Tiger Pacific Capital LP: investment adviser

Each Fund is managed pursuant to the objectives specified in the materials by which that Fund offers its ownership interests to investors (“Investors”). Tiger Pacific does not tailor its services to individual Investors in the Funds, nor do individual Investors have the right to specify, restrict, or influence the Funds’ investment objectives or any investment or trading decisions. Tiger Pacific’s advisory services to the Funds are detailed in the applicable investment management agreements, limited partnership or other operating agreements and/or other governing documents (together, the “Governing Documents”). As of December 31, 2025, Tiger Pacific managed approximately $1,855,940,621 (US) of regulatory asset under management on a discretionary basis. Tiger Pacific does not manage any assets on a non-discretionary basis.

The management fee is calculated at an annual rate, which ranges between three-fourths percent (0.75%) and one and three-fourths percent (1.75%) of the net asset value of the respective series, without accrual of any Performance Allocation not yet earned. For certain series, an amount equal to the Management Fees paid to the Investment Manager during that series’ performance period will be applied to reduce on a dollar-for-dollar basis (but not below zero) any Performance Allocations allocated to the General Partner for those series during such performance period. The management fee will be deducted directly from the capital account of an Investor. The management fee will be adjusted for contributions and withdrawals/redemptions made during the quarter. While management fees are not generally negotiable, Tiger Pacific in its sole discretion does, and reserves the right to in the future, from time to time waive or modify the management fee to certain Investors that are members, employees or affiliates of the Firm or relatives of

such persons and for certain large or strategic Investors, or Investors that meet certain requirements as outlined in the applicable Governing Documents. For a more detailed discussion on management fees, please see the relevant Fund’s offering memorandum. Other Expenses Any of the Funds will pay, or reimburse Tiger Pacific Partners LLC (the “General Partner”) or Tiger Pacific, for all costs, fees and expenses related to portfolio investments or prospective investments (whether or not consummated) of the Funds, such as the research, evaluation, acquisition, holding and disposition thereof and all third-party expenses in connection therewith (including, without limitation, expenses relating to proxies, underwriting and private placements, brokerage commissions, price validation and third-party valuation services, dealer spreads, interest on, and fees and expenses arising out of, debit balances or borrowings, dividends payable with respect to securities sold short, exchange, clearing fees, give-up and intermediation fees, clearing and settlement charges, as well as transaction fees and expenses relating to the foregoing, custodial fees, investment related travel and entertainment expenses in connection with investment activity, appraisal fees, investment banking expenses and professional investigatory services, fees and profit-sharing payments due to unaffiliated advisors, sub-advisors and consultants, finders and service companies, risk monitoring expenses, specific expenses incurred in obtaining or maintaining systems, research and other trading costs (including market data expenses), costs and expenses relating to the Fund’s regulatory compliance, including, without limitation, costs of compliance programs, examinations, regulatory inquiries and regulatory filings (including legal, regulatory or compliance fees and expenses of the General Partner, Tiger Pacific and any of their respective affiliates in connection with ongoing compliance, filing and reporting obligations under Advisers Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), “blue sky” laws or any other applicable laws, which obligations pertain to the Funds’ holdings, Investors, counterparties, risk systems and operations (e.g., Form PF), order management systems, information and information service subscriptions utilized with respect to the Fund’s investment program, including phone and internet charges, any tax-related structuring or legal fees and expenses incurred, any withholding, transfer or other taxes imposed on any of the Funds, and expenses related to organizing any alternative investment vehicle through which investments may be made and other execution and transaction costs), to the extent that such costs, fees and expenses are not reimbursed by a third-party. Each of the Funds will also pay, or reimburse the General Partner and/or Tiger Pacific, all other operating fees and expenses or out-of-pocket costs of the administration of the Funds, including, without limitation, ongoing offering fees and expenses, accounting (including expenses associated with the preparation of the Fund’s financial statements and tax returns, and any other tax information relating to the Funds), audit, administration and legal expenses, costs of any litigation or investigation involving Fund activities, indemnification payments, costs associated with meetings of Investors, reporting, providing and mailing information to existing and prospective Investors, costs associated with maintaining insurance to protect the Fund, Tiger Pacific or any other covered person from liabilities to third parties in connection with the Fund’s affairs (including liability premiums), taxes and other governmental charges, fees and duties payable by the Fund, damages incurred by the Fund or any covered person, extraordinary fees and expenses, if any, and costs of winding up and liquidating the Fund. Such costs will include the Fund’s allocable share of the fees and expenses of any third-party providers of “back office” and “middle office” services relating to trade settlement, and accounting and related operations for the Fund. For a more detailed discussion of brokerage and transaction costs, Investors are directed to “Item 12: Brokerage Practices.”

The Performance Allocation with respect to Series 5 Interests will be calculated and charged over two calendar year periods based on the relevant Series 5 Investors’ subscription date and will be subject to a clawback clause. In general, the clawback for Series 5 Investors is the performance allocation of the first year (after deduction of a tax distribution) that may be credited back to the Investors in the subsequent year in an event there are losses in the subsequent year. The Performance Allocation for Series 1 or 30 Shares is equal to the excess, if any, of (i) 30% of the Series 1 or 30 alpha for the current performance period, over (ii) the sum of (A) the aggregate amount of management fees that such Series 1 or 30 limited partner paid in respect of its Series 1 or 30 Interests during the applicable performance period, plus (B) any applicable Management Fee Carryforward (as defined below). A Series 1 or 30 limited partner’s “Management Fee Carryforward” means the excess (if any) of the aggregate amount of management fees paid in respect of such limited partner’s Series 1 or 30 Interests in a performance period, over the Performance Allocation allocated to the General Partner in respect of such limited partner’s Series 1 or 30 Interests for the same period. The General Partner of Tiger Pacific Opportunities Master Fund LP is entitled to receive an annual Performance Allocation, at the end of each fiscal year, which will be calculated and charged separately with respect to each limited partner’s/shareholder’s capital account in Tiger Pacific Opportunities Domestic Fund, equal to 20% with respect to Series 1 and Series 4 interests, of the amount by which such limited partner's performance change for a performance period exceeds a benchmark index return over a loss recovery amount. When calculating the performance allocation, net profits will be reduced by the management fee, and all relevant items of income, loss and expense incurred will be taken into account. The General Partner in its sole discretion does, and reserves the right to in the future, from time to time waive or modify the performance allocation for Investors that are members, employees or affiliates of the General Partner or Tiger Pacific, relatives of such persons, and for certain large or strategic Investors, or Investors that meet certain requirements as outlined in the applicable Governing Documents. For a more detailed discussion on performance allocations, please see the relevant Fund’s offering memorandum. All performance allocations are charged in compliance with Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), whereby each Investor that is charged a performance fee must be a “qualified client.” The existence of performance-based compensation has the potential to create various conflicts of interest, including an incentive for the Firm and/or its affiliates to operate the relevant Fund in a riskier, more speculative, or other manner that is less favorable to investors than it would otherwise make in the absence of such arrangement.

Tiger Pacific seeks to address the potential for any such conflicts of interest with allocation policies and practices that provide that transactions and investment opportunities will be allocated to the Funds in accordance with each Fund’s investment guidelines and Governing Documents, as well as other factors that do not include the amount of performance-based compensation received by Tiger Pacific or any personnel. The Firm maintains policies and procedures reasonably designed to mitigate these conflicts so that over time, the Funds are treated in a fair and equitable manner with respect to the allocation of investment opportunities.

Predominantly investing through long and short equities, a combination of which can decrease the risk of disruption from global or regional macro and liquidity events. For clarity, Tiger Pacific Opportunities Master Fund LP invests in long equities (not in short positions).

The Funds are primarily concentrated in globally listed equity investments of underlying Asian based companies. Currently the Funds are predominantly comprised of investments in companies based in China, Japan, South Korea, Taiwan and India but also include investments in companies based in other countries like Malaysia and Indonesia. They may also include

companies based in other countries with exposure to Asian economies. The portfolio will also primarily focus on sectors that are driven by domestic consumption, including, but not limited to, financial services, real estate, consumer, retail, industrial, auto, healthcare, telecom, internet and technology. Risk of Loss The following is a summary of the material risks associated with Tiger Pacific’s investment strategies. For a more detailed description of associated risks, please review the respective Fund’s offering documents, including each Fund’s offering memorandum. Investing in securities involves a risk of loss that Investors should be prepared to bear. All investments involve the risk of loss of principal, a reduction in earnings (including interest, dividends and other distributions), and the loss of future earnings. These risks include market risk, interest rate risk, regulatory risk and general economic risk. Although Tiger Pacific manages the assets in a manner consistent with risk tolerances, there can be no guarantee that the Firm’s efforts will be successful. Dependence on Key Management Personnel The success of the Funds is highly dependent on the financial and managerial expertise and skill of Tiger Pacific’s team of investment professionals, including the Managing Partner. There is no assurance that the Managing Partner or other key members of management of Tiger Pacific will continue to be employed by the Firm for any period. The loss of one or more key individuals of Tiger Pacific could have a material adverse effect on the performance of the Funds. The performance of investment professionals’ prior investments is not necessarily indicative of a Fund’s future results. While the applicable General Partner intends for a Fund 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, partial or total loss of principal is possible. Performance Allocation The performance allocation of a percentage of the Funds’ net profits to the General Partner may create an incentive for Tiger Pacific to make investments on behalf of the Funds that are riskier or more speculative than would be the case if such allocations were not made. Since the performance allocation is calculated on a basis which generally includes unrealized appreciation of assets, such allocation could be greater than if it were based solely on realized gains. Non-U.S. Securities The Funds invest a portion of their assets in the equity or other securities and instruments of issuers located outside the U.S. Such investments may be affected by political, social and economic uncertainty affecting a country or region. Many financial markets in which the Funds invest, including, without limitation China, Japan, South Korea, Taiwan, and India are not as developed or as efficient as those in the U.S. and the Funds will be subject to fiscal and taxation policies, regulatory regimes, including securities regulations, market and settlement practices and sovereign and political risks of the countries in which the Funds invest. As a result, liquidity may be reduced and price volatility may be higher. The legal and regulatory environment may also be different, particularly as to bankruptcy and reorganization. Financial accounting standards and practices may differ, and there may be less publicly available information in respect of such companies.

Force Majeure Risk Tiger Pacific’s strategies and investments on behalf of its Funds may be affected by force majeure events (i.e., events beyond the Firm’s control, including acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, and/or other circumstances resulting in property damage, network interruption, and/or prolonged power outages). Some force majeure events could adversely affect Tiger Pacific’s ability to perform its obligations until it is able to remedy the force majeure event. In addition, the losses to the Funds resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease that becomes a global pandemic, as in the case of COVID-19) could also have a broader negative impact on the world economy and international business activity generally, or in any of the countries where Tiger Pacific may invest specifically on behalf of its Funds. In particular, such events may materially and adversely impact the value and performance of the Funds, their ability to source, manage and divest investments and their ability to achieve their investment objectives. In addition, the operations of the Funds and their respective General Partners and managers may be significantly impacted, or even temporarily or permanently halted, as a result of required office closures, government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to the force majeure event. Any one or any combination of the foregoing may therefore adversely affect performance. Cybersecurity Risk Investment vehicles such as the Funds and their service providers may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally (including, for example, through cyber-attacks known as “phishing” and “spear-phishing”), denial-of-service attacks on websites, the unauthorized release of confidential information and causing operational disruption. Cyber-attacks may interfere with the processing of transactions, impact the Funds’ ability to value their assets, cause the release of private information or confidential information of the Funds, impede trading, cause reputational damage, and subject the Funds to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. While the Funds have established business continuity plans and systems designed to prevent such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Artificial Intelligence and Machine Learning Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”), as well as the rapid growth and widespread use thereof, have the potential to pose risks to Tiger Pacific and the Funds. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which the Funds invest, and any such changes could create new and unpredictable operational, legal and/or regulatory risks. Many jurisdictions have passed or are considering laws and regulations concerning AI Technologies, which could adversely affect the Funds. Additionally, Tiger Pacific and the Funds could be further exposed to the risks of AI Technologies if third-party service providers or any counterparties, whether or not known to Tiger Pacific, use AI Technologies in their business activities. Tiger Pacific will not be able to control the use of AI Technologies in third-party products or services, including those provided by Tiger Pacific’s and its affiliates’ service providers. Additionally, Tiger Pacific and its personnel reserve the right to use AI Technologies in connection with the Firm’s business activities, including to support the Firm’s due diligence and investment activities. AI

Technologies are generally highly reliant on the collecting and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI Technologies use to operate. Certain data in AI Technologies potentially will contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of such AI Technologies. Even where AI Technologies are utilizing accurate data, they may, nonetheless, output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such AI Technologies to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of AI Technologies is expensive and complex, and may involve unforeseen difficulties including material performance problems and undetected defects or errors. Any such inaccuracies or errors could have adverse impacts on the operations and/or performance of the Firm and the Funds. In addition, use of AI Technologies poses various risks related to confidentiality, privacy and cybersecurity. Any of such risks or misuse could have an adverse effect on Tiger Pacific and the Funds. Furthermore, AI Technologies could be used against the Firm or a Fund in a criminal or negligent way. AI Technologies and their applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that have the potential to arise from such developments. Any of the foregoing factors could have a material and adverse effect on Tiger Pacific and the Funds. Dependence on Service Providers The Funds are also dependent upon its counterparties and the businesses that provide services to the Fund (the “Service Providers”). Examples of Service Providers include the administrator, prime brokers, the custodian, legal counsel and the auditor. Errors are inherent in the business and operations of any business, and although Tiger Pacific will adopt measures to prevent and detect errors by, and misconduct of, counterparties and Service Providers, and transact with counterparties and Service Providers it believes to be reliable, such measures may not be effective in all cases. Errors or misconduct could have a material adverse effect on the Funds and the limited partners’ investments therein. Systems Risk Tiger Pacific and the Funds rely on computer programs, internal infrastructure and services, and data provided by third parties to trade, clear and settle securities and other transactions, to evaluate certain securities or situations based on real-time or delayed trading information, to monitor the Funds’ portfolio, and to generate risk management and other reports that are critical to the oversight of the Funds’ activities. In addition, the Funds and Tiger Pacific’s operations interface with and depend on systems operated by third parties, including prime brokers and market counterparties and their sub-custodians and other service providers, and Tiger Pacific may not be in a position to verify the risks or reliability of such third-party systems. These third-party programs or systems may be subject to certain defects, failures, or interruptions, including, but not limited to, those caused by computer “worms,” viruses and power failures. Any such defect or failure could have a material adverse effect on the Funds. Currency Risks Direct and indirect investments that are denominated in non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Dramatic fluctuations in the value of a country’s currency could have an adverse impact on the profitability of the Funds. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation,

and political developments. To the extent that the U.S. dollar appreciates relative to these currencies, the U.S. dollar value of these investments is likely to be adversely affected. In addition, if the currency in which the Funds receive dividends, interest or other types of payments (such as liquidating payments) declines in value against the U.S. dollar before such payments are distributed, the U.S. dollar value of these payments could be adversely affected if not sufficiently hedged. 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 lines for consumers, homeowners, investors 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 the Funds to execute their respective strategies and to receive an attractive multiple of earnings on the disposition of businesses. This may slow the rate of future investments by such Funds and result in longer holding periods for investments. Furthermore, such uncertainty or general economic downturn could have an adverse effect upon such Funds’ portfolio investments. The performance of the Funds could also be adversely affected by recent higher than normal inflation rates. In addition, the Funds could be negatively impacted by the current banking crisis if, for example, a custodian or counterparty becomes insolvent. Regulatory Uncertainty Any change in U.S. administration, including shifts in regulatory bodies like the SEC, can lead to revisions across existing law and regulations. Any such changes could significantly impact Tiger Pacific or the Funds. Specific legislative and regulatory proposals discussed during election campaigns and recent public statements that might have a material impact include, without limitation, changes to trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations and the federal tax code, public company reporting requirements, and antitrust enforcement. Changes in federal policy are subject to further uncertainty, as changes could be implemented at regulatory agencies over time through policy and personnel changes, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions under the current presidential administration remain highly uncertain. It is possible that future changes will adversely affect Tiger Pacific’s or the Funds’ operating environment and consequently their business, financial condition and results of operations. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on Tiger Pacific, the Funds or their investments, including the ability of the Funds to execute their investment objectives and to receive returns. Inflation and Deflation Inflation risk is the risk that the value of certain investments or income thereon will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a Fund’s investments can decline. Deflation risk is the risk that prices decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness

of portfolio companies in which a Fund invests and may make defaults more likely, which may result in a decline in the value of a Fund’s investments. High rates of inflation and rapid increases in the rate of inflation generally have a negative 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 negative effects on the level of economic activity. Persistently high levels of inflation could have a material and adverse impact on the Funds’ investments and its aggregated returns. For example, if a portfolio company were unable to increase its revenue while the cost of relevant inputs was increasing, the portfolio company’s profitability would likely suffer. Likewise, to the extent a portfolio company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the portfolio company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a portfolio company may see its competitors’ costs stabilize sooner or more rapidly than its own. Additionally, because the preferred return is not linked to the rate of inflation, as the rate of inflation increases, the proportion of real returns (i.e., the nominal rate of return less the rate of inflation) treated as preferred return decreases and the proportion of real returns subject to performance-based compensation increases. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of the Funds. Political, Economic and Social Factors in Investments in Emerging Markets The Funds invest in certain Asian markets, including China. Investments in issuers and in the obligations of companies in emerging markets may involve non-U.S. Dollar currencies and the Funds may be affected favorably or unfavorably by changes in currency rates (including as a result of the devaluation of a foreign currency) and in exchange control regulations and incur transaction costs in connection with conversions between various currencies. In addition, regulatory standards and disclosure standards in such emerging markets are generally less stringent than standards in more developed countries, and therefore there may be less publicly available information about such companies. Furthermore, because issuers are not all subject to uniform accounting, auditing, and financial reporting standards, practices and requirements, information available about such issuers may be different and of a lower quality than that which is generally available for a company in a more developed country. Political and economic structures in countries with emerging economies may lack the social, political and economic stability characteristics of more developed countries and may undergo rapid and significant evolution and development. The stock markets in these countries are possibly more volatile than the stock markets of the developed countries and there have been substantial fluctuations in the prices of listed securities. Accordingly, it is important to note that certain of the emerging economies in which the Funds invest are subject to significantly greater degrees of political and social instability than is the case in more developed economies. International Conflicts and Geopolitical Events War and other international conflicts, such as the Israeli-Hamas conflict and the ongoing military conflict between Russia and Ukraine, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. The ultimate impact of these conflicts (and other geopolitical events, including national referenda, elections, interest rates, political movements, humanitarian crises, national and international policy changes, actual or perceived trade wars, import or export controls, executive orders, laws, legal systems and regulatory regimes) and their effect on global economic and commercial activity and conditions, and on

the operations, financial condition and performance of the Funds or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict. These matters may have a significant adverse impact and result in significant losses to the Funds. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities, supply chain disruptions and reductions in the availability of capital. It may also limit the ability of a Fund to source, diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy which any Fund intends to pursue, all of which could adversely affect the Fund’s ability to fulfill its investment objectives. Trade Policy The U.S. government has imposed, and may continue imposing, broad and rapidly changing tariffs on multiple countries. Such actions as well as the responses of other countries and actors could significantly exacerbate the normal risks associated with the Funds and result in adverse changes to, among other things: (i) general economic and market conditions; (ii) shipping and transportation costs and supply chain constraints; (iii) interest rates, currency exchange rates, and expenses associated with currency management transactions; (iv) demand for investments; (v) available credit in certain markets; (vi) import and export activity from certain markets; (vii) laws, regulations, treaties, pacts, accords, and governmental policies. Such tariffs have the potential to gravely impact markets, global supply and demand, import/export policies, and the availability of labor in certain markets, and there is no guarantee that additional tariffs or similar measures will not be implemented. The foregoing could seriously impact the operations of the Funds and its ability to realize investment objectives in a timely manner. Other Risks For additional information and a more complete list of the risk factors involved in making investment in the Funds, please see the offering memorandum (or limited partnership agreement, if any) for each Fund which sets out additional risks for respective Investors in a Fund. In addition, in accordance with common industry practice, the Funds have and may from time to time enter into a “side letter” or similar agreement with investors pursuant to which the Fund grants an investor specific rights, benefits or privileges that are not generally made available to all fund investors.

All employees must obtain pre-clearance from the CCO prior to executing certain trades and prior to participating in certain investments so that a determination may be made as to whether or not the transaction could pose a conflict to the Funds. Additionally, employees are required to confirm quarterly transaction reporting through the use of a compliance platform or provide duplicate copies of brokerage statements to Tiger Pacific, to assist in monitoring compliance with employee trading policies. Tiger Pacific reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time. No investor or prospective investor should invest with Tiger Pacific on the basis of, or otherwise rely on, the provisions thereof, and any such refinements or modifications have the potential to materially affect the investments available to the Funds or the expenses borne thereby. Clients may receive a copy of Tiger Pacific’s Code upon request by contacting the CCO. All employees must obtain pre-approval from the CCO before participating in an initial public offering, limited offering, or private placement. Additionally, employees must obtain preapproval from the CCO before making personal transactions in any publicly traded securities, and the Firm and/or its employees are prohibited from investing in securities and issuers that are listed on the Firm’s “Restricted List”. The Code also describes the Firm’s duty to protect material, non-public information about securities/investment recommendations provided to (or made on behalf of) the Funds. Participation and Interest in Client Transactions Employees are prohibited from transacting in single name listed stocks in Japan, China, Hong Kong, South Korea, Taiwan and India, including those that are American Depository Receipts originating from these countries. If an employee holds such investments at the time of employment, they are permitted to sell such legacy positions only after receiving pre-clearance from the CCO.

In selecting a broker-dealer to execute transactions, we need not solicit competitive bids and do not have an obligation to seek the lowest available commission cost. It is not the practice of Tiger Pacific to negotiate “execution only” commission rates, thus the Funds may be deemed to be paying for research, brokerage or other services provided by the broker which are included in the commission rate. Soft Dollars Section 28(e) of the Securities Exchange Act of 1934, as amended, is a “safe harbor” that permits an investment manager to use commissions or “soft dollars” to obtain research and brokerage services that provide lawful and appropriate assistance in the investment decisionmaking process. Tiger Pacific limits the use of “soft dollars” to obtain research and brokerage services to those benefits that fall within the Safe Harbor of Section 28(e). Tiger Pacific maintains two soft dollar arrangements with Morgan Stanley and Goldman Sachs, respectively, and all expenses fall within the Safe Harbor of Section 28(e). The services received in connection with this arrangement are generally for certain market data charges and expert network providers used by the investment team as well as outsourced trade execution firms used by Tiger Pacific in certain circumstances. When an adviser uses client brokerage commissions to obtain research or other products, it receives a benefit because it does not have to pay for such research or other products. An adviser may have an incentive to select a broker based on the receipt of such products and services rather than the client’s interest in receiving best execution. An adviser may pay higher commissions to a broker which provides soft dollar benefits. Tiger Pacific generally uses soft dollars in a manner that benefits all of the Funds. Aggregation of Orders Tiger Pacific can manage assets for a number of Clients, which can have the same or similar investment objectives. It is Firm’s policy to allocate investment opportunities that it identifies as being suitable for more than one Client fairly and equitably over time consistent with its fiduciary duties to Clients and taking into account all relevant facts and circumstances. At this time, Tiger Pacific’s policy is not to aggregate orders for trades among multiple Client accounts. Because Tiger Pacific Master Fund LP and Tiger Pacific Opportunities Master Fund LP invest with distinct strategies, Tiger Pacific currently does not aggregate trade orders for these Funds. Tiger Pacific monitors the cost (if any) to each such Fund resulting from not aggregating trade orders to ensure that, over time, neither Fund benefits at the expense of the other.

determines it is not material, the Firm will vote without further procedures. If determined that it is material, Tiger Pacific will resolve the conflict in one of several possible ways, such as by engaging a third-party to recommend a vote. Investors may request a copy of the Firm’s Proxy Voting Policy, as well as relevant proxy voting records, by contacting the CCO at (212) 401-4188.