4 (A) Advisory Business Descriptions Water Asset Management, LLC is the investment adviser for various investment funds created to capitalize on global investment opportunities in water, wastewater, water infrastructure and water-related industries. The Adviser firmly believes that water and its related infrastructure are at a key inflection point driven by unavoidable need for capital spending and productivity focused investment. Currently the worldwide water industry is experiencing rising demand for water while supply is being constrained by overuse, poor management, underinvestment, climate change, and pollution. These factors have led to an increasing scarcity of inexpensive, safe, and reliable water supply alternatives. The Adviser believes that such supply and quality concerns will yield significant capital investment opportunities. Presently the Adviser anticipates that hundreds of billions of dollars of capital expenditures in the United States, with similar expenditures worldwide, will be required over the next several decades to build new, and upgrade existing, water and wastewater systems and infrastructure. Furthermore, the Adviser believes that water quality treatment and monitoring requirements will prompt significant technological change. Water Asset Management, LLC believes that these factors and others are producing a period of transformation in the industry in which a limited number of water companies and a select number of water assets will prosper, offering investors the ability to realize substantial capital appreciation as well as sustainable long-term income, with relatively low levels of risk and volatility. Water Asset Management, LLC has been in business since January 2006. The principal owners are: Matthew J. Diserio President of the General Partner and a Managing Member and is chiefly responsible for the Fund’s public investment portfolio. He has been active in the securities and hedge fund management business since 1982. In 1996, Mr. Diserio founded Diserio Capital Management, LLC, a long/short U.S. equity, value-oriented investment partnership. From 1994 to 1996, Mr. Diserio was a general partner and portfolio manager with Water Street Capital. From 1990 to 1994 he was a First Vice President and special situations senior analyst in the equity research division of Paine Webber, Inc. Mr. Diserio holds a Bachelor of Arts degree from Bowdoin College. Disque D. Deane, Jr. Originated the investment strategy of the Fund and is the Chief Investment Officer of the General Partner and a Managing Member. He is primarily responsible for the private equity and water resources investments. Mr. Deane has approximately 25 years’ experience in the water industry and more than 30 years’ experience in securities investments. He has worked for, partnered with, and invested in, a few niche players in the water sector and has developed an extensive and diverse network of industry contacts as well as a unique understanding of the sector’s character, challenges, risks and opportunities. In 2001, he co- founded Western Development and

Storage, a water rights development company, which in 2002 formed Layne Water Development and Storage, a joint venture with the Layne Christensen Corporation, a Nasdaq-listed water drilling and mining concern. Mr. Deane served as President of the joint venture until December 2003, when the interest of Western Development and Storage was acquired by Layne Christensen Corporation. Mr. Deane holds a Bachelor of Science degree from Duke University and an MBA from I.N.S.E.A.D. 4 (B) Advisory Services Offered Water Asset Management, LLC provides advisory services through limited partnership interests in various Funds investing predominately in water, wastewater and water-related companies and assets. Water Asset Management, LLC is an adviser to a global long/short hedge fund investing in equities of approximately 200 water companies that are publicly-traded in markets throughout the world, including the Unites States, Canada, South America, Europe, and Asia. The long/short hedge fund provides limited partners an opportunity to invest up to 10% of their investment in private equity water investments. Water Asset Management, LLC is an adviser to various private equity investment vehicles which seek opportunities in select water resource assets in the United States such as water rights and water rich agriculture properties. Water Asset Management, LLC is an adviser to a long only global water public equity investment fund focusing on long –term investments in water companies that are publicly- traded in markets throughout the world, including the United States, Canada, South America, Europe, and Asia. This partnership offers Class A and Class B interest which are identical except are subject to different management fees and performance allocations. Water Asset Management, LLC is also adviser to separately managed accounts focusing on long –term investments in water companies that are publicly-traded in markets throughout the world, including the United Stated, Canada, South America, Europe, and Asia. Water Asset Management, LLC is also a sub-advisor to a long only water public equity investment fund focusing on long-term investment in water companies that are publicly traded in the United States as well as long/short virtual portfolio. Water Asset Management, LLC also maintains a trade data sharing agreements with an analytics firms and uses their services to assist in portfolio management. 4 (C) Advisory Service Exceptions Water Asset Management, LLC provides investors in the long/short hedge fund the option to “opt out” of private equity illiquid side pocket investments. Other clients establishing managed accounts can impose investment restrictions on specific securities and/or security types (i.e. derivatives, precluded markets, etc.). 4 (D) Wrap Fee Program Water Asset Management, LLC does not participate in wrap fee programs. 4 (E) Managed client assets The total assets managed by Water Asset Management as of March 30, 2024 is $690 million. These assets are managed on a discretionary basis. Water Asset Management does not manage assets on a non-discretionary basis.