The Windacre Partnership LLC: investment adviser

However, The WindAcre Partnership has acquired privately held company interests through take-private transactions. The WindAcre Partnership pursues a long only investment strategy and has/will not engage in short sales or other forms of hedging. The WindAcre Partnership may use limited leverage from time to time. With respect to each private fund that it manages (each, a “Fund”), The WindAcre Partnership tailors its services to the strategies and conditions set forth in the Fund’s offering and governing documents. For these private fund clients, The WindAcre Partnership provides advisory services to the Fund, rather than to any individual investor in the private funds. Therefore, it should be noted that The WindAcre Partnership does not tailor its investment advice to take into account any specific investment conditions of any individual investor in a private fund. As of December 31, 2025, The WindAcre Partnership manages approximately $11,422,849,000 in discretionary client assets under management. All discussions of private funds in this brochure, including but not limited to their investments, the strategies used in managing private funds, the fees and other costs associated with an investment in the Fund, and conflicts of interest faced by The WindAcre Partnership and its affiliates in connection with the management of the Fund are qualified in their entirety by reference to each Fund’s respective confidential offering memorandum (if any) and governing documents (referred to collectively as the “Offering Documents”).

In addition, The WindAcre General Partner LP (the “General Partner”) receives an annual performancebased incentive allocation from the Fund that is unique to each specific series or share class in the Fund. This performance-based incentive allocation ranges from zero to 40% annually and is calculated based upon an individual investor’s return over a particular period of time compared to the return of varying hurdles or benchmarks over that same period of time. Incentive allocations are subject to a high-water mark and/or loss carry forwards.

Both the management fee and the incentive allocation, as well as other terms, are more fully described in the respective Offering Documents for each Fund. Potential investors should review such Offering Documents for full details as to how the management fees and incentive allocations are calculated and collected. The WindAcre Partnership and its affiliates render their services to the Fund at their own expense and are responsible for their overhead expenses as described more fully in the Offering Documents for each Fund. Certain other expenses are paid by the Fund and are described more fully in the Offering Documents for each Fund. At the time of filing, The WindAcre Partnership does not perform advisory services for any separately managed accounts. However, in the event that The WindAcre Partnership assumes any separately managed accounts as clients, The WindAcre Partnership expects to charge management fees and/or incentive allocations to those accounts that are similar to those stated above for the Fund. However, such allocations may be individually negotiated based upon any restrictions placed on The WindAcre Partnership, the business relationship between such client and The WindAcre Partnership, and any other factors that The WindAcre Partnership deems appropriate.

The interests or shares in the Fund are offered privately pursuant to Regulation D and, as such, are not registered under the federal securities laws and regulations. Accordingly, interests or shares in the Fund are offered and sold only to those investors that meet the eligibility requirements for private placements and/or offshore transactions. Investors in the Fund are generally required to make minimum initial investments of at least $100,000,000; however, such amount could be reduced at the sole discretion of the General Partner, an affiliate of The WindAcre Partnership.

INVESTMENT OBJECTIVES, AND GUIDELINES. THESE RISKS MAY CHANGE OVER TIME. THE WINDACRE PARTNERSHIP MAY OFFER ADVISORY SERVICES, ENGAGE IN AN INVESTMENT STRATEGY, AND MAKE ANY INVESTMENT, INCLUDING ANY NOT DESCRIBED IN THIS BROCHURE, THAT THE WINDACRE PARTNERSHIP DEEMS APPROPRIATE, SUBJECT TO EACH CLIENT’S INVESTMENT OBJECTIVES AND GUIDELINES. POTENTIAL INVESTORS SHOULD REVIEW THE GOVERNING DOCUMENTS IN THEIR ENTIRETY AND CONSULT THEIR OWN LEGAL, TAX, AND/OR FINANCIAL ADVISERS BEFORE INVESTING WITH THE WINDACRE PARTNERSHIP. POTENTIAL INVESTORS IN THE FUNDS MUST REVIEW OFFERING DOCUMENTS IN THEIR ENTIRETY BEFORE INVESTING. Markets and Instruments The WindAcre Partnership pursues a long-only investment strategy, investing almost exclusively in publicly traded equities (or equivalents). Portfolio Concentration The WindAcre Partnership maintains highly concentrated portfolios on behalf of their clients, typically consisting of 10-20 investments in the Fund. At certain times, the portfolio could be even more concentrated, holding fewer than 10 investments. Risk Factors Investment Losses The WindAcre Partnership will make investments in equity securities of companies based on its assessment of the quality of each business and each business’ intrinsic value relative to current valuation. These are inherently subjective judgments, and require assumptions regarding the future. The assumptions could relate to, among many other things, future competitor behavior, customer behavior, input prices, merger/acquisition transactions closing, regulatory changes and appropriate discount rates. Some or all of these assumptions and judgments could turn out to be wrong, resulting in The WindAcre Partnership overestimating the quality of a business and its intrinsic value. These situations could result in a significant loss for clients. Equity Investments The market value of equity securities fluctuates, and is affected by a wide range of factors outside of individual company performance, such as economic outlook, financial market conditions and force majeure events. The WindAcre Partnership does not attempt to predict or hedge against such factors. However, such factors may have meaningful impact on the value of the Fund’s investments for clients at any given time. Market Direction It is anticipated that The WindAcre Partnership will manage client accounts to be largely or fully invested, and it will not engage in short selling or other similar portfolio hedging. Accordingly, while The WindAcre Partnership’s objective is to outperform the equity market and generate attractive absolute returns over a market cycle for clients, it does not believe it can escape the direction, positive or negative, of meaningful market moves, particularly over shorter time periods. Governmental Interventions Extreme volatility and illiquidity in markets has in the past led to, and may in the future lead to, extensive governmental interventions in equity, credit and currency markets. Generally, such interventions are intended to reduce volatility and precipitous drops in value. In certain cases, governments have intervened on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to

implement certain strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in uncertainty. It is impossible to predict when these restrictions will be imposed, what the interim or permanent restrictions will be and/or the effect of such restrictions on the The WindAcre Partnership’s strategy. Volatility The WindAcre Partnership will manage client accounts with long exposure only and will not engage in short selling or other similar portfolio hedging. Accordingly, client portfolios will likely be subject to more rapid and extreme change in value than would be the case if The WindAcre Partnership engaged in such hedging. Concentration The WindAcre Partnership’s client portfolios will be heavily concentrated (i.e., typically 10-20 investments). Accordingly, the amount of client capital which may be committed to any one investment will generally be relatively large. A loss in any one position could therefore have a material adverse impact on a client’s invested capital. Further, the client portfolios will likely be subject to more rapid and extreme change in value than would be the case if the client maintained a portfolio diversified among issuers, industries, companies and types of securities. Non-U.S. Investments The WindAcre Partnership may invest globally on behalf of clients. Investing in securities of non-U.S. companies, which are generally denominated in non-U.S. currencies, involves certain considerations comprising both risks and opportunities not typically associated with investing in U.S. companies. These considerations include changes in exchange rates and exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, greater risks associated with counterparties and settlement, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Currency Risks Client investments that are denominated in non-U.S. currencies are subject to the risk that the value of their particular currency will change in relation to the U.S. Dollar. 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. The WindAcre Partnership will not hedge these risks, and therefore such changes in currency values will result in changes in the value of the portfolio. Small to Medium Cap Stocks The WindAcre Partnership takes an agnostic approach to market capitalizations (so long as minimum liquidity requirements are met) and so may invest in the stocks of companies with small to medium sized market capitalizations. Doing so involves higher risks in some respects than investing in stocks of larger companies. Among other issues, these stocks are generally less liquid, resulting in a longer time to enter and exit the investment, and more share price volatility. Activist Investments The WindAcre Partnership invests in securities of companies that The WindAcre Partnership believes are undervalued by the marketplace and are likely to appreciate over time. While it would be considered extremely rare, The Windacre Partnership may take an activist role if necessary in order to protect the

underlying intrinsic value of an existing portfolio company. Doing so involves the risk that opponents of the proposed actions by The Windacre Partnership may seek to oppose, investigate, or otherwise impact catalysts to intrinsic value. There is a risk that shareholder and other stakeholders, including those who may have diverging interests fail to cooperate. Moreover, securities which The WindAcre Partnership believes are incorrectly valued may not ultimately be valued in the capital markets at the price and/or within the time frame The WindAcre Partnership anticipates even if an active investing strategy is successfully implemented. Options Although it does not expect to do so under normal conditions, The WindAcre Partnership may at times purchase options on single stocks on behalf of clients. The purchase of an option involves the payment of a premium by the investor and the corresponding right to either purchase or sell the underlying stock for a specific price at a certain time (or during a certain period). If the underlying stock price does not change as expected, a client could lose the entire premium. Over-the-counter options also involve counterparty solvency risk. Custody There are risks involved in dealing with the custodians who settle the Fund’s trades. The Fund maintains custody accounts with their primary custodians (the “Custodians”). Although The WindAcre Partnership monitors the Custodians and believes that they are appropriate custodians, there is no guarantee that the Custodians, or any other custodians that the Fund may use from time to time, will not become bankrupt or insolvent. The Fund and/or the Custodians may also appoint sub-custodians in certain non-U.S. jurisdictions to hold the assets of the Fund. The Custodians may not be responsible for cash or assets which are held by subcustodians in certain non-U.S. jurisdictions, nor for any losses suffered by the Fund as a result of the bankruptcy or insolvency of any such sub-custodian. Additional information regarding the potential risks related to custody and the use of sub custodians is available in the respective Offering Documents of the Fund. Illiquidity Investors in the Fund may be subject to significant restrictions on withdrawal as more fully described in the Offering Documents for the Fund. Accordingly, an investment in the Fund is a relatively illiquid investment and involves a high degree of risk. Further, The WindAcre Partnership occasionally holds instruments that are subject to lock-up periods, limited liquidity provisions or similar limitations, such that when held limit the ability for The WindAcre Partnership to expeditiously liquidate such securities. Leverage The Fund may utilize limited leverage from time to time. This results in the Fund controlling substantially more assets than the Fund has equity. Leverage increases the Fund’s returns if the Fund earns a greater return on investments purchased with borrowed funds than the Fund's cost of borrowing such funds. However, the use of leverage exposes the Fund to additional levels of risk, including (i) greater losses from investments than would otherwise have been the case had the Fund not borrowed to make the investments, (ii) margin calls or interim margin requirements which may force premature liquidations of investment positions and (iii) losses on investments where the investment fails to earn a return that equals or exceeds the Fund's cost of borrowing such funds. In the event of a sudden, precipitous drop in value of the Fund’s assets, the Fund might not be able to liquidate assets quickly enough to repay its borrowings, further magnifying its losses.

Incentive Allocation The allocation to the General Partner of a percentage of the Fund's net profits creates an incentive for the Investment Manager, an affiliate of the General Partner, to cause the Fund to make investments that are riskier or more speculative than would be the case if this allocation were not made. Since the incentive allocation is calculated on a basis which includes unrealized appreciation of assets, such allocation may be greater than if it were based solely on realized gains. Side Letters See the Offering Documents for the Fund for further information regarding The WindAcre Partnership’s restrictions on the execution of side letters on behalf of Fund clients. Reliance on Snehal Amin The WindAcre Partnership relies heavily on the services of the portfolio manager, Snehal Amin. Mr. Amin is responsible for all of the major decisions affecting the client accounts, and solely responsible for all investment decisions for clients. Plans for handling the Fund in the event of his death or incapacitation are contained within the Offering Documents for the Fund and should be reviewed carefully prior to investment. Accounting for Uncertainty in Income Taxes The Financial Accounting Standards Board has released Accounting Standards Codification Topic 740 (“ASC 740”) (formerly known as “FIN 48”) to provide consistent guidance on the recognition of uncertain tax positions. ASC 740 prescribes, among other things, the minimum recognition threshold that a tax position is required to meet before being recognized in an entity’s financial statements. Investors in the Fund should be aware that, among other things, ASC 740 could have a material adverse effect on the periodic calculations of the net asset value of the Fund including reducing the net asset value of the Fund to reflect reserves for income taxes that may be payable in respect of prior periods by the Fund. This could adversely affect certain limited partners, depending upon the timing of their purchase and withdrawal of limited partnership interests. Absence of Regulatory Oversight While the Fund may be considered similar to an investment company, The WindAcre Partnership does not intend to register it as such under the IC Act, in reliance upon an exemption available to privately offered investment companies, and, accordingly, the provisions of that Act (which, among other matters, require investment companies to have disinterested directors, require securities held in custody to at all times be individually segregated from the securities of any other person or marked to clearly identify such securities as the property of such investment company and regulate the relationship between the adviser and the investment company) will not be applicable. ERISA Risks The assets of the Fund may, at various times, be deemed to be “plan assets” subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”). During these periods, the Investment Manager, in its capacity as Investment Manager to the Fund, will be a fiduciary with respect to plans or accounts subject to Title I of ERISA and/or Section 4975 of the Code investing in the Fund directly or indirectly through a “Benefit Plan Investor” (as defined below) and will be prohibited from causing the Fund to engage in certain transactions. While The WindAcre Partnership believes that it can affect the Fund investment strategies utilizing various statutory and class exemptions to ERISA’s prohibited transaction regime, there may be particular transactions which ERISA and/or the Code will prevent the Fund from entering into or investments which the Fund must sell before it might otherwise do so.

Conflicts of Interest The WindAcre Partnership serves as the Investment Manager of the Fund. In addition, The WindAcre Partnership and its affiliate, the General Partner (and their members, principals, affiliates and employees) may serve as investment adviser or Investment Manager to other separately managed accounts and conduct investment activities for their own accounts. Such other entities or accounts (the “Other Clients”) may have investment objectives or may implement similar investment strategies. Accordingly, the Fund and the Other Clients may co-invest in many of the same securities and issuers.

It is the expressed policy of The WindAcre Partnership that no person employed by The WindAcre Partnership shall prefer his or her own interest to that of an advisory client or make personal investment decisions based on the investment decisions of advisory clients. To supervise compliance with its Code of Ethics, The WindAcre Partnership requires that anyone associated with this advisory practice provide annual securities holdings reports and quarterly transaction reports to the firm's Chief Compliance Officer. The WindAcre Partnership requires such persons to also receive approval from the Chief Compliance Officer prior to investing in any IPOs or private placements (limited offerings). The WindAcre Partnership requires that all individuals must act in accordance with all applicable Federal and State regulations governing registered investment advisory practices. The WindAcre Partnership’s Code of Ethics further includes the firm's policy prohibiting the trading of securities based on material non-public information. Any individual not in observance of the above may be subject to disciplinary measures. The WindAcre Partnership will provide a complete copy of its Code of Ethics to any client or prospective client upon request to the Chief Compliance Officer at The WindAcre Partnership’s principal address. Additionally, it is The WindAcre Partnership’s policy that the firm will not affect any principal or agency cross securities transactions for client accounts.

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 decision-making process. The WindAcre Partnership will limit the use of “soft dollars” to obtain research and brokerage services to services which constitute research and brokerage within the meaning of Section 28(e). Although The WindAcre Partnership will make a good faith determination that the amount of commissions paid is reasonable in light of the products or services provided by a broker, commission rates are generally negotiable and thus, selecting brokers on the basis of considerations that are not limited to the applicable commission rates may result in higher transaction costs than would otherwise be obtainable. In selecting brokers and negotiating commission rates, The WindAcre Partnership will take into account the financial stability and reputation of brokerage firms, and the research, brokerage or other services provided by such brokers. The WindAcre Partnership may place transactions with a broker or dealer that (i) provides The WindAcre Partnership (or an affiliate) with the opportunity to participate in capital introduction events sponsored by the broker-dealer or (ii) refers investors to the Fund or other products advised by The WindAcre Partnership (or an affiliate), if otherwise consistent with seeking best execution; provided The WindAcre Partnership is not selecting the broker-dealer in recognition of the opportunity to participate in such capital introduction events or the referral of investors. When appropriate, The WindAcre Partnership may, but is not required to, aggregate client orders to achieve more efficient execution or to provide for equitable treatment among accounts. Clients participating in aggregated trades will be allocated securities based on the average price achieved for such trades.

client will choose the custodian. The WindAcre Partnership will not have custody of any such assets. These clients will receive account statements directly from the custodian. As The WindAcre Partnership has arranged for delivery of audited financial statements to each Fund investor within 120 days of the end of each fiscal year, investors do not receive reports directly from the Fund’s qualified custodians. The WindAcre Partnership urges all clients and underlying investors to carefully review all statements received from the administrator and/or custodian.