PEP (together with SailingStone, the “Adviser”) is an investment advisory firm located in Houston, Texas that commenced business in the third quarter of 2019. The Adviser specializes in energy-focused investment management in order to deliver a diversified suite of energy investment capabilities and products and provide risk-adjusted returns. Pickering Energy Partners GP LLC, which is beneficially owned and controlled by Dan Pickering and Walker Moody (the “Principals”), is the sole general partner of PEP. The Principals are also the control persons of the Adviser. SailingStone, a Delaware limited liability company and a relying adviser of PEP, was founded in 2013. The Adviser provides investment advisory and management services to multiple privately offered closed-end and open-end pooled investment vehicles into which certain sophisticated and qualified investors will make investments (each a “Fund” and, collectively, the “Funds”), separately managed accounts for sophisticated and qualified investors (each a “Managed Account” and, collectively, the “Managed Accounts”). The general partner or equivalent of each Fund will be an affiliate of the Adviser (each a “General Partner”). Each Fund, or Managed Account, may be referred to herein as a “Client” or, collectively, the “Clients.” The governing documents of each Client may also provide for the establishment of parallel or other alternative investment vehicles in certain circumstances where certain Fund investors want additional exposure and additional investment opportunities cannot be allocated to the Funds because of capital or concentration limits (“Co-Investments”). Client investors may participate in such Co-Investments,

and if formed, such vehicles would also become Clients of the Adviser. In this Brochure, because it is uncertain whether such Co-Investment vehicles will be classified as clients of the Adviser, when we refer to a Fund or Client, we are also referring to such Co- Investments, if any. The discretionary investment advisory services provided by the Adviser to each of its Clients have a total return focus and such services are focused across the following strategies: energy private equity and energy public equities (each investment within a strategy a “Portfolio Investment” and collectively, the “Portfolio Investments”). Each Fund’s or Managed Account’s portfolio is managed pursuant to an investment management agreement with the Client, an agreement of limited partnership or similar governing document, any investment guidelines attached thereto, the Client’s investment policy, and/or other governing documentation that may be entered into from time to time, and any applicable regulations. While it is anticipated that each of its Clients will follow the strategy stated above, the Adviser may tailor the specific advisory services with respect to each Client to the individual investment strategy of that Client. In addition, the governing documents of Clients may, in certain limited circumstances, impose restrictions on investing in certain securities or types of securities, for example in connection with regulatory or compliance reasons. The Adviser does not participate in wrap fee programs. As of the date of December 31, 2022 the Adviser manages a total of approximately $1,336,745,347 of client assets on a discretionary basis and $0 in client assets on a non-discretionary basis.