The Firm Milvus Capital Limited was founded in 2015. In 2017, a joint venture of Hillhouse Capital and Tencent acquired Milvus Capital Limited and changed the name to GaoTeng Global Asset Management Limited (“GAOTENG”). GAOTENG is wholly owned by GaoTeng Asset Management Holdings. GAOTENG is an asset management company invested by Hillhouse Capital Group and Tencent Holdings Limited. It has a team with extensive domestic and overseas asset management experience. GaoTeng is awarded as Asian Rising Star by Asia Asset Management and Asian Supernova of the Year by Insights & Mandate in 2020. The company is ranked No.1 by The Asset as the Top Investment House in Asian G3 Bonds for 2020 (Hong Kong, Asset Managers). Headquartered in Hong Kong, GaoTeng is licensed by The Securities and Futures Commission to conduct Type 1(Dealing in Securities) *, Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities. By leveraging Hillhouse Capital's excellent investment capability and Tencent's leading Internet technology, the company is committed to providing high-quality and easily-accessible asset management products and services to investors around the globe. *For Type 1 regulated activity, the licensee shall only carry on the business of dealing in collective investment schemes. The terms “collective investment scheme” and “dealing” are as defined under the Securities and Futures Ordinance. Assets under Management As of December 31, 2023, client regulatory assets under GAOTENG management totaled approximately US$2.226 billion. The breakdown of discretionary and non-discretionary assets are as follows: (in US$) GAOTENG Discretionary assets US$2.222 billion Non-discretionary assets US$4 million As some of our funds invest into our own funds (which may be managed by GAOTENG), the market value of cross holdings amounted to approximately US$10.5 million and this adjusted regulatory assets under GAOTENG management totaled approximately US$2.226 billion. Investment Philosophy GAOTENG generally employs an investment philosophy of buying securities that appear underpriced based upon an analysis of the financial statements, management, current health and competitive advantages of the issuer of the securities when compared to its competitors and markets. This approach is commonly referred to as “value investing”. GAOTENG employs a top down macro research and active trading approach, along with quant models used for market timing. Second, it conducts a valuation analysis. Third, it allocates the investment and trade size. Fourthly, it applies quant-driven trading and finally checks the portfolio alignment and monitors for risk. GAOTENG seeks alpha from theme identification & security selection, while balancing beta from risk budgeting and portfolio alignment by macro scan for risk budgeting, theme identification for sector allocation, fundamental and valuation analyses for security selection, allocation strategy and trade sizing, and check the portfolio alignment and risk monitor. GAOTENG provides investment management and advisory services for institutional clients and investors, corporations and Professional Investors (as defined in the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules) in Asia Pacific,

Europe and the United States. GAOTENG product suite currently includes both equities, fixed income and alternative investments to Professional Investors. GAOTENG concentrates its investment expertise regarding securities traded in Asia Pacific, Europe as well as United States. Advisory Services GAOTENG serves as a discretionary investment manager, sub-investment manager and/or investment advisor, focusing in Asia, mainly to:
• privately placed, pooled investment vehicles (“Private Funds”);
• collective investment funds authorized by the Hong Kong Securities and Futures Commission (“SFC Authorized Funds”); and
• segregated accounts (“Segregated Accounts”). The disclosures contained in GAOTENG’s Part 2 of Form ADV (the “Brochure”) are designed solely to provide information about GAOTENG and the investment management/advisory business it conducts. None of the discussions regarding the SFC Authorized Funds or Private Funds ( “Funds”) shall constitute a solicitation of an offer to buy or an offer to sell the securities of the Funds. Private Funds and SFC Authorized Funds (collectively, the “Funds”) GAOTENG manages the Funds in accordance with each Fund’s investment objective, strategy and guidelines. A description of the investment objective, strategy and risk factors of each Fund is set forth in each Fund’s offering document. For Private Funds, the offering document consists of a confidential private placement memorandum (“PPM”) and for the SFC Authorized Funds, these descriptions are contained in the explanatory memorandum (“EM”) or prospectus (“Prospectus”). The Funds are not tailored to the individual needs of any particular investor and all investors are cautioned to consider whether a Fund meets their individual investment objectives and risk tolerance prior to investing. Segregated Accounts GAOTENG also provides investment management or advisory services to Segregated Accounts which are tailored to meet each client’s stated investment objectives, strategies, restrictions or guidelines. These are all specified in the investment management/advisory contract between GAOTENG and the client. Each Segregated Account serviced by GAOTENG may be referred to herein as a “Segregated Account Client” or “Client” throughout the brochure. Segregated Account Clients may impose additional investment guidelines and restrictions upon GAOTENG pursuant to the client agreement with GAOTENG. These can include guidelines designed to reduce risk e.g. derivatives are used for hedging purpose only, single issuer concentration limit or sector restrictions. Clients are required to inform GAOTENG in writing of these guidelines and restrictions, and these are then coded in Bloomberg AIM to ensure investment compliance. Side Letter Arrangements GAOTENG or its associates or its Funds may enter into side letter arrangements with investors granting an investor preferred economic and other terms as compared to other shareholders. These may include, but are not limited to, rebates of fees and/or charges payable to GAOTENG and the reservation of capacity in the Funds. GAOTENG may agree to consult with or obtain prior approval from particular investors before taking certain actions with respect to the Funds.