First Sentier Investors: investment adviser

The First Sentier Group had US$137.3bn assets under management as at 31 December 2025 and 286 investment focussed employees located in offices in Sydney, New York, London, Edinburgh, Dublin, Paris, Singapore, Frankfurt, Tokyo and Hong Kong. In Australia, FSI AIMP is a company registered with the Australian Securities and Investments Commission. FSI AIMP will offer investment advice primarily to institutions with respect to unlisted infrastructure assets focussing on utility, transport and energy assets. FSI AIMP will principally target investments in mature, incomegenerating economic infrastructure where the application of specialist skills in investment origination, evaluation and active asset management can add value. FSI AIMP is the investment manager to investment vehicles with U.S. and non-U.S. institutional investors (“Private Funds”). FSI AIMP does not anticipate registering such investment vehicles under the U.S. Investment Company Act of 1940 and their shares or interests, as applicable, will not be registered under the U.S. Securities Act of 1933. Accordingly, the Private Funds will not be publicly offered in the United States. As of 31 December 2025, FSI AIMP assets under management were as follows:

Discretionary:

US$3,638,138,695

Non-Discretionary:

Nil

Total:

US$3,638,138,695

Costs incurred in connection with professional consultants or advisors (e.g. legal, tax, accounting, audit or valuation) whether or not members of MUFG;

Communication and reporting expenses (including costs incurred to convene meetings, etc.); and

Other costs including bank fees and printing and postage costs.

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Based on this preliminary investment review, a presentation will be made to the Investment Committee and a decision will be made on whether to progress the opportunity to the due diligence phase. The objective of the due diligence phase is to undertake a detailed assessment of the investment opportunity in order to understand the overall risk and return profile of the investment and its suitability for the client and to develop a strategy to minimise execution risk and improve the probability of securing the investment on attractive terms. The due diligence process typically involves:

Appointing appropriate due diligence advisors to undertake independent assessments of financial and operating information. A concerted effort is made to appoint advisors in a timely manner, so as to ensure the best possible advisory team can be retained for the transaction;

Developing a detailed understanding of both the asset profile and investment profile;

Meeting with existing management teams and current owners of the asset if possible;

Identifying quantifiable and non‑quantifiable risk factors and mitigants;

Identifying growth potential and any other opportunities to optimise the asset profile and investment profile;

Developing a financial model with long‑term cash flow projections to support an investment case and stress test the investment profile.

The due diligence process involves developing a detailed understanding of the impact of multiple factors relating to the investment opportunity including macro factors (such as industry/sector specific variables, country and

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political risk and general market condition) and micro factors (including strength of management team, competitive position with industry, cost and capital structures and demand).

Investment Strategies Our investment strategy is designed in order:

To create a diversified infrastructure portfolio capable of generating attractive risk-adjusted returns over a long term horizon; and

To leverage the deep skillset, 25+ years of investment experience and substantial resources of the Investment Team in order to procure and actively manage quality assets to enhance the Private Funds’ investment performance.

The pillars of the investment strategy are:

Long term investment horizon – a strategic focus on mature assets offering sustainable income generation in OECD countries;

Core and Core+ infrastructure opportunities – the Private Funds aim to avoid style drift into peripheral infrastructure or emerging markets;

Mid-market deals, typically focusing on seeking high-value opportunities; and

Active asset management –seeking lead or co-lead positions which offer greater control and influence over asset management activities, supporting development and implementation of strategic goals, and championing responsible investment and the adoption of relevant United Nations’ Sustainable Development Goals across all stages of the investment lifecycle.

The target sectors include (but are not limited to) gas, water and electricity networks, oil, gas and chemical storage facilities, airports, ports, rail, toll roads, transport services, renewables, waste, and fixed telecommunications infrastructure. The Private Funds seeks to invest in established and operating businesses, and seeks to manage exposure to material revenue, operating and construction risks.

Risk Factors Construction Risk Construction risk is the risk that an investment, an element of which is under construction, may not be completed within expected cost, within the agreed time frame or to the agreed specification, in each case leading to a lower return than expected.

Counterparty Risk Counterparty risk is the risk of loss caused by another party defaulting on its financial obligations either because they become insolvent or cannot otherwise meet their obligations to the Private Funds or their underlying investments. A party defaulting on its obligations could subject the Private Funds to substantial losses because the Private Funds will still be required to fulfil its obligations on any transactions which were to have substantially offset other contracts.

Cybersecurity Risk There is a risk of fraud, data loss, business disruption or damage to the information of the Private Fund or to investors’ personal information as a result of a threat or failure to protect the information or personal data stored within the IT systems and networks of the Trustee/GP, Managers or other service providers.

Demand Risk and Usage Charges

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The level of demand, usage or patronage for the service or commodity provided by an infrastructure investment of the Private Fund may fall below expectations and adversely affect the performance of the Private Fund.

Economic Conditions and Business Risk Changes in economic conditions, including, for example, interest rates, foreign exchange rates, inflation rates, employment conditions, competition, technological developments, political and diplomatic events and trends, and changes in tax laws and regulations and emerging environmental factors such as changing climate conditions can affect substantially and adversely the business and prospects of the investments. None of these conditions are within the control of FSI AIMP and no assurances can be given that FSI AIMP will anticipate such developments. The investments consist primarily of securities issued by entities which are privately owned. Operating results of such entities will be difficult to predict. Such investments are subject to a high degree of business and financial risks that can result in substantial losses. This includes risks associated with the emergence or development of competitors for services offered by the Private Funds’ assets, and due to adverse changes in macroeconomic and environmental conditions.

Force Majeure Risk Force majeure is the term generally used to refer to an event beyond the control of any party, including acts of God, fires, floods, earthquakes, wars, strikes and acts of terrorism. Some force majeure risks are uninsurable and, if such events occur, they may have adverse effects on the Private Fund or the investments.

General Investment Risk Direct investment in infrastructure is speculative and involves substantial risk, including the risk of loss of an investor’s entire investment. The Private Funds are subject to those market risks common to investing in all types of financial instruments. In addition, infrastructure investments are subject to some of the following material risks.

Litigation Risk If any of the Private Fund’s portfolio investments become involved in material or protracted litigation, the litigation expenses and the liability threatened or imposed could have a material adverse effect on the Private Fund.

Liquidity Risk The investments of the Private Funds into unlisted infrastructure assets are highly illiquid and difficult to realise. There is no obligation to permit redemption of an Investor’s interest in the Private Funds if requested, and the Private Funds may not have sufficient available cash to fund the redemption when requested. The Private Funds will be under no obligation to make such cash available through the sale of assets, borrowings or otherwise to provide liquidity for Investors.

Operational Risk The risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Adverse impacts may arise internally through human error, technology or infrastructure changes, or through external events such as third party failures or crisis events. There is also exposure to the operational risk of the underlying business of each investment. Specialised skills are required to run an infrastructure business successfully. An inefficient or failed operation may adversely affect the profitability of the underlying business leading to a lower performance on the investment. This includes

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workplace health and safety related risks of the underlying business of each investment, being the risk of possible harm to individuals when exposed to a hazard.

Regulatory, Political and Social Risk Investments may be made in assets that are subject to industry-specific regulation including price and environmental regulation. An underlying asset may breach the regulatory regime it is subject to. There is also the risk that changes to existing laws or the introduction of new legislation may adversely affect the value of investments. In addition, the operations of investments may rely on government permits, licences, concessions, leases or contracts. With any investment, there exists the risk of adverse political, legal and tax developments, including nationalisation, termination or non-payment of concessions, confiscation without fair compensation, windfall profit tax, or war. Furthermore, any restriction imposed to prevent capital flight may make it difficult or impossible to exchange or repatriate currency.

Reputation and Environmental Risk Reputation risk arises from the public’s adverse perception of the performance of an asset. This may involve issues such as impacts on public health or safety, environmental damage or social justice, for example. The broader issue associated with reputation risk is that once a particular asset is tainted in the public eye, this brand damage may extend across the portfolio of assets within a Private Fund or separate account.

Valuation and Reporting Risk The information and valuation data provided by the independent valuer may not always be provided in a timely manner and may contain valuation errors. In such a case, adjustments may be made in good faith to account for relevant factors should the information from the independent valuer be delivered late or be obviously incomplete or inaccurate. As a result, such indicative NAV may not be accurate and may be revised on a subsequent valuation date. There can be no assurance that the investment values that factor into the calculation of the NAV from time to time will ultimately be realised and the NAV of the Private Fund may be adversely affected if the values of investments that the Private Fund records are materially higher than the values that are ultimately realised upon disposal.

FSI AIMP is associated with the following broker dealers: MUFG Securities Americas Inc., Intrepid Investment Bankers LLC, and Mitsubishi UFJ Securities Holdings Co., Ltd (and its subsidiaries).. As appropriate and in accordance with regulation and client agreements, FSI AIMP will on an arm’s length basis, utilize the services of the affiliated broker dealers. FSI AIMP will execute client transactions only when consistent with its duty to place the interests of clients first and to seek best execution. To date, FSI AIMP has not dealt in publicly traded securities and does not expect to utilize the above associated broker dealers in the foreseeable future.

Affiliated Investment Advisers First Sentier Investors (US) LLC (“FSI US”) is an SEC registered investment adviser and is an affiliate of FSI AIMP. FSI US was established in 2014 and is ultimately 100% owned by MUFG. FSI US provides discretionary management services to institutional clients and funds. Employees of FSI US provide U.S. marketing and solicitation services for the advisory services of FSI AIMP. First Sentier Investors (Australia) RE Ltd (“FSI ARE”) is an Australian financial services licence holder, regulated by the Australian Securities and Investments Commission. It is an SEC registered investment adviser and is an affiliate of FSI AIMP. FSI ARE was established in 1985 and is ultimately 100% owned by MUTB. FSI ARE provides discretionary management services to institutional clients and funds. First Sentier Infrastructure Managers (International) Limited (“FSIMIL”) is an SEC registered investment adviser and is an affiliate of FSI AIMP. FSIMIL was established in 2015 and is ultimately 100% owned by MUTB. FSI MIL provides discretionary investment management services to Private Funds and FSI MIL has appointed one or more First Sentier Group affiliates as sub-adviser. First Sentier Investors (Australia) Infrastructure Holdings Ltd (“FSI AIH”) is an affiliate of FSI AIMP. FSI AIH was established in 1999 and is ultimately 100% owned by MUTB. FSI AIH is not registered with the SEC, relying on SEC guidance provided in the Unibanco letters. FSI AIH provides investment advisory services to FSI AIMP, including evaluating investments, making investment proposals, providing strategic advice on investments, and providing capital management advice and operational support for capital management. Further details of the individuals associated with FSI AIH providing relevant services to FSI AIMP are included in the Form ADV Part 2B. . FSI AIMP is a sub-adviser for accounts or clients for which one or more First Sentier Group affiliates serve as investment manager or investment adviser and FSI AIMP has appointed one or more First Sentier Group affiliates as sub-adviser.

All Supervised Persons have received a copy of the Code and are required on an annual basis to confirm that they have read and understood the content. You can request a copy of our Code of Ethics by emailing AUenquiries@firstsentier.com. Definitions: Supervised Person: is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. Access Person: is a Supervised Person who has access to non-public information regarding clients’ purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. Related Person/s: any other person or entity whose investment decision making is influenced by a Supervised Person and if the person is an Access Person, this also includes to a spouse or domestic partner, child or any adult family member living in the same household as the Access Person. The Code also outlines the requirements, and where relevant references policies to ensure the standards detailed above are adhered to and include:

Protection of Non-Public Information It is a crime in the U.S. and many other countries to transact in a company’s securities while in possession of material non-public information about the company. Supervised Persons are responsible for safeguarding nonpublic information relating to securities recommendations, fund and client holdings. As such, Supervised Persons must not trade based on FSI AIMP’s confidential and proprietary investment information or on the non-public information of other companies that may be in its possession. Other types of information (e.g., marketing plans, employment issues, client identities, etc.) may also be confidential and should not be shared with individuals outside FSI AIMP (except those retained to provide services for FSI AIMP).

Personal Securities Trading FSI AIMP’s directors, officers, and employees, including Access Persons and their Related Persons buy, sell, and hold for their own and their family members’ accounts public securities, private securities, and other investments in which such FSI AIMP’s personnel have a pecuniary interest. Such investments may also be bought, sold, or held for clients or through accounts (or investments in funds) managed by FSI AIMP or otherwise. As a result of differing trading and investment strategies or constraints, positions taken by FSI AIMP directors, officers, and employees can be the same as or different from, or made contemporaneously or at different times than, positions taken for clients. As these situations involve potential conflicts of interest, FSI AIMP has adopted policies and procedures relating to personal securities transactions, insider trading and other ethical considerations, including the Global Personal Dealing Policy in accordance with Rule 204A-1 under the Advisers Act. These policies and procedures are intended to identify and prevent actual conflicts of interest with clients and to resolve such conflicts appropriately if they do occur. The Global Personal Dealing Policy as summarised in the Code governs personal trading by all employees (including Access Persons) and their Related Persons. Employees are permitted to maintain personal securities

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accounts provided that such accounts are disclosed to FSI AIMP and that any personal trading is consistent with the Global Personal Dealing Policy, the Code of Ethics and applicable law. In summary the requirements that apply to employees, including Access Persons and their Related Persons are:

Initial and annual, reports of securities and holdings must be submitted

Initial and changes to the broker, dealer or bank accounts in which any securities are held must be submitted

Transactions in listed securities, including highly concentrated ETFs, require pre-approval and are subject to a minimum holding period of 120 days. In some regions securities may be sold inside the minimum holding period where the employee has suffered a minimum 20% loss as evidenced on the employee’s broker statement and Compliance has pre-cleared the trade.

Imposes “blackout” periods on all employees prohibiting transactions in certain securities during time periods surrounding transactions in the same securities or related securities by client accounts.

Not submit more than 20 pre-clearance approval requests per calendar quarter.

Employees located in the US are prohibited from purchasing initial public offerings (IPOs).

Access Persons located jurisdictions outside of the US are prohibited from participating in IPOs that will be listed on a US exchange.

Access Persons must obtain approval before acquiring a beneficial ownership on a limited offering or private placement.

Investment team employees in unlisted infrastructure and their related persons cannot invest in any security issued by a company in which the unlisted infrastructure team is currently undertaking analysis (or it is known at a point in the future that analysis will be undertaken), with a view to acquiring the company, or assets of the company (refer to Conflict of Interest below on the segregation of investment teams).

Gifts and Gratuities The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships; not to gain unfair advantage with clients or vendors. When offering or accepting gifts and/ or entertainment the following principles apply: (i)

FSI AIMP does not engage in bribery or corrupt activities;

(ii)

FSI AIMP is responsible for identifying and managing any conflict of interest;

(iii)

Gifts must not be solicited and all gifts offered and accepted must be reasonable and proportionate; and

(iv)

If there is any doubt about appropriateness of a gift to offer or accept, it should not be made or the gift politely declined.

Conflicts of Interest In the discharge of its fiduciary duties FSI AIMP has in place policies and procedures to manage actual perceived or potential conflicts of interest. In summary this involves:

Avoiding it, where the conflict cannot be satisfactorily managed, for whatever reason, through controls and disclosure, or

Controlling it, through the operation of controls, or

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Disclosing it. For the disclosure to be effective, it must be complete providing sufficient detail for the client to decide how the conflict impacts service to them and it must be timely, prominent and meaningful.

FSI AIMP from time to time does invest in the same securities that its affiliates invest in. Portfolio management and security recommendations are undertaken at an investment strategy level and each investment team managing these strategies is organised separately. Information barriers and other controls (such as restricting access to each other’s investment management systems and research files) exist between investment teams to manage any potential conflicts that may arise.

Outside business interests FSI AIMP’s fiduciary duties to clients dictate that FSI AIMP and its Supervised Persons devote their professional attention to client interests above their own and those of other organizations. Where there is a potential or perceived conflict, permission must be obtained through management and the Compliance team prior to engaging in any outside business activity. FSI AIMP can deny approval where the perceived conflict of interest cannot be managed effectively.

Although allocating orders among FSI AIMP clients creates potential conflicts of interest because FSI AIMP could receive greater fees or overall compensation from some clients than received from other clients, allocation decisions will not be made based on such greater fees or compensation.

Periodic written data, including valuations and transaction information, will be provided on a quarterly (or as otherwise agreed) basis and may be supplied to the client or the client’s custodian for accounting or reconciliation purposes. In addition, clients will receive quarterly reports, either following a standard template, or tailored to suit the individual client or mandate requirements. FSI AIMP regularly reviews performance, counterparty risk and associated issues, breaches of investment guidelines and any general dealing or operational factors which affect the Private Funds. In the event of a major market dislocation, or similar event, client accounts would be reviewed and appropriate action and communication undertaken promptly.

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