Basalt Infrastructure Partners LLP

ITEM 5:        FEES AND COMPENSATION

In general, Basalt is compensated for its services through the receipt of an advisory fee in
connection with advisory services and its Owners are entitled to receive carried interest as
described below. The Adviser or other Basalt entities or affiliates reserve the ability - although to
date neither the Adviser nor any such entity has exercised such ability, and does not currently
expect to exercise such ability - to receive additional compensation in connection with
management and other services performed for portfolio companies of Funds and such additional
compensation will generally offset in whole or in part the management fees otherwise payable to
Basalt.

Management Fees

Each Fund typically pays its General Partner, who in turn pays the Adviser, quarterly in advance,
a management fee (the “Management Fee” or “General Partner’s Share”) equal to 1.5% on an
annual basis of aggregate Fund investor capital commitments (“Commitments”). Investors
participating in a closing after the first closing (the “Initial Closing”) bear the Management Fee
from the Initial Closing.

As further specified in the Governing Documents, from the effective date of the relevant Fund
until a date specified in the Governing Documents (the “Stepdown Date”), the Management Fee
will equal 1.5% of the aggregate acquisition cost (including, where applicable, a Fund borrowing
component of unrealized investments) (“Aggregate Acquisition Cost”). The Management Fee will
be payable until proceeds from all portfolio investments are distributed or realized, or until the
Adviser’s relationship with the relevant Fund is terminated for other reasons (as described in the
Governing Documents).

The Governing Documents provide that a Fund’s Management Fees will be calculated and charged
on a basis that generally is not tied to the Fund’s then-current net asset value. As further specified
in the Governing Documents, prior to the Stepdown Date, Management Fees generally will be
charged based on a formula tied to the amount of the relevant Fund’s aggregate Commitments.
However, after the Stepdown Date, Management Fees generally will be charged and calculated
based on a formula tied to the amount of the Aggregate Acquisition Cost made by the relevant
Fund relating to portfolio investments that have not been realized or permanently written off (such
portfolio investments, “Impaired Value Investments”).

Under the Governing Documents, where the fair market value of an investment exceeds the total
amount of the Aggregate Acquisition Cost relating to such investment, post-Stepdown Date
Management Fees will not be calculated based upon such appreciated value, and will instead
continue to be calculated based on the amount of applicable Aggregate Acquisition Cost.
Conversely, the Governing Documents typically do not require Management Fees to be reduced
or refunded following the occurrence of a write-down, decrease (including a significant decrease)
in fair value or other event not constituting a complete realization, such as a partial sale or
disposition, reorganization, recapitalization (including recapitalizations involving dividends), roll-
over investment in connection with a sale or dividend distribution, except in the case of
investments meeting the relevant Impaired Value Investment standard under the Governing
Documents. As a result, and as is generally the case for private investment funds, the amount of

Management Fees generally will not correspond with fluctuations in the net asset value of
individual investments or of a Fund, including following the relevant investment period.

In many circumstances, the post-Stepdown Date Management Fee base will include capitalized
transaction-specific fees and expenses of unrealized investments, including certain fees and
expenses paid to Service Providers (including suppliers, vendors, consultants, lenders, law firms
(including Fund or transaction counsel), transaction service providers and their respective
affiliates, personnel and related investment vehicles (together, “Service Providers”)), operating
partners, Basalt or its affiliates. Further, Management Fees generally will not be reimbursed or
refunded under the Governing Documents in the event of realizations, dispositions or partial write
offs that occur partway through the relevant calculation period.

The Governing Documents set forth the full list of terms under which Management Fees will be
reduced, offset or otherwise be limited, and consequently investors should expect to bear the full
specified Management Fee rate in the Governing Documents until they are reduced in the
circumstances and on the date(s) specified therein.

If portfolio companies are assessed, and pay to the Adviser or personnel thereof through the
relevant General Partner, any monitoring fees, break-up fees and/or certain other fees, the
Management Fee will be reduced by all or a portion of a Fund’s allocable share of such fees. To
the extent that such an offset credit would reduce the Management Fee for the relevant period
below zero, such excess will be carried forward for future application against payable Management
Fees. To the extent such excess remains upon dissolution of the Fund, the relevant General Partner
shall distribute such unapplied excess to the limited partners that have not elected to waive such
amount (e.g., where an adverse tax consequence may result) pro rata based on respective
Commitments.

In the event that fees of the type referred to in the preceding paragraph are assessed, the relevant
General Partner reserves the right to also be paid such fees from, on behalf of or with respect to
co-investors and owners of an investment. Co-investors are also permitted to receive such fees
directly from portfolio companies or potential portfolio companies. The receipt of such fees in
either case will not reduce the Management Fee payable by any Fund(s) that have also invested in
...

ITEM 7:        TYPES OF CLIENTS

The Adviser provides investment advisory services solely to its Fund clients, and references
throughout this Brochure to “clients” and to the Adviser’s related duties to and practices on behalf
of its clients and/or investors should be construed accordingly. The Funds generally include
investment partnerships or other investment entities formed under U.S. or non-U.S. laws and
operated as exempt from registration as an “investment company” under the Investment Company
Act of 1940, as amended. The investors participating in the Funds generally include individuals,
banks or thrift institutions, other investment entities (including fund of funds), sovereign wealth
funds, family offices, pension and profit-sharing plans, university endowments, trusts, estates or
charitable organizations or other corporations or business entities and often include, directly or
indirectly, principals or other personnel of the Adviser and its affiliates and members of their
families or Service Providers retained by the Adviser or a Fund.

The relevant General Partner, under certain circumstances, expects to establish alternative
investment vehicles in order to permit certain investors to participate in one or more particular
investment opportunities in a manner desirable for tax, regulatory or other reasons. Alternative
investment vehicle sponsors generally have limited discretion to invest the assets of these vehicles
independent of limitations or other procedures set forth in the organizational documents of such
vehicles and the related Fund.

Generally, the minimum commitment to a Fund for third-party investors will be $10,000,000, and
interests in a Fund are offered and sold solely to qualified purchasers (or qualified Adviser
personnel). Basalt generally is permitted to waive such minimum investment amount in its sole
discretion. Basalt is permitted to enter into separate account relationships with certain institutional
investors.