Description of Advisory Business Founded in 2007, Denham Capital Management LP (“DCM”) is an investment advisory firm which specializes in investment management for private equity funds. In 2021, Denham Sustainable Infra Management LP (“DSIM” and together with DCM, “Denham”) was formed and is registered as an investment adviser in reliance on DCM’s investment adviser registration under the Advisers Act in accordance with applicable SEC guidance. This Brochure also describes the business practices of DSIM which operates as a single advisory business together with DCM. The principal owner of Denham is Stuart Porter. Denham offers investment advisory services to affiliated private equity funds and certain separately managed accounts (“SMAs”) making equity and/or debt investments in industries, companies and assets involving energy and commodities, in particular, mining, power, renewables and sustainable infrastructure (the “Energy Sector”). We advise our accounts in making investments globally across all industries relating to the Energy Sector, all stages of the corporate and asset lifecycle and all segments of the capital structure. Denham has transitioned away from its multi-sector legacy funds to dedicated teams managing separate funds in each of Denham’s three primary Energy Sectors: Mining, Energy Resources (formerly Oil & Gas) and Sustainable Infrastructure (formerly International Power). Each team is made up of sector specialists with deep expertise in their specific areas and is led by an investment committee. Each team focuses on driving value creation within its Energy Sector. Denham believes this singular focus creates alignment of our deal teams with our investors. Denham advises private funds and SMAs and could in the future advise other single investor vehicles. In addition, Aflac GI Holdings LLC (“Aflac”), an investor in certain Denham clients, holds a direct passive minority interest in DSIM and its affiliates (“Denham Business”) entitling Aflac to a share of the revenue generated by the Denham Business. Aflac has no authority over the day- to-day operations or investment decisions of Denham or the funds, although it does have certain customary minority protection consent rights. Aflac’s ownership stake in DSIM could create conflicts, including by giving DSIM an incentive to provide more favorable terms to investors affiliated with Aflac than to other investors. Denham’s clients also include certain co-investment vehicles that invest alongside the main private equity funds. Such co-investment vehicles might invest in a single investment or in all investments made in a particular Energy Sector or by a particular fund. As used in this Brochure, (i) “we,” “us” and “our” refer to Denham and its investment advisory business; (ii) the “Denham funds” refers to the Denham private equity funds we advise, including any co-investment vehicles we advise, except where noted; and (iii) the “accounts” or “clients” refers to the Denham funds and the SMAs. Types of Advisory Services Offered Denham’s advisory services include commercial structuring and negotiation, independent risk management, portfolio company services, legal and investor relations. We maintain discretionary investment authority over our clients, and all investment decisions on behalf of our clients are made by our investment committees, which typically comprise our senior professionals. Actions of our investment committees require the consensus of their voting members, and no individual investment committee member can take unilateral action on behalf of our clients. Denham generally focuses on a theme-driven investment approach, utilizing its knowledge of and experience

in, and global relationships within, the Energy Sector to make investments. Denham also seeks to leverage the experience of its deal teams to drive operational improvements at portfolio companies. The relationship between Denham and each Denham account is governed by the Advisers Act, as well as the governing documents of each Denham fund, the terms of investment advisory agreements between each Denham fund and us and the investment management agreements with respect to our SMAs. Investments in the Denham funds are privately offered to only qualified investors, which are typically institutional investors (for example, public and private pension funds) and eligible high-net-worth individuals. The investment advice Denham provides to its clients includes the private equity investment program conducted by the Denham funds in the Energy Sector and the debt investment program conducted by the SMAs. Tailoring of Advisory Services Denham tailors its advisory services to the mandate and descriptions included, as applicable, in the private placement memoranda, partnership agreements, investment management agreement, and other governing agreements of each of its clients. These documents include restrictions on investing in certain securities or types of assets, including as specifically negotiated with investors in the Denham funds. Denham provides advice to its private funds clients, not the investors in those funds, and investors are expected to participate in the applicable Denham fund’s overall investment program, but could be excused from a particular investment due to legal, regulatory or other applicable constraints at the discretion of Denham. Denham and its affiliates have entered (and expect in the future to enter) into agreements, or “side letters,” with investors whereby such investors are subject to terms and conditions that vary from those applicable to other investors in the Denham funds. Any such terms and conditions, including with respect to (i) opting out of particular investments, (ii) reporting obligations, (iii) transfers to affiliates, (iv) co- investment opportunities (including the provision of priority allocation rights), (v) withdrawal rights, (vi) consent rights to certain governing document amendments, (vii) payment of management fees, carried interest and/or incentive allocation or (viii) any other matters, could be more favorable than those offered to other investors. As a result of such rights, certain investors in the same fund could experience different returns or have access to information to which other investors do not have access. An investor’s co- investment rights under a side letter could result in fewer co-investment opportunities or limited allocations provided to other investors. Generally, any rights established, or any terms altered or supplemented, will govern only that investor and not a fund as a whole. Further, certain of these terms and conditions have the effect of increasing the expenses borne by the fund and/or the investors not party to the particular side letter, including for example with respect to costs incurred in providing an investor additional information or reporting. Client Assets As of December 31, 2023, the amount of client assets that Denham manages on a discretionary basis is $6,125,493,267 . As of December 31, 2023, Denham did not manage any client assets on a non- discretionary basis. The information provided above about the investment advisory services provided by Denham is qualified in its entirety by reference to the accounts’ offering and governing documents and investment management agreements.