Peninsula Capital Partners, LLC (“Peninsula”, the “Firm” or “We”) is an SEC‐registered investment adviser with its principal place of business in Southfield, Michigan. Although Peninsula is a registered investment adviser, registration itself does not require and should not be interpreted to imply any particular level of skill or training. In business since 1995, Peninsula is wholly‐owned either directly or through trusts controlled by principals Scott A. Reilly, Managing Partner and Chief Investment Officer; William Y. Campbell, Senior Partner; and William F. McKinley, Senior Partner. Many of the senior investment professionals of Peninsula have extensive backgrounds in private equity/private debt investing and hold designations such as Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA). Peninsula provides investment management services solely to committed, closed‐end, mezzanine capital investment partnerships (hereinafter individually, a “Fund” or a “Partnership”, and collectively, the “Peninsula Funds”, the “Funds" or the “Partnerships”). Mezzanine capital is typically subordinated debt or structured equity, and is a sub‐category of the private equity alternative asset category. Unlike other types of private funds, such as hedge funds, committed private equity and private debt funds receive unfunded capital commitments from investors during one or more initial fundraising stages, after which the funds are generally closed to new investors. The fund manager will then periodically call on the investors to make capital contributions (each a “capital call” or “drawdown”), based on their respective capital commitments, to support the Partnership’s investment activities and operations as stipulated by the terms of the fund’s organizational documents. As the fund generates income and/or investments are realized, distributions are made to the investors, again according to their respective capital commitments. The Peninsula Funds are structured as limited life investment partnerships, with a Peninsula affiliate acting as the General Partner and investors participating as Limited Partners. All Limited Partners are required to be either an “accredited investor” pursuant to the requirements of the Securities Act of 1933, as amended, and the rules promulgated thereunder, or a “qualified investor” pursuant to the Investment Company Act of 1940, as amended, and the rules promulgated thereunder. PARTNERSHIPS MANAGED: Peninsula currently manages three mezzanine capital investment partnerships. They include:  The Peninsula Fund V L.P., which commenced operations on June 1, 2010 (“TPFV”);  The Peninsula Fund VI L.P., which commenced operations on November 16, 2015 (“TPFVI”); and  The Peninsula Fund VII L.P., which commenced operations on February 13, 2020 (“TPFVII”). In January 2024, Peninsula commenced operations of The Peninsula Fund VIII L.P. (“TPFVIII”), the Firm’s newest mezzanine capital partnership. TPFVIII pursues the same investment strategy as, and is structured substantially similar to, Peninsula’s other investment partnerships identified above. Each of the Peninsula Funds has, as its General Partner, a limited liability company as follows: Fund General Partner Entity The Peninsula Fund V L.P. Peninsula Fund V Management, L.L.C. The Peninsula Fund VI L.P. Peninsula Fund VI Management, L.L.C. The Peninsula Fund VII L.P. The Peninsula Fund VIII L.P. Peninsula Fund VII Management, L.L.C. Peninsula Fund VIII Management, L.L.C. Each of the General Partner entities engages Peninsula to manage the activities of the corresponding Fund, and each are owned and controlled by the principals and investment professionals of Peninsula. The prior mezzanine capital Partnerships managed by Peninsula, all of which have been liquidated and hold no assets, are:  The Peninsula Fund L.P., terminated on July 1, 2008;  The Peninsula Fund II L.P., terminated on December 31, 2010;  The Peninsula Fund III L.P., terminated on December 31, 2015; and  The Peninsula Fund IV L.P., terminated on June 30, 2020. PARTNERSHIP INVESTMENTS: Investments made by the Peninsula Funds are generally, but not exclusively, in private, illiquid securities. Each of the Partnerships has been dedicated to providing subordinated debt and structured equity investments to lower‐middle and middle‐ market operating companies based in the U.S. or Canada (each a “Portfolio Company”) in connection with a variety of transaction types, including, but not limited to:  Leveraged buyouts;  Management buyouts;  Recapitalizations;  Leveraged dividends;  Growth financings;  Strategic acquisitions; and  Stock buybacks. The Portfolio Companies in which the Partnerships invest represent a wide range of industries, including manufacturing, industrial services, consumer products, retail, food, business services and distribution (subject to potential restrictions tied to the sale of prior Portfolio Companies, with any such restrictions being limited in time and scope). Peninsula seeks to identify companies that we determine to be strong performers within their industry and that have superior management. We provide many services in conjunction with managing the activities of the Peninsula Funds. These activities include, but are not limited to:  Identifying operating companies seeking mezzanine capital;  Structuring investment transactions;  Performing in‐depth due diligence on the business, situation and principals involved with potential investments;  Evaluating add‐on investment opportunities for Partnership Portfolio Companies;  Liquidating portfolio investments;  Providing periodic audited and unaudited financial reports and tax forms related to Fund performance and operations; and  Providing fund administration services or engaging a third‐party administrator to provide such services. Through our investment documentation, we are provided numerous rights to monitor and affect a Portfolio Company’s performance and/or actions, including periodic financial and operational reporting requirements, affirmative and negative covenants, board observation rights or voting board seats, inspection rights and consent rights to certain significant business actions. The Partnerships’ investment objectives are current income production and long‐term capital appreciation. The Partnerships seek to achieve their objectives principally by making investments in Portfolio Companies that are historically profitable, well‐ managed, middle‐market, operating business entities (including, without limitation, corporations, limited liability companies and partnerships) which have their headquarters, preponderance of senior management and key intangible assets located in the United States or Canada, and which require an augmented capital base to finance business growth, recapitalization plans, strategic acquisitions, leveraged buyouts, management buyouts and other similar or special situations. Mezzanine investments include debt and equity participation securities structured to provide current income (via interest, dividends or royalties) and/or capital appreciation potential (via equity participation securities). An equity participation security may take the form of common or preferred equity or similar equity securities, or instruments exercisable or convertible into such securities, such as options or warrants. Peninsula seeks companies in which to invest on behalf of the Partnerships that appear poised to generate strong and stable cash flows, have a proven business proposition, exhibit positive growth characteristics, maintain a commitment to prudent leverage levels, are led by experienced management teams and have reasonably defensible market positions. Investments typically are structured to produce current income plus a deferred return component, such as equity participation, deferred interest or a success fee. Investments most often take the form of subordinated debt, but

also can be preferred or common equity or a combination of the aforementioned. Peninsula endeavors to structure each Portfolio Company investment in a manner that will produce the best opportunity for the Partnership and the Portfolio Company to achieve their respective goals. The Partnerships are not required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in reliance upon certain exemptions available to issuers whose securities are not publicly offered. We manage the Partnerships on a discretionary basis in accordance with the terms and conditions of each Partnership's offering and organizational documents. GENERAL INFORMATION: ASSETS MANAGED: As of December 31, 2023, Peninsula had $848,017,000 of discretionary assets under management. The December 31, 2023, assets under management do not include the assets of TPFVIII, which commenced operations on January 1, 2024. Peninsula does not manage any assets on a non‐discretionary basis. INVESTMENTS IN PARTNERSHIPS: The General Partner for each Partnership is affiliated with Peninsula through common ownership and control as well as shared executive officers. The General Partner of each Partnership and the principals and certain investment professionals of Peninsula generally participate in the Partnership’s investments by investing directly in the Partnership (via limited partner interests). CO‐INVESTMENTS: On occasion, the General Partner has the opportunity to share, with Limited Partners who have expressed an interest, co‐investment opportunities or direct investment opportunities in which the Partnership will not participate. The General Partner reserves the right to offer such opportunities to Limited Partners selectively as it deems prudent pursuant to the given transaction and can make no assurances that co‐ investment opportunities will be forthcoming from the Partnership. Allocation of such opportunities creates a potential conflict of interest as they are, by nature, limited and participation is not possible for all or even most investors in the Partnerships. Investors in a Fund should refer to that Fund’s organizational documents for complete information on the co‐investment policies for that Fund. WRITE‐OFFS: As disclosed in Item 5 below, following the investment period of a Partnership, Management Fees paid to Peninsula are calculated based on funded capital commitments that remain invested in Portfolio Companies less write‐offs, defined as significant and permanent declines in value. In accordance with the respective Partnership’s organizational documents, for purposes of computing quarterly management fees due Peninsula these assets are typically valued at outstanding cost minus write‐offs, as appropriate. Investments are reviewed quarterly by Peninsula’s investment professionals for significant and permanent impairment. Because of this fee calculation methodology, a conflict of interest is created whereby Peninsula has an incentive to not reduce (i.e., make write‐offs to) valuations of Portfolio Companies as may otherwise be dictated by available market data and prudent fair valuation techniques. To address this conflict, Peninsula has adopted a policy whereby we recognize material, permanent impairments of Portfolio Company values in the period in which they are deemed to have occurred. In addition, we have adopted detailed Valuation Policies and Procedures that are reviewed on a periodic basis by Peninsula’s Chief Investment Officer, or successor officer or officers charged with this task, and our Director of Reporting & Compliance. Peninsula’s Valuation Policies and Procedures are also distributed to the Partnerships’ investors, as are annual financial statements for each Partnership which present both the original cost and cash basis values (net of write‐offs) of each Portfolio Company. Our Valuation Policies and Procedures and our Portfolio Company valuations are reviewed on at least an annual basis by an independent certified public accountant that is both registered with and subject to regular inspection by the Public Company Accounting Oversight Board (PCAOB). Additionally, a copy of the Partnership audited financial statements is sent to each of the Partnerships’ investors within 120 days of each Partnership’s fiscal year end. LOCK‐UPS: Except as set forth in the applicable Partnership’s organizational documents, an investor in any one of the Partnerships generally may not rescind any part of its capital commitment or otherwise withdraw from any of the Partnerships without incurring significant penalties. Private equity/private debt fund investing is appropriate only for those with sufficient resources to have capital locked up for long periods of time and who are able to bear the risk of significant losses. Investors in each Partnership should refer to the appropriate Partnership's organizational documents for complete information regarding lock‐ups and penalties or other consequences for failure to fulfill capital calls made by the Partnership. LINES OF CREDIT: During its investment phase, a Partnership can incur debt to provide temporary funding to make portfolio investments in advance of Peninsula making a capital call from the Limited Partners. The use of a line of credit provides increased flexibility on the timing of portfolio investments and potential administrative efficiency through a reduction in the number of capital calls required. It is Peninsula’s practice to utilize a line of credit that is secured by the capital contributions of the Limited Partners of the Partnership. Peninsula has used a line of credit for TPFVII as provided for in its organizational documents. ORGANIZATIONAL FEES & EXPENSES: In accordance with the terms of each Partnership’s offering documents, each Partnership was responsible for the Partnership’s organizational expenses up to a stipulated amount. Investors in any new Partnership launched by Peninsula should refer to the corresponding offering document for such Partnership for information regarding the amount of organizational expenses that was or will be incurred by the Partnership. No Partnership will be responsible for or otherwise incur any percentage of the organizational expenses of any other of the Partnerships. OTHER EXPENSES: Each of the Partnerships is responsible for payment of certain expenses incurred in conducting the operating, investment and financial reporting activities of such Partnership. These expenses include, but are not limited to, financial statement preparation expenses, third‐party administration fees, marketing‐related expenses, legal expenses, tax preparation fees and insurance premiums. Investors in each Partnership should refer to the appropriate Partnership's organizational documents for complete information regarding the expenses paid by the Partnership. SIDE LETTERS: Peninsula or each Partnership’s General Partner, as appropriate, has and could in the future waive or modify certain terms of investment for certain large or strategic investors, in side letters or otherwise, in its sole discretion, including but not necessarily limited to, management and performance‐based fees, co‐investment opportunities, increased Partnership and Portfolio Company transparency and more frequent or varied formats or modes of portfolio reporting. IMPORTANT ADDITIONAL CONSIDERATIONS: The information provided herein summarizes the detailed information provided in each Partnership’s offering and organizational documents. Current Partnership investors and prospective investors in any new Partnership launched by Peninsula should be aware of the substantial risks associated with investment as well as the terms applicable to such investment. This and other detailed information are provided in the appropriate Partnership offering and organizational documents.