Elion Partners, LLC (“Elion” or the “Advisor” or the “Firm”) is a minority-owned vertically integrated real estate private equity firm with an investment philosophy that is rooted in fundamental experience across both the operational and financial facets of the real estate industry. Elion primarily invests in value-add real estate with a focus on industrial properties, by seeking to acquire redevelop and reposition underperforming properties in certain target markets in the United States. Headquartered in Miami, Florida, Elion maintains additional offices in New York City, Seattle and Washington D.C. Elion is a limited liability company that was formed in 2010 and is organized under the laws of Florida. Elion has been registered with the SEC as a registered investment adviser since July 31, 2017. Elion is beneficially owned by Jacobo Azout, Sylvain Argy, Juan Roberto DeAngulo, Shlomo Khoudari and Dalia Pearson. Elion’s investment approach focuses on the intrinsic quality of real estate assets with a particular focus on three fundamental investment pillars: (i) acquisition price that is no greater than replacement cost; (ii) properties in supply constrained locations; and (iii) conservative levels of leverage. Elion aims to acquire assets at competitive prices, where projected stabilized yield on cost can deliver a risk-adjusted spread over stabilized cap rates. Elion seeks to acquire properties that are or can be positioned to capitalize on tenant demand increasingly derived from the secular rise and penetration of e-commerce, as well as supply chain distribution and disruption. Elion seeks to identify and pursue investment opportunities where there are clear paths to rental growth through active asset management and leasing. These opportunities may include buying into full or partial vacancy, short term lease expirations, or below market existing rents. To execute on the active leasing strategy, Elion works directly with both leasing brokers and tenants from pre-acquisition marketing through final lease execution. Elion aims to work dynamically with tenants by implementing “blend and extend” strategies, tenant buy outs and providing incentives such as tenant improvements and free rent packages. Consistent with Elion’s vertically integrated structure and platform, Elion leverages Elion Development, LLC, the Firm’s construction and design team (“Elion Development”) to evaluate capital investments and improvements that can enhance accessibility, functionality, or amenities for all ground-up development and redevelopment investments in an effort to maximize long-term value creation and achieve stabilize-to-core performance prior to realization. Likewise, Elion leverages Elion Services, LLC (“Elion Services”) to provide property management and accounting services with respect to some or all of Elion’s properties. EP EI, LLC (“Elion Intelligence” or “E.I.”) is a technology service provider offering data analytics and technology-enabled operations solutions for Elion and its affiliated service providers as well as real estate asset managers and others third parties. Elion’s team includes 20 investment professionals with a strong combination of operating and investment experience. Particularly, Elion’s leadership team holds an average of 24+ years of experience across real estate operations, investment management, asset management, capital markets and data science. For additional information about the investment strategy of Elion, please see the discussion under “Methods of Analysis, Investment Strategies and Risks of Loss”. Further details regarding the investment objectives for the Funds (defined below) can be found in the applicable Governing Documents (defined below) for each Fund. Elion serves as the investment adviser for and provides discretionary investment advisory services to private investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as well as to co-investment funds, special purpose vehicles, single-asset funds and other alternative investment structures. Investments may be made through various alternative investment vehicles, special purpose vehicles and/or feeder funds for legal, tax, regulatory or other structuring reasons. Below are the investment vehicles to which Elion provides investment advisory services, together with their corresponding general partner and/or managing member entities (as the context requires): For purposes of this Brochure, each of the investment vehicles listed on the foregoing table are collectively referred to throughout this Brochure as “Funds” and each individually as a “Fund”. For more information about the Elion Funds, please see Elion’s Form ADV Part 1, Schedule D, Section 7.B.(1) Private Fund Reporting. For purposes of this Brochure, each of the general partner and/or managing member entities listed on the foregoing table are collectively referred to throughout this Brochure as “General Partners” and each individually as a “General Partner”. While the General Partners maintain ultimate authority over the respective Funds, Elion has been delegated the role of investment

advisor with respect to each Fund and has been delegated authority to make investment decisions on behalf of the Funds. In providing investment advisory services to the Funds, Elion formulates each Fund’s investment objectives, directs and manages the investment of each Fund’s assets, and provides reports to each Fund’s investors (“Investors” or “Limited Partners”). Elion does not tailor its advisory services to the individual needs of Investors in its Funds; rather, Elion’s investment advice and authority for each Fund is tailored to the investment objectives of that Fund. Elion manages the assets of the Funds in accordance with the terms of each Fund’s applicable confidential offering and/or private placement memorandum, individual limited partnership agreement, individual limited liability company agreement or other governing documents applicable to each Fund (as applicable, the “Governing Documents”). The Firm does not seek or require Investor approval regarding each investment decision. Fund Investors generally cannot impose restrictions on investing in certain investments, securities and/or types of investments, other than as described in the Governing Documents. Investors in the Funds participate in the overall investment program for the applicable Fund and generally cannot be excused from a particular investment except pursuant to the terms of the applicable Governing Documents, which in limited instances may provide for excuse or opt-out rights to certain Fund Investors. Elion has entered into side letters or similar agreements with certain Investors that have the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents. Once invested in a Fund, Investors generally cannot impose additional investment guidelines and/or restrictions on such Fund. For specific actions, transactions or activities described in the Governing Documents that require approval of an Investor Advisory Committee (“IAC”) or Limited Partner Advisory Committee (“LPAC”), as applicable, Elion solicits IAC or LPAC consent for the Funds to engage in such actions, transactions or activities. The IAC and LPAC are independent of Elion, the General Partners and the Funds. Investment VehicleLegal EntityGeneral Partner Fund IVElion Real Estate Fund IV, LPElion IV GP, LLC Fund IVElion IV QP Fund, LPElion IV GP, LLC Fund IVElion IV US Feeder I, LPElion IV Feeder GP, LLC Fund IVElion IV Cayman Feeder I, LPElion IV Feeder GP, LLC Fund IVElion DC Co-Invest, LLCElion IV GP, LLC Industrial Fund I (f/k/a Fund V)Elion Real Estate Fund V, LPElion V GP, LLC Industrial Fund I (f/k/a Fund V)Elion V Holdco, LPElion V GP, LLC Industrial Fund I (f/k/a Fund V)Elion V Cayman Feeder I, LPElion V Feeder GP, LLC Industrial Fund I (f/k/a Fund V)Elion V US Feeder I, LPElion V Feeder GP, LLC Industrial Fund IIElion Industrial Fund II, LPElion Industrial Fund II GP, LLC Industrial Fund IIElion Industrial Fund II (Private Capital)Elion Industrial Fund II GP, LLC Industrial Fund IIElion Industrial Fund II Feeder, LPElion Industrial Fund II GP, LLC Industrial Fund IIElion Industrial Fund II (Sidecar-A), LPElion Industrial Fund II GP, LLC Adar Development Partners, LPAdar Development Partners, LPAdar Development Partners GP, LLC EDF IElion Development Fund I, LPElion Development Fund I GP, LLC Adar Ridgeport Industrial Partners Adar Ridgeport Industrial Partners (Domestic), LLCAdar Ridgeport Industrial Partners GP, LLC Adar Ridgeport Industrial Partners Adar Ridgeport Industrial Partners (International), LPAdar Ridgeport Industrial Partners GP, LLC Adar Ridgeport Industrial Partners Adar Ridgeport Industrial Partners (Colombian), LPAdar Ridgeport Industrial Partners GP, LLC Adar Ridgeport Industrial Partners Adar Ridgeport Industrial Partners (Panamanian), LPAdar Ridgeport Industrial Partners GP, LLC Adar Ridgeport Industrial Partners Adar Ridgeport Industrial Partners GP Co-Investment, LLCAdar Ridgeport Industrial Partners GP, LLC Adar Glenmont Adar Glenmont Investors, LLCAdar Glenmont GP, LLC Adar SomersetAdar Somerset, LLCAdar Somerset GP, LLC Adar 17 WestAdar 17 West, LLCAdar 17 West GP, LLC ELP DCELP DC Partners, LLCELP DC GP, LLC ELP DCSunlight DC, LLCELP DC GP, LLC ICOVIsland Club Orlando Ventures, LLCElion MC, LLC ELP 55ELP 55 JV, LLCElion MC, LLC ICOV IIIsland Club Orlando Ventures II, LLCElion MC, LLC ICOV IIIsland Club Orlando Ventures II-A, LLCElion MC, LLC Shares or limited partnership interests in the Funds are not registered and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”); and no Fund is registered nor will be registered under the Investment Company Act. Accordingly, interests or shares in the Funds will be offered and sold exclusively to Investors satisfying the applicable eligibility and suitability requirements, either in private transactions within the United States or in offshore transactions exempt from registration under the Securities Act. As of December 31, 2023, Elion had regulatory assets under management (“RAUM”) of approximately $1.327 billion. All RAUM is managed on a discretionary basis. Elion does not participate in a wrap fee program.