A. General Description of Advisory Firm Founded in 2002, Permit Capital, LLC, a Delaware limited liability company (“Permit Capital,” the “Firm,” or “we”), is an investment advisory firm that structures and manages private investment funds. Permit Capital was originally formed to invest the financial assets of its founders, their families and close associates through privately held limited partnerships. Richard B. Worley, Caroline J. Ritter, and John C. Broderick are the principal owners of Permit Capital. B. Description of Advisory Services Our sole business consists of managing private investment funds on a discretionary basis. We offer three different types of investment programs for our fund clients: (i) direct investment programs where we invest in public and/or privately held securities; (ii) fund-of-funds investment programs where we invest in funds (“Underlying Investment Funds”) managed by investment advisors and managers who are not affiliated with us (“Third Party Managers”); and (iii) investment programs that pursue a combination of direct investments and fund-of-funds investments. Currently, we provide investment advice only to the following private investment funds. In this brochure, we may refer to them individually as a “Permit Fund” or collectively as the “Permit Funds”. The Permit Funds are exempt from registration under the Investment Company Act of 1940, as amended. (i) Permit Capital Fund, L.P. (“Capital Fund”) and its feeder fund, Permit Capital Cayman Fund, Ltd. (“Capital Cayman Fund”) (ii) Permit Capital International Fund, L.P. (“International Fund”) (iii) Permit Capital Telecom, L.P. (“Telecom Fund”) (iv) Permit Capital Enterprise Fund, L.P. (“Enterprise Fund”) (v) Permit Capital Private Equity Fund, L.P. (“Private Equity Fund”) Each of the Permit Funds (other than the Capital Cayman Fund) has been formed as a Delaware limited partnership. The Private Equity Fund is a series limited partnership. Each series of the Private Equity Fund is considered to be a separate Permit Fund, having its own investment strategy and group of investors and owns its own portfolio of securities. The Capital Cayman Fund is a Cayman Islands company. From time-to-time, we may provide investment advice to newly formed private investment funds or newly formed series of existing Permit Funds. Permit

Capital manages the Permit Funds in accordance with the investment strategies and restrictions (if any) of the Permit Funds as set forth in their limited partnership agreements and confidential private placement memoranda (“Operating Documents”). Permit Capital does not provide investment advice to the investors in the Permit Funds and does not tailor the Permit Funds’ investments to any individual investor. Investors purchase limited partnership interests in the Permit Funds and investments are made at the Permit Fund level, not for individual investors in the Permit Funds. We also do not offer wrap fee programs or manage individual client accounts. From time-to-time, we will engage other investment managers as sub-advisers (on a discretionary or non-discretionary basis) to assist us in the management of the Permit Funds or to identify and research investment opportunities for the Permit Funds. Currently, the Permit Funds have the following investment management/sub-advisory arrangements. International Fund: The International Fund has retained Gardner Russo & Quinn, LLC (“Gardner Russo”) to manage its assets. The International Fund’s general partner, in consultation with Permit Capital, identifies the specific assets that are to be managed by Gardner Russo and Permit Capital. Gardner Russo has discretionary authority for investment decisions with respect to assets of the International Fund allocated to them for management. Gardner Russo is based in Lancaster, Pennsylvania. Gardner Russo is a separate SEC-registered investment adviser. Fund of Funds: With respect to Capital Fund and International Fund, Permit Capital has retained the services of Cerity Partners, LLC (“Cerity”) to provide non-discretionary sub-advisory services to Permit Capital. This means that Cerity helps us identify and research investment opportunities for these Permit Funds and assists us in monitoring investments identified by Cerity and in which these Permit Funds are invested. However, Permit Capital will make all investment decisions with respect to investment opportunities identified by Cerity for such Permit Funds. C. Assets Under Management As of December 31, 2023, Permit Capital managed approximately $545,640,270 on a discretionary basis. We do not manage any accounts on a non-discretionary basis.