Energy Impact Partners LP: investment adviser

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.

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

the relevant Management Company primarily for the benefit of portfolio companies, which expenses shall be tracked and documented and which fees shall 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; (xii) the Management Fee; (xiii) public notice and similar costs; (xiv) costs and expenses incurred by the relevant General Partner in its capacity as Partnership Representative (as defined in the relevant LPA); (xv) membership fees with trade industry organizations and attendance costs and expenses for trade industry events and conferences; (xvi) any other expenses not listed in the preceding clauses (i) through (xv) that are not normal operating expenses of the relevant General Partner. For the avoidance of doubt, the use of the term “expenses” shall always include any and all reasonable travel expenses (including reasonable transportation, lodging and meal expenses) associated with performing such service or activity and the use of the term “General Partner” shall include the Management Company and any other related persons of the General Partners performing such functions and vice versa. EICF – EICF Fund Expenses include the following: (i) costs and expenses of the Fund relating to the annual audit of the Fund and the preparation of Federal and state tax returns of the Fund; (ii) all interest and expenses payable by the Fund on any indebtedness incurred by the Fund; (iii) all amounts payable to SBA under the SBIC Act (including, without limitation, the cost of obtaining an SBIC license and SBA examination fees), and all amounts payable in connection with any Leverage (as stated in the SBIC Act) commitment, Leverage issuance, and Outstanding Leverage (as defined in the EICF LPA); (iv) taxes, duties and costs payable by the Fund to Federal, state, local and other governmental agencies; (v) Management Fees; (vi) expenses incurred in the actual or proposed acquisition or disposition of assets, including without limitation, accounting fees, brokerage fees, legal fees, transfer taxes and costs related to the registration or qualification for sale of assets; (vii) legal and custodial fees of the Fund; (viii) insurance and premiums protecting the Fund, the General Partner, the Investment Adviser/Manager (as defined in the EICF LPA) and any of their officers, directors, managers, owners, and employees (including any insurance contemplated in the EICF LPA); (ix) reasonable costs and expenses associated with meetings of the limited partners and meetings of the EICF Advisory Board; (x) to the extent permitted in the EICF LPA, indemnifiable costs; (xi) organization expenses not to exceed any limits set forth in the EICF LPA; (xii) securities filing fees related to a portfolio company; (xiii) fees or dues in connection with the membership of the Fund in any trade association for small business investment companies; (xiv) 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; (xv) banking, brokerage, broken-deal, registration, qualification, depositary and similar fees or commissions; (xvi) transfer, capital and other taxes, duties and costs and expenses incurred in performing diligence, structuring, acquiring, holding, selling or otherwise disposing of Fund investments and assets; (xvii) costs of financial statements, Schedule K-1 preparation and other reports to limited partners as well as costs of all governmental returns, reports and other filings, and the out-of-pocket costs incurred in connection with maintaining the

existence of the Fund; (xviii) amounts paid to or for the benefit of portfolio companies other than as capital contributions thereto or in exchange for portfolio securities issued thereby; (xix) public notice and similar costs; (xx) costs and expenses incurred by the General Partner in its capacity as Tax Matters Partner and Partnership Representative (as defined in the EICF LPA); and (xxi) any other expenses not listed in the preceding clauses (i) through (xx) that are not normal operating expenses of the General Partner or required to be paid by the General Partner pursuant to the EICF LPA. EICF II – EICF II Fund Expenses include the following: (i) costs and expenses of the Fund relating to the annual audit of the Fund, the preparation of Federal and state tax returns of the Fund, and the preparation of K-1s and any other reports of the Fund or General Partner; (ii) all interest and expenses payable by the Fund on any indebtedness incurred by the Fund; (iii) all amounts payable to SBA under the SBIC Act (including, without limitation, the cost of obtaining an SBIC license and SBA examination fees) or attributable to the SBIC license, and all amounts payable in connection with any Leverage commitment, Leverage issuance, and Outstanding Leverage (as defined in the EICF II LPA); (iv) taxes, fees and expenses payable by the Fund to Federal, state, local and other governmental agencies; (v) Management Compensation (as defined in the EICF II LPA); (vi) expenses incurred in the actual or proposed acquisition, holding or disposition of Assets (as defined in the EICF II LPA), including without limitation, accounting fees, brokerage fees, legal fees, taxes, costs related to the registration or qualification for sale of Assets, investment banking fees, consulting fees, appraisal expenses and Broken Deal Costs (as defined in EICF II LPA); (vii) legal and custodial fees of the Fund (viii) insurance and premiums protecting the Fund, the General Partner, the Investment Adviser/Manager and any of their officers, directors, managers, owners, and employees (including any insurance contemplated under the EIFC II LPA); (ix) reasonable costs and expenses associated with meetings of the limited partners with the General Partner, meetings of the EICF II Advisory Board and meetings of other committees of the Fund; (x) to the extent permitted under the EICF II LPA, Indemnifiable Costs; (xi) organization expenses not to exceed the lesser of $500,000 and two percent (2%) of the Fund’s Regulatory Capital; provided that organization expenses in excess of this amount shall be paid by a reduction of the Management Compensation as set forth in the EICF II LPA; (xii) fees or dues in connection with the membership of the Fund in any trade association for small business investment companies and related enterprises and attendance at such trade association events; (xiii) costs and expenses associated with communications with limited partners and preparation of Fund reports, including costs of a website and/or reporting software for the benefit of limited partners and third party administrator expenses; (xiv) bonding expenses; (xv) any syndication and similar reasonable costs; (xvi) fees incurred by the Fund for special advisory, consulting and financing services, and custodian fees and expenses; (xvii) expenses associated with regulatory registrations and compliance of the Fund and the General Partner, including securities filing fees; (xviii) all extraordinary fees, costs and expenses (such as litigation, if any); and (xix) any fees or other government charges levied against the Fund; and all costs, fees and expenses incurred by the Fund.

EIF EU – EIF EU Fund Expenses include the following costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of the Fund: (i) out-ofpocket expenses associated with the organization of the General Partner, the Founder Partner, the Co-Investment Partner or the Fund or the syndication of interests therein, including any placement agent fees or expenses, subject to the requirements in the EIF EU LPA; (ii) legal, accounting, audit, third party administrator, custodial, Depositary (as defined in the EIF EU LPA), valuer and other professional fees of the Fund, whether performed by independent contractors or employees of the Investment Adviser, including, for the avoidance of doubt, (A) fees of the AIFM and indemnification and other costs incurred under the AIFM Agreement (as defined in the EIF EU LPA) (B) fees of the administration agent and the Depositary and indemnification and other costs incurred under their respective service agreements (C) retainers, expenses and other compensation paid to independent contractors hired to perform services for the Fund and (D) the fees and expenses for services provided by any legal, accounting, audit, custodial or third party administrator professional employed by the Investment Adviser (each a “Professional Services Employee”) to the extent that such Professional Services Employee performs services for the Fund that otherwise would be performed by independent contractors and paid for by the Fund, which expenses shall be tracked and documented and which fees shall be tracked, documented and paid at an hourly rate that is less than or equal to prevailing hourly rates for independent contractors for such services, provided, for the avoidance of doubt, that the Fund shall not bear salary or benefit expenses of employees of the Investment Adviser who are (1) members of the investment team, research and strategy teams, or commercialization team or (2) special or strategic advisors to the Investment Adviser except to the extent such advisors are performing diligence functions in connection with an investment; provided further that the General Partner shall, on an annual basis, disclose to the Advisory Committee all expenses borne by the Fund with respect to services provided by Professional Services Employees pursuant to the EIF EU LPA; (iii) consulting fees and expenses 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) 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 Fund purchases to facilitate compliance with accounting, reporting and fund administration requirements; (v) banking, brokerage, broken-deal, 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 Fund investments and assets, including reasonable travel expenses incurred by the General Partner in connection therewith, regardless of whether such investments are subsequently consummated; (vii) insurance premiums of the Fund, the General Partner and the Investment Adviser (to the extent permitted in the EIF EU LPA), indemnifications, costs of litigation and other extraordinary expenses of the Fund; (viii) costs of financial statements and other reports to Partners (as defined in the EIF EU 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 Fund including taxes and other governmental charges levied against the Fund; (ix) costs and expenses of meetings of the Partners and (to the extent provided in the EIF EU LPA) meetings of the EIF EU Advisory Committee and any additional limited partner Advisory Committee (including the reasonable expenses incurred by the 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 EIF EU 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 independent contractors hired to perform services primarily for the benefit of portfolio companies and (B) the fees and expenses for services provided by persons employed by the Investment Adviser primarily for the benefit of portfolio companies, which expenses shall be tracked and documented and which fees shall be tracked, documented and paid at an hourly rate that is less than or equal to prevailing hourly rates for independent contractors for such services; (xii) the Management Fee; (xiii) public notice and similar costs; (xiv) costs and expenses incurred by the General Partner in its capacity as Partnership Representative (as defined in the EIF EU LPA); (xv) membership fees with trade industry organizations and attendance costs and expenses for trade industry events and conferences; (xvi) any other expenses not listed in the preceding clauses (i) through (xv) that are not normal operating expenses of the General Partner. For the avoidance of doubt, the use of the term “expenses” shall always include any and all travel expenses (including transportation, lodging and reasonable meal expenses) associated with performing such service or activity and the use of the term “General Partner” shall include the Investment Adviser and any other related persons of the General Partner performing such functions and vice versa. Fund III - Expenses to be borne by Fund III shall include the following costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of Fund III and any Alternative Investment Vehicles (as defined in the relevant LPA and in each case allocated between them pursuant to the relevant LPA): (i) all costs and expenses incurred in the organization of Fund III and any Alternative Investment Vehicles and the offering of interests therein, including without limitation any fees, costs and expenses relating to marketing Fund III and any Alternative Investment Vehicles (which includes, for the avoidance of doubt, any fees, costs and expenses required to be paid to agents in connection with such marketing) and/or meetings with prospective limited partners in Fund III and Alternative Investment Vehicles, legal fees and expenses (including, without limitation, legal expenses relating to organizational and governing documents, private placement memoranda, diligence responses, disclosure documents, legal opinions and side letters and similar arrangements), placement agent fees, accounting fees and expenses, commercial transportation costs (including business-class and/or first-class travel or, if the relevant General Partner, the general partner of Alternative Investment Vehicles or the Management Company (as defined in the relevant LPA) of any of them utilizes non-

commercial air travel, the costs of such noncommercial air travel at rates not in excess of customary documented business-class or first-class travel rates), accommodations and meals, third party expenses incurred in connection with data rooms, internal portals and/or other secure means of communication to prospective limited partners, fees and expenses of consultants retained in connection with fundraising, costs pertaining to initial compliance with the Alternative Investment Fund Managers Directive (“AIFMD”) and similar laws of other jurisdictions, the preparation and administration of any initial disclosures, filings or notifications prepared with the foregoing, printing costs, filing fees, costs pertaining to certificates of good standing, apostille service fees and other similar expenses described hereunder (such costs, the “Organizational Expenses”), subject to the requirements of the relevant LPA; (ii) legal, accounting, audit, administrator, custodial and other professional fees, and fees, costs and expenses incurred in connection with energy, sustainability and related programs and initiatives, in each case whether performed by third party providers (including seconded employees) or employees of the Management Company, or a combination of the two, including, for the avoidance of doubt, (A) retainers, expenses and other compensation paid to third party providers hired to perform services for Fund III and/or any Alternative Investment Vehicles and (B) the fees and expenses for services provided by any legal, accounting, audit, custodial or third party administrator professional employed by the Management Company (each a “Professional Services Employee”) to the extent that such Professional Services Employee performs services for Fund III and/or any Alternative Investment Vehicles that otherwise would be performed by third party providers and paid for by Fund III, which expenses shall be tracked and documented on an aggregate project basis and which fees shall be paid at a rate that is less than or equal to prevailing rates for substantially similar services (as determined by the relevant General Partner in good faith) charged by independent third party providers of such services to private equity and venture capital funds of equivalent standing to Fund III, on an aggregate project basis; provided, that for the avoidance of doubt, Fund III and/or any Alternative Investment Vehicles shall not bear salary or benefit expenses of employees of the 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; (iii) to the extent not covered elsewhere in the applicable section of the relevant LPA, consulting fees and expenses relating to services for or on behalf of Fund III and/or any Alternative Investment Vehicles that could not reasonably have been rendered by the relevant General Partner or its members in the ordinary course of their activities; (iv) merger fees and expenses payable to third parties; (v) all expenses related to meetings and business-related entertainment with portfolio company personnel, intermediaries and personnel affiliated with prospective investments in Portfolio Securities (as defined in the relevant LPA) or prospective strategic partners or acquirers of Portfolio Securities; (vi) expenses incurred on behalf of an actual or prospective portfolio company that such portfolio company agrees to reimburse Fund III and/or any Alternative Investment Vehicles for in the future (whether or not such amounts are actually reimbursed, but without duplication); (vii) 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 and related services for limited partner reporting purchased to facilitate compliance with accounting, reporting and fund administration requirements, and other software or services purchased for purposes of fund administration and support, including, but not limited to, those related to initial and continued diligence and onboarding of investors, compliance with side letters or similar agreements, information sharing, data rooms and/or online portals, investment valuations, SOC 1 and compliance therewith, compliance with anti-money laundering and “know your client” requirements and event registration; (viii) banking, brokerage, broken deal, registration, qualification, finders, depositary and similar fees or commissions; (ix) 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 investments and assets, including travel expenses (including business-class and/or first-class travel and, in the event the relevant General Partner determines in its discretion that commercial air travel would be impractical, the actual cost of non-commercial air travel at rates not in excess of customary businessclass or first-class travel rates, and meals and accommodations) incurred in connection therewith, regardless of whether such investments are subsequently consummated; (x) insurance premiums of Fund III, the relevant General Partners, the general partner of any Alternative Investment Vehicles and the Management Company (to the extent permitted in the relevant LPA), indemnifications, costs of litigation and other extraordinary expenses, directly or indirectly, including attorneys’ fees incurred in connection therewith and costs of prosecuting or defending any legal, regulatory, administrative or other action (including settlement or review of business activities) of, for or against any of them or any of their respective affiliates relating to the affairs of Fund III; (xi) costs of financial statements and other reports (including Schedules K-1 and K-3) to partners of Fund III and partners of any holding vehicle, and any Alternative Investment Vehicles as well as costs of all governmental returns, reports and other filings, and the expenses incurred in connection with maintaining the existence of Fund III, any holding vehicle, and any Alternative Investment Vehicles, including taxes and other governmental charges levied against any of them or on their income or assets or in connection with their business or operations, but excluding any to the extent that any of them has been reimbursed therefor pursuant to the terms of the relevant LPA; (xii) all costs and expenses related to the holdings of meetings of the limited partners of Fund III and the Advisory Committee, including, but not limited to, industry or training events, working group meetings and meetings of Strategic LP Advisory Council Partners (as defined in and further described in the relevant PPM) (in each case, whether individually or as a group and including venue space, video and technology, travel, hotel lodging, meals and related entertainment and events and giveaways); (xiii) all costs related to the activities of the Advisory Committee and all costs of other strategic advisory boards of the Management Company specifically related to the activities of the Fund III and/or any Alternative Investment Vehicles (as further described in the relevant PPM); (xiv) expenses associated with obtaining and maintaining any borrowing, guarantee and other financing arrangements, including the payment of interest

and other expenses thereunder; (xv) all costs and expenses incurred in connection with legal and regulatory compliance with U.S. federal, state and local and non-U.S. or other law or regulation (including, by way of example only, costs and expenses associated with filings under Section 13 or Section 16 of the Exchange Act, Form PF obligations under the Advisers Act, reporting and filing obligations, including under any Tax Information Reporting Regime, compliance with the AIFMD, the Sustainable Finance Disclosure Regulation (“SFDR”) and any related regulations, including any costs related to being an Article 9 Fund (as defined under the SFDR), compliance with anti-money laundering and “know your client” requirements and cross-border activity tracking (e.g., TIC and BEA forms), and filings with CFIUS (as defined below) or other matters related to the United States Defense Production Act of 1950 (“DPA”), CFIUS or any other foreign investment review board in connection with the investments or proposed investments, regardless of the reason that any such filings are made), including fees and expenses of third party service providers and Professional Services Employees related to such compliance and the preparation and administration of any reports, disclosures, filings or notifications in accordance with the foregoing, or related to compliance with the provisions of the relevant LPA and Governing Documents of Fund III or Alternative Investment Vehicle or any side letter or similar agreements, as well as any amounts paid to the alternative funds investment manager of the Parallel Fund pursuant to the governing agreement of the Parallel Fund; (xvi) fees and expenses incurred in connection with the process of complying with the most favored nation provisions in any side letters or other similar agreements; (xvii) 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 the Management Company primarily for the benefit of portfolio companies, which expenses shall be tracked and documented and which fees shall be tracked, documented and paid at a rate that is less than or equal to prevailing rates for substantially similar services (as determined by the relevant General Partner in good faith) charged by independent third party providers of such services to private equity and venture capital funds of equivalent standing to Fund III, on an aggregate project basis; (xviii) the Management Fee; (xix) all expenses incurred in connection with the formation and operation of subsidiary entities of Fund III and other special purpose vehicles; (xx) all costs and expenses related to the presence of Fund III or any Alternative Investment Vehicles or other special purpose vehicles in jurisdictions in which such entities or their subsidiaries maintain such a presence, including rent, domiciliation fees, directors fees and other similar costs; (xxi) all expenses incurred in connection with any restructuring or amendments to the constituent documents of the Fund III and/or any Alternative Investment Vehicles; (xxii) all fees, costs and expenses of dissolving, liquidating and terminating Fund III and/or any Alternative Investment Vehicles; (xxiii) public notice and similar costs; (xxiv) costs and expenses incurred by the relevant General Partner in its capacity as Partnership Representative (as defined in the relevant LPA); (xxv) membership fees with trade industry organizations and attendance costs and expenses for trade

industry events and conferences; (xxvi) fees, costs and expenses incurred in connection with any audit, examination, investigation or other proceeding; (xxvii) expenses related to the establishment of one or more funds, vehicles, accounts or other arrangements for purposes of acting as a continuation vehicle or any other such transaction pursuant to relevant LPA; and (xxviii) any other expenses not listed in the preceding clauses (i) through (xxvii) that are not normal operating expenses of the relevant General Partner. For the avoidance of doubt, the use of the term “expenses” shall always include any and all travel expenses (including transportation, lodging and meal expenses) associated with performing such service or activity and the use of the term “General Partner” shall include the Management Company and any other related persons of the relevant General Partner performing such functions and vice versa. Frontier II - Expenses to be borne by Frontier II shall include the following costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of Frontier II and any Alternative Investment Vehicles (as defined in the relevant LPA and in each case allocated between them pursuant to the relevant LPA): (i) all costs and expenses incurred in the organization of Frontier II and the offering of interests therein, including without limitation any fees, costs and expenses relating to marketing Frontier II (including any expenses payable or reimbursable to any placement agent or incurred in connection with the negotiation or documentation of any placement agent agreements; provided, that organizational expenses shall not include any placement agent fees) and/or meetings with prospective limited partners in Frontier II, legal fees and expenses (including, without limitation, legal expenses relating to organizational and governing documents, private placement memoranda, diligence responses, disclosure documents, legal opinions and side letters and similar arrangements), accounting fees and expenses, commercial transportation costs (including business-class and/or first-class travel or, if the relevant General Partner or a management company of any relevant General Partner utilizes noncommercial air travel, the costs of such non-commercial air travel at rates not in excess of customary documented business-class or first-class travel rates), accommodations and meals, third party expenses incurred in connection with data rooms, internal portals and/or other secure means of communication to prospective limited partners, fees and expenses of consultants retained in connection with fundraising, costs pertaining to initial compliance with the AIFMD and similar laws of other jurisdictions, the preparation and administration of any initial disclosures, filings or notifications prepared with the foregoing, printing costs, filing fees, costs pertaining to certificates of good standing, apostille service fees and other similar expenses described hereunder (such costs, the “Organizational Expenses”), subject to the requirements of the relevant LPA; (ii) legal, accounting, audit, valuation, administrator, custodial and other professional fees, and fees, costs and expenses incurred in connection with energy, sustainability and environmental, social and governance related programs and initiatives, in each case whether performed by third party providers (including seconded employees) or employees of the Management Company (as defined in the relevant LPA), or a combination of the two, including, for the avoidance of doubt, (A) retainers, expenses and other compensation paid to third party

providers hired to perform services for Frontier II and/or any Alternative Investment Vehicles and (B) the fees and expenses for services provided by any legal, accounting, audit, custodial or third party administrator professional employed by the Management Company (each a “Professional Services Employee”) to the extent that such Professional Services Employee performs services for Frontier II and/or any Alternative Investment Vehicles that otherwise would be performed by third party providers and paid for by Frontier II, which expenses shall be tracked and documented on an aggregate project basis and which fees shall be paid at a rate that is less than or equal to prevailing rates for substantially similar services (as determined by the relevant General Partner in good faith) charged by independent third party providers of such services to private equity and venture capital funds of equivalent standing to Frontier II, on an aggregate project basis; provided, that for the avoidance of doubt, Frontier II and/or any Alternative Investment Vehicles shall not bear salary or benefit expenses of employees of the 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; (iii) to the extent not covered elsewhere in the relevant LPA, consulting fees and expenses relating to services for or on behalf of Frontier II and/or any Alternative Investment Vehicles that could not reasonably have been rendered by the relevant General Partner or its members in the ordinary course of their activities; (iv) merger fees and expenses payable to third parties; (v) all expenses related to meetings and business-related entertainment with portfolio company personnel, intermediaries and personnel affiliated with prospective investments in Portfolio Securities (as defined in the relevant LPA) or prospective strategic partners or acquirers of Portfolio Securities; (vi) expenses incurred on behalf of an actual or prospective portfolio company that such portfolio company agrees to reimburse Frontier II and/or any Alternative Investment Vehicles for in the future (whether or not such amounts are actually reimbursed, but without duplication); (vii) 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 and related services for limited partner reporting purchased to facilitate compliance with accounting, reporting and fund administration requirements, and other software or services purchased for purposes of fund administration and support, including, but not limited to, those related to initial and continued diligence and onboarding of investors, compliance with side letters or similar agreements, information sharing, data rooms and/or online portals, investment valuations, SOC 1 and compliance therewith, compliance with anti-money laundering and “know your client” requirements and event registration; (viii) banking, brokerage, broken deal, registration, qualification, finders, depositary and similar fees or commissions; (ix) 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 investments and assets, including travel expenses (including business-class and/or first-class travel and, in the event the relevant General Partner determines in its discretion that commercial air travel would be impractical, the actual cost of non-commercial air travel at rates not in

excess of customary business-class or first-class travel rates, and meals and accommodations) incurred in connection therewith, regardless of whether such investments are subsequently consummated; (x) costs of obtaining and maintaining any fidelity bonding, as well as insurance premiums (including insurance premiums related to group insurance policy, general partner’s, directors’ and officers’ liability or other similar insurance policies, errors and omissions insurance, financial institution bond insurance, representation and warranty insurance, cyber-insurance and any other insurance for coverage of liabilities to any person that are incurred in connection with the activities of Frontier II) of Frontier II, the relevant General Partner, the general partner of any Alternative Investment Vehicles and the Management Company (to the extent permitted in the relevant LPA, indemnifications, costs of litigation and other extraordinary expenses, directly or indirectly, including attorneys’ fees incurred in connection therewith and costs of prosecuting or defending any legal, regulatory, administrative or other action (including settlement or review of business activities) of, for or against any of them or any of their respective affiliates relating to the affairs of Frontier II; (xi) costs of financial statements and other reports (including Schedules K-1 and K-3) to partners Frontier II, holding vehicles, and any Alternative Investment Vehicles as well as costs of all governmental returns, reports and other filings, and the expenses incurred in connection with maintaining the existence of Frontier II, any holding vehicle, and any Alternative Investment Vehicles, including taxes and other governmental charges levied against any of them or on their income or assets or in connection with their business or operations, but excluding any to the extent that any of them has been reimbursed therefor pursuant to the terms of the relevant LPA; (xii) all costs and expenses related to the holdings of meetings of the limited partners of Frontier II and the Advisory Committee, including, but not limited to, industry or training events, working group meetings and meetings of Strategic LP Advisory Council Partners (as defined in and further described in the relevant PPM) (in each case, whether individually or as a group and including venue space, video and technology, travel, hotel lodging, meals and related entertainment and events and giveaways); (xiii) all costs related to the activities of the Advisory Committee and all costs of other strategic advisory boards of the Management Company specifically related to the activities of Frontier II and/or any Alternative Investment Vehicles (as further described in the relevant PPM); (xiv) expenses associated with obtaining and maintaining any borrowing, guarantee and other financing arrangements, including the payment of interest and other expenses thereunder; (xv) all costs and expenses incurred in connection with legal and regulatory compliance with U.S. federal, state and local and non-U.S. or other law or regulation (including, by way of example only, costs and expenses associated with filings under Section 13 or Section 16 of the Exchange Act, Form PF obligations under the Advisers Act, reporting and filing obligations, including under any Tax Information Reporting Regime, compliance with the AIFMD, the SFDR and any related regulations, including any costs related to being an Article 9 Fund (as defined under the SFDR), compliance with anti-money laundering and “know your client” requirements and cross-border activity tracking (e.g., TIC and BEA forms), and filings with CFIUS or other matters related to the DPA, CFIUS or any other foreign investment review board in connection with the investments or proposed

investments, regardless of the reason that any such filings are made), including fees and expenses of third party service providers and Professional Services Employees related to such compliance and the preparation and administration of any reports, disclosures, filings or notifications in accordance with the foregoing, or related to compliance with the provisions of the relevant LPA, the governing documents of Frontier II or Alternative Investment Vehicle or any side letter or similar agreements, as well as any amounts paid to the alternative funds investment manager of Frontier II; (xvi) fees and expenses incurred in connection with the process of complying with the most favored nation provisions in any side letters or other similar agreements; (xvii) 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 the Management Company primarily for the benefit of portfolio companies, which expenses shall be tracked and documented and which fees shall be tracked, documented and paid at a rate that is less than or equal to prevailing rates for substantially similar services (as determined by the General Partner in good faith) charged by independent third party providers of such services to private equity and venture capital funds of equivalent standing to Frontier II, on an aggregate project basis; (xviii) the Management Fee; (xix) all expenses incurred in connection with the formation and operation of Alternative Investment Vehicles, subsidiary entities of Frontier II and other special purpose vehicles; (xx) all costs and expenses related to the presence of Frontier II or any Alternative Investment Vehicles or other special purpose vehicles in jurisdictions in which such entities or their subsidiaries maintain such a presence, including rent, domiciliation fees, directors fees and other similar costs; (xxi) all expenses incurred in connection with any restructuring or amendments to the constituent documents of Frontier II and/or any Alternative Investment Vehicles; (xxii) all fees, costs and expenses of dissolving, liquidating and terminating Frontier II and/or any Alternative Investment Vehicles; (xxiii) public notice and similar costs; (xxiv) costs and expenses incurred by the relevant General Partner in its capacity as Partnership Representative (as defined in the relevant LPA); (xxv) membership fees with trade industry organizations and attendance costs and expenses for trade industry events and conferences; (xxvi) fees, costs and expenses incurred in connection with any audit, examination, investigation or other proceeding; (xxvii) expenses related to the establishment of one or more funds, vehicles, accounts or other arrangements for purposes of acting as a continuation vehicle or any other such transaction pursuant to relevant LPA; (xxviii) any fees, costs, or expenses incurred in connection with an industry expert, senior advisor, operating advisor, venture partner, entrepreneur-in-residence, third party consultant or member of the relevant General Partner serving on the board of directors of a portfolio company and/or acting as an interim executive officer or employee of a portfolio company (including, without limitation, insurance premiums related to such service); (xxix) any fees, costs, or expenses incurred in connection with an industry expert providing advice to Frontier II or a portfolio company; (xxx) hedging activities and other permitted derivative transactions undertaken by the Frontier II; (xxxi) the managed distribution of portfolio securities; (xxxii) any activities

with respect to protecting the confidential or non-public nature of any information or data (including cybersecurity), including any information related to Frontier II (including any costs and expenses incurred in connection with any data protection laws or public disclosure laws, and developing, implementing, auditing or testing the relevant General Partner’s or the Management Company’s processes and procedures with respect thereto or with respect to information technology or data security); (xxxiii) any actual or proposed transfer of an interest in Frontier II (to the extent not borne by the transferor or transferee) or any limited partner’s name change, restructuring, change in trust, registered agent or custodian or change in advisory or similar relationship; (xxxiv) the withdrawal by any limited partner in accordance with the relevant LPA (to the extent not borne by such limited partner); (xxxv) any other fees, costs and expenses consented to by the Advisory Committee; (xxxvi) any placement agent fees; and (xxxvii) any other expenses not listed in the preceding clauses (i) through (xxxvi) that are not normal operating expenses of the relevant General Partner. For the avoidance of doubt, the use of the term “expenses” in the relevant LPA shall always include any and all travel expenses (including transportation, lodging and meal expenses) associated with performing such service or activity and the use of the term “General Partner” shall include the Management Company and any other GP Related Persons (as defined in the relevant LPA) performing such functions and vice versa; provided that, for the avoidance of doubt, the AIFM shall be considered a third party external service provider and not a GP Related Person. In addition, Frontier II, the relevant General Partner, the Management Company or a service provider may charge a portfolio company and/or a potential portfolio company for (or otherwise cause a portfolio company and/or a potential portfolio company to bear) any expenses (including those of a nature described in the relevant LPA) to the extent the relevant General Partner determines such expenses are attributable to such portfolio company and/or potential portfolio company or Frontier II’s investment or prospective investment therein or holding or liquidation thereof. Expenses that are attributable to multiple Funds and, if applicable, Co-Investment Vehicles, will be allocated pro rata according to the fee paying assets under management in each relevant Fund and Co-Investment Vehicle, the aggregate capital commitments to each relevant Fund and CoInvestment Vehicle, or on another basis determined by EIP that is reasonable and fair to each relevant Fund or Co-Investment Vehicle. If such expenses relate in whole or in relevant part to a particular portfolio company, such expenses will generally be allocated pro rata according to the amounts invested in such portfolio company by the relevant Fund and any applicable CoInvestment Vehicle. Any fees or expenses borne directly by portfolio companies will be agreed upon by both EIP and the applicable portfolio company. In certain circumstances when there is excess capacity in an investment opportunity pursued by the Funds, EIP may offer co-investment opportunities to limited partners or third parties, at EIP’s discretion. Generally, EIP establishes Co-Investment Vehicles to facilitate such co-investments. The costs incurred with establishing Co-Investment Vehicles, as well as applicable broken-deal costs, will generally be borne by the participating Fund(s) if the co-investment opportunity is not consummated.

Occasionally, certain investment opportunities may be suitable for multiple Funds and pursued by such Funds. Diligence expenses will generally be allocated to the Fund(s) that ultimately consummate the investment. If an investment is not consummated and broken-deal expenses arise, such expenses will be allocated on a pro rata basis among the Funds that pursued the investment opportunity or on another basis that EIP deems fair and reasonable, in accordance with the Firm’s allocation policies and any applicable terms or restrictions in the relevant Governing Documents. EIP and its employees receive certain intangible benefits and/or perquisites as a result of certain expenses incurred on behalf of the Funds and Co-Investment Vehicles which will not be subject to any Management Fee reduction or offset. For instance, investment related travel, lodging and other Fund Expenses generate miles, points, credits, loyalty programs or similar benefits that are redeemed by EIP or its employees. Investors and prospective investors are reminded to carefully review the relevant Fund’s and CoInvestment Vehicle’s Governing Documents for more detailed information related to fees and expenses borne by the Funds and applicable Co-Investment Vehicles. EIP’s fees are contemplated during the fund formation process and are typically not negotiable. Please see Item 6 below for a discussion of performance-based fees.

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.

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,

investors and prospective investors are reminded that certain risks related to the Funds summarized in this Brochure will also be applicable to those Co-Investment Vehicles investing alongside such Funds. Such risks generally depend on the Fund(s) investing alongside the CoInvestment Vehicle in the portfolio company as well as the nature of the portfolio company’s business. Risks Associated with Portfolio Investments. Identifying and participating in attractive investment opportunities and assisting in the building of successful young/emerging enterprises is difficult. There is no assurance that the Funds’ and applicable Co-Investment Vehicles’ investments will be profitable, and there is a substantial risk that the Funds’ and applicable Co-Investment Vehicles’ losses and expenses will exceed their income and gains. Any return on investment to the limited partners will depend upon successful investments made on behalf of the Funds and applicable Co-Investment Vehicles by the relevant General Partner, AIFM and/or Investment Adviser. There often will be little or no publicly available information regarding the status and prospects of portfolio companies. Many investment decisions by the relevant General Partner, AIFM and/or Investment Adviser will be dependent upon the ability of the relevant Fund Managers (as defined in the relevant PPM) and other members, officers and agents of the relevant General Partner or any management company authorized to manage the Funds and applicable Co-Investment Vehicles, Investment Adviser and/or the German Advisor to obtain relevant information from non-public sources, and the relevant General Partner and/or Investment Adviser often will be required to make decisions without complete information or in reliance upon information provided by third parties that is impossible or impracticable to verify. The marketability and value of each investment will depend upon many factors beyond the relevant General Partner’s, Investment Adviser’s and/or German Advisor’s control. Typically, although a Fund Manager may serve on a portfolio company’s board of directors, each portfolio company will be managed by its own officers (who generally will not be affiliated with the relevant Funds, applicable Co-Investment Vehicles, General Partner, Investment Adviser and/or German Advisor). The Funds and applicable Co-Investment Vehicles may hold minority positions in portfolio companies or acquire securities that are subordinated vis-à-vis other securities as to economic, management or other attributes. Portfolio companies may have substantial variations in operating results from period to period, face intense competition, and experience failures or substantial declines in value at any stage. Portfolio companies may need substantial additional capital to support growth or to achieve or maintain a competitive position. Such capital may not be available on attractive terms. The Funds’ and applicable Co-Investment Vehicles’ capital is limited and may not be adequate to protect the Funds and applicable Co-Investment Vehicles from dilution in multiple rounds of portfolio company financing. The public market for emerging growth companies in the energy impact market companies is extremely volatile. Such volatility may adversely affect the development of portfolio companies, the ability of the Funds and applicable Co-Investment Vehicles to dispose of investments, and the value of investment securities on the date of sale or distribution by the Funds and applicable Co-Investment Vehicles. In particular, the receptiveness of the public market to initial public offerings by the Funds’ and applicable Co-Investment Vehicles’ portfolio companies may vary dramatically

from period to period. An otherwise successful portfolio company may yield poor investment returns if it is unable to consummate an initial public offering at the proper time. Even if a portfolio company effects a successful public offering, the Funds, applicable Co-Investments Vehicles or the portfolio company’s securities typically will be subject to contractual “lock-up,” securities law or other restrictions which may, for a material period of time, prevent the Funds, applicable Co-Investment Vehicles or the limited partners from disposing of such securities. Similarly, the receptiveness of potential acquirers to the Funds’ and applicable Co-Investment Vehicles’ portfolio companies will vary over time and, even if a portfolio company investment is disposed of via a merger, consolidation or similar transaction, the Funds’ and applicable CoInvestment Vehicles’ stock, security or other interests in the surviving entity may not be marketable. There can be no guarantee that any portfolio company investment will result in a liquidity event via public offering, merger, acquisition or otherwise, and there is a significant risk that the Funds’ and applicable Co-Investment Vehicles’ investments will yield little or no return. Generally, the investments made by the Funds and applicable Co-Investment Vehicles initially will be illiquid and difficult to value, and there will be little or no collateral to protect an investment once made. At the time of the Funds’ and applicable Co-Investment Vehicles’ investment, a portfolio company may lack one or more key attributes (e.g., proven technology, appropriate patent protection, marketable product, complete management team, or strategic alliances) necessary for success. Many or most of the Funds’ and applicable Co-Investment Vehicles’ portfolio companies will be dependent for their success upon the development, implementation, marketing and customer acceptance of new technologies that can be rendered obsolete or otherwise unattractive at any time. In most cases, investments will be long term in nature and may require many years from the date of initial investment before disposition. It is likely that the Funds and applicable Co-Investment Vehicles will still hold some illiquid securities at the time of the Funds’ and applicable Co-Investment Vehicles’ dissolution, with the result that such securities may be distributed in-kind or sold for a price that reflects their illiquid nature. It is anticipated that a portion of the Funds’ investment portfolio may consist of securities issued by publicly traded companies (e.g., as the result of a direct investment in publicly traded securities, an initial public offering effected by a previously private portfolio company, or acquisition of a private portfolio company by a publicly traded company). The fact that a portfolio company is publicly traded will not necessarily reduce the business and other risks associated with an investment in such company. For example, the last few decades have seen multiple periods during which early stage companies have been able to effect initial public offerings, and the stage at which companies are able to effect an initial public offering varies in different markets around the world. Moreover, investments in publicly traded companies often are subject to additional risks, such as increased risks of litigation and greater securities law and other regulatory burdens, as well as risks associated with “insider trading” and similar rules. Risks Associated with Growth-Company Investing in the Energy/Electricity Industry. The Funds’ and applicable Co-investment Vehicles’ assets will be invested primarily in young

companies focused upon the highly competitive and rapidly changing energy/electricity industry. This industry is dominated by large multi-national corporations with substantially greater financing and technical resources than the resources available to the Funds’ and applicable Co-Investment Vehicles’ portfolio companies. Such large corporations may be better able to adapt to the challenges presented by continuing rapid and major scientific, regulatory and technological changes as well as related changes in governmental policies. Risks Associated with Energy Sector Regulation – Environmental Matters. Environmental laws, regulations and regulatory initiatives play a significant role in the energy industry and can have a substantial impact on investments in this industry. For example, global initiatives to minimize pollution have played a major role in the increase in demand for natural gas, alternative energy sources, smart energy solutions, and energy storage technologies, creating numerous new investment opportunities. Conversely, required expenditures for environmental compliance have adversely impacted investment returns in a number of segments of the industry. The energy and power industry will continue to face considerable oversight from environmental regulatory authorities. The Funds and applicable Co-Investment Vehicles’ may invest in portfolio companies that are subject to changing and increasingly stringent environmental and health and safety laws and regulations. There can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on portfolio companies or potential investments. Compliance with such current or future environmental requirements does not ensure that the operations of the portfolio companies will not cause injury to the environment or to people under all circumstances or that the portfolio companies will not be required to incur additional unforeseen environmental expenditures. Moreover, failure to comply with any such requirements could have a material adverse effect on a portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental laws, regulations and permit requirements. Risks Associated with Ongoing Changes in the Utility Industry. Certain investments of the Funds and applicable Co-Investment Vehicles may be impacted by the significant ongoing changes in the electric utility industries. In many regions, including the United States, the electric utility industry is experiencing increasing competitive pressures, primarily in wholesale markets, as a result of consumer demand, technological advances, greater availability of natural gas and other factors. Adverse Consequences of Ownership of Controlling Interests in Portfolio Companies. The Funds and applicable Co-Investment Vehicles may own a controlling percentage of the equity of certain portfolio companies which, depending upon the amount of equity owned by the Funds and applicable Co-Investment Vehicles, contractual arrangements between the portfolio company and the Funds and applicable Co-Investment Vehicles, and other relevant

factual circumstances, in respect of U.S. portfolio companies could result in an extension to one year of the 90-day bankruptcy preference period with respect to payments made to the Funds and applicable Co-Investment Vehicles and in respect of non-U.S. portfolio companies may result in similarly adverse consequences. In addition, because of its equity ownership, representation on the board of directors, and/or contractual rights, the Funds and applicable Co-Investment Vehicles may often be thought to control, participate in the management of, or influence the conduct of portfolio companies. This could expose the assets of the Funds and applicable Co-Investment Vehicles to claims by a portfolio company, its other security holders, its creditors, or governmental agencies. Various bankruptcy laws could operate to the detriment of the Funds and applicable Co-Investment Vehicles. There is also a risk that a court may subordinate the Funds’ and/or applicable Co-Investment Vehicles’ investments to other creditors or require the Funds and/or applicable Co-Investment Vehicles to return amounts previously paid to it by a portfolio company that becomes insolvent or files for bankruptcy. Long-Term Investment. An investment in the Funds and applicable Co-investment Vehicles is a long-term commitment, and there is no assurance of any distribution to the limited partners. Limited Transferability of Interests; Withdrawals. The relevant Partnership Agreement and applicable securities laws will impose substantial restrictions upon the transferability of interests in the Funds and applicable Co-Investment Vehicles. There is no public or other market for interests in the Funds and applicable Co-Investment Vehicles, and it is not expected that such a market will develop. Withdrawal of limited partners from the Funds and applicable Co-Investment Vehicles generally will not be permitted, although the relevant Partnership Agreement may specify certain circumstances under which a limited partner may be entitled, or required, to withdraw from the Funds or applicable Co-Investment Vehicles. A withdrawn limited partner may not be entitled to immediate payment for its interests in the Funds or applicable Co-Investment Vehicles. Any withdrawal of a limited partner may reduce the amount of a Fund’s or applicable Co-Investment Vehicle’s capital available for investment or other activities. Competition. The venture capital/private equity business is highly competitive and has become more so in recent years due to a substantially increased flow of capital into venture capital/private equity funds and similar investment organizations. The Funds and applicable Co-Investment Vehicles will be competing with other funds and investment organizations with substantial resources and experience. Moreover, the volume of attractive investment opportunities varies greatly from period to period. There can be no assurance that the Funds and applicable Co-Investment Vehicles will be able to make investments on attractive terms, and it is possible that the Funds’ terms will expire before the Funds have invested all of their respective available capital. Changes in Business and Regulatory Environment and General Economic Conditions. The Funds’ and applicable Co-Investment Vehicles’ investment programs are intended to extend

over a period of years, during which the business, economic, political, regulatory, and technology environment within which the Funds and applicable Co-Investment Vehicles operates may undergo substantial changes, some of which may be adverse to the Funds and applicable Co-Investment Vehicles. The relevant General Partner will have the exclusive right and authority (within limitations set forth in the relevant Partnership Agreement) to determine the manner in which the Funds and if applicable, Co-Investment Vehicles, will respond to such changes. Limited partners generally will have no right to withdraw from the Funds or applicable Co-Investment Vehicles or to demand specific modifications to the Funds’ or applicable Co-Investment Vehicles' operations in consequence thereof. Prospective investors are particularly cautioned that the investment sourcing, selection, management and liquidation strategies and procedures exercised in the past by the relevant Fund Managers, General Partner, Investment Adviser and/or German Advisor may not be successful, or even practicable, during the Funds’ and applicable Co-Investment Vehicles’ terms. Within the limitations set forth in the relevant Partnership Agreement, The relevant General Partner and/or Investment Adviser will have the right and authority to cause the Funds’ and applicable Co-Investment Vehicles’ investment sourcing, selection, management and liquidation strategies and procedures to deviate from those described in the relevant PPMs. Reliance on Individuals Managing the Funds and Lack of Operating History. The Funds and applicable Co-Investment Vehicles will be particularly dependent upon the efforts, experience, contacts and skills of the individual Fund Managers. The loss of any such individual could have a material, adverse effect on the Funds and applicable Co-Investment Vehicles, and such loss could occur at any time due to death, disability, resignation or other reasons. Moreover, except for as specifically provided in the relevant Partnership Agreement, the Fund Managers will not be required to devote their time and attention exclusively to the Funds and applicable CoInvestment Vehicles. Additional Fund Managers may be appointed or, if applicable, may be admitted to a General Partner following certain Funds’ initial closing, and the limited partners will have no power to prevent any specific person from being so appointed or, if applicable, admitted to a General Partner as a member thereof. Within the relevant General Partner, AIFM, Investment Adviser and German Advisor the economic, voting and other rights of the individual equity holders of those entities will be determined by agreement among such equity holders and will be subject to change, without notice to the limited partners, from time to time. The limited partners will not be permitted to evaluate investment opportunities or relevant business, economic, financial or other information that will be used by the relevant General Partner and/or Investment Adviser in making decisions. Certain Funds have little to no operating history. Any prior experience that the Fund Managers, relevant General Partner, Investment Adviser and/or German Advisor may have in making investments of the type expected to be made by the Funds and applicable Co-Investment Vehicles was obtained under different market conditions and with different technologies at the forefront of development. There can be no assurance that the Fund Managers, relevant General Partner, Investment Adviser and/or German Advisor will be able to duplicate prior levels of success.

A General Partner may appoint or admit certain persons to advisory or other committees or boards intended to assist the General Partner by providing advice, industry contacts, deal flow, technical expertise or other benefits. Under most circumstances, such persons will have no contractual or other obligation to continue as members of such committees or boards or to provide any particular benefits. In evaluating an investment in the Funds or applicable CoInvestment Vehicles, prospective investors should not depend upon any specific benefits accruing to the Funds, applicable Co-Investment Vehicles, relevant General Partner, AIFM, Investment Adviser and/or German Advisor in respect of any such advisory or other committees or boards or the members thereof. Similar considerations apply to persons identified as entrepreneurs-in-residence, senior advisors, operating partners, or venture partners, who generally will have no obligation to provide any particular services to the Funds, applicable Co-Investment Vehicles, relevant General Partner, AIFM, Investment Adviser and/or German Advisor. The Funds and applicable Co-Investment Vehicles may accept capital commitments from strategic individuals or organizations. Prospective investors are cautioned that such persons generally will have no contractual or other obligation to provide any actual strategic or other benefits to the Funds, applicable Co-Investment Vehicles, relevant General Partner, AIFM, Investment Adviser and/or German Advisor. Accordingly, prospective investors should not rely upon any such benefits in evaluating an investment in the Funds or applicable Co-Investment Vehicles. Certain individuals referenced in the relevant PPMs as Fund Managers or otherwise may actually conduct their affairs (including, without limitation, their participation in the relevant General Partner, Investment Adviser, German Advisor and/or Founder Partner) through one or more wealth management, estate planning, tax planning, liability limiting or regulatory compliance entities. The use of such entities may, among other potential consequences, limit the ability of the limited partners to obtain direct recourse against such individuals in the case of breach of any duty or obligation. Energy Impact Partners is Not a Unitary Enterprise. Consistent with usage common in the venture capital/private equity industry, the Funds’ and applicable Co-Investment Vehicles’ Governing Documents, and this Brochure references Energy Impact Partners LP as if it were a single “firm” or “enterprise.” Prospective investors are cautioned that Energy Impact Partners LP is not a unitary “firm” or “enterprise,” but rather is a collection of related individuals and entities partially bound together by overlapping interests, activities and branding. As discussed above under “Reliance on Individuals Managing the Fund,” prospective investors must look only to the actual Fund Managers for the management of the relevant Fund or applicable CoInvestment Vehicle. Other individuals and entities that are part of Energy Impact Partners LP generally will have no authority to participate in the management of the Funds and applicable Co-Investment Vehicles and no obligation to provide the Funds and applicable Co-Investment Vehicles with any specific benefits. Moreover, such individuals and entities may be legally prohibited from providing certain types of benefits to the Funds and applicable Co-Investment

Vehicles and often will have duties and interests that conflict with those of the Funds and applicable Co-Investment Vehicles. Accordingly, while it is anticipated that the Funds and applicable Co-Investment Vehicles will derive some degree of benefit from being part of the Energy Impact Partners LP family of entities, prospective investors must not rely upon any specific benefits and must not assume that any such benefits as do arise will have a material impact upon the Funds’ and applicable Co-Investment Vehicles’ performance. Reliance on Third Parties. The General Partners, Funds, applicable Co-Investment Vehicles, AIFM, Investment Adviser and/or German Advisor may require, and rely upon, the services of a variety of third parties, including but not limited to attorneys, accountants, bankers, brokers, custodians, depositaries, consultants (including “finders” and similar persons engaged to assist with the development and exploitation of portfolio deal flow) and other agents. Failure by any of these third parties to perform their duties or otherwise satisfy their obligations could have a material adverse effect upon the Funds and applicable Co-Investment Vehicles. Except as otherwise provided in the relevant Governing Documents, the fees and costs associated with such third parties will be paid by the Funds and applicable Co-Investment Vehicles. Limited Partner Defaults. Limited partners generally will not contribute the full amount of their capital commitments to the Funds or applicable Co-Investment Vehicles at the time of their admission to the Funds or applicable Co-Investment Vehicles. Instead, they will be required to make incremental contributions pursuant to capital calls issued by the relevant General Partner, the AIFM and/or Investment Adviser from time to time. Limited partners that fail to satisfy capital calls in a timely manner generally will be subject to significant penalties as described in the relevant Governing Documents. Nevertheless, limited partners may default upon capital calls for a variety of reasons including their own insolvency, bankruptcy or subjective determination that default is more attractive than compliance. In addition, under certain circumstances, some limited partners may be excused from making capital contributions under applicable law or otherwise. Any failure by limited partners to make timely capital contributions in respect of their capital commitments may impair the ability of a Fund or applicable Co-Investment Vehicle to pursue its investment program, force the Fund or applicable Co-Investment Vehicle to borrow, or cause other damage. Reserves. In managing the Funds and applicable Co-Investment Vehicles, the relevant General Partner and/or Investment Adviser will establish reserves for follow-on investments in portfolio companies, operating expenses, fund liabilities, and other matters. Estimating the amount necessary for such reserves will be difficult, particularly because follow-on investment opportunities will be directly tied to the success and capital needs of portfolio companies. Inadequate or excessive reserves could have a material adverse effect upon the investment returns to the limited partners. For example, if reserves are inadequate, the Funds and applicable Co-Investment Vehicles may be unable to take advantage of attractive follow-on investment opportunities or, as applicable, other investment opportunities or to protect its existing investments from dilutive or other punitive terms associated with a “pay-to-play” or similar investment round. If reserves are excessive, the Funds may decline attractive

investment opportunities or, the Funds and applicable Co-Investment Vehicles may hold unnecessary amounts of capital in money market or similar low-yield accounts. Concentration of Investments. The Funds’ portfolios may become concentrated in a limited number of companies in certain sectors of the energy/electricity industry, increasing the vulnerability of the portfolio as compared with a portfolio that is more diversified. In certain cases, the Funds may acquire majority or greater interests in portfolio companies, which could further increase the vulnerability of the portfolio. Similar vulnerabilities exist for the applicable Co-Investment Vehicles given such vehicles are created for the purpose of investing in a single portfolio company alongside a Fund. Non-United States and non-EU Investments. The Funds and applicable Co-Investment Vehicles may invest in securities of non-United States and non-EU portfolio companies. Such investments may present a variety of risks not presented by investments in United States and EU portfolio companies, including risks associated with: (i) fluctuating currency exchange rates; (ii) limitations on currency exchange or the transfer of capital/profits across international boundaries; (iii) different accounting standards; (iv) different legal protections for investors; (v) unusual regulatory burdens; (vi) political instability; and (vii) multiple taxing jurisdictions. Even those portfolio companies that nominally are United States or EU portfolio companies by virtue of their jurisdiction of organization or management headquarters may be exposed to significant non-United States and non-European risks due to the increasingly international nature of many early stage and emerging companies (which may, for example: (i) rely upon international location or outsourcing of research, development, manufacturing or other operations; (ii) seek alliances with non-United States and non-EU partners; or (iii) seek nonUnited States and non-EU customers). Any adverse change to the political, economic, military or social environments in the host countries of the Funds’ and applicable Co-Investment Vehicles’ portfolio companies could have a significant adverse effect upon the operations or financial performance of the Funds and applicable Co-Investment Vehicles. Increased Regulation of Financial Services May Occur. The regulatory environment for investment funds and their managers is evolving and changes and the effect of any such future change on the Funds and applicable Co-Investment Vehicles or its service providers is impossible to predict. Certain conditions relating to the relevant domicile of each Fund and applicable Co-Investment Vehicle will have to continue to be met in order for the marketing of interests to professional investors in certain areas to be permitted. There can be no guarantee that such conditions will continue to be met. Any regulatory changes that impair the ability of the relevant General Partner, AIFM and/or Investment Adviser and/or their respective affiliates to manage the investment in the portfolio companies, or limit its ability to market interests in the future, may materially adversely affect a Fund’s and applicable Co-Investment Vehicle’s ability to achieve its investment objective. The relevant General Partner and/or Investment Adviser and/or their respective affiliates will continue to monitor the positions and reserve the

right to adopt such arrangements as they deem necessary or desirable to comply with any applicable requirements and to make any filings which may be required in order to market interests to professional investors in certain areas. Any regulatory changes may increase the expenses of the Funds and applicable CoInvestment Vehicles, the relevant General Partner, AIFM and/or Investment Adviser related to compliance therewith and may impair the ability of such persons to perform their respective services or functions in the future. As a result, those regulatory changes may have a material adverse effect on the ability of the Funds and applicable Co-Investment Vehicles to achieve their investment objectives. The Private Funds Industry May Experience Enhanced Scrutiny. As private fund managers and other alternative asset managers have become more influential participants in the global financial markets and economy generally, and as the private funds industry and the reach of transactions consummated by its participants has continued to grow, the private funds industry has become subject to enhanced political, governmental and regulatory scrutiny around the globe. This increased scrutiny was particularly acute during the global financial crisis, over the course of which the performance of private industry participants was viewed by certain political, governmental and regulatory commentators as evidence of business practices and the employment of economic incentives that contributed to the market and economic volatility that ultimately resulted in the crisis. Generally, this enhanced scrutiny has prompted governmental and public action with respect to the private funds industry and its practices. This enhanced oversight and regulation, and the need for significant additional rulemaking by various governmental bodies has created uncertainty in the financial markets and, in particular, the private funds industry. Many of the regulators to which the Funds and applicable Co-Investment Vehicles are expected to be subject globally, including governmental agencies and self-regulatory organizations, are empowered to conduct investigations and administrative proceedings that can result in fines, suspensions of personnel or other sanctions, including censorship, the issuance of cease-and-desist orders or the suspension or expulsion of applicable licenses and members. There is also a material risk that regulatory agencies will continue to adopt burdensome new laws or regulations (including tax laws or regulations), or change existing laws or regulations, or enhance the interpretation or enforcement of existing laws and regulations, as the global economy continues to struggle to improve. Any such events or changes could occur during the Funds’ and applicable CoInvestment Vehicles’ terms and may adversely affect the Funds and applicable Co-Investment Vehicles and their ability to operate and/or pursue its investment strategy. Such risks are often difficult or impossible to predict, avoid or mitigate in advance. Brexit and the European Union. In a referendum held in June 2016, the United Kingdom electorate voted to leave the European Union, which resulted in a vote for the United Kingdom to leave the European Union that was formalized on January 31, 2020. The future economic and political relationship between the United Kingdom and the European Union (and between the United Kingdom and other countries) is uncertain, and a period of economic and political

uncertainty is continuing in the United Kingdom, in the rest of the European Union and globally. The United Kingdom’s exit from the European Union resulted in regulatory changes. Other EU member states may also reconsider their European Union membership. This could result in one or more other countries leaving the European Union, or in major reforms or other changes being made to the European Union or to the Eurozone. The nature and extent of the impact of any such changes on certain Funds, General Partners, applicable Co-Investment Vehicles, the AIFM, the Investment Adviser and the German Advisor are uncertain, but may be significant. Eurozone. The economic situation in the Eurozone has created significant pressure on certain European countries regarding their adoption of the Euro. Some economists advocate the exit of certain countries from the Eurozone, and political movements in some Eurozone countries also promote their country’s exit from the Eurozone for economic and/or political reasons. It is possible that one or more countries may leave the Eurozone and return to a national currency (which may also result in them leaving the EU) and/or that the Euro will cease to exist in its current form, or entirely, and/or lose its legal status in one or more of the current Eurozone countries. There are no historical precedents, and the effect of any such event on certain Funds and applicable Co-Investment Vehicles is impossible to predict. However, any of these events might, for example: cause a significant rise or fall in the value of the Euro against other currencies; significantly affect the volatility of currency exchange rates (particularly for the Euro) and of the prices of other assets; significantly reduce the liquidity of some or all of a Fund’s investments or the investment of any Co-Investment Vehicle, if applicable, (whether denominated in the Euro or another currency) or prevent a Fund and any applicable CoInvestment Vehicle from disposing any investment; change, through operation of law, the currency denomination of cash, securities, transactions and/or other assets of a Fund and applicable Co-Investment Vehicle that are denominated in the Euro to the detriment of a Fund and applicable Co-Investment Vehicle or at an exchange rate that the relevant General Partner, AIFM, Investment Adviser and/or German Advisor unreasonable or wrong; adversely affect any ability to enter into hedging transactions and/or increase the costs of such transactions; affect the validity or interpretation of legal contracts on which a Fund or Co-Investment Vehicles relies; adversely affect the ability of a Fund or Co-Investment Vehicle to make payments of any kind or to transfer any of its funds between accounts; increase the probability of insolvency of, and/or default by, its counterparties (including the Depositary, if applicable); and/or result in action by national governments or regulators which may be detrimental or which may serve to protect certain types of market participants at the expense of others. Such factors could, individually or in combination with each other, impair a Fund’s and applicable Co-Investment Vehicle’s profitability or result in significant losses, prevent or delay a Fund and applicable Co-Investment Vehicle from being able to value its assets and affect the ability of a Fund and applicable Co-Investment Vehicle to redeem interests and make payments of amounts due to investors. Although the relevant General Partner, the Investment Adviser and the German Advisor might be able to identify some of the risks relating to the possible events

described above, there might be no practicable measures available to them that would reduce the impact of such events on a Fund and applicable Co-Investment Vehicle. MiFID 2. The EU’s re-cast Markets in Financial Instruments Directive (2014/65/EU) (the “MiFID 2 Directive”), delegated and implementing EU regulations made thereunder, laws and regulations introduced by Member States of the EU to implement the MiFID 2 Directive, and the EU’s Markets in Financial Instruments Regulation (600/2014) (together, “MiFID 2”) imposed new regulatory obligations. These regulatory obligations may impact, and constrain the implementation of, the investment approach of certain Funds and applicable CoInvestment Vehicles and lead to increased compliance obligations upon and accrued expenses. MiFID 2 introduced wider transparency regimes in respect of trading on EU trading venues and with EU counterparties. MiFID 2 extended the pre-trade and post-trade transparency regimes from equities traded on a regulated market to cover equity-like instruments, such as depositary receipts, exchange-traded funds and certificates that are traded on regulated trading venues, as well as to cover non-equities, such as bonds, structured finance products, emission allowances and derivatives. The increased transparency regime under MiFID 2, together with the restrictions on the use of “dark pools” and other non-regulated trading venues, may lead to enhanced price discovery across a wider range of asset classes and instruments which could disadvantage certain Funds and applicable Co-Investment Vehicles. Such increased transparency and price discovery may have macro effects on trading globally, which may have an adverse effect on the value of certain Funds’ and applicable Co-Investment Vehicles’ assets. MiFID 2 introduced a rule that an EU regulated firm may execute certain equities trades only on an EU trading venue (or with a firm which is a systematic internalizer or an equivalent venue in a third country). The instruments in scope for this requirement are any equities admitted to trading on any EU trading venue, including those with only a secondary listing in the EU. The effect of this rule is to introduce a substantial limit on the possibility of trading off-exchange or OTC in EU listed equities with EU counterparties. The overall impact of this rule on the Investment Adviser’s ability to implement certain Funds’ and applicable Co-Investment Vehicles’ investment objective and investment approach is uncertain. MiFID 2 required certain standardised OTC derivatives (including all those subject to a mandatory clearing obligation under EMIR) to be executed on regulated trading venues. In addition, MiFID 2 introduces a new trading venue, the organised trading facility, which is intended to provide greater price transparency and competition for bilateral trades. The overall impact of such changes on certain Funds and applicable Co-Investment Vehicles is highly uncertain and it is unclear how the OTC derivatives markets will adapt to this new regulatory regime. EU research providers that are MiFID firms will be obliged to price their research services separately from their execution services. It is uncertain whether these changes will lead to an

overall increase in the price of research and/or lead to reduced access to research for the Investment Adviser in relation to certain Funds and applicable Co-Investment Vehicles’ investment approach. Historically, certain EU sell-side firms have used IPO and secondary allocations as a way of rewarding their most valued buy-side clients (in terms of trading volumes or commissions) for the business that they have given to the firm previously or to incentivise future business. New MiFID 2 requirements effectively prohibit such behaviour, as MiFID 2 precludes a sell-side firm from allocating issuances to clients either (a) to incentivise the payment of a large amount of fees for unrelated services provided by the EU firm or (b) which is conditional on the receipt of future orders or the purchase of any other service from the EU firm by a client. As a result, the manner in which the Investment Adviser is allocated IPOs and secondary issuances by its sellside service providers is likely to change significantly, which may have an adverse effect on the Investment Adviser’s ability to implement certain Funds’ and applicable Co-Investment Vehicles’ investment approach. OTC Transactions and Securities Financing Transactions. There are certain similarities between the risks associated with Securities Financing Transactions and OTC derivatives including total return swaps (together, “Transactions”). To the extent not mitigated by implementation of the Dodd-Frank Act and/or EMIR or collateral arrangements, if at all, the risks posed by such Transactions, which can be extremely complex and may involve leveraging of a Fund’s and/or applicable Co-Investment Vehicle’s assets, include: (1) credit risks (the exposure to the possibility of loss resulting from a counterparty’s failure to meet its financial obligations); (2) market risk (adverse movements in the price of a financial asset or commodity); (3) legal risks (the characterization of a Transaction or a party’s legal capacity to enter into it could render the financial contract unenforceable, and the insolvency or bankruptcy of a counterparty could pre-empt otherwise enforceable contract rights); (4) operational risk (inadequate controls, deficient procedures, human error, system failure or fraud); (5) documentation risk (exposure to losses resulting from inadequate documentation); (6) liquidity risk (exposure to losses created by inability to prematurely terminate the Transaction); (7) systemic risk (the risk that financial difficulties in one institution or a major market disruption will cause uncontrollable financial harm to the financial system); (8) concentration risk (exposure to losses from the concentration of closely related risks such as exposure to a particular industry or exposure linked to a particular entity); and (9) settlement risk (the risk faced when one party to a Transaction has performed its obligations under a contract but has not yet received value from its counterparty). For Transactions that are cleared through a clearing house, there is the additional risk that the clearing house may become insolvent or lack the financial resources to assure performance in the event of a clearing house member’s default. A Fund and any applicable Co-Investment Vehicle may receive collateral from and may deliver collateral to a counterparty or broker (a “Counterparty”) by way of title transfer or by way of

security interest and, in certain circumstances, where a Fund and any applicable CoInvestment Vehicle delivers collateral to a Counterparty, may grant a right of reuse of such collateral to such Counterparty. The treatment of such collateral will vary according to the type of Transaction and its contractual terms, the jurisdiction in which the Counterparty is located and the assets are traded, the legal status of the collateral and applicable law. Where collateral is delivered by way of title transfer, a Fund and any applicable Co-Investment Vehicle will be exposed to the creditworthiness of the Counterparty and, in the event of insolvency, the relevant Fund and any applicable Co-Investment Vehicle will rank as an unsecured creditor in relation to any amounts transferred as collateral in excess of the relevant Fund’s and any applicable Co-Investment Vehicle’s exposure to the Counterparty. Where assets are delivered pursuant to a security interest (to the extent not re-used) or cash is protected pursuant to applicable law, such assets and cash should be protected from the insolvency of the Counterparty but subject to the Counterparty complying with its obligations pursuant to the terms of the agreement with a Fund, any applicable Co-Investment Vehicle and applicable law. Where assets are delivered pursuant to a security interest (to the extent not re-used) such assets should be protected from the insolvency of the Counterparty but subject to the Counterparty complying with its obligations pursuant to the terms of the agreement with a Fund, any applicable Co-Investment Vehicle and applicable law. Where the Counterparty exercises a right of use in respect of financial instruments provided to it by a Fund and/or applicable Co-Investment Vehicle as collateral, the relevant Fund’s and/or applicable Co-Investment Vehicle’s rights in respect of such financial instruments will be replaced by an unsecured contractual claim for delivery of equivalent financial instruments subject to the terms of the relevant arrangement. The relevant financial instruments will not be held by the Counterparty in accordance with client asset rules or similar rights and so will not be segregated from the Counterparty’s own assets or held on trust for a Fund and/or applicable Co-Investment Vehicle. In the event of the Counterparty’s insolvency or default, a Fund’s and/or applicable Co-Investment Vehicle’s claim for delivery of equivalent financial instruments will not be secured and will be subject to the terms of the relevant arrangement and applicable law and, accordingly, the relevant Fund and/or applicable Co-Investment Vehicle may not receive such equivalent financial instruments or recover the full value of the financial instruments. Further, in the event that a resolution authority exercises its powers under any relevant resolution regime in relation to the Counterparty any rights a Fund and/or applicable Co-Investment Vehicle may have to take any action against the Counterparty, such as to terminate the relevant agreement, may be subject to a stay by the relevant resolution authority and/or a Fund’s and/or applicable Co-Investment Vehicle’s claim for delivery of equivalent financial instruments may be reduced (in part or in full) or converted into equity and/or a transfer of assets or liabilities may result in a Fund’s and/or applicable Co-Investment Vehicle’s claim being transferred to different entities.

Where collateral is held by a custodian, on the insolvency or default of the custodian the relevant financial instruments should, subject to the terms of the relevant agreement and applicable law, be unavailable to its general creditors. However, in the event of an irreconcilable shortfall following the default of a custodian the Fund and/or Co-Investment Vehicle may share in that shortfall proportionately with the custodian’s other customers. Collateral arrangements may be subject to a number of operational risks, including the failure of a Fund and/or applicable Co-Investment Vehicle to call for collateral where it is entitled to do so, the failure of the Counterparty to call for the correct amount of collateral or failure to redeliver any excess collateral and settlement failures. In the event that a Fund and/or applicable Co-Investment Vehicle attempts to realize collateral following the default by a Counterparty, there may be no or limited liquidity or other restrictions in respect of the relevant collateral and any realisation proceeds may not be sufficient to offset a Fund’s and/or applicable Co-Investment Vehicle’s exposure to the Counterparty and a Fund and/or applicable Co-Investment Vehicle may not recover any shortfall. Difficulty Valuing Fund Investments. Given the nature of the proposed investments, valuation may be difficult. There may be a relative scarcity of market comparables on which to base the value of investments. Additionally, the Investment Adviser and/or the AIFM will determine the values for the relevant Fund and any applicable Co-Investment Vehicle in accordance with its valuation policy, which may differ from the values determined by any third parties with an interest in any investments. The valuation of a Fund’s and any applicable Co-Investment Vehicle’s assets may not be reflected in the prices at which they are sold. Dilution. Following a Fund’s initial closing, the relevant General Partner will be authorized to admit additional limited partners (or accept increased capital commitments from existing limited partners) during a specified period (the “Open Window Period”). For purposes of allocating a Fund’s profit and loss, all capital commitments made during the Open Window Period generally will be treated as if made at a Fund’s initial closing. If subsequent closings are held, limited partners admitted to a Fund at subsequent closings and/or increasing their commitments to a Fund at a subsequent closing will participate in then-existing investments of a Fund, thereby diluting the interest of existing limited partners in a Fund in such investments. In consequence, additional limited partners (or existing limited partners that increase their capital commitments) may effectively “buy into” a Fund during the Open Window Period at a price that does not necessarily reflect changes in the value of a Fund’s assets subsequent to the initial closing. Although any such new limited partner (or limited partner increasing its commitment) will be required to contribute its pro rata share of previously made capital contributions and an additional amount in interest, there can be no assurance that this contribution will reflect the fair value of a Fund’s existing investments at the time of such contributions. United States Regulatory Concerns. The Funds and applicable Co-Investment Vehicles will be subject to a variety of securities laws and other types of governmental regulation in the

United States and other jurisdictions that may limit the scope of its operations or impose material compliance costs and other burdens. The offerings have not been registered under the Securities Act or under the securities laws of any other applicable jurisdiction in reliance on exemptions from registration under such laws. With respect to interests offered and sold within the United States, investors will be required to make certain representations to the Funds and/or applicable Co-Investment Vehicles including that they are “accredited investors” as defined in Regulation D promulgated under the Securities Act and “qualified purchasers” under the Investment Company Act; that they are acquiring an interest in the Funds and/or applicable Co-Investment Vehicles for their own account, for investment purposes only and not with a view to its distribution; that they have received or have had access to all information they deem relevant to evaluate the merits and risks of the prospective investment; and that they have the ability to bear the economic risk of an investment in the Funds and/or applicable Co-Investment Vehicles. No assurance can be given that the offering currently qualifies or will continue to qualify under one or more of such exemptive provisions due to, among other things, the accuracy of representations made by investors. The relevant General Partners believe that the Funds and any applicable Co-Investment Vehicles, will not be subject to the registration requirements of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), by virtue of section 3(c)(1) and/or 3(c)(7) thereof. The Funds and applicable Co-Investment Vehicles will obtain appropriate representations and undertakings from the investors in order to ensure that the conditions of an exemption are met. Section 3(c)(1) limits the total number of a fund’s beneficial owners to no more than 100. Section 3(c)(7) requires that each of a fund’s beneficial owners is a “qualified purchaser”. No assurance can be given that the Funds and applicable Co-Investment Vehicles will not be deemed an “investment company” for purposes of the Investment Company Act. In the event that a Fund or any applicable Co-Investment Vehicle is required to register as an investment company, such Fund or applicable Co-Investment Vehicle and the relevant General Partners could be subject to legal actions by regulatory authorities and others and could be forced to terminate. The costs of defending any such action could constitute a material part of the assets of such Fund or applicable Co-Investment Vehicle and termination could have materially adverse effects on the Fund and applicable Co-Investment Vehicle and the value of the interests therein. The Investment Company Act provides certain protection to investors and imposes certain restrictions on registered investment companies (including limitations on the ability of registered investment companies to incur debt), none of which will be applicable to the Funds and applicable Co-Investment Vehicles. In general, the relevant General Partner will seek to minimize the degree of governmental regulation and oversight to which the relevant General Partner, its affiliates, the Investment Adviser, the Funds, and Co-Investment Vehicles are subject. While it is anticipated that this

approach will reduce certain compliance and other costs, this approach will also eliminate a variety of investor protections that would be available if the relevant General Partner, its affiliates, the Investment Adviser, the Funds and Co-Investment Vehicles were subject to greater governmental regulation and oversight. In particular, prospective investors are cautioned against assuming the applicability of investor protections generally associated with public offerings of securities. Mezzanine Investment Risks in General. Mezzanine investments involve a high degree of risk with no certainty of any return of capital. Although mezzanine securities are typically senior to common stock and other equity securities in the capital structure of portfolio companies, they may be subordinated to large amounts of senior debt and are frequently unsecured. Investments in highly leveraged portfolio companies are intrinsically more sensitive to declines in portfolio company revenues and to increases in portfolio company expenses. Portfolio companies may face intense competition, changing business and economic conditions or other developments that may adversely affect their performance. Moreover, rising interest rates may increase portfolio company interest expenses. There can be no assurance that a portfolio company will generate sufficient cash flow necessary to service its debt obligations. In addition, many of the remedies available to mezzanine lenders are available only after satisfaction of claims of senior creditors. Therefore, in the event that a portfolio company does not generate adequate cash flow to service its debt obligations, certain Funds and applicable Co-Investment Vehicles may suffer a partial or total loss of invested capital. There can be no assurance that the operation of a Fund or any applicable Co-Investment Vehicle will be profitable or that cash from its investments will be available for distribution to the investors. The relevant General Partner can offer no assurance that partners will realize a return on their investments in a Fund and/or applicable Co-Investment Vehicle within a reasonable time, or at all. Subordination. Subordinated investments may be characterized by greater credit risks than those associated with the senior obligations. Adverse changes in the financial condition of portfolio companies and/or in general economic conditions may impair the ability of a portfolio company to make payments on the subordinated securities or result in defaults on, and declines in the value of, such securities more quickly than in the case of the senior obligations of such portfolio company. Risk of Portfolio Fraud. The Funds and applicable Co-Investment Vehicles are reliant upon each of its portfolio companies to provide accurate and complete financial information. Such financial information could prove inaccurate or fraudulent in spite of requirements for external auditor reports, lender audit and diligence, and active portfolio monitoring of investments. Any such inaccuracy or fraud in such financial reporting could materially reduce an investment’s viability and result in substantial loss. Use of Financial Leverage. Certain Funds intend to use significant funds from the SBA, and therefore such Funds will be leveraged. Leverage including SBA Leverage, magnifies the

potential for gain and loss on monies invested, and, therefore, results in an increase in the speculative character of the interests in such Funds. Investors in such Funds will bear a greater share of the losses in a particular investment than would be the case in an unleveraged investment fund. Moreover, certain investments are expected to include portfolio companies whose capital structures may include significant leverage. The leveraged capital structure of such portfolio companies will increase their exposure to adverse economic factors such as rising interest rates, downturns in the economy and deteriorations in the conditions of the portfolio company or its industry. Although EIP believes its strategy of providing all junior capital mitigates this risk, if a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments on its other indebtedness, the value of an investment in such company could be significantly reduced or even eliminated. Receipt of SBIC License and Unavailability of Leverage. There is no guarantee that any Funds seeking to become licensed by the SBA will receive such license, and, further, becoming licensed as an SBIC does not automatically assure that such Funds will receive debenture funding. Receipt of SBA Leverage funding is dependent upon the relevant Funds continuing to be in compliance with SBA regulations and policies as well as the availability of funding. The amount of SBA Leverage funding available to SBICs requires SBA approval and is dependent upon annual Congressional authorizations and, in the future, may be subject to annual Congressional appropriations. There can be no assurance that there will be sufficient debenture funding available at the times desired by any Fund. Regulation by SBA. If a Fund is licensed as an SBIC, the Fund will be subject to SBA regulations and policies which may change during the life of the Fund in ways that might require the Fund to alter its business activities. Current SBA regulations provide the SBA with certain rights and remedies if an SBIC violates SBA regulations or policies. If a Fund licensed as an SBIC utilizes Leverage, it will be required to avoid “Capital Impairment” which will be considered to exist if such Fund’s “Capital Impairment Ratio” (calculated by adding the licensed SBIC Fund’s realized losses and net unrealized depreciation and dividing the result by such Fund’s private capital) exceeds permitted levels detailed in the SBA Regulations, and which vary depending on the proportion of equity investments made by the licensed SBIC Fund. Remedies for regulatory violations are graduated in severity depending on the seriousness of Capital Impairment or other regulatory violations. For minor regulatory infractions, warnings are given. For serious infractions, the use of SBA Leverage may be limited or prohibited, and outstanding debentures can be declared to be immediately due and payable, restrictions on distributions and making new investments may be imposed, management fees may be required to be reduced and investors may be required to pay their remaining unfunded capital commitments to the licensed SBIC Fund, to be used to retire outstanding SBA Leverage. In severe cases, the SBA may require removal of

the General Partner or its officers or directors, or the SBA may obtain federal court appointment of a receiver for the licensed SBIC Fund. Certain Other SBIC Related Risks. In the event of an SBA-imposed liquidation of any Funds licensed as an SBIC pursuant to the SBIC Act, the SBA’s interest shall be senior in priority for all purposes to all other interests, including the interests of the limited partners. Licensed SBIC Funds will be subject to regulations under the SBIC Act, which may change during the life of such Funds in ways that might require it to alter its business activities. If a Fund is licensed as an SBIC, it will be subject to regulations that provide the SBA with a series of remedies for regulatory violations. The remedies are graduated in severity depending on the seriousness of such Funds’ negative financial condition or its misconduct, and may include the removal of the relevant General Partner, the appointment of a receiver, and the operation and liquidation of such Funds by the SBA. Prior to receipt of an SBIC license, and subject to SBA approval, a Fund may make prelicensing investments. If such pre-licensing investments are consummated and a Fund is unable to obtain an SBIC license, the existing investments may be wound down and liquidated and the returns realized, if any, may be less than originally targeted. Even if a Fund were to continue operating without an SBIC license, such Fund would have significantly less capital to execute its investment plan, which would affect the size and number of investments pursued. Risks Associated with Deep Technology Decarbonization Market. Certain deep tech companies generally have a longer journey to commercialization than their software-focused counterparts. Certain Funds will focus on investments where the Fund Managers believe EIP can deliver significant value to limit risks associated with commercialization within 2-3 years after investment. Such Funds and any applicable Co-Investment Vehicles may pursue seedseries to early stage transactions where EIP, through its network and expert group, believe there is significant potential to reach technical viability. However, given the risk profile of such targeted investments, EIP expects some of them to fail and return little capital. To counteract that risk, EIP intends to focus on companies that show a credible path to outsized returns via technical validation, large market opportunities, and strong leadership with proven ability to raise capital and a clear vision of commercial strategy. However, there is no guarantee that EIP will be able to counteract the risk inherent in such investments. Some or all of the portfolio companies may fail to reduce technology risk or move towards commercialization, and certain investments may therefore fail to return invested amounts and/or profit. Risks Associated with Targeted Sectors. Certain Funds intend to invest capital only in businesses led by or elevating the opportunities for underrepresented leaders within the energy transition industry. The number of businesses that fit within this target profile is less than if there were no focused requirement, and therefore, the number of attractive investment opportunities for certain Funds may be more limited than in a fund without a targeted focus. Moreover, although the Fund Managers believe that this target market is particularly underserved by capital providers, there are other investment vehicles that have been formed

and may be additional investment vehicles formed in the future targeting the same subset of companies, further increasing competition for investments. The determination of which companies are led or elevating the opportunities of underrepresented leaders will be made by the Fund Managers in their good faith discretion, but there can be no assurance that such companies actually elevate opportunities for underrepresented leaders or that the leadership of such companies remain at such companies or in such leadership positions after a Fund’s investment. Public Health Crisis and Force Majeure. Outbreaks of communicable infections or diseases, or other public health pandemics, could severely disrupt global, national and/or regional economies and could have a material adverse effect on the Funds and applicable CoInvestment Vehicles as well as their respective portfolio companies. An outbreak of a novel and highly contagious form of coronavirus, COVID-19, began in 2019 and created a global economic disruption and uncertainty. Renewed outbreaks of other communicable infections or diseases or the outbreak of new communicable infections or diseases could have similar consequences. The scale of such a public health pandemic may impact the Funds and applicable Co-Investment Vehicles as well as their respective portfolio companies in a number of ways, including but not limited to those discussed herein. If an investment’s value is correlated to the performance of public equity or debt markets, difficult market and economic conditions may negatively impact the valuations of such investments. Such declines in valuations would adversely affect the overall value of the Funds’ and applicable Co-Investment Vehicles’ investment portfolios. Further, portfolio companies which operate in industries materially impacted by a health pandemic may face additional hardships, including reduced revenue streams, if businesses, workers, customers and others are prevented or restricted from conducting business activities due to quarantines, business closures or other restrictions imposed by businesses or governmental authorities in response to a pandemic. Reduced revenue streams, increased market volatility and decreased access to funding could negatively impact equity investments. Similarly, changes in the debt financing market may impact the ability of the Funds’ and applicable Co-Investment Vehicles’ portfolio companies to meet their financial obligations. A decrease in certain Funds’ credit investments could also occur if borrowers are unable to meet their payment obligations or satisfy financial covenants or as a result of lower interest income from variable interest instruments due to lower reference rates resulting from government stimulus programs. These lower valuations and decreases in revenues, as well as the potential lack of buyers to pursue an acquisition, may also limit the Funds’ and applicable Co-Investment Vehicles’ opportunities to successfully exit investments if the impact of such a pandemic were to continue for a period of time, further affecting the Funds’ and applicable Co-Investment Vehicles’ ability to realize value from such investments. Such economic conditions could also affect EIP’s ability to source new investments. Restrictions imposed by businesses or governmental authorities, such as limitation on travel, business closures, quarantine and social distancing requirements, may also have other

negative effects on the Funds, applicable Co-Investment Vehicles, and portfolio companies, including strains on technology resources and increased cybersecurity risks. Remote working environments may be less secure and more susceptible to hacking attacks. Finally, EIP’s employees may become sick or may otherwise become unable to work for an extended period of time, which could result in the loss of productivity or a delay in implementing plans, further negatively impacting the Funds and applicable Co-Investment Vehicles. CFIUS & National Security/Investment Clearance Considerations. Certain investments by a Fund that involve the acquisition of a U.S. business may be subject to review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”) and/or non-U.S. national security/investment clearance regulators depending on the structure, beneficial ownership and control of interests in a Fund and industry sector of the U.S. business. In the event that CFIUS or another regulator reviews one or more of a Fund’s proposed or existing investments, there can be no assurances that a Fund will be able to maintain, or proceed with, such investments on terms acceptable to a Fund. CFIUS or another regulator may seek to impose limitations on or prohibit one or more of a Fund’s investments. Such limitations or restrictions may prevent a Fund from maintaining or pursuing investments, which could adversely affect a Fund’s performance with respect to such investments (if consummated) and thus a Fund’s performance as a whole. In addition, certain of the limited partners are expected to be non-U.S. investors, and may hold certain special rights, which increases both the risk that investments may be subject to review by CFIUS, and the risk that limitations or restrictions will be imposed by CFIUS or other non-U.S. regulators on a Fund’s investments. In the event that a General Partner determines, in its discretion, that (i) any such restrictions are reasonably likely to be imposed on any investment by a Fund or (ii) a Fund, General Partner, AIFM, Investment Adviser, German Advisor or any of their affiliates are reasonably likely to incur any additional compliance burdens, due in each case to the non-U.S. status of a limited partner or group of limited partners or other related CFIUS or national security considerations, the relevant General Partner may choose to (1) restrict such limited partner’s or such group of limited partners’ ability to invest in any such portfolio investment, (2) if applicable, restrict such limited partner’s or such group of limited partners’ rights to information about such investment, or rights participate in meetings of or vote on certain decisions of the Nexus Council (as defined in the relevant Governing Documents) or Advisory Committee with respect to such investment or (3) form separate and/or additional limited partner advisory committees. Notwithstanding the foregoing, there can be no assurance that any restrictions implemented on any such limited partner or any such group of limited partners will allow a Fund to maintain, or proceed with, any investment, or avoid additional regulatory compliance obligations. Service on Boards of Directors, Material Non-Public Information, Etc. Individual Fund Managers may serve as officers or directors of portfolio companies. In their capacity as officers or directors (or even simply by virtue of a Fund’s and any applicable Co-Investment Vehicle’s status as a significant shareholder of a portfolio company), such individuals may become

subject to fiduciary or other duties which adversely affect the Funds and applicable CoInvestment Vehicles. For example, a Fund and any applicable Co-Investment Vehicle may be unable to sell or otherwise dispose of portfolio securities if a Fund Manager or other affiliate of the relevant General Partner is in possession of material, non-public (i.e., “inside”) information relating to the issuer thereof. Nevertheless, the relevant Partnership Agreement will not preclude Fund Managers from serving as officers or directors of portfolio companies or otherwise acquiring material, non-public information regarding portfolio companies. Conversely, the relevant Partnership Agreement will not require that Fund Managers serve as officers or directors of portfolio companies, and there can be no assurance that the relevant General Partner, AIFM, Investment Adviser and/or German Advisor will have a legal right to influence the management of any portfolio company or companies. ERISA Plan Assets. The General Partners intend to conduct the affairs of the Funds so that its assets do not constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), whether by causing the Funds to comply with the “venture capital operating company” (“VCOC”) exception or by limiting the total value of each class of equity interests in each Fund held by “benefit plan investors” (as defined in Section 3(42) of ERISA) to less than 25% or by relying on another available exception. Reliance on the VCOC exception would require that the Funds obtain rights to participate substantially in, and to influence substantially the conduct of, the management of the majority of the Funds’ portfolio companies (valued at cost). One way the Funds would likely demonstrate these management rights would be to designate directors to serve on the boards of directors of portfolio companies. The designation of directors and other measures contemplated could expose the assets of the Funds to claims by a portfolio company, its security holders and its creditors. In addition, in the event the Funds are operated as a VCOC, the Funds may be precluded from making certain investments or limited in structuring investments, and it may be necessary for the relevant General Partner to liquidate certain Fund investments at a disadvantageous time in order to avoid holding ERISA “plan assets.” This could result in lower proceeds to the Funds than might have been the case had the Funds not been operated as a VCOC. Notwithstanding the foregoing, the relevant General Partner, AIFM, Investment Adviser and German Advisor cannot provide any absolute assurances that the assets of the Funds will not be treated as “plan assets.” If the Funds’ assets are treated as “plan assets,” a limited partner that is subject to ERISA or Section 4975 of the Code may be permitted or required to withdraw from the Funds. Litigation Risks. The Funds and applicable Co-Investment Vehicles will be subject to a variety of litigation risks, particularly in consequence of the substantial likelihood that one or more portfolio companies will face financial or other difficulties during the term of the Funds’ and applicable Co-Investment Vehicles’ investment. For example, it is anticipated that the Investment Adviser, individual Fund Managers or other affiliates of the relevant General Partner may actively assist portfolio companies in differing capacities (including, without limitation, by serving as officers, directors, or advisors). The Funds and applicable CoInvestment Vehicles may also participate in portfolio company financings at implicit portfolio

company valuations lower than the valuations implicit in preceding rounds of financing, vote portfolio company shares in a manner contrary to the interests of other shareholders, or be exposed to flow-through liability for portfolio company debts and obligations (e.g., under laws governing liability for environmental damage). In the event of a dispute arising from any of the foregoing activities (or other activities relating to the operation of the Funds, applicable CoInvestment Vehicles, relevant General Partner, AIFM, Investment Adviser and/or German Advisor), it is possible that the Fund Managers, Funds, applicable Co-Investment Vehicles, relevant General Partner, Investment Adviser, AIFM and/or German Advisor and/or their respective affiliates may be named as defendants. Under most circumstances, the Funds and applicable Co-Investment Vehicles will indemnify the Fund Managers, relevant General Partner, AIFM, Investment Adviser and other affiliates of the General Partner for any costs they incur in connection with such disputes. Beyond direct costs, such disputes may adversely affect the Funds and applicable Co-Investment Vehicles in a variety of ways, including by distracting the relevant General Partner, AIFM, Investment Adviser and/or German Advisor and harming relationships between the Funds and applicable Co-Investment Vehicles and their portfolio companies or other investors in such portfolio companies. To the extent set forth in the relevant Partnership Agreement, limited partners may be required to return distributions previously received by them from the Funds or applicable CoInvestment Vehicles in order to enable the Funds or applicable Co-Investment Vehicles to make indemnification payments to the relevant General Partner, AIFM, Investment Adviser, German Advisor, Fund Managers or other Indemnified Persons or to pay other liabilities of the Funds or applicable Co-Investment Vehicles. More generally, limited partners may be required to return distributions previously received by them from the Funds or applicable Co-Investment Vehicles to the extent required by applicable law. Cybersecurity Risk. EIP, the General Partners and their affiliates, the Funds, Fund Managers, applicable Co-Investment Vehicles, and portfolio companies are subject to certain risks related to cybersecurity both directly and indirectly through the engagement of service providers. A cybersecurity breach and/or attack could subject EIP, the General Partners and their affiliates, the Funds, Fund Managers, applicable Co-Investment Vehicles, and/or portfolio companies to substantial costs as well as regulatory action depending on the facts and circumstances associated with such breach and/or attack. While EIP has established policies and procedures to detect, mitigate and respond to cyber breaches and/or attacks, there remains a chance that certain cybersecurity risks may not have been identified. Stability of the Banking System. Silicon Valley Bank (“SVB”) has been a provider of credit finance to businesses in the technology industry amongst others, and to private equity, growth capital, venture capital and other funds which invest in those businesses. On March 10, 2023, the California Department of Financial Protection and Innovation shut down SVB and appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver of SVB’s assets and

liabilities. On March 12, 2023, the Federal Reserve Board, Secretary of the Treasury and FDIC jointly announced that, pursuant to a systemic risk designation, all deposits with SVB (as well as all deposits at Signature Bank), whether insured or uninsured, would be protected. Analogous events have unfolded in relation to SVB’s UK subsidiary, which has since been acquired. In the immediate aftermath of the bank failures, customers of both SVB and Signature Bank experienced disruptions in their ability to access deposits and draw on credit facilities. By March 13, 2023, various assets and liabilities of the recently failed banks had been transferred to FDIC-operated bridge banks, which are fully operational. However, there still remains some uncertainty around the longer-term future of these bridge banks as potential sale options continue to be evaluated. Following the shutdown of SVB and Signature Bank, a number of U.S. regional banks suffered declines in their stock prices and needed to obtain access to additional funds. These events have led to uncertainty in financial markets and the business community as to the stability of the banking sector more generally. There have been fears that the situation is systemic rather than limited to a few smaller banks. Soon afterwards, some larger and more systemically significant banks in Europe, the U.S. and Asia have suffered stock price declines and, in some cases, stabilizing central bank action has been required. On March 19, 2023, UBS announced plans to acquire Credit Suisse following an earlier announcement by the Swiss central bank that it would extend emergency funding to Credit Suisse. It is possible that systemic risk in the banking sector is higher than expected and that uncertainty can lead to more widespread disruption of the banking and broader financial sectors, or that other sectors and industries will be affected, including the technology sector in which the Funds and applicable Co-Investment Vehicles operate. Should any such disruption become widespread, this may pose a material risk to the Funds’ and applicable Co-Investment Vehicles’ performance. Deposit accounts in U.S. banks generally are insured up to $250,000. Although the U.S. government protected deposits at SVB and Signature Bank in excess of this amount, there is no guarantee that it will do the same in the case of failures of other banks. The Funds and applicable Co-Investment Vehicles may not limit deposits at any particular bank to $250,000. Portfolio companies may also have deposits at banks that exceed $250,000 at a given time. As a result, the Funds, applicable Co-Investment Vehicles and portfolio companies may be subject to losses in respect of uninsured deposits in the event of bank failures, as well as delays in accessing funds that render the Funds, applicable Co-Investment Vehicles, or portfolio companies unable to satisfy payment obligations unless they can quickly access additional cash. Availability of Credit for Technology Companies. SVB and Signature Bank were and are significant lenders to both businesses and funds in the technology sector in which the Funds and applicable Co-Investment Vehicles operate. Their withdrawal from the sector may make debt finance and other financing arrangements significantly more difficult for participants in

the sector to obtain, and significantly more expensive, at a time at which financial performance may be poorer and cash needs may be greater than in previous years. The absence of SVB and Signature Bank from the lending market may adversely affect the performance of the Funds, applicable Co-Investment Vehicles and portfolio companies for these reasons. Inflation and Deflation. Some countries, including the U.S., may experience substantial rates of inflation, which may have negative effects on the economies and securities markets of their economies. Governmental efforts to curb inflation (such as price controls) may involve drastic economic measures affecting the level of economic activities. There can be no assurance that the relevant governments will be able to exercise effective control over inflation rates or that a high rate of inflation will not have a materially adverse effect on the investments of the Funds and applicable Co-Investment Vehicles. Russia-Ukraine Conflict. On February 24, 2022, Russia launched an invasion of Ukraine that has resulted in an ongoing military conflict between the two countries (the “Russia-Ukraine Conflict”). The Russia-Ukraine Conflict has caused, and is currently expected to continue to cause, significant disruptions to the global financial system, international trade, and the transportation and energy sectors, among other disruptions. In addition, the Russia-Ukraine Conflict has displaced millions of people, causing an acute refugee crisis in Europe, and has increased the threat of nuclear accidents or attacks, cyberattacks and further regional or global conflicts (including a potential expansion of the Russia-Ukraine Conflict to other countries as well as other potential conflicts, including, but not limited to, conflicts in other geographic locations and between other state and non-state actors), among other potentially dire consequences. In response to Russia’s actions, multiple countries and governing bodies, including the United States and the EU, have put in place global sanctions and other severe restrictions or prohibitions on the activities of certain individuals and businesses connected to Russia and/or Belarus. Private companies have also implemented restrictions that severely limit, and in some cases, reverse or cancel, business transactions in or involving certain individuals and/or businesses connected to or associated with Russia and/or Belarus. Further, some private companies have moved to divest of Russia-based subsidiaries and assets. In addition, the impacts of the Russia-Ukraine Conflict on the supply chain and commodity prices are expected to be profound and may result in substantial inflation in one or more countries (or globally). However, the ultimate impact of the Russia-Ukraine Conflict and its effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of the Funds or applicable Co-Investment Vehicles or any particular industry, business, currency or country and the duration and severity of those effects, is impossible to predict. Other Geopolitical Conflicts. In addition, geopolitical tensions and conflicts in other regions, including the ongoing conflict involving Iran and related hostilities in the Middle East, have increased global economic and political uncertainty. Such conflicts have the potential to disrupt global energy markets, including through impacts to key shipping routes such as the Strait of Hormuz, as well as to increase volatility in commodity prices, inflation, and financial markets.

These conflicts may also expand through regional escalation, proxy warfare, cyber operations, or involvement of additional countries, which could further exacerbate disruptions to global trade, supply chains, and capital markets. The extent, duration and global impact of these conflicts are highly uncertain and cannot be predicted. Sustainable Finance Disclosure Regulation and EU Taxonomy. The European Commission has introduced Regulation 2019/2088 relating to transparency and disclosure obligations for investors, funds and asset managers in relation to environmental, social and governance factors (SFDR). In addition, the European Commission has also released Regulation (EU) 2020/852 (the “EU Taxonomy”) to establish the criteria for determining whether an economic activity qualifies as environmentally sustainable for the purpose of establishing the degree to which an investment is environmentally sustainable. Disclosure and due diligence requirements concerning factors under the SFDR and the EU Taxonomy (the “Disclosure Rules”) have been applicable as of March 10, 2021 and apply to various investment firms, AIFMs, providers of certain insurance-based investment products and financial advisers (together, “Affected Firms”). Amongst other things, such disclosures require an Affected Firm which is subject to the Disclosure Rules to make prescribed precontractual disclosures relating to the sustainability of investments, which will include the manner in which sustainability risks are integrated into their investment decisions as well as in their periodic reports and on each firm’s website. The Disclosure Rules may apply to certain Funds and impact such Funds. Compliance with the requirements of the Disclosure Rules may be costly if the relevant Funds were to be subject to the Disclosure Rules and such costs would be borne by the relevant Funds. Any regulatory changes arising from the implementation of the Disclosure Rules may increase the expenses of the relevant Funds related to compliance therewith. The relevant Funds would be responsible for all fees, costs, expenses and liabilities (subject to the relevant Governing Documents) incurred in connection with the relevant Funds’ and EIP’s compliance with the Disclosure Rules and such fees, costs and expenses could impact the relevant Funds’ returns. General Data Protection Regulation. Data protection and regulations related to privacy, data protection and information security could increase costs, and a failure to comply could result in fines, sanctions, or other penalties, which could materially and adversely affect the results of operations of a portfolio company. Portfolio companies are subject to regulations related to privacy, data protection and information security in the jurisdictions in which they do business. As privacy, data protection and information security laws are implemented, interpreted, and applied, compliance costs may increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. For example, on May 25, 2018, the General Data Protection Regulation (EU 2016/679) (the “GDPR”) came into effect, replacing prior data protection legislation that had been

implemented across (at that time) 28 EU member states. After the UK’s exit from the EU, the UK continues to have in place its own version of the GDPR (“UK GDPR”). The GDPR sought to harmonize national data protection laws across the EU, while at the same time, modernizing the law to address new technological developments. The GDPR and UK GDPR have extraterritorial reach and impacts data controllers and data processors either with an establishment in the EU/UK, or which offer goods or services to EU/UK data subjects or monitor EU/UK data subjects’ behavior within the EU/UK. The regime imposes stringent operational requirements on both data controllers and data processors, with significant potential penalties for noncompliance with fines of up to 4% of total annual worldwide turnover or €20 million (£17.5 million in the UK) (whichever is higher), depending on the type and severity of the breach. Compliance with current and future privacy, data protection and information security laws could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and some of current and planned business activities. A failure to comply with such laws could result in fines, sanctions, or other penalties, which could materially and adversely affect results of operations and overall business, as well as have an impact on reputation. Social Media and Publicity Risk. The use of social networks, message boards, internet channels and other platforms has become increasingly popular and widespread among the asset management industry within the United States and globally. As a result, individuals may have the ability to rapidly and broadly disseminate information or misinformation, beyond the control of the Firm, without any independent or authoritative verification. Any such information or misinformation regarding EIP, the Funds, applicable Co-Investment Vehicles or one more portfolio companies could have a material and adverse effect on the value of the Funds, applicable Co-Investment Vehicles or one or more portfolio companies. Less Established Companies Risk. Certain Funds may pursue investments in companies that are in a conceptual or relatively early stage. These investments carry unique risks that may result in substantial losses, including the potential for a total loss of capital. Investments in conceptual or relatively early stage companies typically face higher failure rates due to the lack of an established track record, revenue history or market presence. They are also subject to greater volatility and illiquidity, often requiring extended time horizons. Additional risks may also include execution challenges, regulatory uncertainty and unproven management teams. Accurately estimating the total funding required for these types of investments is difficult, and unforeseen delays, cost overruns, slower-than-anticipated revenue generation or changes in macroeconomic conditions may lead to the need for additional capital. Net Asset Value (NAV) Loans Risk. Certain Funds may have the ability to use NAV loans to borrow against the value of their portfolio assets, providing liquidity for various purposes. NAV loans involve significant risks as the loans would be secured by the relevant Fund’s assets, which may include illiquid investments subject to market volatility. Additionally, the valuation of these assets is often subjective, which can lead to discrepancies in the perceived value of a

Fund’s NAV, which could impact borrowing capacity. NAV loans typically have short-term durations and may require refinancing, with changes in market conditions potentially leading to higher interest rates or less favorable terms. Funds utilizing NAV loans may also face covenants that require maintaining specific asset values, and a breach of these covenants could result in early repayment obligations or other restrictions. The use of NAV loans can also impact the relevant Fund’s strategy related to exiting investments, as realizations may need to be structured around loan repayment obligations and compliance with covenants. A Fund’s ability to repay a loan depends on the performance of its investments, and operational or performance challenges could require a Fund to raise additional capital or restructure the loan under adverse conditions, which could affect returns to investors. Risks Relating to United States Foreign Policy. Developments in U.S. trade policy and diplomatic relations between the U.S. and other nations may have unforeseen and unexpected consequences on the U.S. and global economies, potentially increasing economic volatility. The precise impact of these policies on the U.S. and other economies, the Funds, applicable CoInvestment Vehicles, or their investments, whether economic, financial, tax, or regulatory, cannot be determined, but it could be material and adverse. Risks Associated with Energy Transition Investments. Investment in energy transition assets involves many significant relatively unique and acute risks. Revenues can be affected by a number of factors including economic conditions, political events, competition, regulation and the financial position and business strategy of customers. Furthermore, events outside the control of a portfolio company, such as political action and governmental regulation, demographic changes, economic growth, government macroeconomic policies, toll, tariff and other fee rates, social stability, technical obsolescence, changes in demand for products or services, defective design or construction, bankruptcy or financial difficulty of a major customer, or other unforeseen circumstances and incidents could significantly reduce the revenues generated or significantly increase the expense of operating a business in the energy transition sector. Dependence on Patents, Trademarks and other Intellectual Property. Certain of the companies in which the Funds and applicable Co-Investment Vehicles invest in will depend heavily on intellectual property (“IP”) rights, including patents, copyrights, trade secrets, trademarks and service marks. The ability to effectively enforce patent, trademark and other IP laws will affect the value of many of these companies. IP disputes are frequent and can preclude commercialization of products, and IP litigation is costly and could subject a portfolio company to significant liabilities to third parties. The presence of patents or other proprietary rights belonging to other parties may lead to the termination of the research and development of a portfolio company’s particular product. There can be no assurance that the Funds, applicable Co-Investment Vehicles or a portfolio company will be able to protect its own IP rights or will have the financial resources to do so, or that competitors will not develop technologies substantially equivalent or superior to a company’s technologies. Unauthorized access or theft of proprietary information may make a portfolio company or its products and

services less valuable and more vulnerable to malicious attacks. While piracy adversely affects portfolio company revenue in all jurisdictions, the impact on revenue from outside the U.S. is significant, particularly in countries where laws are less protective of IP rights. The absence of harmonized patent laws makes it more difficult to ensure consistent respect for the patent rights of portfolio companies. Reductions in the legal protection for software IP rights could adversely affect portfolio companies. A portfolio company may, from time to time, receive notices from others claiming such portfolio company has infringed their intellectual property rights. The number of these claims may grow because of a constant technological change in the software industry, increased usergenerated content, the extensive patent coverage of existing technologies, and the rapid rate of issuance of new patents. Additionally, portfolio companies may use “open source” software in their products, or may use such software in the future. Such open-source software is licensed by its copyright holders under licenses that in some cases may require disclosure of the company’s code to third parties. Copyright owners or third parties may allege that a portfolio company has not complied with the requirements of one or more of these licenses and that confidential code must be publicly disclosed and freely licensed. To resolve these and other intellectual property infringement claims, portfolio companies may enter into royalty and licensing agreements on terms that are less favorable than currently available, stop selling or redesign affected products, or pay damages to satisfy indemnification commitments with customers. These outcomes would likely cause operating margins to decline. In addition to money damages, in some jurisdictions plaintiffs can seek injunctive relief that may limit or prevent importing, marketing and selling products that have infringing technologies. Software Code Protection. The development and protection of source code is critical to many businesses in the software sector. If an unauthorized disclosure of a significant portion of a portfolio company’s source code occurs, such portfolio company could potentially lose future trade secret protection for such source code. The loss of trade secret protection could make it easier for others to compete with such portfolio company’s products by copying their code and functionality, which could adversely affect such portfolio company’s revenue and operating margins. Unauthorized disclosure of source code could also increase security risks (e.g., viruses, worms, and other malicious software programs that may attack a portfolio company’s products and services). Costs for remediating the unauthorized disclosure of source code and other cybersecurity breaches may include those related to increased protection, reputational damage, loss of market share, liability for stolen assets or information and repairs to damaged systems. Remediation costs may also include incentives offered to maintain a portfolio company’s business and/or customer relationships following a security breach. Bridge Financings. From time to time, certain Funds may lend to portfolio companies on a short-term, unsecured basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future equity investment or issuance, or long-term debt financing, syndication or issuance. Such bridge loans will typically be convertible into more permanent, long-term securities or investment, however, for reasons not always in the Funds’ control, such long-

term securities’ issuance or investment or other refinancing or syndication may not occur and such bridge loans and interim investment may remain outstanding. In such event, the interest rate on such loans or terms of such interim investment likely would not adequately reflect the risks associated with the unsecured position taken by such Funds. In addition, the Funds may make an investment (whether in the form of equity or debt) in a portfolio company in anticipation of selling a portion of such investment to another investor or otherwise refinancing such investment in the near-term. For various reasons, the Funds may be unable to sell or refinance such investment as quickly as expected or at all, which would increase the Funds’ exposure to such portfolio company. Warehoused Investments and Over-Commitment. In order to facilitate investments, certain Funds may make (or commit to make) an investment with a view to selling a portion of such investment to other entities managed by EIP, co-investors or other persons or entities, or such Funds may obtain third party financing prior to or within a brief period after the closing of the acquisition of such investment. Such “warehoused” investments will typically be sold to such other entities managed by EIP at fair value, but also may be sold at cost plus an interest component, or at such other price determined by EIP in good faith under the circumstances and in accordance with any fiduciary obligations of EIP under applicable law. In the event the Funds make such an investment, the Funds will bear the risk that any or all of the excess portion of such investment may not be sold or financed or may only be sold or financed on unattractive terms and that, as a consequence, the Funds may bear the entire amount of any breakup fee or other fees, costs and expenses related to such investment, hold a larger portion than expected of such investment (and thus the Funds’ investment portfolio could become significantly concentrated in a particular investment) or may realize lower than expected returns from such investment. The Funds will also bear the risk that any persons or entities acquiring an interest in such an investment after the closing of such investment may acquire such interest on terms that may not reflect the then-current value of such investment. Certain Funds may also borrow to fund the portion of an investment that it intends to sell to other persons or entities. If such other persons or entities do not ultimately invest in such investment, such Funds will bear the interest and other expenses relating to any such borrowing or investment as well as any broken deal expenses. Enforcement Rights in Certain Jurisdictions. The laws governing the rights of investors and other laws in certain jurisdictions in which the Funds and any applicable Co-Investment Vehicles may invest are not as thoroughly developed and do not afford the protection and predictability that can be found in countries with more sophisticated laws and regulations. Among other things, the laws with respect to the rights of creditors and other investors may not be as comprehensive or as well developed as in the United States, and the procedures for the judicial or other enforcement of such rights of investors may not be as effective. In particular, in certain countries, the Funds and any applicable Co-Investment Vehicles could experience significant legal difficulties and impediments in enforcing its rights with respect to its investments and/or certain kinds of collateral underlying such investments. It may therefore be more difficult for a Fund and any applicable Co-Investment Vehicle to pursue claims or

obtain effective enforcement of its rights by legal or arbitration proceedings in such countries than in countries with more mature legal systems. These factors may, among other things, adversely affect the value and performance of a Fund’s and any applicable Co-Investment Vehicle’s investments in such countries. Technical Risk. Investments in the energy, electricity, and technology industry may be subject to technical risks, including the risk of mechanical breakdown, spare parts shortages, failure to perform according to design specifications and other unanticipated events which adversely affect operations. There can be no assurance that any or all such risks can be mitigated or that such bonded and insured third parties, if present, will perform their obligations. Artificial Intelligence. Artificial intelligence and machine learning technologies (“AI Technologies”) are increasingly utilized across financial markets and other industries, including by investment advisers and their service providers. EIP may utilize certain AI Technologies in its operations, and its service providers and portfolio companies may also employ such technologies. While AI Technologies may enhance efficiencies, their use presents inherent risks. AI Technologies rely on underlying data and model assumptions that may be incomplete, inaccurate, outdated or otherwise flawed, and such deficiencies may not be easily detectable. As a result, outputs generated by AI Technologies may be inaccurate, inconsistent or difficult to interpret. In addition, the effectiveness, reliability and security of AI Technologies may change over time as technologies evolve, potentially resulting in new limitations or vulnerabilities that are not currently known. The legal and regulatory framework governing the use of AI Technologies is also continuing to develop and may change in ways that impact their use. To the extent EIP relies on third-parties that utilize AI Technologies, or invests in companies that employ such technologies in their businesses, EIP may be exposed to operational, cybersecurity, legal, regulatory, reputational or financial risks arising from their use, including risks associated with technology failures, data breaches, or model errors. Although EIP has established controls and governance frameworks designed to oversee its own use of AI Technologies, there can be no assurance that such measures will be effective in all circumstances or that all risks associated with AI Technologies, particularly given their rapidly evolving nature, have been identified or fully mitigated. It is not possible to predict the full extent of current and future risks related to the use of AI Technologies.

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.

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 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.

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.

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.

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.