Copenhagen Infrastructure Partners Inc.: investment adviser

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

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

generally considers performance-based compensation to better align its interests with those of its investors, particularly in instances where the Governing Documents include terms requiring clawback or giveback of performance-based compensation amounts at the end of the relevant Fund’s life or at certain interim intervals. To address this conflict, prior to making an investment, investors in the Funds are provided with clear disclosure, primarily through the relevant Fund’s Governing Documents, as to how such compensation is charged with respect to the relevant Fund and the risks associated with such compensation.

Investment opportunities are expected to include offshore wind; energy transmission, storage and reserve capacity; wasteto-energy; biomass; onshore wind; and, solar photovoltaic, power-to-x, and alternative biofuel projects, with opportunity for levered equity, unlevered equity, and debt investment. The Firm seeks to identify investment projects with potential for offering attractive risk-adjusted long term cash flows from the operating asset once construction is completed, with selected early exits. The Firm will also, for certain Funds, seek out investment opportunities within debt financing and risk participating of renewable energy infrastructure assets. Risk of Loss and Conflicts of Interest Investing involves substantial risks, including the risk of total loss of capital, and may not be suitable for all Clients or investors. No guarantee or representation is made that the Firm’s investment recommendations will be successful. No assurance can be made that profits will be achieved or that substantial or complete losses will not be incurred. Past results of investments recommended by the investment professionals of CIP Inc. are not necessarily indicative of the Firm’s future performance. The description contained below is a brief overview of different risks related to the types of investment that CIP Inc. recommends. It is not, however, intended to serve as exhaustive or comprehensive recital of all risks and conflicts that will potentially arise. The risks and conflicts of interest below are more fully described in the Governing Documents of the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• International Conflicts and Geopolitical Events - Wars and other international

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

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

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

beneficial ownership and control of interests in the Client and the nature of the U.S. business. CFIUS reform legislation (the Foreign Investment Risk Review Modernization Act) and related regulations empower CFIUS to scrutinize more closely investments in U.S. “sensitive personal data,” “critical infrastructure” and “critical technology” companies, including investments involving non-U.S. limited partners or co-investors that may be deemed “non-passive.” Certain transactions involving non-U.S. persons and U.S. “critical technology” companies, as well as sovereign investments in “critical technology,” infrastructure or data businesses, can be subject to mandatory pre-closing notification requirements, and monetary penalties may attach to a party’s failure to file such a notification. In addition, non-U.S. countries are increasingly taking action to strengthen their own foreign investment clearance (“FIC”) regimes, and as a result, certain investments by a Client could likewise be subject to review by non-U.S. FIC regimes if the investments are perceived to implicate national security policy priorities. CFIUS and other FIC regulatory practices are evolving rapidly, and CFIUS and other FIC regulators have substantial discretion in deciding how to interpret, apply and enforce the relevant regulations. Any review and approval of a Client investment by CFIUS or another FIC regulator could have outsized impacts on transaction certainty, timing, feasibility and cost, among other things. In the event that CFIUS or another FIC regulator reviews one or more of the Client’s proposed or existing investments, it may seek to impose limitations on or prohibit such investments, and there can be no assurances that the Client will be able to proceed with, or maintain, such investments on terms acceptable to the Client. Such limitations or restrictions could adversely affect a Client’s performance with respect to such investments (if consummated) and thus the Client’s performance as a whole. Failure to submit required CFIUS filings could result in significant financial penalties for each transaction party, as well as reputational damage and potential legal restrictions on future investments. In addition, CFIUS is actively pursuing transactions that were not notified to it and may ask questions regarding, or impose restrictions or mitigation on, transactions post-closing. Certain investors are expected to be non-U.S. investors, and in the aggregate, could comprise a substantial portion of the Client’s commitments, which increases the risk that Client investments could be subject to review by CFIUS. To the extent that restrictions are reasonably likely to be imposed on an investment by the Client due to the non-U.S. status of a limited partner or group of limited partners or other related CFIUS or FIC considerations, the general partner is permitted to restrict such limited partner’s or group’s ability to participate in any investment and further, if applicable, restrict such limited partner’s or group’s rights to participate in or vote on certain decisions of the relevant Limited Partner Advisory Committee with respect to such investment. However, there can be no assurance that any such restrictions will allow the Client to maintain, or proceed with, any investment on terms acceptable to the Client. Additionally, a Client is permitted to invest in portfolio companies that have previously taken capital from, or may in the future take capital from, third-party investors that are considered “foreign persons” for CFIUS purposes. In certain cases, notifications to CFIUS in connections with such third-party investments may be mandatory, and failure to make a notification could result in the imposition of fines or penalties on the investor Page| 9

and/or the portfolio company. In the event that CFIUS reviews such investors’ investments in portfolio companies, CFIUS may impose limitations or restrictions on the investors or the companies, which could adversely impact such companies’ performance and thus the performance of the Client as a whole. In addition, heightened scrutiny of foreign investment in companies by CFIUS and similar non-U.S. FIC regulators could potentially constrain the universe of suitable buyers for an investment, thereby making it more difficult for a Client to recognize value from exits and/or making exit transactions more difficult.

• Outbound Investment Regulation. In August 2023, the President of the United States

issued an executive order setting forth a framework to implement outbound investment controls regulating U.S. investment in certain countries and companies deemed to be adverse to U.S. national security and foreign policy interests. In October 2024, the U.S. Department of the Treasury issued a final rule to implement the executive order and establish an outbound investment security program (“OISP”), which became effective on January 2, 2025. OISP imposes notification requirements for, and certain prohibitions relating to, investments by “U.S. persons” as well as their “controlled foreign entities” into certain entities that have both a nexus to China and that involve semiconductors and microelectronics, quantum information technologies or artificial intelligence. On February 21, 2025, the President of the United States signed a National Security Presidential Memorandum entitled “America First Investment Policy,” which indicates that the OISP restrictions may be expanded to cover biotechnology, hypersonics, aerospace, advanced manufacturing and directed energy, among other sectors, and it is likely that the number of targeted sectors will expand over the life of a Fund. The OISP restrictions could limit the universe of prospective investments available to a Fund, making it more difficult to deploy capital and/or identify buyers for investments on exit. Any failure to comply with OISP could result in significant legal and monetary penalties and/or adverse reputational and other consequences.

• Currency Risks - Client investments that are denominated in currencies other than the

U.S. dollar are subject to the risk that the value of the non-U.S. currency will change in relation to the U.S. Dollar and/or one or more other currencies. As a result, a Client could realize a net loss on an investment, even if there were a gain on the underlying investment before currency losses were considered. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. CIP Inc. reserves the right to seek opportunities for the Funds to hedge currency risks based on market conditions, the composition of a Client’s portfolio or other relevant factors at any given time. The Funds are permitted to incur costs related to such hedging arrangements, which are permitted to be undertaken in exchange-traded or over-the-counter (“OTC”) contexts, including futures, forwards, swaps, options and other instruments. There can be no assurance that adequate hedging arrangements will be available on an economically viable basis or that such hedging arrangements will achieve the desired effect, and in some cases hedging arrangements may result in losses greater than if hedging had not been used. Page| 10

• Non-Public Information - The Firm and its affiliates frequently come into possession

of non-public information concerning specific companies, although internal procedures are intended to prevent the receipt of such information. Under applicable securities laws this may limit the Firm’s flexibility to buy or sell portfolio securities issued by such companies. A Client’s investment flexibility may be constrained as a consequence of our inability to use such information for investment purposes.

• Illiquidity Risk - An investment in a Fund is a long-term commitment and investors must have the financial capacity to handle illiquidity risk (and other risks) with no certainty of timing of cash flow and return, and restrictions on transferability of Fund interests. While projected cash flows would indicate so, in the short-term there may be no cash flow or limited cash flow available to Funds and their investors. Most investments will be highly illiquid, and there can be no assurance that the Funds will be able to realize on such investments even if required to do so.

• Costs and Indemnity - The expenses of operating the Funds (including the

management fees) may exceed the Fund’s income, which may require the difference to be paid from the Funds’ capital, including, without limitation, unfunded commitments. The Fund will indemnify CIP Inc, CIP P/S and certain other parties for any losses, liabilities or damages arising in connection with the management of the Funds, subject to certain exclusions. Such indemnification may impair the financial condition of the Funds and their ability to make investments or otherwise achieve their investment objective or meet their obligations.

• Credit Markets Risk - Conditions in the credit markets may have a significant impact

on the business of the Funds. The credit markets have experienced a variety of difficulties and changed economic conditions in recent years that have adversely affected the performance and market value of many securities and financial instruments. There can be no assurance that the Funds will not suffer material adverse effects from broad and rapid changes in market conditions in the future. Among other things, the level of investment opportunities may decline from CIP Inc.’s current expectations. As a result, fewer investment opportunities may be available to a Fund, although if credit markets remain constrained, the Fund may have the opportunity to take larger positions in potential transactions. One possible consequence is that a Fund may take a larger than anticipated period to invest its available capital, as a result of which, at least for some period of time, a Fund’s investment portfolio may be relatively concentrated in a limited number of investments. Consequently, during this period, the returns realized by investors may be materially adversely affected by the unfavorable performance of a small number of these investments.

• Inflation and Deflation. Inflation risk is the risk that the value of certain investments or

income thereon will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a Fund’s investments can decline. Deflation risk is the risk that prices decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of portfolio companies in which the Fund invests and may make defaults more likely, which may result in a decline in the value of the Fund’s investments. High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country’s economy. Governmental efforts to curb Page| 11

inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have negative effects on the level of economic activity. Persistently high levels of inflation could have a material and adverse impact on the Fund’s investments and its aggregated returns. For example, if a portfolio company were unable to increase its revenue while the cost of relevant inputs was increasing, the portfolio company’s profitability would likely suffer. Likewise, to the extent a portfolio company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the portfolio company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a portfolio company may see its competitors’ costs stabilize sooner or more rapidly than its own. Additionally, because the preferred return is not linked to the rate of inflation, as the rate of inflation increases, the proportion of real returns (i.e., the nominal rate of return less the rate of inflation) treated as preferred return decreases and the proportion of real returns subject to performance-based compensation increases. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of the Fund.

• Investments from Investors in Various Jurisdictions - CIP Inc. and any of its affiliates reserve the right to accept investments from, or to invest alongside, investors from various countries or jurisdictions that are or become disfavored by the laws, regulations, policies or political stances of other countries or jurisdictions. To the extent CIP’s investors or co-investors subject CIP to adverse treatment under such laws, regulations, policies or political stances, CIP’s Client or Investments could suffer losses.

• Reliance on the General Partner, Professionals and Personnel. Control over the

operation of the Funds, including decisions with respect to structuring, negotiating, purchasing, financing and divesting investments, will be vested with the relevant general partner and CIP and its affiliates as investment advisers, and limited partners generally have no right or power to take part in the management of the Funds. Consequently, limited partners will be relying on the ability of the relevant general partner to locate and evaluate the investments to be made by the Fund. The success of the Funds will depend in large part on the skill and expertise of CIP Group’s investment professionals and other personnel. There can be no assurance that such personnel will continue to be associated with or remain in the same roles at CIP Group, and a loss of the services of any such personnel for any reason and for any period of time could impair CIP Group’s ability to implement its investment program or avoid losses. In light of ever-increasing competition among alternative asset firms, financial institutions, fund sponsors and other industry participants (including portfolio companies) for hiring and retaining qualified personnel, there can be no assurance that any personnel will continue to be associated with, or remain in the same roles, at CIP Group.

• Artificial Intelligence and Machine Learning. Recent technological advances in

artificial intelligence and machine learning technologies (collectively, “AI Technologies”), as well as the rapid growth and widespread use thereof, have the potential to pose risks to CIP Group, the Funds and the portfolio companies. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which the Funds invest, and any such changes could render CIP Group’s underwriting models obsolete or create new and unpredictable operational, legal and/or regulatory risks. To the extent competitors Page| 12

of CIP Group, the Funds and the portfolio companies make more efficient or extensive use of AI Technologies, there is a possibility that such competitors will gain a competitive advantage. Many jurisdictions have passed or are considering laws and regulations concerning AI Technologies, which could adversely affect CIP Group, the Funds, the portfolio companies and their operations. Additionally, CIP Group, the Funds and the portfolio companies could be further exposed to the risks of AI Technologies if service providers, whether or not known to CIP Group, use AI Technologies in their business activities. CIP Group will not be able to control the use of AI Technologies in third-party products or services, including those provided by CIP Group’s and its affiliates’ service providers. Additionally, CIP Group and its personnel reserve the right to use AI Technologies in connection with CIP Inc.’s business activities, including to support CIP Group’s due diligence and investment activities.AI Technologies are generally highly reliant on the collecting and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI Technologies use to operate. Certain data in AI Technologies potentially will contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of such AI Technologies. Even where AI Technologies are utilizing accurate data, they may, nonetheless, output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such AI Technologies to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of AI Technologies is expensive and complex, and may involve unforeseen difficulties including material performance problems and undetected defects or errors. Any such inaccuracies or errors could have adverse impacts on the operations and/or performance of CIP Group, the Funds and/or the portfolio companies. In addition, use of AI Technologies poses various risks related to confidentiality, privacy and cybersecurity. CIP Group personnel also could utilize AI Technologies in contravention of any policies, confidentiality agreements or applicable law. Any of such risks or misuse could have an adverse effect on CIP Group, the Funds and/or the portfolio companies. AI Technologies and their applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that have the potential to arise from such developments. Any of the foregoing factors could have a material and adverse effect on CIP Group, the Funds and the portfolio companies.

• Other Risks - include for example risks related extreme weather, market disruptions, financial distress events, pandemics, fraud, corruption, and cyber-attacks.

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

CIP Inc.’s employees are generally permitted to transact in publicly traded securities, but are prohibited from buying or selling, trying to buy or sell or inducing or advising others to buy or sell any securities or other assets issued by or otherwise related to significant counterparties to and/or competitors of CIP Inc. and its affiliates. The Chief Compliance Officer with the assistance of designated compliance personnel monitors employee trading to ensure that employees do not engage in transactions in violation of the Company’s policies and procedure. Co-Investments The CIP Group expects to offer co-investment opportunities to investors in the Funds and to third parties. The CIP Group is under no obligation to provide co-investment opportunities to investors or to third parties, and CIP Group reserves the right to offer any such co-investment opportunity to one or more third parties and/or some and not other investors. Co-investment opportunities will generally be allocated based on various circumstances deemed relevant by CIP, and in accordance with the relevant governing documents, where sufficient capacity is available. CIP Group reserves the right to grant a priority right to participate in co-investments opportunities to certain investors, which has the potential to cause insufficient capacity for other investors who may wish to participate in the relevant co-investment opportunity. The existence of such a priority right is likely to result in fewer co-investment opportunities for other investors. Co-investments will typically be made in parallel to an investment by a Fund advised and managed by CIP P/S, and on terms substantially similar to the terms of the Fund’s investment.

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

investors and U.S.-domiciled Funds) generally are disclosed in the relevant Fund’s Form D. Any fees payable to any such placement agents generally will be borne by the CIP Group.