Pacific Lake Partners, LLC (“Pacific Lake”, “our”, “we” or the “Firm”), a Delaware Limited Liability Company formed in July 2009, is a private equity firm which focuses primarily on search funds: single purpose vehicles through which entrepreneurs source one small-cap company to acquire and then manage (each individually a “Search Fund”) and operating companies acquired by the Search Fund entrepreneurs. Pacific Lake also provides advisory services to long-term hold funds that targets known search fund companies with CEOs that have demonstrated success typically over three to seven years, typically through a recapitalization transaction. Pacific Lake Management Holdings, LP is the sole member of Pacific Lake Partners, LLC. Thomas Coleman Andrews IV has ownership of Pacific Lake Partners, LLC through Pacific Lake Management Holdings, LP. Pacific Lake Management Holdings, LLC is the General Partner of Pacific Lake Management Holdings, LP. Thomas Coleman Andrews IV is the majority owner of Pacific Lake Management Holdings, LLC and Pacific Lake Management Holdings, LP. Pacific Lake provides investment advisory services to the private pooled investment vehicles described above (the “Funds”), its only advisory clients. The Funds are closed-ended and generally have a term of 10 years, subject to certain exceptions and allowable extensions described in each Fund’s Governing Documents (as defined below). The Funds are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the securities of the Funds are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Affiliates of Pacific Lake serve as the general partners or managers of the Funds (as applicable) (together, the “General Partners”). Each of the General Partners is a related person of Pacific Lake and is under common control with Pacific Lake. While each General Partner retains management authority over the business and affairs, including investment decisions, of its respective Fund, Pacific Lake has been delegated the role of investment adviser. The General Partners and their employees and personnel are subject to the Investment Advisers Act of 1940 (the “Advisers Act”) and rules thereunder, and to all of Pacific Lake’s compliance policies and procedures. Each of the personnel of the General Partners is deemed “persons associated with” Pacific Lake (as that term is defined in section 202(a)(17) of the Advisers Act) and is subject to SEC examination. As such, references to Pacific Lake in this Brochure should also be considered references to the General Partners (and vice versa) in the appropriate

context. Each Fund is governed by a limited partnership agreement and/or an operating agreement and, which may be supplemented by a private placement memorandum (“Governing Documents”) that specify the specific investment guidelines and investment restrictions applicable to the Fund. In certain cases, the private placement memoranda prepared for the investors of the Funds contains information regarding the intended investment program for such Fund. Pacific Lake, together with the General Partners, provides investment management and administrative services to the Funds in accordance with each Fund’s Governing Documents. The investors in the Funds (“Investors”) are primarily “qualified purchasers” (as defined in the investment Company Act) and/or “accredited investors” (as defined in Regulation D under the Securities Act). Pacific Lake generally has broad and flexible investment authority with respect to the Funds. Each Fund’s investment objective and strategy is set forth in a confidential private placement memorandum. All Investors in the Funds are provided with a confidential private placement memorandum and are urged to carefully review those documents. As noted above, the only advisory clients of Pacific Lake are the Funds. Pacific Lake tailors its investment advice to each Fund in accordance with the Fund’s investment objectives and strategy as set forth in each Fund’s Governing Documents. Pacific Lake typically does not tailor its advisory services to the individual needs of Investors and, except as noted below, does not accept any sort of investment restrictions from Investors as it relates to the Funds. Generally, the Investors in each Fund are not able to negotiate the terms of each Fund’s Governing Documents in connection with their investments in such Fund. In certain cases, the General Partners have, and may in the future, enter into side letter agreements with certain Investors in a Fund establishing rights under, or supplementing or altering the terms of, each Fund’s Governing Documents. Such rights and privileges may not be available to other Investors (including without limitation, transparency rights, reporting rights, capacity rights, approval rights and certain other protections and the right to receive certain special allocations). Once invested in a Fund, Investors generally cannot impose additional investment guidelines or restrictions to such Fund. Pacific Lake does not participate in wrap fee programs. As of December 31, 2023, Pacific Lake manages $1,587,195,625 of client assets on a discretionary basis. Pacific Lake does not currently manage any client assets on a non-discretionary basis.