Ecosystem Investment Partners, LLC (together with its fund general partners (unless otherwise specified, “EIP” or the “Firm”), a Delaware limited liability company, is a private fund manager based in Baltimore, Maryland. Founded in 2006 and formed in 2007, the Firm makes investments in large- scale ecological restoration and conservation projects. These projects meet a large and growing demand for environmental offsets that mitigate impacts to wetlands, streams and other important natural resources stemming from infrastructure, commercial, industrial and residential development. EIP’s primary investment focus is on mitigation for unavoidable and permitted impacts required by the federal Clean Water Act of 1972 (“Clean Water Act”) and Endangered Species Act of 1973 (“Endangered Species Act”). EIP’s differentiated approach involves the acquisition, entitlement, restoration, sustainable management and, ultimately, divestiture of properties that generate revenues through the sale of wetland, stream, endangered species and other environmental credits to entities seeking compliance under the aforementioned regulations. Additionally, EIP selectively undertakes investments that deliver regionally significant restoration projects through pay-for-success contracts whereby EIP finances, designs and constructs large-scale projects, receiving fixed payments, or performance-based revenues, as ecological success milestones are achieved. EIP forms private funds to invest in these opportunities. Current income generated by the sale of mitigation credits and other fully-contracted pay-for-success contracts is expected to represent the majority of the total return for the private funds with the remainder of the private funds’ total return expected to be driven by real estate divestment. EIP serves as the investment adviser for, and provides discretionary investment advisory services to, certain private funds (the “Main Funds”). EIP also provides discretionary investment advisory services to co-investment special purpose funds (each, a “Co-Investment Fund” and together with the Main Funds the “Funds”, unless the context otherwise requires) established to invest alongside a Fund in one or more investments. In addition, in certain circumstances, as more fully described in Item 7 below, the Firm permits certain third parties to co-invest directly into a Portfolio Investment Vehicle (“Direct Co-Investments”) for the benefit of the Funds. The Direct Co-Investments are not considered Funds or clients of EIP and EIP does not earn direct compensation for its involvement with Direct Co-Investments. Each Fund is affiliated with a general partner (“General Partner”) with authority to make investment decisions on behalf of the Funds. These General Partners are deemed registered under the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (“Advisers Act”), pursuant to EIP’s registration in accordance with SEC guidance. While the General Partners maintain ultimate authority over the respective Funds, EIP has been designated the role of investment adviser. For more information about the Funds and General Partners, please see EIP’s Form ADV Part 1, Schedule D, Section 7.A. and Section 7.B.(1). EIP is principally owned by: (i) a family partnership established for Co-Founder and Managing Partner Nicholas H. Dilks; (ii) an investment holding company established for Managing Partner Heath A. Rushing; and (iii) an investment holding company established for Managing Partner Adam I. Davis. Decision-making authority for EIP and the General Partners resides with the Managing Partners of EIP, Messrs. Dilks, Rushing and Davis. For more information about

EIP’s owners and executive officers, see EIP’s Form ADV Part 1, Schedule A and Schedule B. EIP provides investment advisory services as a private fund manager to its Funds. The Funds invest through privately negotiated transactions in real estate that is associated with ecological restoration and conservation projects. EIP’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of purchase, sale and/or lease agreements for land, executing the entitlement and construction of Fund investments, restoring the properties and selling the mitigation credits, offsets and other Fund assets to third parties. Investments are made predominantly in real estate, specifically focused on land-based environmental offset markets surrounding wetland, stream and endangered species habitat mitigation projects throughout the United States (“U.S.”). EIP’s investment advice and authority for each Fund is tailored to the investment objectives of that Fund; EIP does not tailor its advisory services to the individual needs of limited partners in its Funds. These objectives are described, as applicable, in the private placement memorandum, limited partnership agreement, subscription agreements, investment advisory agreements, side letter agreements, services management agreements and other governing documents of the relevant Fund (collectively, “Governing Documents”) and limited partners determine the suitability of an investment in a Fund based on, among other things, the Governing Documents. The Firm does not seek or require limited partner approval regarding each investment decision. Main Fund limited partners generally cannot impose restrictions on investing in certain securities or types of securities, other than through side letter agreements. Limited partners in the Main Funds generally participate in the overall investment program for the applicable Fund and generally cannot be excused from a particular investment except in certain circumstances pursuant to the terms of the applicable Governing Documents. In accordance with industry common practice, EIP has entered into side letters or similar agreements with certain Main Fund limited partners, including those who make substantial commitments of capital or were early-stage investors in the Funds or for other reasons in the sole discretion of EIP, in each case that have the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents. Examples of side letters entered into include co-investment preferences, certain fee arrangements, notification provisions, reporting requirements, rights with respect to transfers of interest and secondary investments, ability to appoint advisory board members and “most favored nations” provisions, among others. These rights, benefits or privileges are not always made available to all limited partners nor in some cases are they required to be disclosed to all limited partners, consistent with general market practice. Side letters are negotiated at the time of the relevant limited partner’s capital commitment, and once invested in a Fund, limited partners generally cannot impose additional investment guidelines or restrictions on such Fund. While EIP will seek to not disadvantage the Fund or other limited partners in entering side letters, there can be no assurance that the side letter rights granted to one or more limited partners will not in certain cases disadvantage other limited partners. As of December 31, 2023, EIP managed $972,609,036 in regulatory assets under management, all managed on a discretionary basis. EIP does not manage any investments on a non-discretionary basis.