RRG Capital is a Delaware limited liability company established in December 2017. RRG Capital has been registered as an investment adviser with the Securities and Exchange Commission (“SEC”) since June 2018. The direct owner of RRG Capital Management LLC is Renewable Resources Group LLC and its indirect owners are D. Cole Frates and J. Ari Swiller. RRG Capital will advise its clients on investment opportunities in the water, agriculture, food, land, and energy sectors, as well as environmental and social impact creation opportunities. RRG Capital provides discretionary investment advisory services to privately offered pooled investment vehicles (the “Funds”) that will invest in, among other assets:
• Water trading, storage, conveyance, conservation;
• Agricultural land, including greenfield or operating farms growing high-value specialty crops;
• Aquaculture production and service companies;
• Renewable energy in unused land;
• Operating/management companies;
• Agricultural technology; and
• And other agricultural assets. The Funds are limited partnerships and other investment vehicles that are exempt from registration under the U.S. Investment Company Act of 1940, as amended, and whose interests will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, RRG Capital provides certain administrative, management and advisory services with respect to the ongoing management and operations of other assets held through one or more private investment vehicles (collectively, “Other Accounts”). The Funds and

Other Accounts are sometimes individually referred to as a “Client,” and collectively as “Clients.” RRG Capital will manage each Client based on specific investment objectives, strategies, investment guidelines and restrictions set forth in the offering documents, partnership agreement, limited liability company operating agreement, and/or investment management agreements applicable to that Client (as amended and supplemented from time to time) (collectively, the “Governing Documents”). Investment restrictions may be waived in certain cases in accordance with the Governing Documents. See Item 8. Methods of Analysis, Investment Strategies and Risk of Loss. RRG Capital does not provide investment advice to separately managed accounts nor does it provide investment advice to individual investors in any Client. However, RRG Capital may from time to time enter into a side letter or similar agreement with certain investors in a Client (each, an “Investor”) that may entitle such Investor to rights (including economic or other terms) under or altering or supplementing a Client’s Governing Documents as to that Investor only. Such agreements may provide more favorable terms with respect to (i) opting out of particular investments; (ii) reporting obligations of the Client; (iii) transfers to affiliates; (iv) co-investment opportunities; (v) withdrawal rights due to adverse tax or regulatory events; and (vi) consent rights to certain Governing Document amendments. As of December 31, 2023, RRG Capital had $2.46B in regulatory assets under management, on both a discretionary and non-discretionary basis.