Copenhagen Infrastructure Partners

Copenhagen Infrastructure Partners Inc. (“CIP Inc.” or the “Firm”) was formed in 2016 as a Delaware corporation with its principal place of business in New York, NY. CIP Inc. is a wholly owned subsidiary of Copenhagen Infrastructure Partners P/S (“CIP P/S”). CIP P/S is a private Danish investment adviser firm, which is fully licensed by the Danish Financial Services Authority as an alternative investment fund manager, and which provides discretionary investment advisory and investment management services to affiliated private investment funds and, as applicable, any respective parallel investment vehicle, or alternative investment vehicle of a fund (each a “Fund”, and collectively the “Funds”). CIP P/S is part of the CIP Group which specializes in the development of greenfield energy infrastructure investments and is among the largest fund managers globally within renewables. CIP Inc. has been established for the purpose of providing services as non-discretionary sub adviser to CIP P/S in relation to the US investment activities of the current and future Funds to which CIP P/S acts as investment adviser and manager. Advisory services provided by CIP Inc. include origination and investment selection, structuring and de-risking, construction execution, and long-term asset optimization of large-scale and complex energy infrastructure assets, known as ‘projects’, in the U.S. and Canada. For U.S. and Canadian projects that are acquired by the Funds, the Firm generally implements a value creation strategy based on proactive sourcing of attractive large-scale projects on an exclusive basis in the greenfield stage, and allocation of risk, through diligent structuring, to project participants according to their risk appetite and comparative strengths. In certain circumstances CIP Inc., its affiliates and their respective personnel have invested, and reserve the right to continue to invest, alongside thirdparty investors in vehicles managed by CIP P/S. The Firm believes these investments serve to further align the Firm’s interests with the investors in its Funds. The Firm’s advisory services are tailored to the investment guidelines and investment restrictions applicable to each Fund as specified in the relevant Fund’s private placement memoranda or other offering documents (each, a “Memorandum”), limited partnership or other operating agreements of the Funds (each, a “Partnership Agreement” and, together with any relevant Memorandum, the “Governing Documents”). Additionally, CIP Inc. identifies potential professional services organizations and also engages in investor relations activity. The Firm had approximately $39,353,139,960 of regulatory assets under management (“RAUM”) for its Clients on a non-discretionary basis based on a valuation as of December 31, 2025.

In consideration for CIP Inc. providing the services to CIP P/S and its affiliates in relation to the US investment activities of the Funds advised and managed by CIP P/S and its affiliates and certain investor relations activity, CIP Inc. is entitled to an annual remuneration paid by CIP P/S or its affiliates which is calculated on the basis of costs and expenses of the CIP Inc. staff and all other support and administrative services of CIP Inc. relating to the provision of services, without any limitations, plus a market based margin. Expenses and costs for each Fund include an annual management fee paid to CIP P/S or its affiliate as the investment adviser and manager. Management fees paid to CIP P/S are generally equal to investor(s) pro rata share of total commitments to a Fund, and/or the investor(s) pro rata share of capital committed by Page | 4

the Fund to investments following the investment period and may in certain instances be reduced at certain periods or when certain conditions are met. To the extent specified in a Fund’s Governing Documents, CIP P/S or another CIP entity (including CIP Service Company (as defined below)) will be permitted to receive certain supplemental fees and other amounts consisting of: (i) service fees, including advisory services, paid by any portfolio company; (ii) transaction fees paid by any Fund or portfolio company; and (iii) other designated net fee payments received by CIP P/S or its partners or personnel from portfolio companies or prospective portfolio companies. The Governing Documents set forth the full list of terms under which management fees will be reduced, offset or otherwise be limited, and consequently investors should expect to bear the full specified management fee rate in the Governing Documents until they are reduced in the circumstances and on the date(s) specified therein. Additionally, each Fund pays a performance fee (carried interest) to certain employees of CIP P/S, other affiliates of CIP P/S and the Firm, and certain third parties subject to the terms of the relevant Fund’s Governing Documents. Each Fund also incurs expenses related to establishment, transaction costs, liability insurance, taxes and tax services, depositary services, regulatory fees, auditing and accounting assistance, various direct administration costs, Investment Committee, Limited Partner Advisory Committee and Investor Panel. Expenses related to CIP Service Companies (see Item 10) are allocated to Fund subsidiaries holding the projects, however, a residual amount may in some events be incurred by a Fund. Fees and compensation information contained herein is a summary only. Investors in Funds should refer to the Governing Documents for the relevant Fund for a complete understanding of fees and expenses applicable to their investment in the Fund.

Overall Investment Strategy and Methods of Analysis CIP Inc. seeks utility scale energy infrastructure investment opportunities in countries including the United States and Canada, specializing in developing and constructing large, complex projects that shape the future of energy. The Firm primarily targets equity, equity-like and debt investments in large-scale and complex renewable energy infrastructure assets and/or energy infrastructure assets facilitating or forming part of the energy transition. The Firm seeks Investment opportunities mainly in renewable power generation and transmission, but also in green fuels and feedstocks production, transport, and storage, and other decarbonization technologies, in each case with a focus on greenfield projects. Investment opportunities are expected to include offshore wind; energy transmission, storage and reserve capacity; wasteto-energy; biomass; onshore wind; and, solar photovoltaic, power-to-x, and alternative biofuel projects, with opportunity for levered equity, unlevered equity, and debt investment. The Firm seeks to identify investment projects with potential for offering attractive risk-adjusted long term cash flows from the operating asset once construction is completed, with selected early exits. The Firm will also, for certain Funds, seek out investment opportunities within debt financing and risk participating of renewable energy infrastructure assets. Risk of Loss and Conflicts of Interest Investing involves substantial risks, including the risk of total loss of capital, and may not be suitable for all Clients or investors. No guarantee or representation is made that the Firm’s investment recommendations will be successful. No assurance can be made that profits will be achieved or that substantial or complete losses will not be incurred. Past results of investments recommended by the investment professionals of CIP Inc. are not necessarily indicative of the Firm’s future performance. The description contained below is a brief overview of different risks related to the types of investment that CIP Inc. recommends. It is not, however, intended to serve as exhaustive or comprehensive recital of all risks and conflicts that will potentially arise. The risks and conflicts of interest below are more fully described in the Governing Documents of the Funds.

• Equity Investments - The market value of equity securities fluctuates and is affected

by a wide range of factors outside of individual company performance, such as the economic outlook, financial market conditions, and energy prices. CIP Inc. believes such factors are inherently difficult to predict accurately. However, these factors may have meaningful impact on the value of Client investments at any given time.

• Project Specific Risks - include (i) transaction risk (i.e., “broken deal costs”), (ii) permit

and licensing risks, (iii) development risk, (iv) construction risk, (v) operational risk; and (vi) financing risk.

• Market Risk - potential fluctuations in market prices related to electricity, feed stock and interest rates; for power generation, sales volume, which is not long-term contracted, and electricity input volume and price for assets sourcing from the grid. Page | 6

• Regulatory Risk - mainly related to the regulatory frameworks, incentive schemes,

and CO2 taxes/tariffs contemplated to meet CO2 commitments/targets of multilaterals, countries, industries and companies not yet in place or known. Additionally, the U.S. Securities and Exchange Commission (the “SEC”) has proposed and is expected to continue to propose, rules that will impact the business of CIP Inc. and the Funds. Such current and future rulemaking is expected to impact CIP Inc. and its affiliates, the Funds and/or their investments, and the Funds have the potential to bear significant increased costs as a result of such rules.

• ESG Risks - Depending on the investment, the impact of developments connected with

environmental, social and governance (“ESG”) factors, which are expected to include factors relating to worker health and safety, environmental compliance, and bribery and corruption, among others, could have a material effect on the return and risk profile of an investment. Although CIP Inc. will generally consider material ESG factors in connection with its investment activities, consistent with its Responsible Investment policy (“RI Policy”) and other regulatory considerations including those under the EU Sustainable Finance Disclosure Regulation (“SFDR”), there is no guarantee that CIP Inc. will be able to successfully implement its RI Policy or to make investments in companies that create positive ESG outcomes while achieving its investment strategy.

• Changing U.S. Policy Agendas - In the U.S., where CIP Inc. Clients have significant

investments, changes in the U.S. presidential administration increases the prospect of regulatory ambiguity and change that have the potential to adversely impact Clients and their Investments. Shortly after taking office in January 2025, the President of the United States signed several executive orders specific to the energy industry, and the impact on existing and future regulation, or the implementation of that regulation is uncertain and there can be no assurances regarding the influence of the policies or political stances of the Trump administration or current U.S. Congress on a Client’s Investment. Relatedly, in recent years, specifically in the U.S., “anti-ESG” sentiment has gained momentum, with several states and U.S. Congress having proposed or enacted “anti-ESG” policies, legislation, or initiatives or issued related legal opinions. The elimination or inability to monetize government incentives could adversely affect a Client’s Investments and their business, financial condition, future results and cash flows. Uncertainty associated with these regulations, CIP Inc.’s inability to meet the demands of these regulations or our failure to predict accurately the impact of its response to these regulations could adversely affect CIP Inc., the Clients and their Investments.

• Financial Risks - related to the terms and availability of project financing and farmdowns etc. required to take FID on the very large projects, and the exit value of the assets, which will depend, among other, on developments in technology which might cause the risk of stranded assets, and also general conditions in the financial and commodities markets.

• Event Risks and Uninsured Loss - Events outside CIP Inc.’s control may halt or stop the construction and operation of energy infrastructure assets, and consequently income from investments could be reduced and costs of maintenance or restoration increased, leading to negative impacts on a portfolio company. Event risks include, but Page| 7

are not limited to, strikes, boycotts, embargos, sanctions, war, terrorist attacks, fire, earthquakes, floods, typhoons, defective design, construction failure, fuel shortages, grid outages, breakdown in IT and operating systems, incidents, disputes and market failures. There is no assurance that insurance can be obtained to cover all such risks at commercially reasonable terms.

• International Conflicts and Geopolitical Events - Wars and other international

conflicts, such as the Israeli-Palestinian conflict, the ongoing military conflict between Russia and Ukraine, and emerging conflicts in the Middle East and South America, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. In addition, trade policies that restrict imports or increase import tariffs are expected to have a material adverse effect on CIP’s business. There is current uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs and CIP cannot predict whether, and to what extent, U.S. trade policies will change in the future, including as a result of changes by the U.S. presidential administration. Such policy changes have made it and may continue to make it difficult or more expensive to obtain certain materials manufactured outside the United States, which could affect an investment’s profitability. The ultimate impact of these conflicts (and other geopolitical events, including national referenda, elections, interest rates, political movements, humanitarian crises, national and international policy changes, actual or perceived trade wars, import or export controls, executive orders, laws, legal systems and regulatory regimes) and their effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of CIP, its Clients, or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict.

These matters may have a significant adverse impact and result in significant losses to the Clients. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities, supply chain disruptions and reductions in the availability of capital. It may also limit the ability of a Client to source, diligence and execute new Investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy which any Client intends to pursue, all of which could adversely affect the Client’s ability to fulfill its investment objectives.

• CFIUS and National Security Clearance Considerations. Certain investments by a Client that involve the acquisition of, or investment in, a U.S. business (including a U.S. subsidiary of a portfolio company domiciled outside of the United States) or U.S. assets could be subject to review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”) depending on, among other factors, the structure, Page| 8

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CIP Inc. provides investment advisory services to CIP P/S and its affiliates in their respective capacities as investment adviser and manager of the Funds. The Funds are deemed to be and treated as the Firm’s ultimate “Clients”. See also Item 4 - Advisory Business. U.S. investors in the Funds are typically limited to persons who are “qualified purchasers” as that term is defined Page | 5

in the Investment Company Act of 1940, as amended, and “accredited investors” as that term is defined in SEC Rule 501(a) under the Securities Act of 1933, as amended.

CIP Inc. does not earn performance based or incentive fees. However, as stated above in Item 5, certain key employees of CIP Inc. and other affiliates of CIP P/S earn a performance fee from the Funds. The possibility that certain affiliates and/or employees of CIP Inc. will receive performance-based compensation creates a potential conflict of interest in that it has the potential to create an incentive for the investment adviser and manager to operate the relevant Fund in a riskier, more speculative or other manner that is less favorable to investors than it would otherwise in the absence of such compensation, although CIP Inc. generally considers performance-based compensation to better align its interests with those of its investors, particularly in instances where the Governing Documents include terms requiring clawback or giveback of performance-based compensation amounts at the end of the relevant Fund’s life or at certain interim intervals. To address this conflict, prior to making an investment, investors in the Funds are provided with clear disclosure, primarily through the relevant Fund’s Governing Documents, as to how such compensation is charged with respect to the relevant Fund and the risks associated with such compensation.

As noted in Item 4 (Advisory Business) of this Brochure, CIP Inc. is a wholly owned subsidiary of CIP P/S, private Danish investment adviser firm (alternative investment fund manager) that is owned by CIP Group. In addition to CIP P/S, CIP Group has established and owns private Danish investment adviser firms Copenhagen Infrastructure Partners II P/S (“CIP II P/S”) and Copenhagen Infrastructure Partners I K/S (“CIP I K/S”). CIP Group reserves the right to establish additional investment adviser firms in the future. CIP Inc. has provided advisory Page| 13

services to CIP II P/S in relation to the US investment activities of funds advised and managed by CIP II P/S and reserves the right to provide advisory services to other investment adviser firms established and owned by CIP Group in the future. This creates a potential for conflict of interest in the allocation of CIP projects between the Funds and the funds of any future CIP Group investment advisers. To address this potential conflict of interest, CIP Inc. and its affiliates (collectively, “CIP”) have implemented an investment allocation policy. It is the policy of CIP to allocate investment opportunities among the Funds on a basis deemed by CIP to be fair and equitable over time, subject to relevant provisions in the Governing Documents of the Funds and otherwise in its reasonable discretion. CIP’s Allocation Committee shall be ultimately responsible for overseeing CIP’s implementation of the policy. In addition, the Governing Documents of the Funds provide CIP with wide-ranging authority to make determinations such as the cessation of a Fund's investment period and the commencement of a successor Fund’s investment period (including timing determinations relating to each of the foregoing). Such determinations generally dictate whether a predecessor or successor fund will be allocated investment opportunities and therefore CIP faces conflicts of interest in making such determinations. CIP Group has established on behalf of the Funds Copenhagen Infrastructure shared service providers(collectively “CIP Service Companies”), which are service providers majority-owned by the Funds advised and managed by CIP Group investment advisers. No member or affiliate of the CIP Group holds any ownership interest in the CIP Service Companies. The CIP Service Companies employ technical specialists and project managers (project CEOs) as well as corporate service staff (financial accounting and reporting). Additionally, CIP Service Companies provide 1) corporate services needed by projects which may consist of project governance and reporting, finance and tax management, financial analysis, and corporate and legal compliance; 2) specialist services which may consist of technical due diligence, project maturation (intake, offtake, procurement, etc.), and execution on technical value levers; and 3), project services consisting of required project organization roles, including project director, onsite manager, engineering procurement and construction director, finance manager, or other. Fund projects are expected to utilize the CIP Service Companies on selected project company tasks. This has the potential to result in a conflict of interest because CIP Service Companies earn fees from the services that they provide to the projects and the Funds. In avoidance of this potential conflict of interest, CIP Service Companies are compensated by the Funds at cost of operations plus a relevant markup to ensure compliance with relevant local tax rules, and given that the CIP Service Companies are majority-owned by the Funds, any coincidental profits will ultimately benefit investors in the Funds alongside co-shareholders of the relevant CIP Service Company and not CIP Inc., CIP P/S or any of their affiliates. Additionally, should CIP Inc. identify a conflict of interest, other than immaterial conflict of interest, when selecting a CIP Service Company for use, the Firm will bring the matter to the relevant Fund’s LPAC for review to the extent required pursuant to the principles set forth in the Governing Documents of the relevant Fund.

CIP Inc. has adopted a written Code of Conduct that is applicable to all employees. Among Page| 14

other things, the code requires CIP Inc. and its employees to act in Clients’ best interests, abide by all applicable regulations, avoid even the appearance of insider trading, report on, and preclear certain types of, personal securities transactions. CIP Inc.’s restrictions on personal securities trading apply to employees, as well as employees’ family members living in the same household. A copy of CIP Inc.’s code of ethics is available upon request by contacting the Chief Compliance Officer using the contact information provided on the cover page of this Brochure. CIP Inc.’s employees are generally permitted to transact in publicly traded securities, but are prohibited from buying or selling, trying to buy or sell or inducing or advising others to buy or sell any securities or other assets issued by or otherwise related to significant counterparties to and/or competitors of CIP Inc. and its affiliates. The Chief Compliance Officer with the assistance of designated compliance personnel monitors employee trading to ensure that employees do not engage in transactions in violation of the Company’s policies and procedure. Co-Investments The CIP Group expects to offer co-investment opportunities to investors in the Funds and to third parties. The CIP Group is under no obligation to provide co-investment opportunities to investors or to third parties, and CIP Group reserves the right to offer any such co-investment opportunity to one or more third parties and/or some and not other investors. Co-investment opportunities will generally be allocated based on various circumstances deemed relevant by CIP, and in accordance with the relevant governing documents, where sufficient capacity is available. CIP Group reserves the right to grant a priority right to participate in co-investments opportunities to certain investors, which has the potential to cause insufficient capacity for other investors who may wish to participate in the relevant co-investment opportunity. The existence of such a priority right is likely to result in fewer co-investment opportunities for other investors. Co-investments will typically be made in parallel to an investment by a Fund advised and managed by CIP P/S, and on terms substantially similar to the terms of the Fund’s investment.

CIP Inc. focuses on securities transactions of private companies and generally purchases and sells such companies through privately-negotiated transactions. Although the Firm does not intend to engage in public securities transactions, to the extent it does so in the future, it will adopt additional brokerage policies and procedures.

CIP Inc. and its affiliates reserve the right to provide certain business or consulting services to companies in a Fund’s portfolio and expect to receive compensation from these companies in connection with such services. As described in each Fund’s Governing Documents, this compensation in some cases may offset a portion of the management fees paid by such Fund. However, in other cases (e.g., reimbursements for out-of-pocket expenses directly related to a portfolio company), these fees are in addition to management fees. CIP Inc. and its affiliates reserve the right to enter into solicitation arrangements pursuant to which it compensates third parties for referrals that result in a potential investor becoming a limited partner in a Fund. These arrangements (relating to U.S. investors and U.S.-domiciled Funds) generally are disclosed in the relevant Fund’s Form D. Any fees payable to any such placement agents generally will be borne by the CIP Group.

CIP Inc. and its management persons have not been subject to any material legal or disciplinary events required to be discussed in this Brochure.

CIP Inc.’s investment team continuously monitors and reviews the projects CIP Inc. manages in the Funds. Accounts are reviewed in the context of each Fund’s stated investment objectives and guidelines as set out in each Fund’s Governing Documents. CIP Inc.’s investment team members hold formal and informal meetings to discuss topics such as investment ideas, economic developments, current events, investment strategies, and matters related to the project they manage in Fund’s accounts. Investors in the Funds generally are provided with reports on a quarterly basis. CIP Inc. or its affiliates reserve the right to provide certain information to Fund investors or at times to prospective investors in response to questions and requests, and/or in connection with Page| 15

due diligence meetings or other communications. Such information that is requested by certain investors or prospects may not always be distributed to other investors and prospective investors who have not requested such information. Consequently, each investor or prospective investor is responsible for asking questions and conducting such due diligence that it believes is required to arrive at its own investment decisions. Investors and prospects must also decide whether the information provided by CIP Inc. is sufficient for their needs in making an investment decision.

CIP Inc. does not currently maintain custody of advisory client assets. To the extent CIP Inc. or any related persons with which CIP does not maintain the required level of independence are deemed to have custody of advisory client assets in the future, CIP Inc. will comply with Rule 206(4)-2 under the Advisers Act.

CIP Inc. does not have discretionary authority over advisory client accounts. Regardless, CIP Inc. does have an ongoing responsibility for certain assets in Client accounts as described above in Item 4.

Due to the nature of CIP’s advisory business of providing investment advisory services related to infrastructure projects, the Firm does not expect to receive any proxies to vote for the investments in Client accounts. Should this change in the future, CIP will implement appropriate policies and procedures and seek to vote proxies in the best interests of its Clients.

CIP Inc. does not require prepayment of management fees six months or more in advance or have any other events requiring disclosure under this item of the Brochure.

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