Digitalbridge Investment Management LLC

Item 5: Fees and Compensation

Fees are generally separately determined for each Client. As a general matter, DigitalBridge Management and its
affiliates receive management and incentive fees pursuant to advisory contracts and other agreements with Clients
and certain other fees as described in more detail below. Client fee structures can vary significantly between the
DigitalBridge Management Funds and Sub-Accounts and may be amended by “side-letter” agreements in certain
instances. However, with respect to the services that InfraBridge US provides pursuant to the Services Agreement,
InfraBridge US charges InfraBridge UK a fee in arrears.

Management and Incentive Fees

For its investment advisory services, the DigitalBridge Management Advisers (excluding InfraBridge US) may
be compensated by one or more of the following investment management fees:

    •   an investment management fee that is equal to a percentage of the Client’s committed capital, invested
        equity, or net asset value;

    •   performance-based fees (either as an incentive fee or carried interest) subject to the Client account or
        individual investments within the Client account achieving certain specified returns.

In addition, certain co-investor Clients may pay an upfront work or similar fee in connection with a particular
co-investment transaction; such fee may be based on the size of a co-investor Client’s investment or
commitment to a particular transaction.

Management fees for the Closed-End Funds are typically billed quarterly in arrears. Management fees for certain
Open-End Funds are billed monthly in advance while others are billed quarterly in arrears, and other fee billing
arrangements may be made for the separate accounts and sub-advised clients. If for any reason an investor
wishes to redeem from an Open-End Fund, the investor must provide prior written notice in accordance with
the terms of the partnership agreement and any fees paid in advance will be returned (and will be subject to a
pro-rated management fee reflecting the time remaining during the billing period).

DigitalBridge Management Fund fees are generally deducted from DigitalBridge Management Fund assets. More
complete information about fees is contained in each DigitalBridge Management Fund’s Governing Documents
(and, in the case of the InfraBridge Clients, in the Services Agreement between InfraBridge US and InfraBridge UK).
To the extent fees are based on capital gains or capital appreciation, the DigitalBridge Management Advisers comply
with Rule 205-3 under the Advisers Act, which permits the payment of performance fees by clients that meet certain
requirements. See Item 6 for a discussion of certain conflicts related to performance-based fees.

The types and amounts of, and the related limitations and restrictions on, fees charged by the DigitalBridge
Management Advisers are not uniform among Clients and may be affected by the extent of services to be
provided or the size of the account. Therefore, the DigitalBridge Management Advisers do not maintain a fee
schedule. The fees and expenses related to Clients offered pursuant to private securities offerings are specified
in the Governing Documents for each Client. These materials are available from the DigitalBridge Management
Advisers upon request.

While fees related to Closed-End and Open-End Funds are generally not negotiable, such fees may include
discounts based on the amount invested or timing of commitment or as otherwise documented in side letters
with certain investors. In addition, prior to accepting subscriptions from certain types of investors (e.g., high

net worth persons and feeder funds), DigitalBridge Management, or its affiliate, as general partner, may require
such investors to agree to additional fees or priority profit allocations to the general partner or its affiliates
(including the same fees in higher amounts than described in the Governing Documents for each client). In
certain cases, DigitalBridge Management or an affiliate may permit certain third-party investors to share in
management and performance or incentive fees earned by such entity. In certain cases, in lieu of DigitalBridge
Management or an affiliate receiving advisory fees from certain co-investment vehicles, certain DigitalBridge
employees may participate in the profits interests of Portfolio Companies if permitted by the relevant
Governing Documents.

The Closed-End Funds typically utilize a subscription line of credit which is used primarily for interim financing
in respect of investments and partnership expenses and payment of management fees incurred in advance of
capital contributions from investors.

In many cases, the DigitalBridge Management Advisers’ fees are based on the value and performance of the
assets held in the Client account. The DigitalBridge Management Advisers may be charged with the
responsibility to, or have a role in, determining such values. To the extent the DigitalBridge Management
Advisers’ fees are based on the value or performance of Client accounts, the DigitalBridge Management
Advisers may benefit by receiving a fee based on the increased value of assets in an account. When valuing an
asset, DigitalBridge Management attempts, in good faith, to determine the fair value of the asset in question in
a manner consistent with the DigitalBridge Management Advisers’ then current valuation policies (unless
otherwise specified by the Client). The DigitalBridge Management Advisers may also rely on valuations
provided by third-party appraisals or on market quotations (when market quotations are available and deemed
reliable) for the valuation of certain investments.

The limited partnership agreements, limited liability company operating agreements or applicable operating
agreements of the Clients generally provide that payment of management fees are paid solely from (i) capital
...

Item 7: Types of Clients

The DigitalBridge Management Advisers generally provide investment advice (including, in the case of
InfraBridge US, indirectly through InfraBridge UK) to U.S. and non-U.S. pooled investment vehicles and co-
investment vehicles, generally in the form of corporations, limited partnerships or limited liability companies,
and to U.S. and non-U.S. financial institutions, trusts, pension plans, foundations, separate accounts, and funds
and therefore does not have requirements for opening or maintaining accounts. However, there may be
conditions for investing in the DigitalBridge Management Funds, including minimum investment amounts,
which are stated in their respective Governing Documents for each DigitalBridge Management Fund. For the
DigitalBridge Management Funds with minimum investment amounts, the Governing Documents generally
note that the general partner or company, as applicable, has the discretion to reduce or waive the minimum
investment amount.

The DigitalBridge Management Funds are not “investment companies” subject to registration under the
Investment Company Act.

Private Funds

The DigitalBridge Management Funds are generally private investment funds that qualify for an exclusion from
the definition of an “investment company” under Section 3(c)(1) or 3(c)(7) of the Investment Company Act.
Except as mentioned in Item 4 above, DigitalBridge Management has full discretionary authority with respect
to investment decisions made on behalf of each DigitalBridge Management Fund and it makes and manages
each investment in accordance with the purposes, terms, restrictions and limitations set forth in the relevant
Governing Documents of each DigitalBridge Management Fund. Each DigitalBridge Management Fund that
makes multiple investments is generally subject to certain diversification and geographic limitations, as well as
restrictions on incurring indebtedness, making passive investments in pooled investment vehicles, and entering
into certain affiliated transactions.

Each U.S. investor participating in the DigitalBridge Management Funds is required to meet certain suitability
and net worth qualification, such as (i) “accredited investor” within the meaning of Rule 501(a) of Regulation
D promulgated under Section 4(2) of the Securities Act of 1933, as amended, (ii) “qualified purchaser” within
the meaning of Section 2(a)(51) of the Investment Company Act, (iii) “qualified client” pursuant to Rule 205-3
of the Advisers Act, and/or (iv) “knowledgeable employee” within the meaning of Rule 3c-5 of the Investment
Company Act.

InfraBridge Clients

InfraBridge US provides non-discretionary investment recommendations to the InfraBridge Clients pursuant
to a sub-advisory relationship with InfraBridge UK. The InfraBridge Clients comprise non-U.S. pooled
investment vehicles and non-U.S. financial institutions, trusts, pension plans, foundations, corporations and
other business entities’ separate accounts, and funds. Pursuant to the Services Agreement with InfraBridge UK,
InfraBridge US also provides asset management services to InfraBridge UK for certain private infrastructure
equity investments.

InfraBridge US may provide discretionary or non-discretionary investment supervisory services to U.S. pooled
investment vehicles and U.S. financial institutions, trusts, pension plans, foundations, corporations or other
business entities’ separate accounts and funds in the future.

InfraBridge US has various minimum mandate sizes, depending on the strategy, although it may waive the
minimum size requirement at its discretion.

Other Separate Account and Sub-Advisory Clients

DigitalBridge Management also provides investment advice to other separate account clients and, on occasion,
serves as sub-advisor for private funds managed by other investment advisers. DigitalBridge Management will
generally only enter into such separate account or sub-advisory relationships for strategic reasons, and generally
requires separate account clients to invest a minimum of $100 million, although lesser amounts may be accepted
in certain circumstances.