Energy Impact Partners LLC

Overview and Background Energy Impact Partners LP (“EIP,” the “Investment Adviser” or the “Firm”), is a Delaware limited partnership with its principal place of business located in New York, NY. The Firm was founded in 2015 on the premise of supporting growth and transition of the energy ecosystem towards a more digitized, decentralized, decarbonized and electrified future. EIP brings together incumbents and innovators consisting of utility, energy, real-estate, mobility and industrial companies in a differentiated collaborative model built on corporate venture capital principles and processes its founders pioneered at General Electric. The Firm collaborates with more than 80 corporate partners and seeks to make venture, growth, buyout and credit investments in what it deems the key building blocks of the energy transition. EIP is principally owned by its founder Hans Kobler and his affiliates. EIP provides investment advisory services to privately offered pooled investment vehicles which include Energy Impact Fund LP (“EIF”), a Delaware limited partnership with its general partner Energy Impact Partners LLC; Energy Impact Fund II LP (“EIF II”), a Delaware limited partnership with its general partner Energy Impact Fund II GP LLC; EIP Flagship Fund III LP, a Delaware limited partnership with its general partner EIP Flagship Fund III GP LLC, together with EIP Flagship Fund III (Lux) SCSp (the “Fund III Parallel Fund”), a Luxembourg special limited partnership with its general partner EIP Flagship Fund III GP (Lux) SARL, and EIP Flagship Fund III (Lux Feeder) SCSp (the “Fund III Lux Feeder Fund”), a Luxembourg special limited partnership with its general partner EIP Flagship Fund III (Lux) SARL (collectively, “Fund III”); Energy Impact Credit Fund I LP (“EICF”), a Delaware limited partnership with its general partner Energy Impact Credit Fund I GP LLC; Energy Impact Credit Fund II LP (“EICF II”), a Delaware limited partnership with its general partner Energy Impact Credit Fund II GP LLC; EIP Deep Decarbonization Frontier Fund I LP (“Frontier”), a Delaware limited partnership with its general partner EIP Deep Decarbonization Frontier Fund I GP LLC; EIP Frontier Fund II LP, a Delaware limited partnership with its general partner EIP Frontier Fund II GP LLC, together with EIP Frontier Fund II (Lux) SCSp (the “Frontier II Parallel Fund”), a Luxembourg special limited partnership with its general partner EIP Frontier Fund II GP (Lux) SARL, and EIP Frontier Fund II (Lux Feeder) SCSp (the “Frontier II Feeder Fund”), a Luxembourg special limited partnership with its general partner EIP Frontier Fund II GP (Lux) SARL (collectively, “Frontier II”); EIP Elevate Future Fund I LP (“Elevate”), a Delaware limited partnership with its general partner EIP Elevate Future Fund I GP LLC; and Energy Impact Fund SCSp (“EIF EU”), a Luxembourg special limited partnership with its general partner Energy Impact Fund GP SARL (Energy Impact Fund GP SARL together with Energy Impact Partners LLC, Energy Impact Fund II GP LLC, EIP Flagship Fund III GP LLC, EIP Flagship Fund III GP (Lux) SARL, Energy Impact Credit Fund I GP LLC, Energy Impact Credit Fund II GP LLC, EIP Deep Decarbonization Frontier Fund I GP LLC, EIP Frontier Fund II GP LLC, EIP Frontier Fund II GP (Lux) SARL and EIP Elevate Future Fund I GP LLC, the “General Partners” and each, a “General Partner”).

EIF primarily makes equity investments in high growth companies operating in the broader energy ecosystem. EIF II and Fund III both have a similar focus to EIF and are often referred to as EIP’s flagship strategies. EIF EU seeks to make investments that are similar to those made in EIF, EIF II and Fund III, with a focus on European markets. EICF and EICF II focus on making opportunistic credit and select equity investments in small and middle emerging companies focused on the broader energy and energy adjacent sectors. EICF and EICF II both operate as small business investment companies (each, an “SBIC”) under the debenture program operated by the United States Small Business Administration (the “SBA”) and are subject to the Small Business Investment Act of 1958 and the rules and regulations promulgated thereunder (the “SBIC Act”). Frontier seeks to make minority equity investments in emerging or early stage companies with transformative technologies providing solutions intended to significantly contribute to addressing the challenges of asset intensive industries within the energy sector and decarbonization. Frontier II has a similar focus to Frontier, while also targeting certain emerging megatrends that intersect with its core focus areas. Elevate seeks to increase broad representation in the energy sector and make direct investments in companies within the venture-backed technology sector, and the energy industry that are led by underrepresented leaders as well as companies or other private fund investment advisers supporting job growth and closing the income gap in economic opportunity zones. EIF, EIF II, Fund III, EICF, EICF II, Frontier, Frontier II, Elevate and EIF EU are herein each referred to as a “Fund” and collectively as the “Funds”. The Funds are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”). EIP has established, and may continue to establish in the future, certain privately offered pooled investment vehicles which are formed on a transaction-by-transaction basis for the purpose of pooling investor capital and co-investing in a single portfolio company alongside one or more of the Funds (each vehicle a “Co-Investment Vehicle”). A Co-Investment Vehicle is typically limited to the investment it was established to participate in and such investment is typically made on the same investment terms as the applicable Fund(s) also participating in the investment. CoInvestment Vehicles established by EIP are exempt from registration under the Investment Company Act. EIP provides investment advice directly to the Funds and any associated Co-Investment Vehicles in accordance with the applicable private placement memorandum (“PPM”), limited partnership agreement (“LPA” or “Partnership Agreement”) and investment management agreement (collectively, the “Governing Documents”). The Firm does not tailor its investment advisory services to the needs of individual investors. However, EIP will occasionally enter into side letter arrangements with certain investors which either alters or supplements certain terms in the relevant Fund’s or Co-Investment Vehicle’s Governing Documents. As of December 31, 2025, EIP managed approximately $4,861,055,633 in regulatory assets under management on a discretionary basis.

Information about the Funds and any Co-Investment Vehicle included in this Brochure is qualified in its entirety by the information contained in the relevant Fund’s and Co-Investment Vehicle’s Governing Documents. Current and prospective investors are reminded to carefully read the relevant Governing Documents.

The Funds will pay EIP or its applicable affiliates, as the relevant General Partner or Co-Investment Partner (in the case of EIF EU and as defined in the EIF EU LPA), a management fee (“Management Fee”) that is paid quarterly in advance for providing investment advisory services to the Funds. EIP may also be entitled to receive performance-based fees (“Carried Interest”) equal to 20% of the relevant Fund’s realized profits subject to a preferred return. More detailed information related to Carried Interest can be found below in Item 6. Performance Based Fees and Side-by-Side Management. As referenced above in Item 4, EIP has established one or more Co-Investment Vehicles and may continue to establish additional Co-Investment Vehicles in the future. EIP may receive Management Fees, administrative fees and Carried Interest from the Co-Investment Vehicles as compensation for such services. In addition to such fees, EIP may also receive commitment, breakup, syndication, guarantee, directors, officers, monitoring, management and other fees paid for by the applicable portfolio company which may be kept by EIP and not subject to any Management Fee offset. Such fees are determined during the formation process of each Co-Investment Vehicle and described in the relevant Governing Documents along with the expenses to be borne by the Co-Investment Vehicle. Any fees charged at the portfolio company level that are subject to any Management Fee offsets are described in the relevant Co-Investment Vehicle’s Governing Documents. EIP reserves the right to waive or reduce the Management Fee paid by the CoInvestment Vehicles in its sole discretion. Fund Management Fees: A summary of each Fund’s Management Fee is provided below. EIF, EIF II, Fund III, Frontier, Frontier II and Elevate – Beginning on the Activation Date (as defined in the relevant LPA) and ending upon the five-year anniversary thereof, the Funds will each pay to the relevant General Partner or its designee an annual Management Fee equal to 2.00% of the aggregate capital commitments (subject to certain exclusions). Following such period, the Funds will pay to the relevant General Partner or its designee an annual Management Fee equal to 2.00% of the Cost Basis (as defined in the relevant LPA) of the portfolio securities held by the Funds (subject to certain exclusions and in the case of EIF, excluding the Cost Basis of EIF’s investment in EICF). EICF and EICF II – Each Fund will pay to the General Partner (or its designee) an annual Management Fee equal to (i) 2.00% per annum of its Unreduced Regulatory Capital (as

defined in both the EICF and EICF II LPA) plus Assumed SBA Capital during the Initial Investment/Management Fee Period (as defined in both the EICF and EICF II LPA respectively) and (ii) 2.00% per annum of the cost of the securities for all “active” portfolio companies thereafter. EIF EU – Beginning on the Activation Date (as defined in the EIF EU LPA) and ending upon the five-year anniversary thereof, the Fund will pay to the Co-Investment Partner (as defined in the EIF EU LPA) or its designee an annual Management Fee equal to 2.00% of the aggregate capital commitments (subject to certain exclusions). Following such period, the Fund will pay to the Co-Investment Partner (or its designee) an annual Management Fee equal to 2.00% of the Cost Basis (as defined in the EIF EU LPA) of the portfolio securities held by EIF EU (which calculation shall not include the Cost Basis of EIF EU’s investment in the other Funds, if any, except in respect of any other Funds which do not charge Management Fees or charge Management Fees at a lesser rate). The above referenced Fund Management Fees paid by the Funds may be offset by certain fees described in the relevant Fund’s Governing Documents. Such fees may include, but are not limited to, financing fees, management services fees, monitoring fees, transaction fees, break-up fees, syndication fees, guarantee fees, directors fees, officers fees, fees exceeding any limits placed on organizational costs (as described in the relevant LPA), or any other fees and/or compensation paid for by portfolio companies. EIP reserves the right to waive or reduce the Funds‘ Management Fees in its sole discretion. Any receipt of prepaid unearned Management Fees will be returned. Fund Expenses: Expenses borne by the Funds (“Fund Expenses”) are described in each of the Fund’s Governing Documents. Fund Expenses will not include the normal operating expenses of EIP or its affiliates, any related persons of the affiliates, or AIFM; such as salaries and benefits provided to employees of EIP, EIP’s affiliates, related persons of the affiliates or any AIFM, rent, communications and similar expenses except, for the avoidance of doubt, if permitted by the relevant Fund’s LPA. A summary of Fund Expenses, including certain reimbursable expenses that may be paid by EIP or its affiliates, is provided below. EIF – EIF Fund Expenses include the following costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of the Fund: (i) out-of-pocket expenses associated with the organization of the General Partner or the Fund or the syndication of interests therein, subject to the requirements set forth in the EIF LPA; (ii) legal, accounting, audit, third party administrator, custodial and other professional fees of the Fund, which in the case of third party administrator and accounting fees only, include

services performed by third party providers or employees of the Management Company (as defined in the EIF LPA and when employees of the Management Company, a “Professional Services Employee”) to the extent that such Professional Services Employee performs services for the Fund that otherwise would be performed by third party providers and paid for by the Fund, which expenses will be tracked and documented and which fees will be tracked, documented and paid at a rate that is less than or equal to prevailing rates for independent third party providers for such services; provided that the General Partner, on an annual basis, will disclose to the Advisory Committee all expenses borne by the Fund with respect to services provided by Professional Services Employees pursuant to the EIF LPA; (iii) consulting fees relating to services rendered to the Fund that could not reasonably have been rendered by the General Partner or its members in the ordinary course of their activities; (iv) banking, brokerage, broken-deal, registration, qualification, finders, depositary and similar fees or commissions; (v) transfer, capital and other taxes, duties and costs and expenses incurred in sourcing, investigating, identifying, developing, negotiating, structuring, acquiring, monitoring, holding, selling or otherwise disposing of Fund investments and assets, as well as reasonable out-of-pocket travel expenses incurred by the General Partner in connection therewith, regardless of whether such investments are subsequently consummated; (vi) insurance premiums, indemnifications, costs of litigation and other extraordinary expenses of the Fund; (vii) costs of financial statements and other reports to Partners (as defined in the EIF LPA) as well as costs of all governmental returns, reports and other filings, and the out-of-pocket expenses incurred in connection with maintaining the existence of the Fund; (viii) costs of meetings of the Partners and (to the extent provided in the EIF LPA) meetings of the Advisory Committee and any Additional LP Advisory Committee (including the reasonable travel and other out-of-pocket costs incurred by the General Partner and the committee members in attending such meetings); (ix) interest expenses on borrowing incurred in accordance with the terms of the EIF LPA; (x) amounts paid to or for the benefit of portfolio companies other than as capital contributions thereto or in exchange for securities issued thereby; (xi) the Management Fee; (xii) public notice and similar costs; (xiii) costs and expenses incurred by the General Partner in its capacity as Tax Matters Partner and Partnership Representative (as defined in the EIF LPA); and (xiv) any other expenses not listed in the preceding clauses (i) through (xiii) that are not normal operating expenses of the General Partner. EIF II, Frontier and Elevate – Expenses borne by EIF II, Frontier and Elevate include the following costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of each Fund: (i) out-of-pocket expenses associated with the organization of the relevant General Partner or Fund or the syndication of interests therein, including any placement agent fees or expenses, subject to the requirements contained in the relevant LPA; (ii) legal, accounting, audit, third party administrator, custodial and other professional fees of the Funds, whether performed by third party providers or employees of the relevant Management Company (as defined in the relevant LPA), including, for the avoidance of doubt, (A) retainers, expenses and other compensation paid to third party providers hired to perform services for the Funds and (B) the fees and expenses for services

provided by any legal, accounting, audit, custodial or third party administrator professional employed by the relevant Management Company (each a “Professional Services Employee”) to the extent that such Professional Services Employee performs services for the Funds that otherwise would be performed by third party providers and paid for by the Funds, which expenses will be tracked and documented and which fees will be tracked, documented and paid at a rate that is less than or equal to prevailing rates for independent third party providers for such services; provided, for the avoidance of doubt, that the Funds will not bear salary or benefit expenses of employees of the relevant Management Company who are (1) members of the investment team, research and strategy teams, or commercialization team or (2) special or strategic advisors to the Management Company except to the extent such advisors are performing diligence functions in connection with an investment; provided further that the relevant General Partner, on an annual basis, will disclose to the relevant Advisory Committee all expenses borne by the Funds with respect to services provided by Professional Services Employees pursuant to the relevant LPA; (iii) consulting fees and expenses relating to services rendered to the Funds that could not reasonably have been rendered by the relevant General Partner or its members in the ordinary course of their activities; (iv) costs of obtaining third party research services, reports and data, including subscription services enabling access to such reports and data, and the costs of accounting, reporting and fund administration software that the Funds purchase to facilitate compliance with accounting, reporting and fund administration requirements; (v) banking, brokerage, registration, qualification, finders, depositary and similar fees or commissions; (vi) transfer, capital and other taxes, duties and costs and expenses incurred in sourcing, investigating, identifying, developing, negotiating, structuring, acquiring, monitoring, holding, selling or otherwise disposing of the Funds’ investments and assets, including reasonable travel expenses incurred by the relevant General Partner in connection therewith, regardless of whether such investments are subsequently consummated; (vii) insurance premiums of the Funds, the relevant General Partner and the Management Company (to the extent permitted in the relevant LPA), indemnifications, costs of litigation and other extraordinary expenses of the Funds; (viii) costs of financial statements and other reports to Partners (as defined in the relevant LPA) as well as costs of all governmental returns, reports and other filings, and the expenses incurred in connection with maintaining the existence of the Funds including taxes and other governmental charges levied against the Funds; (ix) costs and expenses of meetings of the Partners and (to the extent provided in the relevant LPA) meetings of the relevant Advisory Committee and any Additional LP Advisory Committee (including the reasonable expenses incurred by the relevant General Partner and the committee members in attending such meetings); (x) expenses associated with obtaining and maintaining any borrowing arrangements in accordance with the terms of the relevant LPA, including the payment of interest and other expenses thereunder; (xi) amounts paid to or for the benefit of portfolio companies other than as capital contributions thereto or in exchange for securities issued thereby, including (A) retainers, expenses and other compensation paid to third party providers hired to perform services primarily for the benefit of portfolio companies and (B) the fees and expenses for services provided by persons employed by

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EIP seeks to generate superior risk-adjusted returns for its investors by investing in high-growth companies operating within the energy sector. Energy impact is at the core of EIP’s strategies. The Firm implements a collaborative approach to investing by leveraging its experience in strategic equity investing, an approach pioneered by EIP’s founder, with a global coalition of key industry players (including domestic and international utility, energy, real estate, mobility and industrial companies). By working closely with its industrial partners, EIP believes it can make better investments by identifying key sector priorities and leveraging proprietary deal flow, conducting rigorous due diligence grounded in the reality of the industry, and creating commercial opportunities for EIP’s portfolio companies. EIP employs an investment process that requires detailed screening and due diligence to be conducted prior to any investment decision being made. The Firm has established an investment committee for each Fund which requires a majority vote for any investment decision. In evaluating prospective investments, EIP considers a range of qualitative and quantitative factors, which may vary depending on the nature, stage, and structure of the opportunity. These factors may include market opportunity, competitive positioning, technological validation or differentiation, financial performance and capital requirements, capital structure, valuation, regulatory considerations and the quality and experience of management teams. EIP believes in an active approach to portfolio management and monitoring its investments. EIP may seek to take board seats or board observer positions at its portfolio companies, engage in frequent interactions with management teams, consult with industry experts, work with third party consultants, and develop portfolio company strategies with EIP’s industrial partners. Throughout the portfolio management and monitoring process, EIP continually evaluates potential follow-on or exit opportunities.

EIP has entered into a sub-advisory agreement with EIP Management GmbH (the “German Advisor”), a wholly owned German subsidiary of EIP, to employ personnel who provide research and non-discretionary advice and recommendations to EIP with respect to any Funds operating or investing in Europe, Middle East and Africa (“EMEA”) region. The German Advisor provides services directly to EIP rather than to any EIP Funds, and the services are in the nature of assistance to EIP in performing portfolio management services for certain EIP Funds. Ocorian Fund Management S.à r.l. serves as the AIFM for the Fund III Parallel Fund, Frontier II Parallel Fund and EIF EU and has delegated the portfolio management function to EIP. The German Advisor may provide assistance to EIP with other matters such as investor relations and investment monitoring, but has no decision making powers in relation to the services EIP provides to the Funds. Below is a summary of the investment strategies pursued by the Funds: EIF, EIF II and Fund III – EIP’s flagship strategies consist of EIF, EIF II, and Fund III and focus on investing in venture-, growth- and buyout-stage companies operating within the broader energy ecosystem, primarily in North America. These strategies invest across evolving segments of the energy ecosystem, including (i) intelligent infrastructure, (ii) sustainable demand, (iii) decarbonized supply, and (iv) foundational technologies. Across the flagship strategies, EIP generally seeks to identify companies that exhibit characteristics such as: (i) potential to become leaders within their respective segments; (ii) commercially validated technologies, products or services; (iii) defensible market positions, business models, or intellectual property; (iv) capital-efficient operating models, often with recurring revenue characteristics or meaningful operating leverage; (v) valuations that are supportable based on market conditions and comparable industry metrics; (vi) identifiable opportunities for EIP to provide strategic or commercial support; and (vii) experienced management teams. The Funds within the flagship strategies may also, in certain circumstances, invest in companies with earlier-stage technologies where EIP believes it can provide strategic or commercial support through its collaborative model and partner network. Such investments are generally made where there is a defined pathway towards commercialization and do not involve the same level of technology risks typically associated with EIP’s frontier strategies (discussed below). In pursuing these strategies, EIP may leverage its internal investment professionals and its partner network in connection with sourcing, due diligence, and portfolio engagement. As part of its underwriting process, EIP may conduct joint deal reviews, consult with industry experts, or facilitate pilot programs where appropriate. Investments are typically structured to include governance rights and protective provisions designed to manage downside risk while preserving potential upside participation. Following investment, EIP may seek board representation or observer rights and maintain active portfolio oversight. As of the date of this Brochure, EIF and EIF II are no longer making new investments and are focused on managing their existing portfolios.

EIF has invested in EICF, an EIP-managed credit strategy for which EIF is the sole investor. Through this investment, EIF has indirect exposure to credit investments in energy sector companies. EIF EU – EIF EU applies a similar approach to the flagship strategies within the European markets, focusing on similar companies operating in sectors within the broader energy ecosystem. EIF EU evaluates investments using criteria and processes that are generally consistent with those in the flagship strategies, subject to applicable regional market dynamics and regulatory considerations. Certain EIP Funds may co-invest alongside EIF EU where appropriate, based on the respective mandates and investment objectives of such vehicles. Any such co-investments are conducted in accordance with the applicable Governing Documents and EIP’s investment allocation policy. EICF and EICF II – EIP’s credit strategies consist of EICF and EICF II, each of which is licensed as an SBIC and regulated by the SBA. The credit strategies seek to generate income and capital appreciation through investments in debt and debt-related securities. These strategies focus on investing in U.S. small- and middle-market companies operating within energy and energy adjacent sectors that qualify as U.S. small businesses. The credit strategies generally target companies that are at the expansion or later growth stage, exhibit established operating performance and typically generate positive EBITDA, bear limited technology risk, and have business models that do not require significant ongoing equity capital. EIP seeks to invest in companies where EICF or EICF II can provide capital sufficient to support anticipated future funding needs. Investments are primarily structured across multiple levels of a company’s capital structure and may include secured debt (first lien, second lien and unitranche structures), mezzanine debt (which may include equity participation feature such as warrants) and, in certain circumstances, preferred or common equity investments, typically in connection with a debt investment. As of the date of this Brochure, EICF is no longer making new investments and is focused on managing its existing portfolio. Frontier and Frontier II – EIP’s frontier strategies consist of Frontier and Frontier II and focus on making investments in seed and early stage companies developing technologies intended to address significant challenges within the energy sector and decarbonization, often at earlier stages of technological development than those targeted by EIP’s other strategies, and may in certain circumstances support the incubation of companies pursuing such technologies. The frontier strategies invest in companies operating in sectors including, but not limited to, energy production, speed to power, energy storage, clean hydrogen and fuels, industrial decarbonization, advanced manufacturing, materials and supply chain innovation and related enabling technologies. Frontier II also evaluates opportunities in areas such as physical and embodied artificial intelligence and energy efficiency that intersect with its core sectors. Investments in the frontier strategies generally involve longer development timelines and higher levels of technology and execution risk compared to EIP’s other strategies. Accordingly, EIP places

a significant emphasis on assessing technology risk and commercialization pathways. As part of its diligence process, EIP utilizes its internal technology diligence and research teams to conduct technical and technoeconomic assessments, including the evaluation of technology readiness, product-market fit, scalability, capital intensity and competing technological approaches. EIP will also leverage its partner network and external experts to assist in evaluating technical feasibility and potential pilot or commercial deployment opportunities. Given the longer investment horizon associated with early stage technology development, the frontier strategies typically reserve significant follow on capital for each investment to support portfolio companies through their development and commercialization stages. As of the date of this Brochure, Frontier is no longer making new investments and is focused on managing its existing portfolio. Elevate – Elevate seeks to invest in companies led by underrepresented leaders and in businesses that promote economic opportunity within underserved communities, including companies that support job creation and expand economic mobility, consistent with EIP’s broader focus on the energy ecosystem. Elevate may invest across a range of instruments, including direct equity investments in early stage growth companies, credit investments in established businesses, participation in incubator or accelerator platforms, and, in certain circumstances, investments in other private funds aligned with Elevate’s mandate. Investment opportunities are evaluated using financial, operational, and strategic criteria generally consistent with those applied in EIP’s other strategies, while considering factors such as the composition of leadership teams and opportunities to broaden participation in the energy economy, as well as alignment with Elevate’s stated impact objectives. As of the date of this Brochure, Elevate is no longer making new investments and is focused on managing its existing portfolio. The above information related to the Funds’ method of analysis and investment strategies is intended to be a summary. Current and prospective investors in any of the Funds should ultimately refer to the relevant Fund’s Governing Documents for a full detailed description of the methods of analysis and investment strategies pursued by the relevant Fund. Current and prospective investors are reminded that all investing involves several significant risks, including the possibility of partial or total loss of capital that all investors in the Funds and applicable Co-Investment Vehicles should be prepared to bear. There can be no assurance that the Funds and applicable Co-Investment Vehicles will achieve their respective investment objectives or receive returns on their investments. Below is a summary of the many potential risks that are associated with an investment in EIP’s Funds and do not represent all the current or future risks. Current and prospective investors should ultimately refer to the relevant Fund’s Governing Documents for a full detailed description of the risks that are specific to each Fund. Because CoInvestment Vehicles are established to invest in a portfolio company alongside one or more Funds,

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As referenced above, EIP currently provides investment advisory services to the Funds and the Co-Investment Vehicles. Interests in the Funds and Co-Investment Vehicles are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and other applicable state, federal or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds and Co-Investment Vehicles, including requirements that they are “accredited investors” as defined in Regulation D of the Securities Act or “qualified purchasers” as defined in the Investment Company Act of 1940, as amended. The minimum investment amount for each Fund is disclosed in the relevant Fund’s PPM and may be waived or lowered, in its sole discretion, by EIP or its affiliates.

Performance Based Fees and Side-by-Side Management

As referenced above and as described in the Funds’ Governing Documents, the Funds will pay EIP or its affiliates Carried Interest of up to 20% of realized profits. In the case of Elevate, EIP will donate at least 20% of any Carried Interest received to foster charitable causes in the Firm’s industry. The receipt of Carried Interest creates an incentive for EIP to make investments that are more speculative or riskier than would be made if such Carried Interest were not allocated to EIP or its affiliates or for EIP to favor funds receiving a higher percentage of Carried Interest over funds receiving a lower or zero percentage of Carried Interest (e.g., certain Co-Investment Vehicles). The Firm believes that the conflict of interest is mitigated because the interests of EIP and its affiliates are aligned with investors in the Funds by virtue of the applicable General Partners’ interests in the respective Funds. Each Fund and Co-Investment Vehicle are subject to the same 8% hurdle rate which mitigates the risk of EIP favoring any funds that either pay higher performance fees or have lower hurdle rates. Additionally, EIP has adopted policies and procedures that are designed to address and mitigate conflicts of interest, emphasize that all investment decisions should be made in accordance with the Firm’s fiduciary duty, and ensure the allocation of investment opportunities to any funds managed by EIP are allocated in a fair and equitable manner in accordance with the relevant Governing Documents and any applicable side letters or other agreements.

As described above in Item 4, certain entities affiliated with EIP, through common ownership, serve as General Partners to the Funds (including general partners to the applicable CoInvestment Vehicles). The General Partners and any employees or persons acting on the General Partners’ behalf will be under the supervision and control of EIP, as the Investment Adviser registered with the SEC and subject to the Investment Advisers Act of 1940 (the “Advisers Act”). As disclosed in the relevant Governing Documents, certain Funds may make investments in private funds managed by other investment advisers that meet the relevant Fund’s investment criteria and objectives. EIP and the Funds do not receive any compensation when making investments in private funds managed by other investment advisers but may receive a return on its investments based on the performance of such private funds. In the case of EIF and EICF, EIF invested directly in EICF and, therefore, EIF may benefit from the investment performance of EICF. EIF does not pay any additional layer of Management Fees or Carried Interests as a result of its investment in EICF. From time to time, EIP may engage third party service providers who are affiliated with related persons of EIP to provide services to the Funds. Such engagements present a conflict of interest because EIP could be incentivized to engage such service providers for the benefit of its related persons. However, EIP mitigates such conflict by (i) seeking to select service providers based on the level of quality and services that they provide to the Funds and (ii) compensating any service providers that are affiliated with related persons of EIP at commercially reasonable market rates for substantially similar services (as determined by EIP). EIP may introduce or recommend the products or services of one portfolio company to other portfolio companies in the Funds. Such introductions or recommendations may result in one portfolio company receiving fees or payments from another. Such recommendations present a conflict of interest because EIP could be incentivized to favor or create goodwill with one portfolio company at the cost of another. The receipt of fees and payments for products or services received by one portfolio company in one Fund, may impact the returns associated with a portfolio company in another Fund that would be paying for such products or services. EIP believes this conflict is mitigated by the fact that EIP generally does not participate in any negotiations or final decision associated with such products or services on behalf of such portfolio companies. EIP engages certain of its portfolio companies for products or services. Such engagements are expected to benefit the relevant portfolio companies but could create a potential conflict of interest for EIP to favor those Funds in which EIP has a business relationship with. EIP believes such potential conflicts are mitigated because EIP acts as a fiduciary to its Funds and Co-Investment Vehicles and acts in their best interest. Additionally, as part of EIP’s model, EIP has a dedicated team focused on fostering introductions and commercial opportunities for all of its portfolio companies across all Funds. In the event EIP were to receive any discounts associated with engaging a portfolio company, such discounts would not be offset against any management fee.

EIP occasionally engages and retains senior advisors, venture partners, operating partners and other similar professionals who are not employees of EIP (“Operating Professionals”). The scope and duration of each Operating Professional’s engagement with EIP vary. Operating Professionals are not exclusive to EIP and may have other business interests, joint ventures or advisory roles for other enterprises for which they receive fees or compensation. These external commitments may create actual or potential conflicts of interest, as Operating Professionals could prioritize other engagements over their work with EIP. However, while Operating Professionals may provide insights and support to EIP, they do not have discretion over investment decisions. EIP retains oversight to ensure their contributions align with its fiduciary duties and investment objectives. EIP may also engage certain Operating Professionals to serve on the boards of portfolio companies or to provide technical services to such companies. In certain circumstances, and to the extent permitted by the applicable Governing Documents, some or all of the compensation related to such services may be borne by the applicable Fund rather than EIP. This may create a conflict of interest to the extent EIP has discretion in determining whether to engage an Operating Professional, the structure of such engagement or whether related compensation is allocated to EIP or a Fund. To the extent such compensation has the effect of reducing costs that might be otherwise borne by EIP, those payments are not subject to any management fee offset described in Item 5 above. EIP evaluates such engagements on a case-by-case basis, taking into account the relevant expertise of the Operating Professional and the needs of the applicable portfolio company, and reviews the scope of services, compensation arrangements and allocation of expenses with applicable Governing Documents and its fiduciary obligations. Employees may, from time to time, hold or purchase securities of publicly traded vendors that provide services to EIP or certain Funds. These vendors may include, but are not limited to, custodians, brokers, administrators and insurance providers. Given the reputation, size and scale of these vendors, EIP does not consider any individual employee position to be material or to present a significant conflict of interest. However, EIP recognizes that a potential conflict may arise if an employee has a financial interest in a vendor and is in a position to influence the direction of business to that vendor. The Firm maintains policies and procedures related to conflicts of interest and, in the event EIP were to engage in a material business relationship with such vendors, EIP would review the relationship in conjunction with its personal trading policies and procedures referenced in Item 11 below. Additionally, as a fiduciary to the Funds and Co-Investment Vehicles, EIP is obligated to act in the best interest of its Funds and Co-Investment Vehicles, engaging vendors based on, among other factors, merit, quality of services, reputation, and capabilities. Certain Funds may pursue debt investments for which an administrative agent is required. An administrative agent typically performs administrative and operational functions on behalf of lenders which may include, but are not limited to, coordinating communications among lenders, monitoring compliance with loan covenants, and communicating with borrowers and lenders on routine matters such as debt service payments, interest rate calculations and other borrower

inquiries pursuant to and in accordance with the applicable credit agreements governing each loan. Administrative agents are typically compensated through an agency fee for their services. In certain cases where a Fund pursues a debt investment that is not originated or led by a third party syndicate, a wholly owned subsidiary of EIP may serve as the administrative agent. These arrangements may create a potential conflict of interest, as EIP may have an incentive to appoint its affiliate as the administrative agent rather than an unaffiliated third party. EIP believes this conflict is mitigated because it does not charge or retain agency fees when its affiliate serves as the administrative agent. In addition, to the extent any sub-agency arrangement is utilized, any agency fees are not retained by EIP or its affiliates but are used to compensate an unaffiliated third party for sub-agent services. EIP believes the use of an affiliated administrative agent provides benefits to the relevant Funds including enhanced coordination, familiarity with the relevant investment structure, efficiencies administering loan documentation and responsiveness to lenders and borrowers.

and Personal Trading In accordance with Rule 204A-1 under the Advisers Act, EIP has adopted a written Code of Ethics (the “Code”) within the Firm’s Compliance Manual (the “Manual”). EIP requires all employees and other designated individuals to act in the Funds’ and applicable Co-Investment Vehicles’ best interests, abide by all applicable laws and regulations, and avoid any action that is, or could even appear to be, legally or ethically improper. EIP has also adopted procedures related to preventing the misuse of material, nonpublic information, political contributions, and outside business activities. EIP’s Code requires employees to, among other things: (i) preclear certain securities transactions including initial public offerings and limited offerings; (ii) submit personal securities transactions and holdings reports on a quarterly and annual basis respectively; (iii) report and preclear certain gifts and entertainment; (iv) acknowledge receipt of the Firm’s Manual and any amendments made to the Manual thereafter; and (v) to make prompt reports of any internal Code violations. A copy of the Code is available upon request by contacting EIP at the address or telephone number provided on the cover page of this Brochure. As referenced above, EIP and certain employees will have an interest in the Funds managed by EIP by virtue of the relevant General Partners’ or its affiliates’ investments in the Funds. The Firm believes that by having such investments in the Funds, the Firm and its employees’ interests are aligned with those of the Funds’ and their investors. In addition to conflicts of interest policies and procedures, EIP has implemented policies and procedures related to the handling of principal transactions. If EIP determines that it is in the best interests of the Funds or applicable Co-Investment Vehicles for an EIP Fund or other investment

vehicle that is deemed to be a principal account to engage in a transaction with another EIP Fund or applicable Co-Investment Vehicle, the Firm will comply with the requirements of Section 206(3) of the Advisers Act. EIP will comply with the disclosure requirements, obtain the appropriate consents and any other requirements contained in the participating Funds’ and applicable CoInvestment Vehicles’ Governing Documents. As disclosed in the relevant Governing Documents, under certain circumstances, the General Partners, affiliates of the General Partners, Fund Managers and certain related persons of EIP may make venture capital/private equity investments separate and apart from, or alongside, the Funds. The General Partners, affiliates of the General Partners, Fund Managers and certain related persons of EIP will be permitted to manage other investment funds and/or similar vehicles during the Funds’ and applicable Co-Investment Vehicles’ terms, any of which may compete with the Funds and applicable Co-Investment Vehicles for investment opportunities, management time and attention, or otherwise. The Funds have invested in, and may in the future along with any applicable Co-Investment Vehicles invest in, companies in which the General Partners, affiliates of the General Partners, Fund Managers and certain related persons of EIP have a pre-existing interest which presents a potential conflict of interest between such parties, the Funds and applicable Co-Investment Vehicles. EIP’s conflicts of interest policies and procedures are designed to monitor and address such conflicts as they arise. Additionally, as disclosed in the applicable Fund’s Governing Documents, EIP must seek consent of the applicable Fund’s Advisory Committee prior to a Fund investing in any company in which any General Partners, affiliates of the General Partners, Fund Managers or certain related persons of EIP have a pre-existing interest in such company. EIP and/or its affiliates may allocate potential co-investment opportunities among the existing EIP Funds and potential parallel and successor investment vehicles, certain limited partners, strategic investors, and others, including to employees, subject to any applicable side letters or similar agreements. While EIP and/or its affiliates have no obligation, and do not intend, to grant such coinvestment opportunities pro rata to limited partners, EIP and/or its affiliates may be faced with potential conflicts of interest when determining how to allocate potential co-investment opportunities. Additionally, in the event multiple Funds, including any applicable Co-Investment Vehicles, are investing in different parts of the same portfolio company’s capital structure (e.g., debt vs equity securities), EIP may be faced with conflicts of interest related to determining terms of the investment, managing the investment and how to handle any realization events. Any such conflicts will be evaluated and addressed by EIP on a case-by-case basis, taking into account the relevant facts and circumstances and applicable fiduciary duties. There can be no assurance that all investment opportunities identified by EIP and its affiliates will be made available to any particular Fund. EIP reserves the right to allocate each investment opportunity that is suitable for, and fits the investment objectives of, any Fund in accordance with the relevant Fund’s Governing Documents and its internal investment allocation policy in a manner that EIP determines to be fair and equitable. As a result, a Fund may not fully participate in all investment opportunities falling within its investment objectives.

As described above, EIP has adopted and implemented policies and procedures within the Manual designed to address and mitigate conflicts of interest including, but not limited to, those potential conflicts of interest described above. The Firm will make investment decisions based on the best interests of the Funds and applicable Co-Investment Vehicles and will follow its policies and procedures related to the allocation of investment opportunities when such opportunities are eligible for multiple Funds and, if applicable, other co-investors. EIP will consider allocation factors related to the participation of potential co-investment opportunities with limited partners, strategic investors or other third parties and will determine whether to offer and how to allocate coinvestment opportunities in accordance with any applicable side letters or similar agreements and the relevant Governing Documents.

EIP primarily focuses on making investments in securities that are private in nature; therefore, EIP does not normally engage with financial intermediaries such as a broker-dealer, and commissions are not ordinarily payable in connection with EIP’s investments. With respect to such private transactions, EIP believes any applicable best execution responsibilities are fulfilled through the careful evaluation and negotiation throughout the transaction process. To the extent EIP might transact in public securities on behalf of the Funds and/or applicable Co-Investment Vehicles, it will select brokers based upon such brokers’ experience dealing with firms that are similar to EIP and their ability to provide best execution for the applicable Funds and/or Co-Investment Vehicles. EIP does not participate in any soft dollar arrangements. As referenced above, in the event an investment opportunity is eligible for an investment by multiple Funds, EIP will follow its investment allocation procedures which are designed to treat all eligible Funds in a fair and equitable manner.

From time to time, EIP may engage and enter into agreements with placement agents to assist with marketing the interests of a Fund during its fundraising period. If applicable, placement agents will receive a fee for bringing investors into the Funds which is typically calculated as a percentage of the investor’s committed capital. As referenced above in Item 5 of this Brochure, EIP may receive fees and compensation such as, but not limited to, financing fees, management services fees, monitoring fees, transaction fees, break-up fees, syndication fees, guarantee fees, directors fees, officers fees and other fees from its portfolio companies subject to a written agreement with such portfolio companies which may be offset against the applicable Fund’s Management Fee.

EIP and its current employees have not been involved in any legal or disciplinary events in the past 10 years that would be material to an investor’s evaluation of the Firm or its personnel.

As noted above, EIP primarily focuses on making venture capital, growth, buyout, credit and select private fund investments which are generally illiquid and have long-term investment horizons. Accordingly, EIP’s review of the Funds’ investments is not typically directed towards short-term decisions to dispose of securities. However, EIP reviews the investments on a continual and adhoc basis with more formal reviews for each Fund occurring on a quarterly basis. Additionally, as part of its monitoring process, EIP expects to have frequent contact with the management personnel of its portfolio companies. EIP provides investors in the Funds with quarterly reports summarizing the business and financial activities of the Funds, annual audited financial statements of the Funds and information reasonably necessary for the preparation of income tax returns. EIP may also hold annual investor meetings for which it will prepare and provide reports.

EIP is deemed to have custody of the Funds’ and applicable Co-Investment Vehicles’ assets by virtue of its affiliates serving as the General Partners to the Funds, and similarly, as general partners of the applicable Co-Investment Vehicles. EIP will comply with Rule 206(4)-2 under the Advisers Act (the “Custody Rule”). The Funds’ and applicable Co-Investment Vehicles’ assets will be held by one or more Qualified Custodians. In addition, the Funds and applicable Co-Investment Vehicles are subject to an annual audit by an independent public accountant registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) or, if prepared in accordance with another jurisdiction’s generally accepted accounting principles, be reconciled to U.S. GAAP. Each Fund and applicable CoInvestment Vehicles distributes audited financial statements to its investors on an annual basis, within 120 days of its fiscal year end.

As disclosed and permitted by the relevant Governing Documents, EIP will accept discretionary authority to determine the investments made on behalf of all the Funds and applicable CoInvestment Vehicles. Any limitations on authority are included in the relevant Governing Documents.

The Funds and applicable Co-Investment Vehicles invest in securities that are private in nature and do not typically issue proxy votes. However, as a best practice, EIP has adopted written policies and procedures related to proxy voting in the event the Funds and applicable CoInvestment Vehicles were to hold any publicly listed securities that issue proxies. In the event EIP

receives proxies, it would vote, or abstain from voting, such proxies in the best interest of the Funds and applicable Co-Investment Vehicles and avoid or resolve any material conflicts of interests. Similarly, should any Funds and applicable Co-Investment Vehicles become involved in any class actions, EIP will determine whether the relevant Funds and applicable Co-Investment Vehicles should participate in such class actions on a case-by-case basis and only in the best interests of the relevant Funds and applicable Co-Investment Vehicles. A copy of EIP’s proxy voting policies and procedures as well as specific information on how EIP has voted proxies in the past is available upon request by contacting EIP at the address or telephone number listed on the cover of this Brochure.

EIP does not require or solicit the prepayment of fees more than six months in advance and has never filed for bankruptcy. The Firm is not aware of any financial condition that may be expected to impair its ability to manage the Funds and applicable Co-Investment Vehicles.