A. ITE Management L.P. is a Delaware limited liability company formed on May 29, 2007 (f/k/a JNF Management LLC and D Aaron Asset Management LLC) which has been operating as a registered investment adviser under its current name since September 2014. The Adviser is principally located in New York, NY, but also maintains offices in Chicago, Illinois, St. Charles, Missouri and Montreal, Canada. The Adviser's "Principals" are Jason Koenig, David Smilow and James Unger. Mr. Koenig and Mr. Smilow are considered ITE's principal owners for purposes of this Brochure. B. The Adviser serves as the investment adviser for certain private investment funds or pooled investment vehicles (each, a "Fund," and collectively, the "Funds"), as well as special purpose vehicles, funds-of-one and separately managed accounts established for the purposes of investing in private equity and/or transportation and industrial assets, companies, and related services (each, an "Other Advisory Account" and, collectively with the Funds, the "Advisory Clients"). ITE also manages certain employee investment vehicles (each an "Employee Investment Vehicle" and collectively, the "Employee Investment Vehicles") that invest in certain Advisory Clients. The Advisory Clients are exempt from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"), pursuant to Section 3(c)(7) of the Investment Company Act. The Adviser manages capital for its Advisory Clients across the following investment strategies: (i) ITE Rail Strategy (the "Rail Strategy"), which primarily focuses on rail cars, storage facilities, repair and maintenance and other related operating platforms, assets or businesses related to the railcar and railroad industry, and companies, operators or manufacturers of any of the foregoing. (ii) ITE Intermodal Strategy (the "Intermodal Strategy"), which primarily focuses on containers, chassis, intermodal, maritime, trailers and other related operating platforms, assets, or businesses related to any of the foregoing. (iii) ITE Aviation Strategy (the "Air Strategy"), which primarily focuses on opportunistic investments and lending in the aviation and aerospace industry, and other related operating platforms, assets, or businesses, related to any of the foregoing. (iv) ITE Diversified Strategy (the "Diversified Strategy"), which focuses on multi- strategy investment across ITE’s Rail Strategy, Intermodal Strategy, Aviation Strategy, as well as its emerging innovation & technology strategy (the "EI&T Strategy"), which involves investments in energy transition, electric vehicles, autonomous vehicles, smart road and transportation technology and related transportation and manufacturing equipment, systems and infrastructure, and other related operating platforms, assets, or businesses, related to any of the foregoing,

and its other infrastructure strategy (the "Other Infrastructure Strategy"), which involves investments in any other transportation assets, industrial assets, and infrastructure assets, equipment, facilities in the real asset, transportation, industrial, and infrastructure space (including reinsurance companies), as well as any other related assets, platforms, businesses and financial instruments related to ITE’s Rail Strategy, Intermodal Strategy, Air Strategy, E&I Strategy, including, without limitation, physical assets, operating entities, equity and debt securities, master limited partnerships, corporate securities, debt obligations, including those that provide equity upside, as well as financing vehicles, including reinsurance companies, options, interest rate hedges and other hedging strategies, residuals and other call rights that provide an Advisory Client with exposure to such assets. The Adviser provides discretionary investment management services to an Advisory Client pursuant to such Advisory Client's investment management agreements with ITE. The Adviser manages the assets of an Advisory Client in accordance with the applicable limited partnership agreement, offering memoranda, subscription agreements, investment management agreements, side letter agreements and/or other such governing agreements (the "Offering Documents"). The Adviser is affiliated with certain other entities that are or may become general partners (each, a "General Partner," and collectively, the "General Partners") to each of the Advisory Clients. Each of the Adviser's current Advisory Clients are controlled by those General Partners as of the date of this Brochure. The advisory services of the Adviser and of the General Partners are described in more detail in this Brochure and in the Offering Documents. C. Where the Adviser serves as the investment adviser to a Fund, investment objectives, guidelines, and any investment restrictions are described in the relevant Offering Documents of a Fund and generally are not tailored to the individual or particular needs of specific investors in the Funds. As a condition of subscription, Fund investors will accept the terms of advisory services as set forth in the related Fund's Offering Documents. The Adviser has broad investment authority with respect to the Funds and, as such, investors should consider whether the investment objectives of the Funds will be in line with their individual objectives and risk tolerance prior to investment. In respect of Other Advisory Accounts, the Adviser may be able to tailor its advisory services and investments based on specific objectives and/or investment strategies discussed with an individual investor. D. The Adviser does not participate in wrap fee programs. E. As of December 31, 2023, ITE manages $4,566,631,838 in regulatory assets on a discretionary basis.