LSP INVESTMENT ADVISORS, LLC

LS Power Equity Advisors, LLC (the “Management Company”) operates an advisory business that manages assets on a discretionary basis on behalf of private pooled investment vehicles. This advisory business functions as a single entity, encompassing the Management Company and its affiliated general partners, collectively referred to as LSPE or the Company. The business practices of these General Partners are also described within this framework. As an SEC-registered investment adviser, the Management Company and LSPE are subject to the requirements of the Advisers Act and its rules, including the Marketing Rule, Form PF reporting obligations, and Regulation S-P. This increased regulatory oversight imposes significant administrative and compliance burdens, which may divert time and resources. LSPE also retains affiliated and non-affiliated marketing consultants and agents for client referrals, ensuring these arrangements adhere to the Marketing Rule. Fees paid to these consultants for capital raising are offset by a reduction in management fees due to LSPE. Additionally, LSPE and its personnel expect to receive tangible and intangible benefits, including information, know-how, experience, analysis, and data (LSPE Information) derived from their operations and investment activities.

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