphony and its affiliates, Symphony may come into possession of confidential or material, non-public information. Therefore, Symphony 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 Symphony’s internal policies 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. Furthermore, to the extent not restricted by confidentiality requirements or applicable law, Symphony is permitted to apply experience and information gained in providing services to portfolio companies and other investments (which experience and information will likely be incurred at the cost of the Funds) to provide services to competing or other portfolio companies and investments of the Funds, which can have adverse consequences for the Funds. This conflict is mitigated insofar as the Funds are similarly likely to benefit from the experience and information gained in connection with other Funds’ provision of services to their portfolio companies. Similarly, anti-money laundering, anti-boycott, and economic and trade sanction laws and regulations in the United States and other jurisdictions may prevent Symphony 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 U.S. Department of Justice, and other U.S. and non-U.S. regulators and governmental bodies to challenge, impose conditions on, or reject certain transactions. In certain circumstances, antitrust restrictions relating to one Fund’s acquisition of a portfolio company may preclude other Funds from making an attractive acquisition or require one or more other Funds to sell all or a portion of certain portfolio companies owned by them. As a result of any of the foregoing, a Fund may be adversely affected because of Symphony’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 Symphony 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. CFIUS and National Security Clearance Considerations. Certain investments are expected be subject to or require review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”), such as where CFIUS-related laws, regulations or guidance deem non-U.S. persons or entities under their control (such as a Fund, co-investors and/or rollover sellers) to be acquiring a U.S. business (including a business with assets, employees, facilities, and/or operations in the United States). CFIUS has the authority to review proposed or existing transactions or investments or to seek to impose limitations on or prohibit investments, and CFIUS filings and other considerations can materially impact transaction timing, feasibility, certainty and costs. In certain circumstances, CFIUS considerations have the potential to prevent a Fund from maintaining or pursuing investments, or limit the universe of available buyers for an existing investment. Any of these factors have the potential to adversely affect a Fund’s performance, and the likelihood that CFIUS considerations will be implicated is expected to increase where non-U.S. limited partners comprise a substantial percentage of a Fund. Under the Governing Documents, the relevant General Partner generally is authorized, although not required, to excuse or otherwise limit non-U.S. limited partners’ ability to invest in U.S. businesses (or to exercise voting or advisory board rights with respect thereto) in order to anticipate or comply with CFIUS considerations. However, there can be no assurance that invoking any such excuse provisions or other limitations will allow a Fund to proceed with or maintain any investment, or to avoid losses relating thereto. Similar considerations are expected to apply with respect to reviews by non-U.S. national security or investment clearance regulators. Valuation of Investments. Valuation of certain of each Fund’s investments involves uncertainties and judgmental determinations. There is not expected to be an actively traded market for most of the securities owned by each Fund. When estimating fair value, the applicable General Partner will apply a methodology it determines to be appropriate based on accounting guidelines and the applicable nature, facts, and circumstances of the respective investments. 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 and may differ from the prices at which such securities ultimately may be sold. Accordingly, certain investments may be difficult to value and may be subject to varying interpretations of value. The exercise of discretion in valuation by the applicable 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. The applicable General Partner may rely on the advice of brokers, custodians, accountants, appraisers, administrators, independent consultants, professional advisors, or pricing services in connection with such determination of the value of a Fund’s assets and liabilities. Generally, the General Partner will determine the value of all such Fund’s investments for which market quotations are available based on publicly available quotations. However, market quotations will not be available for virtually all of a Fund’s investments because, among other things, the securities of portfolio companies held by the Fund generally will be illiquid and not quoted on any exchange. Each General Partner will determine the value of all a Fund’s investments that are not readily marketable based on an analysis of various data points using a combination of the following valuation methods: public company comparable multiples, precedent transaction comparable multiples, and discounted cash flows analysis. A third-party valuation firm generally performs year-end valuations in collaboration with Symphony. There can be no assurance that the General Partners will have all the information necessary to make valuation decisions in respect of these investments, or that any information or valuations 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 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 Fund’s investment portfolios and risks, and may also affect the diversification and management of the Fund’s portfolio of investments. Due to a wide variety of market factors and the nature of certain investments to be held by a Fund, there is no guarantee that the value determined by the applicable General Partner will represent the value that will be realized by a Fund on the eventual disposition of the investment. Moreover, the valuations to be performed by the applicable General Partner may be inherently different from the valuation of a Fund’s investments in the event such Fund were forced to liquidate all or a significant portion of its investments, for which a liquidation valuation could be materially lower. Cybersecurity Risks. Recent events have illustrated the ongoing cybersecurity risks to which operating companies are subject, particularly operating companies in historically vulnerable industries such as the food services and retail industries. To the extent that a portfolio company, Fund, General Partner, Symphony or one or more of their respective service providers is subject to cyber-attack or other unauthorized access is gained to their systems, substantial losses may occur in the form of stolen, lost or corrupted: (i) data or payment information; (ii) financial information;

(iii) software, contact lists or other databases; (iv) proprietary information or trade secrets; or (v) other items. If technology systems are compromised, become inoperable for extended periods of time or cease to function properly, Symphony, the Funds and/or portfolio companies may incur significant time or expense to fix or replace them and to seek to remedy the effects of such issues. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in Symphony’s, the Funds’, portfolio companies’ and/or service providers’ operations, including the ability to make distributions to limited partners, and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). In certain events, a failure or deemed failure to address and mitigate cybersecurity risks may be the subject of civil litigation or regulatory or other action. The use of internet- or cloud-based programs, technologies and data storage applications generally heightens these risks, and the risks of attack are expected to be heightened in remote work environments. Any of such circumstances could subject a portfolio company, or the relevant Fund, to substantial losses, including losses relating to: misappropriation of assets, intellectual property or confidential information; corruption, deletion or destruction of data; physical damage and repairs to systems; reputational harm; financial losses from remedial actions; and/or disruption of operations. Third parties, including activist, criminal, nation-state or terrorist actors, may also attempt fraudulently to induce portfolio companies or their personnel to disclose sensitive information (including passwords) in order to gain access to data, accounts, funds or other assets, or otherwise to inflict harm. In addition, in the event that such a cyber-attack or other unauthorized access is directed at Symphony or one of its service providers holding its financial or investor data, Symphony, its affiliates or the Funds may also be at risk of loss. It is possible a third party with access to Symphony data will experience a data loss and fail to notify the Management Company within the required 72 hour notification provision, thereby causing risk to Symphony. Service providers of the Management Company, the Funds and/or their respective affiliates are subject to the same electronic information security threats as Symphony, the Funds and/or their respective affiliates. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its network, information relating to the transactions of a Fund and personally identifiable information of the investors may be lost or improperly accessed, used or disclosed. In such event, and despite Symphony’s best efforts to oversee such service providers, it is possible a service provider with access to sensitive investor information will fail to comply with Regulation S-P’s 72 hour notification provision. In such circumstances, despite Symphony’s due diligence and monitoring of service providers, it is possible that Symphony will not be notified of an applicable breach and therefore will fail to notify affected investors of a breach of sensitive customer information. Risks of Artificial Intelligence. The term “Artificial Intelligence” is used as a catch-all to encompass a wide spectrum of concepts with varying levels of risk. Such concepts range from data science on one end of the spectrum, through and including the simulation of human intelligence processes by machines on the other, including machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials (collectively, “AI”). AI, and its current and potential future applications including in the investment management and services industries, as well as the legal and regulatory frameworks within which AI operates, continue to rapidly evolve. The use of AI could exacerbate or create new and unpredictable risks to the business of Symphony, the Funds and their portfolio companies,

including by potentially significantly disrupting the markets in which each operates or increasing competition and regulation, which could materially and adversely affect the business, financial condition or results of operations of Symphony, the Funds and their portfolio companies. AI tools can yield inaccurate, ineffective, misleading, incomplete, biased, or otherwise flawed results, which may not be easily detectable despite efforts in place to mitigate such deficiencies. To the extent the Management Company and its employees use such results in conjunction with various factors in their decision-making, portfolio management or other business activities, such results could have a negative impact on Symphony or on the performance of a Fund and its portfolio companies, including operational inefficiencies, and competitive, brand or reputational harms. Such AI tools could also be used against the Management Company, a Fund or its portfolio companies in criminal or negligent ways, including for cyber attacks. Conversely, to the extent competitors of Symphony and its portfolio companies utilize AI more extensively than Symphony and its portfolio companies, there is a possibility that such competitors will gain a competitive advantage. Privacy and Data Protection Law Compliance Risk. The adoption, interpretation and application of consumer protection, data protection and/or privacy laws and regulations in the United States, Europe and other jurisdictions (“Privacy Laws”) could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and current and planned business activities of Symphony, the General Partner, 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, 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 Symphony, 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 Symphony, the General Partner, the Funds and/or their portfolio companies. Inflation. High rates of inflation and rapid increases in the rate of inflation are expected to have a significant impact (often a negative or adverse impact) on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country’s economy. Governmental efforts to curb inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have corresponding impacts (often negative) on the level of economic activity and also potentially result in market or financial sector uncertainty as a result of unintended consequences. Certain countries, including the U.S., have recently seen increased levels of inflation, and persistently high levels of inflation could have a material and adverse impact on a Fund’s investments and such Fund’s aggregated

returns. For example, if a company were unable to increase its revenue while the cost of relevant inputs were increasing, the company’s profitability would likely suffer. Likewise, to the extent a company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a company may see its competitors’ costs stabilize sooner or more rapidly than its own. Tariffs, to the extent imposed by the United States government on foreign nations and vice versa could cause inflation to rise in the United States and in countries in which portfolio companies operate, which could have negative effects on the Funds’ returns. See “Trade Policy Uncertainty and Supply Chain Disruptions” below for additional information regarding the effect of tariffs on the Funds. Trade Policy Uncertainty and Supply Chain Disruptions. Immediately upon assuming office in January 2025, President Donald J. Trump injected a high degree of uncertainty into the international trading system through a sweeping imposition of tariffs – both sector-specific and country-specific. The President has also imposed new tariffs or increased existing tariff rates on all imports of key commodities and has threatened to impose other tariffs on certain other countries and goods. U.S. trading partners have responded with significant tariffs and other countermeasures of their own and uncertainty has been increased given certain rapid changes in administrative approach. 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 a Fund and its portfolio companies. Political Activities. A portfolio company or its management or employees, 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. and/or non-U.S. jurisdictions with the intent of furthering its business interests or otherwise. Portfolio companies are not considered affiliates of Symphony under the Funds’ Governing Documents, and therefore such activities are not subject to relevant policies of Symphony and are expected to be undertaken by a portfolio company without the direction of Symphony. The interests advanced by a portfolio company through such activities will, in certain circumstances, not align with or could be adverse to the interests of other portfolio companies, the Funds and/or the investors. There can be no assurance that any such activities will be successful in advancing the interests of a portfolio company or otherwise benefit such portfolio company or the Funds. Political contributions made by the Firm’s professionals pursuant to its policies and procedures or valid exceptions made thereto, could present potential reputational or other risks to Symphony and/or its portfolio companies. Change of Law Risk. In addition to the risks regarding regulatory approvals, government counterparties or agencies have the discretion to implement, change or increase regulation of a portfolio company’s operations, or implement laws or regulations affecting the portfolio company’s operations, separate from any contractual rights a portfolio company can have. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations, including, for example, the possible

imposition or increase of taxes on income earned by or from a portfolio company or gains recognized by a Fund on its investment in such portfolio company, which could impact a portfolio company’s business. Prospective investors should also note that the outcome of elections over the past few years have created and can continue to create uncertainty with respect to legal, tax and regulatory regimes in which the Funds, the Firm and its affiliates, will operate. Any significant changes in, among other areas, economic policy (including with respect to interest rates and foreign trade), 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 their portfolio companies. U.S. Taxation of Carried Interest. U.S. federal income tax law treats certain allocations of capital gains to service providers by partnerships such as the Funds as short-term capital gain (taxed at higher ordinary income rates) unless the partnership has held the asset that generated such gain for more than three years. Additionally, Congress has considered proposed legislation that would treat certain income allocations to service providers by partnerships such as a Fund (including any carried interest) as ordinary income for U.S. federal income tax purposes that under current law are treated as an allocation of the partnership’s income (and which may be taxed at lower rates than ordinary income). Such rules, as well as any such legislation that may be enacted in the future, could apply to reduce the after-tax returns of individuals associated with a Fund, its General Partner, or Symphony who were or may in the future be granted direct or indirect interests in carried interest, which could make it more difficult for the relevant General Partner and its affiliates to incentivize, attract and retain individuals to perform services for a Fund. This creates potential incentives for Symphony to cause a Fund to hold investments for a longer period than would be the case if such greater-than-three-year holding period requirement did not exist. Conflicts of Interest Symphony and its related entities engage in a broad range of advisory and non-advisory activities, including investment activities for their own account and for the account of other Funds, and providing transaction-related, investment advisory, legal, management and other services to Funds, and portfolio companies. Additionally, it is expected that certain Principals of Symphony will devote a substantial amount of time to the management of STG Partners and related portfolio companies which may include portfolio companies that are the same as, or similar to, portfolio companies invested in by the Funds. Symphony will devote such time, personnel and internal resources as are necessary to conduct the business affairs of the Funds in an appropriate manner, as required by the relevant Partnership Agreement, although the Funds and their respective investments will place varying levels of demand on these over time. In the ordinary course of Symphony conducting its activities, the interests of a Fund likely will conflict with the interests of Symphony, one or more other Funds, portfolio companies or their respective affiliates. Certain of these conflicts of interest are discussed herein. As a general matter, Symphony will determine all matters relating to structuring transactions and Fund operations using its best judgment considering all factors it deems relevant, but in its sole discretion, subject in certain cases to the required approvals by the advisory boards of the participating Funds.

Except to the extent prohibited by the applicable Partnership Agreement, Symphony 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, performancebased compensation, founders’ equity or similar interests) relating thereto. Subject to any limitations imposed by the organizational documents and anti-“assignment” provisions of the Advisers Act, Symphony and its personnel are also permitted to offer, restructure and monetize interests in Symphony. In certain cases, Symphony will have the opportunity (but, subject to any applicable restrictions or procedures in the relevant Partnership Agreement, no obligation) to identify one or more secondary transferees of interests in a Fund. In such cases, Symphony will use its discretion to select such transferees based on suitability and other factors, and unless required by the relevant Partnership Agreement, will determine in its sole discretion whether the opportunity to receive a transfer of Fund interests should be offered to one or more existing Fund investors. Where multiple Funds invest at the same, different or overlapping levels of a portfolio company’s capital structure, there is a potential for 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 workout 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, the 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 Symphony in its sole discretion. Because of the different legal rights associated with debt and equity of the same portfolio company, Symphony may face a 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). Actions may be taken (or fail to be taken) by the relevant General Partner and its affiliates and related persons and the Funds that are adverse to a particular Fund. Conflicts may arise when 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 may result in differences in price, terms, leverage and associated costs. Where multiple Funds invest in the same company at different times, the first Fund to invest typically will bear a higher level of diligence and transaction fees, costs and expenses than later Funds; 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. Symphony reserves

the right from time to time to express inconsistent views of commonly held investments or of market conditions more generally. 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. For example, where two Funds share an investment, in the event one Fund does not have sufficient capital remaining to make a follow-on investment and the other one does, the other Fund is likely to make the entire investment (subject to limitations of its own such as concentration limits or available capital) which would dilute the Fund that is not making a follow-on investment and would cause the Fund with sufficient capital to potentially invest more than it otherwise ideally would have invested. 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 may be taken for one or more Funds that adversely affect other Funds. To mitigate such conflicts, Symphony reserves the right, for example, to involve independent third parties in the transaction, and/or negotiate each such transaction independently and ensure there is not a cross-conditioned closing of the two transactions, to ensure that the terms of each such transaction stand on their own merits and Symphony satisfies its duties to each Fund, or Symphony could elect to involve third parties in such transactions to validate the terms thereof (though there can be no assurance that Symphony will do so in every situation). In certain cases, Symphony has, and is permitted in the future, to provide an opportunity for limited partners to obtain liquidity with respect to all or a portion of their interests in a Fund, or with respect to their interests in particular portfolio companies, prior to the end of such Fund’s term. In such situations, Symphony typically expects to seek to raise capital from third parties as well as a Fund’s limited partners who directly or indirectly acquire interests in one or more portfolio companies from such Fund, including through the creation of a new investment fund or similar continuation vehicle which would be advised by Symphony, in which Symphony invests, and from which Symphony would receive fees and/or carried interest. Symphony is permitted, but will not be obligated, to offer Fund limited partners an opportunity to invest in the relevant continuation vehicle by “rolling” their interest in the Fund and/or the underlying portfolio companies. Symphony reserves the right to seek to require the new investors (including existing Fund limited partners) to make commitments to the continuation vehicle or a successor Fund advised by Symphony, which generally reduces the purchase price new investors are willing to pay for the Fund’s assets. There can be no assurance that any such transaction will accurately reflect the fair market value of the Fund assets being sold. Symphony or its affiliates also have the ability to invest in any such continuation vehicle, including, but not limited to, through a rollover of its existing ownership interest and/or carried interest entitlement, including on a taxfree basis. Symphony is expected to face conflicts of interest in such transactions including because Symphony and/or its affiliates will have the opportunity to earn additional management fees and/or receive additional carried interest (in addition to any carried interest earned as a result of the sale of one or more portfolio companies by the original Fund to such new continuation vehicle) and other economic benefits in respect of such transactions, and because new investors potentially will make investments in other Symphony vehicles. In addition, the terms of any continuation vehicle typically vary from those of an existing Fund, and any limited partners that “roll” their existing Fund interests will generally be subject to such new terms, which potentially will be less favorable. Symphony is also expected to face potential conflicts in determining to pursue such transaction as opposed to other liquidity alternatives, and in determining the terms and

eligible participants in connection with such transaction. Such transactions will likely present other additional inherent conflicts of interest. Subject to any relevant restrictions or other limitations contained in the Partnership Agreements of the Funds, Symphony will allocate fees and expenses in a manner that it believes in good faith is fair and equitable to its clients under the circumstances and considering such factors as it deems relevant, but in its sole discretion. In exercising such discretion, Symphony may be faced with a variety of potential conflicts of interest. As a general matter, Fund expenses typically will be allocated among all relevant Funds or co-invest vehicles eligible to reimburse expenses of that kind. In all such cases, subject to applicable legal, contractual or similar restrictions, expense allocation decisions will generally be made by Symphony using its best judgment, considering such factors as they deem relevant, but in their sole discretion. The allocations of such expenses may not be proportional, and any such determinations involve inherent matters of discretion, e.g., in determining whether to allocate pro rata based on number of Funds or co-invest vehicles receiving related benefits or proportionately in accordance with asset size. The Funds have different expense reimbursement terms, including with respect to Management Fee offsets, which may result in the Funds bearing different levels of expenses with respect to the same investment. As discussed in Item 5, above, Symphony, its personnel or its affiliates may provide certain services to a Fund portfolio company and, in general, any compensation received for such services and expense reimbursements related to such services do not offset such Fund’s Management Fee. Since Symphony is permitted to retain such fees, Symphony faces a potential conflict of interest when approving transactions that lead to such compensation and establishing the terms of such compensation. In many cases, such fees are expected to be based on enterprise value or other metrics relating to a portfolio company, and there can be no assurance that the amount of such fees charged will be proportional to the amount of hours of work performed on behalf of the portfolio company. As a result of the Funds’ controlling interests in portfolio companies, Symphony and/or its affiliates typically have the right to appoint board members (including current or former Symphony personnel or persons serving at their request), to such portfolio companies, 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 Symphony and/or its affiliates. Symphony and/or its affiliates may also, from time to time, employ or engage personnel with pre-existing ownership interests in portfolio companies owned by the Funds or other investment vehicles advised by Symphony. Additionally, Symphony and/or its personnel maintain relationships with (or may invest in) financial institutions or other service providers, some of which will invest (or will be affiliated with an investor) in, engage in transactions with and/or provide services (including services at reduced rates) to, Symphony 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 Symphony entities) to Symphony personnel and their estate planning vehicles. In addition, portfolio companies are expected from time to time pay certain fees to third party operating partners and consultants (including consultants introduced or arranged by Symphony that may regularly provide services to one or more Fund portfolio companies), and such fees will not offset the Management Fee as described herein. Operating partners are expected from time to time to include former employees of

Symphony or certain portfolio companies, and in some circumstances former operating partners are expected to become Symphony employees or employees of portfolio companies. Consequently, the determination of whether individuals are operating partners is expected to vary and/or be revisited from time to time, which poses potential conflicts of interest where certain changes in status or categorization would reduce costs that Symphony otherwise would be required to bear. Additionally, a portfolio company typically will reimburse Symphony or a service provider retained at Symphony’s discretion for expenses (including without limitation travel and meal expenses) incurred by Symphony or such service provider in connection with its performance of services for such portfolio company. This subjects Symphony 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. Symphony determines the amount of these reimbursements for such services in its own discretion, subject to internal reimbursement policies and practices. Although the amount of individual reimbursements typically is not disclosed to investors in any Fund, any fee paid or expense reimbursed to Symphony 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 conflicts of interest. In connection with its services to the Funds and their investments, Symphony, its affiliates and personnel expect to receive the benefit of certain tangible and intangible benefits. For example, in the course of Symphony’s operations, including research, due diligence, investment monitoring, operational improvements and investment activities, Symphony 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, “Symphony Information”). In many cases, Symphony Information will include tools, procedures and resources developed by Symphony to organize or systematize Symphony Information for ongoing or future use. Although Symphony expects its Funds and their portfolio companies generally to benefit from Symphony’s possession of Symphony Information, it is possible that any benefits will be experienced solely by other or future Funds or portfolio companies (or by Symphony and its personnel) and not by the Fund or portfolio company from which Symphony Information was originally received or derived. Symphony Information will be the sole intellectual property of Symphony and solely for the use of Symphony. Symphony reserves the right to use, share, license, sell or monetize Symphony Information, without offset to 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. 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, travel rewards, 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 terms are expected to vary from time to time, and any such rewards (whether or not de minimis or difficult to value) generally will inure to the benefit of the personnel participating in the rewards program, rather than the portfolio companies, the Funds or their respective investors; no such rewards will offset Management Fees.

Symphony generally exercises its discretion to recommend to a Fund or to a portfolio company thereof that it contract for services with (i) Symphony or a related person of Symphony (which may include a portfolio company of such Fund), (ii) an entity with which Symphony or its affiliates or current or former members of their personnel has a relationship or from which Symphony or its affiliates or their personnel otherwise derives financial or other benefit or (iii) certain limited partners or their affiliates. For example, Symphony may 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 subjects Symphony to conflicts of interest, because, although Symphony 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, Symphony may have an 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 Symphony, 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 Symphony), may favor such retention or continuation even if a better price and/or quality of service could be obtained from another person. Whether or not Symphony has a relationship 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. A portfolio company will on occasion provide goods or services to another portfolio company, and there can be no assurance that the terms of any such transactions will be the same as those that would be obtained in an arm’s-length transaction by such portfolio company on the open market. Symphony 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 to a portfolio company. Potential conflicts of interest arise in making such recommendations, as Symphony has incentives to maintain goodwill between it and its former, existing and prospective portfolio companies, and as a result it is possible the products or services recommended are not necessarily the best or lowest cost option. In most cases, the relevant Fund(s) will not consent, participate in the negotiations or be directly involved in such arrangements. In certain instances, a Fund’s portfolio company can compete with, be a customer of or be a service provider to, another Fund’s portfolio company. In providing advice to a portfolio company’s business, Symphony is not obligated to, and need not, take into consideration the interests of other relevant portfolio companies or Funds. As a result, a conflict of interest could arise in these instances because advice and recommendations provided by Symphony to a portfolio company could have adverse consequences to a competitor portfolio company owned by another Fund. For instance, a portfolio company can seek to expand its market share at the expense of another portfolio company, withdraw business from another portfolio company in favor of another company offering the same product or service at a lower price, increasing its own prices or commencing litigation against another portfolio company. Symphony, its affiliates, and equity holders, officers, principals and employees of Symphony and its affiliates may buy or sell securities or other instruments that Symphony has recommended to a Fund. The investment policies, fee arrangements and other circumstances of

these investments generally vary from those of any Fund. Employees and related persons of Symphony have, and are expected to continue to have, capital investments in or alongside certain Funds, or in prospective portfolio companies directly or indirectly, and therefore may have additional conflicting interests in connection with these investments. A Fund’s General Partner generally is permitted to receive a distribution in kind from the 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 contribution). 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 Symphony deems suitable for the Fund. Although the General Partner and its beneficial owners bear the risk that 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. Symphony and/or its affiliates from time to time enter 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 Symphony’s compensation), information rights, co-investment rights, rights to serve on the Fund’s advisory board, liquidity or transfer rights, confidentiality protections and disclosure rights, modification of default remedies, as well as economic procedural and other terms. Symphony 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 Symphony, 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 Symphony, its affiliates and personnel, or the Funds. Further, Side Letters may also relate to strategic relationships under which an investor agrees to make Commitments to multiple Funds. Except where required by Governing Documents, other investors will not receive copies of Side Letters or related provisions, and as a general matter, the other investors have no recourse against a Fund, Symphony, 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 Symphony to potential conflicts of interest, including in circumstances where an investor’s right to serve on the relevant Fund’s advisory board 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. 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, 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. Although Symphony believes it to be unlikely, excuse 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 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 for regulatory or other reasons can be limited in circumstances specified in the Governing Documents; conversely, a limitation on one or more limited partners’ voting rights generally will increase the voting rights percentage of other limited partners in the relevant 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. The relevant liability standards under insurance coverage procured by Symphony are expected to vary by carrier, and such standards are expected to vary from time to time 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 from time to time 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 Symphony’s insurance coverage are higher or lower than that set forth in the Governing Documents. Any of these situations subject Symphony and/or its affiliates to potential conflicts of interest. Symphony attempts to resolve such conflicts of interest in light of its obligations to investors in its Funds and the obligations owed by Symphony’s advisory affiliates to investors in investment vehicles managed by them, and attempts to allocate investment opportunities among a Fund, other Funds and such investment vehicles in a fair and equitable manner. Symphony believes that the significant investment of the Principals in each Fund, as well as the Principals’ interest in the carried interest, operate to align, to some extent, the interest of the Principals with the interest of each Fund’s limited partners, although the Principals have economic interests in other Funds and investments as well and may receive Management Fees and carried interests relating to such interests. In the event a conflict of interest arises, Symphony will attempt to resolve such conflict of interest in light of its obligations to Fund investors, and will attempt to allocate investment opportunities in a fair and equitable manner. Where necessary, Symphony may consult with and receive consent to conflicts from an advisory board consisting of certain Fund investors. Certain investments may be allocated among the Funds, in a manner as set forth in the applicable Partnership Agreements.

Pursuant to an investment management agreement, the Management Company receives services from employees of STG Partners, who also provide services to STG Partners, the STG Funds and their portfolio companies.

In addition, the Code requires Symphony 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 client or prospective client upon request to Symphony’s Chief Compliance Officer at (650) 935-9500. Personal securities transactions are required to be conducted in a manner that prioritizes the Funds’ (or any other client’s) interests in eligible investments. Symphony and its affiliated persons may come into possession, from time to time, of material, nonpublic 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, Symphony and its 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 Symphony. Accordingly, should Symphony or any of its affiliated persons come into possession of material, nonpublic or other confidential information with respect to any public or non-public company, Symphony would be prohibited from communicating such information to clients, and Symphony will have no responsibility or liability for failing to disclose such information to clients as a result of following their policies and/or procedures designed to comply with applicable law. Similar restrictions may be applicable as a result of Symphony personnel serving as directors of public companies and may restrict trading on behalf of clients, including the Funds.

Principals and employees of Symphony may directly or indirectly own an interest in one or more Funds, including in co-investment vehicles, in accordance with the Governing Documents. To the extent that co-investment vehicles exist, such vehicles may invest in one or more of the same portfolio companies as the Funds, subject to any limitations set forth in the applicable Partnership Agreements. With respect to Fund III, Symphony and its affiliates committed to invest, directly or indirectly, approximately 40% of Fund III’s aggregate Commitments. With respect to Fund IV, Symphony and its affiliates committed to co-invest an amount equal to 30% of the Fund’s aggregate Commitments. Each Fund’s Partnership Agreement generally limits the extent to which persons affiliated with Symphony and/or other investment vehicles managed by Symphony may invest in investments that are held, suitable for or being pursued by a Fund. However, as discussed in Item 8, above, Symphony, its Principals and employees may carry on investment activities for their own account and for family members, friends or others who do not invest in the Funds, and may 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.

In such event, Symphony will seek to select brokers on the basis of best price and execution capability. In selecting a broker to execute client transactions, Symphony may consider a variety of factors, including: (i) prompt execution of orders, (ii) the reliability, integrity, financial condition and execution capability of the firm being considered for effecting transactions in light of the size and difficulty of executing the order, (iii) the price and (iv) the capabilities of firms to supply research services. Symphony has 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 Symphony generally will endeavor to be aware of eligible brokers’ transaction fees and to reduce the expenses incurred for effecting client transactions to the extent consistent with the interests of such clients. Although Symphony generally seeks competitive commission rates, it will 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 Symphony seeking to obtain best execution, brokerage commissions on client transactions may be directed to brokers in recognition of research furnished by them, although Symphony generally does not make use of such services. As a general matter, any such research may be shared between the Management Company and its affiliates and may be used to service one or more of the Funds regardless of which Fund paid the brokerage commission being applied toward payment for such research services. There is no agreement or formula for the allocation of brokerage business on the basis of research services. To the extent that Symphony engages in any public securities transactions, orders for the purchase or sale of securities placed first will be executed first, and within a reasonable amount of time of order receipt. To the extent that orders for the Funds are completed independently, Symphony may also purchase or sell the same securities or instruments for several Funds simultaneously. From time to time, Symphony may, but is not obligated to, purchase or sell securities for several Funds 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 is favored over any other Fund.

Each Fund generally provides to its limited partners (i) on a quarterly basis (for the first three quarters of the fiscal year) unaudited financial statements and information regarding net Management Fee reductions and (ii) on an annual basis (A) audited financial statements, (B) tax information necessary for each limited partner’s tax return, (C) valuations of such Fund’s investments and (D) information regarding the aggregate amount of compensation paid by a Fund’s portfolio companies to Symphony and its affiliates as compensation for services provided in the ordinary course of business to such portfolio companies or by such persons as employees of such portfolio companies.

In addition, upon the final liquidation of a Fund, Symphony will obtain a final audit and distribute audited financial statements prepared in accordance with GAAP with respect to such Fund to all underlying limited partners promptly upon completion of the audit. Limited partners are encouraged to carefully review such financial statements. Symphony does not accept physical custody of Fund assets (other than certain privately offered securities to the extent permitted by the Advisers Act). Called capital is directly deposited or wired into the relevant Fund’s bank account maintained with a qualified custodian and public securities are held with broker-dealers or transfer agents who act as custodians for such securities. The Management Company receives monthly statements from each of its qualified custodians on behalf of the Funds. For more information about the Funds’ qualified custodians, please see Form ADV Part 1, Schedule D, Section 7.B.(1).

Symphony has appointed STG Partners and its personnel as managers of the Funds and their portfolio companies pursuant to an investment management agreement. In accordance therewith, STG Partners exercises discretionary authority over the investments on behalf of the Funds.

In these cases, the General Partners consider factors that could affect the value of the investment and will act in the manner that they believe maximizes the value of its long-term investment in portfolio companies. In practice, STG Partners would exercise any proxy votes on behalf of Symphony. Symphony has adopted Proxy Voting Policies and Procedures (the “Proxy Policy”) to address how it will vote proxies, as applicable, for the Funds’ portfolio companies. The Proxy Policy seeks to ensure that Symphony votes proxies (or similar instruments) in the best interest of the Funds, including where there may be material conflicts of interest in voting proxies. Symphony generally believes its interests are aligned with those of each Fund’s investors, for example, through the Principals’ beneficial ownership interests in such Fund and therefore will not seek investor approval or direction when voting proxies. In the event that there is or may be a conflict of interest in voting proxies, the Proxy Policy provides that Symphony may address the conflict using several alternatives set forth in the Proxy Policy. Additionally, a Fund’s advisory board may be authorized to approve Symphony’s vote in a particular solicitation. Symphony does not consider service on portfolio company boards by Symphony personnel or Symphony’s 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 Symphony when voting proxies on behalf of each Fund. Clients or prospective clients that would like a copy of the Proxy Policy or information regarding how Symphony voted proxies for particular portfolio companies should contact the Management Company’s Chief Compliance Officer, at (650) 935-9500, and such information will be provided free of charge.