Founded in 2001, Valor Management LLC (formerly known as Valor Management Corp.), doing business as Valor Equity Partners, is a private equity firm focused on equity and equity-related, control and non-control investments in companies across various stages of development. Valor Equity Partners is an investment management company registered with the Securities and Exchange Commission (“SEC”) as an investment adviser. Valor Equity Partners and its other affiliated advisory entities, including Valor Equity Advisors, L.P. (“Fund IV Advisor”), and the General Partners (defined below) (collectively, “Valor”), operate as a single advisory business and this Brochure describes the practices of all Valor entities. Valor is based in Chicago and has additional offices in Miami, New York, and Seattle. Valor currently manages the following private equity growth funds: Valor Equity Partners III, L.P. (“Valor III”) and Valor Equity Partners III-A, L.P. (“Valor III- A” and together with Valor III, “Fund III”); Valor Equity Partners IV L.P. (“Valor IV”), Valor Equity Partners IV-A L.P. (“Valor IV-A”), and Valor Equity Partners IV-B L.P. (“Valor IV-B” and together with Valor IV and Valor IV-A, “Fund IV”); Valor Equity Partners V L.P. (“Valor V”), Valor Equity Partners V-A L.P. (“Valor V- A”) L.P., Valor Equity Partners V-B L.P. (“Valor V-B”), Valor Equity Partners V Feeder L.P. (“Valor V Feeder” and together with Valor V, Valor V-A and Valor V-B, “Fund V”); and Valor Equity Partners VI L.P. (“Valor VI”), Valor Equity Partners VI-A L.P. (“Valor VI-A”), and Valor Equity Partners VI-B L.P. (“Valor VI-B”), Valor Equity Partners VI Feeder L.P. (“Valor VI Feeder” and together with Valor VI, Valor VI-A, and Valor VI-B, “Fund VI”) (Fund III, Fund IV, Fund V, and Fund VI collectively referred to as the “Growth Funds”). The Growth Funds primarily focus on investing in companies Valor believes meet its operational growth investment strategy. Valor also manages Valor Siren Ventures I L.P. (“VSV I”), Valor Siren Ventures I-A L.P. (“VSV I- A”), and Valor Siren Ventures I-B L.P. (“VSV I-B” and together with VSV I and VSV I-A, “VSV I”), and Valor Siren Ventures II L.P. (“VSV II”), Valor Siren Ventures II-A L.P. (“VSV II- A”), and Valor Siren Ventures II-B L.P. (“VSV II-B” and together with VSV II and VSV II-A, “VSV II”) (VSV I and VSV II collectively referred to as the “VSV Funds”). The VSV Funds primarily seek to invest in startup, early-stage, and emerging companies that focus on the food, food technology, retail, retail technology, and sustainability sectors within the broader food and retail markets. Valor also manages Valor Equity Partners Opportunity Fund I L.P. (“VOF I”), Valor Equity Partners Opportunity Fund I-A L.P. (“VOF I-A”), and Valor Equity Partners Opportunity Fund I- B L.P. (“VOF I-B” and together with VOF I and VOF I-A, the “Opportunity Fund”). The Opportunity Fund is primarily focused on investing in new or existing growth stage companies of the Growth Funds, as well as in growth stage investment opportunities that arise in other Funds (as defined herein). While Valor expects the Opportunity Fund will predominantly invest in existing and future growth stage portfolio companies of the other Funds, the Opportunity Fund is also permitted to pursue investment opportunities in non-Valor portfolio companies. The Opportunity Fund, the VSV Funds, and the Growth Funds are collectively referred to herein as the Main Funds. See Item 8 for further information regarding their investment strategies. In addition, Valor manages Valor R&D Seed, LLC and Valor R&D Series LLC (together “Valor VC”), investment vehicles primarily for Valor, its employees, its strategic advisors, and their respective families, as well as certain other investors. Valor VC primarily invests in early-stage, smaller capitalized investments (referred to herein as “VC Investments”). While the VSV Funds and the Growth Funds can invest in VC Investments, subject to any applicable limitations in their Governing Documents (defined below), the investments made by Valor VC are VC Investments that Valor has determined do not meet the presentment requirements of the Main Funds or are not suitable investments for the Main Funds (although the Main Funds are permitted to, and from time to time expect to, participate in subsequent opportunities to invest in certain Valor VC portfolio companies (e.g., if they mature into Growth Fund opportunities) as authorized under the Governing Documents). In addition, as further described in Item 7 and Item 11, from time to time, Valor provides certain existing investors or third

parties the opportunity to participate in portfolio company investments through single purpose or co-investment vehicles managed by Valor (each, a “Co-Investment Fund,” and collectively, the “Co-Investment Funds”). Unless otherwise noted, references throughout this Brochure to “Funds” are generally intended to include the Main Funds, Valor VC, and the Co- Investment Funds. Valor has the right to manage additional funds in the future and expects any future funds will have terms similar to the Funds. Each Fund’s general partner (or manager or managing member) (each, a “General Partner,” and collectively, together with any future affiliated general partner entities, the “General Partners”), in accordance with SEC guidance, is deemed registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to Valor Equity Partners’ registration. Fund IV is also advised by Fund IV Advisor. See Item 10 for further information about these entities. Each General Partner has the authority to make investment decisions on behalf of each respective Fund. Valor, and in the case of Fund IV, Fund IV Advisor, which is a relying adviser, provide certain day-to- day management services to the Funds. Valor’s investment advisory services to the Funds typically consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and ultimately selling such investments, although Valor’s investment advisory services to the Co-Investment Funds are provided with respect to only one portfolio company investment that was known to participating investors at the time they invested. Likewise, Valor provides investment advisory services to Valor VC on an investment-by-investment basis since it does not have a portfolio construction mandate like the Main Funds. The Funds invest predominantly through negotiated transactions in private companies, although other types of investments (including, without limitation public companies) are permitted in certain instances. Valor personnel generally serve on portfolio companies’ respective boards of directors or otherwise act to influence management of such companies, except in the case of companies in Valor VC’s portfolio. Valor provides advisory services to each Fund in accordance with, as applicable, the Fund’s private placement memorandum, investment management or advisory agreement, limited partnership (or similar) agreement, and side letters or similar agreements (“Side Letters”) with certain investors in the Fund and any other governing documents (collectively, the “Governing Documents”). Valor provides and tailors its investment advice to each Fund based on its investment objectives, as described in its private placement memorandum or other Governing Documents, not based on the individual needs of Fund investors. Fund investors participate in the applicable Fund’s overall investment program and generally cannot impose restrictions on Valor’s investment advisory services or authority, although, in certain circumstances they are excused from a particular investment due to legal, regulatory or other applicable constraints, pursuant to the terms of the applicable Governing Documents, or they may have entered into a Side Letter that has the effect of establishing rights under, or supplementing or altering the terms in, a Fund’s partnership agreement or an investor’s subscription agreement, including rights and alterations related to economic terms, fee structures, excuse rights, information rights, co-investment rights, or transfer rights. For the avoidance of doubt, such arrangements do not and will not create an adviser-client relationship between Valor and any investor. Valor’s advisory services are further described in the applicable Governing Documents and generally in Item 8 below. As of December 31, 2023, Valor had regulatory assets under management of $16,483,237,796 on a discretionary basis and $504,585,716 on a non-discretionary basis. Antonio J. Gracias is the ultimate majority owner and control person of Valor Management LLC (doing business as Valor Equity Partners). Specifically, Valor Management LLC has two members: Valor Management L.P. and Valor Funds Group LLC, which is the managing member of Valor Management LLC and the general partner of Valor Management L.P. Mr. Gracias is the managing member of Valor Funds Group LLC. In addition, through his direct holdings and as the sole shareholder of Valor Holdings Corp., Mr. Gracias owns the majority of both Valor Management L.P. and Valor Funds Group LLC.