4.A Description of the Advisory Firm WaterEquity LLC (“WaterEquity” or “the Manager”) is a Delaware limited liability company founded on January 14, 2014. It became an SEC-registered investment adviser on May 28, 2021. Initially called WaterCredit, LLC, the Manager changed its name to WaterEquity LLC on September 1, 2023. WaterEquity is wholly owned by its sole member, WaterEquity, Inc., a Missouri corporation tax-exempt under Section 501(c)(3) of the Internal Revenue Code. WaterEquity is dedicated to solving the global water and sanitation crisis, seeking to achieve its mission by developing capital market solutions to finance water and sanitation improvements in emerging markets. WaterEquity provides investment advisory services to private investment funds (collectively, “Advisory Clients” or “Funds”). Unless otherwise indicated, any references to “WaterEquity” or “the Manager” hereinafter refer collectively to the Manager and its affiliated General investors. WaterEquity has an Investment Committee appointed by its Board of Managers. The Investment Committee is comprised of three to eight people, each of whom has experience in making social impact investments in the targeted countries or with substantial investment expertise in other relevant asset classes. The Investment Committee has the authority to review and approve individual investment opportunities and to construct and monitor the composition and performance of investment portfolios. 4.B. Description of the Type of Advisory Services Offered WaterEquity provides investment advisory services to its Advisory Clients. WaterEquity’s investment

strategy is to develop capital market solutions to finance water and sanitation improvements in emerging markets by investing in Financial Institutions and Infrastructure:
• Financial Institution – WaterEquity’s Financial Institution Funds provide debt capital to qualified financial institutions (“FIs”) and small- to medium-sized enterprises (“SMEs”), which, in turn, provide access to capital or services to low-income individuals or groups; and
• Infrastructure – WaterEquity’s Infrastructure Fund invests in climate-resilient water and sanitation infrastructure with the goal of improving access to water and sanitation services, improving water quality, and mitigating the impacts of water scarcity. Although WaterEquity’s investment advice is generally limited to the above types of investments, it has broad and flexible investment authority, through its Investment Committee, with respect to its Funds. Each Fund’s structure, investment objective, and strategy are set forth in a confidential private offering memorandum provided to each Fund investor. 4.C. Tailoring Advisory Services Funds may enter into separate agreements with certain investors, allowing such investors to invest on different terms than those described in the respective offering memorandum. Investors may be offered varying terms, including but not limited to, fees, liquidity, or information and reporting. 4.D. Wrap Fee Programs WaterEquity does not participate in wrap fee programs. 4.E. Client Assets Under Management As of December 31, 2023, WaterEquity manages $322,200,000 of Advisory Client regulatory assets.