# EDGAR Filing Document

**Accession Number:** 0002062936
**File Stem:** 0001213900-26-067916
**Filing Date:** 2026-6
**Character Count:** 1269203
**Document Hash:** 987b91bf56472b099cbe26da503bd18e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-067916.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0001213900-26-067916

**CONFORMED SUBMISSION TYPE**: 10-12G

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macquarie Energy Transition Infrastructure Fund, L.P.
- **CENTRAL INDEX KEY:** 0002062936

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56855
- **FILM NUMBER:** 261084248

**BUSINESS ADDRESS:**
- **STREET 1:** 660 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10103
- **BUSINESS PHONE:** (212) 231-1000

**MAIL ADDRESS:**
- **STREET 1:** 660 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10103

**As filed with the Securities and Exchange Commission on June 11, 2026**

**File No. [●]**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO<br> SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Macquarie Energy Transition Infrastructure Fund, L.P.**

(Exact name of registrant as specified in charter)

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| | |
|:---|:---|
| **Delaware** | **33-3570047** |
| (State or other jurisdiction of<br> incorporation or registration) | (I.R.S. Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **660 Fifth Avenue<br> New York, NY** | **10103** |
| (Address of principal executive offices) | (Zip Code) |

---

**212-231-1000**

(Registrant's telephone number, including area code)

***with copies to:***

&nbsp;&nbsp; <br> **Rajib Chanda**<br> **Nathan Briggs**<br> **Ruoke Liu<br> Simpson Thacher & Bartlett LLP<br> 900 G Street, N.W.<br> Washington, DC 20001**<br>

Securities to be registered pursuant to Section 12(b) of the Act:

**None**

Securities to be registered pursuant to Section 12(g) of the Act:

**Class I Limited Partnership Units<br> Class D Limited Partnership Units<br> Class S Limited Partnership Units**

(Title of class)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange Act of 1934. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| [Explanatory Note](#a_001) | [Explanatory Note](#a_001) | ii |
| [Forward-Looking Statements; Risk Factor Summary](#a_002) | [Forward-Looking Statements; Risk Factor Summary](#a_002) | iii |
| Item 1. | [Business](#a_003) | 1 |
| Item 1A. | [Risk Factors](#a_004) | 36 |
| Item 2. | [Financial Information](#a_005) | 106 |
| Item 3. | [Properties](#a_006) | 114 |
| Item 4. | [Security Ownership of Certain Beneficial Owners and Management](#a_007) | 114 |
| Item 5. | [Directors and Executive Officers](#a_008) | 114 |
| Item 6. | [Executive Compensation](#a_009) | 117 |
| Item 7. | [Certain Relationships and Related Transactions, and Director Independence](#a_010) | 117 |
| Item 8. | [Legal Proceedings](#a_011) | 119 |
| Item 9. | [Market Price of and Dividends on the Registrant's Common Equity and Related Unitholder Matters](#a_012) | 119 |
| Item 10. | [Recent Sales of Unregistered Securities](#a_013) | 121 |
| Item 11. | [Description of Registrant's Securities to be Registered](#a_014) | 123 |
| Item 12. | [Indemnification of Directors and Officers](#a_015) | 125 |
| Item 13. | [Financial Statements and Supplementary Data](#a_016) | F-1 |
| Item 14. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_017) | 126 |
| Item 15. | [Financial Statements and Exhibits](#a_018) | 126 |

---

i

**Explanatory Note**

Macquarie Energy Transition Infrastructure Fund, L.P. is filing this registration statement on Form 10 (this "**Registration Statement**") with the Securities and Exchange Commission (the "**SEC**") under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), to provide current public information to the investment community in anticipation of being required to register under Section 12(g) of the Exchange Act in the future, to comply with applicable requirements thereunder.

In this Registration Statement, except where the context suggests otherwise:

● the term "**Adviser**" refers to Macquarie Wealth Advisers, LLC (formerly known as Central Park Advisers, LLC), a Delaware limited liability company and our investment adviser;

● the term "**Aggregators**" refers to METI Cayman, L.P., a Cayman Islands exempted limited partnership, and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel Funds;

● the term "**Feeder**" refers to METI TE, L.P., a Delaware limited partnership;

● the terms "**Fund**," "**we**," "**us**," and "**our**" refer to Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership;

● the term "**General Partner**" refers to METI GP, LLC, a Delaware limited liability company, our general partner;

● the term "**Intermediate Entities**" refers to one or more entities through which the General Partner or any of its affiliates may, in its sole discretion, cause the Fund to hold certain investments, directly or indirectly, including (a) entities that may elect to be classified as corporations for U.S. federal income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each, a "**Corporation**") or (b) any other type of entity;

● the term "**Macquarie**" refers collectively to Macquarie Group's divisions and subsidiary companies;

● the term "**Macquarie Group**" refers to Macquarie Group Limited, a publicly listed (ASX: MQG) global financial services group organized under the laws of Australia;

● the term "**MAM**" refers to Macquarie Asset Management, the global asset management division of Macquarie Group;

● the term "**MAM-Managed Entities**" refers to, as the context requires, individually and collectively, any other vehicle that holds capital managed or advised by any MAM entity;

● the term "**METI International**" refers to Macquarie S.C.A. SICAV's sub-fund, Macquarie Energy Transition Infrastructure Fund, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other jurisdictions, together with its master fund, feeder funds, parallel funds and other related entities, either directly or indirectly through an Intermediate Entity;

● the term "**METI US**" refers to the Fund together with its consolidated subsidiaries, and may include the Feeder, Intermediate Entities and any Parallel Funds;

● the term "**net asset value**" or "**NAV**" refers to, as the context requires, transactional NAV (*i.e.*, the price at which transactions in the Units are made) determined in accordance with the valuation policies of the Fund, as updated from time to time;

● the term "**Parallel Funds**" refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any Affiliate thereof to invest alongside the Fund, but excluding METI International; and

● the term "**Unitholders**" or "**Investors**" refers to holders of our limited partnership units (the "**Units** "). There are four classes of Units available to prospective investors: Class I Units (the "**Class I Units** "), Class D Units (the "**Class D Units** "), Class E Units (the "**Class E Units**") and Class S Units (the "**Class S Units**") (each a "**Class** ").

The Fund is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**") and the Fund will take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "**1933 Act**").

This Registration Statement does not constitute an offer of METI US or any other MAM-Managed Entity. Once this Registration Statement has been deemed effective, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and we will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Additionally, we will be subject to the proxy rules in Section 14 of the Exchange Act and the Fund, directors, executive officers, and principal Unitholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act.

ii

**Forward-Looking Statements; RISK FACTOR SUMMARY**

Certain information contained in this Registration Statement constitutes "forward-looking statements" that can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Furthermore, any projections or other estimates in this Registration Statement, including estimates of returns or performance, are "forward-looking statements" and are based upon certain assumptions that are subject to uncertainties and may change. Due to various risks and uncertainties, including those set forth under "*Item 1A. Risk Factors,*" actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Moreover, actual events are difficult to project and often depend upon factors that are beyond the control of the General Partner and its affiliates. Nothing contained herein shall under any circumstances create an implication that the information contained herein is correct as of any time after the earlier of the relevant date specified herein or the date of this Registration Statement. In addition, unless the context otherwise requires, the words "include," "includes," "including" and other words of similar import are meant to be illustrative rather than restrictive.

Our actual results may differ significantly from any results expressed or implied by these forward-looking statements. A summary of the principal risk factors that make investing in our securities risky and might cause our actual results to differ is set forth below. The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "*Item 1A. Risk Factors*" in this Registration Statement.

● The Fund has a limited operating history. No assurance can be given that the Fund's investment objective will be achieved.

● Units will not be listed on any national or other securities exchange, and it is not anticipated that a secondary market for trading the Units will develop. In addition, there are limits on the ownership and transferability of the Units. Further, the valuation of the Investments (as defined below) will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold.

● Liquidity, if any, may be provided by the Fund only through redemptions made pursuant to the redemption program (the "**Redemption Program** "), which may, but are not required to, be made from time to time by the Fund as determined by the General Partner in its sole discretion. Investors do not have the right to require the Fund to redeem their Units. The Fund may redeem fewer Units than have been requested in any particular quarter to be redeemed under the Redemption Program, or none at all.

● An investment in the Fund is suitable only for Investors who can bear the risks associated with the limited liquidity of the Units and should be viewed as a long-term investment. An investment in the Fund may not be suitable for investors who may need the money they invest in a specified time frame.

● The purchase and redemption price for Units will be based on the Fund's transactional NAV. Valuation of the Investments involves a degree of judgment and may not always prove accurate. Such valuations may not reflect the price that the Fund would have received had the Investments actually been liquidated. There can therefore be no assurance that the valuations will, in fact, represent the actual value of the Investments or the amounts that could at such time, or may ultimately, be realized with respect to the Investments.

● The Fund may borrow money to fund new Investments, to satisfy redemption requests from Investors and to otherwise provide the Fund with liquidity. The use of leverage by the Fund or any Portfolio Entities (as defined below) is likely to cause the Fund's average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

● Energy Transition Infrastructure Investments (as defined below) will be subject to the risks incidental to the ownership, construction and operation of such assets, including risks associated with the general economic climate, geographic or market concentration, the ability of the Fund or Macquarie to manage the Investment (to the extent the Fund or a MAM-Managed Entity controls the investment), technical problems, financial failures of operating or construction sub-contractors, government regulations, and fluctuations in interest rates.

● Given that the Fund's assets will be concentrated in securities of companies in the infrastructure industry, the Fund will be more susceptible to adverse economic or regulatory occurrences affecting this industry than a fund that is not concentrated in a single industry. While the Adviser will regularly monitor the concentration of the Fund's portfolio, concentration in any one region, country or asset type may arise from time to time. In addition, the MAM-Managed Entities and Third-Party Funds (each as defined below) also may be concentrated in a limited number of companies or exclusively or primarily in a particular asset type or category, which may reduce the overall diversification of the Fund's portfolio and increase risk.

Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described herein in "*Item 1A. Risk Factors*" in this Registration Statement, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Registration Statement and in our other periodic filings. The forward-looking statements speak only as of the date of this Registration Statement, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

iii

 **Item 1. Business**

 

*(a)* *General Development of Business* 

Macquarie Energy Transition Infrastructure Fund, L.P. forms a part of METI US, an investment program designed to permit sophisticated Investors to participate in an investment program that primarily invests in equity, equity-related and debt securities of private Energy Transition Infrastructure Investments (defined below). Our general partner, METI GP, LLC, and our investment adviser, Macquarie Wealth Advisers, LLC, are Affiliates of Macquarie. As used herein, "**Affiliate**" means, with respect to a person, any other person that either directly or indirectly controls, is controlled by or is under common control with the first person.

We are currently conducting a continuous private offering (the "**Private Offering**") of our Units in reliance on exemptions from the registration requirements of the 1933 Act to investors that are both (i) accredited investors (as defined in Regulation D under the 1933 Act) and (ii) qualified purchasers (as defined in the Investment Company Act of 1940, as amended (the "**1940 Act**") and rules thereunder). METI US is structured as a perpetual-life strategy, with monthly, fully funded subscriptions, and is expected to make periodic redemptions, which we believe enables investors to better manage exposure to private markets asset classes, such as infrastructure and real assets.

 

*(b)* *[Reserved]* 

 

*(c)* *Description of Business* 

**The Fund—Macquarie Energy Transition Infrastructure Fund, L.P.**

The Fund, a limited partnership, was formed on October 30, 2024, under the laws of the State of Delaware. We are a private fund exempt from registration under Section 3(c)(7) of the 1940 Act.

On July 1, 2025, the Fund held its first closing and sold Units of the Fund as part of its Private Offering and has accepted subscriptions for Units as of the first calendar day of each subsequent month. Since July 1, 2025, the Fund has sold Units of the Fund for aggregate consideration of approximately $[●] million, which includes the Units sold for each month from July 2025 until [●]. The Fund expects to continue to hold monthly closings as part of its Private Offering. The Fund currently holds [●] investments, representing $[●] million of total assets and a mixture of [●]. See "*Item 2. Financial Information*—*Management's Discussion and Analysis of Financial Condition and Results of Operations*" below for more information. See also "*—Investment Process Overview*" below for information regarding the Fund's process for identifying, evaluating and monitoring Investments.

Our investment objective is to generate capital appreciation and yield over the medium-to-long term. There can be no assurance that METI US will achieve its investment objective or that METI US's investment strategies will be successful. We will seek to achieve this investment objective by investing primarily, on an individual basis or commingled or aggregated with other parties, in a global portfolio of businesses and operating assets in the energy transition infrastructure sector with a focus on mature technologies ("**Energy Transition Infrastructure Investments**").

**Overview of Macquarie Group and Macquarie Asset Management**

Macquarie Group is a global financial services group headquartered in Sydney and listed on the Australian Securities Exchange ("**ASX**"). Macquarie Group's breadth of expertise covers asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advice, access to capital, and principal investment.

Macquarie Group works with institutional, corporate, government, and retail clients, as well as counterparties around the world, providing a diversified range of products and services. Macquarie Group has established leading market positions as a global specialist in a wide range of sectors, including infrastructure resources and commodities, financial institutions, and real estate.

As of [●], Macquarie Group had over [●] employees with offices in [●] markets around the world.

MAM provides specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, natural assets, real estate, and transportation finance.

Trusted by institutions, pension funds, governments, and individuals to manage approximately $[●] U.S. Dollars ("**USD**") in assets under management as of [●], MAM is a global asset manager that aims to deliver positive impact for its stakeholders.

With over [●] permanent staff cooperating across [●] countries around the world, MAM seeks to identify opportunities, mitigate risks, and drive value for its clients and stakeholders by leveraging its culture of innovation and the experience and diversity of its people.

**Investment Program**

The Fund's investment objective is to generate capital appreciation and yield over the medium-to-long term. The Fund seeks to achieve its investment objective by investing primarily, on an individual basis or commingled or aggregated with other parties, in a global portfolio of businesses and operating assets in the energy transition infrastructure sector with a focus on mature technologies ("**Energy Transition Infrastructure Investments**"). The Fund may invest in Energy Transition Infrastructure Investments directly in portfolio companies, including as a co-investor with any other vehicle that holds capital managed or advised by any undertaking in the "Macquarie Asset Management" division of Macquarie ("**MAM-Managed Entities**"), indirectly through investments in MAM-Managed Entities or, to a lesser extent, through investments in unaffiliated third-party sponsored funds that directly or indirectly invest in Energy Transition Infrastructure Investments (the "**Third-Party Funds**").

The Fund generally considers Energy Transition Infrastructure Investments to be investments directly or indirectly in (i) operational or development assets or (ii) companies in, or that expect to be in, the energy and renewables, transportation, materials, waste, agriculture, circular economy (i.e., assets or companies that aim to reduce material use and waste, redesign materials and products to be less resource intensive and recapture waste as a resource to manufacture new materials and products), communication and digital infrastructure, industrial, utilities or social infrastructure sectors, that the Adviser believes are facilitating the transition to new, more efficient energy sources and a low-carbon economy, such as solar, hydro, wind and geothermal energy and natural climate solutions, and/or increasing the electrification or decarbonization of industries that have traditionally relied on fossil fuels, such as the transportation industry (collectively, the "**Energy Transition Industry**"). The Fund invests in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Private infrastructure equity investments ()"**Private Infrastructure Equity Investments** ").
Private Infrastructure Equity Investments are expected to comprise the bulk of the Investments (defined below) and could include equity
and equity-like investments in operational or developmental assets and platforms, including investments in the underlying infrastructure,
as well as the entities or funds that own or are responsible for operating such infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Private infrastructure debt investments ()"**Private Infrastructure Debt Investments** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Liquid investments, including but not limited to cash, cash equivalents, U.S. government securities, listed
debt securities (bonds), listed infrastructure securities and listed equities, shares and/or units of exchange traded funds, collateralized
debt obligations, collateralized loan obligations, asset-backed securities, mortgage-backed securities and other securitized products,
derivatives, and money market instruments ()"**Liquid Investments**" and together with Private Infrastructure Equity Investments,
Private Infrastructure Debt Investments, and any investments in MAM-Managed Entities and Third-Party Funds, the "**Investments** ").

For the purposes of the foregoing, "equity-like" Investments consists of instruments that establish rights to the equity interests of portfolio companies (such as convertible debt or bonds, warrants or other equity related-interests), high-return debt instruments with significant uncertainty related to the total return or timing of cash flows, which as a result may be structured as payment-in-kind interests, or have equity upside ("equity kickers," i.e., an extra incentive to encourage investors to purchase debt securities) associated with those or other features which are not commonly seen in fixed income, or shareholder loans and shareholder debt.

A portion of the Fund's assets are and are expected to continue to be allocated to Private Infrastructure Equity Investments indirectly through investments in certain MAM-Managed Entities. For example, the Fund has invested a portion of its assets in Macquarie Green Energy and Climate Opportunities Fund ("**MGECO**"), a MAM-managed open-ended alternative investment fund that invests in a diversified portfolio of sustainable infrastructure, real assets, and businesses, primarily those focused on the development and deployment of mature sustainable technologies, which contribute towards accelerating the global energy transition, and may invest in similar MAM-Managed Entities in the future. The Fund may also invest to a lesser extent in Third-Party Funds.

The purpose of Private Infrastructure Debt Investments and Liquid Investments is to generate attractive risk-adjusted returns for the Fund, facilitate capital deployment and to manage the Fund's anticipated liquidity needs. The Fund generally expects to target an allocation of up to 30% of its net asset value ("**NAV**") in a combination of Private Infrastructure Debt Investments and Liquid Investments under normal market conditions, though such allocation may be more or less at any time and from time to time.

For temporary defensive and/or liquidity management purposes (including, without limitation, in connection with implementing changes to METI US's asset allocations) and/or pending the deployment of subscription monies in investments, METI US may allocate a substantially higher portion of its assets to Liquid Investments. Certain Investments could be characterized by the Adviser, in its discretion, as either Private Infrastructure Equity Investments or Private Infrastructure Debt Investments, depending on the terms and characteristics of such Investments.

**METI US**

The Fund, the Feeder, the Aggregators, any Intermediate Entities and any Parallel Funds together form METI US, a private equity investment program as a whole. Although the Fund will generally invest and divest alongside METI International through the Aggregators and other Intermediate Entities, METI International will not be considered a Parallel Fund. See "*Item 1A. Risk Factors—Risks Related to Potential Conflicts of Interest*" below.

**The Adviser and the General Partner**

The Fund has entered into the investment advisory agreement (the "**Advisory Agreement**") with the Adviser, and a limited partnership agreement, as may be amended and restated from time to time (the "**Partnership Agreement**"), with the General Partner, pursuant to which the General Partner manages the Fund on a day-to-day basis.

Overall responsibility for METI US's oversight rests with the General Partner, subject to certain oversight rights held by the Fund's Board of Directors with respect to our periodic reports under the Exchange Act and certain situations involving conflicts of interest. See "—*The Board of Directors*" and "*—Partnership Agreement*" below for further information.

The General Partner has delegated the portfolio management function regarding the Fund to the Adviser. The Adviser has discretion to make Investments on behalf of the Fund.

The Adviser is a Delaware limited liability company with its business address at 660 Fifth Ave, New York, NY 10103, United States of America. The Adviser is registered with the SEC as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended from time to time (the "**Advisers Act**"). The Adviser is responsible for initiating, structuring, and negotiating the Fund's Investments. In addition, the Adviser actively manages each Investment to seek to maximize the value of each Investment.

Each of the Adviser and General Partner is an Affiliate of Macquarie and, as such, the Adviser and General Partner have access to the broader resources of Macquarie, subject to Macquarie's policies and procedures regarding the management of conflicts of interest.

**METI US Structure**

The following chart shows METI US's current ownership structure as well as its relationship with Macquarie.

![](ea029372701_img1.jpg)

**Market Opportunity**

Macquarie believes the infrastructure asset class, particularly investments supporting the global energy transition and decarbonization of economic activity, including assets which provide critical services to infrastructure and markets or assets which have infrastructure-like characteristics, presents a compelling market opportunity due to the following characteristics.

**Growth Potential**

The Fund aims to make investments supported by three key macro thematics:

● Electrification: facilitating growing infrastructure demand, the energy transition and the evolving energy mix of communities;

● Digitalization: modernizing assets in the move to the digital economy and meeting the demand for, and transmission of, data; and

● Demographics: meeting the increasing infrastructure needs of communities driving long-run economic growth.

**High Barriers to Entry**

The strategic position of infrastructure businesses may also be protected by natural barriers to entry which may include physical limitations on the construction of alternatives due to space, planning or other restrictions and the significant capital requirements involved in developing a competing business platform.

**Inherent Monopoly**

Infrastructure assets tend to have a strategic competitive advantage as they often exist in locations or markets where there are few viable alternatives to the services they provide.

**Inelastic Demand**

Infrastructure assets usually provide an essential service to the community in which they operate, such as electricity, energy, transportation and other essential services underpinning the transition to a lower-carbon economy.

Typically, these services involve widespread usage by the population and are relied on by the community.

**Revenue Models**

Revenue protections are typically built in through regulation, long-term contracts or concession agreements, allowing for good visibility and stability of revenues, operating costs and capital requirements over the long-term.

Some long-term contracts may also have take-or-pay mechanisms built in. For certain energy transition assets, including renewable generation and related infrastructure, the Fund may seek to enter into long-term power purchase agreements or similar contractual arrangements in order to reduce exposure to market price fluctuations.

**Predictable Cash Flows**

Given the above characteristics, infrastructure assets tend to demonstrate sustainable and predictable cash flows over the long term. The stable nature of the cash flows generally allows for long-term yield visibility, lower risk and defensive investment characteristics.

**The Board of Directors**

The business and affairs of the Fund are managed under the discretion of the General Partner. The General Partner delegates the management of the Fund's day-to-day operations to the Adviser pursuant to the Advisory Agreement, subject to certain oversight rights held by the Fund's Board of Directors (each, a "**Director**," and together, the "**Board of Directors**" or the "**Board**") and the General Partner. The Board will be responsible for overseeing the Fund's periodic reports under the Exchange Act and certain conflicts of interest related to Macquarie in accordance with the provisions of the Partnership Agreement and any policies of the Adviser. The Board is composed of five members, two of whom are independent of the Fund and Macquarie (each, an "**Independent Director**"), as determined by the General Partner. The Independent Directors are unaffiliated with the General Partner, the Adviser, or any of their Affiliates. The General Partner may appoint directors to the Board from time to time.

The General Partner has the authority to appoint directors, including one or more Independent Directors. Subject to the foregoing, the General Partner shall have the right to change or replace any Independent Director for cause (as defined in the Partnership Agreement) and any Director other than an Independent Director with or without cause.

The Board has an audit committee (the "**Audit Committee**"), which is composed solely of the Independent Directors. The Audit Committee will, among other matters, approve or ratify the Fund's auditor (as selected by the General Partner) and the Fund's financial statements.

Unitholders are not entitled to nominate or vote in the election of the Fund's Directors. Further, Unitholders are not able to bring matters before meetings of Unitholders or nominate Directors at such meetings, nor are they generally able to submit Unitholder proposals under Rule 14a-8 of the Exchange Act. See "*Item 5. Directors and Executive Officers—Biographical Information*" for further information regarding the members of the Board and "*Item 11. Description of Registrant's Securities to be Registered*" for further information regarding the rights of Unitholders.

While the Fund and METI International have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, be managed by investment committees which are made up of the same individuals, and have the same investment mandate, METI International is not a Parallel Fund and their portfolios may differ over time and from time to time. See "*Item 1A. Risk Factors—Risks Related to Potential Conflicts of Interest*" for more information about METI International.

**Advisory Agreement**

 

*The description below of the Advisory Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Advisory Agreement attached as an exhibit to this Registration Statement*.

The Adviser will provide investment advisory services to us pursuant to the Advisory Agreement. Under the terms of the Advisory Agreement, the Adviser is responsible for the following:

● sourcing, assessing and negotiating the terms of potential Investments;

● advising the General Partner on the management of Investments;

● determining appropriate exit and liquidity strategies for the Fund and its Investments;

● providing Investors with reports and updates on the Fund and its Investments; and

● undertaking other matters involved in the management and administration of the Fund.

The Adviser's services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired. For the avoidance of doubt, the management, policies and operations of the Fund shall be the ultimate responsibility of the General Partner acting pursuant to and in accordance with the Partnership Agreement. See "—*Partnership Agreement*" below for further information.

**Compensation of the Adviser and the General Partner**

Management Fee

In consideration of the advisory services provided to the Fund by the Adviser, the Fund will pay the Adviser a fee (the "**Management Fee**"), computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's NAV for Class S Units, Class D Units and Class I Units, provided that the Adviser has agreed to waive the Management Fee for a period of 24-months beginning with the initial acceptance by the Fund of a subscription for Units by persons that are not affiliates of the General Partner (the "**Initial Closing**"), which occurred on July 1, 2025, such that the Management Fee shall be equal to the annual rate of 0.85% of the Fund's NAV for Class S Units, Class D Units and Class I Units. Such waiver period was initially 12 months beginning with the Initial Closing and has been extended to 24 months beginning with the Initial Closing. For purposes of determining the Management Fee payable to the Adviser for any month, NAV means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any redemption of Units on such date and before any reduction for any fees (including the monthly fee payable to the Fund's administrator (the "**Administration Fee**"), Performance Allocation (defined below) and the Distribution and/or Servicing Fee (defined below)) any distributions and without taking into account certain taxes incurred (directly or indirectly) by the Fund or an Intermediate Entity in which the Fund participates. The Management Fee will be prorated for any period of less than a month based on the number of days in such period.

The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, decreases the net profits or increases the net losses of the Fund. The Management Fee is in addition to the asset-based fees, incentive fees or allocations and other expenses charged by any MAM-Managed Entities or Third-Party Funds and indirectly borne by Investors.

Alternatively, in lieu of a Management Fee, the Adviser may elect to receive (or cause an Affiliate to receive) a priority allocation of Fund income or of certain types of Fund income in an amount equal to the Management Fee it would otherwise be entitled to (the "**Management Allocation**"); provided, that to the extent there are insufficient profits in any given taxable year to allocate an amount equal to the Management Allocation entitlement in such year, the Adviser (or an Affiliate) may receive a catchup allocation in subsequent taxable years until it receives allocations of the full Management Allocation.

The Adviser may elect to receive the Management Fee or Management Allocation in cash and/or Units. If the Management Fee or Management Allocation is paid in Units, such Units may be redeemed at the Adviser's request and will be subject to the volume limitations of the Redemption Program but not the Early Redemption Deduction (as defined below).

The Adviser may agree to reduce the Management Fee for certain Unit classes or Investors.

Management Fee Offset

Macquarie and its affiliates (and in the case of directors' fees, Macquarie executives) have received or may receive in the future break-up fees or similar fees in connection with unconsummated transactions (which does not include amounts received with respect to group purchasing, healthcare brokerage, insurance and other similar services to the Portfolio Entities), closing fees, monitoring fees or other similar fees from Portfolio Entities in connection with the acquisition, ownership, control and exit of Portfolio Entities ("**Other Fees**"). Macquarie or its affiliates may also receive Director Fees. In addition, the Fund (or its Portfolio Entities) may retain service providers in which Macquarie has an interest or which are affiliates of Macquarie to provide services for fees.

The aggregate Management Fee paid by the Fund in any fiscal year will be reduced by an amount (the "**Reduction Amount**") equal to the sum of (i) 100% of the Fund's share of any Other Fees received by the Adviser or its affiliates in such fiscal year, (ii) 100% of the Fund's share of all Director Fees received by the Adviser and its affiliates in such fiscal year and (iii) any management fees paid or borne by the Fund in connection with the Fund's investments in MAM-Managed Entities, after giving effect to any fee rebates to which the Fund is entitled each month or has received each month, directly or indirectly, by the Fund from such MAM-Managed Entity; *provided*, that the Reduction Amount will be decreased by Fund expenses and the Fund's share (pro rata with any parallel vehicles) of Broken Deal Expenses (as defined below) that the General Partner or its affiliates had elected to bear. Further, the portion of fees related to consulting, management or other services from Portfolio Entities in excess of the cap set forth in the Partnership Agreement will also be offset against the Management Fee. Except as set forth above, the Fund will not receive (in the form of an offset against the Management Fee or otherwise) the benefit of fees or other compensation received by Macquarie in connection with the provision of services by Macquarie to the Fund or third parties. In no event will Other Fees or Director Fees include any stock options or other compensation granted or paid by Portfolio Entities (as defined below) to employees of Macquarie who serve in a bona fide, non-director management capacity at any such Portfolio Entity.

For the avoidance of doubt, investment banking fees, consulting (including management consulting) fees, syndication fees, capital markets syndication and significant sums in advisory fees (including underwriting fees), regulated broker dealer fees, origination fees, servicing fees, healthcare consulting/brokerage fees, fees relating to group purchasing, financial advisory fees and similar fees for arranging acquisitions and other major financial restructurings and other similar operational and financial matters, loan servicing and/or other types of insurance fees, data management and services fees or payments, operations fees, financing fees, fees for asset services, title insurance fees, asset leasing fees, asset management fees (*e.g.*, services relating to the preparation of monthly cash flow models and industry asset management fees, incentive fees and other similar fees and annual retainers (whether in cash or in kind)) do not constitute Other Fees.

An affiliate of the General Partner that (i) will be a U.S. regulated broker dealer or a non-U.S. equivalent thereof or (ii) otherwise conducts a financial services, investment banking, loan origination, structuring, placement, advisory or other similar business, including acting as a broker, dealer, distributor, financial advisor, syndicator, arranger, underwriter or originator of securities or loans (a "**Macquarie Broker Dealer**") may be entitled to receive certain fees, underwriting spreads and interest payments, including in connection with the activities of the Fund and the Portfolio Entities, including, without limitation, capital markets advisory, offering, placement, financing, syndication, capital structure advisory, turnaround, workout, underwriting, solicitation, investment banking, currency, hedging, structuring, loan agent, loan servicing or similar fees, including in connection with the activities of the Fund and its Portfolio Entities, including, without limitation, with respect to an initial public offering, the arranging of credit facilities for the Fund, the placing of co-investment, the distribution of debt or equity securities of a Portfolio Entity or otherwise arranging or providing financing for a Portfolio Entity alone or with other lenders, which could include other MAM-Managed Entities. Any such fees or payments will be retained by such Macquarie Broker Dealer, will not constitute Other Fees and will not reduce or offset the Management Fee or benefit the Fund or the Investors.

"**Broken Deal Expenses**" shall mean all out-of-pocket costs and expenses, if any, incurred by or on behalf of the Fund or any Intermediate Entities in developing, negotiating and structuring prospective or potential Investments which are not ultimately made, including without limitation (i) any travel expenses (which may include first class or private air), (ii) any legal, tax, accounting, advisory, financing and consulting costs and expenses in connection therewith and (iii) any other expenses described in Section 4.5(e)(1) of the Partnership Agreement.

Performance Allocation

In respect of each class of Units with the exception of Class E Units, promptly after the end of each fiscal year, the Fund will make a performance allocation to the General Partner or an affiliate (the "**Performance Allocation**") in an amount equal to 12.5% of Total Return (as defined below) for such class of Units for the Reference Period (as defined below) subject to a 5% annual Hurdle Amount (as defined below) and a High-Water Mark (as defined below) with a 100% catch-up, without duplication for any Performance Allocation paid by the Fund in respect of such class during such fiscal year. The Fund also will make a Performance Allocation if a Reference Period ends in connection with the redemption of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's NAV attributable to any class is calculated for such purpose, with the relevant period being the portion of the Reference Period for which such Unit was outstanding, and proceeds for any such Unit redemption will be reduced by the amount of any such Performance Allocation; provided that only that portion of the Performance Allocation that is attributable to (i) Units being redeemed (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends or other distributions or otherwise) or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units will be paid to the General Partner for such Reference Period. The Performance Allocation will not be paid on Class E Units. The Performance Allocation, if any, is calculated and accrued on each date that the Fund calculates its NAV.

Specifically, if the Total Return for the applicable Reference Period (as defined below) exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "**Excess Profits**"), the General Partner will receive a Performance Allocation for that period equal to 100% of such Excess Profits until the total amount paid to the General Partner in respect of such Reference Period equals 12.5% of the Total Return for such period.

"**Total Return**" in respect of Class S Units, Class D Units and Class I Units for any period since the end of the prior Reference Period shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all distributions accrued or paid (without duplication) on such Unit of the respective class since the
beginning of the then-current Reference Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the change in aggregate NAV of such Unit of the respective class since the beginning of the Reference
Period before giving effect to (i) changes resulting solely from the proceeds of issuances of Units (including in connection with the
issuance of Units), (ii) any allocation/accrual of the Performance Allocation, (iii) applicable Distribution and/or Servicing Fees expenses
attributable to a Unit of the relevant class (including any payments made to the Fund for payment of such expenses) and (iv) any other
costs and expenses allocated only to certain classes; provided, that the aggregate NAV of a Unit may be calculated without taking into
account (A) any accrued and unpaid taxes imposed on any Intermediate Entity (or the receipts of such Intermediate Entity) through which
the Fund indirectly invests in an Investment or any comparable entities of any other MAM-Managed Entity, or taxes paid by any such entity
since the end of the prior Reference Period and (B) certain deferred tax liabilities of subsidiaries through which the Fund indirectly
invests; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Management Fee and all other Fund expenses attributable to a Unit of the relevant class (but excluding
any other costs and expenses allocated only to certain classes) to the extent not previously reflected in the NAV of the Fund.

For the avoidance of doubt, the calculation of Total Return will include any appreciation or depreciation in the NAV of Units issued during the then-current Reference Period.

"**Hurdle Amount**" in respect of each class of Units for a Reference Period means that amount that results in a 5% annualized Total Return over such Reference Period on the NAV of such Units outstanding at the beginning of the then-current Reference Period and all such Units issued since the beginning of the then-current Reference Period.

For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units of such class redeemed during the applicable Reference Period and any dividend or other distribution payable by the Fund in respect of such class during the Reference Period (to the extent such dividends or other distributions paid in respect of such class are not reinvested in Units of such class), which Units, dividends or distributions will be subject to the Performance Allocation upon such redemption or distribution.

"**Loss Carryforward Amount**" in respect of each class of Units, an amount that initially equals zero and cumulatively increases by the absolute value of any negative annual Total Return and decreases by any positive annual Total Return; provided, that the Loss Carryforward Amount will at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Units of such class redeemed during the applicable Reference Period and any dividend or other distribution payable by the Fund in respect of such redeemed class during the Reference Period (to the extent such dividends and other distributions paid in respect of such class are not reinvested in Units of such class), which Units, dividends or distributions will be subject to the Performance Allocation upon such redemption or distribution. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses, if any, will offset the positive annual Total Return for purposes of the calculation of the Performance Allocation. This is referred to as a "**High-Water Mark**."

"**Reference Period**" means each 12-month period ending as of the Fund's fiscal year-end (or such other period ending as of the Fund's fiscal year-end if the Fund's fiscal year is changed); provided, that the period of time from the prior Reference Period-end through the valuation date of (i) a redemption and (ii) a dividend or other distribution also will constitute a Reference Period. In the event of the termination of the Investment Advisory Agreement, the Fund will make a Performance Allocation to the General Partner calculated in a manner as if such termination date were the end of the Fund's fiscal year.

The Performance Allocation structure presents risks that are not present in funds without performance allocations. The application of the Performance Allocation may not correspond to a particular Investor's experience in the Fund because aggregate cumulative appreciation is calculated on an overall basis allocated equally to each outstanding Unit. An Investor may not owe a Performance Allocation on its investment, even though the value of its investment has increased. For example, if an Investor were to acquire Units after the Fund's trading resulted in a cumulative loss, the Investor would not owe a Performance Allocation until sufficient gains have been achieved to exceed such losses, despite the fact that the Investor will have experienced aggregate cumulative appreciation in respect of its Units. Conversely, an Investor may owe a Performance Allocation on its investment, even though the value of its investment has declined. For example, if an Investor were to acquire Units at a time when the Fund had net profits to date for the Reference Period of $2 million in excess of the High-Water Mark, but at the end of the Reference Period the Fund had net profits of only $1 million in excess of the High-Water Mark, the Investor would owe a Performance Allocation despite the fact that the value of its investment declined. In addition, when Units are issued at a NAV reduced by the accrued Performance Allocation, and such accrued Performance Allocation is subsequently reversed due to trading losses, the reversal will be allocated equally among all outstanding Units (increasing the NAV per Unit), including those Units whose purchase price had not itself been reduced by the accrued Performance Allocation being reversed.

The General Partner may elect to receive the Performance Allocation in cash or Units. Such Units may be redeemed at the General Partner's request and will be subject to the volume limitations of the Redemption Program but not the Early Redemption Deduction.

The General Partner may receive a cash advance against allocations or distributions of the Performance Allocation to the General Partner to the extent that annual distributions of the Performance Allocation actually received by the General Partner are not sufficient for the General Partner or any of its beneficial owners (whether such interests are held directly or indirectly) to pay when due any income tax (including estimated income tax) imposed on it or them by reason of the allocation to the General Partner of taxable income in respect of the Performance Allocation (including, for the avoidance of doubt, allocations to the General Partner of taxable income with respect to Class E Units issued to them) or such distributions of the Performance Allocation, calculated using an assumed tax rate. Amounts of the Performance Allocation otherwise to be allocated or distributed to the General Partner will be reduced on a dollar-for-dollar basis by the amount of any prior advances made to the General Partner until all such advances are restored to the Fund in full.

**Partnership Agreement**

 

*The description below of the Partnership Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Partnership Agreement attached as an exhibit to this Registration Statement.*

The General Partner of the Fund is METI GP, LLC, a Delaware limited liability company. The General Partner is responsible for the management of the Fund; however, various rights and obligations of the General Partner have been delegated to, and are performed by, the Adviser. The responsibilities of the General Partner and the Adviser are set out in the Partnership Agreement and the Investment Advisory Agreement, respectively. Additional general partners may also be established, which will also be subsidiaries of Macquarie, and will be responsible for the management of the Feeder or any Parallel Funds, as applicable. The rights and obligations of any additional Fund general partners related to investment matters will be delegated to, and performed by, the Adviser in the same manner as the General Partner of the Fund. See "*Item 1. Business—Advisory Agreement*" for further information.

Additionally, the General Partner and its Affiliates may, in their sole discretion, cause the Fund to hold certain investments directly or indirectly through (i) entities that may elect to be classified as a Corporation or (ii) any other type of entity (together with any Corporation, the "**Intermediate Entities**" and each, an "**Intermediate Entity**").

The General Partner and its affiliates may participate directly in any Intermediate Entity with a combination of shareholder debt and equity. To the extent the General Partner determines that holding only an equity interest in any such Intermediate Entity would be beneficial for it or any other direct or indirect owner for legal, tax, regulatory or other similar considerations, it may make a contribution to such Intermediate Entity in the form of equity only.

The Fund may also form one or more Parallel Funds established by, or at the direction of, the General Partner to invest alongside the Fund, but excluding METI International (as determined in the General Partner's discretion).

The General Partner or its affiliates may, in their discretion, at any time, withdraw all or a portion of their investment in the Fund to facilitate their investment in any other entity comprising METI US and, in connection therewith, take any other necessary action to consummate the foregoing. The Management Fee and Performance Allocation may be paid or allocated, as applicable, at the level of the Fund or at an Intermediate Entity, as determined by the General Partner.

In addition to the Fund, Macquarie expects to form one or more other collective investment vehicles or other arrangements for certain other investors to invest in the Fund, including feeder funds. In particular, Macquarie has formed the Feeder for certain investors with particular tax characteristics, such as U.S. tax-exempt investors and certain Non-U.S. Investors (defined below). The Feeder invests all of its investable assets in a non-U.S. entity treated as a corporation for U.S. federal income tax purposes (a "**Non-U.S. Corporation**") which, in turn, invests in Class I Units.

**Investment Process Overview**

**General**

The Fund's Adviser (including through delegation to affiliated and/or unaffiliated sub-advisers) will seek to utilize MAM's deep knowledge and resources, and specialized skills and experience, including within affiliates of the Adviser, to source and allocate investment opportunities in Energy Transition Infrastructure Investments and apply a disciplined approach to the investment process. The Adviser has appointed an investment committee (the "**Investment Committee**"), which has the authority to allocate to the Sub-Advisers (each, defined below) in accordance with the investment program described above. The Adviser's Investment Committee is comprised of the same members of METI International's investment committee. Investment Committee members may work on or be associated with one or more other MAM-Managed Entities.

The Investment Committee will determine the allocation of capital across Private Infrastructure Equity Investments, Private Infrastructure Debt Investments and Liquid Investments, and has delegated sub-advisers to invest in Private Infrastructure Debt Investments (such sub-adviser, the "**Debt Investments Sub-Adviser**") and Liquid Investments (such sub-adviser, the "**Liquid Investments Sub-Adviser**"), respectively, each of which manages and oversees the investment processes and decisions of their respective sleeves of the Fund's portfolio. The Adviser has also engaged one or more sub-advisers to provide non-discretionary investment advice and recommendations to the Adviser with respect to Private Infrastructure Equity Investments (together with the Debt Investments Sub-Adviser and the Liquid Investments Sub-Adviser, the "**Sub-Advisers**"). Such Sub-Advisers may delegate decision-making authority to their respective investment committees, which are composed of experienced investment professionals, or to other sub-advisers.

**Private Infrastructure Equity Investments**

Private Infrastructure Equity Investment opportunities, which will make up the bulk of the Fund's portfolio, are sourced through MAM's global network of existing relationships with infrastructure equity funds and asset managers worldwide and evaluated and processed by the Adviser and its affiliates, which may include affiliated sub-advisers, through the Adviser's Investment Committee who are experienced investment professionals responsible for selecting assets through fundamental bottom-up research, investment, management and portfolio strategy, and specific industrial expertise across development, technical and engineering, customer solutions and energy markets, business creation and growth.

**Private Infrastructure Debt Investments**

The Debt Investments Sub-Adviser, along with team members of MAM's Private Credit platform, has primary responsibility for managing the Fund's Private Infrastructure Debt Investments. MAM's private credit team aims to identify opportunities where the anticipated return achieved compares favorably to the underlying risk taken. Through MAM's active involvement in the infrastructure and energy transition markets, leveraging the MAM reputation and relationship networks, engaging early in the origination process, and providing borrowers with a professional lending platform, MAM Private Credit can deliver strong execution capabilities which benefit from considerable experience in infrastructure and renewable energy lending, structuring and asset management capabilities. The private credit team will perform due diligence on proposed borrowers and incorporate MAM's broad infrastructure and renewable energy debt experience in sourcing and structuring investment opportunities. Once invested, the Adviser and the Sub-Advisers will take an active approach to portfolio management of all positions by proactively monitoring borrower compliance with reporting obligations and financial covenants specified in loan agreements and actively engaging with any broader lender group where it is necessary to take precautions to protect the Fund's interests.

**Liquid Investments**

The Liquid Investments Sub-Adviser, along with members of MAM's specialist fixed income and equity teams, has primary responsibility for managing the Fund's Liquid Investments.

MAM's philosophy to liquid market investing for the Fund stems from three key beliefs:

● Financial markets are changing at an accelerating pace, creating more frequent mispricing of asset classes. By understanding major market drivers and dynamics, the team believes they can add value through asset allocation assessments.

● Disciplined and structured active asset allocation can capitalize on these opportunities. By taking dynamic views and using a diversified asset allocation framework, the team seeks to invest in the most attractive asset classes with respect to their views in a risk-controlled manner.

● The mission is to create diversified portfolios that look to generate attractive risk-adjusted returns over full market cycles. Investing across a wide universe of liquid assets like global equities, fixed income, currencies, and commodities allows the team to seek to capture strong upside returns while remaining diversified.

**Sustainability**

The Adviser and the Sub-Advisers incorporate sustainability considerations into the investment decision making process to enhance assessment of risk and identify opportunities for value creation. There are three components to this sustainability approach:

● The Fund will generally target Investments that have the potential to contribute to, or thematically align with, at least one of five "Green Purposes," as a measure of its contribution to facilitating the transition to new, more efficient and lower carbon economy and energy sources, as well as the increasing electrification or decarbonization of products that have traditionally relied on fossil fuels. The Green Purposes are a set of positive environmental goals developed to define the green impact of investments made by MAM to support value creation. The five Green Purposes are: (i) reduction of greenhouse emissions; (ii) advancement of the efficiency in the use of natural resources; (iii) protection or enhancement of the natural environment, (iv) protection or enhancement of biodiversity; and (v) promotion of environmental sustainability.

● The Fund has an investment level "theory of change," which is to create new green infrastructure assets that seek to contribute to at least one of the five Green Purposes or improve the sustainability characteristics of operational green infrastructure assets with interventions by the Fund and/or its affiliates. Such contribution to the energy transition by contributing to, or being thematically aligned with, at least one of the Green Purposes are considered the "Environmental Characteristic."

● Environment, social and governance ()"**ESG**") risks to other environmental or social objectives will be assessed over the Fund's holding period. Opportunities to enhance the ESG performance of each portfolio company will also be considered as part of the effort to maximize value creation.

**Warehoused Assets**

Macquarie, MAM-Managed Entities or their affiliates may in the future hold or acquire certain assets and may contribute or sell such assets (each such asset, a "**Warehoused Asset**") to the Fund, the Aggregator or their subsidiaries in kind, at or below cost or FMV, as determined by the Adviser, plus related expenses, including transaction expenses, expenses of the transfer and a risk or similar premium calculated from the time the Adviser (and/or its affiliates) or the relevant MAM-Managed Entity (and/or its affiliates) entered into an agreement to acquire such Warehoused Asset to the time it is transferred to the Fund.

Each Warehoused Asset contributed in kind or sold to the Fund in exchange for cash and/or Units will be contributed or sold in compliance with procedures put in place to mitigate conflicts of interest and other related concerns, which will include, among other things, approval by the Independent Directors of the transfer terms and cost for Warehoused Asset transactions that the General Partner determines to present to the Independent Directors.

**Competition**

Identifying, closing and realizing attractive investments that fall within METI US' investment objectives is highly competitive and involves a high degree of uncertainty and will be subject to market conditions. In addition, developing and maintaining relationships with joint venture partners or management teams, on which some of METI US' strategy depends, is highly competitive. METI US will be competing for Investments and potential joint venture partners with other investment funds, corporations, individuals, companies, financial institutions (such as investment and mortgage banks and pension funds), sovereign wealth funds and other investors. New competitors constantly enter the market, and in some cases existing competitors combine in a way that increases their strength in the market. Further, over the past several years, an ever-increasing number of investment funds have been formed (and many existing funds have grown in size) for the purpose of investing in assets and businesses similar to those which METI US is targeting. Additional funds, entities or vehicles (including MAM-Managed Entities) with similar investment objectives have been and may be formed in the future. Some of these competitors may have more relevant experience, greater financial resources and more personnel than METI US and Macquarie. Such competitors may make competing offers for investment opportunities that are identified, and even after an agreement in principle has been reached with a prospective portfolio company, consummating the transaction is subject to a myriad of uncertainties, only some of which are foreseeable or within the control of METI US. It is possible that competition for appropriate investment opportunities could increase, which may also require METI US potentially to participate in auctions more frequently. The outcome of these auctions cannot be guaranteed, thus potentially reducing the number of investment opportunities available to METI US and potentially adversely affecting the terms, including price, upon which Investments can be made. METI US intends to be selective in its approach to targeting Investments, and there is no guarantee that Investments meeting METI US' investment criteria will be available or all of METI US' Investments will meet such criteria. Purchasers of the Units will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding the Investments to be made by METI US and, accordingly, will be dependent upon the judgment and ability of the General Partner and the Adviser in sourcing transactions and investing and managing the capital of METI US. Additionally, competition for investment opportunities from other investment vehicles has increased on a global scale. Private equity and other funds are making global competition increasingly intense. There can be no assurance that the addition of new sponsors to the market will not occur, and, if it does occur, could intensify this effect. Furthermore, there can be no assurance that METI US will be able to locate, acquire, complete and exit Investments that satisfy METI US' rate of return or investment objectives, or realize upon their values, or that it will be able to fully invest its committed capital. In addition, Macquarie's investment strategies in certain Investments may depend on its ability to enter into satisfactory relationships with joint venture or operating partners. There can be no assurance that Macquarie's current relationship with any such partner or operator will continue (whether on currently applicable terms or otherwise) with respect to METI US or that any relationship with other such persons will be able to be established in the future as desired with respect to any sector or geographic market and on terms favorable to METI US.

**Material Conflicts of Interest**

Certain conflicts of interest may arise between the Fund, the General Partner and the Adviser, any member of the Macquarie Group (including any operationally segregated subsidiaries (each an "**OSS**")), Investors and any existing or future MAM-Managed Entity or any of MAM's clients and their respective affiliates from time to time.

It is the Adviser's policy to seek to manage conflicts of interest fairly and to ensure ongoing compliance with regional regulatory expectations for identifying, preventing, managing, recording, and monitoring conflicts of interest, whether actual, potential, or perceived. It is not always possible to remove conflicts and, when this situation arises, the General Partner will use reasonable efforts to manage such conflicts on a case-by-case basis in accordance with the General Partner's conflicts management procedures and through their disclosure, having regard to the General Partner's fiduciary duties, including referring such conflict to the Fund's Independent Directors. In addition, a conflict of interests between the Fund and investors in other MAM-Managed Entities may relate to or arise from, amongst other things, the nature of Investments made by the Fund vis-à-vis such Investments (or similar Investments) also being made by other MAM-Managed Entities, constitutional and legal restrictions on permitted Investments, the structuring of the acquisition of Investments, the timing of disposition of Investments and the manner in which income and capital generated by other MAM-Managed Entities is distributed to investors (including the Fund).

The structuring of Investments and distributions may result in materially different returns being realized by different groups of investors. As a consequence, conflicts of interest may arise in connection with decisions made by other MAM-Managed Entities on the one hand and the Fund on the other.

The Adviser, its affiliates and Macquarie Capital (USA), Inc., an indirect subsidiary of Macquarie Group (formerly known as Delaware Distributors, L.P., the "**Placement Agent**") may receive payments from fund sponsors in connection with placement or other services that do not relate to the Fund. The Adviser and the investment professionals who, on behalf of the Adviser, manage the Fund's investment portfolio will be engaged in certain activities for other accounts, and may have conflicts of interest in allocating their time and activities among the Fund and the other accounts. The Adviser's investment professionals will devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

See "*Item 1A. Risk Factors—Risks Related to Potential Conflicts of Interest*" for more information on the conflicts of interest we may face.

**Allocation of Investment Opportunities**

MAM manages a number of other infrastructure funds and vehicles in Europe, the Americas, and Asia-Pacific, which have priority over or are likely to co-invest alongside the Fund with respect to certain asset classes. Multiple MAM-Managed Entities—which as of [●], number [●]—in numerous jurisdictions (such as the United States, Canada, Europe, Australia and the Asia-Pacific region) have investment priority over certain assets including infrastructure, agriculture, carbon assets, solar and wind.

In light of these existing priority schemes, the Fund may not be permitted to co-invest in certain investments alongside these MAM-Managed Entities. Co-investments made by the Fund at substantially the same time as other MAM-Managed Entities will be on substantively the same terms as such other MAM-Managed Entity (save in respect of any applicable tax, legal, regulatory, currency or other considerations); provided, that such terms may deviate to the extent that any material deviation in terms is disclosed to Investors. The General Partner may determine, in its absolute discretion, that co-investments are made at different times than other MAM-Managed Entities and the terms thereof will be determined by reference to circumstances prevailing at the relevant time.

METI US does not have the exclusive unconditional right to any investment opportunity. Accordingly, Macquarie is under no obligation to offer investment opportunities to METI US and may choose to allocate all or any part of any opportunity to other MAM-Managed Entities or any business in which Macquarie has invested, in accordance with its allocation policy. Members of Macquarie Group may, from time to time, be presented with investment opportunities (including any related to co-invest opportunities) that fall within the investment objectives of other members of Macquarie Group, the Fund, other MAM-Managed Entities and third parties. Situations where an investment may be shared or allocated away from METI US may also arise as a result of the fact that the General Partner and its Affiliates have the ability to, and are expected to, form, sponsor, and/or manage other limited partnerships or pooled investment vehicles, including funds that are for Macquarie's own account or managed by Macquarie for the account of another. Unitholders should expect that not all of the investment opportunities suitable for METI US will be presented to METI US, and investment opportunities that might otherwise fall within the investment objectives of METI US or its strategy will be allocated to MAM-Managed Entities (in whole or in part). In addition, certain MAM-Managed Entities have investment objectives, and a history of investing in investments that are a subset of, or overlap with the investment objectives of, METI US's investment program.

Additionally, Macquarie will generally determine the relative allocation of investment opportunities between METI US and MAM-Managed Entities on a basis that Macquarie believes in good faith to be fair and reasonable and consistent with Macquarie's allocation policy (which will be updated from time to time). See "*Item 1A. Risk Factors—Risks Related to Potential Conflicts of Interest—Allocation of Private Infrastructure Equity Investment Opportunities*" and "*—Allocation of Private Infrastructure Debt Investment Opportunities*" for more information.

**Leverage**

The Fund may borrow money to fund new investments, to satisfy redemption requests from Investors and to otherwise provide the Fund with liquidity. The Fund may also provide guarantees or other forms of security in respect of indebtedness incurred by it. While leverage presents opportunities for increasing total returns of and providing liquidity to the Fund, it can also increase the risk profile of the Fund, the volatility of returns and create greater potential for losses. Accordingly, any event which adversely affects the value of an investment would be magnified to the extent that leverage has been employed. The cumulative effect of the use of leverage in a market that moves adversely on a leveraged investment could result in a substantial loss, which would be greater than if leverage were not used.

There can be no assurance that suitable leverage facilities will always be available and a loss of, or reduction in, the availability of leverage, such as was experienced during the global financial crisis and European sovereign debt crisis, may have the effect of causing the Fund to reduce its overall investment exposure. Terms upon which leverage facilities are available may be subject to change.

Amounts borrowed by the Fund will be subject to interest costs, which will be at their respective expense, and, to the extent not covered by income attributable to the assets acquired, will adversely affect operating results. If the Fund defaults on secured indebtedness, the lender may foreclose and may be entitled to liquidate the assets pledged to secure the loan on such terms as the lender determines. As a result of any such default, the Fund could lose its entire investment in the security for such loan and Investors could suffer losses.

The Fund may make an investment using bridge financing or acquisition financing with the intention of refinancing a portion of the capital structure by using subscriptions from Investors or longer-term debt financing following the acquisition. There is no assurance that the Fund will successfully arrange such refinancing. Failure to refinance could result in increased risk and costs to the Fund, which could reduce Investors' net returns.

The Fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. A fund may be subject to greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. In addition, a lender may terminate or not renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell, withdraw or redeem certain investments at inopportune times, which may further depress returns; however, the Fund may not be successful in its attempts to do so.

Leverage may be used more heavily by certain investment strategies, particularly during the ramp-up period. Other than borrowings incurred solely to provide interim financing prior to the receipt of capital (and not for permanent or long-term financing with respect to Portfolio Entities or Fund expenses), the Fund does not intend to incur cash borrowings if such borrowings would cause the aggregate amount of recourse indebtedness for borrowed money incurred by the Fund to exceed 30% of the Fund's total assets, measured at the time of such borrowings. There is no limit on the amount the Fund may borrow with respect to Portfolio Entities or joint ventures, provided that such borrowing is not recourse to the Fund. During the initial ramp-up period of the Fund, its leverage may exceed the 30% target. The Fund may also exceed a leverage ratio of 30% at other times, particularly during a market downturn or in connection with a large acquisition. Additionally, the Fund may incur additional indebtedness for borrowed money that causes the leverage ratio to exceed 30% to the extent the General Partner expects at the time of each such incurrence that the leverage ratio will be reduced to less than or equal to 30% within twelve months from the date the leverage ratio initially exceeded 30%.

**Term**

The Fund has been established, and is expected to continue, for an indefinite period of time. As part of the Fund's perpetual term structure, investors may request the redemption of their Units on a quarterly basis (as further discussed below). See "*Item 1. Business—Redemption Program*" below for more information regarding redemptions.

**Emerging Growth Company**

We will be and we will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the 1933 Act, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Units that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("**Sarbanes-Oxley Act**"). We cannot predict if investors will find our Units less attractive because we may rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

**Distribution Reinvestment Plan**

Under the Fund's distribution reinvestment plan (the "**DRIP**"), all cash distributions paid by the Fund will be automatically reinvested in additional Units unless an Investor "opts out" (elects not to reinvest in Units). As a result, if the General Partner, in its sole discretion, declares a cash distribution, then the Investors who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional Units (a "**Reinvestment**"), rather than receiving such cash distribution. Distributions on fractional Units (whether made through the DRIP or paid in cash) will be credited to each participating Investor's account to three decimal places or paid in cash, as applicable. Units received through the DRIP will not be subject to the Early Redemption Deduction (as defined below). The number of Units issued pursuant to a Reinvestment will be based on the NAV of the relevant Class of Units as of the date of the Reinvestment. Units issued pursuant to the Fund's DRIP will have the same rights as the Units offered pursuant to the Fund's private placement memorandum.

No action is required on the part of a registered Investor to have his, her or its cash distribution reinvested in the Units. Investors can elect to "opt out" of the DRIP in their Investor applications (other than clients of certain participating brokers that do not permit automatic enrolment in the DRIP). Clients of certain participating brokers that do not permit automatic enrolment in the DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Units. If the Investor elects to opt out of the DRIP, it will receive any distributions the Fund declares in cash.

If any Investor initially elects not to participate in the DRIP, such Investor may at any point become a participant by completing and executing an enrolment form or distribution authorization form as may be available from the SS&C GIDS Inc. (the "**Transfer Agent**"). Participation in the DRIP will begin with the next distribution payable after acceptance of a participant's subscription, enrolment or authorization. Units will be purchased under the DRIP as of the first calendar day of the month following the record date of the distribution.

If an Investor seeks to terminate its participation in the DRIP, notice of termination must be received by the Transfer Agent five (5) Business Days in advance of the first calendar day of the next month in order for an Investor's termination to be effective for such month. Any transfer of Units by a participant to a non-participant will terminate participation in the DRIP with respect to the transferred Units. If a participant elects to have its Units redeemed in full, any Units issued to the participant under the DRIP subsequent to the participant's redemption submission will be considered part of the participant's redemption submission. If all Units are redeemed, the participant's participation in the DRIP will be terminated as of the Redemption Deadline, and any distributions to be paid to such Investor on or after such date will be paid in cash on the scheduled distribution payment date. For the avoidance of doubt, if an Investor's redemption request is pro-rated in a quarter, (1) the Investor will remain in the DRIP unless such Investor has "opted out" of the DRIP and (2) any Units held by the Investor with respect to the portion of the Investor's redemption request that remains unsatisfied will continue to receive distributions declared after the Redemption Date (as defined below), will be included as of the Redemption Date in the Fund's NAV and will continue to bear fees and expenses, including but not limited to Management Fees, the Management Allocation and servicing fees as of the Redemption Date.

There will be no Subscription Fees charged to the Investor for Units received pursuant to the DRIP, but the Units will incur any applicable Distribution and/or Servicing Fees. The Fund will pay the Transfer Agent fees under the DRIP. If the Investor's Units are held by a broker or other financial intermediary, the Investor may change its election by notifying its broker or other financial intermediary of its election.

Generally, whether an Investor takes distributions in cash or reinvests such amounts to purchase additional Units should not affect whether the Investor is subject to incremental tax at the time of such distribution; however, in certain cases, a distribution of cash may result in taxation. See "*Certain U.S. Federal Income Tax Considerations*." Investors may opt out initially, and thereafter may change their election at any time, by contacting the Transfer Agent. Units purchased by reinvestment will be issued at the most recently available NAV per Unit. There is no Subscription Fee or other charge for reinvestment, although the Distribution and/or Servicing Fee, if applicable, will apply. The Fund reserves the right to suspend or limit at any time the ability of Investors to reinvest distributions. The Fund may determine to do so if, for example, the amount being reinvested by Investors exceeds the available investment opportunities that the Adviser considers suitable for the Fund. Additional information regarding the reinvestment of distributions may be obtained by contacting the Transfer Agent.

**Redemption Program**

The Fund may, from time to time, provide liquidity to Investors by redeeming Units pursuant to the Fund's redemption program (the "**Redemption Program**"). Redemptions will be made at such times, in such amounts and on such terms as may be determined by the General Partner in its sole discretion and in accordance with the Fund's Partnership Agreement. In determining whether the Fund should redeem Units, the General Partner will consider relevant factors such as the timing of the redemptions, as well as a variety of operational, business, tax and economic factors.

The General Partner anticipates that the Fund will provide the option for Investors to redeem Units on a quarterly basis up to 5% of Units outstanding (by number of Units), with such redemptions to occur using a purchase price equal to the NAV per Unit as the last Business Day of each calendar quarter (each such date is referred to as a "**Redemption Date**"). The NAV per Unit for each class will generally be available around the 20th Business Day of the month following each Redemption Date (*e.g.*, the NAV for March 31st will generally be available around April 28th). Each redemption generally will commence approximately on the first Business Day of the second month of the applicable calendar quarter (*e.g.*, the redemption for the first quarter of the year will commence around February 1) and expire the last Business Day of the second month of the quarter (such date, the "**Redemption Deadline**"). Each redemption by an Investor must be made pursuant to a written redemption request submitted to the Fund and/or its agent on or before the Redemption Deadline. Investors that elect to redeem their Units will not know the price at which such Units will be redeemed until after the Redemption Date.

The Fund intends to generally provide payment with respect to the redemption proceeds no earlier than 60 calendar days, but within 65 calendar days, of each Redemption Deadline. Investors whose Units are accepted for redemption bear the risk that the Fund's NAV may fluctuate significantly between the time that they submit their redemption requests and the date as of which such Units are valued for purposes of such redemption.

If Investors request redeeming their Units in an amount that exceeds the 5% quarterly limitation in any calendar quarter, the Fund generally will redeem a pro rata portion of the Units presented by each Investor, subject to the Fund's ability to redeem all Units for which redemption has been requested due to death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Investor. However, the General Partner may, but is not obligated to, take any other action in its sole discretion as permitted by applicable law and the Fund's Partnership Agreement, such as extending the Redemption Deadline, if necessary, and increasing the amount of Units that the Fund will redeem. As a result, in any particular quarter, Investors requesting redemption of Units may not have all of such Units redeemed by the Fund. Additionally, the General Partner may choose to redeem fewer Units than have been requested in any particular quarter, or none at all, in its discretion at any time. In addition, the Fund may redeem Units of Investors if, among other reasons, the General Partner determines that such redemption would be in the interests of the Fund. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, Investors must resubmit their request in the next quarter. See "—*Mandatory Redemption*."

Options to redeem Units have commenced in the fourth quarter of 2025. However, the General Partner may make exceptions to, modify, amend or suspend the Redemption Program if it deems such action to be in the Fund's best interest and the best interest of Investors.

The Fund is not able to guarantee liquidity to Investors through redemptions. Redemptions principally will be funded by cash, cash equivalents or borrowings, as well as by the sale of certain liquid securities.

The Fund will not impose any charges in connection with redemptions of Units unless the Unit is held for less than one year. Redemption of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of the Units will be subject to an early redemption deduction equal to 5% of the value of the NAV of the Units being redeemed (calculated as of the Redemption Date) (the "**Early Redemption Deduction**"). The Early Redemption Deduction will be retained by the Fund and will be for the benefit of the remaining Investors. Units for which redemptions are requested will be treated as having been redeemed on a "first in-first out" basis. An Early Redemption Deduction payable by an Investor may be waived by the Fund in circumstances where the General Partner determines that doing so is in the best interests of the Fund.

**Mandatory Redemption**

The Fund may require an Investor to surrender and have all or any portion of its Units redeemed at any time, on 10 days' prior written notice, if the General Partner determines that it would be in the interest of the Fund for the Fund to redeem the Units. To the extent the Fund requires the mandatory redemption of any Units of any Investor, such redemption will not be subject to the redemption limits under the Redemption Program or the Early Redemption Deduction, unless otherwise determined by the General Partner in its sole discretion and in accordance with the Fund's Partnership Agreement, and such Investor's enrollment in the DRIP (if applicable) will be terminated as of the date of the redemption.

**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the General Partner, the Adviser or their affiliates pursuant to the terms of the Advisory Agreement and the Partnership Agreement. See "*Item 1. Business—Advisory Agreement*" and "—*Partnership Agreement*."

**The Private Offering**

The Fund conducts a continuous private offering of its Units in reliance on exemptions from the registration requirements of the 1933 Act to investors that are both (i) accredited investors (as defined in Regulation D under the 1933 Act) and (ii) qualified purchasers (as defined in the 1940 Act and rules thereunder). Units may be purchased as of the first Business Day of each calendar month based upon the immediately preceding month-end NAV per Unit (plus a Subscription Fee (as defined below), where relevant). For the avoidance of doubt, this Registration Statement does not constitute an offer, and an offering may only be made by the Fund's private placement memorandum.

**Reporting Obligations**

We will file our annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are filing this Registration Statement with the SEC under the Exchange Act to provide current public information to the investment community in anticipation of being required to register under Section 12(g) of the Exchange Act in the future, to comply with applicable requirements thereunder.

We intend to make available on our website, when available, our annual reports on Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K. The SEC also maintains a website (www.sec.gov) that contains such information. Our website will contain additional information about our business, but the contents of the website are not incorporated by reference in or otherwise a part of this Registration Statement.

From time to time, we may use our website as a distribution channel for material company information. Financial and other important information regarding us will be routinely accessible through and posted on our website.

**Certain U.S. Federal Income Tax Considerations**

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***The discussion of tax matters set forth in this Registration Statement was not intended to be used, and cannot be used by any prospective investor, for the purpose of avoiding penalties that may be imposed. Each prospective investor should seek advice based on its particular circumstances from an independent tax advisor.***

This summary discusses certain U.S. federal income tax considerations relating to an investment in METI US. This discussion is based on provisions of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), on the regulations promulgated thereunder and on published administrative rulings and judicial decisions now in effect, all of which are subject to change or different interpretation, possibly with retroactive effect. This discussion is necessarily general and may not apply to all categories of investors, some of which, such as banks, thrifts, insurance companies, dealers and other investors that do not own their Units as capital assets and investors required to accelerate the recognition of any item of gross income with respect to METI US or its Investment as a result of such income being recognized on an applicable financial statement, may be subject to special rules. U.S. tax-exempt Investors and Non-U.S. Investors (as defined below) are discussed separately below. The actual tax consequences of the purchase and ownership of Units in METI US will vary depending upon the investor's circumstances.

For purposes of this discussion, a "**U.S. Person**" or a "**U.S. Investor**" is an individual who is a citizen or resident of the United States, as determined for U.S. federal income tax purposes, a corporation or an entity treated as a corporation for such purposes that is created or organized in or under the laws of the United States, any state thereof or the District of Columbia, an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if (1) it is subject to the primary supervision of a court within the United States and one or more U.S. Persons have the authority to control all substantial decisions of the trust, or (2) it has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. Person. A "**Non-U.S. Person**" is a person that is not a U.S. Person. The Feeder will be treated as a partnership for U.S. federal income tax purposes and will invest in the Fund indirectly through one or more Non-U.S. Corporations. An investment in the Feeder by an Investor is not expected to give rise to either effectively connected income ("**ECI**") or unrelated business income tax ("**UBTI**").

If a partnership (or an entity treated as a partnership for U.S. federal income tax purposes) holds Units, the tax treatment of a partner will generally depend upon the status of the partner in the partnership and the activities of the partnership. Partners of a partnership holding Units in METI US should consult their own tax advisors. This discussion does not constitute tax advice and is not intended to substitute for tax planning.

**EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN INCOME TAX CONSEQUENCES OF THE PURCHASE AND OWNERSHIP OF INTERESTS IN METI US.**

**Partnership Status**

Subject to the discussion of "publicly traded partnerships" set forth below, a U.S. business entity (such as the Feeder and the Fund) that has two or more members and that is not organized as a corporation under federal or state law will generally be classified as a partnership for U.S. federal income tax purposes. The classification of an entity as a partnership for such purposes may not be respected for state or local tax purposes.

An entity that would otherwise be classified as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a "publicly traded partnership." An exception, referred to as the "Qualifying Income Exception," exists with respect to a publicly traded partnership if (i) at least 90% of such partnership's gross income for every taxable year consists of "qualifying income" and (ii) the partnership would not be required to register under the 1940 Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income.

The General Partner intends to manage the affairs of the Fund and the Feeder so that the Fund and the Feeder will either not be treated as a "publicly traded partnership" or meet the Qualifying Income Exception in each taxable year. However, the portion of the Fund's and the Feeder's income that is qualifying income may change from time to time, and there can be no assurance that at least 90% of the Fund's or the Feeder's gross income in any year will constitute qualifying income. No ruling has been or will be sought from the Internal Revenue Service (the "**IRS**"), and the IRS has made no determination as to the Fund's or the Feeder's status for U.S. federal income tax purposes or whether the Fund's or the operating subsidiary's operations generate "qualifying income" under Section 7704 of the Code.

If the Fund or the Feeder were to be recharacterized as a corporation for federal income tax purposes either because less than 90% of the Fund's or the Feeder's gross income for any taxable year consists of "qualifying income" or because the Fund or the Feeder were required to register under the 1940 Act, the Fund or the Feeder would be treated as if it had transferred all of its assets, subject to liabilities, to a newly formed corporation in return for stock in such corporation, and then distributed the stock to shareholders in liquidation. This deemed contribution and liquidation could result in the recognition of gain (but not loss) to U.S. Investors. If, at the time of such deemed contribution, the Fund or the Feeder were to have liabilities in excess of the tax basis of its assets, U.S. Investors generally would recognize gain in respect of such excess liabilities upon the deemed transfer. Thereafter, the Fund or the Feeder would be treated as a corporation for U.S. federal income tax purposes.

In addition, if the Fund or the Feeder were treated as a corporation in any taxable year, the Fund's or the Feeder's items of income, gain, loss, deduction, or credit would be reflected only on the Fund's or the Feeder's tax return rather than being passed through to Unitholders, and the Fund or the Feeder would be subject to U.S. corporate income tax. Distributions made to U.S. Investors would be treated as taxable dividend income to the extent of the Fund's or the Feeder's current or accumulated earnings and profits. Any distribution in excess of current and accumulated earnings and profits would first be treated as a tax-free return of capital to the extent of a U.S. Investor's adjusted tax basis in its Units. Thereafter, to the extent such distribution were to exceed a U.S. Investor's adjusted tax basis in its Units, the distribution would be treated as gain from the sale or exchange of such Units. The amount of a distribution treated as a dividend could be eligible for reduced rates of taxation, provided certain conditions are met.

The remainder of this summary assumes that the Fund and the Feeder will be treated as partnerships for U.S. federal tax purposes.

**Taxation of U.S. Investors**

Each U.S. Investor will be required to take into account, as described below, its distributive share of each item of the Fund's income, gain, loss, deduction and credit for each taxable year of the Fund ending with or within the U.S. Investor's taxable year. See "—*Allocations of Income, Gain, Loss and Deduction*" below. Generally, each item will have the same character and the same source (either U.S. or foreign), as though the U.S. Investor realized the item directly. U.S. Investors must report those items regardless of the extent to which, or whether, they receive cash distributions from the Fund for such taxable year. Moreover, the Fund may invest (directly or indirectly) in certain securities, such as original issue discount obligations or preferred stock with redemption or repayment premiums, or in stock of certain types of foreign corporations, such as a "controlled foreign corporation" or "passive foreign investment company" (each as defined below), that could cause the Fund, and consequently, the U.S. Investors, to recognize taxable income without receiving any cash. Thus, taxable income allocated to a U.S. Investor may exceed cash distributions, if any, made to such Investor, and no assurance can be given that the Fund will be able to make cash distributions to cover such tax liabilities as they arise, in which case such Investor would have to satisfy tax liabilities arising from any investment in the Fund from an Investor's own funds. Accordingly, the Investors should ensure that they have sufficient cash flow from other sources to pay all tax liabilities resulting from their ownership of Units. Investment in a "passive foreign investment company" could also, in the absence of a specific election, cause a U.S. Investor to pay an interest charge on taxable income that is treated as having been deferred. If the Fund's preparation of its return is delayed, it may be advisable for Investors to request extensions for filing their own income tax returns.

With respect to non-corporate Investors, certain dividends paid by a corporation, including certain qualified foreign corporations, may be subject to reduced rates of taxation (subject to holding period and other requirements). A qualified foreign corporation includes a Non-U.S. Corporation that is eligible for the benefits of specified income tax treaties with the United States. In addition, a Non-U.S. Corporation is treated as a qualified foreign corporation with respect to dividends received from that corporation on shares that are readily tradable on an established securities market in the United States. Non-corporate Investors will not be eligible for reduced rates of taxation on any dividends if the payor is a "passive foreign investment company" in the taxable year in which such dividends are paid or in the preceding taxable year. Prospective Investors should consult their own tax advisors regarding the application of the foregoing rules to their particular circumstances.

Medicare Tax

U.S. Investors that are individuals, estates or trusts are subject to a Medicare tax of 3.8% on "net investment income" (or undistributed "net investment income," in the case of estates and trusts) for each taxable year, with such tax applying to the lesser of such income or the excess of such person's adjusted gross income (with certain adjustments) over a specified amount. Net investment income includes net income from interest, dividends, annuities, royalties, rents and net gain attributable to the disposition of investment property. It is anticipated that net income and gain attributable to an investment in the Fund will be included in a U.S. Investor's "net investment income" subject to this Medicare tax.

Fund Distributions

Distributions of cash from the Fund to a U.S. Investor in any year will reduce the adjusted basis of the U.S. Investor's partnership interest by the amount of such cash distribution. To the extent such distributions exceed the adjusted basis of a U.S. Investor's partnership interest, such U.S. Investor will be treated as having recognized gain from the sale or exchange of such interest. In general, distributions (other than liquidating distributions) of property other than cash will reduce the adjusted basis (but not below zero) of a U.S. Investor's partnership interest by the amount of the partnership's adjusted basis in such property immediately before its distribution but will not result in the realization of taxable income to the Investor. For these purposes, a reduction in a U.S. Investor's share of the Fund's debt, including when a new Investor is admitted to the Fund, will result in a deemed cash distribution to the Investor in an amount equal to the reduction.

Basis

A U.S. Investor's adjusted basis in its partnership interest is, in general, equal to the amount of cash the U.S. Investor has contributed to the Fund, increased by the U.S. Investor's share of income and liabilities of the Fund and decreased by the U.S. Investor's proportionate share of cash distributions, losses and reductions in such liabilities. Each U.S. Investor will (subject to certain limits discussed below) be entitled to deduct its allocable share of the Fund losses to the extent of its tax basis in its partnership interest at the end of the tax year of the Fund in which such losses are recognized.

Allocations of Income, Gain, Loss and Deduction

Pursuant to the Partnership Agreement, items of the Fund's income, gain, loss and deduction are allocated so as to take into account the varying interests of the Investors in the Fund. Treasury Regulations provide that allocations of items of partnership income, gain, loss, deduction or credit will be respected for tax purposes if such allocations have "substantial economic effect" or are determined to be in accordance with the partners' interests in a partnership. The Fund believes that, for U.S. federal income tax purposes, allocations pursuant to the Partnership Agreement should be given effect, and the General Partner intends to prepare tax information returns based on such allocations. If the IRS were to redetermine the allocations to a particular U.S. Investor, such redetermination could be less favorable than the allocations set forth in the Partnership Agreement.

Limitations on Deductions

While the Fund is not intended as a "tax shelter," it is possible that losses and expenses could exceed the Fund's income and gain in a given year. The ability of an Investor to deduct such a net loss from its taxable income from other sources may be subject to a number of limitations under the Code. For example, each U.S. Investor will not be entitled to deduct its share of the Fund's losses in excess of its tax basis at the end of the tax year of the Fund in which such losses are recognized. Other limitations include the limitation on "tax-exempt use loss" under Section 470 of the Code, and for certain investors, such as individuals, the "at risk" rules of Section 465 of the Code and the disallowance of miscellaneous itemized deductions under Section 67 of the Code, limitations on interest deductions under Section 163 of the Code and the limitations on passive activity losses of Section 469 of the Code. Because of some of those limitations, it is possible that, if the Fund has losses and income from different types of activities, certain investors may not be able to use losses from the Fund to reduce income therefrom.

Organization, Management and Syndication Expenses

In general, neither the Fund nor any Investor may deduct organization or syndication expenses. An election may be made by a partnership to amortize organizational expenses over a 180-month period. Syndication fees (which would include any sales or placement fees or commissions), however, must be capitalized and cannot be amortized or otherwise deducted. The Management Fees paid to the Adviser (and similar fees paid to the investment advisers of the underlying investment funds in which the Fund holds interests), to the extent taken as a fee and not an allocation of Fund profits, will generally not be deductible (or if deductible, may be subject to limitations on deductibility).

Limitations on Deduction of Business Interest

Under current law, deductions for business interest expense (even if paid to third parties) in excess of the sum of a taxpayer's business interest income and 30% of the adjusted taxable income of the business, which is its taxable income computed without regard to business interest income or expense, net operating losses, depreciation, amortization or the pass-through income deduction described above, are disallowed. Business interest includes any interest on indebtedness related to a trade or business, but excludes investment interest, to which separate limitations apply.

Sale or Disposition of METI US Units

A U.S. Investor that sells or otherwise disposes of an interest in the Fund in a taxable transaction generally will recognize gain or loss equal to the difference, if any, between the adjusted basis of the interest and the amount realized from the sale or disposition. The amount realized will include the Investor's share of the Fund's liabilities outstanding at the time of the sale or disposition. If the Investor holds the interest as a capital asset, such gain or loss will generally be treated as capital gain or loss to the extent a sale of assets by the Fund would qualify for such treatment and will generally be long-term capital gain or loss if the Investor had held the interest for more than one year on the date of such sale or disposition, provided, that a capital contribution by the Investor within the one-year period ending on such date will generally cause part of such gain or loss to be short-term. In addition, if the capital contribution of a new Investor is distributed to the Investors (other than such new Investor), for U.S. federal income tax purposes such distributions may be treated as a taxable sale of a portion of their interests by Investors receiving such distributions. The Code provides for an election whereby the Fund could adjust the basis of its property upon distributions of partnership property to an Investor and upon transfers of the Units (including by reason of death). The General Partner has the discretion to determine whether or not to implement such election.

In the event of a sale or other transfer of an interest at any time other than the end of the Fund's taxable year, the share of income and losses of the Fund for the year of transfer attributable to the interest transferred will be allocated for U.S. federal income tax purposes between the transferor and the transferee on an interim closing-of-the-books basis, pro rata basis, or other reasonable method determined by the General Partner reflecting the respective periods during such year that each of the transferor and the transferee owned the interest.

Treatment as a Disguised Sale

Under Section 707(a) of the Code, a portion of the cash received by a U.S. Investor who redeems its Units pursuant to the Redemption Program may be treated as received pursuant to a disguised sale of a portion of such U.S. Investor's Units to the extent the redemption requests are funded by incoming subscriptions to the Fund, but the General Partner has not made a determination to so treat such amounts. Pursuant to such disguised sale, a U.S. Investor will recognize gain or loss equal to the difference, if any, between the amount realized on the payment for the portion of such Investor's redeemed Units deemed sold and the Investor's adjusted tax basis in such Units (see "—*Basis*" above). The amount realized will be measured by the portion of the cash treated as received pursuant to such disguised sale, plus the amount of the reduction in such Investor's share of the Fund's liabilities, if any, attributable to the redeemed Units deemed sold. Notwithstanding the foregoing, the application of Section 707(a) of the Code and related rules to the purchase of Units properly redeemed pursuant to the Redemption Program is complex and subject to significant uncertainty. There is no authority directly on point regarding the application of Section 707(a) of the Code and related rules to the manner in which the Fund will purchase Units from Investors. Accordingly, no assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of the positions described herein. Investors should consult their own tax advisors regarding the consequences of participating in the Redemption Program under Section 707(a) of the Code and related rules.

Gain or loss recognized by a U.S. Investor upon the disguised sale of Units generally will be taxable as capital gain or loss and will be long-term capital gain or loss if the Units were held for more than one year as of the date of the sale. Long-term capital gains recognized by individuals and certain other non-corporate taxpayers generally are subject to U.S. federal income tax at reduced tax rates. Short-term capital gains recognized by non-corporate taxpayers, and all capital gains recognized by corporate taxpayers, generally are taxed at ordinary income rates. Capital losses are subject to a number of limitations under the Code. Each U.S. Investor who acquired our Units at different times and intends to redeem pursuant to the Redemption Program all or a portion of our Units within a year of the most recent purchase should consult its own tax advisor regarding the application of certain "split holding period" rules to such sale and the treatment of any gain or loss as long-term or short-term capital gain or loss.

Treatment as a Distribution

To the extent payment received by a U.S. Investor who redeems its Units pursuant to the Redemption Program is not treated as received pursuant to a disguised sale of Units (as described above under "—*Treatment as a Disguised Sale*"), such payment will generally be treated as a distribution on the remaining Units, if any, held by a redeeming U.S. Investor. If the Fund purchases less than all of a U.S. Investor's Units, then the amount of such distribution will reduce, but not below zero, such Investor's adjusted tax basis in its remaining Units (see "—*Basis*" above). If the amount of such distribution to a U.S. Investor exceeds such Investor's adjusted tax basis in its Units, the excess generally will be taxable to the U.S. Investor as though it were a gain from a sale or exchange of the U.S. Investor's Units. Such gain generally will be treated as capital gain and will be long-term capital gain if the U.S. Investor's holding period for our Units exceeds one year. Notwithstanding the foregoing, the General Partner may elect to allocate specially for U.S. federal income tax purposes profits or losses to any redeeming Investor (including an Investor whose Units are only partially redeemed) to the extent that the amount of the Investor's tax basis attributable to such redeemed Units is greater or less than the amount the Investor receives on redemption and any such allocation may result in a redeeming Investor being allocated ordinary income in lieu of capital gain it would have been subject to upon redemption of its Units. No loss will be recognized by a U.S. Investor that redeems less than all of its Units pursuant to the Redemption Program. In general, any reduction in a U.S. Investor's allocable share of the Fund's liabilities (as determined for U.S. federal income tax purposes), if any, as a result of the U.S. Investor's sale of Units pursuant to the Redemption Program would be treated as a cash payment to the U.S. Investor, which could increase the U.S. Investor's gain under the foregoing rules, whether such gain is recognized by reason of part treatment as a disguised sale or part treatment as a distribution.

Foreign Tax Credit Limitations

U.S. Investors may be entitled to a foreign tax credit with respect to creditable foreign taxes paid on the income and gains of the Fund (or from such Investor's share of income and gains of an investment fund in which the Fund holds interests). Complex rules may, however, depending on each U.S. Investor's circumstances, limit the availability or use of foreign tax credits. In particular, gain recognized on the sale of a non-U.S. investment will generally be treated as U.S. source gain with respect to a U.S. Investor for foreign tax credit purposes and therefore a U.S. Investor may not be able to claim a credit for any foreign taxes imposed upon such sale unless such credit can be applied against tax due on other income treated as derived from foreign sources. Further, U.S. Investors will generally not be entitled to an indirect foreign tax credit with respect to foreign taxes paid by an entity in which the Fund invests that is treated as a corporation for U.S. federal income tax purposes. Capital gains realized by the Fund may be considered to be from sources within the U.S., which may effectively limit the amount of foreign tax credit allowed to the U.S. Investor. Certain losses arising from the Fund may be treated as foreign source losses, which could reduce the amount of foreign tax credits otherwise available.

Non-U.S. Currency Gain or Loss

The Fund may engage in transactions involving non-U.S. currencies, including non-U.S. currency hedging transactions, and the Fund and the U.S. Investors may experience foreign currency gain or loss with respect to the Investments. In general, subject to certain exceptions, non-U.S. currency gain or loss is treated as ordinary income or loss. U.S. Investors should consult with their individual tax advisors with respect to the tax treatment of non-U.S. currency gain or loss. Additionally, investors with a functional currency other than the USD are exposed to fluctuations in the USD foreign exchange rate. Investments in the Fund and distributions from the Fund will be denominated in USD and investors may incur transaction costs associated with the conversion of USD into their local currency.

Issues Relating to Foreign Corporations

U.S. Investors may be subject to special rules applicable to indirect Investment in foreign corporations, including those discussed below.

 

*Controlled Foreign Corporations.* If a U.S. Person, including any U.S. Investor, owns actually or constructively at least 10% of the voting stock or value of a foreign corporation, such U.S. Person is considered a United States shareholder (a "**United States Shareholder**") with respect to the foreign corporation. If United States Shareholders in the aggregate own more than 50% of the voting power or value of the stock of such corporation, the foreign corporation will be classified as a "controlled foreign corporation" (a "**CFC**"). For this purpose, each non-U.S. investment fund in which the Fund invests generally will be regarded as transparent, and the Fund will be deemed to own its proportionate share of any stock of a Non-U.S. Corporation that is owned directly or indirectly by such non-U.S. investment fund. If the Fund or a U.S. investment fund in which the Fund invests, as the case may be, owns an interest in a Non-U.S. Corporation, the Fund or such U.S. investment fund, as the case may be, will be treated as a United States Shareholder of any Non-U.S. Corporation in which its share ownership reaches this 10% threshold. If the corporation qualifies as a CFC at any time during the taxable year, the United States Shareholders of the CFC may be subject to current U.S. tax on certain types of income of the foreign corporation (*e.g.*, dividends, interest, certain rents and royalties, gain from the sale of property producing such income, certain income from sales and services and certain low-taxed foreign income), regardless of cash distributions from the CFC. In addition, gain on the sale of the CFC's stock by a United States Shareholder (during the period that the corporation is a CFC and thereafter for a five-year period) would be classified in whole or in part as a dividend. It is possible that one or more of the foreign corporations in which the Fund invests (directly or indirectly) may be classified as CFCs and that the Fund or an investment fund in which the Fund invests may be treated as a United States Shareholder. Regulations would allow U.S. Persons to look through the Fund for purposes of determining any current inclusions under the CFC rules, but would still require a portion of gain on sale to be classified in whole or in part as dividend income.

 

 

*Passive Foreign Investment Companies*. U.S. tax law contains special provisions dealing with "passive foreign investment companies" ("**PFICs**"). A PFIC is defined as any foreign corporation in which either (i) 75% or more of its gross income for the taxable year is "passive income" or (ii) 50% or more of its assets in any taxable year (by value) produce "passive income." There are no minimum stock ownership requirements for PFICs. Once a corporation qualifies as a PFIC with respect to a U.S. shareholder, it is, subject to certain exceptions, always treated as a PFIC with respect to such shareholder, regardless of whether it satisfies either of the qualification tests in subsequent years. If the Fund were to invest in a PFIC, any gain on disposition of stock of the PFIC as well as income realized on certain "excess distributions" by the PFIC, would be treated as though realized ratably over the shorter of a U.S. Investor's holding period of its Units or the Fund's holding period for the PFIC. Such gain or income would be taxed as ordinary income. In addition, an interest charge would be imposed on the U.S. Investor based on the tax treated as deferred from prior years. If the Fund were to invest in a PFIC and the Fund elected to treat its interest in the PFIC as a "qualified electing fund" (a "**QEF**") under the Code, in lieu of the foregoing treatment, such U.S. Investor would be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified fund, even if not distributed to the Fund or the Investors. In order to make such election, the PFIC must, among other things, supply the IRS with an information statement. If a non-U.S. portfolio entity is indirectly held by the Fund through its ownership in a U.S. investment fund in which the Fund holds interests, that U.S. investment fund (and not the Fund) must make a QEF election in order for the Fund's U.S. Investors to be subject to the tax treatment described immediately above. Recently proposed U.S. Treasury Regulations would require that a U.S. Investor, rather than the Fund, make the QEF election. These proposed regulations would generally apply prospectively to taxable years beginning on or after the date the proposed regulations are finalized, and any pre-existing QEF election made by the Fund (or any U.S. alternative investment vehicle treated as a partnership for U.S. federal income tax purposes) prior to that date would continue for any U.S. Investor that owns an interest in a PFIC through the Fund on the date the proposed regulations are finalized. Alternatively, an election may be made in the case of certain "marketable stock" to "mark to market" the stock of a PFIC on an annual basis. Pursuant to such an election, a U.S. Investor would include in income each year as ordinary income the excess, if any, of the FMV of the stock at the end of the taxable year over the Fund's adjusted basis and will be permitted an ordinary loss deduction in respect of the excess, if any, of the adjusted basis of the stock over its FMV at the end of the taxable year (but only to the extent of the net amount previously included in income as a result of the election). There can be no assurance that a company in which the Fund or an investment fund in which the Fund holds interests invests will not qualify as a PFIC, that a PFIC in which the Fund or an investment fund in which the Fund holds interests does invest will provide the information necessary for a QEF election to be made or that stock of a PFIC will qualify as "marketable stock." The Fund may seek to avoid investing directly in PFICs in order to streamline tax reporting to investors and may instead hold such entities through U.S. Corporations.

 

*Certain Reporting Requirements*. U.S. Investors may be subject to substantial penalties if they fail to comply with special information reporting requirements with respect to their investments in the Fund or the Feeder. In addition, U.S. Persons that own stock in foreign corporations, including CFCs and PFICs, are subject to special reporting requirements under the Code.

Taxpayers engaging in certain transactions, including certain loss transactions above a threshold, may be required to include tax shelter disclosure information with their annual U.S. federal income tax return. It is possible that the Fund or the Feeder may engage in transactions that subject the Fund or the Feeder and potentially its Investors to such disclosure. An Investor disposing of an interest in the Fund or the Feeder at a taxable loss may also be subject to such disclosure.

U.S. individuals (and possibly certain entities) must file certain information with their annual U.S. federal income tax return regarding interests they hold in foreign entities or accounts worth more than $50,000 on the last day of the taxable year or $75,000 at any time during the year. If the General Partner were to offer a structure where U.S. Investors own their investment in METI US through a non-U.S. entity, it is possible any such U.S. Investors would be subject to such information reporting. In addition, a separate obligation to file an annual Report of Foreign Bank and Financial Accounts (an "**FBAR**") applies to any U.S. Person who has a financial interest in, or signature or other authority over, non-U.S. financial accounts worth more than $10,000 at any time during the year. The FBAR regulations continue to reserve on the application of the FBAR rules to ownership by a U.S. Person of an interest in a foreign private fund entity. Depending on the nature of future guidance, if the General Partner were to offer a structure where U.S. Investors own their investment in METI US through a non-U.S. entity, it is possible any such U.S. Investors would also be subject to the FBAR filing requirements. Potential investors should discuss the application of the above rules with their own advisers in light of their individual circumstances.

Prospective U.S. Investors should consult their own tax advisors regarding the above reporting requirements.

Tax-Exempt Investors

Qualified pension, profit-sharing and stock bonus plans, educational institutions and other tax-exempt entities (including private foundations as discussed below) are generally subject to U.S. federal income taxation on their UBTI. Subject to certain exceptions described below, UBTI is defined as the gross income derived by such a tax-exempt entity from an unrelated trade or business (including a trade or business conducted by a partnership of which the tax-exempt entity is a partner), less the deductions directly connected with that trade or business. UBTI generally does not include dividends, interest, certain types of rents from real property and gain or loss derived from the sale of property (other than gain or loss derived from the sale of inventory and property sold to customers in the ordinary course of a trade or business). UBTI does include operating income from certain asset categories owned directly or through entities treated as transparent for U.S. federal income tax purposes. In addition, fee income actually received or deemed to be received by the Fund or the Investors (including any fee income that might be deemed to be received because, although paid to the Adviser, or its affiliates, such amount equal to the fees results in a reduction in the Management Fee) may be treated as UBTI in certain circumstances. The Fund intends to take the position that Investors do not share in fee income by virtue of such a reduction in Management Fee. The IRS may take a contrary view, however. If that view were ultimately sustained, U.S. tax-exempt Investors could be required to pay U.S. federal income tax on that income as UBTI.

If a tax-exempt entity's acquisition of an interest in a partnership is debt-financed, or a partnership incurs "acquisition indebtedness" that is allocated to the acquisition of a partnership investment, then UBTI may include a percentage of gross income (less the same percentage of deductions) derived from such investment regardless of whether such income would otherwise be excluded as dividends, interest, rents, gain or loss from sale of eligible property, or similar income. The Fund expects to incur debt either directly or through the investment funds in which the Fund invests, which could generate UBTI for U.S. tax-exempt Investors (given that generally debt incurred by a partnership is attributed to its partners). In addition, the Fund or the entities through which it invests may earn operating income that would be UBTI if earned by a U.S. tax-exempt Investor directly. Due to the anticipated operations of the Fund, it is possible that the Fund will incur income treated as UBTI. Each tax-exempt investor is urged to consult with its own tax counsel as to the U.S. federal income tax consequences as a result of incurring UBTI.

In order to mitigate the incurrence of UBTI for U.S. tax-exempt investors (and ECI for Non-U.S. Investors under the Foreign Investment in Real Property Tax Act of 1980 ("**FIRPTA**") as discussed below), the General Partner has formed the Feeder (Units of which are being offered through the Fund's private placement memorandum), which will be treated as a partnership for U.S. federal income tax purposes and will invest in the Fund indirectly through one or more U.S. and Non-U.S. Corporations. As a result, investors that invest through the Feeder will generally derive returns from such investments in the form of dividends or capital gain, which are generally excluded from UBTI so long as such investors' acquisition of interests in the Feeder is not debt-financed. Moreover, debt incurred by the Fund would generally be allocated to the Non-U.S. Corporation through which the Feeder invests in the Fund and not to its owners. Although it is possible that the IRS could seek to disregard the Feeder or any Corporation through which it invests in the Fund and apply the debt-financed property or other UBTI rules to tax-exempt investors, the Fund believes such treatment should not apply. A tax-exempt investor is not expected to incur UBTI solely by reason of an investment in the Feeder.

The Non-U.S. Corporation through which the Feeder invests will generally be subject to the U.S. federal income tax treatment described below under "Taxation of Non-U.S. Investors." Thus, gains from the sale of stock or securities generally are not subject to U.S. federal income tax and the exemption of interest income under the portfolio interest rules would apply to a Non-U.S. Corporation to the extent so described below. However, dividends and effectively connected income (including gains from the sale of United States real property interest) are subject to U.S. federal income tax. Significant amounts of the assets of the Feeder are expected to be held through one or more Corporations and significant incremental tax may be incurred from the use of such Corporations (including non-U.S. taxes). When determining whether to invest in the Fund through the Feeder, U.S. tax-exempt Investors (and Non-U.S. Investors) should consider the taxes imposed on the Feeder as compared to any tax on UBTI (or ECI) that may arise from the Investments.

If a U.S. tax-exempt Investor is not otherwise taxable under the UBTI provisions with respect to its Units in the Feeder (for example, as debt-financed income), it would not generally be subject to tax under the PFIC rules or the CFC rules. U.S. tax-exempt Investors should consult their own tax advisors as to the application of the above rules to their particular situations.

Certain Issues Pertaining to Private Foundations

In some instances, an investment in the Fund by a private foundation could be subject to an excise tax to the extent that it constitutes an "excess business holding" within the meaning of the Code. For example, if a private foundation (either directly or after taking into account the holdings of its disqualified persons) acquires more than 20% of the profits interest of the Fund (or 35%, if the private foundation does not directly or indirectly "control" the Fund), the private foundation may be considered to have an excess business holding unless at least 95% of the Fund's gross income is from passive sources within the meaning of Section 4943(d)(3)(B) of the Code and the private foundation does not own, through the Fund, an excess amount of the voting stock or equivalent in any business enterprise owned by the Fund.

Additionally, if a private foundation generates a substantial amount of UBTI, it may risk losing its tax-exempt status. Private foundations should consult their own tax advisors regarding the excess business holdings provisions and all other aspects of Chapter 42 of the Code as they relate to an investment in the Fund, including the level of UBTI that a private foundation may generate as a result of an investment in the Fund. Private foundations should consult their own tax advisors regarding the tax consequences of an investment in the Fund.

Certain tax-exempt investors may be subject to an excise tax if the Fund engages in a "prohibited tax shelter transaction" or a "subsequently listed transaction" within the meaning of Section 4965 of the Code. In addition, if the Fund engages in a "prohibited tax shelter transaction," tax-exempt investors may be subject to substantial penalties if they fail to comply with special disclosure requirements and managers of such tax-exempt investors may also be subject to substantial penalties. Although the Fund does not expect to engage in any such transaction, the rules are subject to interpretation and therefore there can be no assurance that the rules of Section 4965 of the Code will not apply to a tax-exempt Investor. Tax-exempt Investors should consult their own tax advisors regarding these rules.

**Taxation of Non-U.S. Investors**

General

Investments made by the Fund are generally expected to be held directly or indirectly through entities treated as corporations for U.S. federal income tax purposes. As a result, an investment in the Fund is generally not expected to give rise to substantial amounts of ECI. However, some Investments are expected to give rise to ECI under FIRPTA as discussed below. In addition, it is possible that one or more investment funds that the Fund holds interests in are engaged in a U.S. trade or business. In that event, any U.S. trade or business income allocated to the Fund by such investment funds could be allocated to the Investors. Thus, Non-U.S. Investors that invest in the Fund directly or through an entity that is transparent for U.S. federal income tax purposes should be aware that the Fund's income and gain from (as well as gain on the sale of Units in the Fund that is attributable to) U.S. investments is expected to be treated as effectively connected with the conduct of a U.S. trade or business under FIRPTA or as a result of the Fund's interests in other investment funds, and thus be subject to U.S. federal income tax (and possibly state and local income tax), even though such investor has no other contact with the United States.

The Fund expects to recognize gain from the sale of United States real property interests as a result of some of its Investments. Regardless of whether the Fund's activities constitute a trade or business giving rise to U.S. "effectively connected" income, under provisions added to the Code by FIRPTA, Non-U.S. Investors (other than certain qualified foreign pension funds and entities wholly owned by qualified foreign pension funds) are taxed on the gain derived from the dispositions of U.S. real property interests (including gain allocated to a Non-U.S. Investor upon a sale of such property interests by the Fund). A U.S. real property interest includes an interest in a U.S. real property holding corporation. Under FIRPTA, Non-U.S. Investors treat gain or loss from dispositions of U.S. real property interests as if the gain or loss were "effectively connected" with a U.S. trade or business and, therefore, are required to pay U.S. taxes at regular U.S. rates on such gain or loss. As a result, Non-U.S. Investors that receive income allocations from the sale of a U.S. real property interest may be required to file a U.S. federal income tax return and may be subject to U.S. federal income tax at regular U.S. rates on a sale, exchange, or other disposition of such U.S. real property interest. Generally, with respect to gain attributable to the Fund's sale of a U.S. real property interest that is allocated to a Non-U.S. Investor, the Fund will be required to withhold at the highest rate of income tax applicable to each Non-U.S. Investor based on the status of such Non-U.S. Investor. In addition, such gain allocated to an Investor which is a Non-U.S. Corporation may also be subject to an additional 30% branch profits tax, adjusted as provided by law (subject to certain exceptions and reduction by any applicable tax treaty).

Non-U.S. Investors may participate in the Fund through the Feeder or by coming directly into the Fund. The Feeder will invest in the Fund indirectly through one or more U.S. and Non-U.S. Corporations, which will be subject to corporate income tax and branch profits tax on ECI, and dividend withholding on non-ECI, as applicable. Significant amounts of the assets of the Feeder are expected to be held through one or more Corporations and significant incremental tax may be incurred from the use of such Corporations, including any income that is effectively connected with a U.S. trade or business (including the sale of a U.S. real property interest) that is allocated to a Non-U.S. Corporation through which the Feeder invests. Consequently, an investment through the Feeder may not reduce the U.S. federal income tax liability associated with an investment in the Fund but it is expected to reduce the administrative burdens associated with filing U.S. tax returns with respect to such an investment. In general, neither such Non-U.S. Corporation nor the Non-U.S. Investors who are not themselves engaged in a U.S. trade or business (or deemed to be engaged in a U.S. trade or business through an investment fund in which the Fund holds interests) will be subject to any U.S. tax with respect to gains from the sale of stock or debt securities held for investment, provided that such gains are not effectively connected to the conduct of a U.S. trade or business by the Fund. However, a non-resident individual present in the U.S. for 183 or more days in the taxable year of the sale, calculated by taking account a portion of the days such individual was present in the United States in the preceding two years, would be taxed by the U.S. on any such gain if either (a) such individual's tax home for U.S. federal income tax purposes is in the U.S., or (b) the gain is attributable to an office or other fixed place of business maintained in the U.S. by such individual. In addition, special rules would apply to dispositions of "United States real property interests" which include stock in a U.S. corporation 50% or more of the assets of which consist of U.S. real property. Special rules may also apply in the case of Non-U.S. Investors: (i) that have an office or fixed place of business in the U.S.; or (ii) that are former citizens of the U.S., CFCs, PFICs and corporations which accumulate earnings to avoid U.S. federal income tax. Such persons are urged to consult their U.S. tax advisors before investing in the Fund.

**Other Matters**

Indemnity; Reserves

Each Investor will be required to indemnify METI US for any withholding or other tax obligations imposed on METI US with respect to such Investor. METI US may reserve certain amounts otherwise distributable to Investors in light of such potential obligations. The amount of any taxes paid by METI US or entities in which METI US holds a direct or indirect interest and amounts withheld for taxes will be treated as distributions to such Investor to the extent determined by the General Partner to be appropriate.

Partnership Representative

The General Partner will act as or appoint the "partnership representative" of the Fund and the Feeder, with the authority, subject to certain restrictions, to act on behalf of the Fund and the Feeder in connection with any administrative or judicial review of items of the Fund's income, gain, loss, deduction or credit of the Fund and the Feeder, as applicable.

U.S. federal income tax audits of partnerships are conducted at the partnership level, and, unless a partnership qualifies for and affirmatively elects an alternative procedure, any adjustments to the amount of tax due (including interest and penalties) will be payable by the partnership. Under such alternative procedure, if elected, a partnership would issue information returns to persons who were partners in the audited year, who would then be required to take the adjustments into account in calculating their own tax liability, and the partnership would not be liable for the adjustments. If the Fund or the Feeder is able to and in fact elects this alternative procedure for a given adjustment, the amount of taxes for which such persons will be liable will be increased by any applicable penalties and a special interest charge.

There can be no assurance that the Fund or the Feeder will be eligible to make such an election or that it will, in fact, make such an election for any given adjustment. If the Fund or the Feeder does not or is not able to make such an election, then (1) the then-current Investors, in the aggregate, could indirectly bear income tax liabilities in excess of the aggregate amount of taxes that would have been due had the Fund or the Feeder elected the alternative procedure, and (2) a given Investor may indirectly bear taxes attributable to income allocable to other Investors or former Investors, including taxes (as well as interest and penalties) with respect to periods prior to such Investor's ownership of interests in the Fund or the Feeder. Accordingly, it is possible that an Investor will bear tax liabilities unrelated to its ownership of interests in the Fund or the Feeder. Amounts available for distribution to the Investors may be reduced as a result of the Fund's or the Feeder's obligations to pay any taxes associated with an adjustment.

The partnership representative of the Fund or the Feeder will be the only person with the authority to act on behalf of METI US with respect to audits and certain other tax matters and may decide not to elect (or may be unable to elect) the alternative procedure for any particular adjustment. In addition, the Fund, the Feeder and each Investor will be bound by the actions taken by the partnership representative on behalf of the Fund or the Feeder, as applicable during any audit or litigation proceeding concerning U.S. federal income taxes.

Prospective investors should consult their own tax advisors regarding all aspects of these rules as they affect their particular circumstances.

A tax return preparer may not sign a return without itself incurring a penalty unless either in its view each position taken on such return is more likely than not to be sustained if challenged by the IRS or such position is separately disclosed on the return. The Fund may adopt positions that require such disclosure, which may increase the likelihood the IRS will examine the Fund's tax returns, or may forgo otherwise valid reporting positions to avoid such disclosure, which may increase the tax payable by an Investor.

Taxes in Other Jurisdictions

In addition to U.S. federal income tax consequences, prospective investors should consider potential U.S. state and local and non-U.S. tax consequences of an investment in METI US in the state or locality in which they are a resident for tax purposes. An Investor may be subject to tax return filing obligations and income, franchise or other taxes, including withholding taxes, in jurisdictions in which METI US or the investment funds in which METI US holds interests operate. Income or gains from Investment held by METI US or investment funds in which METI US holds interests may be subject to withholding or other taxes in jurisdictions outside the United States, subject to the possibility of reduction under applicable treaties. Investors that wish to claim the benefit of an applicable income tax treaty may be required to submit information to tax authorities in such jurisdictions. Potential investors should consult their own tax advisors regarding the U.S. state and local and non-U.S. tax consequences of an investment in METI US.

FATCA

FATCA requires all entities in a broadly defined class of foreign financial institutions ("**FFIs**") to comply with a complicated and expansive reporting regime or be subject to a 30% U.S. withholding tax on certain U.S. payments, and requires non-U.S. entities which are not FFIs to either certify they have no substantial U.S. beneficial ownership or to report certain information with respect to certain U.S. beneficial ownership or be subject to a 30% U.S. withholding tax on certain U.S. payments. FATCA also contains complex provisions requiring participating FFIs to withhold on certain "foreign passthru payments" made to nonparticipating FFIs and to holders that fail to provide the required information. The definition of a "foreign passthru payment" is still reserved under current regulations; however, the term generally refers to payments that are from non-U.S. sources but that are "attributable to" certain U.S. payments. Withholding on these payments is not set to apply until two years after the publication of final regulations defining "foreign passthru payment" in the Federal Register. In general, non-U.S. investment funds, such as underlying entities in which METI US may invest, are expected to be considered FFIs. The reporting obligations imposed under FATCA require FFIs to enter into agreements with the IRS to obtain and disclose information about certain investors to the IRS, or, if subject to an IGA, register with the IRS and comply with the reporting regime of the IGA and any implementing legislation enacted hereunder. IGAs are generally intended to result in the automatic exchange of tax information through reporting by an FFI to the government or tax authorities of the country in which such FFI is domiciled, followed by the automatic exchange of the reported information with the IRS. If FFIs are unable to comply with the preceding reporting requirements, certain payments made to FFIs may be subject to a U.S. withholding tax, which would reduce the cash available to investors in METI US. These reporting requirements may apply to investors who are FFIs, or to Third-Party Funds or MAM-Managed Entities in which the Fund invests, and Macquarie will have no control over whether any Third-Party Fund or MAM-Managed Entity complies with the reporting regime. Such withheld amounts that are allocable to an Investor may, in accordance with the Partnership Agreement, be deemed to have been distributed to such Investor to the extent the taxes reduce the amount otherwise distributable to such Investor. Prospective investors should consult their own tax advisors regarding all aspects of FATCA as it affects their particular circumstances.

Certain Proposed United States Federal Income Tax Legislation

A number of items of legislation that have been proposed in the past could significantly alter certain of the U.S. federal income tax consequences of an investment in the Fund or the Feeder. It currently is uncertain whether any such proposed legislation (or similar legislation) will be enacted into law. Prospective investors should consult their own tax advisors regarding proposed legislation.

**Certain ERISA Considerations**

The following is a summary of certain considerations associated with an investment in the Fund by any (i) "employee benefit plan" (described in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) "plan" described in Section 4975 of the Code that is subject to Section 4975 of the Code (including, without limitation, an individual retirement account (an "**IRA**") and a "**Keogh**" plan), (iii) plan, fund, account or other arrangement that is subject to the provisions of any federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code (collectively, "**Other Plan Laws**"), and (iv) entity whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i), (ii) and (iii) pursuant to ERISA or other applicable law (each of the foregoing described in clauses (i), (ii), (iii) and (iv) referred to herein as a "**Plan**").

**General Fiduciary Matters**

ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan which is a "**Benefit Plan Investor**" within the meaning of Section 3(42) of ERISA and the regulations promulgated thereunder by the U.S. Department of Labor, as modified by Section 3(42) of ERISA (the "**Plan Asset Regulations**") and prohibit certain transactions involving the assets of a Benefit Plan Investor and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of a Benefit Plan Investor or the management or disposition of the assets of a Benefit Plan Investor, or who renders investment advice for a fee or other compensation to a Benefit Plan Investor, is generally considered to be a fiduciary of the Benefit Plan Investor. Benefit Plan Investor is generally defined to include (a) an "employee benefit plan" described Section 3(3) of ERISA that is subject to Title I of ERISA, (b) a "plan" described in Section 4975 of the Code that is subject to Section 4975 of the Code (including "Keogh" plans and IRAs), and (c) an entity whose underlying assets are considered to include "plan assets" of any of the foregoing described in clauses (a) and (b) by reason of an investment by such an employee benefit plan or plan in the entity (*e.g.*, an entity of which 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors and which does not satisfy another exception under ERISA).

In contemplating an investment in the Fund, each fiduciary of the Plan who is responsible for making such an investment should carefully consider, taking into account the facts and circumstances of the Plan, whether such investment is appropriate for the Plan and is consistent with the applicable provisions of ERISA, the Code or any Other Plan Law relating to a fiduciary's duties to the Plan, including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Other Plan Laws. Furthermore, absent an exemption, the fiduciaries of a Plan should not invest in the Fund with the assets of any Plan if the Fund, the General Partner or any of their respective affiliates is a fiduciary with respect to such assets of the Plan.

**Prohibited Transaction Issues**

Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons" within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the Benefit Plan Investor that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The fiduciary of a Benefit Plan Investor that proposes to purchase or hold any Units should consider, among other things, whether such purchase and holding may involve the sale or exchange of any property between a Benefit Plan Investor and a party in interest or disqualified person, or the transfer to, or use by or for the benefit of, a party in interest or disqualified person, of any assets of the Benefit Plan Investor. Depending on the satisfaction of certain conditions which may include the identity of the Benefit Plan Investor fiduciary making the decision to acquire or hold Units on behalf of the Benefit Plan Investor, Prohibited Transaction Class Exemption ("**PTCE**") 91-38 (relating to investments by bank collective investment funds), PTCE 84-14 (relating to transactions effected by a "qualified professional asset manager"), PTCE 95-60 (relating to investments by an insurance company general account), PTCE 96-23 (relating to transactions directed by an in-house asset manager), or PTCE 90-1 (relating to investments by insurance company pooled separate accounts) could provide an exemption from the prohibited transaction provisions of Section 406 ERISA and Section 4975 of the Code. It should be noted that these exemptions do not provide relief from the self-dealing prohibitions of Section 406 of ERISA or Section 4975 of the Code. Each of the above-noted exemptions contains conditions and limitations on its application. Fiduciaries of Benefit Plan Investors considering acquiring Units in reliance on these or any other exemption should carefully review the exemption in consultation with its legal advisors to assure it is applicable. There can be no assurance that any of the foregoing exemptions or any other class, administrative or statutory exemption will be available with respect to any particular transaction involving the Units.

**Plan Asset Issues**

An additional issue concerns the extent to which the Fund or a portion of the assets of the Fund could itself be treated as subject to the fiduciary responsibility and/or prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code. ERISA and Plan Asset Regulations concern the definition of what constitutes the assets of a Benefit Plan Investor for purposes of the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code.

Under ERISA and the Plan Asset Regulations, generally when a Benefit Plan Investor acquires an "equity interest" in an entity that is neither a "publicly-offered security" (within the meaning of the Plan Asset Regulations) nor a security issued by an investment company registered under the 1940 Act, the Benefit Plan Investor's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established either that less than 25% of the total value of each class of equity interest in the entity is held by Benefit Plan Investors within the meaning of the Plan Asset Regulations (the "**25% Test**") or that the entity is an "operating company" as defined in the Plan Asset Regulations.

For purposes of the 25% Test, the assets of an entity will not be treated as "plan assets" if, immediately after the most recent acquisition of any equity interest in the entity, less than 25% of the total value of each class of equity interest in the entity is held by Benefit Plan Investors, excluding equity interests held by persons (other than Benefit Plan Investors) with discretionary authority or control over the assets of the entity or who provide investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof.

Under the Plan Asset Regulations, a "publicly-offered security" is a security that is (a) "freely transferable," (b) part of a class of securities that is "widely held," and (c) (i) sold to the Benefit Plan Investor as part of an offering of securities to the public pursuant to an effective registration statement under the 1933 Act, and the class of securities to which such security is a part is registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the offering of such securities to the public has occurred, or (ii) is part of a class of securities that is registered under Section 12 of the Exchange Act.

The definition of an "operating company" in the Plan Asset Regulations includes, among other things, a "venture capital operating company" (a "**VCOC**"). Generally, in order to qualify as a VCOC, an entity must demonstrate on its "initial valuation date" (as defined in the Plan Asset Regulations) and annually thereafter that at least 50% of its assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors) are invested in operating companies (other than VCOCs) (*i.e.*, operating entities that (i) are primarily engaged directly, or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital or (ii) qualify as "real estate operating companies" ("**REOCs**") as defined in the Plan Asset Regulations) in which such entity has direct contractual management rights. In addition, to qualify as a VCOC an entity must, in the ordinary course of its business, actually exercise such management rights with respect to at least one of the operating companies in which it invests. Similarly, the definition of an "operating company" under the Plan Asset Regulations includes a REOC. Generally, in order to qualify as REOC an entity must demonstrate on its initial valuation date and annually thereafter that at least 50% of its assets valued at cost (other than short term investments pending long term commitment or distribution to investors) are invested in real estate which is managed or developed and with respect to which such entity has the right to substantially participate directly in the management or development activities. In addition, to qualify as a REOC an entity must in the ordinary course of its business actually be engaged directly in such real estate management or development activities. The Plan Asset Regulations do not provide specific guidance regarding what rights will qualify as management rights, and the U.S. Department of Labor has consistently taken the position that such determination can only be made in light of the surrounding facts and circumstances of each particular case, substantially limiting the degree to which it can be determined with certainty whether particular rights will satisfy this requirement.

We will not be an investment company under the 1940 Act. Accordingly, the General Partner will use commercially reasonable efforts to conduct the affairs of the Fund so that Fund's assets should not be deemed to constitute "plan assets" of any Investor which is a Benefit Plan Investor within the meaning of ERISA and the Plan Asset Regulations. In this regard, to the extent any class of our Units does not meet the "publicly-offered" securities exception under the Plan Asset Regulations, the Fund will use commercially reasonable efforts to satisfy another exception to the Plan Asset Regulations, including by qualifying as a VCOC or a REOC, and limiting investment by, or prohibiting investment from, Benefit Plan Investors in our Units, however no assurance can be given that this will be the case. In this respect (a) we may require any person proposing to acquire Units to furnish such information as may be necessary to determine whether such person is either (i) a Benefit Plan Investor or (ii) a person who has discretionary authority or control with respect to the assets of the Fund or provides investment advice for a fee (direct or indirect) with respect to such assets, or an affiliate of such a person and (b) we will have the power to (i) exclude any investor or potential investor from purchasing Units and (ii) prohibit any redemption of Units, and all Units will be subject to such terms and conditions.

**Plan Asset Consequences**

If the assets of the Fund were deemed to be "plan assets" of one or more Benefit Plan Investors within the meaning of ERISA and the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to Investments, and (ii) the possibility that certain transactions in which the Fund might seek to engage could constitute "prohibited transactions" under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the General Partner, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the Benefit Plan Investor any profit realized by the fiduciary on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%.

Fiduciaries of Benefit Plan Investors who decide to invest in the Fund could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Fund or as co-fiduciaries for actions taken by or on behalf of the Fund or the Adviser. With respect to an IRA that invests in the Fund, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status. In addition, if our assets are deemed to be "plan assets" under the Plan Asset Regulations, our management, as well as various providers of fiduciary or other services to us, and any other parties with authority or control with respect to us or our assets, may be considered fiduciaries under ERISA and Section 4975 of the Code, or otherwise parties in interest or disqualified persons by virtue of their provision of such services (and there could be an improper delegation of authority to such providers). In addition, ERISA generally provides that discretionary authority with respect to the management and disposition of the assets of a Benefit Plan Investor may be delegated to certain "investment managers" who acknowledge that they are fiduciaries of the Benefit Plan Investor. In such case, a fiduciary of a Benefit Plan Investor who has appointed an investment manager will generally not be liable for the acts of such investment manager. We do not expect to be an "investment manager" within the meaning of ERISA. Consequently, if the Fund's assets are deemed to constitute "plan assets" of any Investor which is a Benefit Plan Investor, the fiduciary of any such Benefit Plan Investor would not be protected from liability resulting from our decisions.

**The Feeder**

The Units issued by the Feeder are not expected to qualify as "publicly-offered securities" and it is possible that the Feeder may not satisfy the 25% Test, in which case the assets of the Feeder will constitute "plan assets" for purposes of the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code. However, the Feeder is intended to be structured as an intermediate vehicle for purposes of an investment in the Fund with limited discretion with respect to the investment, management and disposition of assets of Feeder. The Feeder will invest in the Fund indirectly through METI TE Blocker S.à r.l. ("**LuxCo**"), and is expected to fund its investment in LuxCo in part with equity and in part with convertible bonds. LuxCo is intended to be structured as an intermediate vehicle established solely for the purpose of the Feeder's indirect investment in the Fund. In this regard, when investing in the Fund through the Feeder, each investor will, by making a capital contribution to the Feeder, be deemed to (i) direct the general partner (or similar managing entity) of the Feeder to invest such capital contribution in the Fund indirectly through LuxCo on the terms described in this Registration Statement and acknowledge that during any period when the underlying assets of the Feeder and/or LuxCo are deemed to constitute "plan assets" for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA, Section 4975 of the Code or applicable Other Plan Law, the general partner (or similar managing entity) of the Feeder and LuxCo will act as a custodian with respect to the assets of such investor but is not intended to be a fiduciary with respect to the Feeder or LuxCo for purposes of Title I of ERISA, Section 4975 of the Code or any applicable Other Plan Law, (ii) represent that such capital contribution, and the transactions contemplated by such direction, will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or a violation of any applicable Other Plan Law and (iii) acknowledge and agree that during any period when the underlying assets of the Feeder and/or LuxCo are deemed to constitute "plan assets" subject to Title I of ERISA, in satisfaction of any "indicia of ownership" requirements, the general partner (or similar managing entity) of the Feeder and LuxCo will, or will cause an affiliate to, hold the counterpart of the signature page of the Feeder's Second Amended and Restated Agreement of Limited Partnership, as amended, restated, waived or otherwise modified from time to time (the "**Feeder Partnership Agreement**") and LuxCo's governing document in the United States. There can be no assurance, however, that the fiduciary responsibility and prohibited transaction provisions of ERISA, Section 4975 of the Code or applicable Other Plan Law will not be applicable to activities of the Feeder and/or LuxCo. In addition, the General Partner has not and does not intend to investigate the potential impact of the funding mechanics in any other jurisdiction. Investors are strongly encouraged to consult their own tax advisors as to the tax treatment of LuxCo and the convertible bond terms and tax consequences for investors of the Feeder.

**Governmental Plans and Non-U.S. Plans**

Certain Plans, such as governmental plans and non-U.S. plans, may not be subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, but may be subject to provisions of Other Plan Laws which may restrict the type of investments such a Plan may make, or otherwise have an impact on such a Plan's ability to invest the Fund. Accordingly, each Plan, including governmental and foreign plans, considering an investment in the Units should consult with their legal advisors regarding their proposed investment in the Units.

**Independent Fiduciaries with Financial Expertise**

This Registration Statement does not constitute an undertaking to provide impartial investment advice and it is not our intention to act in a fiduciary capacity with respect to any Plan. MAM, the General Partner, the Adviser and their respective affiliates (the "**Relevant Entities**") have a financial interest in investors' investment in Units on account of the fees and other compensation they expect to receive (as the case may be) from the Fund and their other relationships with the Fund as contemplated in this Registration Statement. Any such fees and compensation do not constitute fees or compensation rendered for the provision of investment advice to any Plan.

**Representation**

By acceptance of any class of our Units, each Investor will be deemed to have represented and warranted that either (i) the Investor is not, and is not investing on behalf of any Plan or (ii) (A) the purchase and holding of the Units by such investor will not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or a violation under any applicable Other Plan Laws and (B) it is advised by a fiduciary that is (a) independent of the Relevant Entities; (b) capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies contemplated in this Registration Statement; and (c) a fiduciary (under ERISA, Section 4975 of the Code or applicable Other Plan Law, as applicable) with respect to the Plan's investment in the Units, who is responsible for exercising independent judgment in evaluating the Plan's investment in the Units and any related transactions.

**Reporting of Indirect Compensation**

Under ERISA's general reporting and disclosure rules, certain Benefit Plan Investors subject to Title I of ERISA are required to file annual reports (Form 5500) with the DOL regarding their assets, liabilities and expenses. To facilitate a plan administrator's compliance with these requirements it is noted that the descriptions contained in this Registration Statement of fees and compensation, including the Distribution and/or Servicing Fee, the Management Fee payable to the Adviser and the Performance Allocation allocable to the General Partner or an affiliate, are intended to satisfy the disclosure requirements for "eligible indirect compensation" for which the alternative reporting option on Schedule C of Form 5500 may be available.

 ****

***The foregoing discussion is general in nature and is not intended to be all-inclusive. The sale of our Units to a Plan is in no respect a representation by us or any other person associated with the offering of our Units that such an investment meets all relevant legal requirements with respect to investments by Plans generally or any particular Plan, or that such an investment is appropriate for Plans generally or any particular Plan. Each Plan fiduciary should consult with its legal advisor concerning the considerations discussed above before making an investment in the Fund. As indicated above, Other Plan Laws governing the investment and management of the assets of a Plan that is not subject to ERISA or Section 4975 of the Code, such as governmental and non-U.S. plans, may contain fiduciary and prohibited transaction requirements similar to those under ERISA and Section 4975 of the Code. Accordingly, such Plans, in consultation with their legal advisors, should consider the impact of their respective laws and regulations on an investment in the Fund and the considerations discussed above, if applicable.***

**Item 1A.** **Risk Factors**

 

*The purchase of Units in METI US involves a high degree of risk that should be considered before making any investment. There can be no assurance that METI US' investment objectives will be achieved or that an investor will receive a return of the amount it invested. The possibility of partial or total loss of capital will exist and Unitholders must be prepared to bear capital losses that could result from investments. An investor should only invest in METI US as a part of an overall investment strategy and only if the investor is able to withstand a total loss of its investment. The following considerations, among others, should be carefully evaluated before making an investment in METI US, however, they should not be seen as an exhaustive list of potential risks or conflicts. Additional risks and uncertainties not currently known to METI US, or that have not been noted in this Registration Statement, also may have a negative or adverse effect, which could be material, on the performance of METI US and the value of the Units. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence or of their magnitude or significance. Prospective investors are urged to review this Registration Statement carefully and in its entirety and consult with their professional advisors before investing in the Units.* 

Capitalized terms used but not defined in "*Item 1A. Risk Factors*" have the meanings given to such terms elsewhere in this Registration Statement.

**General Risks**

**Investment Risk**

All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. To the extent that the Fund's portfolio (including the companies or funds in which Investments are made ("**Portfolio Entities**")) is concentrated in securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. The use of leverage by the Fund or any Portfolio Entities is likely to cause the Fund's average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

An investment in the Fund involves a high degree of risk, including the risk that the Investor's entire investment may be lost. The risk of an investment in the Fund is higher than an investment in a typical bank account or fixed income investment. No assurance can be given that the Fund's investment objective will be achieved. As such, in addition to the other risks disclosed in this Registration Statement, the Fund's performance depends upon the Adviser's selection of Investments, the allocation of offering proceeds thereto and the performance of the Investments, including those in the MAM-Managed Entities and any Third-Party Funds.

**Market Risk**

Market risks, including political, regulatory, market, fluctuations in the foreign exchange market, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value and liquidity of the Investments, which may become more difficult to value. In addition, turbulence and reduced liquidity in financial markets may negatively affect managers of MAM-Managed Entities and managers of Third-Party Funds, which could adversely affect the Fund. The growth investments that the Fund has exposure to are likely to have a broad correlation with stock markets in general. Stock markets can be volatile and have the potential to fall by large amounts over short periods of time. Poor performance or losses in domestic and/or global stock markets are likely to negatively impact overall performance. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or market may adversely impact issuers in a different country, region or market. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Investments. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and the aggressive measures taken in response by governments and businesses; geopolitical risks such as those arising from Russia's invasion of Ukraine, the ongoing conflict in Iran and other parts of the Middle East and other geopolitical conflicts; and economic consequences occasioned by fiscal tightening, widespread inflation and attempts to contain it, and possible recession in various countries. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. On August 29, 2024, Fitch Ratings, Inc. affirmed its U.S. debt rating at AA+ with a stable outlook, and noted that "[t]he U.S. standards of governance are also below its 'AA' rated peers." The impacts, if any, of the downgrade on financial markets are unknown at this time. The downgrade has potential market impacts, including steep stock market declines and rising bond yields.

**Limited Operating History**

The Fund has limited operating history upon which potential investors may evaluate past or future performance. Investors should draw no conclusions from the performance of any other Macquarie investments, and should not expect to achieve similar returns. Although potential Investments may have been identified as of the date of this Registration Statement, not all of those Investments may close, and those that close may not be representative of future Investments made by the Fund.

**Past Performance Not Indicative of Future Results**

The past performance of the portfolio investments of MAM-Managed Entities and Macquarie's balance sheet (the "**Macquarie Balance Sheet**") is not necessarily indicative of future results. With respect to unrealized or partially unrealized investments, forward-looking operating results will often be based on the judgment of the management team of the portfolio company, with adjustments to such forward-looking results made by the Adviser in its discretion. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. General economic conditions, which are not predictable, can have a material adverse effect on the reliability of such financial projections and the ultimate realized results could be materially different. There can be no assurance that the Fund will generate investment returns commensurate with the past performance of the investments made by MAM-Managed Entities or the Macquarie Balance Sheet. Among other factors, the past performance of individual portfolio investments does not reflect the management fees, performance allocation, taxes, transaction costs and other expenses to be borne by the Investors, which in the aggregate are expected to be significant.

**Available Information**

The Adviser and the Sub-Advisers monitor the performance of the Fund's Investments, as well as other pertinent developments regarding the Investments. The availability of certain information, however, may be limited due to the lack of transparency associated with certain Investments or strategies.

**Limitations on Transferability; Units Not Listed; No Market for Units**

The transferability of Units is subject to certain restrictions contained in the Partnership Agreement, as amended or supplemented and restated, from time to time, and is affected by restrictions imposed under applicable securities laws. Units are not listed on any securities exchange or traded on any public or other market. No market currently exists for Class S, Class D, Class I or Class E Units, and it is not anticipated that a market will develop. Although the Fund expects to provide the option to redeem no more than 5% of the outstanding Units quarterly, no assurances can be given that the Fund will do so. Consequently, Class S, Class D, Class I and Class E Units should only be acquired by Investors able to commit their funds for an indefinite period of time.

**Redemption Risks**

To provide liquidity to Investors, the Fund expects to, from time to time, redeem Units pursuant to written requests by Investors. There will be a substantial period of time between the date as of which Investors must submit a request to have their Units redeemed and the date that such Units are valued and that they can expect to receive payment for their Units from the Fund. The Fund may hold back up to 5% of redemption proceeds until after the completion of the Fund's audit for the fiscal year in which the applicable redemption is effected. Investors whose Units are accepted for redemption bear the risk that the Fund's NAV may fluctuate significantly between the time that they submit their redemption requests and the date as of which such Units are valued for purposes of such redemption.

The Fund is not able to guarantee liquidity to Investors through redemptions, as the Fund may be limited in its ability to liquidate its holdings in Portfolio Entities to meet redemption requests. Redemptions principally will be funded by cash, cash equivalents or borrowings, as well as by the sale of certain liquid securities. Accordingly, the Fund may need to suspend or postpone redemptions if it is required to dispose of interests in Portfolio Entities or other Investments and is not able to do so in a timely manner.

The Fund may be required to liquidate portfolio holdings earlier than the Adviser would have desired in order to meet redemption requests. Such necessary liquidations may potentially result in losses to the Fund, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates. If the Fund borrows to finance redemptions, interest on that borrowing will negatively affect Investors who do not request redemption of their Units by increasing the Fund's expenses and reducing any net investment income.

Substantial requests for the Fund to redeem Units could require the Fund to liquidate certain of its Investments more rapidly than otherwise desirable for the purpose of raising cash to fund the redemptions. This could have a material adverse effect on the value of the Units. In addition, substantial redemptions of Units may decrease the Fund's total assets and accordingly may increase its expenses as a percentage of average net assets. Finally, actions undertaken to obtain cash to fund a redemption may lead to the recognition of taxable income or gain for Investors that is disproportionately large to their participation (if any) in the applicable redemption. If Investors request redeeming their Units in an amount that exceeds the 5% quarterly limitation in any calendar quarter, the Fund may redeem a pro rata portion of the Units requested for redemption.

**No Knowledge of Purchase Price**

Prospective Investors will not know the NAV per Unit of their investment until after their subscription has been accepted. Prospective Investors will be required to subscribe for a dollar amount, and the number of Units that such Investor receives will subsequently be determined based on the Fund's NAV per Unit as of the end of the month immediately before such prospective Investor's subscription is accepted by the Fund (*e.g.*, a subscription for Units accepted by the Fund on September 1 of a calendar year will be based upon the NAV as of August 31 of that year, which NAV will generally not be available until around September 28 of that year). Prospective Investors will learn of such NAV and the corresponding number of Units represented by their subscription after the Fund publishes the NAV per Unit.

**Legal and Regulatory Risks**

Legal and regulatory changes that could occur may substantially affect the Fund and its Investments and such changes may adversely impact the performance of the Fund. The regulation of the U.S. and non-U.S. securities and futures markets has undergone substantial change in recent years and such change may continue. Greater regulatory scrutiny may increase the Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight also can impose administrative burdens and costs on the Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") and related regulatory developments established financial oversight standards and resulted in significant revisions to the U.S. financial regulatory framework and the operation of financial institutions. The Dodd-Frank Act includes provisions regarding, among other things, the comprehensive regulation of the over-the-counter derivatives market, the identification, monitoring and regulation of systemic risks to financial markets and the regulation of proprietary trading and investment activity of banking institutions. The continued implementation of the Dodd-Frank Act and other similar and follow-on regulations could affect, among other things, financial consumer protection, proprietary trading, registration of investment advisers and the trading and use of derivative instruments and, therefore, could adversely affect the Fund and its Investments. There can be no assurance that such regulation will not have a material adverse effect on the Fund and its Investments and no assurance that it will not increase transaction, operations, legal or regulatory compliance costs, significantly reduce the profitability of the Fund or impair the ability of the Fund to achieve its investment objective.

As of the date hereof, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. fiscal, tax, trade, healthcare, energy, immigration, foreign and government regulatory policy. Recent events have created a climate of heightened uncertainty and introduced difficult-to-quantify macroeconomic and geopolitical risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, tax rates, inflation, energy costs, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the White House implements additional changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, the U.S. regulatory environment, corporate taxes, inflation, healthcare, unemployment and immigration, among other areas. Until any additional policy changes are finalized, it cannot be known whether Investments or future investments may be positively or negatively affected, or the impact of continuing uncertainty.

**1940 Act Considerations**

The Fund currently relies upon the exclusion from the definition of "investment company" set out in Section 3(c)(7) of the 1940 Act. Reliance on Section 3(c)(7) of the 1940 Act requires, among other things, that each purchaser be a "qualified purchaser." A "qualified purchaser," as such term is defined in the 1940 Act, including the rules and regulations thereunder, includes a natural person who owns not less than $5 million in investments or a company, acting for its own account or the accounts of other qualified purchasers, that owns and invests on a discretionary basis not less than $25 million in investments, and certain trusts. The Fund's subscription documents and Partnership Agreements contain representations and restrictions on transfer designed to assure that the foregoing conditions are met. Further, the Fund has operated and intends to continue to operate such that neither the Fund nor any Parallel Funds nor other similar funds will be required to register as investment companies under the 1940 Act.

While not currently expected, in light of the Fund's perpetual structure, in the future, the General Partner may determine in its sole discretion for the Fund to seek to: (i) rely on a different exclusion from the definition of "investment company" under the 1940 Act; (ii) register as an investment company under the 1940 Act; or (iii) elect to be regulated as a business development company under the 1940 Act.

If the Fund were to rely on a different exclusion from the definition of "investment company" under the 1940 Act, it is possible a change in the value of the Fund's assets could cause the Fund to fall within the definition of "investment company" inadvertently. As a result, the Fund may need to structure its holdings and business operations in a different manner, including restricting or limiting the scope of its operations or the types of acquisitions that it may make, modifying its organizational structure and tax treatment, or acquiring or disposing of assets that it might not have otherwise. The Fund may incur additional costs and expenses and be subject to increased regulatory scrutiny as a result of such a change. Specifically, if the General Partner were to structure the Fund's holdings and business operations in such a manner that in the future it does not meet the definition of an "investment company" set out in Section 3(a)(1) of the 1940 Act, it is expected that the Fund's assets would primarily consist of majority-controlled Portfolio Entities or general partner or co-general partner interests in joint ventures (that in turn hold majority or primary control of Portfolio Entities). It is expected these joint ventures would generally be alongside MAM-Managed Entities and in cases where the Fund is a co-general partner of the joint venture, a MAM-Managed Entity may be the other co-general partner. In such cases the relative economic interests of the co-general partners are expected to vary from joint venture to joint venture and such MAM-Managed Entity may have certain governance rights that do not correspond with their economic interests on a pro rata basis.

Any adjustment in the Fund's business strategy, assets, tax treatment or other matters related to a change in the Fund's treatment under the 1940 Act could negatively impact the value of the Units. If we are required to register as an investment company under the 1940 Act, we would become subject to substantial regulation with respect to our capital structure (including our ability to use borrowings), management, operations, transactions with affiliated persons (as defined in the 1940 Act), and portfolio composition, including disclosure requirements and restrictions with respect to diversification and industry concentration, and other matters.

Compliance with the 1940 Act would, accordingly, limit our ability to make certain investments and require us to significantly restructure our business plan, which could materially adversely affect our NAV and our ability to pay distributions to our Investors.

**Enhanced Scrutiny and Potential Regulation of the Private Equity Industry**

The Fund's ability to achieve its investment objectives, as well as the ability of Macquarie to conduct its operations, is based on laws and regulations, which are subject to change through legislative, judicial, or administrative action and could be adversely affected by future legislative, judicial, or administrative action. There has been significant discussion recently regarding enhanced governmental scrutiny and increased regulation of the private investment fund and financial services industries. In the aftermath of the global financial crisis in 2008, there have been unprecedented legislative and regulatory actions taken by numerous governments and their agencies. This enhanced oversight and regulation, and the need for additional rulemaking by various governmental bodies, has created uncertainty in the financial markets, including the private fund industry. Many of the regulators to which the Fund, the Adviser, the General Partner, or their respective affiliates are expected to be subject globally, including governmental agencies and self-regulatory organizations, are empowered to conduct investigations and administrative proceedings that can result in fines, suspensions of personnel or other sanctions, including censure, the issuance of cease-and-desist orders or the suspension or expulsion of applicable licenses or members. Even if an investigation or proceeding did not result in a sanction or the sanction imposed against any of the Fund, the Adviser, the General Partner or their respective affiliates were small in monetary amount, the adverse publicity relating to the investigation, proceeding or imposition of these sanctions could harm the Fund, the Adviser, the General Partner or their respective affiliates' reputations, which may adversely affect the Fund's investment performance by hindering its ability to obtain favorable financing or consummate a potentially profitable investment. In light of the heightened regulatory environment in which Macquarie operates and the ever-increasing regulations applicable to private investment funds and their investment advisers, it has become increasingly expensive and time-consuming for Macquarie and its affiliates to comply with such regulatory reporting and compliance-related obligations. Any further increases in the regulations applicable to private investment funds generally or the Fund, the Adviser or the General Partner in particular may result in increased expenses associated with the Fund's activities and additional resources of Macquarie being devoted to such regulatory reporting and compliance-related obligations, which may reduce overall returns for investors in the Fund or have an adverse effect on the ability of the Fund to effectively achieve its investment objectives. Increased reporting, registration and compliance requirements may divert the attention of personnel and the management teams of the Adviser and may furthermore place the Fund at a competitive disadvantage to the extent that Macquarie is required to disclose sensitive business information.

Additionally, the SEC has proposed and enacted significant rules that will impact the business of the Fund. In particular, the SEC has adopted a number of new rules that impose significant changes on private fund advisers and their management of private funds, and the SEC is expected to propose or adopt additional rules in the future. Such current and future rulemaking is expected to materially impact the Fund and its Investments. In addition, the Fund is expected to bear significant increased costs as a result of such enacted and proposed rules, including costs related to investor reporting and disclosures. Significant time and resources are expected to be required to comply with the new regulations, which potentially will detract from the time and resources dedicated to the Fund. Certain rules are or may become subject to legal challenge from private fund industry groups and others, and to the extent such legal challenges are successful, investors will not be afforded some or all of the protections provided by these rules.

**SEC Examinations and Investigations**

There can be no assurance that the Fund, the Adviser, the General Partner or any of their affiliates will avoid regulatory examination and possibly enforcement actions in the future. Recent SEC enforcement actions and settlements involving U.S.-based private fund advisers have involved a number of issues, including, among others, failure to update Form ADV to report delivery of audited financial statements and the undisclosed (or insufficient disclosure of) allocation of fees, costs and expenses, including those related to co-investment transactions (*i.e.*, the allocation of deal expenses). Although Macquarie believes certain practices related to the foregoing and other general practices have been common historically among private fund advisers within the U.S. private funds industry, if the SEC or any other governmental authority, regulatory agency or similar body were to take issue with past or future practices of Macquarie, then Macquarie and its affiliates may be at risk for regulatory sanction. Even if an investigation or proceeding did not result in a sanction or the sanctions imposed against Macquarie were small in monetary amount, the Fund, the Adviser, the General Partner or their respective affiliates may be subject to adverse publicity relating to the investigation, proceeding or imposition of any such sanction. Any such investigations could be costly, distracting and time-consuming for Macquarie management. There is also a risk that regulatory agencies in the United States and beyond will continue to adopt new laws or regulations (including tax laws or regulations), or change existing laws or regulations, or enhance the interpretation or enforcement of existing laws and regulations.

**Absence of Regulatory Oversight**

The Fund is not registered, and does not intend to register, as an investment company under the 1940 Act or similar laws of any other country or jurisdiction and, accordingly, the provisions of the 1940 Act will not be applicable to the Fund.

In addition, neither the General Partner nor the Adviser is registered as a broker-dealer under the Exchange Act or with the Financial Industry Regulatory Authority ("**FINRA**") and, consequently, neither the General Partner nor the Adviser is subject to the record-keeping and specific business practice provisions of the Exchange Act and the rules of the FINRA, although the Fund will be subject to FINRA rules governing retail communications, which are subject to higher scrutiny. However, the Adviser is a registered investment adviser under the Advisers Act, and, consequently, is subject to the record-keeping, disclosure and other fiduciary obligations specified in the Advisers Act.

**Substantial Fees and Expenses**

An Investor in the Fund meeting the eligibility conditions imposed by the MAM-Managed Entities in which the Fund may invest or any Third-Party Funds, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could invest directly in those funds. In addition, by investing through the Fund, in addition to bearing a portion of the Management Fee, the Performance Allocation and other expenses of the Fund, an Investor in the Fund also will indirectly bear a portion of the asset-based fees, incentive allocations, carried interests or fees and operating expenses borne by the Fund as an investor in those MAM-Managed Entities or any Third-Party Funds (subject to the limited Management Fee reduction described below). In addition, to the extent that the Fund invests in a MAM-Managed Entity or a Third-Party Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. Each Third-Party Fund manager or MAM-Managed Entity manager receives any incentive-based allocations to which it is entitled irrespective of the performance of the other MAM-Managed Entities, the Third-Party Funds and the Fund generally. As a result, a MAM-Managed Entity or a Third-Party Fund with positive performance may receive compensation from the Fund, even if the Fund's overall returns are negative. The operating expenses of a MAM-Managed Entity or a Third-Party Fund may include, organizational and offering expenses; the cost of investments, including broker-dealer expenses; administrative, legal and internal and external accounting fees; research and other diligence-related expenses; and extraordinary or non-recurring expenses (such as litigation or indemnification expenses). It is difficult to predict the future expenses of the Fund.

**Dilution from Subsequent Offering of Units**

The Fund may accept additional purchases of Units as of the first Business Day of each calendar month. Additional purchases will dilute the indirect interests of existing Investors in the Fund's portfolio securities prior to such purchases, which could have an adverse impact on the existing Investors' interests in the Fund if subsequent investments underperform the prior investments.

**Valuation of the Investments**

The Adviser has general responsibility for determining, in accordance with the Valuation Procedures, the value of the Investments. The Fund may make Investments in, or receive as proceeds, assets for which it is difficult or impossible to obtain an accurate independent valuation (including, without limitation, due to the absence of readily ascertainable market values and comparables, and limited sources of useful valuation information). Assets will be valued pursuant to the Valuation Procedures. However, this involves a degree of judgment and may not always prove accurate. Such valuations may not reflect the price that the Fund would have received had their Investments actually been liquidated. There can therefore be no assurance that the valuations will, in fact, represent the actual value of the Investments or the amounts that could at such time, or may ultimately, be realized with respect to the Investments.

Due to such uncertainty as to valuation, Investors who redeem their Units at any given time may receive a redemption price that may reflect a NAV that is substantially greater or lesser than that which they would have obtained had the Fund actually been liquidated as of such date, with such disparity accruing to the benefit or detriment of Investors who did not obtain the redemption of their Units at such time. Similarly, Investors that are issued new Units at any given time may receive a greater or lesser number of Units for their respective contributions if the NAV is substantially greater or lesser than the Fund's actual liquidation value as of such date. Any Investors that are issued new Units may be required to bear liabilities incurred by the Fund, MAM-Managed Entities or Third-Party Funds prior to the date of their respective admissions to the Fund. If a number of existing Investors redeem all or a portion of their Units, such liabilities may concentrate and become significant.

Instances of fraud and other deceptive practices committed by the management of certain underlying assets may undermine due diligence efforts with respect to such assets, and if such fraud is discovered, negatively affect the valuation of Fund's investment. In addition, when discovered, financial fraud may contribute to overall market volatility which can negatively impact the Fund's investment program.

The MAM-Managed Entities in which the Fund may invest and Third-Party Funds may invest in certain securities and other financial instruments that do not have readily ascertainable market prices, and will be valued by their respective managers. In this regard, such MAM-Managed Entities and Third-Party Funds may face a conflict of interest in valuing the securities, as their value may affect such MAM-Managed Entities' and Third-Party Funds' compensation or its ability to raise additional funds. As part of its process for evaluating such MAM-Managed Entity or Third-Party Fund for purchase, the Adviser may review such funds' valuation process and related controls; however, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by such MAM-Managed Entities or Third-Party Funds, the accuracy of the valuations provided by the MAM-Managed Entities or Third-Party Funds, that the MAM-Managed Entities or Third-Party Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that such MAM-Managed Entities' or Third-Party Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. Moreover, the Adviser may not have sufficient information in order to be able to confirm or review the accuracy of valuations provided by such MAM-Managed Entities or Third-Party Funds.

A MAM-Managed Entity and a Third-Party Fund's information could be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Fund to sell, withdraw or redeem its interests in such MAM-Managed Entity or Third-Party Fund, the Fund may be unable to sell, withdraw or redeem such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the MAM-Managed Entity or Third-Party Fund's valuations of such interests could remain subject to such fraud or error, and the Adviser may discount the value of the interests or value them at zero.

Investors should be aware that situations involving uncertainties or errors as to the valuations by MAM-Managed Entities and Third-Party Funds could have a material adverse effect on the Fund if the Third-Party Funds' managers, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund.

**Valuations Subject to Adjustment**

The valuations reported by the Portfolio Entities based upon which the Fund determines its month-end NAV and the NAV of each class of Units may be subject to later adjustment or revision. For example, fiscal year-end NAV calculations of the Portfolio Entities may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the NAV of the Fund at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the redemption proceeds of the Fund received by Investors who had their Units redeemed prior to such adjustments and received their redemption proceeds, subject to the ability of the Fund to adjust or recoup the redemption proceeds received by Investors under certain circumstances as described in the Partnership Agreement. As a result, to the extent that such subsequently adjusted valuations from the Portfolio Entities adversely affect the Fund's NAV, the value of the outstanding Units may be adversely affected by prior redemptions to the benefit of Investors who had their Units redeemed at a NAV higher than the adjusted amount. Conversely, any increases in the NAV resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Units and to the detriment of Investors who previously had their Units redeemed at a NAV lower than the adjusted amount. The same principles apply to the purchase of Units. New Investors may be affected in a similar way.

**Accounting, Disclosure and Regulatory Standards**

The Fund intends to use accounting principles generally accepted in the United States of America ("**GAAP**") for the calculation of the Fund's net asset value for financial reporting purposes, the valuation of the Investments and the establishment of the Fund's audited annual report. The calculation of the Fund's transactional NAV for purposes of subscriptions, redemptions, calculation of Management Fee and the Performance Allocation and other purposes described herein (including with respect to the calculation of Organizational and Offering Expenses and servicing fees) will be made in accordance with the methodology set forth in the Fund's Valuation Procedures, which may differ in certain respects from the methodology required pursuant to GAAP. The Fund's accounting standards may not correspond to the accounting standards of other underlying entities, resulting in different financial information appearing on their respective financial statements. Information available to Investors in the Fund's audited annual report may differ from information available in the financial statements of underlying entities, including operations, financial results, capitalization and financial obligations, earnings and securities. Accounting, financial, auditing and other reporting standards, practices and disclosure requirements that are not equivalent to GAAP, may differ in fundamental ways. Differences may arise in areas such as valuation of assets, deferred taxation, contingent liabilities and foreign exchange transactions. Accordingly, information available to us that is not consistent with GAAP including both general economic and commercial information and information concerning specific Investments, may be less reliable and less detailed than information available in more financially sophisticated countries, which could adversely impact, among other things, the Adviser's due diligence and reporting activities and less information may be available to Investors. Assets and profits appearing on the financial statements of a company (including, for example, a company located in the People's Republic of China) may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with GAAP.

In addition, when making Investments in less developed countries, the Fund may not have access to all available information to determine fully the origination and underwriting practices utilized for the Investment or the manner in which the target company has been serviced and/or operated. As a result, the Adviser's due diligence activities may provide less information than due diligence reviews conducted in more developed countries. Although the Fund will endeavor to conduct appropriate due diligence in connection with each Investment, in the case of Investments in less developed countries, no guarantee can be given that it will obtain the information or assurances that an investor in a more sophisticated economy would obtain before proceeding with an Investment.

Furthermore, for a company that keeps accounting records in a currency other than U.S. dollars, inflation accounting rules in certain markets require, for both tax and accounting purposes, that certain assets and liabilities be restated on the company's balance sheet in order to express items in terms of a currency of constant purchasing power. As a result, financial data of prospective investments may be materially affected by restatements for inflation and may not accurately reflect actual value. Accordingly, the Fund's ability to conduct due diligence in connection with an investment and to monitor the investment may be adversely affected by these factors.

**Indemnification**

The Fund will be required to indemnify each director and officer of the Fund, the Adviser, the General Partner, any affiliate of the Adviser and/or General Partner, each officer, employee or agent of the Adviser and/or General Partner or any of their respective affiliates, the partnership representative (and any "designated individual" thereof with respect to the Fund), and executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any affiliate of the Adviser and its executors, heirs, assigns, successors or other legal representatives for liabilities incurred in connection with the affairs of the Fund and otherwise, as provided in the Partnership Agreement, except in the case of willful misfeasance, bad faith, gross negligence, intentional and material breach of the Fund's Partnership Agreement and the Feeder Partnership Agreement or the Investment Advisory Agreement, a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such indemnified party's office. Such liabilities may be material and have an adverse effect on the returns to the Investors. For example, in their capacity as directors of portfolio companies, the partners or affiliates of the Adviser may be subject to fraudulent transfer, derivative or other similar claims brought by shareholders or creditors of such companies. The indemnification obligation of the Fund would be payable from the assets of the Fund. It should be noted that the Adviser may cause the Fund to purchase insurance for the Fund, the Adviser, the Board and their employees, agents and representatives.

**Deployment of Capital**

In light of the nature of the Fund's continuous offering monthly in relation to the Fund's investment strategy and the need to be able to deploy potentially large amounts of capital quickly to capitalize on potential investment opportunities, if the Fund has difficulty identifying and investing in investments on attractive terms, there could be a delay between the time it receives net proceeds from the sale of Units and the time the Fund invests the net proceeds in its Investments. The Fund may also, from time to time, hold cash pending deployment into Investments, which cash may at times be significant, particularly at times when the Fund is receiving high amounts of offering proceeds and/or times when there are few attractive investment opportunities. Such cash may be invested in money market accounts or other similar temporary investments.

If the Fund is unable to find suitable investments, such cash may be maintained for longer periods which would be dilutive to overall investment returns. This could cause a substantial delay in the time it takes for an Investor's investment to realize its full potential return and could adversely affect the Fund's ability to pay regular distributions of cash flow from operations to Investors. It is not anticipated that the temporary investment of such cash into money market accounts or other similar temporary investments pending deployment into investments will generate significant interest, and Investors should understand that such low interest payments on the temporarily invested cash may adversely affect overall returns. If the Fund fails to timely invest the net proceeds of sales of Units, the Fund's results of operations and financial condition may be adversely affected.

**Broken Deal Expenses**

The Adviser may expend significant resources and may incur significant costs in relation to a potential investment for the Fund which does not proceed to completion. Such costs will be borne by the Fund and may not necessarily be recoverable, particularly if the Fund's bid for the investment is unsuccessful or if the investment is not completed in full for any other reason.

**Complexity**

The Investments may be governed by complex contractual arrangements which may, in case of legal dispute, lead to enhanced legal costs due to the nature and complexity of the agreements concerned.

**Concentration of Investments**

The number of Investments made by the Fund will be limited and, consequently, the Fund's returns may be substantially affected by the unfavorable performance of a single Investment. In addition, the MAM-Managed Entities and Third-Party Funds also may be concentrated in a limited number of companies and/or exclusively or primarily in a particular asset type or category, which may reduce the overall diversification of the Fund's portfolio and increase risk.

**Uncertainty of Targeted or Projected Returns**

The Fund will normally make investments based on estimates or projections of internal rates of return and current returns prepared by the target Portfolio Entity's management (with adjustments to such projections and estimates made by the General Partner in its discretion), which in turn are based on, among other considerations, assumptions regarding the performance of the Portfolio Entity and the manner and timing of dispositions, all of which are subject to significant uncertainty. In addition, events or conditions that have not been anticipated may occur and may have a significant effect on such projections and estimates and accordingly, the actual rate of return received upon the Investments. The Fund may make investments that have different degrees of associated risk.

**Distributions**

The Fund depends on distributions from Investments out of their earnings and cash flows to enable the Fund to make distributions to the Investors. Although some Investments may generate operating income, the full return of capital and the realization of gains, if any, will generally occur only upon the partial or complete disposal of an Investment. Additionally, income from some Investments will not be realized until a number of years after they are made. Prospective Investors should therefore be aware that they may be required to bear the financial risk of their investment for an indefinite period of time. Additionally, the Fund does not expect that it will have the ability to require an Investment to make distributions, and Investments may choose to reinvest their earnings, instead. As such, the Fund may fund distributions to Investors from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds (including from sales of Units).

The ability of investment vehicles to make distributions or pay dividends will be subject to various limitations, including, among other things, laws limiting the amount of funds available for the payment of dividends or distributions, and the terms and covenants of any relevant outstanding indebtedness, contract or agreement. For example, tests (based on interest coverage or other financial ratios, delinquency levels or other criteria) may restrict the distribution of cash flow from these Investments. There can be no assurance any such performance tests will be satisfied. Also, such investment vehicles may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower.

Financing providers will often receive current payments of principal and interest from financed assets at times when the factors enumerated above preclude distributions to the Fund. In addition, a decline in the credit quality of an Investment due to poor operating results, declines in the value of the collateral supporting such Investment or increases in defaults, among other things, may force investment vehicles to sell financed assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to the Fund for distribution to the Investors.

**Risks Related to the Adviser**

**Management Fee**

The Management Fee will be paid to the Adviser monthly in arrears. The Fund may incur borrowings and reduce distributable proceeds in order to pay the Management Fee. Any such borrowings may be on commercial terms and rates. However, the Fund does not pay the Adviser a management fee with respect to the Class E Units, nor does the Fund pay a servicing fee with respect to the Fund's outstanding Class E Units or Class I Units.

**Performance Allocation**

The Performance Allocation may create an incentive for the Adviser to cause the Fund to make investments that are riskier or more speculative than in the absence of the Performance Allocation. The Performance Allocation is based on both realized as well as unrealized appreciation; therefore, the Performance Allocation may be greater than if it were based only on realized gains.

The Performance Allocation will not be paid on Class E Units. The Performance Allocation, if any, is calculated and accrued on each date that the Fund calculates its NAV, thereby reducing the NAV of the Fund and the Units. The redemption price received by an Investor whose Units are redeemed will reflect a Performance Allocation accrual if the Fund has experienced Excess Profits through the date of redemption. However, the Fund will not accrue a Performance Allocation for any Reference Period unless it has fully recovered any cumulative losses from prior fiscal periods. This is known as a "High-Water Mark." A Performance Allocation accrual may subsequently be reversed if the Fund's performance declines. No adjustment to a redemption price will be made after it has been determined.

When Units are redeemed, or the Fund pays a dividend or a distribution, the amount of any cumulative loss will be reduced in proportion to the reduction in the Fund's assets paid in respect of such redemption or in respect of such dividend or distribution. The amount of any cumulative loss incurred by the Fund, however, will not be increased by any sales of Units (including Units issued as a result of the reinvestment of dividends and distributions). Consequently, as the number of outstanding Units increases, the per-Unit amount (but not the dollar amount) of a cumulative loss will be reduced. As a result, if an Investor does not reinvest its distributions, the benefits that such Investor would receive from a cumulative loss (if any) will be diluted. This means that an Investor's investment may bear a higher percentage Performance Allocation than it otherwise would.

The application of the Performance Allocation may not correspond to a particular Investor's experience in the Fund because aggregate cumulative appreciation is calculated on an overall basis allocated equally to each outstanding Unit. An Investor may not owe a Performance Allocation on its investment, even though the value of its investment has increased. For example, if an Investor were to acquire Units after the Investments resulted in a cumulative loss, the Investor would not owe a Performance Allocation until sufficient gains have been achieved to exceed such losses, despite the fact that the Investor will have experienced aggregate cumulative appreciation in respect of its Units. Conversely, an Investor may owe a Performance Allocation on its investment, even though the value of its investment has declined. For example, if an Investor were to acquire Units at a time when the Fund had Total Return to date for the Reference Period of 2% in excess of the High-Water Mark, but at the end of the Reference Period the Fund had Total Return of only 1% in excess of the High-Water Mark, the Investor would owe a Performance Allocation despite the fact that the value of its investment declined. In addition, when Units are issued at a NAV reduced by the accrued Performance Allocation, and such accrued Performance Allocation is subsequently reversed due to investment losses, the reversal will be allocated equally among all outstanding Units (increasing the NAV per Unit), including those Units whose purchase price had not itself been reduced by the accrued Performance Allocation being reversed.

**Limited Access to Information**

The Adviser undertakes no obligation to make any information provided to it by its Portfolio Entities to prospective Investors. Moreover, the Adviser may be contractually prohibited from providing such information to prospective Investors. Further, the Adviser undertakes no obligation to update or revise any information provided to prospective Investors, whether as a result of new information, future events or otherwise. While the Adviser will conduct due diligence on an investment, the Adviser undertakes no obligation to share such due diligence materials or findings with prospective Investors. Accordingly, prospective Investors are responsible for making their own assessment of the merits and risks of investing in the Fund, including by performing their own legal, accounting and tax analysis of this offering.

**Limited Due Diligence**

The Fund will complete reasonable and appropriate financial, commercial and legal due diligence prior to making an investment. However, due diligence processes involve subjective analysis and unaudited information provided by third parties, and thus there can be no assurance that all material issues will be uncovered. Moreover, investment analyses and decisions by the Adviser may frequently be undertaken on an expedited basis in order for the Fund to take advantage of available investment opportunities. In such cases, the information available to the Adviser at the time of the investment decision may be limited and may not be completely accurate or complete, and the Fund and the Adviser may not have access to detailed information regarding Investments that is necessary for thorough evaluation. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment.

**Reliance on Management**

The success of the Fund will be dependent on the Adviser and the Sub-Advisers to identify investment opportunities and implement their investment strategies and the skills and expertise of the investment professionals employed by the Adviser and the Sub-Advisers. A number of factors, including a departure of senior management, could adversely affect the ability of the Fund to implement its strategy. There can be no assurance that these key investment professionals will continue to be associated with the Adviser, the Sub-Advisers or MAM throughout the life of the Fund. In addition, the key investment professionals and others within MAM devote their time and attention to MAM and various investments and investment products of MAM. While certain investment professionals will devote such time as they believe is reasonably required to it, given the evergreen nature of the Fund, the composition of the team dedicated to it will change from time to time without notice to the Investors. Furthermore, while such investment professionals may continue to be associated with the Adviser, the Sub-Advisers or MAM, they may move between the different business groups within MAM and no longer be responsible for providing investment advice with respect to the Fund. Accordingly, the make-up of the pool of investment professionals (including, in certain circumstances, members of the Investment Committee with responsibility for the investment strategy of the Fund) may evolve over time. The loss of key personnel could have a material adverse effect on the Fund, including its ability to realize its investment objectives and may result in heightened numbers of Investors seeking a redemption of their Units, but will not result in the suspension or termination of the Fund's investment activities.

**Prior Employer Restrictions**

One or more of the current or future MAM employees associated with the Fund may be subject to restrictions on their activities arising from their prior employment arrangements (for example, to maintain the independence of the Fund's auditor, former employees of the auditor who retain a financial interest in the auditor or its affiliates may not be employed by the Adviser or a Portfolio Entity). While each employee will endeavor to comply with all of his or her legal obligations arising from such restrictions, there can be no assurance that prior employers may not seek to assert that the activities of such employees, the Adviser or the Fund violate such restrictions, and seek to enjoin such activities, seek damages or pursue other remedies against such employees, the Adviser or the Fund. Such assertions and enforcement activity may limit the Fund's investment activities and make it more difficult for it to achieve its investment objective. Such employees may also hold continuing interests in investments made by their prior employer.

**Reliance on Management of Portfolio Entity Managers**

Although the Adviser (or MAM, in the case of portfolio companies the Fund indirectly has exposure to through MAM-Managed Entities) will monitor the performance of each investment, the Fund will rely upon management to operate their Portfolio Entities, and the managers of the MAM-Managed Entities in which the Fund may invest and the Third-Party Funds to operate their funds, on a day-to-day basis. In addition, the Fund will rely upon management to provide information to them in respect of the cash flows, performance and projections of the borrowers or Portfolio Entity. As a result, the total returns to the Investors could be severely affected by any inaccuracy of the reporting of such information, the failure by management to properly report certain financial information or any improper or illegal activities of management.

**Disclosure of Confidential Information**

The Fund or the Adviser may be required by law or otherwise to disclose certain confidential information relating to an asset of the Fund or the Fund more generally. Such disclosure may affect the ability of the Fund to realize its investment in such asset, may affect the price that the Fund is able to obtain upon any subsequent realization or may otherwise adversely affect the Fund.

**Disclosure of Identity**

Under certain circumstances, the Fund or the Adviser may be required to disclose (i) certain information in respect of the identity of the Investors in the Fund, including beneficial owners of an Investor or (ii) other information regarding any Investor to any tax authority or other governmental agency to enable the Fund to comply with any applicable law or regulation or agreement with a governmental authority and may in addition disclose such information where the Adviser considers it necessary or desirable in connection with an investment or potential investment.

**Investment Structuring**

The Adviser may structure Investments using holding structures as the Adviser considers appropriate in light of the circumstances of the relevant investment. While the Adviser will endeavor to structure Investments for the benefit of Investors as a whole, investment structures may involve tax considerations that differ for each prospective Investor, and there can be no assurance that the structure used in respect of any particular investment will be tax efficient for any particular Investor. No undertaking or assurance is given that the Investors will be able to benefit from specific (or efficient) tax treatment in any jurisdiction, or that returns to the Investors will be unaffected by tax arising in relation to an investment structure. The use of such holding structures may create additional costs and increase risks due to changes in law, tax treaties and political developments that may adversely affect the return of Investors.

**Changes to the Investment Process**

The investment process described in this Registration Statement may be subject to change where required or prudent in the Adviser's discretion at any time without authorization by Investors, except as otherwise disclosed herein.

**Operational Risk**

Operational risk encompasses the risks of operating the Fund that are not classified as market, counterparty credit or liquidity risks. Operational risks are typically either endogenous or exogenous. Endogenous operational risks include the risk that inadequacies or failures in information systems, processes or internal controls, human errors or management failures may result in losses. Exogenous operational risks include the risk that changes in regulatory, fiscal, political and legal environments may result in losses.

The long-term profitability of the assets in which the Fund invest will be dependent upon the efficient operation and maintenance of such assets. Inefficient operations and maintenance may reduce returns to the Fund.

**Information Barriers and Confidentiality**

The Macquarie Group may come into possession of confidential, material non-public information ("**MNPI**") particularly in connection with its commercial and investment banking activities. MNPI is information not generally disseminated to the public that a reasonable Investor would likely consider important in making an investment decision.

The Macquarie Group, including the Adviser and the Sub-Advisers, has internal procedures in place intended to limit the potential flow of any such MNPI, such as information barriers. Should the Adviser or the Sub-Advisers come into possession of MNPI, they have procedures that prohibit trading activities based on such information by the Adviser or the Sub-Advisers for their clients and by their employees. The Adviser and the Sub-Advisers may not use MNPI obtained from any division of the Macquarie Group when making investment decisions for its clients. As a result of these procedures and prohibitions, the Fund may be precluded from purchasing or selling certain securities, which could have a detrimental effect on the Fund. There may be instances where members of the Adviser or the Sub-Advisers' senior management who are not involved in the investment process may be privy to MNPI about transactions or securities due to discussions with senior personnel from other departments within the Macquarie Group. However, when in possession of MNPI, such members of senior management may not participate or use that information to influence investment or trading decisions or securities; nor may they pass that information along to personnel within the Adviser or the Sub-Advisers involved in the investment process (*e.g.*, portfolio managers, research analysts and traders). There may also be periods during which the Adviser and the Sub-Advisers may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice given to the Fund in certain securities issued by or related to companies that the Macquarie Group is performing banking or other services, or companies in which the Macquarie Group has a proprietary position. As a result, the Fund may be precluded from purchasing or selling certain securities, which could have a detrimental effect on the Fund.

To maintain the integrity and independence of the Adviser and the Sub-Advisers' investment processes and decisions, including investment decisions or voting decisions, and to protect their decisions from undue influence that could lead to an investment decision or a vote other than in a client's best interests (including the Fund), Macquarie Group (including the Adviser and the Sub-Advisers) has adopted policies and procedures pertaining to safeguarding information and established formal informational barriers. The Adviser and the Sub-Advisers' information barriers include, where appropriate: information system firewalls; the establishment of separate legal entities; physical separation of employees from separate business divisions; written policies and procedures designed to limit the sharing of MNPI and confidential information (including training for employees on such policies and procedures). These information barriers are designed to limit influence and restrict the flow of information between Macquarie Group's specialist investment, advisory, sub-advisory, financial services business and the Adviser and the Sub-Advisers' investment professionals and to mitigate potential conflicts of interest. Examples of material conflicts of interest that could arise include, without limitation, circumstances in which: (i) members of the relevant investment committee may also at the same time be members of investment committees of other MAM-Managed Entities, alongside which the Fund may, from time to time, co-invest; (ii) personnel of the Adviser or the Sub-Advisers (including members of the relevant investment committee) may serve as nominee directors of Portfolio Entities on behalf of the Fund; (iii) members of the Investment Committee or the Sub-Advisers' investment committees may also at the same time be members of certain investment teams; and (iv) members of the Investment Committee, the Sub-Advisers' investment committees or of the Fund's investment teams may become privy to certain confidential information, including MNPI.

Depending on the nature of the conflict of interest and the circumstances presented, the Adviser or the Sub-Advisers may elect to take one or more of the following measures, or other appropriate actions:

● Recusing certain of the Adviser's and the Sub-Advisers' personnel from investment decisions or voting decisions;

● "Walling off" personnel with knowledge of the conflict in seeking to ensure that such personnel do not influence the relevant investment decisions or voting decisions;

● Limiting an activity or transaction for certain client accounts or funds, such as the Fund, other than the portfolio management team in possession of such information; or

● Otherwise precluding all or certain client accounts or funds, such as the Fund, from purchasing or selling certain securities.

As a part of MAM, the Adviser and the Sub-Advisers have adopted information barrier procedures given the potential conflicts and risks of sharing MNPI. These procedures include limitations on sharing of certain portfolio information with the Investment Committee so as to not restrict other investment teams not otherwise privy to such information. While such restrictions are necessary to limit the sharing of MNPI and to not inadvertently restrict other investment teams, such restrictions may have an adverse effect on the portfolio of the Fund. Although the Investment Committee will be privy to some information from each of the investment teams, the Fund's investment teams as a whole will not have transparency into each group's investment strategy or decision making. As a result, each of the respective investment teams may not have access to the full extent of information available to Macquarie Group to inform their decision making with respect to one or more investments. Further, there could be situations where different teams are taking different and potentially inconsistent approaches with respect to an investment or sector or investing in different levels of the capital structure. In particular, there could be situations where the relevant investment team makes a decision in relation to an investment (including whether to make such investment or to dispose or exit of such investment) that it would not have made had such investment team had access to the full information available to the other investments teams. As a result, this could result in the Fund not participating in a potentially advantageous investment opportunity or participating in a disadvantageous investment opportunity.

The Investment Committee will only be provided limited information on a pre-investment and, in some cases, on a post-investment basis. This may impact the ability of the Investment Committee to make informed investment decisions, where required to do so in lieu of the respective Sub-Advisers, as it will only have incomplete information in making decisions on portfolio allocation and liquidity management, and this may impact the performance of the Fund. The Fund may be inadvertently restricted to the extent of any exceptions to the Adviser and the Sub-Advisers' policies and procedures.

**Risks Related to the Investment Strategy and Portfolio Entities of the Fund**

Certain of the principal risks of the Fund's identified investment strategies and Investments are set forth below. For a description of the following strategies, see "*Item 1. Business—Investment Strategies*."

**Investment Strategy Risk**

To the extent the Fund's investment strategy evolves or otherwise changes over time, whether due to the evergreen nature of the Fund, in connection with evolving market conditions, or as a result of other factors, the Fund's portfolio may be materially different than anticipated and, as such, the Investments may have characteristics different than initially contemplated. As a result, Investors may achieve different economic outcomes than they otherwise would have achieved and the Fund may have a different portfolio of investments than it otherwise would have had had the Fund's investment strategy not evolved or otherwise changed over time.

**Interest Rate Risk**

The Fund will have exposure to interest rate risks, meaning that changes in prevailing interest rates could negatively affect the value of the Fund. In addition, changes to reference rates may impact the value of investments in the Fund. Over any defined period of time, the Fund's interest-bearing assets may be more sensitive to changes in market interest rates than the Fund's interest-earning liabilities, or vice versa. Factors that may affect market interest rates include inflation, slow or stagnant economic growth or recession, unemployment, money supply, monetary policies, international disorders and instability in domestic and foreign financial markets. The Fund expects that it will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other. In a changing interest rate environment, the Fund may not be able to manage this risk effectively. If the Fund is unable to manage interest rate risk effectively, the Fund's performance could be adversely affected.

**Concentration Risk**

Given that the Fund's assets will be concentrated in securities of companies in the energy and renewables, transportation, materials, waste, agriculture, circular economy, communication and digital infrastructure, industrial, utilities or social infrastructure sectors that the Adviser believes are facilitating the transition to new, more efficient and lower carbon economy and energy sources, such as solar, hydro, wind and geothermal energy or natural climate solutions, as well as the increasing electrification or decarbonization of products that have traditionally relied on fossil fuels, such as transportation, the Fund will be more susceptible to adverse economic or regulatory occurrences affecting this industry than a fund that is not concentrated in a single industry. While the Adviser will regularly monitor the concentration of the Fund's portfolio, concentration in any one region, country or asset type may arise from time to time. For example, at any given time, certain geographic areas or asset types may provide more attractive investment opportunities than others and, as a result, the Fund's investment portfolio may become concentrated in those countries or regions or in specific asset types.

To the extent there is a downturn affecting such industry or a specific country or region in which the Fund's portfolio is concentrated, this could increase the risk of defaults, reduce the amount of payments the Fund receives on its Investments and, consequently, could have an adverse impact on the Fund's financial condition and results and its ability to make distributions.

**Syndication Risk**

If the Fund makes an investment in a single transaction with the intent of refinancing or syndicating a portion of the investment, there is a risk that the Fund will be unable to successfully complete such a refinancing or syndication. This could lead to increased risk as a result of the Fund having an unintended long-term investment and reduced diversification.

**Investments will be Illiquid and Long-Term**

The investment objective of the Fund will involve making long-term investments, and may require the Fund to commit to sellers or government authorities that it will maintain long-term ownership in such investments, or to ongoing management of such investments by the Adviser or another member of the Macquarie Group. The market for many of the Investments is substantially less liquid than the market for publicly traded securities. Certain Investments may be subject to legal or contractual restrictions or requirements that limit the Fund's ability to transfer them or sell them for cash. The size or structure of the Fund's position in an investment may limit, delay or otherwise render difficult the disposal of such position. The disposal of investments held through any aggregating vehicle (including the Aggregator) may also require the agreement or consent of any Parallel Fund and/or METI International holding interests in such aggregating vehicle. Moreover, the operational requirements of an aggregating vehicle may result in the disposal of any investment so held requiring a lengthier time period than if such investment were held by an entity controlled solely by the Fund. As a result, such investments will generally be illiquid and may limit the Fund's liquidity and ability to generate liquidity from positions held in such aggregating vehicle. In addition, public sentiment and political pressures may affect the ability of the Fund to sell one or more of its Investments. The illiquidity of these investments may make it difficult for the Fund to sell such investments if the need arises and the sale process may require a lengthy time period. Consequently, the timing of cash distributions to Investors is uncertain and unpredictable. Investors should have the financial ability and willingness to accept the risks and lack of liquidity associated with an investment in a Fund of the type described herein.

If the Fund needs to sell all or a portion of its portfolio over a short period of time, it may realize value significantly less than the value at which it had previously recorded those investments. The sale of investments in equity securities will rely on the buyers' ability to finance acquisitions (potentially including the availability of leverage) and cash realizations may be delayed because of deferred consideration structures. No assurances can be given that all Investments will be able to be liquidated in a timely fashion.

If the Fund is dissolved, the Adviser (or the relevant liquidator) will attempt to reduce to cash and cash equivalents such assets of the Fund as the Adviser or such liquidator deems it advisable to sell, subject to obtaining fair value for such assets and any tax or other legal considerations, there can be no assurances with respect to the time frame in which the winding-up and the final distribution of proceeds to the Investors will occur. To the extent the Fund has invested directly in infrastructure assets at the time of its liquidation, is likely that the realization of those assets may take a considerable amount of time to achieve. Even once all of the Fund's residual assets have been realized (including by the sale of any underlying infrastructure) it may still be a considerable period of time before the liquidator can be comfortable that all residual liabilities have been discharged. In particular, this may include waiting out claim periods under the sale contracts for such infrastructure and further time may be required to complete the winding up of any entities through which the Investments were held. Accordingly, the amount of net proceeds that may be available for distribution to Investors as a result of the liquidation process and the timing of any such distributions will be impacted by a number of uncertainties such that it may take a considerable period of time after the Fund elects to dissolve before any net proceeds may be distributed to Investors.

**Borrowing**

The Fund may borrow money to fund new investments, to satisfy redemption requests from Investors and to otherwise provide the Fund with liquidity. The Fund may also provide guarantees or other forms of security in respect of indebtedness incurred by it. While leverage presents opportunities for increasing total returns of and providing liquidity to the Fund, it can also increase the risk profile of the Fund, the volatility of returns and create greater potential for losses. Accordingly, any event which adversely affects the value of an investment would be magnified to the extent that leverage has been employed. The cumulative effect of the use of leverage in a market that moves adversely on a leveraged investment could result in a substantial loss, which would be greater than if leverage were not used.

There can be no assurance that suitable leverage facilities will always be available and a loss of, or reduction in, the availability of leverage, such as was experienced during the global financial crisis and European sovereign debt crisis, may have the effect of causing the Fund to reduce its overall investment exposure. Terms upon which leverage facilities are available may be subject to change.

Amounts borrowed by the Fund will be subject to interest costs, which will be at their respective expense, and, to the extent not covered by income attributable to the assets acquired, will adversely affect operating results. If the Fund defaults on secured indebtedness, the lender may foreclose and may be entitled to liquidate the assets pledged to secure the loan on such terms as the lender determines. As a result of any such default, the Fund could lose its entire investment in the security for such loan and Investors could suffer losses.

The Fund may make an investment using bridge financing or acquisition financing with the intention of refinancing a portion of the capital structure by using subscriptions from Investors or longer-term debt financing following the acquisition. There is no assurance that the Fund will successfully arrange such refinancing. Failure to refinance could result in increased risk and costs to the Fund, which could reduce Investors' net returns.

The Fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. A fund may be subject to greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. In addition, a lender may terminate or not renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell, withdraw or redeem certain investments at inopportune times, which may further depress returns; however, the Fund may not be successful in its attempts to do so.

Leverage may be used more heavily by certain investment strategies, particularly during the ramp-up period. Other than borrowings incurred solely to provide interim financing prior to the receipt of capital (and not for permanent or long-term financing with respect to Portfolio Entities or Fund expenses), the Fund does not intend to incur cash borrowings if such borrowings would cause the aggregate amount of recourse indebtedness for borrowed money incurred by the Fund to exceed 30% of the Fund's total assets, measured at the time of such borrowings. There is no limit on the amount the Fund may borrow with respect to Portfolio Entities or joint ventures, provided that such borrowing is not recourse to the Fund. During the initial ramp-up period of the Fund, its leverage may exceed the 30% target. The Fund may also exceed a leverage ratio of 30% at other times, particularly during a market downturn or in connection with a large acquisition. Additionally, the Fund may incur additional indebtedness for borrowed money that causes the leverage ratio to exceed 30% to the extent the General Partner expects at the time of each such incurrence that the leverage ratio will be reduced to less than or equal to 30% within twelve months from the date the leverage ratio initially exceeded 30%.

**Investments in the Aggregator**

The Fund has acquired Investments and intends to acquire future Investments through the Aggregator, which it jointly owns with METI International. Decision makers of the Aggregator include members of the Investment Committee and members of METI International's investment committee, some or all of which may be the same over time or from time to time. Certain members may have competing priorities or have overlapping roles and responsibilities that may cause conflicts of interest in their decision-making process. The Aggregator is structured such that METI International and the Fund will have equal governance rights over the Aggregator regardless of each entity's economic interest in the Aggregator. Accordingly, even if the Fund owns a majority of the economics or equity in the Aggregator, both the Fund and METI International will have equal influence over the Aggregator's decision-making process. Where METI International has interests or requirements that do not align with those of the Fund, including in particular differing liquidity needs or desired investment horizons, conflicts could arise with respect to the manner in which the voting or governance rights with respect to the Aggregator are exercised, potentially resulting in an adverse impact on the Fund, including in disposing of such investment alongside the Fund at different times or on different terms and conditions as the Fund's disposition of such investment in light of applicable legal, tax, accounting, regulatory or other considerations. If either the Fund or METI International decides to exit an Investment when the other entity does not, either the Fund or METI International may have to elect to receive its interests in an Investment in kind or otherwise be forced to exit at an inopportune time. Furthermore, the General Partner may, in its sole discretion, determine to move direct Investments into the Aggregator, or investments held in the Aggregator out of the Aggregator such that the Fund holds the investment directly, if it determines that doing so is in the best interests of the Fund.

**Joint Ventures**

The Fund may make investments through joint ventures or other entities. Under these arrangements, co-venturers or partners may provide services to the Portfolio Entities through which investments are made, including acquisition-related services (such as sourcing, evaluating, structuring, due diligence and execution with respect to actual or potential investment opportunities) and management-related services with respect to such Portfolio Entities (including day-to-day asset management and oversight).

Third-Party Involvement

Investments structured in this way may give rise to risks related to such third-party involvement. These risks include the possibility that a co-venturer or partner may (i) commit fraud or other misconduct, (ii) become bankrupt or insolvent, (iii) have economic or business interests or goals that are inconsistent with those of the Fund, including by reason of differing structures for tax purposes, (iv) fail to perform its obligations with respect to the day-to-day operations of the joint venture and its underlying assets, including because of a lack of personnel or inadequate levels of expertise, or (v) be in a position to take action contrary to the Fund's policies or objectives or otherwise have certain rights with respect to Investments which may limit the Fund's ability to protect its position and make decisions with respect to its Investments. Furthermore, if a co-venturer or partner defaults on its funding obligations, it may be difficult for the Fund to make up the shortfall from other sources. In addition, the Fund may be liable for the actions of its co-venturers or partners. In addition, a co-venturer or partner may cause the investment to be reviewable by the Committee on Foreign Investment in the United States or another U.S. or other national security investment clearance regulator, might have economic or business interests or goals that are inconsistent or conflict with those of the Fund or could be in a position to take (or block) action in a manner contrary to the investment objectives of the Fund. Any of the above might subject the Fund to liabilities, thereby reducing its return on the investment with the relevant co-venturer or partner.

While the General Partner will attempt to limit the liability of the Fund by reviewing the qualifications and previous experience of co-venturers or partners, it does not expect to obtain complete financial information from, or to undertake private investigations with respect to, prospective co-venturers or partners. Moreover, the co-venturer or partner of the Fund may undergo a change of control, which could result in new management with less experience or with interests that conflict with those of the Fund. While the General Partner may seek to obtain indemnities to mitigate such risk, such efforts might not be successful.

Compensation Arrangements and Expenses

The compensation paid to co-venturers or partners, if any, could comprise various arrangements, including one or more of the following: (i) management or other fees, including, for example, origination fees and development fees payable to the co-venturer or partners (or the management team of the relevant Portfolio Entity), (ii) carried interest distributions and/or other profit sharing arrangements payable to the co-venturer or partners (or the management team of the relevant Portfolio Entity), including profits realized in connection with the disposition of a single asset, the whole relevant Portfolio Entity or a combination thereof and (iii) other types of fees, bonuses and compensation not otherwise specified above. Where the co-venturer or partner is a MAM-Managed Entity (which may include METI International), the Fund may be required to bear such fees, compensation or other expenses of such MAM-Managed Entity charged or otherwise incurred in relation to such joint venture and/or any operating company or platform, including services performed by employees of such MAM-Managed Entity. In such case, the amount of any such fees, compensation or other expenses shall not be offset from or otherwise reduce the Management Fee or the Performance Allocation. In addition, co-venturers or partners (and/or their officers, directors, employees or other associated persons) could be permitted to invest in Fund and underlying funds, or in specific transactions on a no-fee/no-carry basis.

Investments made with third parties through joint ventures or other entities could also involve arrangements whereby the Fund would bear a disproportionate share of the expenses of the joint venture and/or relevant Portfolio Entity, as the case may be, including any overhead expenses, management fees or other fees payable to the co-venturer or partner, employee compensation, diligence expenses or other related expenses in connection with backing the joint venture or the build out of the joint venture.

Joint Venture Governance Rights

The General Partner and its affiliates will generally seek to obtain substantial governance rights in such ventures. The Fund and other MAM-Managed Entities (including, but not limited to, METI International) may invest alongside third parties, including third-party funds unaffiliated with Macquarie. Where the Fund invests alongside one or more MAM-Managed Entity(ies), it is possible that, in certain cases, the governance rights of the relevant MAM-Managed Entity(ies) as shareholder, partner or other investor in such joint venture will exceed those of the Fund, regardless of the respective sizes of the stakes of the Fund and the relevant MAM-Managed Entity(ies) in such joint venture. Certain decisions relating to a joint venture will require the consent of any or all other co-venturers or partners, thereby reducing the control the General Partner and/or its affiliates are able to exercise, and thereby restricting their ability to protect the interests of the Fund. If the Fund is a minority venturer and/or partner in a joint venture, it may have limited or, in some cases no, influence on the management and investment decisions of such joint venture (and any Portfolio Entity such joint venture invests in or otherwise relates to) and may not always be in a position to effectively protect its interests. In certain circumstances, the Fund (or its subsidiaries or other vehicles through or in which it makes its Investments) will be required to waive governance or voting rights it would otherwise have as a result of its participation in an investment. In such case, the Fund and/or the General Partner will have limited, and in some cases no, influence on the management and investment decision of such investments and may not always be in a position to effectively protect its interests.

Limited Market for Joint Venture Investments

It may be more difficult for the Fund to sell its interest in any joint venture, partnership or entity with other owners than to sell its interest in other types of investments (and any such investment may be subject to a buy-sell right). The Fund may grant co-venturers or partners approval rights with respect to major decisions concerning the management and disposition of the investment, which would increase the risk of deadlocks or unanticipated exits from an investment. A deadlock could delay the execution of the business plan for the investment or require the Fund to engage in a buy-sell of the venture with the operating partner and other third party or conduct the forced sale of such Portfolio Entity or require alternative dispute resolution in order to resolve such deadlock. As a result of these risks, the Fund may be unable to fully realize its expected return on any such Portfolio Entity.

Exclusive JV Partner

In addition, it is possible that, from time to time, the Fund and/or Macquarie could enter into exclusivity, non-competition or other arrangements with one or more joint venture partners, operating partners or other third parties (each, an "**Exclusive JV Partner**") with respect to potential Investments in a particular geographic region or with respect to a specific industry or asset type pursuant to which the Fund and/or Macquarie, could agree, among other things, not to make investments in such region or with respect to such industry or asset type outside of its arrangement with such Exclusive JV Partner. Accordingly, there could be circumstances in which Macquarie could source a potential investment opportunity or be presented with an opportunity by a third party, and, as a result of such arrangements with an Exclusive JV Partner, the Fund could be precluded from pursuing such investment opportunity.

**Investment Opportunities**

The success of the Fund depends on the Adviser and Sub-Advisers' ability to identify and source appropriate investment opportunities, as well as the Fund's ability to acquire these investments. A reduction in the Adviser or Sub-Advisers' ability to source suitable investments or the number of suitable investments available may result in the Fund not being fully invested which will have a consequential impact on returns.

The availability of investments and the price of such investments will be affected by the degree of competition for such opportunities. Competitors may have financial and strategic resources significantly in excess of those of the Fund, may make competing offers for investment opportunities that are identified by the Fund and may be willing to offer terms more favorable than those offered by the Fund. Competition for investment opportunities may increase, thus reducing the number of opportunities available to the Fund and adversely affecting the terms upon which investments can be made. In addition, such competition may have an adverse effect on the length of time required to fully invest the Fund.

The Fund will have no priority over any member of the Macquarie Group, other MAM-Managed Entity (together with any successor funds thereof) or third parties in respect of any investment opportunity. As such, there cannot be any guarantee that the Fund will have access to suitable investment opportunities, which may have a consequential impact on returns.

MAM manages a number of other infrastructure funds and vehicles in Europe, the Americas, and Asia-Pacific, which have priority over or are likely to co-invest alongside the Fund with respect to certain asset classes. Multiple MAM-Managed Entities—which as of [•], number [•]—in numerous jurisdictions (such as the United States, Canada, Europe, Australia and the Asia-pacific region) have investment priority over certain assets including infrastructure, agriculture, carbon assets, solar and wind. Moreover, under certain circumstances, MAM has agreed to contractual obligations with one or more investors of MAM-Managed Entities that include, without limitation, providing such investors priority over certain co-investment or other investment opportunities.

**Project Finance**

Some of the Investments may be structured on a project finance basis. A project finance structure entails the assumption of "project risk" by equity investors such as the Fund, usually without recourse to a project sponsor. Such risk can include construction risk, regulatory risk, operating and technical risks, energy price risks, catastrophic and force majeure risks, risk of environment liabilities, documentation risks and commodity price risks. The Fund may also invest in some projects and facilities at an early stage of development. These projects involve additional uncertainties, including the possibility that the projects may not be completed, operating licenses may not be obtained, and permanent financing may be unavailable.

**Leveraged Portfolio Companies Risk**

The Fund may invest in investments the capital structure of which may have significant leverage. While investments in leveraged companies offer the opportunity for capital appreciation, such investments may also involve a high degree of risk. Although the Adviser will, and the Sub-Advisers may, seek to use leverage in a manner it believes is appropriate under the circumstances, the leveraged capital structure of such investments will increase the exposure of such investments to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of investments and may impair such investments' ability to finance future operations and capital needs and result in restrictive financial and operating covenants, including those that may prevent distributions to the Fund. These restrictive financial covenants may limit such investments' flexibility to respond to changing business and economic conditions. If an investment is unable to generate sufficient cash flow to meet principal and interest payments on its indebtedness or make regular dividend payments, the value of such investment could be significantly reduced or even eliminated. Moreover, the Fund may invest in securities that are not protected by financial covenants or limitations on additional indebtedness.

**Leverage Utilized by the Fund's Investments**

The MAM-Managed Entities and Third-Party Funds may use leverage. The use of leverage by the MAM-Managed Entities and Third-Party Funds can substantially increase the market exposure (and market risk) to which the Fund may be subject. The level of interest rates generally, and the rates at which the Fund and its Investments can leverage in particular, can affect their operating results.

**Risks Related to Warehousing**

Macquarie, MAM-Managed Entities or their affiliates may in the future hold or acquire Warehoused Assets and may contribute or sell such assets to the Fund, the Aggregator or their subsidiaries in kind, at or below cost or FMV as determined by the Adviser, plus related expenses, including transaction expenses, expenses of the transfer and a risk or similar premium calculated from the time the Adviser (or its affiliates) or the relevant MAM-Managed Entity (or its affiliates) entered into an agreement to acquire such Warehoused Asset to the time it is transferred to the Fund.

Each Warehoused Asset contributed in kind or sold to the Fund in exchange for cash or Units will be contributed or sold in compliance with procedures put in place to mitigate conflicts of interest and other related concerns, which will include, among other things, approval by the Independent Directors of the transfer terms and cost, for Warehoused Asset transactions that the General Partner determines to present to the Independent Directors.

Additionally, the Adviser expects that Macquarie may use its investments from MAM-Managed Entities or investments made by the Macquarie Balance Sheet, which may be acquired by the Fund directly or via the Aggregator, to continue to acquire Warehoused Assets after the date of the Initial Closing, and to contribute or sell such Warehoused Assets to the Fund, the Aggregator or their subsidiaries in kind, plus an interest rate or carrying cost charged from the time of acquisition to the time of transfer, to the Fund in exchange for cash or Units, in particular during the Fund's ramping period.

As a result, the Fund may pay more or less than the current market value of such assets when the Fund acquires them. Additionally, the Fund will bear its proportionate fees, costs and expenses in connection with developing, negotiating and structuring any Warehoused Asset that is transferred to the Fund. As a result, the Fund may pay additional costs in connection with acquiring Warehoused Assets from the Macquarie Balance Sheet or MAM-Managed Entities as compared to purchasing the assets directly. Furthermore, Macquarie Balance Sheet or MAM-Managed Entities have no obligation to transfer any Warehoused Asset in whole or in part to the Fund. Even if ultimately transferred to the Fund, there can be no guarantee that the performance of any such Warehoused Asset will be consistent with their past performance or continue at comparable or equal levels following their transfer to the Fund.

Additionally, the Fund may not be able to raise sufficient funds to purchase all of the Warehoused Assets. In that case, the Fund may determine to purchase some but not all of the Warehoused Assets. In that case, there is no guarantee that the assets the Fund purchases from the Macquarie Balance Sheet or the MAM-Managed Entities will ultimately be the best-performing assets of those available. The Fund may also borrow to obtain funds necessary to purchase the Warehoused Assets.

**Risks of Investments in Portfolio Entities**

The Portfolio Entities' investment activities involve the use of strategies and investment techniques with significant risk characteristics, including risks arising from national or international economic conditions, volatility in the global equity, currency, and infrastructure markets, shifts in macro-economic fundamentals, the risks of leverage, the potential illiquidity of securities and derivative instruments, the risk of loss from counterparty defaults and the risk of borrowing to meet withdrawal requests, as well as acts of God, uninsurable losses, war, terrorism, earthquakes, pandemics, hurricanes or floods and other factors which are beyond the control of the Fund or the Portfolio Entities. Although the Adviser will attempt to moderate these risks, no assurance can be given that: (i) the Portfolio Entities' investment programs, strategies, decisions and activities will be successful; (ii) the Portfolio Entities will achieve their return expectations; (iii) the Portfolio Entities will achieve any return of capital invested; (iv) the Fund's investment activities will be successful; or (v) Investors will not suffer losses from an investment in the Fund. All investments made by the Portfolio Entities risk the loss of capital. The Portfolio Entities' results may vary substantially over time. The Portfolio Entities may, to the extent permitted by applicable law, engage in certain transactions with Macquarie or MAM-Managed Entity, such as purchases and sales of portfolio assets. Although the Adviser periodically receives information from the Portfolio Entities regarding their investment performance and investment strategies, the Adviser may have little or no means of independently verifying this information. A Portfolio Entity may use proprietary investment strategies that are not fully disclosed to the Adviser, and such strategies may involve risks that are not anticipated by the Adviser. The managers of MAM-Managed Entities in which the Fund invests and Third-Party Funds may change their investment strategies (*i.e.*, may experience style drift) at any time. The performance of the Fund depends on the success of the Adviser in selecting Portfolio Entities for investment by the Fund and the allocation and reallocation of Fund assets among those Portfolio Entities. It is also possible that the securities selected by the Fund's Adviser will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Investment decisions of the Portfolio Entities are made by their respective managers independently of each other so that, at any particular time, one Portfolio Entity may be purchasing Units in an issuer that at the same time are being sold by another Portfolio Entity. Transactions of this sort could result in the Fund's directly or indirectly incurring certain transaction costs without accomplishing any net investment result. Because the Fund may make additional investments in or withdrawals from Portfolio Entities only at certain times due to restrictions imposed by the Portfolio Entities, the Fund may, from time to time, have to invest some of its assets temporarily in money market securities, money market funds, or other similar types of investments. Additionally, there is a risk that active management will increase the expenses of the Fund because of brokerage charges, spreads, or mark-up charges. Active trading could raise transaction costs, thereby lowering the Fund's returns, and could generate taxes for Unitholders on realized investment gains.

Portfolio Entities may permit or require that withdrawals or redemptions of interests be made in-kind, or in part in cash and in part in-kind. The Fund may receive securities that are illiquid or difficult to value upon its withdrawal of all or a portion of its interest in Portfolio Entities. In such a case, the Adviser would seek to have the Fund dispose of these securities in a manner that is in the interest of the Fund. In addition, some Portfolio Entities may impose so-called "gates," limiting the proportion of assets investors, including the Fund, may withdraw on any single withdrawal date. The purpose of the provision is to prevent a run on the Portfolio Entities, which could impair or cripple its operations, as a large number of withdrawals from the Portfolio Entities would force the manager of such Portfolio Entity to sell off a large number of positions. The Fund may otherwise not be able to withdraw from a MAM-Managed Entity or from a Third-Party Fund except at specified times, thereby limiting the Adviser's ability to withdraw assets from a Portfolio Entity that may have poor performance or for other reasons.

Portfolio Entities may have investment policies or restrictions that result in the MAM-Managed Entity or Third-Party Fund not being able to invest in an investment that the Fund would be permitted to invest in were it investing directly. For example, Portfolio Entities may focus on a specific geographic region or sector of the Energy Transition Industry, or may have investment guidelines that require it to invest a certain percentage of its assets in "sustainable" investments, whereas the Fund is permitted to invest globally, in broader types of Energy Transition Infrastructure Investments, and has not adopted similar investment guidelines regarding "sustainable" investments. Portfolio Entities also may be controlled by other investors that may have the ability to influence the investment policies and decisions of the Portfolio Entities, potentially to the detriment of the Fund.

**Use of Parallel and Feeder Vehicles, METI International**

Certain Investors may be permitted to invest through one or more feeder vehicles (including the Feeder) and/or one or more Parallel Funds (when formed).

Parallel Funds and the Fund may, but are not required to, hold some or all of their investments through one or more aggregating vehicles. Although not Parallel Funds, METI International and the Fund may, but are not required to, make and hold certain investments through the Aggregator. The Fund may be called upon to provide additional funding for its investment in the Aggregator or have an opportunity to increase its funding of the Aggregator. There can be no assurance or expectation that the General Partner on behalf of the Fund will make additional investments or that the Fund will have sufficient funds to do so. Any decision by the General Partner on behalf of the Fund not to make an additional investment or the Fund's inability to make an additional investment could result in dilution of the Fund as an investor in the Aggregator. As a result, the Fund's exposure to the investments held by the Aggregator could be diluted and its proportional entitlement to proceeds from and interest in the Aggregator may decrease, which could be dilutive to overall investment returns.

The Fund, any Parallel Fund, and/or METI International holding an interest in an aggregating vehicle (including the Aggregator) may contribute to such vehicle in different proportions from time to time for a number of reasons, including the capital available to such vehicle, investment restrictions applicable to such vehicle, liquidity requirements, portfolio construction and other investment or similar considerations. The indirect exposure of the Fund to an investment held by such aggregating vehicle at any given point in time is generally expected to reflect the overall percentage interest the Fund holds in such aggregating vehicle at such time. As a result, the indirect interest of the Fund in any specific investment held by such aggregating vehicle may not reflect its share of the aggregate contributions made to the aggregating vehicle in order to fund the acquisition of that specific asset.

**Litigation Risks**

As a global alternative asset manager whose broad range of businesses includes the management of direct and secondary private funds, hedge funds, real estate funds, credit-oriented funds, mutual funds, and private investment funds, as well as the provision of various financial advisory, restructuring and fund placement services, Macquarie is from time to time subject to litigation and claims relating to its businesses, as well as governmental and regulatory inquiries, investigations and proceedings. While it is difficult to predict what impact, if any, the foregoing may have, there can be no assurance that any of the foregoing, whether applicable to Macquarie generally or the Fund or the Adviser specifically, would not have a material adverse effect on the Fund and its ability to achieve its investment objectives. The financial performance of each of the Investments may be affected from time to time by litigation such as contractual claims, occupational health and safety claims, public liability claims, environmental claims, industrial disputes, tenure disputes and legal action from special interest groups. Different investor groups may have qualitatively different, and frequently conflicting, interests. The Fund's investment activities may include activities that are hostile in nature and will subject it to the risks of becoming involved in litigation by third parties. The expense of defending claims against the Fund by third parties and paying any amounts pursuant to settlements or judgments would be borne by the Fund and would reduce net assets and therefore reduce potential receipts from the Fund by Investors and could require Investors to return distributed capital and earnings to the Fund. Additionally, any litigation may consume substantial amounts of the Adviser's and its employees' time and attention, and that time and the devotion of these resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation.

The Adviser, its affiliates and its officers, directors, agents, partners and employees and any person nominated by it to be a director, officer or observer of any Portfolio Entity may be indemnified by the Fund in connection with claims, liabilities, costs and expenses incurred by them by reason of such litigation. Such indemnification, if invoked, may affect the financial performance of the Fund and the returns generated for Investors.

**Undiscovered Liabilities**

It is intended that most of the Investments will be structured through privately negotiated transactions where a certain level of protection can be obtained through contractual rights and due diligence. However, there can be no assurance that an investment does not carry with it a significant undisclosed liability which could have a material adverse effect on the value of that investment.

**Contingent Liabilities**

In connection with the disposition of an investment, the Fund may be required to make representations and warranties about the business and financial affairs of the investment typical of those made in connection with the sale of any business or may be responsible for the contents of disclosure documents under applicable securities laws. The Fund may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, which might ultimately have to be funded by the Investors. The Fund may become involved in disputes or litigation and may be required to make payments to third parties as a result of such disputes or litigation.

In addition, at the time of disposition of an individual asset, a potential buyer may claim that it should have been afforded the opportunity to purchase the asset or alternatively that such buyer should be awarded due diligence expenses incurred or statutory damages for misrepresentation relating to disclosures made, if such buyer is passed over in favor of another as part of the Fund's efforts to maximize sale proceeds. Similarly, buyers of the Fund's assets may later bring a claim against the Fund under various damage theories, including those sounding in tort, for losses associated with latent defects or other problems not uncovered in due diligence.

The Adviser, at any time in its sole discretion, may establish reserves for contingencies (including general reserves for unspecified contingencies). The establishment of such reserves will not insulate any portion of the Fund's assets from being at risk.

**Liability of the Fund, the Adviser, the General Partner and the Investors**

The General Partner has unlimited liability for all debts and obligations of the Fund. Except as provided below, the total liability of an Investor is limited to the amount of its investments. Any Investor's investment is susceptible to risk of loss as a result of any liability of the Fund. If the Fund is otherwise unable to meet its obligations, the Investors may, under applicable law, be obligated to return to the Fund or to creditors whose interests have been injured distributions previously received by them pursuant to any rules regarding fraudulent conveyances. In addition, an Investor may be liable under applicable bankruptcy law to return distributions made during the Fund's insolvency.

**Director Liability**

The Fund expects to obtain the right to appoint one or more representatives to the board of directors (or similar governing body) of the Portfolio Entities in which it invests. Serving on the board of directors (or similar governing body) of a Portfolio Entity exposes the Fund's representatives, and ultimately the Fund, to potential liability. Not all portfolio companies may obtain insurance with respect to such liability, and the insurance that portfolio companies do obtain may be insufficient to adequately protect officers and directors from such liability. In addition, involvement in litigation can be time consuming for such persons and can divert the attention of such persons from the Fund's investment activities.

**Recourse to All Assets**

The assets of the Fund, including any investments, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular assets, such as assets representing the Investment giving rise to the liability. This may result in the Fund disposing of assets it holds in order to satisfy liabilities arising from other assets.

**Follow-On Investments**

The Fund may be called upon to provide follow-on funding for its Investments or have an opportunity to increase its funding of an investment. There can be no assurance that the Adviser on behalf of the Fund will make follow-on investments or that the Fund will have sufficient funds to do so. Any decision by the Adviser on behalf of the Fund not to make a follow-on investment or the Fund's inability to make a follow-on investment may have a substantial negative impact on an investment in need of follow-on funding or may diminish the Fund's ability to influence the investment's future development.

**Investment Restructurings**

There may be material changes to the legal, tax or regulatory environment in which the Fund operates, which cause material adverse consequences for the Fund or require or make it advantageous for the Fund to restructure its investment holding structures.

Restructurings may involve the re-domiciliation, substitution or amendment of the terms of the agreement in respect of any investment subsidiaries or the holding or financing structures through which investments are held. The Adviser will generally have the right to effect any such actions in its sole discretion, although it will be under no obligation to do so. In such circumstances the Fund may incur additional costs and may result in changes to the tax treatment of the relevant investments or investment subsidiaries.

In the event of a restructuring that is implemented by the Fund, there is no assurance that such restructuring will serve to mitigate or avoid any materially adverse consequences to the Fund resulting from the material change that prompted such restructuring. Further, because the result of any such restructuring cannot be known in advance, such a restructuring could exacerbate the effects of such material change or cause new and unanticipated negative consequences that could materially and adversely affect the returns of the Fund.

**Consortium Participation**

The Fund may participate in investments within a consortium whereby the Fund will be one of a number of investors in the investment. There is a risk that if the other investors in the consortium, holding sufficient voting rights, vote for changes in the underlying business that have an adverse impact on the Fund's interest, the Fund may not be in a position to prevent the implementation of such change and should not be expected to have any substantive governance rights.

A consortium partner, including MAM-managed capital, may have economic or business interests that are inconsistent with those of the Fund. In certain circumstances it is possible that the Fund could be liable for the actions of other consortium members. Members of a consortium may agree to accept and impose restrictions on the transfer of interests in the assets or to grant and receive pre-emptive rights which may adversely impact the liquidity of the asset, corporate governance or flexibility in the management of the Fund. Members of a consortium may be subject to change of control provisions which require them to offer to sell the relevant asset to other consortium members in certain specified circumstances which may include where the ownership or control of the consortium member of its interest in the asset changes.

**Counterparty Risk**

It is expected that many of the Fund's target investment purchases and dispositions will transpire in private markets. Differing market standards for counterparty credit evaluation may expose the Fund to the risk that a counterparty will not complete or settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (irrespective of whether bona fide), counterparty default, or inability to perform, causing the Fund to suffer a loss. Such "counterparty" risk is accentuated for contracts with longer maturities or where the Fund has concentrated its transactions with a particular counterparty or group of counterparties. The Fund will not be restricted from dealing with any particular counterparty or from concentrating its transactions with one counterparty. In addition, although in the majority of its purchase and sale transactions the Fund expects to transact with well-capitalized credit-worthy counterparties, there can be no assurance that such will be the case in every transaction (or that the counterparties will perform their obligations).

The ability of the Fund to transact business with any one or a number of counterparties, the lack of any meaningful and independent evaluation of such counterparties' financial capabilities and the absence of a regulated exchange market to facilitate settlement may increase the potential for losses by the Fund.

Further, the Fund will be exposed to the risk that third parties that may owe the Fund money, securities or other assets will not perform their obligations. These parties include counterparties, clearing agents, exchanges, clearing houses, custodians, prime brokers, administrators and other financial intermediaries. These parties may default on their obligations to the Fund due to bankruptcy, lack of liquidity, operational failure or other reasons. This risk may arise, for example, from entering into swap or other derivative contracts under which counterparties have long-term obligations to make payments to the Fund, or executing securities, futures, currency or commodity trades that fail to settle at the required time due to non-delivery by the counterparty or systems failure by clearing agents, exchanges, clearing houses or other financial intermediaries. Also, any practice of re-hypothecation of securities of the Fund held by counterparties could result in the loss of such securities upon the bankruptcy, insolvency or failure of such counterparties.

**Hedging Transactions**

The Adviser or the Sub-Advisers may in its sole discretion use derivatives or otherwise employ hedging techniques in an effort to manage risks associated with the Investments, including to protect against adverse movements in interest rates and reduce the impact of foreign currency volatility and the currency and interest rate risks associated therewith. There can be no assurance that the Fund will hedge when appropriate or choose the correct hedge if it does hedge. Although the Fund expects to engage in hedging transactions to hedge against risks and not for speculation, the use of hedging transactions involves certain risks. These risks include: (i) the possibility that the market will move in a manner or direction that would have resulted in a gain for the Fund had a particular hedging transaction not been utilized, in which case the Fund's performance would have been better had the Fund not engaged in the hedging transaction; (ii) the risk of imperfect correlation between the risk sought to be hedged and the hedging instrument used; (iii) potential illiquidity for the hedging instrument used, which may make it difficult or costly for the Fund to close-out or unwind a hedging transaction; and (iv) the risk that the Fund may be required to deliver cash to a counterparty if it incurs a loss on a hedging transaction, which would deplete cash on hand or require a draw on a line of credit or the sale of an asset. Should the Fund elect to enter into hedging arrangements to protect against such risks (and neither will be under any obligation to do so), there can be no assurance that such transactions can or will be entered into or will always reduce such risks, or that the Fund will hedge when appropriate or choose the correct hedge if it does. Further, although the Fund expects to engage in hedging transactions to hedge against risks and not for speculation, the use of instruments to hedge a portfolio itself may entail certain other risks, including the risk that losses on a hedge position will reduce the Fund's earnings and funds available for distribution to Investors and that such losses may exceed the amount invested in such hedging instruments. Thus, while the Fund may benefit from the use of these hedging transactions, a hedge may not fully or partially achieve its intended purpose of offsetting losses on an investment and, in certain circumstances, could increase such losses, as, for example, unanticipated changes in respect of currency exchange rates, securities prices, interest rates and inflation may result in a poorer overall performance for the Fund than if it had not entered into such hedging transactions. In connection with the above, the Fund may use derivatives, such as forwards and swaps. The use of forward foreign currency contracts and put or call options on currencies may substantially change the Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the portfolio manager expects. The Fund may incur costs related to currency hedging arrangements, which may reduce returns otherwise to be received by the Investors. The use of these investments as a hedging technique to reduce the Fund's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates. While any such costs, as well as any potential liabilities for losses on a hedge position are expected to be allocated to the class(es) of Units to which such hedging relates, they may have an immediate effect on the cash flows of the Fund as a whole and as such adversely affect the available liquidity of the Fund at such time.

In the case of investments that are leveraged, there is exposure to fluctuations in interest rates that are not hedged. If available, hedging may be taken out by way of the acquisition of a cap (which usually involves the payment of an upfront premium in return for a guaranteed maximum rate for the cap period), a swap (in which the underlying obligation to pay floating rate interest is exchanged with a financial counterparty for a fixed rate for a defined period) or other more exotic instruments such as swaptions (an option to take on a swap at a set time in the future), a forward starting swap (an obligation to take on a swap at a set time in the future) and a collar (the combination of the purchase of a cap and the sale of a floor). However, the taking on of such interest rate hedging embeds a series of additional risks into transactions including counterparty default (*i.e.*, the counterparty failing to meet its contractual commitments) and the risk of break costs (the cost of breaking a swap or other contract if the underlying assets are sold and the loan is repaid). If there are significant downward movements in interest rates, including as a result of any measures taken by any global financial institutions and any volatility in global markets, these break costs can be substantial. It is possible to generate windfall gains if there is value in the swap upon an early termination or if the cap has a remaining maturity and interest rates are higher than the cap or the market expects them to exceed the cap by maturity, but this cannot be guaranteed. In addition, there can be no assurance that interest rate hedges will be available or be available at a reasonable cost or be sufficient or that any such hedge will actually eliminate the risk of fluctuation in interest rates.

 **

***Currency and Exchange Rate Risk***

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The Fund may have exposure to investments denominated in multiple currencies. Currency risk is the risk that fluctuations in exchange rates impact the value of the foreign investments the Fund has exposure to. Hedging may not completely remove currency risk, may reduce profitable opportunities, and increase costs.

**Commodity Exchange Act**

The General Partner or Adviser has claimed an exemption from registration as a commodity pool operator ("**CPO**") with the U.S. Commodity Futures Trading Commission (the "**CFTC**"), including pursuant to certain no-action relief or pursuant to CFTC Rule 4.13(a)(3) with respect to the Fund, on the basis that, among other things, (a) the pool's trading in commodity interest positions (including both hedging and speculative positions, and positions in security futures) is limited so that either (i) no more than 5% of the liquidation value of the pool's portfolio is used as initial margin, premiums and required minimum security deposits to establish such positions, or (ii) the aggregate net notional value of the pool's trading in such positions does not exceed 100% of the pool's liquidation value, (b) interests in the pool are exempt from registration under the Exchange Act and, unless the General Partner or Adviser determines otherwise in its sole discretion and subject to applicable regulatory requirements, are offered and sold without marketing to the public in the United States and (c) subject to limited exceptions, neither the General Partner, the Adviser nor their principals are subject to certain specified covered statutory disqualifications. Therefore, unlike a registered CPO, the General Partner or Adviser is not required to provide prospective investors with a CFTC compliant disclosure document, nor is the General Partner or Adviser required to provide investors with periodic account statements or certified annual reports that satisfy the requirements of CFTC rules applicable to registered CPOs. Accordingly, this Registration Statement has not been reviewed or approved by the CFTC and it is not anticipated that such review or approval will occur.

As an alternative to an exemption from registration as a CPO, the General Partner or Adviser may register as a CPO with the CFTC and avail itself of certain disclosure, reporting and record-keeping relief under CFTC Rule 4.7 or rely on another exemption. Registration as a CPO or reliance on alternative exemptions, such as CFTC Rule 4.7, may require the Fund, the General Partner or the Adviser to comply with additional or different requirements, which may result in additional expenses being borne by the Fund.

**Minority Investments**

When the Fund is a minority investor in Portfolio Entities or other Investments, the Fund has a very limited, and in some cases no, influence on the management and investment decisions of such Portfolio Entity or other investment, and may not always be in a position to effectively protect its interest.

The Fund, or in connection with an Investment alongside another MAM-Managed Entity, such MAM-Managed Entity, may hold non-controlling interests in certain Portfolio Entities or other Investments and, therefore, may have a limited ability to protect its interests in such Portfolio Entities or other Investments and to influence such Portfolio Entities' or other Investments' management. In such cases, the Investments in or alongside such other MAM-Managed Entity in such Portfolio Entity will rely significantly on the existing management and board of directors of such Portfolio Entities or other Investments, which may include representatives of other financial investors with whom the Fund or such MAM-Managed Entity is not affiliated and whose interests may at times conflict with the interests of the Fund or the MAM-Managed Entity. Such investments may involve risks in connection with such third-party involvement, including the possibility that a third party may be in a position to take (or block) action in a manner contrary to the Fund's or the MAM-Managed Entity's investment objective or may have financial difficulties resulting in a negative impact on such investment. In addition, the Fund or such MAM-Managed Entity may in certain circumstances be liable for the actions of their third-party co-venturers. Investments in Portfolio Entities or other Investments made with third parties in joint ventures or other entities also may involve carried interests or other fees payable to such third-party partners or co-venturers. There can be no assurance that appropriate minority investor rights will be available to the Fund or that such rights will provide sufficient protection to the Fund's interest. In the event of a removal of the Adviser as adviser of the Fund, the ability of the Fund to influence a Portfolio Entity or other investments, including a Portfolio Entity in which the Fund is invested either directly or alongside another MAM-Managed Entity, may be adversely affected and further limited.

**International Conflicts**

Wars and other international conflicts, such as the ongoing conflicts in the Middle East and between Russia and Ukraine, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions certain of the countries involved, as well as related individuals and businesses connected to Russia. However, the ultimate impact of these conflicts and their effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of the Fund or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict.

These and other such conflicts may have a significant adverse impact and result in significant losses to the Fund. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities and reductions in the availability of capital. It may also limit the ability of the Fund to source, diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy which the Fund intends to pursue, all of which could adversely affect the Fund's ability to fulfill its investment objectives.

**Economic Sanctions Laws**

The Fund, the Adviser and any advisory entities or sub-delegates within the Macquarie Group are subject to laws which restrict dealings with persons that are located or domiciled in sanctioned jurisdictions. Accordingly, subject to compliance with applicable law, the Fund will require prospective investors to represent that they are not named on a list of prohibited entities and individuals maintained by the Office of Foreign Assets Control ("**OFAC**") of U.S. Treasury Department (the "**U.S. Treasury**") or under applicable EU and UK regulations and are not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the United Nations, the EU or the UK or any other applicable jurisdictions (collectively "**Sanctions Lists**"). Where the Investor is on a Sanctions List, the Fund may be required to cease any further dealings with the Investor's interest in the Fund, until such sanctions are lifted or a license is sought under applicable law to continue dealings. There can be no assurance as to when, or whether, any such Investor would ever receive any amounts or other rights to which it would otherwise be entitled under the Fund's governing documents.

**U.S. Presidential Election and the Change of U.S. Administration**

Results from the recent U.S. presidential election and the transition of power have created significant uncertainty with respect to the legal, tax and regulatory regime in which the Fund, as well as Macquarie and its affiliates, will operate. The changes in the composition of the U.S. government following the election have resulted in a number of, and may result in further, changes to U.S. and non-U.S. fiscal tax and other policies, as well as the global financial markets generally. Anticipating policy changes and reforms may be particularly difficult during periods of heightened partisanship at the federal, state and local levels, including due to the divisiveness surrounding populist movements, political disputes and socioeconomic issues. The failure to accurately anticipate the possible outcome of such changes or reforms could have a material adverse effect on our returns. Any significant changes in, among other things, economic policy, the regulation of the asset management industry, tax law, immigration policy or government entitlement programs could have a material adverse impact on the Fund and its Investments.

**Sustainability Approach**

MAM has established an ESG Policy and a green finance framework (the "**Green Investment Framework**," and collectively with the ESG Policy, the "**ESG program**"), which the Adviser intends to apply as applicable to the Fund's investment portfolio, consistent with and subject to its fiduciary duty to create long-term value for its investors and shareholders or other duties and applicable legal, regulatory, and contractual requirements. Depending on the investment, ESG factors, such as human rights violations and various environmental risks, could have a material effect on the return and risk profile of the investment. The act of selecting and evaluating material ESG factors is subjective by nature, the Adviser may be subject to competing demands from different investors and other stakeholder groups with divergent views on ESG matters, including the role of ESG factors in the investment process, and there is no guarantee that the criteria utilized or judgment exercised by the Adviser or a third-party ESG advisor will reflect the beliefs or values, internal policies, or preferred practices of any particular Investor or other asset managers or reflect market trends. Although the Adviser views the consideration of ESG to be an opportunity to potentially enhance or protect the performance of its investments over the long-term, the Adviser cannot guarantee that its ESG program, which depends in part on qualitative judgments, will positively impact the performance of any individual investment or the Fund as a whole. Similarly, to the extent that the Adviser or a third-party ESG advisor engages with portfolio investments on ESG-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the performance of the investment.

The materiality of ESG factors on an individual asset or issuer and on a portfolio as a whole depends on many factors, including the relevant industry, location, asset class, and investment strategy. ESG factors, issues, and considerations do not apply in every instance or with respect to each investment held, or proposed to be made, by the Fund, and will vary greatly based on numerous criteria, including, but not limited to, location, industry, and investment-specific characteristics. In evaluating a prospective investment and in connection with MAM's broader ESG and risk management and monitoring processes, the Adviser often depends upon information and data provided by the portfolio company or obtained via third-party reporting or advisors, which may be incomplete or inaccurate and could cause the Adviser to incorrectly identify, prioritize, assess, or analyze the portfolio company's ESG practices and/or related risks and opportunities.

In addition, the Adviser's ESG program is expected to change over time. The Adviser is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its ESG initiatives based on cost, timing, reputational risk or other considerations. It is also possible that market dynamics or other factors will make it impractical, inadvisable, or impossible for the Adviser to adhere to all elements of the Fund's investment strategy, including with respect to sustainability risks and opportunity management, whether with respect to one or more individual investments or the Fund's portfolio generally. ESG-related statements, initiatives, and goals as described in the Fund's private placement memorandum with respect to the Fund's investment strategy, portfolio, and investments are subject to change; as described here, those statements, initiatives and goals are aspirational and not guarantees or promises that all or any such initiatives and goals will be achieved.

Further, ESG integration and responsible investing practices as a whole are evolving rapidly and there are different principles, frameworks, methodologies, and tracking tools being implemented by asset managers, and the Adviser's adoption of and adherence to such principles, frameworks, methodologies, and tools may vary over time. For example, the Adviser's ESG program does not represent a universally recognized standard for assessing ESG considerations. Any external initiatives to which the Adviser is or becomes a signatory, member, or supporter may not align with the approach used by other asset managers (or preferred by prospective investors) or with future market trends. There is no guarantee that the Adviser will remain a signatory, supporter, or member of or continue to report at the intended cadence or at all under or in alignment with such initiatives or other similar industry frameworks.

Moreover, in recent years anti-ESG sentiment has gained momentum across the U.S., with several dozen states, Congress and the Executive Branch having proposed or enacted "anti-ESG" policies, legislation, executive orders or initiatives or issued related legal opinions. Additionally, asset managers have been subject to recent scrutiny related to ESG-focused industry working groups, initiatives, and associations, including organizations advancing action to address climate change or climate-related risk, and some have departed those organizations as a result of this scrutiny. Macquarie can expect to be subject to competing demands from different investors and other groups with divergent views on ESG matters, including the role of ESG in the investment process. Recently, some special interest groups and state attorneys general have asserted that the Supreme Court's decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Several new cases alleging discrimination based on similar arguments have been filed since the decision, which has escalated scrutiny of certain practices and initiatives related to diversity, equity, and inclusion ("**DEI**"). Such anti-ESG and anti-DEI-related policies, legislation, initiatives and scrutiny could expose Macquarie to the risk of investigations or challenges and enforcement by state or federal authorities, result in penalties and reputational harm and require certain investors to divest or discourage certain investors from investing in Macquarie's funds.

Such policies, legislation, executive orders, initiatives, litigation, legal opinions, and scrutiny could result in the Adviser facing additional compliance obligations, becoming the subject of investigations or enforcement actions sustaining reputational harm, or require certain investors to divest or discourage certain investors from investing in the Fund.

**Regulation and Enforcement with Respect to Asset Managers' Sustainability and ESG Disclosures**

There is growing regulatory interest across jurisdictions, particularly in the United Kingdom, and European Union ("**EU**") (which may be looked to as models in growth markets), in improving transparency around how asset managers identify and manage financially material ESG risks and adverse impacts as well as how they define and measure ESG performance, in order to allow investors to better understand and validate sustainability-related claims. In particular, the Fund may be subject to increased scrutiny by regulators and others for potential greenwashing because of the Fund's name. Compliance with regulations concerning asset managers' sustainability and ESG disclosures results in management burdens and costs because of, for example, the need to obtain advice from third-party advisors; implement specific governance, risk management systems, and internal controls; and collect information from and about investments. Further, changes to existing regulations, enactment of new regulations, and changes to enforcement patterns could subject the Adviser or the Fund to additional compliance burdens, costs, and/or enforcement risks, or impact the Fund's ability to deliver on its investment strategy. The Adviser cannot guarantee that its current approach to ESG (including the ESG program) will meet future regulatory requirements.

**Sustainability Disclosure Laws**

The Adviser, the Fund, and the Portfolio Entities may be subject to disclosure laws and regulations related to a range of sustainability matters, including greenhouse gas emissions; climate change risks; and human rights matters (collectively, "**Sustainability Disclosure Laws**"). For example, in the fall of 2023, California passed the Climate Corporate Data Accountability Act (SB-253) and Climate-Related Financial Risk Act (SB-261), which will impose broad climate-related disclosure obligations on U.S.-organized entities that meet certain revenue thresholds and do business in California. In Europe, the Corporate Sustainability Reporting Directive introduces wide-ranging and detailed obligations for European and non-European undertakings to make disclosures in accordance with the European Sustainability Reporting Standards on impacts, risks, and opportunities on a "double materiality" basis. Other jurisdictions have also enacted or are considering enacting mandatory climate and sustainability reporting laws (in many cases based on the recommendations of the Task Force on Climate-related Financial Disclosures or the standards published by the International Sustainability Standards Board), as well as laws requiring reporting of information on other sustainability topics, such as human capital. Compliance with Sustainability Disclosure Laws may require the implementation of or changes to systems and procedures for the collection and processing of relevant data and related internal and external controls, changes to management or operational obligations, and dedication of substantial time and financial resources. The compliance burden and related costs may increase over time. Failure to comply with applicable Sustainability Disclosure Laws may lead to investigations and audits, fines, other enforcement action or liabilities, or reputational damage.

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***Nature of ESG Thematic Investments***

When evaluating potential investment opportunities, in addition to financial return, the Adviser will consider, amongst other criteria, an investment's potential to contribute towards a positive environmental outcome (including through promotion of the Environmental Characteristic) and thereby drive value. Although the Adviser believes that pursuing positive environmental outcomes may enhance a portfolio company's profitability rather than negatively affect its financial returns, the opportunity set for potential investments may be smaller than it would otherwise be if seeking to make investments solely on the basis of financial returns, and therefore the Adviser may forgo opportunities that are within the target return objectives of the Fund yet, in the Adviser's discretion, they do not meet the positive environmental outcomes that the Fund is seeking to achieve, or indeed the Adviser considers that such opportunities do not meet any other elements of the objectives of the Fund. Any determination about whether or not a potential investment is expected to produce a positive environmental outcome will be made by the Adviser and what is considered to be environmentally beneficial may not necessarily reflect the views of all of investors. In addition, it is possible that the investments selected are unable to obtain or realize the positive environmental impact outcomes that they seek to deliver. In that event, it is possible that there may be a negative economic impact on the Fund as a result of efforts to ensure that such investments do realize the expected environmental impact including promotion of the Environmental Characteristic, or as a result of having to realize the investments in such circumstances. Seeking to enable investments to contribute to at least one Green Purpose over the Fund's holding period is considered aligned with the Fund's commercial investment strategy.

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***Minority Investments and Limited Voting Rights***

Being a minority investor and/or limited partner in MGECO or co-investments, portfolio companies or other investments, the Fund has a very limited, and in some cases no, influence on the management and investment decisions of MGECO, such co-investment, any other portfolio companies or other investments the Fund invests in, and may not always be in a position to effectively protect its interest or to elect a representative to MGECO's limited partner advisory committee or such similar body. In certain circumstances, the Fund (or its subsidiaries or other vehicles through or in which it makes its investments) will be required to waive governance or voting rights it would otherwise have as a result of its participation in an investment. This may include circumstances where the Fund invests in or alongside a MAM-Managed Entity (which may include METI International) and its governance or voting rights do not reflect its economic interest in the relevant portfolio fund, co-investment, portfolio company or other investment. In such case, the Fund and/or the Adviser will have limited, and in some cases no, influence on the management and investment decision of such investments and may not always be in a position to effectively protect its interest.

**Investments in Small and Lower Middle Market Companies**

The Fund may invest in small and lower middle market companies. While these Investments may offer greater growth opportunities, they also come with increased risks compared to investments in larger companies. Small and lower-middle market companies may have relatively limited product lines, markets, and financial and other resources. Consequently, these companies may be more susceptible to broad economic trends and specific shifts in markets and technology. Furthermore, their future growth might depend on securing additional financing, which might not be available on agreeable terms when needed. Further, there is ordinarily a more limited marketplace for the sale of interests in smaller, private companies, which may make realizations of gains more difficult. In addition, the relative illiquidity of private equity investments generally, and the somewhat greater illiquidity of private investments in small and lower-middle market companies, could make it difficult for the Fund to react quickly to negative economic or political developments.

**Risks Related to the Portfolio Entities of the Fund**

**General**

The Fund will primarily pursue investment opportunities in equity and equity-like investments in a diversified pool of sustainable infrastructure, real assets, and businesses. These investments will primarily be accessed directly or, to a lesser extent, indirectly through MAM-Managed Entities and Third-Party Funds.

Infrastructure investments will be subject to the risks incidental to the ownership, construction and operation of such assets, including risks associated with the general economic climate, geographic or market concentration, the ability of the Fund or Macquarie to manage the investment (to the extent the Fund or a MAM-Managed Entity controls the investment), technical problems, financial failures of operating or construction sub-contractors, government regulations, and fluctuations in interest rates. Since investments in infrastructure and similar assets, like many other types of long-term investments, have historically experienced significant fluctuations and cycles in value, specific market conditions may result in occasional or permanent reductions in the value of an investment.

In addition, general economic conditions in relevant jurisdictions, as well as conditions of domestic and international financial markets, may adversely affect operations of the Fund. In particular, because of the long lead-time between the inception of a project and its completion, a well-conceived project may, as a result of changes in investor sentiment, the financial markets, economic, or other conditions prior to its completion, become an economically unattractive investment. With respect to investments in the form of real property (if any), the Fund will incur the burdens of ownership of real property, which include the paying of expenses and ad valorem and other real property taxes, maintaining such property and any improvements thereon, and ultimately disposing of such property.

**Development Activities**

The Fund may invest in development projects and companies. Such investments may involve more risk, including binary risks, than investments in which no development is required. Development projects do not generate operating revenue but will incur costs during the period between acquisition of the asset and completion of the development and any delay in completing the development of the asset may result in increased interest and costs and the potential loss of previously identified income. If the Fund undertakes any development activities, it may hire skilled third-party contractors to provide planning and permitting, design, construction, engineering and various other services. Such contractors may become insolvent, causing cost overruns, program delays or the acceptance of riskier contractor covenants.

Portfolio Entities may also be in an early stage of development, may not have a proven operating history, may be operating at a loss or have significant variations in operating results, may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, may have difficulty securing attractive sites on reasonable terms, may have difficulty accurately measuring resource availability at levels deemed economically attractive for continued project development, unable to secure approvals, licenses and permits, or may otherwise have a weak financial condition or weak management. In addition, these Portfolio Entities may face intense competitive pressures, including competition from companies with greater financial resources, more extensive development, marketing and other capabilities, and a large number of qualified managerial and technical personnel. The Portfolio Entities may also incur leverage that may have important adverse consequences. For example, Portfolio Entities may be subject to restrictive financial and operating covenants, and leverage may impair their ability to respond to changing business and economic conditions and to business opportunities.

**Construction Risk with Greenfield Investments**

The development of greenfield assets includes a degree of risk associated with the construction of the asset, including the risk that a project will not be completed within budget, within the agreed timeframe and to the agreed specifications. The Adviser will seek to mitigate the Fund's exposure by transferring some or all of such risks from the relevant Portfolio Entity to the relevant construction contractors under the terms of the construction contract, including a requirement for payment of liquidated damages by the construction contractor. However, should any of the above risks materialize in relation to any Portfolio Entity, they could have a material adverse effect on the value of the relevant Investment which could, in turn, have a corresponding effect on the Fund's financial position and its results.

Under certain circumstances (for example, where the Fund itself causes the delay), the expected construction completion date may be extended under the contract, and the construction contractor will only be obliged to pay liquidated damages to the Fund for late completion if construction is not completed by that later date. Where the Fund, or the Fund and the construction contractor jointly, have contributed to a delay or a budget overrun, the liquidated damages provisions of the construction contract may not be enforceable.

The Fund may remain at risk if, following construction completion, as a result of site defects or contamination of the site that were not discovered or were caused by the construction contractor.

There may be a limit to the liquidated damages available to the Fund from the construction contractor, particularly in the event of the construction contractor's financial failure. Consequently, the Fund may not be able to recoup all damages/losses incurred as a result of a time delay or budget over-run.

**Asset Maintenance Costs Risks**

The Fund may be exposed to underlying lifecycle and asset maintenance costs associated with its investments. The cost of repairing or replacing damaged assets could be considerable. Repeated or prolonged interruption may result in a permanent loss of customers, substantial litigation or penalties or regulatory or contractual non-compliance. Moreover, any loss from such events may not be recoverable under relevant insurance policies.

During the period of ownership, certain assets (such as machinery, buildings and plants) may need to be replaced or undergo a major refurbishment. The timing of such replacements or refurbishments is forecast based upon expert advice. However, shorter-than-anticipated asset lifespans, or costs or inflation that are higher than were forecast, may result in lifecycle costs exceeding anticipated amounts. Any cost implication, not otherwise passed down to sub-contractors, will generally be borne by the infrastructure company.

**Unforeseen Events Risk**

The use of the Fund's assets may be interrupted or otherwise affected by a variety of events outside the Adviser's control, including natural disasters (such as fire, floods, earthquakes and typhoons), man-made disasters (including terrorism), pandemics, defective design and construction, slope failure, environmental legislation or regulation, general economic conditions, labor disputes and other unforeseen circumstances and incidents. Certain of these events have affected similar assets in the past, and if the use of the assets operated by investments is interrupted in whole or in part for any period as a result of any such events, the revenues of such investments could be reduced and the costs of maintenance or restoration as well as the overall public confidence in such assets could be reduced. There can be no assurance that such investments' insurance would cover liabilities resulting from claims relating to the design, construction, maintenance or operation of the assets, lost revenues or increased expenses resulting from such damage. In some cases, project agreements could be terminated if the events described above were so catastrophic that they could not be remedied within a reasonable period or at all.

**Sovereign Risk and Permits**

The legal systems of certain target jurisdictions are developing and as such lack the bodies of commercial law and practice normally found in countries with more developed legal systems. In addition, there may be inconsistencies and discrepancies among local, regional and national laws, and a lack of judicial or legislative guidance on unclear or conflicting laws.

An Investment could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. In addition, government agencies may have considerable discretion in implementing regulations that could impact an Investment's business separate from any contractual rights they may have. Because infrastructure assets typically provide basic, everyday services and may have limited competition, governments may be influenced by political considerations and may make decisions that adversely affect an Investment's business.

There can be no assurance that the relevant governmental entities will not legislate, impose regulations or change applicable laws or act contrary to the law in a way that would materially and adversely affect the business of the Fund's Investments. The Fund or an Investment may be unable to effectively pursue legal remedies against governmental entities for a breach of contractual obligations or other violations of their legal rights.

The concessions or permits of certain investments are granted by government bodies and are subject to special risks, including the risk that the relevant government bodies will exercise sovereign rights and take actions contrary to the rights of the Fund or the relevant Portfolio Entity under the relevant concession agreement or permit. There can be no assurance that the relevant government bodies will not legislate, impose regulations or change applicable laws or act contrary to the law in a way that would materially and adversely affect the business of the Investments. Government concessions or other agreements may also contain clauses more favorable to the government counterparty than would a typical commercial contract. For instance, a lease or concession may enable the government to terminate the lease or concession in certain circumstances without requiring it to pay adequate compensation.

The Fund may invest in jurisdictions which require authorization for environmental aspects of renewable energy and environmental infrastructure projects. It may not be possible to construct and operate renewable energy and environmental infrastructure projects without receiving the environmental authorizations required by local legislation. The Adviser will look to secure all necessary environmental authorizations, but it can make no guarantee that it will successfully do so. In some jurisdictions, retroactive changes to legislation of this type may be enforced, diminishing the ability of a project to continue operating at projected capacity. Interruptions of, or changes to, projected operations may negatively affect the value of an investment and consequently the returns of the Fund.

**Competition Risk and Alternative Sustainable Assets**

The Fund may invest in investments that construct or maintain and operate sustainable assets in a highly competitive environment. The Fund will compete with other consortia and companies for such investments. These competitors, which include large construction and engineering groups and financial investors, may have significant financial resources and may be able to present bids with competitive terms. As a result of such competition, the Fund may have difficulty in making certain investments, or, alternatively, the Fund may be required to make investments on economic terms less favorable than anticipated. Furthermore, the Fund may incur costs in unsuccessful tenders which it is unable to recover. If the Fund fails to make new investments, is unsuccessful in tenders or makes investments under less favorable terms, the Fund's financial condition and results of operations could be materially and adversely affected.

Furthermore, once assets of investments become operational, they may face competition from other assets in the vicinity of the assets they operate, the presence of which depends in part on government plans and policies.

Such competition may materially and adversely affect the Fund's business, financial conditions and results of operations.

**Demand and Usage Risk**

The revenue produced by energy generating infrastructure (including sustainable assets) and infrastructure-related assets may be impacted by the demand of users for energy or the number of users for products or services which require energy. Any reduction in demand for energy and/or the number of users for products or services which require energy may negatively impact the profitability of the Fund. The energy industry is coming under increasing pressure, including as a result of changing consumer demands, technological advances, fuel supply issues, regulatory interventions and other factors. To the extent these pressures negatively impact the demand for sustainable assets or pricing and sale of energy products, the economics of projects or companies in which the Fund may invest may come under increasing pressure. Energy generating asset owners may also find it increasingly difficult to negotiate long-term procurement or sales agreements with counterparties, which may affect their profitability and financial stability.

Demand for the Fund's assets may be subject to seasonal variations leading to increased or reduced revenues and profitability at various times during the year, which could affect the short-term returns to the Fund.

**Real Estate Risks**

Some or all of the Investments may be subject to the risks inherent in the ownership and operation of assets or businesses which may derive a substantial amount of their value from real estate and real estate-related interests. These types of underlying interests are typically illiquid. Deterioration of real estate fundamentals may negatively impact the performance of such investments. Such changes in fundamentals could involve fluctuations as a result of general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in environmental and zoning laws, casualty or condemnation losses, environmental liability, regulatory limitations on rents, changes in neighborhood values, changes in the appeal of properties to tenants, the availability of mortgage funds which may render the sale or refinancing of properties difficult or impracticable, natural disasters, increase in interest rates and other factors that are beyond the control of the Adviser. Additionally, the Fund may acquire assets in jurisdictions where indigenous rights (*e.g.*, with respect to tribes or other dispossessed people and communities) to land exist. While the Fund will generally conduct due diligence in such jurisdictions to determine the extent to which it may be affected by such rights, it may not be possible to mitigate against or remove a risk associated with indigenous claims. Additionally, any declaration of title in respect of government protected land on which infrastructure assets are located may negatively affect the operation of those businesses.

**Termination of Project Agreements**

Project agreements for the Fund's projects may be terminated in certain circumstances. The compensation to which Portfolio Entities and the Fund will be entitled on termination will depend on the reason for termination and the terms of the respective agreement. In some cases (*e.g.*, termination for force majeure) the compensation payable may only cover the senior debt in the relevant Portfolio Entity and may not include sufficient amounts to repay investment in the Portfolio Entity. In other cases (*e.g.*, termination for Portfolio Entity default), the amount of compensation payable may cover neither the full amount of senior debt nor the nominal value of the investment in the Portfolio Entity (or the amount paid in the market for that investment). Typically, senior lenders will have security over compensation proceeds. In other circumstances, such as default by the relevant client, the compensation would be expected to cover senior debt and the original return on the investment but not necessarily the amounts paid for the acquisition of the investment by the Fund. All of the foregoing scenarios may result in the loss of the Fund's investment in the Portfolio Entity.

**Strategic Assets Risk**

Investments in sustainable energy assets may be in those that constitute significant strategic value to public and/or governmental bodies. The very nature of these assets could generate additional risks not common in other industry sectors. Given the national or regional profile and/or their irreplaceable nature, such strategic energy assets may constitute a higher risk target for terrorist acts or political actions. Given the essential nature of the services provided by these assets, there is also a higher probability that the services provided by such assets will be in constant demand. Should an owner of such assets fail to make such services available, users of such services may incur significant damage and may, due to the characteristics of the strategic assets, be unable to replace the supply or mitigate any such damage, thereby heightening any potential loss from third-party claims against the Fund for such failures.

**Interest Groups**

Infrastructure and sustainable real assets, businesses and projects often involve a significant impact on local communities and the surrounding environment. It is not uncommon for such assets to be exposed to a variety of legal risks, including legal action from special interest groups. For example, interest groups may use legal processes to seek to impede particular projects to which they are opposed. Popular opposition can produce political pressure to cancel, suspend, limit or impose additional restrictions on operations. Such restriction or disruption may negatively impact returns of the Fund.

**Expected Return Assumptions**

The Fund will invest in infrastructure assets based on certain assumptions about the return and risk profiles associated with the investment. The actual risk and return of investments may differ from those assumed by the Fund and adversely affect the performance of the Fund. An infrastructure asset may not perform in accordance with expectations. The anticipated cost of improvements required to bring an acquired asset up to market established standards may exceed budgeted amounts. Infrastructure projects rely on large and detailed financial models that produce estimates or projections of investment cash flows. There is a risk that errors made in the assumptions or methodology used in a financial model may not equate to actual outcomes. In such circumstances, the returns generated by the investment may be less than expected and there can be no assurance that the actual investment cash flows will achieve the stated targeted return.

**Documentation Risks**

Certain of the Investments are likely to be governed by a complex series of legal documents and contracts. As a result, the risk of a dispute over the interpretation and enforceability of legal documents or contracts may be higher than for other equity investments. In addition, the Fund may be subject to claims by third parties (either public or private), including, for example, environmental claims, legal action arising out of acquisitions or dispositions, workers' compensation claims and third-party losses related to disruption of the provision of infrastructure services by an infrastructure provider. If any of the Portfolio Entities become involved in material or protracted litigation, the litigation expenses and the liability threatened or imposed could have a material adverse effect on the Fund.

**Technical Risks**

Investments may be subject to operating and technical risks common to infrastructure projects, including risk of mechanical breakdown, spare part shortages, failure to perform according to design specifications, labor strikes, labor disputes, work stoppages, grid outages and other work interruptions, and other unanticipated events that adversely affect operations. There can be no assurance that any or all such risk can be mitigated, or that relevant counterparties, if present, will perform their obligations or that insurance will be available on commercially reasonable terms. An operating failure may lead to fines, expropriation, termination or loss of a license, concession or contract on which an investment may depend, and may cause reputational harm to the investment or the Fund.

The long-term profitability of an infrastructure project, once constructed, is partly dependent upon efficient operation and maintenance of the assets. Inefficient operations and maintenance, or limitations in the skills, experience or resources of operating companies or, in certain infrastructure sectors, latent defects in acquired infrastructure assets, may adversely affect the financial returns of the Fund. While Macquarie may seek to influence the strategic management of the Investments to the extent the Fund or a MAM-Managed Entity controls the asset, it is not expected to be in a position to control outcomes and, as a result, the operational capacity of the management of an investment may impact the value or returns from the Fund.

**Governmental Risks**

Government authorities at all levels are actively involved in the promulgation and enforcement of regulations relating to matters affecting the ownership, use and operation of infrastructure assets. The adoption, interpretation, amendment and enforcement of such regulations could have the effect of increasing the expenses, and lowering the income or rate of return, as well as adversely affecting the value, of any of the Investments. Governments have considerable discretion in implementing regulations that could impact infrastructure assets, and because infrastructure businesses provide, in many cases, basic, everyday services, and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect the Investments.

Certain of the Investments will be in entities that are subject to substantial regulation by governmental agencies (statutory and regulatory requirements), including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Such Investments may require numerous regulatory approvals, licenses and permits to commence and continue their operations. Failure to obtain or a delay in obtaining relevant permits or approvals could hinder construction or operation and could result in fines or additional costs for the project entity or the Fund, loss of the Fund's rights to operate the affected business, or both, which in each case could have a material adverse effect on the investments.

Where the Fund or a Portfolio Entity's ability to operate a business is subject to a license, concession, contract or lease from the government, the license, concession, contract or lease may restrict the Fund or the Portfolio Entity's ability to operate the business in a way that maximizes cash flows and profitability; they are generally very complex and may result in disputes over interpretation or enforceability. If the Fund or its Portfolio Entities fail to comply with these regulations or contractual obligations, they could be subject to monetary penalties or they may lose their rights to operate the underlying infrastructure assets, or both. Where their ability to operate an infrastructure asset is subject to a license, concession or lease from the government, the license, concession or lease may restrict their ability to operate the asset in a way that maximizes cash flows and profitability. The license, lease or concession may also contain clauses more favorable to the government counterparty than a typical commercial contract. For instance, the license, lease or concession may enable the government to terminate the license, lease or concession in certain circumstances (such as default by the Fund or a Portfolio Entity) without requiring the government counterparty to pay adequate compensation. In addition, government counterparties may have the discretion to change or increase regulation of the operations of the investments (including as a consequence of investments causing environmental issues or being subject to industrial actions or actions by special interest groups) or to implement laws, regulations, incentives or policies affecting their operations, separate from any contractual rights that the government counterparties may have. The attractiveness of renewable energy to purchasers of renewable assets, as well as the economic return available to project sponsors, is often enhanced by governmental incentives. Particularly in light of political changes in certain jurisdictions – including the United States – there is a risk that regulations that provide incentives for renewable energy could change or expire in a manner that adversely impacts the market for renewables generally. Any such changes may impact the competitiveness of renewable energy generally and the economic value of certain Investments in particular.

Governments have considerable discretion in implementing regulations and policies that could impact investments and may be influenced by political considerations and make decisions that adversely affect investments and their operations. Activities not currently regulated may in the future be regulated. Further, there is a risk that governments will repeal or amend existing renewable power legislation, which could result in a fall in the process for renewable power, a reduction in or removal of governmental subsidies or make changes to regulated regimes. Such amendments and modifications have occurred in the past. In the past, some governments have grandfathered the regulatory or contract structures under which assets were built, changing the rules and lowering revenues only for new projects, although there is no assurance that grandfathering will occur in the future nor that there will be wholesale changes to relevant legislative regimes.

The relevant governmental agencies or joint venture partners may also impose conditions of ongoing ownership or equivalent restrictions on the Fund in respect of the underlying infrastructure assets. When the Fund or MAM-Managed Entity control the asset, this may include a requirement that such assets remain managed by the Adviser or MAM or their affiliates. Accordingly, removal of the Adviser as manager of the Fund may have material adverse consequences on the continuing ownership and operation of such assets by the Fund. The Adviser (or a Sub-Adviser) may be required to enter into a management contract with the relevant asset company on appropriate commercial terms, pursuant to which a management fee would become payable if the Fund is no longer managed by the Adviser (or a Sub-Adviser).

Moreover, Portfolio Entities may face a number of energy related regulatory issues including electricity supply and generation licensing. Portfolio Entities must comply with the relevant legislative and regulatory framework in terms of the supply and distribution of electricity and may need to obtain and maintain electricity supply licenses (or appropriately route supply through a licensed supplier).

Portfolio Entities will likely need to obtain and maintain relevant planning and environmental permissions. The Adviser and its affiliates cannot guarantee that infrastructure providers, operating providers or similar will comply with such legislative and regulatory frameworks, licenses and planning and environmental permissions and as such, the Portfolio Entities may incur unexpected costs related to the breach of such requirements (impacting on returns to the Fund). Additionally, the costs of compliance with these requirements may be significant and adversely impact the Fund's financial performance.

**Tariffs**

The United States has, from time to time, levied tariffs on goods imported from other countries. The Fund and Portfolio Entities may be negatively affected by tariffs or adverse developments in trade relations between the United States and other countries, including any actions that may be taken by other countries in retaliation to U.S. trade policies. Tariffs, the adoption and expansion of trade restrictions, the occurrence or exacerbation of a trade war, or other governmental action related to tariffs, trade agreements, or related policies could adversely affect Portfolio Entities' supply chain, access to equipment, costs, and ability to economically serve certain markets. For example, the Section 201 tariffs introduced by the United States in January 2018 significantly increased the cost of importing solar cells and modules produced in foreign countries, which are used to construct renewable energy projects. The U.S. government has recently enacted and proposed to enact significant new tariffs. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy, and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. All of these factors could depress economic activity. The Fund has no control over the trade policies of the U.S. or other countries and the Fund may be negatively affected by additional restrictive economic measures, such as tariffs or other changes to U.S. trade policies. Any further cost increases or decreases in availability caused by trade policies could slow the Fund's growth and cause the Fund's financial results and performance metrics to suffer.

**Sub-Contractors**

If a sub-contractor fails to perform the services which it has agreed to provide, there may be a reduction in the payments that the relevant Portfolio Entity (and ultimately the Fund) is entitled to receive, or claims by third parties for damages. These reductions and claims are typically passed on to the relevant sub-contractor. The sub-contractors' liabilities for the risks they have assumed are typically subject to financial caps and it is possible that these caps may be exceeded in certain circumstances. Any loss or expense in excess of such a cap would be borne by the Portfolio Entity (and ultimately the Fund). If there is a sub-contractor service failure which is sufficiently serious to cause the relevant Portfolio Entity to terminate the subcontract, or an insolvency in respect of a sub-contractor, there may be a loss of revenue during the time taken to find a replacement sub-contractor and the replacement sub-contractor may levy a surcharge to assume the sub-contract or charge more to provide the services. There will also be costs associated with the re-tender process. These may not be recoverable from the defaulting sub-contractor.

**Risks Related to Sustainability**

**Environmental Risks**

Sustainability risks linked to environmental aspects include climate risk, both physical and transition risks, and may negatively impact the investments and the Fund. Global climate change is widely considered to be a significant threat to the global economy. Real assets in particular may face risks associated with climate change.

Climate physical risk arises from the physical impacts of climate change including extreme weather events, heat waves, droughts, floods, storms, hailstorms, forest fires, avalanches, long-term climate change, decreasing amounts of snow, changed precipitation frequency and volumes, unstable weather conditions, rising sea levels, changes in ocean currents, changes in winds, changes in land and soil productivity, reduced water availability (water risk), ocean acidification, and global warming including regional extremes.

The value of the Investments may also be affected by transition to low carbon economies. Measures may include bans and restrictions, the phasing out of fossil fuels, other political measures related to the transition to a low-carbon economy, technological change linked to the transition to a low-carbon economy and changes in customer preferences and behavior. See "*Item 1A. Risk Factors—Risks Related to Investment Strategy—Sustainability Disclosure Laws*."

The Paris Agreement and other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce GHG emissions may expose real assets to so-called "transition risks" in addition to physical risks, such as: (i) political and policy risks (*e.g.*, changing regulatory incentives and legal requirements, including with respect to GHG emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks (*e.g.*, changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks (*e.g.*, declining market for assets, products and services seen as GHG intensive or less effective than alternatives in reducing GHG emissions) and (iv) reputational risks (*e.g.*, risks tied to changing investor, customer or community perceptions of an asset's relative contribution to GHG emissions). The possibility that climate risks could result in unanticipated delays or expenses and, under certain circumstances, could prevent completion of investment activities or the effective management of real assets once undertaken, any of which could have a material adverse effect on an investment, or the Fund cannot be ruled out.

Environmental liabilities may arise with respect to investments as a result of a large number of factors, including changes in laws or regulations and the existence of conditions that were unknown at the time of investment. Investments and the performance of the Fund in general may be adversely affected to the extent that any such environmental liabilities arise.

The operation of investments is subject to numerous statutes, rules and regulations relating to environmental protection. There is the possibility of existing or future environmental contamination, including soil and groundwater contamination, as a result of the spillage of hazardous materials or other pollutants.

Under various environmental statutes, rules and regulations of the appropriate jurisdiction, a current or previous owner or operator of real property may be liable for non-compliance with applicable environmental and health and safety requirements and for the costs of investigation, monitoring, removal or remediation of hazardous materials. These laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of hazardous materials. The presence of these hazardous materials on a property could also result in personal injury, property damage or similar claims by private parties.

Persons who arrange for the disposal or treatment of hazardous materials may also be liable for the costs of removal or remediation of those materials at the disposal or treatment facility, whether or not that facility is or ever was owned or operated by that person.

Any liability of investments resulting from non-compliance or other claims relating to environmental matters could have a material adverse effect on the value of such investments.

The Investments may have a negative impact on biodiversity. The impact on biodiversity spans the development, construction and operation of the Fund's assets and efforts to reduce this impact (including on community relations) may be considered within the investment process with impacts mitigated or netted off where appropriate. However, there is no guarantee that any negative impacts on biodiversity of the investments will be mitigated or netted off, and they could have a negative impact on the value of the investments and returns of the Fund.

Certain of the Investments will be in entities that are subject to substantial regulation by governmental agencies (statutory and regulatory requirements), including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Should the investments have a negative impact on biodiversity, this could expose the Fund and its Investments to financial or other sanctions in various jurisdictions, which could potentially include fines, prosecution, potential debarment from public procurement and termination or revocation of licenses or governmental approvals and reputational damage, all of which could materially and adversely affect the market value of the investments and the returns of the Fund.

National and local environmental laws and regulations affect the operations of infrastructure projects and companies. The Fund may invest in investments that are subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements, and there can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. Standards are set by these laws and regulations regarding certain aspects of health and environmental quality, and they provide for penalties and other liabilities for the violation of such standards, and establish, in certain circumstances, joint and several obligations to remediate and rehabilitate current and former facilities and locations where operations are, or were, conducted or where materials were disposed of. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on Investments or potential investments and could create liabilities which did not exist at the time of acquisition and that could not have been foreseen. Compliance with such current or future environmental requirements does not ensure that the operations of investments will not cause injury to the environment or to people under all circumstances or that investments will not be required to incur additional unforeseen environmental expenditures. Moreover, failure to comply with any such requirements could lead to, among other things, government fines and stop-work injunctions and could have a detrimental impact on the financial performance of infrastructure projects. There can be no assurance that investments will at all times comply with all applicable environmental laws, regulations and permit requirements. Past practices or future operations of investments could also result in material personal injury or property damage claims.

**Social Risk**

The risk posed by the exposure to issuers that may potentially be negatively affected by social factors such as poor labor standards, human rights violations, damage to public health, data privacy breaches, or increased inequalities. Social risk may negatively affect the value of investments by impairing assets, productivity or revenues or by increasing liabilities, capital expenditures, operating and financing costs.

Certain investment entities may have unionized work forces or employees who are covered by a collective bargaining agreement, which could subject any such investment entity's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, an investment entity's operations and profitability could suffer if it experiences labor relations problems. Upon the expiration of any investment entity's collective bargaining agreements, it may be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business operations at one or more of its facilities may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. A work stoppage at one or more of an investment entity's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may adversely affect the Fund's ability to implement its investment objectives.

When services are transferred from the public to private sector there is the potential for labor action at the time of transfer and possible ongoing labor disputes. The transfer of services from the public to the private sector may require that existing negotiated labor agreements be observed. However, even where such agreements are adhered to, it is always possible that labor action may arise as a result of perceived changes in the relationship between the existing workforce and private ownership. Many infrastructure assets employ a unionized labor force. Risks associated with employment of personnel, including unionized labor, include labor strikes, reputational damage, labor disputes, work stoppages and other unanticipated events which may adversely affect operations.

Health and safety are key risk areas in the operation and maintenance of many infrastructure assets. Costs associated with the failure to protect the health and safety of workers in, and users of, infrastructure assets could adversely impact the Fund. The physical location, construction, maintenance and operation of infrastructure assets pose health and safety risks to those involved or in the vicinity of the asset. Construction and maintenance of infrastructure assets may result in bodily injury, industrial accidents, and even death. If an accident were to occur in relation to one or more of the Fund's portfolio of assets, the Fund could be liable for damages or compensation to the extent such loss is not covered under existing insurance policies. Health and safety concerns and/or accidents could also result in the suspension (either temporary or long-term) of operations of an asset which will reduce the revenue of the Fund from that asset. Liability for damages or compensation in relation to accidents and/or suspension of operations could have a material adverse effect on the Fund.

The energy sector (like many other sectors) is associated with significant human rights impacts. In recent years, legislatures have adopted measures that seek to tackle instances of modern slavery (including forced labor) in supply chains. For example, the United States has regulations and other measures which focus on forced labor (including the Tariff Act of 1930, Pub. L. No. 71-361 (June 17, 1930), as amended by the Trade Facilitation and Trade Enforcement Act of 2015, Pub. L. No. 114-125 (Feb. 24, 2016), and the Trafficking Victims Protection Act, Pub. L. No. 115-427 (Jan. 9, 2019) and its subsequent reauthorizations, as well as the White House National Action Plan to Combat Human Trafficking (Dec. 2021) and the U.S. National Action Plan on Responsible Business Conduct (Mar. 2024)). Significantly, the Uyghur Forced Labor Prevention Act (Public Law No. 117-78) ("**UFLPA**") was enacted on December 23, 2021, and went into effect on June 21, 2022. The UFLPA creates a rebuttable presumption that goods mined, produced, or manufactured wholly or in part in Xinjiang, China, or by an entity on the UFLPA Entity List are prohibited from U.S. importation under 19 U.S.C. § 1307. U.S. Customs Border and Protection authorities have been active in detaining goods and companies are closely scrutinizing their supply chains to pre-empt the detention of goods. The EU's Corporate Sustainability Due Diligence Directive (2024/1760) requires in-scope companies to identify and address adverse human rights and environmental impacts in their upstream and downstream chain of activities. These measures exist on top of existing obligations to report (and in some cases, carry out due diligence in respect of modern slavery-type issues or other issues applicable to various entities as a result of legislation already in place in the UK, Australia, Switzerland, Norway, France, and Germany).

To the extent applicable to the Fund, these legislative developments may result in heightened scrutiny of the Fund's portfolio management of issues connected with modern slavery (including forced labor) and, depending on the applicable legislation, may result in reputational risk or fines (both criminal and administrative), and other sanctions. The Fund will seek to mitigate risk through putting in place the appropriate Adviser policies and processes (including due diligence of third-party service/equipment providers) alongside ensuring appropriate policies are in place for Portfolio Entities and counterparties.

**Governance Risk**

There may be risks posed by exposure to weak governance structures. For companies, governance risk may result from malfunctioning boards, inadequate remuneration structures, abuses of minority investors' or bondholders' rights, deficient controls, aggressive tax planning and accounting practices, or lack of business ethics. For countries, governance risk may include governmental instability, bribery and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively affect the value of investments due to poor strategic decisions, conflict of interest, reputational damages, increased liabilities or loss of investor confidence.

These are only examples of sustainability risk factors and sustainability risk factors do not solely determine the risk profile of the investment. The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly between investments.

Sustainability risk can manifest itself through different existing risk types (including, market, liquidity, concentration, credit, asset-liability mismatches etc.). As a result, sustainability risk factors may have a material impact on an investment, may increase the volatility, affect liquidity and may result in a decrease in the value of interests in the Fund.

The impact of those risks may be higher for Investments with particular sectoral or geographic concentrations, such as with geographical concentration in locations susceptible to adverse weather conditions where the value of the Investments may be more susceptible to adverse physical climate events, or Investments with specific sectoral concentrations such as investing in industries or issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives.

All or a combination of these factors may have an unpredictable impact on the investments and the Fund. Under normal market conditions, such events could have a material impact on the value of interests in the Fund.

The impacts of sustainability risks are likely to develop over time and new sustainability risks may be identified as further data and information regarding sustainability factors and impacts become available and the regulatory environment regarding sustainable finance evolves. These emerging risks may have further impacts on the value of interests in the Fund.

**Risks Related to Infrastructure Assets—Renewables**

**Renewable Energy Projects**

Investments in renewable energy projects, including solar, onshore wind, offshore wind and other renewable technologies such as hydro and geothermal, bioenergy and energy storage and natural climate solutions, are subject to all the risks relevant for the ownership of renewable energy infrastructure, renewable energy infrastructure related assets and any infrastructure investment generally, and many of such risk factors could cause fluctuations in usage, expenses and revenues, causing the value of the investments to decline and to affect the Fund's returns negatively.

Moreover, renewable energy assets are subject to energy regulation and require governmental licenses and approvals for their operation as well as operating in a highly regulated power market, which is subject to periodic regulatory changes. The failure to obtain, maintain or comply with the approvals and permits relating to the investments, and the resulting inability to complete the projects, or be able to generate power from them, in addition to the risk of additional costs, fines and penalties, could materially and adversely affect the Portfolio Entities' return from the assets. Renewable energy projects also require significant expenditure to develop, build and commission the projects before the assets begin to generate income, as well as on-going, long-term expenditure on operating and maintenance to enable projects to reliably generate expected levels of income.

The degree of success for any renewables energy project will depend partly on the continued growth of the clean technology market worldwide. Although these markets are projected to grow rapidly, there can be no assurance that they will do so. If these markets do not continue to grow or grow more slowly than projected or if the infrastructure does not effectively support growth that may occur, the Fund's business, prospects, financial condition, and operations could be materially adversely affected. The commercial potential of the clean technology market remains uncertain.

Furthermore, the energy industry is experiencing increasing competitive pressures, primarily as a result of consumer demands, technological advances, privatizations and other factors. To the extent competitive pressures increase and the pricing and sale of energy products assume more characteristics of a competitive or otherwise unregulated business, the economics of projects or companies in which the Fund may invest may come under increasing pressure. Energy infrastructure asset owners may also find it increasingly difficult to negotiate long-term procurement or sales agreements with counterparties, which may affect their profitability and financial stability.

The operation and financial performance of any renewable energy investment will also be significantly dependent on governmental policies and regulatory frameworks that support renewable energy sources. Investments in renewable energy and related businesses and/or assets have recently enjoyed support from international, supranational, national, state, provincial and local governments and regulatory agencies designed to finance or support the financing development thereof, such as the U.S. federal investment tax credit and federal production tax credit, U.S. Department of the Treasury grants, various renewable and alternative portfolio standard requirements enacted by several states, renewable energy credits and state-level utility programs, such as system benefits charge and customer choice programs. Similar support, initiatives and arrangements exist in non-U.S. jurisdictions as well, in particular the EU. Non-U.S. jurisdictions may have more variable views on policies regarding renewable energy (and, for example, may be more willing or likely to abandon initiatives regarding renewable energy in favor of more carbon-intensive forms of traditional energy generation). The combined effect of these programs is to subsidize in part the development, ownership and operation of renewable energy projects, particularly in an environment where the low cost of fossil fuel may otherwise make the cost of producing energy from renewable sources uneconomic. Some of the U.S. states or other jurisdictions in which renewable energy investments are located may have Renewable Portfolio Standard ("**RPS**") requirements that support the sale of electricity generated from renewable energy sources. Electric utility suppliers may satisfy their RPS requirements by purchasing renewable energy or renewable energy credits from producers of electricity generated from renewable sources. There can be no assurance that government support for renewable energy will continue, that favorable legislation will pass, or that the electricity produced by the renewable energy investments will continue to qualify for support through the RPS programs. The reduction, elimination or expiration of government policies that support renewable energy, government subsidies and economic incentives could adversely affect the cash flows and value of a particular portfolio company, the flow of potential future investment opportunities and the value of any platform in the sector. Any reduction in or elimination of these programs may have an adverse effect on the development of renewable energy resources, as was demonstrated by the significant reduction in wind power development projects between the end of 2003 when the federal production tax credit expired and the reinstatement of such credit by the U.S. Congress in October 2004. To the extent any federal, state or local tax credits, other favorable tax treatment or other forms of support for renewable energy are changed, such as a result of changes to the Code from the One Big Beautiful Bill Act (the "**OBBBA**"). the Fund's renewable energy investments may be negatively impacted. Conversely, because policies favoring renewable energy initiatives may involve economic disincentives on more carbon-intensive forms of traditional energy generation, such policies may adversely affect the Fund's other investments that do not involve renewable energy projects.

**Project Risks**

Infrastructure assets can have a narrow customer and supplier base. Should any of the customers or suppliers fail to pay their contractual obligations, or a government appropriate the underlying assets or retroactively change renewable energy subsidy regimes, significant revenues could cease and become irreplaceable. Limited suppliers (for example, the case of offshore wind, in relation to procuring turbines) or supply chain risk would also lead to increased project costs. This would affect the profitability of the asset and the value of any securities or other instruments issued in connection with such assets. Infrastructure projects can be heavily dependent on the developer, equipment suppliers and operator of the assets. There are a limited number of developers, equipment suppliers, and operators with the expertise necessary to successfully maintain and operate offshore wind projects for example. The loss of a developer, equipment supplier, or operator for an infrastructure project of the Fund could significantly impair the financial success of the project and have a material adverse effect on the investment. Similarly, the insolvency of a lead contractor, a major subcontractor or a key equipment supplier could result in material construction delays, project disruptions and additional costs and these may have a material adverse effect on the performance of the investment.

**Decommissioning Risks**

At the end of the economic life of a renewable energy asset, the owners may owe an obligation to the relevant landowner to decommission the project. So far, there is limited information and experience with respect to the decommissioning and dismantling of power plants, facilities and/or infrastructures, especially for renewable energy. As part of this obligation a decommissioning plan may be pre-agreed and it is normal practice of owners and investors to include an appropriate forecast of decommissioning costs in the financial model, and to establish reserves to cover those costs in advance of the forecast end to the economic life of the project. In some instances, the landowner may also require the Fund or the MAM-Managed Entity, to the extent they control the asset, to provide a guarantee to back the obligations for decommissioning. The anticipated costs for decommissioning are provided by an independent third-party, but these costs could vary from those forecast amounts and materially affect the value of the investment. Accordingly, the Adviser will make provision for decommissioning costs, but actual decommissioning costs of any particular project may vary from those forecast in the relevant financial model. In addition, such dismantling, disposal and restoration may result in additional unforeseen costs to be borne by the renewable energy asset. If any of these risks materialize, the performance of the relevant renewable energy asset may be adversely affected which in turn may have a material adverse effect on the Fund's return.

**Investment in Restructurings**

The Fund may make investments in restructurings that involve Portfolio Entities that are experiencing or are expected to experience financial difficulties. These financial difficulties may never be overcome and may cause such Portfolio Entity to become subject to bankruptcy proceedings. Such investments could, in certain circumstances, subject the Fund to certain additional potential liabilities that may exceed the value of the Fund's original investment therein. For example, under certain circumstances, a lender who has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In addition, under certain circumstances, payments to the Fund and distributions by the Fund to the Investors may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment, or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by local statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the bankruptcy court's discretionary power to disallow, subordinate or disenfranchise particular claims.

**Risks Related to the Ownership of Renewable Energy Infrastructure**

An investment in the Fund is subject to certain risks associated with the ownership of renewable energy infrastructure and renewable energy infrastructure related assets in general, including: increasing competitive pressures within the energy industry, primarily as a result of consumer demands, technological advances, privatization and other factors; the burdens of ownership of renewable energy infrastructure; local, national and international economic conditions; the supply and demand for services from and access to renewable energy infrastructure; the financial condition of users and suppliers of renewable energy infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of renewable energy infrastructure assets difficult or impracticable; changes in laws, including environmental law, and regulations, and planning laws and other governmental rules; environmental claims arising in respect of renewable energy infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in energy prices; changes in fiscal and monetary policies; uninsured casualties; underinsured or uninsurable losses, such as force majeure events and terrorist acts; and other factors which are beyond the reasonable control of the Fund. Many of these factors could cause fluctuations in usage, expenses and revenues, causing the value of the investments to decline and to affect the Fund's returns negatively. Energy infrastructure asset owners may also find it increasingly difficult to negotiate long-term procurement or sales agreements with counterparties, which may affect their profitability and financial stability.

**Technology Risk – Renewable Power Projects**

There are a variety of technology risks in renewable power projects, including the risk of new technology failing to work reliably, as well as the risk that subsequent projects will be more efficient and place existing projects at a competitive disadvantage. A notable feature of the renewables market has been the economic weakness of technology suppliers, particularly in the solar panel market, such that they may be poor credit risks and may not be able to satisfy claims on equipment warranties. A key feature of the renewables market has been rapidly declining equipment costs, there is no guarantee that this will continue. If it does continue, new projects may have a significant cost advantage over historic projects.

While the Fund will seek to invest in proven technologies, there is a risk that there may be manufacturing or other defects in the technology or that the technology when applied to the specific renewable resource may not be adequate. This risk is mitigated in part by the use of fixed price construction contracts with performance guarantees backed by liquidated damages, although there is no assurance that these terms will be available in construction contracts in the future.

**Technology Risk – Offshore Wind**

There are a variety of technology risks in offshore wind, especially in relation to floating offshore wind, which is a rapidly growing type of offshore wind technology that is still progressing towards commercialization. There are therefore risks that new technologies fail to work reliably, not being available for the entire forecast period for their intended use or not achieving or maintaining the predicted efficiency, as well as the risk that subsequent projects will be more efficient and place existing projects at a competitive disadvantage.

**Power Purchase Agreement Risk**

Companies engaging in renewable energy projects will often enter into a power purchase agreement ("**PPA**") for electricity offtake. Payments by power purchasers to such projects pursuant to their respective PPAs may provide the majority of such companies' or projects' cash flows. There can be no assurance that any or all of the power purchasers will fulfill their obligations under their PPAs or that a power purchaser will not become bankrupt, or that upon any such bankruptcy its obligations under its respective PPA will not be rejected by a bankruptcy trustee. There are additional risks relating to the PPAs, including the occurrence of events beyond the control of a power purchaser that may excuse it from its obligation to accept and pay for delivery of energy generated by a company or project. The failure of a power purchaser to fulfill its obligations under any PPA or the termination of any PPA may have a material adverse effect on a Portfolio Entity or project. To date, many PPAs have been provided by national governments (through fixed tariffs, or some other form of subsidy). There is no guarantee that governments will retain previously agreed tariffs and no guarantee that such tariffs will continue to be offered to new projects.

**Renewable Energy Pricing**

The revenues derived from investments are likely to be affected by the price of electricity derived from other fuel sources, which has been, and is likely to continue to be, volatile and subject to wide fluctuations in response to factors such as: (i) relatively minor changes in the supply of and demand for oil, gas or coal; (ii) market uncertainty; (iii) political conditions in international commodity producing regions; (iv) the extent of domestic production and importation of oil, gas or coal in certain relevant markets; (v) the level of consumer demand; (vi) weather conditions; (vii) the competitive position of oil, gas or coal as a source of energy as compared with other energy sources; (viii) the industry-wide refining or processing capacity for oil, gas or coal; (ix) the effect of foreign federal, state and local regulations on the production transportation and sale of commodities; and (x) the amount and character of excess electric generating capacity in a market area. Market prices of these energy commodities may fluctuate materially depending on a variety of factors beyond the control of the Adviser or the Fund, including, without limitation, weather conditions, foreign and domestic supply and demand, force majeure events, changes in law, governmental regulations, prices and availability of alternative fuels and energy sources, international political conditions including those in the Middle East, actions of the Organization of Petroleum Exporting Countries (and other oil and natural gas-producing nations) and overall economic conditions.

Following construction, renewable energy investment and economics are principally influenced by the balance between operating and maintenance costs on the one hand and, on the other, the income from renewables subsidies (if any), power prices and the price of any applicable related green certificates. Power market prices are impacted by the balance of demand and supply, and can turn negative in periods of excess supply. The significant increase in the amount of intermittent renewable power generating capacity that is expected in the future may make power prices more volatile going forwards and may require further changes to the applicable rules and regulations applying to generating projects.

Renewable energy projects are long-term assets with long economic lives often exceeding 20 years. While sales contracts, PPAs and feed-in tariffs, underpinning the forward sale of electricity and/or environmental credits, often provide for short-term fixing of the price of energy and/or environmental credits, a clean energy project will likely be required to sell electricity or environmental credits at then prevailing market prices and/ or seek new sales contracts with fixed price periods.

In making its investment decisions, the Adviser will necessarily rely on market forecasts as to the forward price of electricity and environmental credits or equivalent instruments. There can be no assurance that such forecasts will be accurate and if the revenues are ultimately lower than projected, the returns on the investments will also be lower. In certain markets, electricity is also sold on spot markets which fluctuate constantly.

The Fund may make Investments in projects and concessions with revenue exposure to power prices and the returns from renewable energy generation assets may be affected by changes in the market price for power, the costs of managing intermittency risks and changes in the availability and charges for connection to the electricity distribution and transmission systems in any markets in which the Fund has operating assets. The market price of electricity is volatile and is affected by a variety of factors. While some of the portfolio companies may benefit from fixed price arrangements for a period of time, others may have revenue which is based on prevailing power prices.

**Renewable Resources**

Renewable power technologies, especially wind, solar, hydro and landfill gas require an assessment of the renewable resource. For example, in the case of wind, solar or hydro, if there is less wind, sun or available water than had been anticipated, a project may have a lower return than originally projected. Actual annual wind speed or solar irradiation may fluctuate resulting in lower-than-expected long-term average rates with a corresponding effect on the amount of electricity generated. Wind speeds that are significantly higher than expected could result in periods where the wind is too strong for the wind turbines to safely produce electricity which could result in reduced generation. There is also risk of weather cycles that are deficient in the type of weather conditions required to produce energy at the relevant renewable energy asset. Energy yield forecasts are to a large extent based on historical climate data and certain computer-based simulations/calculations. There is a risk that such forecasts prove inaccurate due to meteorological measurement errors, the reliability of the forecasting model or errors in the assumptions applied to the forecasting model. In particular, extreme weather conditions may lead to greater fluctuation from historically recorded data. In the case of landfill gas, the production of methane from a landfill site will decline over time. The amount of the decline and the length of the life of the field can be difficult to estimate. In addition to long-term resource levels, renewable resources, especially wind and hydro, and to a lesser extent solar, are subject to annual variations. There is a risk that a renewable power project will not generate sufficient cash to service its debt and/or achieve a return, and if a decline in resource levels occurs early in a project's life, the impact on projected returns will be greater.

**Equipment and Services**

The Fund's revenue may depend in part upon the availability and operating performance of the equipment used in connection with infrastructure assets within its portfolio, including solar assets and offshore wind assets, such as solar panels. Even where such equipment is available, the Adviser's procurement processes may not permit the Fund to acquire such equipment as a result of concerns raised during supply chain due diligence for example. Some of that equipment is owned/maintained by the project and some is likely to be owned/maintained by third parties. A defect, serial defect or a mechanical failure in the equipment, or an accident which causes a decline in the operating performance of equipment and the availability of such equipment, can directly impact upon the revenues and profitability of that asset. Should access to spare or replacement parts be restricted by their discontinued production, the planned operational lifetime of the assets could be reduced. The Adviser will incorporate an estimate of operating cost spend and unavailability of equipment within the financial forecasts, consistent with third-party advice. There is a risk that differences between actual and forecast costs will exist. The impact on the Fund of any failure of or defect in the equipment used in the operation of its assets should be reduced to the extent that the Fund has the benefit of any warranties or guarantees given by an equipment supplier.

**Supply Shortages and Price Increases**

The Fund and its suppliers' supply chain and operations could be subject to events beyond our control, such as earthquakes, wildfires, flooding, hurricanes, tsunamis, typhoons, volcanic eruptions, droughts, tornadoes, the effects of climate change and related extreme weather, public health issues and pandemics, war, terrorism, cyber-attacks, government restrictions, tariffs, or limitations on trade, and geo-political unrest and uncertainties. For example, the COVID-19 pandemic caused significant shipping delays and price increases and also raised the price of inputs like steel, resulting in a number of our suppliers and EPC Contractors raising force majeure claims to excuse the performance of their obligations under our contracts with them.

There have also been periods of industry-wide shortage of key components, including solar panels, in times of rapid industry growth or regulatory change. For example, guidance from the Internal Revenue Service, or the IRS, on the steps required for construction to be deemed to have commenced in time to qualify for federal investment tax credits resulted in significant module and other supply shortages in the market as customers started purchasing supplies in advance of the December 2019 deadline to qualify for a 30% investment tax credit. Changes in federal, state, or local regulations, such as changes to the Code resulting from the OBBBA, may require new or different system components to satisfy the requirements of such newly effective codes or regulations, which may not be readily available for distribution to us or our suppliers. The manufacturing infrastructure for some of our projects' components has a long lead time, requires significant capital investment, and relies on the continued availability of key commodity materials, potentially resulting in an inability of manufacturers to meet demand for these components, which, as a result, could negatively affect the Fund's ability to complete projects in a timely manner and increase our costs.

**Wind Farms**

The Fund's revenue may depend in part upon the availability and operating performance of the equipment used in connection with wind farms within its portfolio, such as gear boxes, rotor blades, transformers, inter-array cables, transmission cable, foundations and sub-stations (both onshore and offshore). Some of that equipment is owned / maintained by the project and some is likely to be owned / maintained by third parties. A defect, serial defect or a mechanical failure in the equipment, or an accident which causes a decline in the operating performance of a wind turbine and the availability of such equipment, can directly impact upon the revenues and profitability of that wind farm. Should access to spare or replacement parts be restricted by their discontinued production, the planned operational lifetime of the wind turbines could be reduced. The Adviser will incorporate an estimate of operating cost spend and turbine unavailability into its modelling of the wind farms within the financial forecasts, consistent with third-party advice. There is a risk that differences between actual and forecast costs will exist. The impact on the Fund of any failure of or defect in the equipment used in the operation of its wind farms should be reduced to the extent that the Fund has the benefit of any warranties or guarantees given by an equipment supplier.

Wind power production estimates are based on past wind measurements. Historical wind speeds may not be representative of future wind speeds. Seasonal and annual volatility may also adversely affect the Fund's returns from its wind power assets. Typically, wind farms have relied upon supportive legal and regulatory environments to remain competitive with thermal power suppliers, although this is changing in some markets. Any adverse change to the legal or regulatory environments in countries in which the Fund's wind farm assets are situated may reduce the Fund's returns from these assets. Similarly, returns from wind farm assets may be affected by changes in the basis of charging for electricity or the basis on which the Fund's assets are charged for connection to the electricity distribution system in any markets in which the Fund operates. Systemic faults in technology employed by wind farms in which the Fund invests may also negatively impact on returns to the Fund from those assets. Where wind farm projects are a more expensive means of electricity production than alternative generating technologies, they are likely to depend on supportive regulatory environments. In countries in which the Fund's wind power assets are situated, regulatory changes may reduce the Fund's returns from these assets.

In particular, offshore wind assets are subject to energy regulation and require governmental licenses and approvals for their development, construction and operation as well as operating in highly regulated power markets, which are subject to periodic regulatory changes. The failure to obtain, maintain or comply with the approvals and permits relating to the Investments, and the resulting inability to complete the projects, or be able to general power from them, in addition to the risk of additional costs, fines and penalties, could materially and adversely affect the portfolio companies' return from the assets. Offshore wind projects also require significant expenditure to develop, build and commission the projects before the assets begin to generate income, as well as on-going, long-term expenditure on operating and maintenance to enable projects to reliably generate expected levels of income.

**Solar**

Like wind farms, solar power production estimates are based on past measurements. Historical radiation measurements may not be representative of future solar power production, including due to changes in environmental conditions, including cloud cover and pollution. Seasonal and annual volatility may also affect the Fund's returns from its solar power assets. Increasingly solar power solar power projects are being developed without significant subsidies, and there is a risk that existing subsidies will be phased out in jurisdictions where they remain.

Further, although solar assets have few moving parts and operate, generally, over long periods with limited maintenance requirement, solar photo-voltaic (PV) power generation employs solar panels composed of a number of solar cells containing PV material. These panels are, over time, subject to degradation since they are exposed to the elements and carry and electric charge, and will age accordingly. In addition, solar radiation which produces solar electricity carries heat with it that may cause the components of a PV solar panel to become altered and less able to capture irradiation effectively. There is a risk of equipment failure due to wear and tear, design error or operator error with respect to each PV facility and this failure, among other things, could adversely affect returns to the Fund.

Any adverse change to the legal or regulatory environments in countries in which the Fund's solar power assets are situated may reduce the Fund's returns from these assets.

**Bioenergy**

The principal risk to returns from bioenergy plants are the availability of suitable plant-based fuel and increases in the cost of such fuels. If suitable fuels become scarce, or for other reasons become more expensive to acquire, the Fund's returns from bioenergy plants may be adversely affected. Where bioenergy projects are a more expensive means of electricity production than alternative generating technologies, they are likely to depend on supportive regulatory environments. In countries in which the Fund's bioenergy assets are situated, regulatory changes may reduce the Fund's returns from these assets.

**Geothermal**

There are limited places where geothermal power stations can be built due to the requirement for suitable hot rocks at suitable drilling depths. This limitation may require significant exploration, which can be very costly and time consuming and may not ultimately be successful, thereby adversely affecting returns to the Fund. The level of geothermal energy at an operational site can be variable, and this may adversely impact on returns to the Fund. Where geothermal projects are a more expensive means of electricity production than alternative generating technologies, they are likely to depend on supportive regulatory environments. In countries in which the Fund's geothermal assets are situated, regulatory changes may reduce the Fund's returns from these assets.

**Hydroelectric Projects**

The effectiveness of hydroelectric power generation depends on the consistent flow and velocity of water running through turbines. Accordingly, in addition to power price risk and technology risk, the primary risk to returns from small hydro installations is a decrease in the amount of electricity produced because of a decrease in water velocity. This decrease in velocity could result from, amongst other things, sedimentation or corrosion of the turbines. Run of the river hydroelectric power projects have no way to store water to provide a back-up for reduced river flow and so are exposed to the risk of reduced precipitation or increased water use by other users adversely impacting generation and income.

**Feedstock**

Some renewable power technologies, especially biomass require feedstock to generate electricity. The amount, and price of, feedstock available is volatile and interruptions in the supply chain and can have a significant impact on either. A reduction in supply or increase in cost of feedstock will materially impact the performance of these types of investments.

**Effects of Ongoing Changes in the Electricity Supply Industry**

Certain Investments may be in projects and Portfolio Entities directly related to electric utilities and, in most cases, such utilities are the ultimate customers for purchasing electricity from renewable energy projects. The operation of renewable energy projects often takes place at sites that are remote from the electrical transmission and distribution system, frequently requiring grid interconnection and reinforcement. In many markets, the electricity supply industry is experiencing increasing competitive pressures, primarily in wholesale markets, as a result of consumer demands, technological advances, greater availability of natural gas and other factors. There can be no assurance that: (i) existing regulations applicable to electricity utilities will not be revised or reinterpreted, especially those imposing mandates upon them to purchase renewable electricity; (ii) new laws and regulations will not be adopted or become applicable to electricity utilities companies; (iii) the technology and equipment selected by such utilities to comply with current and future regulatory requirements will not change materially over time; (iv) the required grid interconnection and reinforcement to permit uninterrupted generation will be undertaken in a timely manner at reasonable cost; or (v) such utilities' business and financial condition will not be materially and adversely affected by such future changes in, or reinterpretation of, laws and regulations (including the possible loss of exemptions from laws and regulations) or any failure to comply with such current and future laws and regulations.

**Grid Risk**

Certain Investments must be connected to the distribution or transmission grid to sell their energy output. Therefore, these assets may be dependent on electricity transmission facilities owned by third parties to sell the electricity produced by its assets. Due to the continued roll out of renewables there is an increased risk of curtailment and grid outages which will reduce the amount of electricity a project can export, which in turn, reduces the revenues generated by a project in any given period. Typically, the Fund will not be the owner of, nor will it be able to control, the transmission or distribution facilities except those needed to interconnect its assets to the electricity network. Accordingly, a wind or solar farm must have in place the necessary connection agreements and comply with their terms in order to avoid potential disconnection or de-energization of the relevant connection point.

In addition, if the transmission or distribution facilities break down without fault of the distribution of transmission grid operator, the Fund may be unable to sell its electricity and this could have a material adverse effect on the Fund's returns in these assets. The circumstances in which compensation, if any, would be payable are limited and the amounts payable are unlikely to be sufficient to cover any losses of revenue.

Moreover, development projects may also face the risk of not securing a grid connection which materially impact their value. These risks may adversely affect the returns of the Fund in these assets. The Fund will need to consider any related costs and any timetabling implications for the connection of projects (where applicable), as well as ensuring compliance with policies and regulation in relation to grid connectivity.

**Risks of Investing in Platform Companies**

The Fund may invest its assets in the securities of smaller, less established companies with shorter operating histories. Investments in such companies may involve greater risks than are generally associated with Investments in more established companies.

Although the Fund will monitor the performance of each investment, the Fund will necessarily rely on management to operate the Investments on a day-to-day basis and the Fund's performance is partially dependent on the continued efforts of these management teams. Each investment will be dependent on certain key personnel, and the loss of key personnel, or the inability to retain or replace qualified employees, could have an adverse effect on these businesses and the level of their distributions, which could adversely affect the results of operations and the Fund's ability to generate cash and pay distributions.

Additionally, as the business models and implementation of green energy technologies expand and mature, other industrial areas could potentially come within the scope of the Adviser or Sub-Advisers' investment mandates, and such industries could provide other industry-specific risks that do not currently exist in the Fund's current investment strategy, or that the Fund's management teams are not currently aware of.

**Risks of Investing in Natural Climate Solutions**

**General**

The Fund is subject to risks generally affecting interests and Investments in, and ownership of/legal title to, real assets (including carbon assets), including: changes in local market conditions or general political and economic conditions or in specific industry segments; declines in asset values; changes in valuation yields due to relative attractiveness of real assets as an asset class; variations in supply of and demand for obsolescence of real assets and carbon credits; fluctuations in the availability of financing for the acquisition of real assets; changes in governmental rules, local authorities' pre-emption rights, regulations and fiscal and other policies; technical problem; natural disasters or alterations in ecosystem functioning; financial failures of operating or site preparation subcontractors, and acts of God (where not covered by insurance); changes to applicable taxation regimes in relation to real assets and recent changes to, or uncertainty in, the U.S. federal income tax treatment of carbon credits, all of which may affect valuation levels and may adversely impact the Fund. There is no assurance that there will be a ready market for resale of any Portfolio Entity because they will generally not be liquid. Lack of liquidity may result from the absence of an established market for a Portfolio Entity, as well as legal or contractual restrictions on their resale by the Fund.

**Carbon Markets**

There can be no guarantees or assurances that any Portfolio Entity will generate or otherwise make available to the Fund any carbon credits. The Fund cannot guarantee that any carbon credits can or will be used for compliance purposes under any regulatory regime, or accepted for voluntary climate action goals under any standard, initiative, or guidance, or that any of these regimes, standards, initiatives, or guidance will not vary over time. The value and transferability of carbon credits is highly dependent upon government regulation, and the lack of authorization of a natural climate solutions project may affect the transfer of full legal title to the carbon credits, the possibility to transfer carbon credits internationally, and may also restrict the way in which carbon credits may be used or claimed. Trading of carbon credits is mainly done over the counter or in markets which are largely immature and illiquid. Furthermore, it may not be possible to establish the current value of carbon credits at any particular time.

The Fund's value may depend on a market price for carbon credits. Price changes may occur based on supply and demand dynamics as new markets for carbon credits emerge. An increase in supply may partly offset price increases. To the extent that the Adviser's assumptions regarding the demand, usage and supply of carbon credits prove incorrect, delivery of carbon credits to the Fund could be adversely affected.

**Market Conditions: Agriculture and Forestry**

The Fund's investment strategy may be based, in part, upon the premise that real assets will be available for purchase by the Fund at prices which the Adviser considers favorable. Further, the Fund's investment strategy relies, in part, upon local market conditions. No assurance can be given that real assets businesses and assets can be acquired at favorable prices or that the market for such assets will recover, or continue to improve, as the case may be, since this will depend, in part, upon events and factors outside the control of the Fund. Further, the Fund's investment strategy relies, in part, upon the continuation of existing market conditions (including, for example, supply and demand characteristics) or, in some circumstances, upon more favorable market conditions existing in the future. No assurance can be given that real assets can be acquired or disposed of at favorable prices or that the market for such assets will either remain stable or, as applicable, recover or improve, since this will depend upon events and factors outside the control of the Fund. The Fund's business and the value of its Portfolio Entities may be adversely affected by periods of economic slowdown or recession, which may be accompanied by declining real estate values. Furthermore, there are risks that the value of the Units will be affected by factors particular to real assets securities and related industries or sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

Timber and agricultural commodities are subject to a number of uncertainties regarding prices, costs, and market access. Agricultural and wood products commodity prices may suffer from volatility as a result of weather shocks and their effects on yields, energy price shocks and changes in supply and demand. Changes to international trade may increase or decrease access to certain markets.

In addition, fiscal constraints or political pressure may also lead the governments of countries across the globe to impose increased taxation or other charges on operations in the agriculture and forestry sectors. If the assets of the Fund are subjected to increased taxation, royalties or expropriation, it could have an adverse effect on the Fund's financial condition. Further, government consents or notifications may be required for Investments or disposals by the Fund which may make it challenging and costly for the Fund to make new Investments or realize existing Investments on a timely basis or at all, which could, in turn, have an adverse effect on the Fund's profitability.

**Risks Related to Private Infrastructure Equity Investments**

**Risks Related to Personnel**

The Fund may invest in Portfolio Entities whose success depends on the management talent and efforts of one person or on a small group of persons, any of whose resignation, incapacity or death could adversely affect the businesses. No assurances can be given that such individuals will continue to be affiliated with the relevant Portfolio Entity throughout the life of the Fund, and a departure of any such individual may result in a material adverse effect on the performance of the Portfolio Entity and in turn, a material adverse effect on the performance of the Fund.

**Risks Related to Investment Structure**

Equity securities generally represent the most junior position within an issuer's capital structure and are therefore subject to the greatest risk of loss. Targeted returns will reflect the assumed level of risk, but there can be no assurance that the Fund will be adequately compensated for risks taken.

Investments in the securities of various issuers are also subject to a number of risks, which will be dependent in part on the structure of the issuer (*e.g.*, corporation, partnership, etc.) and the structure of the securities (*e.g.*, common equity, preferred equity, etc.). The performance of securities may depend in part on liquidity, market support, price volatility, and the relative rights of more senior and junior stakeholders, among other things. The business, creditworthiness, tax position, and effectiveness and stability of management of the issuer, as well as general and specific financial, business and economic conditions, may also have an effect on the value of securities.

**Investment in Private Companies**

The Fund will primarily seek opportunities relating to unquoted companies. Investments in unquoted companies are intrinsically riskier than in quoted companies as the unquoted companies may be smaller, more vulnerable to changes in technology and the general economic, geographic or market conditions, and may be more dependent on the skills and commitment of a small management team.

**Control Position Risk**

The Fund may seek investment opportunities that either allow the Fund to acquire control or exercise influence over management and the strategic direction of investments (whether as a result of its participation alone or as a consequence of its participation alongside other MAM-Managed Entities) or in which Macquarie otherwise seeks to leverage its expertise and capabilities in an effort to contribute to the success of the investment, for instance by providing advice and guidance regarding key strategic, commercial and financial decisions. The exercise of control over a Portfolio Entity imposes additional risks of liability for environmental damage, product defects, failure to supervise management and other types of liability in which the limited liability characteristic of business operations generally may be ignored. The exercise of control over an investment could expose the assets of the Fund to claims by such investment, its security holders and its creditors. While the Adviser intends to operate the Fund in a way that will minimize exposure to these risks, the possibility of successful claims cannot be precluded. If these liabilities were to arise, the Fund might suffer a significant loss. Consequently, the Adviser may not be solely in control of the acquisition, financing and disposition of all Investments in the Fund's portfolio and the portfolio's construction may be negatively impacted as the Fund's investment strategy and targeted returns are premised upon the opportunity to assemble, manage, finance, retain and harvest a complete and balanced portfolio.

The Fund may also make investments indirectly or acquire only a minority interest or a participation in an asset underlying an Investment, and as a result may not be able to exercise control over the management of such Investment. In certain circumstances, the Fund (or its subsidiaries or other vehicles through or in which it makes its Investments) will be required to waive governance or voting rights it would otherwise have as a result of its participation in an investment. In such case, the Fund will have limited, and in some cases no, influence on the management and investment decision of such Investments and may not always be in a position to effectively protect its interest. The Fund might not always be in a position to protect its interests effectively, particularly if management teams pursue objectives which are inconsistent with those of the Fund.

**Provision of Managerial Assistance**

The Fund may be represented on the boards of one or more Portfolio Entities and, because of anti-market abuse regulations or those nominee directors' duties to act in the best interests of those Portfolio Entities, the Adviser's ability to sell interests in such Portfolio Entities when and upon the terms that it may otherwise desire may be impaired.

The designation of representatives and other measures contemplated could expose the assets of the Fund to claims by a Portfolio Entity, its security holders or its creditors, including claims that the Fund is a controlling person and thus is liable for securities laws violations of a Portfolio Entity. These measures could also: (i) result in certain liabilities in the event of the bankruptcy or reorganization of a Portfolio Entity; (ii) result in claims against the Fund if the designated directors violate their fiduciary or other duties to a Portfolio Entity or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles; and (iii) expose the Fund to claims that it has interfered in management to the detriment of a Portfolio Entity.

**Risks Related to Private Infrastructure Debt Investments and Lending Generally**

**Limited Control Over Borrower's Assets/Business**

The ability of a lender to control the assets or business activities of a borrower is considerably less than the control that can be exercised by an equity investor.

**Credit Risk**

The assessment of a borrower's ability to repay a loan is based on a number of assumptions. There is a risk that the assumptions made may prove to be incorrect. The longer the term of the debt, the harder it is to be certain that the assumptions will prove correct. The long-term nature of the Private Infrastructure Debt Investments that the Fund may acquire will heighten the risk of circumstances arising which were not contemplated in the original credit assessment and may in turn increase the risk of the initial credit assessment being inaccurate.

**Lender Coordination Risk**

When lending jointly or as part of a consortium, a minority lender may not be in a position to control the enforcement and other actions to be taken under a loan. In particular, infrastructure projects and certain utility financing platforms are subject to complex intercreditor arrangements which may mean that amendments, waivers, consents and the ability to take or direct enforcement action, including the acceleration of debt, are outside of the control of a single creditor. As financings may have very diverse creditors (including public bondholders, banks, financial institutions, hedging providers, the European Investment Bank, monoline insurers (whether active or non-active), supra-national lenders and insurance companies), and as such creditors may have different payment rankings, the interests of creditors operating such intercreditor arrangements are not necessarily aligned.

**Enforcement Risk**

If a lender is required to take enforcement action and sell the underlying asset/business of a borrower it may recover less under such a forced sale than might otherwise be achieved and the proceeds might not be sufficient to cover all the amounts owing by the borrower. In some jurisdictions or for certain sub sectors, special insolvency regimes may apply which may prevent the enforcement of security and commencement of insolvency proceedings.

**Prepayment Risk**

If a Private Infrastructure Debt Investment is pre-paid in advance of its maturity date, capital may not be able to be reinvested at the same rate of return. A break fee may be payable by the borrower in some instances which may wholly or partially compensate for the prepayment having occurred. If a break fee is not paid or not payable, this may have a negative impact on the expected duration of the Private Infrastructure Debt Investment by the Fund and the duration of returns received by an Investor.

**Loan Origination Risks**

The Fund may originate loans, including senior, and junior loans, in each case, in compliance with local law requirements. The Fund's success in this area will depend, in part, on its ability to originate loans on advantageous terms. In making loans, the Fund will compete with a broad spectrum of lenders (which could include Macquarie), many of which may have substantially greater financial resources than the Fund.

Increased competition for, or a diminution in the available supply of, qualifying loans could result in lower yields on such loans, which could reduce returns to Investors. There can be no assurance as to the amount and timing of payments with respect to the loans; the loans could become non-performing and possibly go into default, and the borrower could enter into bankruptcy or liquidation. Although the Adviser will attempt to manage risks of investing in loans, there can be no assurance that the Fund's Private Infrastructure Debt Investments will increase in value or that the Fund will not incur significant losses.

Origination and intermediation of loans in certain jurisdictions can amount to a regulated activity. Typically, in those jurisdictions where such regulations do apply, the Fund or the Adviser would be required to obtain regulatory approval as a pre-condition of being able to carry on such activities. The Fund intends to structure its affairs in such a way that neither it nor the Adviser will be required to obtain any such regulatory approval(s). Inability to originate loans in such a jurisdiction, due to lack of appropriate authorization, may limit the range of Investments available to the Fund. Such inability may require the Fund to enter into arrangements with intermediaries who have such authorizations, most typically banking institutions, to assist with loan origination or intermediation. To the extent that the Adviser determines to pursue such a strategy, it is likely to increase expenses and reduce returns to the investors and may expose the Fund to the credit risk of such intermediary. Further, the application of such laws and regulations is often complex to determine and highly specific to the individual circumstances of the Fund and the proposed borrower. This means that the Fund may incur significant legal, tax and other advisory fees in its efforts to ensure that it acts in compliance with such laws and regulations. Such determinations will often ultimately depend upon the professional judgement of the Fund's legal, tax and other advisors and it is therefore possible that a regulatory authority may dispute such determinations with potentially adverse consequences for the Fund or the Adviser.

**Loans to Companies**

A portion of the Fund's portfolio may be committed to the origination or purchasing of loans to both public and privately owned businesses. With respect to the origination or purchasing of loans from medium-sized or privately owned businesses, compared to larger, publicly owned firms, such companies may have limited financial resources and access to capital as well as higher funding costs. They may be in a weaker financial position and may need more capital to expand or compete. These companies frequently have shorter operating histories, narrower product lines and smaller market share than larger businesses, which render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. There may not be as much information publicly available about these companies as would be available for public companies, and such information may not be of the same quality. These companies are also more likely to depend on the management talents and efforts of a small group of persons and, as a result, the death, divorce, disability, resignation or termination of one or more of these persons could have a material adverse impact on these companies' ability to meet their obligations. The above challenges increase the risk of these companies defaulting on their obligations.

**Risks Associated with Different Parts of a Borrower's Debt Capital Structure**

The Private Infrastructure Debt Investments of the Fund may be contractually or structurally subordinated to the senior debt obligations of an issuer or financing group. Such subordinated Private Infrastructure Debt Investments may be characterized by greater credit risks and higher loss given default than those associated with the senior obligations of the same issuer. Subordinated or junior tranches in an issuer's capital structure may absorb losses from default before other more senior tranches to which such junior tranches are subordinated.

Adverse changes in the financial condition of an issuer, general economic conditions, or the terms of the senior financing structure may impair the ability of such issuer to make payments on the subordinated securities and result in defaults on such securities more quickly than in the case of the senior obligations of such issuer. As a result, to the extent the Fund invests in such securities, the Fund would potentially receive payments after, and would bear the effects of losses or defaults on its Investments before, the holders of other more senior tranches of debt. In the absence of an intercreditor arrangement with senior creditors, the Fund may have limited protections or rights following an event of default. In addition, the ability of the Fund to influence an issuer of such securities' affairs would likely be substantially less than that of senior creditors.

The Fund may also lend on an unsecured basis. In the event of default or insolvency of a borrower, the Fund would rank subordinate to secured lenders and *pari passu* to unsecured creditors. In such circumstance the Fund is at greater risk of experiencing significant loss.

**Differing Investment Positions in Securities**

The Adviser, the Debt Infrastructure Sub-Adviser or their affiliates, because of differing investment objectives, different investment teams or other factors, may cause other investment vehicles to take investment positions different from those taken by the Fund in securities in which the Fund invests, including positions contrary to those held by the Fund or senior or junior to those held by the Fund. When deciding whether or not to invest in such positions, the Adviser and Debt Infrastructure Sub-Adviser will take into account a number of factors, including the size of the relative positions, nature and extent of voting rights, relative covenant packages, materiality of the investment to the Fund or other investment vehicle, the nature of the lender syndicate and the expected maturity date, being the date on which, in the opinion of the Adviser and the Debt Infrastructure Sub-Adviser, the relevant Private Infrastructure Debt Investment could reasonably be expected to be refinanced in full.

To the extent that the Fund holds interests that are different (or more senior or junior) than those held by such other vehicles, the Adviser, the Debt Infrastructure Sub-Adviser and their affiliates may be presented with decisions involving circumstances where the interests of such other vehicles are in conflict with those of the Fund, including with respect to targeted returns for the investment and the timeframe for and method of exiting the investment. Furthermore, it is possible that in certain circumstances, including for example in a bankruptcy proceeding or other action relating to a distressed situation for the relevant borrower, the Fund's interest may be subordinated or otherwise adversely affected by virtue of such other vehicles' involvement and actions relating to its investment.

**Borrowers Equally Face Credit Risk in Relation to Their Project Counterparties**

Borrowers often enter into warranty and bonding arrangements with project counterparties, such as equipment suppliers, construction, operational and maintenance counterparties. Such warranties and bonds typically cover the non-performance of the counterparty or the relevant equipment under certain conditions and are typically subject to time limits, maximum pay-out clauses and other contractual restrictions. Payments under warranties and bonds will ultimately depend on the relevant counterparty's ability to satisfy its financial obligations.

Financial analysis for infrastructure project companies is typically based on the fact that construction and other risks of operating the relevant concessions are substantially assumed by third-party contractors. Infrastructure project companies may be exposed to increased cost or other liabilities where this does not happen, for example as a result of the operation of contractual limits of liability, contractor default or insolvency or defective contractual provisions.

**Risks Associated with Lending to Utilities**

**Increasing Competition in Regulated Utilities**

Regulators in the utility sector have sought and continue to seek to introduce increased competition into the market for the provision of regulated utility services (including the separation of wholesale and retail businesses). The introduction of increased competition could lead to a reduction in the revenue of the relevant utility borrower which could have a material adverse impact on the borrower's business, operational performance, profitability or financial condition and thus the Investments.

**Revenue Risks**

The turnover, profitability and cash flow of many regulated utilities are substantially influenced by the service levels, regulatory targets and price limits established by the relevant regulator, and such regulator's assessment of delivery against those factors.

Inadequate allowed cost of capital or regulatory assumptions concerning operating expenses and required capital expenditure as well as turnover forecasts proving not to be sufficiently accurate, unforeseen financial obligations or costs (for example, as a result of ensuring regulatory compliance or changes to legislation or regulatory requirements) which are not taken into account by the relevant regulator in setting price limits and are consequently not compensated for, could materially adversely affect the financial performance and profitability of such utilities.

**Non-Recovery of Consumer Debt**

Non-recovery of consumer debt is a risk to many regulated utility businesses and may cause such utility's profitability to suffer. The risk is often exacerbated as a result of regulatory regimes which may limit the sanctions or other options available to such regulated utility in reducing its bad debts. The relevant regulator may make allowances in the price limits for a proportion of debt deemed to be irrecoverable, however, the utility borrower may not be able to recover all bad debts through this mechanism (or such recovery may be subject to a time delay). The borrower may therefore suffer losses from its inability to recover its debts fully, which could adversely affect the borrower's business, operational performance, profitability or financial condition which could in turn impact on the Investments.

**Capital Expenditure Program Risk**

The business of utility companies requires significant capital expenditure by a borrower. The price limits set by the relevant regulator as part of price controls will take into account such regulator's view of the level of capital expenditure expected to be incurred and the associated funding costs and operating costs (on an efficient basis). If a borrower is unable to deliver its capital investment program at expected expenditure levels, or is unable to secure the expected level of efficiency savings on its capital investment program, or the program falls behind schedule or contains incorrect assumptions by the borrower as to the capital investment required, the borrower's available cash flow might suffer because of a need for increased capital expenditure. A regulator of such a borrower may take such failings into account which could lead to a borrower being unable to recover its costs or reduction in its revenue due to the borrower's failure to meet targets (for example in relation to environmental compliance and output).

Regulators have also introduced incentive mechanisms for capital expenditure allowing regulated utilities to recover their actual capital expenditure for specific outputs, plus or minus revenue rewards or penalties that depend on how closely their expenditure forecasts compare to the regulator's expectations and the regulated utility's actual expenditure. Any penalty deducted from the allowed capital expenditure may have a material adverse effect on the regulated utility's cash flow and thus on the Investments.

**Limitations On Security**

In certain jurisdictions, a regulated utility's ability to grant security over its assets and the enforcement of such security may be restricted through statute or the regulatory regime applicable to such borrower. In these circumstances, the security to be provided over the assets of the regulated company affords significantly less protection to the secured creditors (including the Fund) than would be the case if such a company were not a regulated utility.

**Risks Related to Lending to Infrastructure**

The Fund's objective is to also acquire (with the intention generally to hold), and to earn income from, a diversified portfolio of Investments in the debt of companies which directly or indirectly own infrastructure projects. In addition to the risks of the Investments otherwise described in this Registration Statement, to which any such debt Investment will be exposed to, these debt Investments (whether senior or subordinated) will necessarily be subject to the risks incidental to the relevant borrowers' ownership and operation of infrastructure projects.

In general, all of the risks identified above in respect of infrastructure projects as they apply to the Fund's equity and equity-like Investments in infrastructure projects, as described in "*Risks Related to Infrastructure Investments*," "*Risks Related to Infrastructure Assets—Renewables*" and *"Risks of Investing in Natural Climate Solutions*" above, also apply to the Investments by the Fund in the debt of companies which directly or indirectly own infrastructure projects and references to the Fund shall be construed as references to the relevant borrower, as applicable.

If any of the risks identified above in "*Risks Related to Infrastructure Investments*," "*Risks Related to Infrastructure Assets—Renewables*" and "*Risks of Investing in Natural Climate Solutions*" above materialize, they could reduce the revenues generated by a debt investment, including as a result of the borrower's ability to satisfy its debt repayment obligations, and consequently adversely affect the return of the Fund therefrom.

**Risks Related to Equities and Multi-Asset Investments**

**Country Risk**

Country risk refers to potential adverse political, economic or social developments affecting the return on an investment in a country which may reduce the value of the Fund's assets. Examples of events that may affect the value of Investments in a country are political instability, recession, war, tariffs, income inequality, refugee migration, terrorism, the potential break-up of political-economic unions and political corruption. The materialization of one or more of these risks could negatively affect our financial performance.

The Fund may also invest in emerging markets. Investments in emerging markets may be more volatile than Investments in more developed markets. Some of these markets may have relatively unstable governments, economies based on only a few industries and securities markets that trade only a limited number of securities. Many emerging markets do not have well developed regulatory systems and disclosure standards may be less stringent than those of developed markets.

The risks of expropriation, nationalization and social, political and economic instability are greater in emerging markets than in more developed markets.

**Volatility Risk**

Volatility risk is the potential for the value of the Investments or the NAV per share to vary, sometimes markedly and over a short period of time. This volatility can also affect amounts available for distribution to Investors. As an indicator of risk, the greater the volatility of returns the more likely it is that returns will differ from those expected over a given time period. Investments in equity securities offering emerging markets exposure are traditionally towards the higher end of the volatility spectrum.

**Risks Relating to Emerging or Frontier Markets**

The Fund may invest in eligible assets which are listed on the securities exchanges of emerging or frontier market countries, as well as investing in companies which are located or have operations within such countries. Emerging or frontier markets are typically more volatile than developed markets and can result in increased risk for investors.

Emerging or frontier markets are generally considered riskier than developed markets due to factors such as lower liquidity, the potential for political unrest, the increased likelihood of sovereign intervention (including default and currency intervention), currency volatility and increased legal risk. Emerging market Investments therefore may experience increased asset price volatility and face higher currency, default and liquidity risk.

The risks of investing in emerging or frontier markets include those risks listed below.

Political and Legal Risks

In emerging markets, investor protection legislation or protection available through other legal avenues (for example concepts of fiduciary duties) may be limited, non-existent, or difficult to enforce in practice. Obligations on companies to publish financial information, or to publish such information in accordance with recognized accounting standards, may also be limited. Governments may make or invoke policy or regulation that changes the established rights of private sector companies. There is a further risk that a government may prevent or limit the repatriation of foreign capital or the availability of legal redress through the courts. There is also the risk of government intervention in the operation of financial markets, for instance a forced closure of markets.

Market, Valuation and Settlement Risks

Eligible markets which are securities exchanges in emerging markets are likely to be less liquid and less efficient than regulated markets. Eligible assets traded on such exchanges can be more difficult to sell and value. Investor registers may not be properly maintained and ownership of or interests in such eligible assets may not be (or remain) fully protected. Registration of ownership of securities may be subject to delays and during the period of delay it may be difficult to prove beneficial ownership of the securities. In some markets, the concept of beneficial ownership is not recognized or is not well developed.

Custody arrangements for such securities may not be well developed. Settlements may still take place in physical rather than dematerialized form. In some markets there may be no secure method of delivery against payment which would minimize the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

Taxation Risks

Potential investors should note that tax law and practice in emerging market countries is less established than in countries with regulated markets. It is therefore possible that current laws, interpretation, guidance, or practices relating to taxation may change, potentially with retrospective effect. This may mean that the Fund may have to pay additional taxes or have sales proceeds withheld for tax reasons in circumstances which cannot be anticipated at the time when Investments are made, valued or disposed of.

**Exchange-Traded Fund Risk**

If the Fund eventual decides to invest in exchange-traded funds, the risks typically reflect the risks of the instruments in which the exchange-traded fund invests. Because exchange-traded funds are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an exchange-traded fund. As a result, the Fund's expense may be higher and performance may be lower.

**Performance Risk**

Performance risk broadly refers to the potential for changes in share prices to result in a loss in the value of your investment in the Fund. The Fund may invest in companies that are listed on a share market and as a result is exposed to movements in their share prices. Factors that drive changes in share prices may include changing profitability of companies and the sectors and markets in which they operate, economic cycles, volume of share issuance, investor demand levels, business confidence and government and central bank policies.

**Income Securities Risk**

The Fund may have exposure to a range of income securities, including high yield, emerging markets and structured securities. The value of these securities may fall, for example due to market volatility, interest rate movements, perceptions of credit quality, supply and demand pressures, market sentiment, or issuer default. These risks may be greater for securities offering higher returns, for example high yield or emerging market securities. Income security risk may cause unit price volatility and/or financial loss to the Fund.

**High Yield (Junk Bond) Risk**

The Fund may have exposure to high yield (junk bond) securities. High yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Commodities Risk**

The Fund may have exposure to commodities, through exchange traded commodities ("**ETCs**") or other commodities related securities which involve additional risks. More specifically, political, military and natural events may influence the production and trading of commodities and, consequently, have an influence on the commodities related securities and ETCs in which the Fund invests. Moreover, terrorism and other criminal activities may have an influence on the availability of commodities and therefore could negatively impact financial instruments in which the Fund invests which grant exposure to commodities.

**Restricted Securities Risk**

The Fund may invest in securities that contain restrictions of their negotiability and/or issue. Such Investments may be less liquid, making it difficult to acquire or to dispose of such Investments which may lead to the Fund experiencing adverse price movements upon any such disposal. Such restricted securities may be but are not limited to securities known as "**Rule 144A securities**."

Rule 144A securities are privately offered securities that can be resold only to certain qualified institutional buyers. As such securities are traded among a limited number of investors, certain Rule 144A securities may be illiquid and involve the risk that the Fund may not be able to dispose of these securities quickly or in adverse market conditions.

**Tax Risks**

**Tax Liability Considerations**

The taxation of partnerships and partners is complex. The Fund may take positions with respect to certain tax issues that depend on legal and other interpretive conclusions. Should any such positions be successfully challenged by a taxing authority, an Investor might be found to have a different tax liability for that year than that reported on its tax returns. In addition, a taxing authority's review of the Fund may result in a review of the returns of some or all of the Investors, which examination could result in adjustments to the tax consequences initially reported by the Fund and affect items not related to an Investor's investment in the Fund. If such adjustments result in an increase in tax liability for any year, the Fund or one or more of the Investors may also be liable for interest and penalties with respect to the amount of underpayment. The legal and accounting costs incurred in connection with any taxing authority's review of the Fund's tax returns will be borne by the Fund. The cost of any audit of an Investor's tax return will be borne solely by the Investors. Each prospective Investor is strongly urged to review the disclosure included in "*Certain U.S. Federal Income Tax Considerations*" and to consult its tax advisor.

**U.S. Tax Liability Resulting from Redemption of Investor Units**

An Investor that redeems an interest in the Fund generally will recognize gain or loss equal to the difference, if any, between the adjusted basis of the interest and the amount realized from redemption. The General Partner may elect to allocate specially for U.S. federal income tax purposes profits or losses to any redeeming Investor (including an Investor whose Units are only partially redeemed) and any such allocation may result in a redeeming Investor being allocated ordinary income in lieu of capital gain it otherwise would have been subject to upon redemption of its Units. Alternatively, the General Partner may not elect to specially allocate profits or losses to such redeeming Investor which may result in the remaining Investors in the Fund being allocated taxable income that otherwise would have been allocated to the redeeming investor. Each prospective Investor is strongly urged to review the disclosure included in "*Item 1. Business—Certain U.S. Federal Income Tax Considerations*" and to consult its tax advisor.

**Publicly Traded Partnership**

The Fund intends to operate in a manner to enable it to be taxable as a partnership for U.S. federal income tax purposes, and may rely on the "qualifying income" exception to treatment as a "publicly traded partnership" taxable as a corporation for U.S. federal income tax purposes. The tax rules governing partnerships, publicly traded partnerships, and the "qualifying income exception" are complex and subject to change. Given the highly complex nature of the rules governing partnerships and the 1940 Act, the ongoing importance of factual determinations, the lack of direct guidance with respect to the application of tax laws to the activities the Fund is undertaking and the possibility of future changes in its circumstances, it is possible that we will not so qualify for any particular year. If the Fund were treated as a corporation for U.S. federal income tax purposes, material adverse U.S. federal income tax consequences could result for Investors and the Fund.

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***U.S. Federal Income Tax Liability Resulting from IRS Audits.***

U.S. federal income taxes arising from an IRS audit of the Fund will be paid by the Fund absent an election to the contrary. In addition, a "partnership representative" will have the power to act on behalf of the Fund and its Investors in all IRS audits and other proceedings involving the Fund's U.S. federal income, loss, deductions, and credits. See "*Certain U.S. Federal Income Tax Considerations*."

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***Tax Considerations Differ for Each Investor.***

No attempt is made herein to summarize the tax consequences for each prospective Investor of acquiring, holding or disposing of an interest in the Fund depending on such Investor's particular tax characteristics. The tax position of Investors in the Fund may differ according to the Investor's particular financial and tax situation and accordingly the structure of the Fund and its Investments may not be tax efficient for any particular prospective Investor. No undertaking is given that amounts distributed or allocated to Investors will have any particular tax characteristics or that any specific tax treatment will be enjoyed. Further, no assurance is given that any particular investment structure in which the Fund has a direct or indirect interest will be suitable for all Investors and, in certain circumstances, such structures may lead to additional costs or reporting obligations for some or all of the Investors. Each prospective Investor should consider its own tax position in relation to acquiring, holding and potentially disposing of an interest in the Fund, consulting its tax advisor as appropriate.

**UBTI & ECI; Tax Treatment of Feeder and Corporations**

Tax-exempt Investors should be aware that they may be subject to U.S. federal income tax (and possibly state and local income tax) with respect to their share of such income and gain from the Fund that is treated as "unrelated business taxable income" within the meaning of Section 512 of the Code. In addition, an investment in the Fund by Non-U.S. Investors (as defined in "*Certain U.S. Federal Income Tax Considerations*") may result in such Investor recognizing and being required to report income that is effectively connected with the conduct of a trade or business within the United States for U.S. federal income tax purposes. Non-U.S. Investors must generally file U.S. federal income tax returns and pay U.S. federal income tax with respect to ECI of the Fund allocable to them. Regardless of whether the Fund's activities constitute a trade or business, under provisions added to the Code by FIRPTA, gain derived by the Fund from the disposition of U.S. real property interests (including interests in certain entities owning U.S. real property interests) is generally treated as ECI. Thus, Non-U.S. Investors (other than certain qualified foreign pension funds and entities wholly owned by qualified foreign pension funds) that invest in the Fund should be aware that a portion of the Fund's income and gain from its U.S. Investments is expected to be treated as ECI under FIRPTA and thus is expected to cause such Non-U.S. Investors to be subject to U.S. federal income tax (and possibly state and local income tax), as well as U.S. federal income tax return filing obligations, with respect to their share of such income and gain. The Fund has no obligation to minimize UBTI or ECI.

Significant amounts of the assets of the Feeder are expected to be held through one or more Non-U.S. Corporations and significant incremental tax may be incurred from the use of such Corporations (including non-U.S. taxes). Although the Feeder believes that the classification of any entity through which it indirectly holds its interest in the Fund that elects to be classified as a Corporation, should be respected, it is possible the IRS could seek to disregard any Corporation for UBTI or ECI purposes, which could result in the debt-financed property or other UBTI rules being applied to tax-exempt Investors directly or the ECI rules being applied to Non-U.S. Investors directly.

Prospective investors should consult their own tax advisors regarding the foregoing.

**Tax and Distributions; Phantom Income**

Due to possible differences between the allocation of gain or income for any tax purposes and distribution of cash relating to gain or income (including possible timing differences and disproportionate uses of cash to fund redemptions), there can be no assurance that Investors who are subject to tax on the allocated gain or income will receive distributions sufficient to satisfy their tax liabilities fully, and no assurance can be given that the Fund will make cash distributions in amounts sufficient to cover such tax liabilities as they arise. The Fund is expected to generate taxable income in excess of cash distributions to Investors, including as a result of annual taxable income inclusions from "passive foreign investment companies" in which the Fund is expected to invest and elect to treat as a "qualified electing fund" under the Code. Investors who are subject to tax on the allocated gain or income may not receive distributions sufficient to satisfy their tax liabilities fully. Accordingly, each Investor should ensure that it has sufficient cash flow from other sources to pay all tax liabilities resulting from such Investor's ownership of an interest in the Fund.

**Tax in Non-U.S. Jurisdictions**

While no assurance can be made, the General Partner will seek to cause the Fund, and any vehicle in which the Fund has a direct or indirect interest or the Investors to avoid becoming subject to tax, including transfer taxes, in jurisdictions in which any such vehicles are incorporated, organized, controlled, managed, have a permanent establishment or are otherwise located or in which Investments are made or with which Investments have a connection. In addition, while no assurance can be provided, the General Partner will seek to cause the Fund or the Investors to avoid becoming subject to non-U.S. tax return (or other tax) filing obligations. Taxes such as withholding tax, branch tax or similar taxes may be imposed on profits of, or proceeds arising to, the Fund from Investments in such jurisdictions. In addition, local tax incurred in such jurisdictions may not be creditable to, or deductible by, the Investors in their respective jurisdictions (including the United States).

**Changes in Tax Laws**

All statements contained herein concerning the U.S. federal income tax (or other tax) consequences of an investment in the Fund are based on existing law and interpretations thereof. Changes in or the enactment of new U.S. federal income tax and other tax laws, regulations or other administrative guidance and interpretations thereof could occur during the life of the Fund, potentially altering both the level and basis of taxation. The U.S. has previously proposed or recommended changes to existing tax laws or has enacted new laws that could significantly increase our tax obligations or adversely affect our business, financial condition, and results of operations. The OBBBA includes several new provisions (and other amendments) to the Code. The impact of the OBBBA and any other potential tax changes on an investment in the Fund is uncertain. While certain changes in tax laws may be beneficial, others could negatively affect the after-tax returns of the Fund and the Investors. Accordingly, no assurance can be given that the currently anticipated tax treatment of an Investment, or of the Fund, will not be modified by legislative, judicial or administrative changes, possibly with retroactive effect, to the detriment of the Investors. Additionally, tax authorities in jurisdictions where the Fund maintains investments may change their tax codes so as to force or attempt to force increased disclosure from or about the Fund or its Investors as to the identity of all persons having a direct or indirect interest in the Fund. Such additional disclosure may take the form of additional filing requirements on Investors. Prospective investors should consult their own tax advisors regarding potential changes in tax laws and the impact on their investment in the Fund and the impact on the Fund and any potential Investments.

**Tax Information Exchange Regimes; FATCA Withholding Tax on Certain Non-U.S. Entities**

Numerous jurisdictions have enacted, or have committed to enact, legislation and administrative guidance requiring the collection and sharing of certain information in order to combat tax avoidance. FATCA aims to combat tax evasion by U.S. tax residents using foreign accounts. It imposes withholding taxes in certain circumstances and requires financial institutions outside the United States to collect and share information about their U.S. customers. In addition, the OECD has published a global Common Reporting Standard ("**CRS**") for the exchange of information pursuant to which many countries have now signed multilateral agreements. In the EU, Council Directive 2011/16/EU on administrative co-operation in the field of taxation (as amended) effectively implements the OECD's CRS and requires governments to obtain detailed account information from financial institutions and exchange that information automatically with other jurisdictions annually.

One or more of these information exchange regimes are likely to apply to the Fund or vehicles in which the Fund owns an interest and may require the Adviser to collect and share with applicable taxing authorities information concerning Investors (including identifying information and amounts of certain income allocable or distributable to them). The Fund may not have control over whether the underlying entities in which the Fund owns an interest comply with the reporting regime. Further, an Investor's failure to provide required certifications or other information may result in withholding taxes, government-imposed penalties, expulsion from the Fund or other potential remedies. Such withheld amounts that are allocable to an Investor may be deemed to have been distributed to such Investor to the extent the taxes reduce the amount otherwise distributable to such Investor.

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***Use of Corporate Intermediate Entities***

Significant amounts of the assets of the Fund are expected to be held through one or more entities taxable as corporations for U.S. federal income tax purposes and may be subject to U.S. corporate federal (and applicable state and local) income tax. In addition, if any such entity were a Non-U.S. Corporation, it might be considered a PFIC or CFC, which may result in additional income tax reporting or payment obligations. See "*Item 1. Business—Certain U.S. Federal Income Tax Considerations—Taxation of U.S. Investors—Controlled Foreign Corporations*" and "—*Passive Foreign Investment Companies*." Because Investors will be located in numerous taxing jurisdictions and subject to different tax rules, no assurance can be given that any such structure will benefit all Investors to the same extent, including any structures or acquisitions utilizing leverage. Any such structure may result in additional indirect tax liabilities for certain Investors. Thus, significant incremental tax obligations may be incurred from the use of such entities. Such structures shall be determined in the sole discretion of the Adviser, generally to ensure that the Fund is classified as a partnership and not a publicly traded partnership taxable as a corporation and to provide simplified tax reporting for Investors. Prospective investors should consult their own tax advisors regarding the foregoing.

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***Qualified Electing Fund Elections***

There can be no assurance that a PFIC in which the Fund or an investment fund in which the Fund holds interests or invests will provide the information necessary for a QEF election to be made or that stock of a PFIC will otherwise qualify as "marketable stock." Because of this, the Fund may seek to avoid investing directly in PFICs in order to streamline tax reporting to investors and may instead hold such entities through U.S. Corporations.

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***Uncertainty of U.S. Federal Income Tax Legislation***

A number of items of legislation are currently proposed, or have been proposed in the past, that could significantly alter certain of the U.S. federal income tax consequences of an investment in the Fund or the Feeder. It currently is uncertain whether any such proposed legislation (or similar legislation) will be enacted into law. The impact of any potential tax changes on an investment in the Fund is uncertain. Prospective investors should consult their own tax advisors regarding potential changes in tax laws and the impact on their investment in the Fund and the impact on the Fund and any potential investments.

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***Treatment of U.S. Federal Estate Taxes***

The U.S. federal estate tax treatment of an investment in the Fund or the Feeder with regards to the estate of a non-citizen who is not a resident of the United States is not entirely clear. If the interests in either the Fund or the Feeder are includable in the U.S. gross estate of such person, then a U.S. federal estate tax might be payable in connection with the death of such person. Prospective individual Non-U.S. Investors who are non-citizens and not residents of the United States should consult their own tax advisors concerning the potential U.S. federal estate tax consequences with regard to an investment in the Fund or the Feeder.

**ERISA Risks**

**Risks Arising from Provision of Managerial Assistance**

The General Partner will use commercially reasonable efforts such that the assets of the Fund should not constitute "plan assets" of any Investor that is a Benefit Plan Investor within the meaning of ERISA, and the regulations promulgated thereunder by the U.S. Department of Labor, as modified by the Plan Asset Regulations and may, in this regard, elect to operate the Fund as a VCOC or an REOC, each within the meaning of the Plan Asset Regulations. Operating the Fund as a VCOC would require that the Fund obtain rights to substantially participate in or influence the conduct of the management of a number of Investments. Operating the Fund as a REOC would require that the Fund participate directly in the management and development activities of the underlying real estate acquired (directly or indirectly) by the Fund. In the case of Investments in Portfolio Entities, the Fund will typically designate a director to serve on the board of directors of one or more Portfolio Entities as to which it obtains such rights. The designation of directors and other measures contemplated could expose the assets of the Fund to claims by a Portfolio Entity, its security holders and its creditors. While the General Partner intends to minimize exposure to these risks, the possibility of successful claims cannot be precluded.

Because the General Partner may operate the Fund in a manner intended to qualify the Fund as a VCOC or REOC in order to avoid holding "plan assets" within the meaning of ERISA, the Fund may be restricted or precluded from making certain Investments. In addition, such operation could require the General Partner to liquidate Investments at a disadvantageous time, resulting in lower proceeds to the Fund than might have been the case without the need for such compliance.

**Certain ERISA Considerations**

No assurance can be given that the Fund will operate as a VCOC or a REOC, however, in which case the Fund will use commercially reasonable efforts to satisfy another exception to the Plan Asset Regulations, including by qualifying the Units for the "publicly offered securities" exception (within the meaning of the Plan Asset Regulations), and limiting investment by, or prohibiting investment from, Benefit Plan Investors in our Units, however no assurance can be given that this will be the case. The General Partner does not intend to qualify the Feeder as a VCOC or REOC, or currently intend to qualify the Feeder for the "publicly offered" securities exception or limit investment in the Feeder by Benefit Plan Investors to less than 25% of the total value of each class of equity interests in the Feeder, and it is possible that the assets of the Feeder will constitute "plan assets" (within the meaning of the Plan Asset Regulations) for purposes of the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code. In this regard, general partner of the Feeder intends to structure the Feeder as an intermediate entity for purposes of an indirect investment in the Fund with limited discretion with respect to the investment, management and disposition of the assets of the Feeder, but does not intend to be a fiduciary with respect to any Benefit Plan Investor for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. Prospective investors should consult with their legal advisors as to the consequences of making Investments in the Fund directly or indirectly through the Feeder.

**Risk Arising from Potential Control Group Liability**

Under ERISA, upon the termination of a tax-qualified single employer defined benefit pension plan, the sponsoring employer and all members of its "controlled group" will be jointly and severally liable for 100% of the plan's unfunded benefit liabilities whether or not the controlled group members have ever maintained or participated in the plan. In addition, the U.S. Pension Benefit Guaranty Corporation (the "**PBGC**") may assert a lien with respect to such liability against any member of the controlled group on up to 30% of the collective net worth of all members of the controlled group. Similarly, if a participating employer partially or completely withdraws from a multiemployer (union) defined benefit pension plan, any withdrawal liability incurred under ERISA will represent a joint and several liability of the withdrawing employer and each member of its controlled group.

A "controlled group" includes all "trades or businesses" under 80% or greater common ownership. This common ownership test is broadly applied to include both "parent-subsidiary groups" and "brother-sister groups" applying complex exclusion and constructive ownership rules. However, regardless of the percentage ownership that the Fund holds in one or more of its Portfolio Entities, the Fund itself cannot be considered part of an ERISA controlled group unless the Fund is considered to be a "trade or business."

While there are a number of cases that have held that managing investments is not a "trade or business" for tax purposes, in 2007 the PBGC Appeals Board ruled that a private equity fund was a "trade or business" for ERISA controlled group liability purposes and at least one U.S. Federal Circuit Court has similarly concluded that a private equity fund could be a trade or business for these purposes based upon a number of factors including the fund's level of involvement in the management of its portfolio companies and the nature of any management fee arrangements.

If the Fund were determined to be a trade or business for purposes of ERISA, it is possible, depending upon the structure of the Investment by the Fund and/or its affiliates and other co-investors in a Portfolio Entity and their respective ownership interests in the Portfolio Entity, that any tax-qualified single employer defined benefit pension plan liabilities and/or multiemployer plan withdrawal liabilities incurred by the Portfolio Entity could result in liability being incurred by the Fund, with a resulting need for additional capital contributions, the appropriation of Fund assets to satisfy such pension liabilities and/or the imposition of a lien by the PBGC on certain Fund assets. Moreover, regardless of whether or not the Fund were determined to be a trade or business for purposes of ERISA, a court might hold that one of the Portfolio Entities could become jointly and severally liable for another Portfolio Entity's unfunded pension liabilities pursuant to the ERISA "controlled group" rules, depending upon the relevant investment structures and ownership interests as noted above.

**Other Risks**

**Changes in Data Protection Laws and Regulations**

Compliance with evolving and complex data protection and regulations related to privacy, data protection and information security can be costly, and a failure to comply could result in litigation, fines, sanctions or other penalties or reputational harm, which could materially and adversely affect the results of operations of an investee company or MAM, each of which could have an adverse impact on the Fund.

In addition, compliance with current and future privacy, data protection and information security laws and regulations could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and some of the Fund or MAM's or its investee companies' current and planned business activities, which may have an adverse impact on the Fund.

**OFAC and Sanctions Considerations**

Each Investor will be required to make certain representations pursuant to its subscription in connection with such anti-money laundering programs, including, without limitation, representations that such Investor is not a prohibited country, territory, individual or entity listed on the OFAC website and that it is not directly or indirectly affiliated with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programs. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties. In addition, certain programs administered by OFAC prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC.

Each Investor will also be required to represent that it is not operationally based or domiciled in a country or territory on the Sanctions Lists. If an Investor is on a Sanctions List, the Adviser may be required to cease any further dealings with the Investor's interest in the Fund until such sanctions are lifted or a license is sought under applicable law to continue dealings.

**Benchmark Reform**

Certain base rates, including the United States Federal Funds Rate (the "**Fed Rate**"), the Secured Overnight Financing Rate ("**SOFR**") and other rates or indices described herein, are deemed to be "benchmarks" and are the subject of ongoing national and international regulatory scrutiny and reform. Some of these reforms are already effective, while others are still to be implemented or formulated. These reforms may cause such benchmarks to perform differently than they performed in the past or to be discontinued entirely and may have other consequences that cannot be predicted. Any such consequences could adversely affect particular Investors or the return on their investment in the Fund.

To the extent that particular interest payments or other payments are linked to a specific "benchmark" that is discontinued or is no longer quoted, a replacement will be reasonably selected by the Adviser, to the extent that the Adviser has the discretion to do so. The terms of the relevant agreements or legislative intervention may mean that the Adviser does not have discretion to select the replacement. The selection of a benchmark replacement, and any decisions made by the Adviser in connection with implementing a benchmark replacement, could result in adverse consequences for some or all Investors. Further, there is no assurance that the characteristics of any benchmark replacement will be similar to Fed Rate or SOFR or that any benchmark replacement will produce the economic equivalent of Fed Rate or SOFR.

**Incentive Fee/Allocation Arrangements**

Some or all of the Portfolio Entities in which the Fund invests typically charge incentive fees or allocations based on the Portfolio Entities' performance, which generally are expected to approximate 20% of the Portfolio Entities' net profits. These performance incentives may create an incentive for the Portfolio Entities' managers to make Investments that are riskier or more speculative than those that might have been made in the absence of the performance or incentive allocation. In addition, performance incentives will be calculated based on realized and unrealized appreciation of assets, and may be greater than if such incentives were based solely on realized gains.

**Mandatory Redemptions of Investors Based on Certain Detrimental Effects**

The Fund may redeem, outside of the redemption procedures described under the caption "*Item 1. Business—Redemption Program*," Units held by an Investor or other person acquiring Units from or through an Investor, if: (i) all or any portion of the assets of the Fund may be characterized as assets of a Plan (as defined herein) for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, or for purposes of any applicable Other Plan Law (as defined herein), whether or not such Investor is subject to ERISA, the Code or Other Plan Law without such withdrawal or the General Partner (or other persons responsible for the operation of the Fund or investment of the Fund's assets as contemplated under the Partnership Agreement) may be considered a fiduciary with respect to any Investor, for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA, Section 4975 of the Code or any applicable Other Plan Law; (ii) the Fund, the General Partner, or any Investor is reasonably likely to be subject to any requirement to register under the 1940 Act or any other securities laws of any jurisdiction; (iii) a significant delay, extraordinary expense or material adverse effect on the Fund or any of its affiliates, the General Partner, any Investor, any Investment or any prospective investment is likely to result; provided, that any such Investor will remain liable to the Fund to the extent of any breach of a representation or covenant made by such Investor to the Fund or the General Partner arising out of or relating to such withdrawal; (iv) in the General Partner's sole and absolute discretion, a violation of or non-compliance with any law, rule or regulation (which may include any anti-money laundering or anti-terrorist financing laws, rules, regulations, directives or special measures) applicable to the Fund (including, without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, the U.S. International Money Laundering Abatement and the Anti-Terrorist Financing Act of 2001 and FATCA) or any material adverse effect on the Fund or any Investor is likely to result from such Investor's continued interest in the Fund; (v) the Units have vested in any person by operation of law as a result of the death, dissolution, termination, bankruptcy, insolvency or adjudicated incompetence of the Investor; (vi) continued ownership of the Units by an Investor may be harmful or injurious to the business or reputation of the Fund, the General Partner, the Adviser, Macquarie or any of their affiliates, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences; (vii) any of the representations and warranties made by an Investor or other person in connection with the acquisition of Units was not true when made or has ceased to be true; or (viii) it would be in the interest of the Fund for the Fund to redeem the Units. These provisions may, in effect, deprive an Investor in the Fund of an opportunity for a return that might be received by other Investors.

**Sub-Placement Agent Risk**

When a limited number of third parties and brokers, dealers and certain financial advisors (which may include wealth advisors) and others (collectively, "**Sub-Placement Agents**") represent a large percentage of Investors, actions recommended by Sub-Placement Agents may result in significant and undesirable concentration of Investor subscription or tender activity. Additionally, it is possible that if a matter is put to a vote at a meeting of Investors, clients of a single Sub-Placement Agent may vote as a block, if so recommended by the Sub-Placement Agent.

**Cybersecurity Risk**

The Fund and its service providers, as well as the Portfolio Entities and their service providers, are susceptible to operational and information security and related risks of cybersecurity incidents. In general, cyber-incidents can result from deliberate attacks or unintentional events. Cybersecurity attacks include, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make services unavailable to intended users). Cybersecurity incidents affecting the Adviser, the Fund's administrator, Placement Agent, Sub-Placement Agents, the Fund's custodian or other service providers have the ability to cause: (i) disruptions and impact business operations, potentially resulting in financial losses; (ii) interference with the Fund's ability to calculate its NAV; (iii) the inability of Investors to transact business with the Fund; (iv) violations of applicable privacy, data security or other laws; (v) regulatory fines and penalties; (vi) reputational damage; (vii) reimbursement or other compensation or remediation costs; (viii) legal fees; or (ix) additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting the Portfolio Entities, the Portfolio Entities' managers, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed that are designed to reduce the risks associated with cybersecurity, there are inherent limitations in any cybersecurity risk management system or business continuity plan, including the possibility that certain risks have not been identified.

**Risks Related to Potential Conflicts of Interest**

**Conflicts Generally**

Certain conflicts of interest may arise between the Fund, the General Partner and the Adviser, any member of the Macquarie Group (including any OSS), Investors and any existing or future MAM-Managed Entity or any of MAM's clients and their respective affiliates from time to time.

It is the Adviser's policy to seek to manage conflicts of interest fairly and to ensure ongoing compliance with regional regulatory expectations for identifying, preventing, managing, recording, and monitoring conflicts of interest, whether actual, potential, or perceived. It is not always possible to remove conflicts and, when this situation arises, the General Partner will use reasonable efforts to manage such conflicts on a case-by-case basis in accordance with the General Partner's conflicts management procedures and through their disclosure, having regard to the General Partner's fiduciary duties, including referring such conflict to the Fund's Independent Directors. In addition, a conflict of interests between the Fund and investors in other MAM-Managed Entities may relate to or arise from, amongst other things, the nature of Investments made by the Fund vis-à-vis such Investments (or similar Investments) also being made by other MAM-Managed Entities, constitutional and legal restrictions on permitted Investments, the structuring of the acquisition of Investments, the timing of disposition of Investments and the manner in which income and capital generated by other MAM-Managed Entities is distributed to investors (including the Fund).

The structuring of Investments and distributions may result in materially different returns being realized by different groups of investors. As a consequence, conflicts of interest may arise in connection with decisions made by other MAM-Managed Entities on the one hand and the Fund on the other.

**Investments and Divestments**

Prospective Investors should note that it is possible that the Fund may co-invest in Investments alongside other MAM-Managed Entities or alongside any members of the Macquarie Group (including an OSS). Additionally, the Fund may co-invest with METI International through the Aggregator immediately following the Initial Closing. It is possible for a variety of reasons, including their respective terms, investment periods, structures and investment strategies, that if there is either (A) the need for one or other of the Fund and/or the co-investing entity(ies) to exit earlier than the other, or (B) only scope for a partial exit, conflicts of interest may arise as the Fund and the co-investing entity(ies) may exit at different effective prices or with differing costs or terms.

The co-investment entity(ies) may invest at a different time than the Fund and on terms agreed in light of the circumstances prevailing at that time, which might be different to those secured by the Fund.

**The General Partner and Adviser**

Management of Similar Accounts

The Adviser, the General Partner and their affiliates provide or may provide investment advisory and other services to various entities, including, without limitation, MAM-Managed Entities with investment objectives similar to and different than those of the Fund. The Adviser, and certain of its investment professionals and other principals, also may carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the MAM-Managed Entities, "**Other Accounts**"). The Fund has no interest in these activities, and investment decisions for the Fund are made independently of such Other Accounts. If, however, the Fund desires to invest in, withdraw or redeem from or sell the same security as an Other Account, the opportunity will be allocated in accordance with the Adviser's allocation policies and procedures. There may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the General Partner will consider participation by Other Accounts in investment opportunities in which the General Partner does not intend to invest on behalf of the Fund, or vice versa.

The General Partner will be responsible for identifying unmitigated conflicts of interest. If any matter arises that the General Partner determines in its good faith judgment constitutes an actual or potential conflict of interest, the General Partner may take such actions as may be necessary or appropriate to ameliorate such conflict (and upon taking such actions, the General Partner will be relieved of any responsibility for such conflict to the fullest extent permitted by law and will be deemed to have satisfied its fiduciary duties related thereto to the fullest extent permitted by law). These actions may include, by way of example and without limitation, disposing of the security giving rise to the conflict of interest, appointing an independent fiduciary, managing the conflict in accordance with Macquarie's internal policies and procedures or referring the conflict of interest to the independent directors to approve. There can be no assurance that the General Partner will resolve all conflicts of interest in a manner that is favorable to the Fund.

The Adviser, Sub-Advisers and the investment professionals who, on behalf of the General Partner, manage the Fund's investment portfolio will be engaged in certain activities for Other Accounts, and may have conflicts of interest in allocating their time and activities among the Fund and the Other Accounts. The Adviser's and the Sub-Advisers' investment professionals will devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

The Adviser, Sub-Advisers, their affiliates and the Placement Agent may receive payments from fund sponsors in connection with placement or other services that do not relate to the Fund.

Transactions with Other Accounts, the General Partner and its Affiliates

If investment opportunities are allocated among the Fund and Other Accounts, the Fund may not be able to structure its investment portfolio in the manner desired. Although the Adviser and Sub-Adviser endeavors to allocate investment opportunities in a fair and equitable manner, the Fund may not be permitted to co-invest in certain Investments alongside MAM-Managed Entities.

The Fund may invest in Portfolio Entities in which the Adviser, the Sub-Advisers or their affiliates (including, to the extent permitted by applicable law, Other Accounts) have invested, and the Adviser, the Sub-Advisers and their affiliates may invest in the Investments. From time to time, the Fund and Other Accounts may make Investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities. Such Investments inherently give rise to actual and perceived conflicts of interest between or among the various classes of securities that may be held by such entities.

The General Partner and Adviser Affiliates May Engage in Adverse Activities

The Fund may invest in Portfolio Entities that have relationships with affiliates of the General Partner, the Adviser or Other Accounts. Such affiliates may take actions that are detrimental to the interests of the Fund in such Portfolio Entities.

The Adviser, its affiliates and the Other Accounts may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Investments may be negatively impacted by the activities of the General Partner, the Adviser and its affiliates or the Other Accounts, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

The Adviser may enter into transactions and invest in securities, instruments and currencies on behalf of the Fund in which customers of its affiliates, to the extent permitted by applicable law, serve as the counterparty, principal or issuer. In such cases, such party's interests in the transaction would generally be adverse to the interests of the Fund, and such party would have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such Investments may enhance the profitability of the Adviser or its affiliates. Subject to applicable law, the Fund may purchase Investments that are the subject of an underwriting or other distribution by one or more Adviser affiliates, and also may enter into transactions with other clients of an affiliate where such other clients have interests adverse to those of the Fund.

By reason of the various activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Investments that might otherwise have been sold at the time.

Management Fee and Performance Allocation Arrangements

The Adviser will be paid the Management Fee at an annual rate of 1.25% of the Fund's NAV for Class S Units, Class D Units and Class I Units, provided that the Adviser has agreed to waive the Management Fee for a period of 24-months beginning with the Initial Closing, such that the Management Fee shall be equal to the annual rate of 0.85% of the Fund's NAV for Class S Units, Class D Units and Class I Units. Such waiver period was initially 12 months beginning with the Initial Closing and has been extended to 24 months beginning with the Initial Closing. The General Partner or its affiliate will be entitled to a Performance Allocation in respect of each class of Units with the exception of Class E Units, based on the Fund's Total Return for such class of Units, subject to a 5% annual Hurdle Amount and a High-Water Mark with a 100% catch-up. The participation of the Adviser's investment professionals in the valuation process, therefore, results in a conflict of interest. The General Partner and Adviser also each has a conflict of interest in deciding whether to cause the Fund to invest in more speculative Investments or financial instruments, which increase the assets or profits of the Fund and, accordingly, the Management Fee payable by the Fund to the Adviser and the Performance Allocation payable by the Fund to the General Partner. Certain Other Accounts pay the Adviser or its affiliates performance-based compensation, which could create an incentive for the Adviser or its affiliate to favor such investment fund or account over the Fund.

The existence of the General Partner's Performance Allocation creates an incentive for the General Partner and/or Macquarie to make more risky Investments on behalf of the Fund than it would otherwise make in the absence of such performance-based compensation. In addition, as Macquarie manages Other Accounts, for which it receives differing levels of performance-based compensation, Macquarie has a potential incentive to favor the accounts of MAM-Managed Entities or take increased investment risks on behalf of said Other Accounts for which it receives a larger performance-based compensation.

The Partnership Agreement permits the General Partner to cause the Fund to distribute the General Partner's share of securities resulting from an investment disposition by the Fund to the General Partner or its affiliates (including Macquarie personnel) in kind, while disposing of Investors' share of such securities and distributing the net cash proceeds of such sale of securities to the Investors. This ability creates conflicts of interest between the General Partner and the Investors of the Fund. The General Partner will likely be incentivized to receive distributions in-kind of securities that it expects to increase in value because the benefits of such increase will inure solely to the General Partner, and the Fund or the Investors will not benefit from such increase.

Where the Management Fee is calculated taking into account the valuation of an investment, the General Partner will have incentives to make determinations that result in a higher Management Fee to the Adviser. Where the Partnership Agreement does not require the Management Fee to be reduced in connection with investment reorganizations, restructurings, extraordinary dividends or similar transactions, the General Partner and/or the Adviser expect to be incentivized to pursue such transactions. Further, the Management Fee generally will not be reimbursed or refunded in the event of realizations, dispositions or partial write-downs or write-offs that occur partway through the relevant calculation period. Additionally, the amount of Performance Allocation and Management Fee is dependent in part on the amount and timing of investment dispositions, and the General Partner expects to be subject to related conflicts of interest in determining whether and when to dispose of Investments or make distributions within the requirements of the Partnership Agreement. See "*Item 1A. Risk Factors—Risks Related to the Adviser—Management Fee*" and "*Item 1A. Risk Factors—Risks Related to the Adviser—Performance Allocation*."

Investment Committee

Members of the Investment Committee may also concurrently serve on the investment committees of other MAM-Managed Entities, alongside which the Fund may, from time to time, co-invest. As a result, conflicts of interests may arise in allocating investment opportunities between the Fund and the relevant co-investing MAM-Managed Entities. Such conflicts will be managed in accordance with MAM's conflicts management procedures.

Some of the current members of the Investment Committee are members of other MAM investment committees and may in the future include members of the private credit team's investment committee. As such, the members of the Investment Committee may have conflicting interests with respect to their investment recommendations for the Fund. The conflicting interests of individual Investment Committee members may relate to or arise from, among other things, their compensation and professional advancement being tied to the capital of Investments within a particular target geography. This could be viewed as an incentive for the Investment Committee members to recommend a greater percentage of the Fund's available capital to a particular target geography than would be the case in the absence of these arrangements.

The General Partner may in its sole discretion replace the Investment Committee members at any time or appoint different persons as members of the Investment Committee. In the event of any such replacement or different appointments, there can be no assurance that such replacements or appointments may not adversely affect the Fund's performance.

Written Agreements with Investors

The General Partner, on behalf of the Fund, may, from time to time, enter into written agreements with one or more Investors which have the effect of establishing rights under, or altering or supplementing the terms of the Partnership Agreement or such Investor's subscription agreement. Certain of such Investors may have other relationships with Macquarie. As a result of such written agreements, certain Investors may receive additional benefits which other Investors will not receive or have the ability to review. Except as required by applicable law, the General Partner may not be required to notify any or all Investors of any such written agreements or any of the rights or terms or provisions thereof, and may not be required to offer such additional or different rights or terms to any or all Investors.

In addition, the General Partner may enter into agreements with one or more Investors involving an Investor's broader relationship with Macquarie, which may include one or more strategies in addition to the Fund's strategy and/or certain co-investments alongside the Fund. Such an agreement may contain terms and conditions applicable to such Investor that would not apply to an Investor's investment solely in the Fund. Such an agreement may involve an investor agreeing to make a commitment to multiple MAM-Managed Entities and/or receiving access to certain co-investment opportunities alongside the Fund and/or other MAM-Managed Entities, and may include Macquarie granting certain preferential terms to such Investors, including blended fee and carried interest rates that are lower than those applicable to the Fund when applied to the entire strategic partnership. Other Investors will generally not receive disclosure of the terms of such agreements or the right to benefit from them. Certain of such strategic partnerships may involve a MAM-Managed Entity pursuant to which an investor invests in or alongside the Fund as well as participate in other MAM-Managed Entities, strategies or co-investments to be made alongside the Fund and/or other MAM-Managed Entities. Macquarie may grant certain preferential terms to such investor via any such MAM-Managed Entity, including fee and carried interest rates (on a blended basis or otherwise) that are lower than those applicable to the Fund. Other Investors will generally not receive disclosure of the terms of such agreements or the right to benefit from them.

The General Partner, on behalf of the Fund, may enter into such written agreements with any Investor as the General Partner may determine in its sole and absolute discretion at any time. Accordingly, the other Investors will have no recourse against the Fund or any of its respective affiliates in the event that certain Investors receive additional or different rights or terms as a result of such written agreements. The Fund will generally bear the expenses of administering written agreements and other Investor specific requests.

**Macquarie**

Macquarie Fees

Macquarie and its affiliates, including the Placement Agent, may receive fees from the Portfolio Entities and other parties involved in transactions with the Fund. Such fees could be paid, for instance, in providing services including:

● equity or debt financings;

● the acquisition, disposal or sale of Investments or assets or businesses held by Portfolio Entities;

● securities underwritings;

● restructuring impaired assets of the Fund;

● hedging arrangements;

● credit facilities;

● debt arranging and structuring services;

● providing guarantees, providing credit enhancement or otherwise assuming financial and credit risk;

● other banking, financial advisory or similar services;

● in-house specialist capabilities;

● insurance;

● power purchase agreement or offtake solutions services; and

● technical expertise for the purposes of due diligence and asset management in respect of the Fund's assets.

In particular, Macquarie and/or its affiliates may leverage the combined purchasing demand of Macquarie and its portfolio businesses (which may include portfolio companies) to negotiate agreements with unaffiliated vendors such as insurance companies and brokers, employee benefit companies, telecom providers, office supply companies and other preferred suppliers of goods and services, and when a Portfolio Entity participates in such arrangements, such Macquarie entities may receive a commission or rebate from the vendor and/or a broker involved in obtaining the business.

Conflicts of interest may arise in circumstances where the Fund transacts with a party that has engaged Macquarie and/or its affiliates to provide such services. In particular, the fee potential for Macquarie and/or its affiliates inherent in a particular investment by the Fund or any related action by the General Partner (if any) could be viewed as an incentive for the Adviser and/or its affiliates to seek to enter into the relevant transaction.

In order to mitigate conflicts of interest when determining the level of fees paid to the Macquarie in consideration for such services, the Adviser will use its reasonable endeavors to ensure that such fees are paid on an arm's length basis as further described in "—*Arm's-Length Fees Paid to Macquarie Group*" below, by reference to any relevant comparisons from time to time but it cannot guarantee that there will be third parties that provide the same scope of services to be provided by the Macquarie Group or that it will be able to obtain a meaningful number of third-party quotes for such services.

Macquarie may provide other services to the Portfolio Entities, leveraging its in-house specialist capability. Subject to the terms of the Fund's private placement memorandum, Macquarie may receive fees from the Portfolio Entities in consideration for such services.

Investments by the Aggregator

Decision makers of the Aggregator may have competing priorities or have overlapping roles and responsibilities that may cause conflicts of interest in their decision-making process between the Fund and METI International. Additionally, if either of the Fund or METI International decides to exit an Investment and the other fund does not wish to exit the Investment, the non-selling fund may receive distributions in kind of the Investments that were held by the exiting fund or otherwise be forced to exit at an inopportune time.

Financial Advisory Activities

In the regular course of business, Macquarie may be engaged to act, or may seek to act, as a financial advisor to third parties, in connection with the sale or purchase of securities or businesses or raising or arranging debt financing, that have a similar investment strategy as the Fund. If Macquarie is so engaged, the Fund may be precluded from investing in, bidding for or acquiring the securities or businesses being sold or debt financing being arranged. If the Fund were permitted to transact notwithstanding the seller's, borrower's or another purchaser's retention of Macquarie or its affiliates, certain conflicts of interest would be inherent in the situation, including those involved in negotiating a purchase price or other terms and conditions. Such circumstances will create conflicts of interest for Macquarie and its affiliates and for the Fund.

If Macquarie or its affiliates are unable to mitigate such conflict of interest, the Adviser may determine that the Fund may not participate in the relevant investment opportunity, which may result in the Fund not participating in an otherwise advantageous investment. Also, in the regular course of business, Macquarie may be engaged to act, or may seek to act, as a financial adviser to third parties in connection with (i) the acquisition of a potential borrower or (ii) bidding for an asset or project. Other Macquarie entities may also be seeking to acquire, invest in or bid for a potential borrower, asset or project. If the Fund is seeking to provide financing to a competing bidder in connection with the same transaction, certain conflicts of interest may arise.

Investments by the Adviser, Macquarie, MAM-Managed Entities and Macquarie Clients

Under certain circumstances and in accordance with the Fund's investment strategy, the Fund will consider the availability of opportunities to make an investment in connection with a transaction in which Macquarie, a Macquarie associate (including any OSS), a MAM-Managed Entity or a client of Macquarie is expected to invest or seeks to participate, or in a company in which Macquarie, a Macquarie associate, a MAM-Managed Entity or a client of Macquarie already has made, or concurrently will make or seek to make, an investment. Investments alongside a Parallel Fund and/or other MAM-Managed Entities (if applicable) may be made through an aggregating vehicle that may be managed by MAM. In connection with such Investments, the Fund, on the one hand, and the Adviser, Macquarie, such Macquarie associate (including any OSS, defined below), MAM-Managed Entities or client of Macquarie, on the other hand, may have conflicting interests and investment objectives, including with respect to the operation of the investment, the targeted returns from the investment, the disposal of such investment and the timeframe for and method of exiting the investment. For example, in circumstances where such other MAM-Managed Entity exits a shared Portfolio Entity before the Fund, such exit may have an adverse effect on the Fund's investment in the relevant Portfolio Entity. In addition, the Fund may be precluded from investing in certain industries as a result of antitrust law considerations affecting, or non-competition agreements entered into by, Macquarie, a Macquarie associate (including any OSS), MAM-Managed Entities or a client of Macquarie. The investment opportunities which may be offered to the Fund may also be limited by any MAM or Macquarie-wide restrictive covenants granted in favor of third parties in connection with certain Investments (or otherwise) from time-to-time.

Conflicts will also arise in cases where the Fund makes an equity or other subordinated investment in an investment that has issued or is issuing a senior or mezzanine debt security to Macquarie, a Macquarie associate (including any OSS), a client of Macquarie or a MAM-Managed Entity. For example, another MAM-Managed Entity may make a mezzanine investment or a loan to an investment in which the Fund has an equity investment. In negotiating the terms and conditions of any such mezzanine investment or loan or in addressing any subsequent amendments, such MAM-Managed Entity will have interests that will conflict with those of the Fund.

In addition, conflicts will arise in cases where an investment the Fund has invested in enters into a transaction with another MAM-Managed Entity. If an issuer in which the Fund and Macquarie, a Macquarie associate (including any OSS), a MAM-Managed Entity or a client of Macquarie hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it will be paid in full, whereas an equity holder might prefer a reorganization that could create value for the equity holders. In such circumstances, the Adviser will take such action as it deems appropriate to address the foregoing conflicts of interest, including referring unmitigated conflicts of interest to the Board's independent directors.

MAM-Managed Restricted Entities/1940 Act Considerations

Macquarie may manage directly and/or through certain joint venture arrangements, one or more registered investment companies which are regulated under the 1940 Act (collectively, "**MAM-Managed Restricted Entities**"). MAM-Managed Restricted Entities would be restricted in how they may invest alongside the Fund and other MAM-Managed Entities in certain circumstances, but may be permitted to do so when doing so is consistent with their investment restrictions, investment strategy, applicable law, regulation and interpretations, including by guidance provided by SEC staff. Additionally, the MAM-Managed Restricted Entities may pursue exemptive relief from the SEC which, if granted, would specify various conditions that would need to be followed by the MAM-Managed Restricted Entities and other affiliated participating investment vehicles in order to co-invest alongside each other (these conditions, together with the aforementioned guidance, the "**Restrictions**"). In some circumstances, due to the Restrictions, MAM-Managed Restricted Entities will not be considered eligible to participate in specific investments for allocation purposes. As a result, the MAM-Managed Restricted Entities will not be able to participate in all investment opportunities available to the Fund or other MAM-Managed Entities, and allocations of investments to the Fund, MAM-Managed Restricted Entities or other MAM-Managed Entities pursuing a similar or overlapping investment strategy will, in certain circumstances, vary materially from investment to investment as a result of the Restrictions. Further, including as a result of the potential substantial size of certain MAM-Managed Restricted Entities, allocations of investments to the Fund could be materially reduced (including to zero) where MAM-Managed Restricted Entities are participating in such investments. In certain circumstances, MAM-Managed Restricted Entities or the Fund and other MAM-Managed Entities may not be able to participate in a follow-on investment in an issuer in which MAM-Managed Restricted Entities and/or the Fund and other MAM-Managed Entities initially participated, due to intervening events. Conflicts may also arise if MAM-Managed Restricted Entities hold different securities in an issuer's capital structure to those held by the Fund or other MAM-Managed Entities. The Macquarie Group's ability to manage such conflicts could, in certain circumstances, be impacted by the Restrictions.

Different Investment Mandates Between Credit Clients

Conflicts may also arise where different MAM-Managed Entities (including the Fund) have the potential to invest in both the junior and senior debt of the same borrower. In such Investments, the interests of the Fund may not be aligned with the interests of such other MAM-Managed Entities to the extent they hold more junior or, to the extent permitted, more senior tranches, including in particular in circumstances where the relevant borrower is in financial distress, or more generally with respect to targeted returns for the relevant Investments and the timeframe for and method of exiting such Investments. Actions taken by the Adviser and/or its affiliates with respect to Investments held by the Fund and any other MAM-Managed Entity in different tranches of debt of the same borrower may be adverse to the Fund (and vice versa with respect to potential adverse consequences to such other MAM-Managed Entities relative to the Fund).

Conflicts with Credit Investments

To the extent that the Fund holds interests in a borrower that are different (or more senior or junior) than those held by other Macquarie entities, the Adviser and its affiliates may be presented with decisions involving circumstances where the interests of such other Macquarie entities are in conflict with those of the Fund, including with respect to targeted returns for an investment and the timeframe for and method of exiting an investment. Furthermore, it is possible that in certain circumstances, including, for example, in a bankruptcy proceeding or other action relating to a distressed situation for the relevant borrower, the Fund's interest may be subordinated or otherwise adversely affected by virtue of such other Macquarie entities' involvement and actions relating to their Investments. In such circumstances, the General Partner will take such action as it deems appropriate to address the conflict of interest, including referring unmitigated conflicts of interest to the Independent Directors.

Syndication and Warehousing

Macquarie, MAM-Managed Entities or their affiliates may acquire interests in Warehoused Assets and subsequently sell some or all of them to the Fund. Additionally, the Adviser expects that Macquarie may use its proprietary balance sheet to, or another MAM-Managed Entity (or any of its affiliates) may, continue to acquire Warehoused Assets after the Initial Closing and to contribute such Warehoused Assets in kind, at or below cost or at FMV, as determined by the Adviser, plus related expenses, including transaction expenses, expenses of the transfer and a risk or similar premium calculated from the time the Adviser (and/or its affiliates) or the relevant MAM-Managed Entity (and/or its affiliates) entered into an agreement to acquire such Warehoused Asset to the time it is transferred to the Fund. In particular, circumstances may arise where the Fund is not in a position to make an Investment (including due to the Fund not having sufficient amounts available to make such investment or because of timing constraints with respect to a relevant investment opportunity), in which case another MAM-Managed Entity may (but will not be obliged to) temporarily make such commitment or investment, or Macquarie may temporarily add the Investment to its proprietary balance sheet, as a warehoused investment for the benefit of the Fund (i.e., with a view to subsequently syndicating such commitment or investment to the Fund). Similarly, another MAM-Managed Entity may acquire an investment and subsequently syndicate, or sell some or all of it, to the Fund notwithstanding the availability of capital from the Investors and other investors thereof or applicable credit facilities which can be used by the Fund (which may include circumstances where such amounts as are available to the Fund have been earmarked or reserved for other uses or contingent liabilities). In certain instances, the Fund, through its subsidiaries, may acquire a Warehoused Asset with the intent to subsequently sell or syndicate a portion of such Warehoused Asset to co-investors or other persons (including MAM, MAM-Managed Entities or their affiliates) prior to the closing of the acquisition of such Warehoused Asset. In such event, the Fund will bear the risk that any or all of the excess portion of such Warehoused Asset will not be sold or will only be sold on unattractive terms and that, as a consequence, the Fund will bear the entire portion of any fees, costs and expenses related to such Warehoused Asset, hold a larger than expected Warehoused Asset in the applicable asset class or could realize lower than expected returns from such Warehoused Asset.

Any transfers of Warehoused Assets to the Fund, the Aggregator or their subsidiaries may be made (i) at FMV or at FMV plus an interest rate or carrying cost charged from the time of acquisition to the time of transfer (including, as applicable, any related syndication/transfer/holdings fees, costs and expenses and any associated taxes) or (ii) at cost, or cost plus an interest rate or carrying cost charged from the time of acquisition to the time of transfer (including, as applicable, any related syndication/transfer/holdings fees, costs and expenses and any associated taxes), notwithstanding that the FMV of any such Investments may have declined below or increased above cost from the date of acquisition to the time of such transfer. It may be possible that the Fund acquires transferred assets from a member of Macquarie or its affiliates at above FMV, and/or separately sells assets to a member of Macquarie or its affiliates at below FMV. Subject to the terms of the Partnership Agreement, the Independent Directors may approve the price, terms and conditions of such transfer and may approve or waive any conflicts arising in connection therewith on behalf of the Investors. Also, Macquarie and/or other MAM-Managed Entities may charge underwriting, syndication and/or other fees on these transfers to either or both of the parties in the transfer (without deduction of, or offset against, the Management Fee), and the Fund and Investors will not be entitled to share in or receive the benefit of any such fees. Macquarie may be incentivized to underwrite and/or syndicate investments due to the right to earn fees not subject to offset in favor of the Fund the Investors, even if the capital used to underwrite such amounts does not come entirely from Macquarie's own balance sheet, and Macquarie may share such fees with one or more third parties that commit to such equity investments and may charge purchasers of the equity fees and carried interest / performance allocations with respect thereto. The Fund may have to accept limited representations and warranties as to the interests being acquired from a relevant member of Macquarie. Macquarie will be permitted to retain any portion of an investment initially acquired by them with a view to syndication to co-investors or other potential purchasers to the extent such portion has not been syndicated after reasonable efforts to do so. As part of structuring such syndication and warehousing arrangements, Macquarie may require the Fund to enter into conditional purchase agreements, whereby the Fund agrees to acquire future warehoused Investments: (i) prior to their original acquisition; and/or (ii) prior to the Fund having the requisite available capital to acquire such assets, in each case with such sale being conditional upon the Fund having sufficient available capital in order to acquire the relevant warehoused assets. Macquarie may enter into a warehousing arrangement prior to the formation of the Fund and, as part of the structuring of such syndication and warehousing arrangement, Macquarie would expect to require the Fund to enter into a conditional purchase agreement on similar terms to those described in the foregoing sentences. Conflicts of interest are expected to arise in connection with these potential warehousing arrangements and any related affiliate transactions, including with respect to timing allocations of Investments to such warehousing, structuring, pricing and other terms of the transactions related thereto. For example, Macquarie will have a conflict of interest when it or another MAM-Managed Entity receives fees for warehousing and/or transferring to the Fund all or a portion of an Investment. Macquarie may also have conflicts of interest when determining the timing and order of the Fund's acquisition of warehoused Investments from other MAM-Managed Entities which Macquarie manages and/or operates, for example, conflicts of interest relating to the previous and/or expected performance of such a warehoused investment.

These conflicts related to syndication of Investments and warehousing will not necessarily be resolved in favor of the Fund, and Investors may not be entitled to receive notice or disclosure of the occurrence of these or other associated conflicts. By subscribing for Units, Investors will be deemed to have consented to the syndication of Investments and warehousing to the extent such transactions are approved by the Independent Directors pursuant to the Partnership Agreement.

Arm's-Length Fees Paid to Macquarie Group

The Fund and the Portfolio Entities may, from time to time, require investment banking, foreign exchange trading, futures trading, advisory any other such financial services as well as certain other services (as described in "—*Macquarie Fees*" above) or asset-specific management, administration and reporting services. Macquarie (including any OSS) may be invited to provide such services to the Fund from time to time.

In certain cases, MAM-Managed Entities (and/or their employees) may perform services for or otherwise for the benefit of certain investments of the Fund and the Fund will directly or indirectly bear the fees, compensation or other expenses in relation to such services.

Any such services provided by Macquarie will be provided on an arm's-length basis, in accordance with Macquarie's conflicts management procedures, and will not be required to be offset against any fee payable to the Adviser by the Fund. The Adviser may use such methods as it deems appropriate to assess whether it believes such fees to be arm's length, including performing a market benchmarking exercise where appropriate.

Follow-On Investments

Investments to finance follow-on acquisitions are a regular part of the business of the Fund. Follow-on Investments may present conflicts of interest, including determination of the equity component and other terms of the new financing. In addition, the Fund may participate in releveraging and recapitalization transactions involving portfolio companies in which other MAM-Managed Entities have invested or will invest. Recapitalization transactions may present conflicts of interest, including determinations of whether existing investors are being cashed out at a price that is higher or lower than market value and whether new investors are paying too high or too low a price for the company or purchasing securities with terms that are more or less favorable than the prevailing market terms. The General Partner will resolve conflicts on behalf of the Fund using its reasonable judgment but in its sole discretion, subject in certain cases to approval by the Independent Directors.

Allocation of Private Infrastructure Equity Investment Opportunities

The Fund does not have the exclusive unconditional right to any investment opportunity. Accordingly, Macquarie is under no obligation to offer investment opportunities to MIF US and may choose to allocate all or any part of any opportunity to other MAM-Managed Entities or any business in which Macquarie has invested, in accordance with its allocation policy. Members of the Macquarie Group may, from time to time, be presented with investment opportunities (including any related co-invest opportunities) that fall within the investment objectives of other members of the Macquarie Group, the Fund, and/or other MAM-Managed Entities and third parties.

Investment opportunities will be allocated by Macquarie to the Fund at its sole discretion, taking into account among other things: the priority over investment opportunities which any member of the Macquarie Group, any MAM-Managed Entity and/or their third-party co-investment partners may have; investment risk/return profile; geographic scope; investment strategies; investment size; available capital; and other factors that it may deem relevant.

MAM manages a number of other infrastructure funds and vehicles in Europe, the Americas, and Asia-Pacific, including a number of funds that have priority over certain asset classes that fall within the Fund's investment strategy. Historically this has included, but is not limited to, one active closed ended infrastructure fund focused on core plus infrastructure opportunities in each of the European, the Americas and the Asia Pacific regions at any one time. Such priorities may change with the passage of time in a manner that may reduce the prioritization of such funds and vehicles over the Fund or in a manner that may increase such prioritization. In the event of the existence of such priority in respect of any specific opportunity, such other infrastructure funds and vehicles holding such priority would need to decline such investment opportunity before it is offered to the Fund, which may result in the Fund not being able to invest in opportunities that would have been available to it, but for the priority of such other infrastructure funds and vehicles. Additional information relating to such other MAM-managed infrastructure funds and vehicles and the priority they each may have over the Fund is available from the General Partner upon request.

In addition, there are currently three OSSs within MAM with businesses which target similar sectors to the Fund's primary focus, namely, Corio, Vibrant Energy and Cero Generation (however, there may be additional OSSs in the future). The OSSs, while not wholly owned by the Macquarie Group are under the sole control of the Macquarie Group. As investor of each of these entities, Macquarie has control of final investment decisions as well as oversight through the Macquarie Group of personnel appointments on the boards of directors. Transactions undertaken, and opportunities sourced by the OSSs may be pursued by them independently and the Fund will not have priority over any such opportunities. In light of these existing priority schemes, the Fund may not be permitted to co-invest in certain Investments alongside these MAM-Managed Entities and OSS, and may gain direct access to Investments in such asset classes only to the extent such entities determine not to pursue an investment.

None of Macquarie, any member of the Macquarie Group, any OSS or any MAM-Managed Entities are under any obligation to offer or share any investment opportunity with the Fund, other than to the extent that they agree to do so from time to time, and the Fund will have no priority over any member of the Macquarie Group, other MAM-Managed Entities (together with any successor funds thereof), OSS and third parties in respect of any investment opportunity.

Macquarie's allocation of investment opportunities among the Fund and other MAM-Managed Entities in the manner discussed above may result in the allocation of all or none of an investment opportunity to the Fund, or a disproportional allocation among such persons, with such allocations being more or less advantageous to some such persons relative to other such persons. There can be no assurance that the Fund's actual allocation of an investment opportunity, if any, or the terms on which such allocation is made, will be as favorable as they would be if the conflicts of interest to which Macquarie likely will be subject, discussed above and below, did not exist. There can be no assurance that the Fund will have an opportunity to participate in certain Investments that fall within the Fund's investment objectives. Additionally, Macquarie will generally determine the relative allocation of investment opportunities between the Fund and MAM-Managed Entities on a basis that Macquarie believes in good faith to be fair and reasonable and consistent with Macquarie's allocation policy (which will be updated from time to time).

Allocation of Private Infrastructure Debt Investment Opportunities

When allocating investment opportunities sourced by MAM's Infrastructure Debt team among MAM-Managed Entities, separately managed accounts and third-party co-investors (the "**Private Infrastructure Debt Products**"), the allocation process is to first consider whether or not a proposed investment is appropriate for a Private Infrastructure Debt Product based on the relevant portfolio investment guidelines and objectives and investment limitations and restrictions of such Private Infrastructure Debt Product.

To the extent that a potential investment is appropriate for more than one Private Infrastructure Debt Product, the Private Infrastructure Debt Team will allocate the potential investment across the relevant Private Infrastructure Debt Product in accordance with its allocation policy, which considers the amount of capital each Private Infrastructure Debt Product has available for investment, among other factors. Due to the consideration of factors other than available capital, the Fund's allocation may be more or less than its pro rata available capital.

As a result of the foregoing process and the participation of other Private Infrastructure Debt Products in such investment opportunities, the Fund's initial allocation under the allocation policy may be scaled back in the event of a reduction in the available investment amount or oversubscription. If such scale-back results in the Fund's allocation being reduced below the level of the Fund's minimum investment size, if any, the Fund may not receive an allocation of certain investment opportunities in respect of Private Infrastructure Debt Investments that are sourced by the Private Infrastructure Debt Team and are suitable investment opportunities for the Fund notwithstanding the fact that other Private Infrastructure Debt Products may participate in such investment opportunity.

Resolution of Conflicts

Any conflicts of interest that arise between the Fund, on the one hand, and Macquarie, its affiliates, or any existing or future MAM-Managed Entities, on the other hand, will be discussed and resolved on a case-by-case basis by the relevant parties and in accordance with Macquarie Group's conflicts management procedures. Any such discussions will take into consideration the interests of the relevant parties and the circumstances giving rise to the conflict.

Co-Investments

Prospective investors should note that the Adviser may offer co-investment opportunities in its sole discretion and is not expected to offer co-investment with respect to all of the Investments. Prospective investors should also note that investors are not required to participate in co-investments offered by the Adviser and that the Adviser may not offer all investors the opportunity to invest in any co-investments. Moreover, transaction-specific returns, and an Investor's overall returns from its exposure to the Investments, may be affected significantly by the extent to which such Investor is offered and chooses to participate in co-investment opportunities and the economic and other terms offered to such investor. Nothing herein constitutes a guarantee, prediction or projection of the availability of future co-investment opportunities.

Subject in all circumstances to the Adviser's (and its affiliates') legal and regulatory obligations and the legal, regulatory, tax or other similar considerations applicable to the relevant Investment, the Adviser intends to consider the availability of co-investment opportunities on a case-by-case basis and generally to offer co-investment opportunities. The Adviser retains discretion to consummate any potential Investment without providing any co-investment opportunity, or otherwise disregarding any co-investment priority, if it should deem it in the best interests of the potential Investment or the Fund more broadly.

The Adviser will take into account various facts and circumstances deemed relevant by the Adviser in allocating co-investment opportunities, including, among others, any of the following: whether a potential co-investor has expressed an interest in evaluating co-investment opportunities; the Adviser's assessment of a potential co-investor's ability to invest an amount of capital that fits the needs of the investment (taking into account the amount of capital needed as well as the maximum number of investors that can realistically participate in the transaction) and the Adviser's assessment of a potential co-investor's ability to commit to a co-investment opportunity within the required timeframe of the particular transaction. Additional considerations may also include the geographic location of strategic third-party or other investors; the size of a potential co-investor's commitments to the Fund and strategic third-party or other investors; whether a potential co-investor has a history of participating in co-investment opportunities with Macquarie; whether a potential co-investor has committed to other MAM-Managed Entities, vehicles and accounts; the size of the potential co-investor's interest to be held in the underlying portfolio entity as a result of the Fund's investment (which is likely to be based on the size of the potential co-investor's capital commitment and/or investment in the Fund); whether the potential co-investor has demonstrated a long-term and/or continuing commitment to the potential success of Macquarie, the Fund or MAM-Managed Entities, vehicles and accounts (including whether a potential co-investor will help establish, recognize, strengthen or cultivate relationships that may provide indirectly longer-term benefits to the Fund, MAM-Managed Entities, and their vehicles, accounts and portfolio companies); whether the co-investor has significant capital under management by Macquarie or intends to increase such amount; whether the potential co-investor has an overall strategic relationship with Macquarie that provides it with more favorable rights with respect to co-investment opportunities; whether the co-investor is considered "strategic" to the investment because it is able to offer the Fund certain benefits, including, but not limited to, the ability to help consummate the investment; the ability to aid in operating or monitoring the Portfolio Entity or the possession of certain expertise; the transparency, speed and predictability of the potential co-investor's investment process; whether Macquarie has previously expressed a general intention to seek to offer co-investment opportunities to such potential co-investor; whether a potential co-investor has the financial and operational resources and other relevant wherewithal to evaluate and participate in a co-investment opportunity; the familiarity Macquarie has with the personnel and professionals of the investor in working together in investment contexts (which may include such potential co-investor's history of investment in other Macquarie investment funds, vehicles and accounts and/or other Macquarie co-investment opportunities); the extent to which a potential co-investor has been provided a greater or lesser amount of co-investment opportunities relative to others; the ability of a potential co-investor to invest in potential follow-on or add-on acquisitions for the Portfolio Entity or participate in defensive Investment; the likelihood that the potential co-investor would require governance rights that would complicate or jeopardize the transaction (or, alternatively, whether the investor would be willing to defer to Macquarie and assume a more passive role in governing the Portfolio Entity); any interests a potential co-investor may have in any competitors of the underlying portfolio entity; the tax profile of the potential co-investor and the tax characteristics of the Investment (including whether or not the potential co-investor would require particular structuring implementation or covenants that would not otherwise be required but for its participation or whether such co-investor's participation is beneficial to the overall structuring of the Investment); whether a potential co-investor's participation in the transaction may subject the Fund and/or the Portfolio Entity to additional regulatory requirements, review and/or scrutiny, including any necessary governmental approvals required to consummate the investment in the Portfolio Entity; the potential co-investor's chemistry with the potential management team of the Portfolio Entity; whether the potential co-investor has any existing positions in the Portfolio Entity (whether in the same security in which the Fund is investing or otherwise); whether there is any evidence to suggest that there is a heightened risk with respect to the potential co-investor maintaining confidentiality; whether the potential co-investor has demonstrated a long-term and/or continuing commitment to the potential success of the Fund, other affiliated funds and/or other co-investments, including the size of such commitment; whether the potential co-investor has any known investment policies and restrictions, guideline limitations or investment objectives that are relevant to the transaction, including the need for distributions; whether the expected holding period and risk-return profile of the investment is consistent with the stated goals of the investor; and such other factors that Macquarie may in good faith deem relevant and appropriate to consider in the circumstances. Macquarie has and may in the future establish more co-investment vehicles for one or more investors (including third-party investors and investors in the Fund) in order to co-invest alongside the Fund in one or more future Investment. Also, Macquarie may agree with investors (including Macquarie strategic relationships and third-party investors) to more favorable rights or pre-negotiated terms with respect to co-investment opportunities, including with respect to discounts or rebates of performance-based compensation or management fees.

Co-investment in a Portfolio Entity with another MAM-Managed Entity, vehicle or account may present conflicts of interest for the Adviser. Macquarie's relationship with such other funds, vehicles or accounts could influence the decisions made or the advice provided (as applicable) by the Adviser, the General Partner and/or the personnel responsible for the affairs of the Fund with respect to such Investment. In addition, the other fund, vehicle or account may have a different capability to participate in follow-on investments and otherwise provide financial support for the Portfolio Entity. Similarly, there may be instances where capital available for investment with respect to a particular co-investment opportunity from other sources (due to the attractiveness of such co-investment opportunity to potential co-investors) is limited, and therefore a larger percentage of such co-investment opportunity may be offered to the Fund as a Portfolio Entity investment than would have otherwise been offered to it had additional capital been available from other sources. The allocation of co-investment opportunities may involve a benefit to Macquarie including, without limitation, fees or carried interest from the co-investment opportunity.

The Fund may seek to make an Investment with the expectation of offering a portion of its interests therein as a co-investment opportunity to MAM-Managed Entities. Macquarie may seek to cause the Fund to incur bid and diligence costs on behalf of potential co-investors, and the party underwriting such costs may receive a premium or cost mark up if the transaction is consummated. Conversely, a potential co-investment opportunity that is not ultimately consummated may generate proceeds (*e.g.*, due to reverse termination fees) that may not ultimately be shared with the Fund, notwithstanding that the Fund may have participated in such potential co-investment opportunity as an Investment were such opportunity ultimately consummated.

Fund Expenses

In addition to the Management Fee and Performance Allocation, the Fund will pay and bear all expenses related to its operations that are not reimbursed by its Portfolio Entities. Investors will indirectly bear these expenses. The amount of these Fund expenses will be substantial and will reduce the actual returns realized by Investors on their investment in the Fund (and may, in certain circumstances, reduce the amount of capital available to be deployed by the Fund in Investment). Fund expenses include recurring and regular items, as well as Extraordinary Expenses (as defined below) for which it may be hard to budget or forecast. In addition, Fund expenses include fees, costs and expenses related to in-house legal, administrative, accounting, finance, tax, capital markets, compliance, ESG or other similar services provided by the General Partner, the Adviser or their affiliates. Any such in-house services may be provided to the Fund on such terms determined by the General Partner in its sole discretion. As described further in the Partnership Agreement, Fund expenses encompass a broad swath of expenses and include all expenses of operating the Fund. Although the costs and expenses of organizational expenses are separately categorized and subject to a limit under the Partnership Agreement, there are ongoing Fund expenses to be borne by the Investors that are not classified as organizational expenses, including costs that relate to organizational matters, such as costs and expenses of administering any written agreements entered into with Investors. Expenses to be borne by the General Partner are only limited to those items specifically enumerated in the Partnership Agreement (including salaries, rent and equipment expenses), and all other costs and expenses in operating the Fund will be borne by the Fund and indirectly by its Investors.

From time to time, the General Partner will be required to decide whether costs and expenses, including costs and expenses related to in-house legal, administrative, accounting, finance, tax, capital markets, compliance, ESG or other similar services provided by the General Partner, Macquarie or its affiliates, are to be borne by the Fund, on the one hand, and other MAM-Managed Entities, including METI International, on the other. Macquarie will allocate such fees and expenses in a manner it believes in good faith to be fair and equitable, but in its sole discretion. The allocations of such expenses may not be proportional, as certain MAM-Managed Entities have different expense reimbursement terms, including with respect to management fee offsets, and any such determinations involve inherent matters of discretion (e.g., in determining whether to allocate pro rata based on the number of funds or co-investors receiving related benefits or proportionately in accordance with asset size, or, in certain circumstances, determining whether a particular expense has a greater benefit to the Fund, the Adviser, the General Partner or their affiliates), and Macquarie may have a financial incentive to favor allocations that may benefit itself, which may result in the MAM-Managed Entities bearing different levels of expenses with respect to the same investment. Further, Macquarie reserves the right to consider each relevant MAM-Managed Entities' (including the Fund's) strategy as a component of its allocation of investment expenses. In addition, there may be occasions where a Macquarie Managed Entity procures borrowing through a subscription line or credit facility in order to make an investment, syndicating out a portion of the investment to another Macquarie Managed Entity. Subject to the borrowing fund's governing documents, the borrowing fund will bear the entire cost of interest from the borrowing, even though the investment may ultimately be made by other Macquarie Managed Entities.

Certain expenses are paid for by the Portfolio Entities, or, if paid by Macquarie, are reimbursed by the Fund or the Portfolio Entities, and, in some cases, Macquarie may not necessarily seek out the lowest cost options when incurring (or causing the Fund or its Portfolio Entities to incur) such expenses.

In addition, the Fund may pay expenses common to multiple MAM-Managed Entities, and be reimbursed by the other MAM-Managed Entities for their share of expenses, without interest.

Other Fees

Macquarie and its affiliates (and in the case of directors' fees, Macquarie executives) have received or may receive in the future break-up fees or similar fees in connection with unconsummated transactions (which does not include amounts received with respect to group purchasing, healthcare brokerage, insurance and other similar services to the Portfolio Entities), closing fees, monitoring fees or Other Fees. Macquarie or its affiliates may also receive cash and non-cash directors' fees, including warrants, options, derivatives and other rights in respect of securities owned by the Fund ("**Director Fees**"). In addition, the Fund (or its Portfolio Entities or entities through which the Fund makes acquisitions of Portfolio Entities) may retain service providers in which Macquarie has an interest or which are affiliates of Macquarie to provide services for fees.

The Management Fee borne by the Investors will generally be reduced by an amount equal to the sum of (i) 100% of the Fund's share of any Other Fees received by the Adviser or its affiliates in such fiscal year, (ii) 100% of the Fund's share of all Director Fees received by the Adviser and its affiliates in such fiscal year and (iii) any management fees paid or borne by the Fund in connection with the Fund's investments in MAM-Managed Entities, after giving effect to any fee rebate to which the Fund is entitled each month or has received each month, directly or indirectly, by the Fund from such MAM-Managed Entity; *provided* that the Reduction Amount will be decreased by Fund expenses and the Fund's share (pro rata with any parallel vehicles) of Broken Deal Expenses that the General Partner or its affiliates had elected to bear. Further, the portion of fees related to consulting, management or other services from Portfolio Entities in excess of the cap set forth in the Partnership Agreement will also be offset against the Management Fee. Except as set forth above, the Fund will not receive (in the form of an offset against the Management Fee or otherwise) the benefit of fees or other compensation received by Macquarie in connection with the provision of services by Macquarie to the Fund or third parties. Conflicts of interest may also arise due to the allocation of any Portfolio Entity fees received by Macquarie to or among co-investors. To the extent the receipt by Macquarie of any such Portfolio Entity fees results in an offset of the Management Fee as provided in the Partnership Agreement, such Portfolio Entity fees will be allocated among the Fund, any MAM-Managed Entities and co-investors (to the extent such co-investors bear a management fee) participating (or intending to participate) in such investment. The amount of such Portfolio Entity fees allocable to such MAM-Managed Entities or co-investors will not result in an offset of the Management Fee payable by the Fund, even if the MAM-Managed Entities, or co-investors provide for lower or no management fees, and in some cases may be retained by Macquarie pursuant to the terms of such vehicles. The General Partner, the Adviser and their affiliates are permitted to receive from Portfolio Entities and other persons unrelated to the Fund, fees related to consulting, advisory or similar services at market rates. In addition, the General Partner, the Adviser and its affiliates may receive fees associated with capital invested by co-investors relating to Investment in which the Fund participates. In such circumstances, such amounts will not be deemed paid to or received by the General Partner and its affiliates in connection with the provision of capital to Portfolio Entities by the Fund and such amounts will not be subject to the offset provisions as described in "*Item 1. Business—Advisory Agreement—Management Fee*."

In addition, the Portfolio Entities may be counterparties or participants in agreements, transactions or other arrangements with portfolio companies of other MAM-Managed Entities that, although Macquarie determines to be consistent with the requirements of such MAM-Managed Entity's governing agreements, may not have otherwise been entered into but for the affiliation with Macquarie, and which may involve discounts, fees or servicing payments to the Adviser or Macquarie-affiliated entities which will not be subject to the management fee offset provisions as described above and in "*Item 1. Business—Advisory Agreement—Management Fee*."

**Sub-Placement Agents**

The Placement Agent may compensate out of its own resources, certain Sub-Placement Agents in connection with the sale of Units, and also may pay such Sub-Placement Agents or other servicing agents in connection with various other services, including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients and the inclusion on preferred provider lists. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall net asset value of the Fund, or a fee determined in some other method by negotiation between the Placement Agent and such Sub-Placement Agents. The full amount of the sales charge may be reallowed (paid) to Sub-Placement Agents participating in the offering. An Investor's financial intermediary may impose additional charges on purchases of Units. All or a portion of such compensation may be paid by a Sub-Placement Agent to the financial advisory personnel involved in the sale of Units. As a result of the various payments that Sub-Placement Agents may receive from Investors and the Placement Agent, the amount of compensation that a Sub-Placement Agent may receive in connection with the sale of Units may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Sub-Placement Agent to recommend the Fund over another investment product.

Sub-Placement Agents may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, the General Partner, and managers of MAM-Managed Entities and Third-Party Funds, may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to a Sub-Placement Agent. As such, certain conflicts of interest may exist between such persons and a Sub-Placement Agent. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Sub-Placement Agents may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund or its Portfolio Entities. Such entities may compete with the Fund or the Portfolio Entities for investment opportunities and may invest directly in such investment opportunities. Sub-Placement Agents that invest in a Portfolio Entity may do so on terms that are more favorable than those of the Fund.

Sub-Placement Agents retained by the Placement Agent also may act as placement/servicing agent for MAM-Managed Entities or Third-Party Funds in which the Fund invests, and may receive compensation in connection with such activities. They also will receive sales loads in connection with the sale of certain classes of Units. To the extent that the total compensation to be received by such other Sub-Placement Agents is, in the aggregate, greater than that of other products also placed by the Sub-Placement Agents, their receipt of such compensation creates a conflict of interest, as they will have an incentive to recommend and offer Units to their clients.

A Sub-Placement Agent may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisory personnel whose clients purchase Units . Such fee arrangements may create an incentive for a Sub-Placement Agent to encourage investment in the Fund, independent of a prospective Investor's objectives.

A Sub-Placement Agent may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund or its Portfolio Entities. A Sub-Placement Agent may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund or its Portfolio Entities. A Sub-Placement Agent may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund or its Portfolio Entities. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, Third-Party Fund manager, investment sub-adviser, placement agent, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, Investor servicer, rating agency, interfund lending servicer, Fund accountant, transaction (*e.g.*, a swap) counterparty or lender.

In addition, issuers of securities held by the Fund or its Portfolio Entities may have publicly or privately traded securities in which a Sub-Placement Agent is an investor or makes a market. The trading activities of Sub-Placement Agents generally will be carried out without reference to positions held by the Fund or its Portfolio Entities and may have an effect on the value of the positions so held, or may result in a Sub-Placement Agent having an interest in the issuer adverse to the Fund or its Portfolio Entities. No Sub-Placement Agent is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund or its Portfolio Entities has an interest.

A Sub-Placement Agent may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in Portfolio Entities. Such opportunities may be subject to different terms than those applicable to an investment in the Portfolio Entities, including with respect to fees and the right to receive information.

**Participation in Investment Opportunities**

Directors, principals, officers, members, employees and affiliates of the Adviser may buy and sell securities or other Investment for their own accounts and may have actual or potential conflicts of interest with respect to Investment made on behalf of the Fund or its Portfolio Entities. As a result of differing investment strategies or constraints, positions may be taken by directors, principals, officers, members, employees and affiliates of the General Partner or the Adviser, or by the Adviser for the Other Accounts, or by a MAM-Managed Entity manager or Third-Party Fund manager or any of its respective affiliates on behalf of their own other accounts that are the same as, different from or made at a different time than, positions taken for the Fund or its Portfolio Entities.

**Material Non-Public Information**

The Adviser will come into possession of material, non-public information with respect to an issuer. Should this occur, the Adviser will be restricted from buying or selling securities, derivatives or loans of the issuer on behalf of the Fund until such time as the information became public or was no longer deemed material to preclude the Fund from participating in an investment. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund may be on a need-to-know basis only, and the Fund may not be free to act upon any such information even though such action or disclosure would be in the interests of the Fund. Additionally, there may be circumstances in which one or more of certain individuals associated with the Adviser may be precluded from providing services related to the Fund's activities because of certain confidential information available to such individuals, the Adviser or the General Partner. Therefore, the Fund may not have access to material, non-public information in the possession of Macquarie which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell an Investment which, if such information had been known to it, may not have been undertaken. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an Investment that it otherwise might have sold. Furthermore, to the extent not restricted by confidentiality requirements or applicable law, Macquarie may apply experience and information gained in providing services to Portfolio Entities and other Investments to provide services to competing portfolio companies and investments of Macquarie or other MAM-Managed Entities, which may have adverse consequences for the Fund.

Macquarie also has an information barrier policy, which establishes certain information controls that, among other things, restrict communication between each of the business units of Macquarie (*e.g.*, private equity, credit, public strategy). Consequently, while an investment team operating in one business unit is expected to have knowledge of information that could be pertinent to an investment or disposition decision of a MAM-Managed Entity operating in another one of the business units, the investment professionals of such other MAM-Managed Entity, including the Fund to the extent applicable, would not have access to such information due to this policy, unless parity of information already exists between such business units. Similarly, the receipt of material non-public information by one investment team would only restrict the operation of that business unit, and would not restrict other business units' operations. However, an information barrier would not restrict the flow of information that one business unit wishes to receive from another business unit, as that business unit can opt-out of the barrier in its discretion, subject to the restrictions on use of any material non-public information received as a result. Additionally, certain Macquarie personnel may be considered "above the wall" and therefore exempt from the information barriers. As a result of this treatment and the resulting access to material non-public information, such personnel may be required to recuse themselves in connection with certain fund-related proceedings, which may impede the relevant Macquarie PE Fund's investment program or operations. There can be no guarantee that informational barriers will be able to prevent all issues relating to the handling of material non-public information.

In addition, Macquarie receives and generates various kinds of portfolio company data and other information, including related to financial, industry, market, business operations, trends, budgets, customers, suppliers, competitors, ESG and other metrics, financial information, commercial and transactional information, user data, costs data and related data or information. This information may, in certain instances, include material non-public information received or generated in connection with efforts on behalf of a fund's investment (or prospective investment) in a portfolio company. As described above, the receipt of such information may restrict the Fund from transactions in the relevant company. Such information will also be periodically received in the ordinary course as a result of Macquarie personnel serving as directors of a public portfolio company and could cause the Fund to be restricted from transactions in the relevant portfolio company more often than if Macquarie personnel did not serve in such positions, which could have an adverse effect on Fund performance if Macquarie desired to engage in such transactions (including disposing of an investment in a timely manner). Macquarie has in the past and is likely in the future to enter into information sharing and confidentiality arrangements with portfolio companies and other sources of information that may limit the internal distribution and use of such data. Further, data is expected to be aggregated across the MAM-Managed Entities (including the Fund) and their respective portfolio companies and, in connection therewith, Macquarie is expected to serve as the repository for such data, including with ownership, use and distribution rights therein. Macquarie may also share data from one Portfolio Entity with another Portfolio Entity or a portfolio company of another MAM-Managed Entity. Macquarie has used and expects in the future in certain instances to use this information in a manner that provides a material benefit to Macquarie, its affiliates, or to other MAM-Managed Entities, including in identifying specific investment or business opportunities, without compensating or otherwise benefitting the Fund. In addition, Macquarie has a potential incentive to pursue Investments in Portfolio Entities based on the data and information expected to be received or generated. Macquarie has in the past utilized and is likely in the future to utilize such information to benefit Macquarie, its affiliates or other MAM-Managed Entities in a manner that may otherwise present a conflict of interest resulting from the particular facts and circumstances but does not intend to specifically disclose such conflicts to the Fund.

Macquarie or an affiliate from time to time is expected to sign nondisclosure agreements or other deal documentation in view of future participation by the Fund, although this typically is done as a courtesy and without compensation from the Fund.

**Restrictions on Participation in Initial Public Offerings**

Restrictions similar to those described above in relation to material non-public information will affect the Adviser's ability to buy or sell securities, derivatives or loans of certain issuers on behalf of the Fund, as a result of Macquarie personnel, including persons who are not part of the Fund's investment team, serving as directors of public companies. Such restrictions also would apply where Macquarie personnel serve as directors of private companies that become public through initial public offerings. Due to such restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an Investment that it otherwise might have sold. It is possible that one or more Portfolio Entities or the other MAM-Managed Entities will conduct an initial public offering during the life of the Fund, and if that occurs, the Fund's ability to participate in such initial public offering would be restricted.

 ****

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***Positions with Portfolio Entities***

As a result of the Fund controlling interests in Portfolio Entities, Macquarie or its affiliates typically have the right to appoint board members to such Portfolio Entities, to influence their appointment, or to sit as an observer on a Portfolio Entity board. From time to time, Portfolio Entity board members (including such members who are Macquarie personnel, senior advisors or consultants to Macquarie) approve compensation and other amounts payable to Macquarie or its affiliates, including cash, transaction fees, profits, or equity interests, or other compensation. In addition, Macquarie or its affiliates have the ability to appoint third parties as Portfolio Entity board members. In such circumstances, any compensation or fees received by such third party is not subject to the Management Fee offset described above, or otherwise shared with the Fund or Investors.

Certain decisions made by a director may subject Macquarie, its affiliates or the Fund to claims they would not otherwise be subject to as an investor, including claims of breach of duty of loyalty, securities claims and other director-related claims. In general, the Fund will indemnify Macquarie personnel from such claims. From time to time, employees of Macquarie may also be asked to serve as directors of, or observers with respect to, certain entities in which the Fund has fully exited its ownership interest or following the termination of such employee's employment with Macquarie. In such circumstances, any compensation or fees received with respect to such exited investment or by such Macquarie employee is not subject to the Management Fee offset described above, or otherwise shared with the Fund or Investors.

Further, Macquarie personnel or consultants to Macquarie are permitted to also serve as employees, directors or interim executives of, or otherwise be associated with, companies that are competitors of Portfolio Entities, and in certain circumstances, such personnel or consultants may also be seconded to one or more Portfolio Entities, vendors and service providers or Investors. In such cases, such personnel may be subject to fiduciary and other obligations to make decisions that they believe to be in the best interests of the relevant companies. Although, in most cases involving the Portfolio Entities, the interests of the Fund and its Portfolio Entities would be expected to be aligned, this may not always be the case, particularly if the Portfolio Entities are likely to be in financial difficulty. It would also be expected that the interests of a competitor company would not be aligned with those of the Fund or the Portfolio Entities. This may result in a conflict between the relevant individual's obligations to a competing Portfolio Entity and the interests of the Fund. In some circumstances, having Macquarie personnel serve as employees, directors or interim executives of another company (including, for these purposes, a portfolio company of any MAM-Managed Entity) may restrict the ability of the Fund to invest directly in an investment opportunity that also constitutes an investment opportunity for such company. Additionally, legal personnel of MAM Real Assets may coordinate with the commercial teams and/or legal counsel (internal and external) at each Portfolio Entity and portfolio companies of MAM-Managed Entities from time to time in the ordinary course of the Portfolio Entities' and portfolio companies' respective businesses. If one or more Portfolio Entities or portfolio companies of MAM-Managed Entities transacts with another, a conflict may arise that requires legal personnel of MAM Real Assets to withdraw from one or another representation or alternatively, appoint different members to serve as legal personnel of each Portfolio Entity and/or portfolio company of a MAM-Managed Entity. If a Portfolio Entity transacts with a portfolio company of a MAM-Managed Entity, and consequently loses legal representation, its legal and commercial interests could be materially prejudiced, which would inure to the detriment of the Fund.

The salaries, benefits, overhead and other similar expenses for personnel on secondment at Portfolio Entities could be borne (in whole or in part) by Macquarie and its affiliates or the organization for which the personnel are working or both (including fees for acquisition and/or transaction services to brokers, consultants or other finders). The Fund and its Portfolio Entities can be expected to pay compensation or cover fees or expenses associated with such secondees and interns, and if a Portfolio Entity pays the cost, it will be borne directly or indirectly by the Fund. If Macquarie pays salaries or covers expenses associated with such secondees and interns, they could seek reimbursement from the Fund for such amounts. Additionally, Macquarie, the Fund, or their respective Portfolio Entities could receive benefits from arrangements, including arrangements at no or reduced cost, with secondees or interns employed by service providers or vendors (or affiliates thereof) that provide services to, or whose employees serve as secondees or interns to, the Fund (or its Portfolio Entities) that bear the compensation, fees or expenses associated with such services, secondees or interns. Furthermore, such arrangements, including those at no or reduced cost, could include secondees or interns who perform services at the Portfolio Entities for the benefit of Macquarie or the Fund, that do not benefit Macquarie or the Fund. In addition, there could be instances where current and former employees of a portfolio company of a MAM-Managed Entity are seconded to or temporarily hired by Portfolio Entities or, at times, by the Investments directly. Such secondments or temporary hiring of current and former employees of portfolio companies of MAM-Managed Entities by Portfolio Entities (or by Investments) will result in a potential conflict of interest between the Portfolio Entities and the portfolio companies of such MAM-Managed Entities. The costs of such employees are expected to be borne by the Fund or its relevant Portfolio Entities, as applicable, and the fees paid by the Fund or such Portfolio Entities to other Portfolio Entity service providers or vendors do not offset or reduce Fund expenses.

Additionally, a Portfolio Entity typically will reimburse Macquarie or service providers retained at Macquarie's discretion for expenses (including expenses related to training programs, meetings and other events (to the extent that such programs, meetings or events are attended by Portfolio Entity personnel), certain entertainment expenses (to the extent that such expenses are attributable to Portfolio Entity usage), travel and travel-related expenses, and expenses relating to recruiting, relocation and background checks for Portfolio Entity positions) incurred by Macquarie or such service providers in connection with its performance of services for such Portfolio Entity, as well as consulting fees (and other cash and non-cash compensation) incurred. This subjects Macquarie and its affiliates to conflicts of interest because the Fund generally does not have an interest or share in these reimbursements, and the amount of such reimbursements may be substantial. Macquarie determines the amount of these reimbursements for such services in its own discretion, subject to its internal reimbursement policies and practices. Although the amount of individual reimbursements typically is not disclosed to Investors in the Fund, their effect is reflected in the Fund's audited financial statements, and any fee paid or expense reimbursed to Macquarie or such service providers generally is subject to agreements with sellers, buyers and management teams, the review and supervision of the board of directors of or lenders to Portfolio Entities, or third-party co-investors in its transactions. These factors help to mitigate related conflicts of interest.

 ****

***Portfolio Entity Relationships Generally***

Portfolio Entities may also be counterparties or participants in agreements, transactions or other arrangements with portfolio companies of other MAM-Managed Entities that may involve fees or servicing payments to Macquarie or its affiliates which are not subject to management fee offsets or otherwise shared with the relevant MAM-Managed Entities. From time to time, MAM Portfolio Performance Group ("**PPG**") seeks to identify and help facilitate synergies between and among the portfolio companies of MAM-Managed Entities (including Portfolio Entities), with the aim of making inter-portfolio company introductions that have the potential to enable strategic partnerships, collaborations and the provision of services between such portfolio companies. In connection therewith, the applicable participating Portfolio Entities or portfolio companies of MAM-Managed Entities will bear the fees, costs and expenses related to such strategic partnerships, collaborations and/or services, but PPG will not receive any fees or compensation from such portfolio companies for making such introductions.

For example, from time to time, certain Portfolio Entities or portfolio companies of MAM-Managed Entities may provide or recommend goods or services to Macquarie, other Portfolio Entities or other portfolio companies of MAM-Managed Entities. As another example, it can also be expected that the management of one or more Portfolio Entities or portfolio companies of MAM-Managed Entities will consult with one another (or with one or more Portfolio Entities or portfolio companies of MAM-Managed Entities) in respect of seeking its expertise, industry view, or otherwise on a particular topic including but not limited to an asset and/or the purchase and/or sale thereof. Although Macquarie might determine that such agreements, transactions or other arrangements are consistent with the requirements of the Fund's or such MAM-Managed Entity's offering and/or governing agreements, it is possible that such agreements, transactions or other arrangements might not have otherwise been entered into but for the affiliation with Macquarie. This may give rise to actual or potential conflicts of interest for Macquarie, the Fund, the MAM-Managed Entity and/or their respective affiliates, as such agreements, transactions or arrangements may be more favorable for one Portfolio Entity or portfolio company than another, thus benefitting the Fund or MAM-Managed Entity at the expense of the other. Such agreements, transactions or other arrangements may be entered into without the consent or direct involvement of the Fund (including the investors therein) and/or such MAM-Managed Entity (or the consent of the limited partner advisory committee and/or the limited partners of such MAM-Managed Entity). In any such case, the Fund may not be involved in the negotiation process and the terms of any such agreement, transaction or other arrangement may not be as favorable to the Fund as otherwise may be the case if the Fund were involved.

Making such introductions between the Portfolio Entities and/or the portfolio companies of the relevant MAM-Managed Entities would provide not only current income to the businesses and their relevant stakeholders, but could also create significant enterprise value in them, which would not be shared with the Fund or Investors and could benefit Macquarie directly and indirectly. Also, Macquarie, MAM-Managed Entities and their portfolio companies and their personnel and related parties may receive compensation or other benefits, such as through additional ownership interests or otherwise, directly related to the consumption of products and services by the Fund and/or the Portfolio Entities. In certain circumstances, some Portfolio Entities or portfolio companies of MAM-Managed Entities may derive greater benefits from such partnerships, collaborations and/or services than other Portfolio Entities or portfolio companies of MAM-Managed Entities, which would in turn confer greater benefits on some MAM-Managed Entities than other MAM-Managed Entities or the Fund. MAM, including PPG, in making inter-portfolio company introductions, faces potential conflicts of interest because, although Macquarie and its affiliates intend to make recommendations that they believe are aligned with a Portfolio Entity's financial and operational strategies and that they anticipate will enhance investment performance, Macquarie and its affiliates have an incentive to make such a recommendation because of its, or its affiliate's or a MAM-Managed Entity's portfolio company's, financial or business interests. In situations where the Portfolio Entities are dealing with each other and MAM or PPG is not involved, we would generally expect that each Portfolio Entity would act in its own best interest and the terms of any such agreement should then be at arm's length. For any transactions amongst Portfolio Entities for which MAM and/or PPG are involved, the Portfolio Entities still have the ultimate decision to evaluate such transactions and to decide whether to enter into them.

**Board of Directors**

The functions and duties that members of the Board (some of whom may be affiliated with Macquarie) undertake for the benefit of the Fund will not be exclusive, and such members of the Board may perform similar functions and duties for other MAM-Managed Entities and/or third parties and accordingly conflicts of interest may arise in allocating time, services and/or functions among such other MAM-Managed Entities, one or more third parties and the Fund.

Members of the Board may be members, employees, officers, advisers or directors of entities or advisory teams that provide advice to the general partner, adviser and/or operator of certain MAM-Managed Entities or may be third parties (including third-party Sub-Advisers and/or service providers). Certain members of the Board may therefore have significant other responsibilities in addition to their responsibilities in respect of the Fund, including with respect to portfolio companies of certain MAM-Managed Entities and/or the funds of other third-party sponsors. This may present a conflict of interest if such persons pursue the interests of the Fund or a third party-managed fund and a MAM-Managed Entity simultaneously. Certain members of the Board which are affiliated with Macquarie may also, as part of their services to Macquarie, be appointed to the board of a portfolio company of a MAM-Managed Entity (generally in a supervisory capacity with a view to monitoring the performance of such portfolio company in accordance with the relevant MAM-Managed Entities' shareholder rights) and situations may arise in which such a member has a duty to or an interest in a portfolio company which conflicts with its duties to, or the interests of, the Fund or a MAM-Managed Entity. Similar conflicts may arise with the interests of members of the Board which are not affiliated with Macquarie, including with respect to their engagement with third-party sponsors of investment funds, some of which may compete with the interests of MAM-Managed Entities.

Certain members of the Board may have been or will be invited to make an investment in the MAM-Managed Entities, some of which the Fund will participate in and/or alongside, in exchange for a right to receive economic entitlements (such as carried interest, where applicable), thereby creating an indirect alignment of their interest with those of Investors. However, members of the Board who are professionals within Macquarie may hold investment and/or other economic rights or entitlements with respect to multiple MAM-Managed Entities which may present conflicts of interest and create incentives to resolve a conflict which is more favorable to one MAM-Managed Entity than another MAM-Managed Entity (including as a result of having a greater investment or economic entitlement in one MAM-Managed Entity than another MAM-Managed Entity, or the matter in respect of which a conflict arises having a disproportionate bearing on such professional's economic entitlement in respect of one MAM-Managed Entity as compared with another relevant MAM-Managed Entity with respect to the conflict matter at hand). MAM-Managed Entities and managers, directors, officers and employees of Macquarie may hold an indirect investment in, or receive other economic enticements with respect to, the Fund through one or more MAM-Managed Entities (including a subsidiary investment vehicle) or otherwise invest directly or indirectly alongside the Fund through one or more co-investment schemes established for such purpose.

**Independent Directors**

Directors which are not affiliated with Macquarie may perform similar functions to their functions in respect of the Fund for other MAM-Managed Entities and may perform similar functions for, and have duties to, other organizations and businesses that may give rise to conflicts of interest. In certain cases, such Independent Directors may also be appointed to the board of portfolio companies of certain MAM-Managed Entities or investment funds of third-party sponsors, typically in a non-executive capacity, and have other business interests that give rise to conflicts of interest with the interests of the Fund, the MAM-Managed Entities or one or more of their portfolio companies. The Independent Directors may also gain knowledge, expertise and information by virtue of their role with respect to one or more portfolio companies indirectly held by the Fund which may benefit one or more competing organizations or businesses in respect of which the Independent Directors separately provide advice or otherwise have an interest. If an Independent Director has an actual or potential conflict of interest by virtue of such member's involvement with or investment in other MAM-Managed Entities or other business interests, such member will be required to disclose such interest to the Board.

**Other Matters**

A manager of a MAM-Managed Entity or Third-Party Fund may, from time to time, cause a MAM-Managed Entity or Third-Party Fund to effect certain principal transactions in securities with one or more accounts of such MAM-Managed Entity or Third-Party Fund's managers, subject to certain conditions. Future investment activities of the managers of the MAM-Managed Entities or the Third-Party Funds, or their affiliates, and the principals, partners, directors, officers or employees of the foregoing, may give rise to additional conflicts of interest.

Except as otherwise set forth in the Partnership Agreement or any applicable law, the Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund without consent from the Independent Directors, except that the Fund may engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, advisers, members or managing general partners. These transactions would be effected in circumstances in which the Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument on the same day.

Future investment activities of the Adviser, the General Partner, their affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

 **Item 2. Financial Information**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Overview**

The Fund was organized on October 30, 2024 as a limited partnership under the laws of the State of Delaware. The Fund is a private fund exempt from registration under Section 3(c)(7) of the 1940 Act.

Our investment objective is to generate capital appreciation and yield over the medium-to-long term. There can be no assurance that METI US will achieve its investment objective or that METI US's investment strategies will be successful. We will seek to achieve this investment objective by investing primarily, on an individual basis or commingled or aggregated with other parties, in a global portfolio of businesses and operating assets in the Energy Transition Infrastructure Investments.

The Fund may invest in Energy Transition Infrastructure Investments directly in portfolio companies, including as a co-investor with any other MAM-Managed Entities, indirectly through investments in MAM-Managed Entities or, to a lesser extent, through investments in unaffiliated Third-Party Funds that directly or indirectly invest in Energy Transition Infrastructure Investments.

**Investment Portfolio**

The Fund has acquired Investments through the Aggregator, which is jointly owned with METI International. METI International had a fund inception date of June 30, 2024. The Fund has access to an already diversified portfolio of existing infrastructure assets.

As of [●], the Fund's portfolio comprises [●].

**Results of Operations**

On July 1, 2025, the Fund commenced investment activity. Our key financial measures and the results of operations are discussed below. There has been no activity prior to the current fiscal year and as such, there is no comparative information to present.

**Revenues**

We generate revenues primarily from our investments, including dividends, distributions and capital appreciation on our direct investments, secondary investments and primary commitments. To a lesser extent, we also generate revenue in the form of interest income from our investments in Debt and Other Securities, which may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

**Expenses**

Management Fee

For a discussion of the compensation of the Adviser, see "*Item 1(c). Description of Business—Compensation of the Adviser and the General Partner*" above.

 

*Performance Allocation*

For a discussion of the compensation of the Adviser, see "*Item 1. Business—Compensation of the Adviser and the General Partner*" above.

Organizational and Offering Expenses

The Adviser may, in its sole discretion, advance the Fund's organizational and offering expenses until the first anniversary of the Initial Closing (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating placement agents or financial intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials, capital raising expenses, design and website expenses, fees and expenses of the entities specified herein (including, as applicable, transfer agent, administrator, custodian and depository fees, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, entertainment and meals and including all similar organizational and offering expenses of the Feeder, any Parallel Funds and/or Intermediate Entities to the extent not paid by the Feeder, any such Parallel Fund or Intermediate Entities or their investors, but excluding Subscription Fees and Distribution and/or Servicing Fees)) **(**collectively, the "**Organizational and Offering Expenses**"). The Fund will reimburse the Adviser for all such advanced expenses over the five years following the first anniversary of the Initial Closing, subject to a specified expense cap and reimbursement limitations (as detailed below).

<u>Organization Expenses</u>

Organization expenses include, among other things, the cost of incorporating the Fund and the cost of legal services and other fees pertaining to the Fund's organization. These costs are expensed as incurred. For the period beginning [●] until [●], the Fund incurred organization expenses of $[●].

<u>Offering Costs</u>

Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement and costs in connection with the continuous offering of Units of the Fund. Offering costs are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. For the period beginning [●] until [●], the Fund recognized amortization of offering costs of $[●].

Professional Fees

Professional fees include but are not limited to administrative, audit, tax, and legal fees. For the period beginning [●] until [●], the Fund incurred professional fees of $[●].

Unrealized Gain (Loss) on Investments

The Fund generates income primarily from its investment in the Aggregator. The Fund had an interest of [●]% in the Aggregator as of March 31, 2026. This resulted in the Fund recognizing a net change in unrealized gain (loss) on investments of $[●].

Subscription Fees

Class D Units will be sold subject to certain upfront selling commissions, placement fees, subscription fees or similar fees ("**Subscription Fees**") of up to 1.5% of the purchase amount and Class S Units will be sold subject to Subscription Fees of up to 3.5% of the purchase amount. For some Investors, the Subscription Fee may be waived or reduced. The full amount of the Subscription Fee may be reallowed (paid) to Sub-Placement Agents participating in the offering. An Investor's financial intermediary may impose additional charges on purchases of Units.

No Subscription Fees will be paid with respect to Class E Units and Class I Units, or any Units issued pursuant to the DRIP.

Distribution and/or Servicing Fee

The Fund pays the Placement Agent a monthly fee out of the net assets of Class S Units and Class D Units at the annual rate of 0.85% and 0.25% of the NAV of Class S Units and Class D Units, respectively, determined and accrued as of the last day of each calendar month (before any redemptions of Class S Units or Class D Units) (the "**Distribution and/or Servicing Fee**"). The Placement Agent pays the Distribution and/or Servicing Fee to Sub-Placement Agents, who may use such fee to compensate the financial advisory personnel involved in the placement of Units. Amounts retained by the Placement Agent, if any, will be used by the Placement Agent to pay for Fund-related distribution and servicing expenses.

The Adviser remits payment of the ongoing Distribution and/or Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Distribution and/or Servicing Fee is charged on an aggregate class-wide basis, and Investors in Class S Units or Class D Units are subject to the Distribution and/or Servicing Fee as long as they hold their Class S Units or Class D Units, respectively. Each compensated Sub-Placement Agent will be paid by the Placement Agent based on the NAV of outstanding Class S Units and Class D Units held by Investors that receive services from such Sub-Placement Agent.

Class I Units and Class E Units will not be subject to the Distribution and/or Servicing Fee. Class S Units and Class D Units may be converted to Class I Units if a Sub-Placement Agent informs the Fund that an Investor no longer receives services from the Sub-Placement Agent or another servicing agent which has entered into an agreement with the Placement Agent. Upon advance notice to the Investor, Class S Units or Class D Units may be exchanged into an equivalent NAV amount of Class I Units as of the date of exchange, subject to the General Partner's approval.

 

 

*Fund Expenses*

The Adviser bears all of its own costs incurred in providing advisory services to the Fund. As described below, the Fund bears all expenses incurred in the business and investment program of the Fund. The Adviser also provides, or arranges at its expense, for certain management and administrative services for the Fund. Some of those services include providing support services, maintaining and preserving certain records, and preparing and filing various materials with state and U.S. federal regulators.

Expenses borne by the Fund (and, thus, indirectly by Investors) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all fees, costs, expenses, liabilities and obligations related to the Fund's investment program,
including: (i) expenses borne through the investments in MAM-Managed Entities and Third-Party Funds and other securities, including, without
limitation, any fees and expenses charged by MAM-Managed Entities managers and the Third-Party Fund managers (such as management fees,
incentive fees or allocations, pass through expenses and costs and redemption or withdrawal fees); (ii) all costs and expenses directly
related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the
Investments (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) fees for data, software
and technology providers; (iv) professional fees (including, without limitation, the fees and expenses of consultants, attorneys, senior
advisers, special advisers and experts); (v) if applicable, fees and expenses of brokers, agents, valuation firms, investment banks, lenders
and other financing sources, hedging, prime brokerage fees, bank service fees, interest and commitment fees on loans and debit balances,
borrowing charges on securities sold short, dividends on securities sold but not yet purchased, initial and variation margin, spreads
and other similar fees, syndication fees, commitment fees, underwriting commissions and (vi) all out-of-pocket fees, costs (including
charitable contributions) and expenses, if any, incurred in developing, sourcing, bidding on, evaluating, negotiating, structuring, obtaining
regulatory approvals for, purchasing, trading, settling, monitoring, maintaining custody of, holding (including ongoing risk monitoring
and mitigation (such as ESG, cybersecurity, anti-corruption and other similar functions)), and disposing or unwinding of actual Investments,
including without limitation any such fees, costs and expenses incurred by affiliates of the General Partner or the Adviser (including
the Sub-Advisers) and any travel expenses (which may include first class or private air) or any other incremental costs incurred in connection
therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund's allocable share of any fees, costs and expenses related to facilitating the Fund's
investment activities, including, without limitation, the organization and/or maintenance of any Intermediate Entity used to acquire,
hold or dispose of Investments, any travel expenses (which may include first class or private airfare, lodging, ground transportation,
and travel meals), including without limitation related to such entity or structure and/or sourcing, managing or sourcing Investments
or potential Investments, and the salary and benefits of any personnel (including personnel of the Adviser or its affiliates) reasonably
necessary and/or advisable for the maintenance and operation of such entity or structure, or other overhead expenses in connection therewith
(to the extent not subject to any reimbursement of such costs and expenses by Portfolio Entities (as defined in the Partnership Agreement)
or other third parties and not capitalized as part of the acquisition price of the transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information technology expenses related to (i) the making, holding, monitoring and disposing of Investments,
and (ii) general fund administration and compliance related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the fees of the Independent Directors, the Board and any committee thereof and the fees, expenses of independent
counsel thereto (including, without limitation, (A) travel, accommodation, meal, event, entertainment and other similar fees, costs and
expenses in connection with meetings of the Board and (B) the fees, costs and expenses of any other advisors retained by, or at the direction
or for the benefit of, the Board), and the costs and expenses of holding any meetings of the Investors or the Board, its committees or
the Directors that are permitted or required to be held under the terms of the Partnership Agreement, as may be amended or amended and
restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) expenses relating to ongoing administrative, governance and compliance services necessary for the operation
of the Fund and its Investments (including, without limitation, (w) all costs and expenses associated with redemptions, offering costs,
(x) expenses relating to the preparation and filing of Form PF, Form 10, Exchange Act reports, reports and notices to be filed with the
U.S. Commodity Futures Trading Commission, reports, filings, disclosures and notices prepared in connection with the laws and/or regulations
of jurisdictions in which the Fund engages in activities and any related regulations, or the laws and/or regulations of jurisdictions
in which the Fund engages in activities) and/or any other regulatory filings, notices or disclosures of the Adviser and/or its affiliates
relating to the Fund and its activities, compensation of the Independent Directors and preparing materials and coordinating meetings of
the Board, (y) compensation, overhead (including rent, office equipment and utilities) and other expenses incurred, charged or specifically
attributed or allocated by the General Partner, the Adviser and/or their affiliates in performing administrative and/or accounting services
for the Fund or any Portfolio Entity (including legal and compliance, finance, accounting, operations, investor relations, tax, valuation
and internal audit personnel and other non-investment professionals that provide services to the Fund based on such metric as the General
Partner or its affiliates determine in good faith (which metric may change over time) and (z) compliance with any anti-money laundering
or "know your customer" laws, rules, regulations or policies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fees and expenses of performing research, risk analysis and due diligence, including third party background
checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the fees and disbursements of any attorneys, accountants, independent registered public accounting firms
and other consultants and professionals engaged on behalf of the Fund or the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a portion of the costs of a fidelity bond and any liability or other insurance obtained on behalf of the
Fund, the Adviser, the Directors or the officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) recordkeeping, custody and transfer agency fees and expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the fees and expenses of other service providers to the Fund, including depositaries (such as The Depository
Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to
the Fund, including the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all costs and expenses of preparing, setting in type, printing and distributing reports and other Fund
communications to Investors, whether for regulatory or some other purpose (including all fees, costs and expenses incurred to prepare
and audit such reports and the information therein (*e.g.*, any third-party appraisal, opinion or report), provide access to a database
or other internet forum and for any other operational, legal, secretarial or postage expenses relating thereto or arising in connection
with the distribution of same), and any other financial, tax, accounting, fund administration or reporting functions (including expenses
associated with the preparation of financial statements, tax returns and Internal Revenue Service Schedules "K-1" or any successors
thereto and, solely with respect to an entity treated as a partnership for United States federal income tax purposes, such partnership's
partnership representative's representation of the partnership or the Investors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all expenses of computing the Fund's NAV, including any equipment or services obtained for the purpose
of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties engaged by or on
behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all charges for equipment or services used for communications between the Fund and any custodian, Administrator
or other agent engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Extraordinary Expenses (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all taxes to which the Fund may be subject, directly or indirectly, and whether in the U.S., any state
thereof or any other U.S. or non-U.S. jurisdictions, including without limitation transfer taxes and premiums, taxes withheld on non-U.S.
dividends or other non-U.S. source income, and excise taxes on undistributed income (provided, that such taxes may be required to be deemed
distributed to one or more Investors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent the General Partner or the Adviser do not elect to bear the following costs and expenses
or they are not reimbursed by a prospective or actual Portfolio Entity or other third parties, all Broken Deal Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) expenses of liquidating and/or dissolving the Fund, any feeder fund, Intermediate Entity or other administrative
structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any costs and expenses incurred in connection with any transfer of Units pursuant to Section 5.1 of the
Partnership Agreement (to the extent not reimbursed by the parties to such transfer) and any expenses related to the development and maintenance
of software related to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the out-of-pocket expenses incurred in connection with any amendments to the Partnership Agreement, including
the solicitation of any consent, waiver or similar acknowledgment from the Investors, or preparation of other materials in connection
with compliance (or monitoring compliance) with the Partnership Agreement and any other constituent or related documents of the Fund or
any Intermediate Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) such other types of expenses as may be approved from time to time by the Board.

Any of the foregoing services (including for greater specificity, fees, expenses, costs and other charges specifically allocated by the Adviser or its affiliates to provide in-house administrative, accounting, tax, compliance, leveraged purchasing, environmental, social and governance and legal services to the Fund and expenses and other related costs incurred by the Fund in connection with the provision of such services (including, in each case, technology and other administrative support therefor and allocable compensation and overhead of Macquarie personnel)) may be rendered by Macquarie, the General Partner, the Adviser or any of their respective Affiliates, including internal staff counsel and finance, tax and compliance personnel, as the case may be, directly as a Fund expense if (i) the costs for such services are billed to the Fund in accordance with standard cost reimbursement procedures established by Macquarie for the billing of such services to collective investment vehicles and portfolio companies of Macquarie collective investment vehicles, (ii) such services are rendered on terms which are no less favorable to the Fund than the terms on which the Fund could obtain comparable services from an unaffiliated third party, (iii) the provision of such services by such Macquarie entities or personnel is in the good faith judgment of the General Partner in the interests of the Fund, and (iv) such services are of a type which would otherwise customarily be provided to a private equity fund by a third party rather than paid for out of the management fee in respect of such private equity fund.

"**Extraordinary Expenses**" are expenses incurred outside of the ordinary course of business, including, without limitation, costs associated with any actual, potential, contemplated or threatened litigation (including, without limitation, settlements of claims (whether involving alleged wrongdoing or otherwise) involving actual or potential Portfolio Entities and/or the investment or other activities of the Fund) and the amount of any legal fees and other defense related costs such as expert fees, judgments, fines or remediation paid in connection therewith, D&O liability or other insurance (including, without limitation cyber liability insurance and any insurance obtained and/or maintained pursuant to the Partnership Agreement and indemnification or extraordinary expense or liability relating to the affairs of the Fund and costs incurred in connection with holding and/or soliciting proxies for a meeting of Investors).

Pursuant to the Expense Limitation and Reimbursement Agreement (the "**Expense Limitation and Reimbursement Agreement**"), for a five-year term beginning on the Initial Closing and ending on the five-year anniversary thereof, the Adviser has agreed to forgo an amount of its monthly Management Fee and/or pay, absorb or reimburse certain expenses of the Fund, to the extent necessary so that, for each year during such five-year period beginning on the Initial Closing Date or any anniversary thereof, the Fund's annual "Specified Expenses" (as defined below) do not exceed 0.70%, on an annualized basis, of the sum of (a) the Fund's net asset value as of the last calendar day of each calendar month or as otherwise determined by the Adviser and (b) to the extent deducted in the determination of the Fund's net asset value as set forth in clause (a), accrued expenses, any accrued/allocated Management Fee, or Performance Allocation or Distribution and/or Servicing fee applicable to certain classes. The Fund has agreed to reimburse the amount of any forgone Management Fee and expenses paid, absorbed or reimbursed by the Adviser, when and if requested by the Adviser, within five years from the end of the month in which the Adviser waived, paid, absorbed or reimbursed such fees or expenses, but only if and to the extent that Specified Expenses, on an annualized basis, plus any recoupment, do not exceed 0.70% of the sum of (a) the Fund's net asset value as of the last calendar day of each calendar month or as otherwise determined by the Adviser and (b) to the extent deducted in the determination of the Fund's net asset value as set forth in clause (a), accrued expenses, any accrued/allocated Management Fee, or Performance Allocation or Distribution and/or Servicing fee applicable to certain classes (or, if a lower expense limit under the Expense Limitation and Reimbursement Agreement is then in effect, such lower limit). The Adviser may recapture a Specified Expense in the same year it is incurred. This arrangement cannot be terminated within the one-year period beginning on the Initial Closing without the Board's consent.

"**Specified Expenses**" means all expenses incurred in the business of the Fund, including, among other things, Organizational and Offering Expenses, professional fees, and fees and expenses of the Fund's administrator, Transfer Agent and the Fund's custodian, with the exception of (i) the Management Fee; (ii) the Performance Allocation; (iii) any distribution or servicing fee paid applicable to any Units, including the Distribution and/or Servicing Fee; (iv) transaction-related costs, including, without limitation, costs related to unconsummated transactions and hedging and other derivatives transactions; (v) interest payments; (vi) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vii) taxes; (viii) Portfolio Entity expenses and ordinary corporate operating expenses; and (ix) Extraordinary Expenses (as defined below) (as determined in the sole discretion of the Adviser).

 

 

*Other Fees and Expenses*

The Fund, and, therefore, Investors, bear all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor in any MAM-Managed Entity and Third-Party Funds, subject to the limited Management Fee reduction discussed above with respect to MAM-Managed Entities. The Fund bears certain ongoing offering costs associated with the Fund's continuous offering of Units.

To the extent the Fund, METI International and/or any other MAM-Managed Entities participate in the same Investment, the Adviser will allocate any expenses incurred by the Fund, METI International and/or such other MAM-Managed Entities relating to such Investment in a manner it believes in good faith to be fair and equitable, but in its sole discretion. Such expenses may be apportioned to, and borne solely by, the investors participating in the Fund, Feeder, any Parallel Fund and/or Intermediate Entities, as applicable, or be allocated among the Fund, Feeder, any Parallel Fund and/or Intermediate Entities as determined by the General Partner in its reasonable discretion.

**Hedging**

The Fund may, but is not obliged to, engage in hedging transactions for the purpose of efficient portfolio management. The Adviser may review the hedging policy of the Fund from time to time depending on movements and projected movements of the relevant currencies and interest rates and the availability of cost-effective hedging instruments for the Fund at the relevant time.

**Financial Condition, Liquidity and Capital Resources**

The Fund received its initial seed funding from Macquarie Infrastructure and Real Assets Inc., an affiliate of the Adviser, on July 1, 2025. Investment operations commenced on July 1, 2025 when the Fund first sold Class I and S units and began investing.

We generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities which are then invested into the Aggregator.

Our primary use of cash will be for (i) making alternative infrastructure and infrastructure related investments, (ii) the cost of operations (including the Management Fee and Performance Allocation), (iii) debt service of any borrowings, (iv) periodic redemptions, including under the Redemption Program (as described in "*Item 13. Financial Statements and Supplementary Data—Notes to the Condensed Financial Statements—Note 7. Net Assets*"), and (v) cash distributions to Investors.

**Cash Flows**

As of [●], the Fund's cash and cash equivalents and the continuous offering of Units are expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Units.

As of [●], the Fund had $[●] in cash and cash equivalents, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. See ["*Item 13. Financial Statements and Supplementary Data—Notes to the Condensed Financial Statements—Note 9. Contingent Liabilities and Commitments*"] for quantitative details on future commitments to new and existing investments.

**Transactional Net Asset Value**

The Fund calculates its transactional NAV per Unit in accordance with the Fund's valuation policies and procedures. Transactional NAV is the price at which it sells and redeems its Units and serves as a basis for certain fees incurred by the Fund. The Adviser also evaluates changes to transactional NAV to monitor fund performance. Transactional NAV is based on the month-end values of its investments and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the Fund's valuation policy. Certain contingent tax liabilities may not be recognized as a reduction to transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment.

---

| | |
|:---|:---|
|  | **[●]** |
| Components of the Fund's Transactional Net Asset Value | $[●] |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | [●] |
| &nbsp;&nbsp;&nbsp;Investments in the Aggregator | [●] |
| &nbsp;&nbsp;&nbsp;Other assets | [●] |
| &nbsp;&nbsp;&nbsp;Due from the Adviser | [●] |
| &nbsp;&nbsp;&nbsp;Professional fees payable | ([●]) |
| &nbsp;&nbsp;&nbsp;Accounts payable & accrued expenses | ([●]) |
| **Transactional Net Asset Value** | $**[●]** |

---

The transactional NAV per Unit for each class of the Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **[●]** | **[●]** |
|  | | **Transactional<br> NAV per Unit** | **Number of<br> Units** |
| Class D | $| [●] | [●] |
| Class E | $| [●] | [●] |
| Class I | $| [●] | [●] |
| Class S | $| [●] | [●] |

---

The following table reconciles GAAP Net Asset Value to the Fund's transactional NAV.

---

| | |
|:---|:---|
|  | **[●]** |
| GAAP Net Asset Value | [●] |
| Adjustments | [●] |
| &nbsp;&nbsp;&nbsp;Organizational expenses | [●] |
| &nbsp;&nbsp;&nbsp;Offering expenses | [●] |
| &nbsp;&nbsp;&nbsp;Specified Expenses<sup>(a)</sup> | [●] |
| Transactional Net Asset Value | $**[●]** |

---

(a) [Specified Expenses as defined in "*Item 13. Financial Statements and Supplementary Data—Notes to the Condensed Financial Statements—Note []. Related Party Transactions*."]

**Critical Accounting Policies and Estimates**

The preparation of the condensed financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of income and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our condensed financial statements. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates and assumptions.

**Fair Value**

As an investment company under ASC 946, the Fund is required to report investments, including those for which current market values are not readily available, at fair value in accordance with ASC Topic 820, Fair Value Measurements ("**ASC 820**"). ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. The fair value process is used to both recognize investments in accordance with GAAP and for purposes of computing a monthly transactional NAV.

In accordance with ASC 820, investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with Financial Accounting Standards Board guidance under ASC 820, these investments are excluded from the hierarchical levels.

The Fund has indirect exposure to gains and losses on underlying investments because it invests in the Aggregator which, in turn, holds such underlying investments through the intermediate subsidiaries.

**Principles of Consolidation**

The Fund is an investment company under ASC 946. There is inherent judgment in how to apply ASC Topic 810, Consolidation ("**ASC 810**"), to instances where an investment company invests in another investment company as generally investment companies do not consolidate their investments and rather report them at fair value. The Fund considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that non-consolidation of the Aggregator by the Fund has been deemed appropriate. In considering ASC 810, the following factors were deemed important in supporting a conclusion that the Fund does not have a controlling financial interest in the Aggregator: (a) the Aggregator's purpose is to pool investments across funds from various regions, (b) there is no contractual mechanism for the Fund to control the Aggregator and (c) essentially all of the Aggregator's activities are not conducted on behalf of the Fund. The Fund believes non-consolidation is the financial presentation that most meaningfully presents the financial position and results of operations. The financial statements of the Aggregator will accompany the Fund's financial statements within this Registration Statement as well as our annual reports on Form 10-K, and quarterly reports on Form 10-Q.

**Related Parties**

The Fund may engage in transactions with affiliates of Macquarie, including entities managed or advised by MAM-Managed Entities.

Macquarie, MAM-Managed Entities and their affiliates may hold or acquire assets and contribute or sell such assets to the Partnership, the Aggregator or their subsidiaries. These transfers may occur in kind, at fair market value ("**FMV**") if transferred from a MAM-Managed Entity, or otherwise at cost plus roll forward or FMV, in each case as determined by the Adviser, plus related expenses, including transaction costs and a risk or similar premium.

**Contractual Obligations and Commitments**

For contractual obligations and commitments extending beyond [●], see ["*Item 13. Financial Statements and Supplementary Data—Notes to the Condensed Financial Statements—Note 9. Contingent Liabilities and Commitments*."]

**Off-Balance Sheet Arrangements**

We currently do not have any off-balance sheet financings or liabilities other than contractual commitments and other legal contingencies incurred in the normal course of our business.

**Recent Accounting Pronouncements**

See ["*Item 13. Financial Statements and Supplementary Data—Notes to the Condensed Financial Statements—Note 2. Summary of Significant Accounting Policies*"] for a discussion concerning recent accounting pronouncements.

**Quantitative and Qualitative Disclosures About Market Risk**

We will be subject to financial market risks, including changes in fair values and interest rates. We invest primarily in alternative infrastructure and infrastructure related investments. Many of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with the Fund's valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each Investment while employing a consistently applied valuation process for the types of Investments we make. See "*Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Unitholder Matters—Calculation of NAV.*"

**Related Parties**

See "*Item 7. Certain Relationships and Related Transactions, and Director Independence*" for a description of certain transactions and relationships with related parties.

 **Item 3. Properties**

Our corporate headquarters are located at 660 Fifth Ave, New York, NY 10103 and are provided by the General Partner and the Adviser. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

 **Item 4. Security Ownership of Certain Beneficial Owners and Management**

The following table sets out certain ownership information with respect to our Units for each of our directors and executive officers and all directors and executive officers as a group. None of our Classes of Units have voting power.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address<sup>(1)</sup>** | **Type of<br> Ownership** | **Units<br> Owned** | **Percentage** |
| Elise Dupuy Vaudour | [●] | [●] | [●] |
| Mark Dooley | [●] | [●] | [●] |
| Will Demas | [●] | [●] | [●] |
| Ouma Sananikone | [●] | [●] | [●] |
| William J. Kelly | [●] | [●] | [●] |
| Sue Sekar | [●] | [●] | [●] |
| All current directors and executive officers as a group (6 persons) | [●] | [●] | [●] |

---

(1) The address for each of our directors and officers is c/o Macquarie Wealth Advisers, LLC, 660 Fifth Ave,
New York, NY 10103.

 **Item 5. Directors and Executive Officers**

Overall responsibility for the Fund's oversight rests with the General Partner, subject to certain oversight rights held by the Board of Directors. The Board is responsible for overseeing our periodic reports under the Exchange Act and certain conflicts of interest related to Macquarie in accordance with the provisions of the Partnership Agreement and any policies of the General Partner. Specifically, the Independent Directors will (i) review and approve or disapprove any potential conflicts of interest in any transaction or relationship between the Fund and the Adviser, the General Partner or any employee or affiliate thereof that the General Partner determines to present to the Independent Directors and (ii) review and approve any matter (x) for which approval is required under the Advisers Act, including Sections 205(a) and 206(3) thereof, (y) as provided for under the Partnership Agreement or (z) as deemed appropriate by the General Partner.

Our Board is expected to consist of five members, two of whom will be Independent Directors. The General Partner may appoint additional directors to the Board from time to time. Our General Partner elects the Fund's executive officers, who serve at the discretion of the General Partner.

**Board of Directors and Executive Officers**

Information regarding the Board of Directors and executive officers is set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age\*** | **Position** | **Position <br> Held Since** |
| **Non-Independent Directors** |  |  |  |
| Elise Dupuy Vaudour | 43 | Director | 2025 |
| Mark Dooley | 63 | Director | 2025 |
| Will Demas | 43 | Director | 2025 |
| **Independent Directors** |  |  |  |
| William J. Kelly | 66 | Director | 2025 |
| Ouma Sananikone | 68 | Director | 2025 |
| **Executive Officer** |  |  |  |
| Sue Sekar | 50 | Chief Financial Officer | 2025 |

---

\* As of June 1, 2026.

Each director will hold office until his or her death, resignation, removal or disqualification. The address for each of our directors is c/o Macquarie Wealth Advisers, LLC, 660 Fifth Ave, New York, NY 10103.

Each officer holds office at the pleasure of the General Partner until his or her successor is duly appointed and qualified.

**Biographical Information**

**Directors**

Our directors have been divided into two groups—Independent Directors and Non-Independent Directors. The status of an Independent Director under the Partnership Agreement is determined consistent with the independence tests set out in Rule 303A.02 of the New York Stock Exchange Listed Company Manual or other standards determined by the General Partner.

Non-Independent Directors

 ****

***Elise Dupuy Vaudour*** rejoined Macquarie in 2023 and is Head of Wealth for Macquarie Asset Management (MAM) Green Investments. She is responsible for helping the wealth client segment gain exposure to the significant and growing opportunities presented by the global energy transition. Before rejoining Macquarie in 2023, Elise played a key role in the fundraising, investor relations, investment strategy, origination and valuations activity for Eurazeo Infrastructure Partners. She previously spent 15 years at Macquarie and served as Co-Head of Macquarie Capital's Private Capital Markets activity globally. In that capacity, she supported the execution of Macquarie Capital's infrastructure and energy investments globally, while leading the origination of infrastructure and energy investments in France. Elise began her career at ABN Amro Bank in its Structured Finance team. Elise holds a Master of project finance and structured finance from University Paris X and École Nationale des Ponts et Chaussées, a Master of banking finance and insurance from University Paris Dauphine, and a Master of applied economics from University Paris Dauphine.

 ****

***Mark Dooley*** joined Macquarie in 2025, and is the Executive Chair of MAM Green Investments. He led the acquisition and integration of the Green Investment Bank in 2017 and became Global Head of Green Investments upon acquisition. In April 2022, Green Investment Group moved from Macquarie Capital to Macquarie Asset Management in order to move its business model to an asset management model. He has been involved in structured finance and investment in energy and infrastructure projects for more than 25 years. As an investment banker, he has focused on energy and infrastructure assets in Australia and Europe. He was Head of ABN AMRO's European infrastructure capital business before joining Macquarie Capital, where he led the European infrastructure and energy business, with a focus on sectors including offshore wind, solar, biomass, and transmission. Mark is on the board of Corio Generation (an OSS of Macquarie), Green Investment Group's newly created global offshore wind company.

 ****

***William G. Demas*** rejoined Macquarie in 2022, and is Senior Managing Director & Head of Americas at Macquarie Asset Management's Green Investment Group. William re-joined Macquarie from Stonepeak Partners, where he was instrumental in leading the firm's America's renewable energy and energy transition investment activities. Prior to Stonepeak, he spearheaded and led Copenhagen Infrastructure Partners in the Americas. Prior to CIP, William was a senior member of Macquarie Capital's renewable energy principal and investment and advisory team and spent the early part of his career at Good Energies, one of the first dedicated clean technology venture funds. He began his career at Lazard, as a founding member of its Clean Technology and Renewable Energy advisory business. William received a Bachelor's Degree from Harvard University.

Independent Directors

 ****

***Ouma Sananikone*** is currently a non-executive board director of DMC Global (NASDAQ: BOOM), IA Financial Group (Canada, TSX: IAG.TO) and Gecina (GFC.PA), a French publicly-listed real estate group. She also serves on the advisory board of BW Group. Her previous board directorships include Ivanhoe Cambridge in Canada, Hafnia (NYSE: HAFN and Oslo, OSL: HAFNI.OL), Macquarie Infrastructure Corporation (USA, NYSE: MIC), Xebec Adsorption Inc. (Canada, TSX: XBC), CDPQ (Canada), Smarte Carte (USA), Air-Serve Holdings (USA), Moto Hospitality Ltd (UK), and State Super Corporation of NSW (Australia). She also acted as an honorary Australian Financial Services fellow for the USA on behalf of the Australian government. She was CEO of Aberdeen Asset Management (Australia), CEO of the EquitiLink Group (Australia, New Zealand, USA, Canada and UK) as well as founding Managing Director of BNP Investment Management (Australia). Other senior positions include Managing Director at Rothschild Asset Management (Australia), Managing Director at BT Financial Services (Westpac Group) and Managing Director, Corporate Strategy and Investments, at NRMA in Australia. Ouma holds a BA (economics and political sciences) from the Australian National University and a Master of Commerce (economics) from the University of New South Wales. She is a recipient of the Centenary Medal from the Australian Government for services to the Australian finance industry.

 ****

***William (Bill) J. Kelly, CAIA*** is the Founder and Managing Member of Educational Alpha, LLC where he writes, podcasts, and speaks on a variety of investment related topics, focused on investor education, transparency, and democratized access to differentiated risk premia. In addition, he has served as a Senior Advisor to Star Mountain Capital since August 2025. Previously he was CEO of CAIA Association since taking this leadership role in 2014 until his retirement in 2024. Prior to that, Bill was the CEO of Boston Partners, and CFO and COO of The Boston Company Asset Management, a predecessor institutional asset manager. In addition to his current role, Bill is also the Chairman and lead independent director for the Boston Partners Trust Company and serves as an independent director for the Artisan Partners Funds, where he is also Chair of Audit Committee and a designated Audit Committee Financial Expert. He is also currently an Advisory Board Member of the Certified Investment Fund Director Institute within the IOB (Dublin) which strives to bring the highest levels of professionalism and governance to independent fund directors around the world. Bill began his career as an accountant with PwC where he earned his CPA (inactive). Bill holds a Bachelor of Business Administration (BBA) from Iona University.

**Executive Officers**

 ****

***Sue Sekar*** is the Chief Operating Officer for Macquarie Asset Management (MAM) Americas, providing leadership on business development initiatives, regional implementation of global strategy, culture and operational platform support for the regional business. Sue is also the Global Head of Fund Management for MAM's Wealth and Solutions division, overseeing SEC and investor reporting, operations, fund transaction support and financial management throughout the lifecycle of MAM's funds. Prior to her current role, Sue was the Americas Regional Controller and CFO for Macquarie's US broker/dealer, responsible for the oversight of Macquarie America's financial control and management function. Sue has also led the finance and reporting function for a listed US fund, overseeing the team responsible for SEC reporting and financial controls. Before moving to New York City, Sue worked in Macquarie's Sydney and London offices in various finance and reporting roles. Sue is a Board Member, Co-Treasurer and Co-Chair of the Finance Committee for the Bloomingdale Family Program, a NYC-based non-profit organization, and is the Executive Sponsor of Macquarie's Families and Carers Employee Network Group. Sue has a Bachelor of Commerce and Bachelor of Laws from the University of Sydney. Sue is an Australian Chartered Accountant (CA), a CPA and has a Series 27 license with FINRA.

**Leadership Structure and Oversight Responsibilities**

Overall responsibility for our oversight rests with the General Partner, subject to certain oversight rights held by the Board. We have entered into the Advisory Agreement pursuant to which the Adviser, an affiliate of the General Partner, manages the Fund on a day-to-day basis. The Board is composed of five members, two of whom will be Independent Directors. As described below, the Board has established an Audit Committee, and may establish ad hoc committees or working groups from time to time, to assist the Board and the General Partner in fulfilling their oversight responsibilities. See "*Item 11. Description of Registrant's Securities to be Registered—Delaware Law and Certain Provisions of the Partnership Agreement—Amendment to the Partnership Agreement*."

**Committees**

The Board of Directors has established an Audit Committee and may form additional committees in the future.

**Audit Committee**

The Audit Committee is composed of William J. Kelly and Ouma Sananikone, each of whom is an Independent Director. Mr. Kelly serves as Chair of the Audit Committee. Our Board determined that Mr. Kelly is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act.

The General Partner may appoint additional directors to the Board and the Audit Committee from time to time; provided that the appointment of new Independent Directors as a result of a vacancy (regardless of how the vacancy was created) will require approval by the Board of Directors, including a majority of the remaining Independent Directors.

In accordance with its written charter, adopted by the Board, the Audit Committee is responsible for overseeing: (i) the preparation, presentation and integrity of the Fund's financial statements; (ii) the maintenance of appropriate accounting and financial reporting principles and policies; and (iii) the maintenance of internal controls and procedures reasonably designed to assure compliance with accounting standards and related laws and regulations.

 **Item 6. Executive Compensation**

**Compensation of Executive Officers**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the General Partner, the Adviser or their affiliates, pursuant to the terms of the Advisory Agreement and the Partnership Agreement, as applicable. Our day-to-day investment operations are managed by the General Partner and the Adviser. Most of the services necessary for the sourcing and administration of our investment portfolio are provided by investment professionals employed by the Adviser or its affiliates.

None of our executive officers receives direct compensation from us. We will reimburse the Adviser and/or its affiliates for Fund expenses incurred on the Fund's behalf, which can include compensation, overhead (including rent, office equipment and utilities) and other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Adviser or their affiliates in performing administrative or accounting services for the Fund or any Portfolio Entity (including legal and compliance, finance, accounting, operations, investor relations, tax, valuation and internal audit personnel and other non-investment professionals that provide services to the Fund based on such metric as the General Partner or its affiliates determine in good faith (which metric may change over time) and compliance with any anti-money laundering or "know your customer" laws, rules, regulations or policies). Certain executive officers and Non-Independent Directors, through their financial interests in the General Partner and/or the Adviser, may be entitled to a portion of the profits earned by the General Partner and/or the Adviser, which includes any fees, including compensation discussed herein, payable to the General Partner and/or the Adviser under the terms of the Advisory Agreement and the Partnership Agreement, as applicable, less expenses incurred by the General Partner and/or the Adviser in performing their services under the Advisory and the Partnership Agreement, as applicable. See "*Item 1. Business—Advisory Agreement*" and "*Item 7. Certain Relationships and Related Transactions, and Director Independence*."

**Compensation of Directors**

No compensation is paid to directors who are not Independent Directors. The Fund will pay $100,000 per year to each Independent Director, plus an additional $10,000 per year for the Chair of the Audit Committee. The Fund is also authorized to pay the reasonable out-of-pocket expenses incurred by each Independent Director in connection with the fulfillment of his or her duties as an Independent Director.

 **Item 7. Certain Relationships and Related Transactions, and Director Independence**

**Transactions with Related Persons, Promoters and Certain Control Persons**

**Advisory Agreement; Partnership Agreement**

We have entered into the Advisory Agreement with the Adviser pursuant to which we pay the Management Fee and reimburse certain Fund expenses. We have also entered into the Second Amended and Restated Limited Partnership Agreement, pursuant to which the General Partner is entitled to receive the Performance Allocation. In addition, pursuant to the Advisory Agreement and the Partnership Agreement, we will reimburse the Adviser and General Partner for certain expenses as they occur. See "*Item 1. Business—Advisory Agreement*" and "—*Partnership Agreement.*"

**Certain Business Relationships**

METI US is subject to certain conflicts of interest arising out of METI US' relationship with Macquarie, including the General Partner and its Affiliates. The Adviser, the General Partner and their affiliates provide or may provide investment advisory and other services to various entities, including MAM-Managed Entities with investment objectives similar to and different than those of the Fund. The Adviser's and the Sub-Advisers' investment professionals will devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate. Additionally, members of the Board may be members, employees, officers, advisers or directors of entities or advisory teams that provide advice to the general partner, adviser or operator of certain MAM-Managed Entities or may be third parties (including third-party Sub-Advisers or service providers). Members of the Investment Committee may also concurrently serve on the investment committees of other MAM-Managed Entities, alongside which the Fund may, from time to time, co-invest. As a result, conflicts of interests may arise in allocating investment opportunities between the Fund and the relevant co-investing MAM-Managed Entities. Such conflicts will be managed in accordance with MAM's conflicts management procedures. There can be no assurance that the General Partner will resolve all conflicts of interest in a manner that is favorable to the Fund.

See "*Item 1A. Risk Factors—Risks Related to Potential Conflicts of Interest"* for more information.

**Statement of Policy Regarding Transactions with Related Persons**

Our Board of Directors recognizes the fact that transactions with related persons may present risks of conflicts or the appearance of conflicts of interest. Our Board of Directors has adopted a written policy on transactions with related persons (the "**Related Person Transaction Policy**"). Under the Related Person Transaction Policy, the Independent Directors must review and approve or ratify any "related person transaction" (as defined below), including any material amendments or modifications to any "related person transaction." A "related person transaction" is defined as any transaction that (i) would be required to be disclosed pursuant to Item 404(a) of Regulation S-K in which the Fund was or is to be a participant, (ii) the amount involved exceeds $120,000 in any fiscal year and (iii) in which any "related person" (as defined as paragraph (a) of Item 404 of Regulation S-K) had or will have a direct or indirect material interest, other than an employment relationship or transaction involving an executive officer and any related compensation or compensation paid to any director for service on the Board. A "transaction" includes, but is not limited to, any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) or any series of similar transactions, arrangement or relationships, and also includes any material amendment or modification to an existing related person transaction.

In reviewing a related person transaction or proposed related person transaction, our Independent Directors shall consider all relevant facts and circumstances, including without limitation: (i) the relationship of the related person to the Fund, (ii) the nature and extent of the related person's interest in the transaction, (iii) the material terms of the transaction, (iv) the business purpose of the transaction, (v) the importance and fairness of the transaction both to the Fund and to the related person, (vi) whether the transaction would likely impair the judgment of a director or executive officer to act in the best interest of Investors, (vii) whether the value and the terms of the transaction are substantially similar as compared to those of similar transactions previously entered into by the Fund with non-related persons, if any, and (viii) any other matters that management or our Independent Directors deem appropriate.

In addition, the Related Person Transaction Policy provides that our Independent Directors, in connection with any approval or ratification of a related person transaction involving a non-employee director or director nominee, considers whether such transaction would compromise the director's status as an "independent director" under applicable independence standards, including: (i) as an independent director under the Partnership Agreement and governance guidelines; (ii) as a "non-employee director," as applicable, under Rule 16b-3 under the Exchange Act; or (iii) as an independent director under Rule 10A-3 of the Exchange Act, if such director serves on the Audit Committee of the Board.

**Promoters and Certain Control Persons**

The Adviser and the General Partner may be deemed promoters of the Fund. We have entered into the Advisory Agreement with the Adviser and the Partnership Agreement with the General Partner. The Adviser, for its investment management and its administrative services to us, is entitled to receive the Management Fee, in addition to the reimbursement of certain Fund expenses. The General Partner is entitled to receive the Performance Allocation, as described herein. In addition, under the Advisory Agreement and Partnership Agreement, to the extent permitted by applicable law, we will indemnify the Adviser and the General Partner and certain of their affiliates. See "*Item 1. Business.*"

**Director Independence**

See "*Item 5. Directors and Executive Officers*" for information on METI US's Independent Directors and definition of "independent."

 **Item 8. Legal Proceedings**

Neither we, the General Partner nor the Adviser are currently subject to any pending material legal proceedings against us, the General Partner or the Adviser. From time to time, we, the General Partner or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings.

 **Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Unitholder Matters**

**Market Information**

Our outstanding Units are offered and sold in transactions exempt from registration under the 1933 Act under Section 4(a)(2) and Regulation D. See "*Item 10. Recent Sales of Unregistered Securities*" for more information. Our Units are not listed or traded on any recognized securities exchange.

Because our Units are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Units may not be sold or transferred (i) except as permitted under the Partnership Agreement and (ii) unless the Units are registered under applicable securities laws or specifically exempted from registration. Accordingly, an investor must be willing to bear the economic risk of investment in the Units unless and until we accept their redemption or transfer. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Units may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Units and to execute such other instruments or certifications as are reasonably required by us.

**Unitholders**

Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management*" for disclosure regarding certain Unitholders.

**Distributions**

See "*Item 1. Business—Distribution Reinvestment Plan*" and "*Item 11. Description of Registrant's Securities to be Registered—Distributions*" for a description of METI US's distribution policies.

**Calculation of NAV**

The Adviser determines the NAV for each class of Units monthly and prepares the valuations with respect to each Investment in accordance with the Valuation Procedures (as may be amended from time to time in the Adviser's sole discretion). The NAV per Unit for each class is determined by dividing the total assets of the Fund (*i.e.*, the value of Investments, plus cash or other assets, including interest and distributions accrued but not yet received) attributable to such class, less the value of any liabilities (including accrued expenses, accrued/allocated Management Fee, Administration Fee, Performance Allocation, Distribution and/or Servicing Fees applicable to certain classes, or distributions) of such class, by the total number of outstanding Units of such class. Classes of Units may have a different NAV per Unit as a result of different fees charged to different classes.

The Investments are valued on a monthly basis as of the close of business on the last Business Day of each calendar month for purposes of updating the Fund's monthly NAV. The monthly NAV per Unit for each Class will generally be available around the 20th Business Day of the following month (*e.g.*, the NAV for April 30 will generally be available around May 29). Notwithstanding anything herein to the contrary, the Adviser may, in its discretion, but is not obligated to, consider material market data and other information (as of the applicable month-end for which NAV is being calculated) that becomes available after the end of the applicable month in valuing the Fund's assets and liabilities and calculating its NAV as of such month-end.

An independent valuation advisor (the "**Valuation Advisor**") will be retained by the Fund to value each Investment (other than Liquid Investments) on a quarterly basis. In the quarters when such a valuation is unavailable due to delays in delivery of financial information from underlying Investments, Macquarie will perform and provide the Fund with a valuation of each Investment. The Valuation Advisor receives the benefit of indemnification from the Fund and is paid fees and has various costs reimbursed by the Fund.

The Valuation Advisor will discharge its responsibilities in accordance with the Valuation Procedures. The Fund may engage additional independent valuation advisors in the future as the Fund's portfolio grows. While the Valuation Advisor is responsible for reviewing valuations, the Valuation Advisor is not responsible for, and does not determine, the fair value of the Investments and does not calculate the Fund's NAV, which is ultimately the Adviser's responsibility. The Valuation Advisor may be replaced at any time by the Adviser.

The Adviser and its affiliates act as investment advisers to other clients that may invest in the same securities as the Fund. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund.

See "*Item 1A. Risk Factors—Valuation of Investments*" for more information on valuation.

**Valuation of Investments**

Publicly traded U.S. equity securities are valued, except as indicated below, at the last composite close price on the close of business on the last Business Day of each calendar month (the "**Determination Date**"). If and when an equity trades on multiple exchanges, the security will be valued at the closing price from the U.S. exchange that the security last traded on before or at the close on the Determination Date.

Publicly traded foreign equity securities will be valued at the last trade price on the securities exchange or national securities market on which such securities primarily are traded (the "**primary market**") during regular trading hours on the Determination Date. If there are no such trades in the security on the Determination Date, the security will be valued at the last bid (for long positions) or last ask (for short positions). If there is no trade or bid/ask quotations for such security on the Determination Date, the value of such security will be the last trade or last bid (for long positions) or last ask (for short positions) from the previous day. If there is no trade or bid/ask on the previous day, the security will be fair valued.

Generally, U.S. and foreign over-the-counter issues with single-market underliers, such as American Depositary Receipts, will be priced using the last trade price during regular business hours on the Determination Date.

Equity-linked instruments will be valued based on the value of the underlying reference asset(s) and the terms of the instrument (*e.g.*, an interest rate) to approximate what the Fund would receive on a current termination of the instrument. Such reference asset(s) will be valued in accordance with the applicable provisions of the Valuation Procedures.

Private debt securities and instruments generally will be valued, to the extent possible, by an independent pricing service, as set forth in the Valuation Procedures adopted by the Adviser. Each pricing service provides an evaluated price based on its proprietary methodologies, which may use a variety of inputs, models and assumptions based on its methodology for a particular type of security. Private debt securities and instruments for which valuation is not provided by a pricing service will be valued using an evaluated price provided by Bloomberg, and if Bloomberg does not provide a price, then the security generally will be valued by obtaining prices from broker/dealers on the Determination Date. Overnight and certain other short-term debt securities and instruments with maturities of less than 60 days (excluding U.S. Treasury bills) will be valued by the amortized cost method, unless a pricing service provides a valuation for such security, or the amortized cost method would not represent fair value on the Determination Date.

Derivative instruments, which may be used for hedging and non-hedging purposes, will be valued by the Adviser in accordance with the Valuation Procedures. Certain derivatives may be valued (i) by pricing services, (ii) based on the value of the underlying reference asset(s), (iii) using the midpoint of NBBO (National Best Bid & Offer), which is the mean of the highest bid and lowest offer across any of the exchanges on which an option is quoted, (iv) using evaluated pricing available from Bloomberg, (v) using a quotation obtained from an independent broker/dealer, (vi) at their intrinsic value, (vii) at the most recent settlement price, or (viii) at their acquisition cost until such time as market prices become available.

Securities for which market prices are not readily available and securities for which quotations are deemed by the Adviser to be unreliable will be fair valued or otherwise valued in accordance with the Valuation Procedures. Circumstances in which market prices may not be readily available include, when an exchange or market is not open for trading for an entire trading day or closes early, or trading in a particular security is halted, and no other market prices are available. In these circumstances, portfolio management personnel of the Fund, the Adviser will seek to determine whether to recommend an adjustment to the last sale price on the primary market, in accordance with the Valuation Procedures.

**Suspension of Redemption Program or Determination of NAV**

In addition, the Adviser may, but is not obligated to, suspend the determination of NAV and/or the Fund's offering and/or redemptions where (i) the circumstances so require and (ii) the suspension is reasonably deemed to be in the best interests of Investors. The Adviser will notify Investors of any such suspension. No Units will be issued or redeemed during such suspension period.

Notwithstanding the above, any material modification or suspension of the Redemption Program or suspend the determination of NAV shall require the approval of the Independent Directors.

 **Item 10. Recent Sales of Unregistered Securities**

On July 1, 2025, the Fund held its first closing and sold Units of the Fund as part of its Private Offering. The Fund has held subsequent closings each month from July 1, 2025 through the date of this Registration Statement. The offer and sale of the Units was made as part of the Fund's continuous private offering and were exempt from the registration provisions of the 1933 Act, pursuant to Section 4(a)(2) thereof, including Regulation D and Regulation S thereunder. Pursuant to the private offering and since inception, the Fund has sold [●] Units for an aggregate consideration of approximately $[●] million as of [●], 2026.

The following tables summarize the Units issued and sold pursuant to the Private Offering since the Fund's inception, the offer and sales of which were not registered under the 1933 Act:

**July 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I<sup>(1)</sup> | 367000 | $36700000 |
| Class S | 54925 | $5492500 |
| Class D |  |  |

---

(1) Represents Class I Units initially issued. Effective as of December 1, 2025, these Class I Units were converted to Class E Units in accordance
with the Partnership Agreement.

**August 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 9821.40 | $1000000 |
| Class S | 6634.25 | $675000 |
| Class D |  |  |

---

**September 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 1690.43 | $175000 |
| Class S | 9206.94 | $951750 |
| Class D |  |  |

---

**October 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 5010.08 | $525000 |
| Class S | 5260.02 | $550000 |
| Class D |  |  |

---

**November 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I |  |  |
| Class S | 15908.67 | $1674250 |
| Class D |  |  |

---

**December 1, 2025**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 351780.79 | $37367000 |
| Class S | 4724.12 | $500000 |
| Class D |  |  |

---

**January 1, 2026**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 11074.44 | $1172544 |
| Class S | 14119.22 | $1488415 |
| Class D |  |  |
| Class E | 326123.35 | $35000000 |

---

**February 1, 2026**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I |  |  |
| Class S | 3566.40 | $378000 |
| Class D |  |  |
| Class E |  |  |

---

**March 1, 2026**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 931.42 | $100000 |
| Class S | 7227.71 | $771516 |
| Class D |  |  |
| Class E |  |  |

---

**April 1, 2026**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I | 2024.22 | $216457 |
| Class S | 97594.58 | $10367925 |
| Class D |  |  |
| Class E | 376412.90 | $41000000 |

---

**May 1, 2026**

---

| | | |
|:---|:---|:---|
| <br>**Class** | **Number of<br> Units Sold** | **Consideration** |
| Class I |  |  |
| Class S | 6095.89 | $650000 |
| Class D |  |  |
| Class E |  |  |

---

 **Item 11. Description of Registrant's Securities to be Registered**

**Description of our Units**

**General**

There is currently no market for the Units, and we do not expect that a market for these Units will develop in the future. We do not intend for the Units offered under the Fund's private placement memorandum to be listed on any national securities exchange. There are no outstanding options or warrants to purchase these Units. Under the terms of the Partnership Agreement and the Feeder Partnership Agreement, Investors are entitled to the same limited liability extended to shareholders of private Delaware for-profit corporations formed under the Delaware General Corporation Law. The Partnership Agreement and the Feeder Partnership Agreement provide that no Investor will be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being an Investor, nor will any Investor be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Fund's assets or the affairs of the Fund by reason of being an Investor.

**Units**

Unitholders are not entitled to vote in the election of the Fund's directors and, as such, the Fund is not required to file proxy statements or information statements under Section 14 of the Exchange Act except in those limited circumstances where a vote of Unitholders is required under the Partnership Agreement or Delaware law. Further, Unitholders are not able to bring matters before meetings of unitholders or nominate directors at such meeting, nor are they generally able to submit unitholder proposals under Rule 14a-8 of the Exchange Act. Overall responsibility for the Fund's oversight rests with the General Partner, subject to certain oversight rights held by the Board of Directors with respect to our periodic reports under the Exchange Act and certain situations involving conflicts of interest.

Certain financial intermediaries through which a Unitholder was placed in the Fund may charge such Unitholder Subscription Fees on Units that are paid by the Unitholder outside of its investment in the Fund and not reflected in the Fund's NAV.

Class D Units

Class D Units bear a monthly Distribution and/or Servicing Fee in an amount equal (on an annualized basis) to 0.25% of the NAV on Class D Units each month. The Distribution and/or Servicing Fee will be calculated based on NAV as of the end of each month before giving effect to any accruals for the Distribution and/or Servicing Fee, redemptions, if any, for the applicable month and distributions payable on such Units. For the avoidance of doubt, the Distribution and/or Servicing Fees will be payable by the Fund and Unitholders will not be billed separately for payment of the fees. The Adviser remits payment of the ongoing Distribution and/or Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Distribution and/or Servicing Fee is allocated to a Unitholder's representative at the financial intermediary through which such Unitholder was placed in the Fund. Any amounts allocated in accordance with the foregoing sentence will compensate such representative for reporting, administrative and other services provided to a Unitholder by such representative. The receipt of the Distribution and/or Servicing Fee by a Unitholder's representative will result in a conflict of interest.

Certain financial intermediaries may charge Subscription Fees of up to 1.5% of the NAV on Class D Units sold in the offering. In certain circumstances the Subscription Fees may be paid to Macquarie and reallocated, in whole or in part, to the financial intermediary that placed the applicable Unitholder into the Fund. For the avoidance of doubt, Subscription Fees shall be paid by the applicable Unitholder outside of its investment in the Fund and will not impact the Fund's NAV.

The Subscription Fees are not payable in respect of any Class D Units sold pursuant to our distribution reinvestment plan. In consideration of the advisory services provided to the Fund by the Adviser, the Fund will pay the Adviser a Management Fee, computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's NAV for Class D Units. Additionally, promptly after the end of each fiscal year, the Fund will make a Performance Allocation to the General Partner or an affiliate in an amount equal to 12.5% of Total Return for Class D Units subject to a 5% annual Hurdle Amount and a High-Water Mark with a 100% catch-up, without duplication for any Performance Allocation paid by the Fund in respect of Class D Units during such fiscal year. See "*Item 1. Business*—*Advisory Agreement*—*Compensation of the Adviser and the General Partner*" for more information.

Class S Units

Class S Units bear a monthly Distribution and/or Servicing Fee in an amount equal (on an annualized basis) to 0.85% of the NAV on Class D Units each month. The Distribution and/or Servicing Fee will be calculated based on NAV as of the end of each month before giving effect to any accruals for the Distribution and/or Servicing Fee, redemptions, if any, for the applicable month and distributions payable on such Units. For the avoidance of doubt, the Distribution and/or Servicing Fees will be payable by the Fund and Unitholders will not be billed separately for payment of the fees. The Adviser remits payment of the ongoing Distribution and/or Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Distribution and/or Servicing Fee is allocated to a Unitholder's representative at the financial intermediary through which such Unitholder was placed in the Fund. Any amounts allocated in accordance with the foregoing sentence will compensate such representative for reporting, administrative and other services provided to a Unitholder by such representative. The receipt of the Distribution and/or Servicing Fee by a Unitholder's representative will result in a conflict of interest.

Certain financial intermediaries may charge Subscription Fees of up to 3.5% of the NAV on Class D Units sold in the offering. In certain circumstances the Subscription Fees may be paid to Macquarie and reallocated, in whole or in part, to the financial intermediary that placed the applicable Unitholder into the Fund. For the avoidance of doubt, Subscription Fees shall be paid by the applicable Unitholder outside of its investment in the Fund and will not impact the Fund's NAV.

The Subscription Fees are not payable in respect of any Class D Units sold pursuant to our distribution reinvestment plan. In consideration of the advisory services provided to the Fund by the Adviser, the Fund will pay the Adviser a Management Fee, computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's NAV for Class S Units. Additionally, promptly after the end of each fiscal year, the Fund will make a Performance Allocation to the General Partner or an affiliate in an amount equal to 12.5% of Total Return for Class S Units subject to a 5% annual Hurdle Amount and a High-Water Mark with a 100% catch-up, without duplication for any Performance Allocation paid by the Fund in respect of Class S Units during such fiscal year. See "*Item 1. Business*—*Advisory Agreement*—*Compensation of the Adviser and the General Partner*" for more information.

Class I Units and Class E Units

In consideration of the advisory services provided to the Fund by the Adviser, the Fund will pay the Adviser a Management Fee, computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's NAV for Class I Units. Additionally, promptly after the end of each fiscal year, the Fund will make a Performance Allocation to the General Partner or an affiliate in an amount equal to 12.5% of Total Return for Class I Units subject to a 5% annual Hurdle Amount and a High-Water Mark with a 100% catch-up, without duplication for any Performance Allocation paid by the Fund in respect of Class I Units during such fiscal year. There is no Management Fee or Performance Allocation payable with respect to Class E Units. See "*Item 1. Business*—*Advisory Agreement*—*Compensation of the Adviser and the General Partner*" for more information.

Class I Units and Class E Units will not be subject to the Distribution and/or Servicing Fee. For the avoidance of doubt, Class E Units are not registered under the Exchange Act pursuant to this Registration Statement.

**Distributions**

The Fund may declare distributions from time to time. However, the Fund cannot guarantee that it will make distributions, and any distributions the Fund makes will be at the discretion of the General Partner, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. As a result, the Fund's distribution rates and payment frequency may vary from time to time.

Investors of record as of the record date will be eligible for distributions declared. The per Unit amount of distributions on each class may differ if different class-specific fees and expenses are deducted from the gross distributions for each class. The NAV of each Unit that an Investor owns will be reduced by the amount of the distributions that the Investor receives in respect of Units. See "*Item 1. Business—Distribution Reinvestment Plan*."

**Transfers**

Subject to the terms in the Partnership Agreement, Unitholders may, with the consent of the General Partner, transfer part or all their Units, but must provide 60 calendar days' notice to the General Partner (or such reasonably shorter period as is agreed to by the General Partner). The General Partner may refuse such requested transfer for certain reasons, as further described in the Partnership Agreement.

**Delaware Law and Certain Provisions of the Partnership Agreement**

**Organization and Duration**

The Fund was formed on October 30, 2024, as a Delaware limited partnership. The Fund will remain in existence until dissolved in accordance with the Partnership Agreement or pursuant to Delaware law. The Partnership Agreement provides that the Fund will be dissolved upon (a) the determination made by the General Partner at any time in its sole discretion that the dissolution and winding up of the Fund is in the best interests of the Fund, (b) the bankruptcy, termination, dissolution or withdrawal of the General Partner, (c) upon (i) certain cause events, including a finding by any court or governmental body of competent jurisdiction that the General Partner or the Adviser has committed a felony or a material violation of applicable securities laws that has a material adverse effect on the business of the Fund or the ability of the General Partner or the Adviser to perform their respective duties under the terms of the Partnership Agreement or the Advisory Agreement, as the case may be, or (ii) fraud or willful misconduct by the General Partner or the Adviser in connection with the performance of their respective duties under the terms of the Partnership Agreement or the Advisory Agreement, as the case may be, that has a material adverse effect on the business of the Fund, and (iii) the consent by holders in interest of 75% of the outstanding Units to dissolve the Fund, or (d) the entry of a decree of dissolution of the Fund pursuant to Section 18-802 of the Delaware Revised Uniform Limited Partnership Act ("**DRULPA**").

**Purpose**

Under our Partnership Agreement, the principal purpose of the Fund is to seek to invest in private equity investments and other Investments in accordance with the investment objectives and policies of the Fund as in effect from time to time, as described elsewhere in this Registration Statement and the Partnership Agreement, and to engage in any other lawful activity as the General Partner may from time to time determine.

**Amendment to the Partnership Agreement**

Except as otherwise required by law or pursuant to the terms of the Partnership Agreement, the Partnership Agreement may be amended, modified or supplemented, and any provision may be waived, by the written consent of the General Partner; provided that any amendment, modification or supplement that is viewed by the General Partner in its discretion, as a whole together with all such amendments, modifications or supplements, as having a material adverse effect in the aggregate on the limited partners of the Fund will require the approval of the Independent Directors.

**Actions Related to Merger, Conversion, Reorganization or Dissolution**

The General Partner may in its sole discretion enter into any one or more transactions related to capital or conversion events, including a merger, conversion, consolidation or other reorganization of the Fund and take all actions necessary or desirable to affect any such transactions, as further described in the Partnership Agreement.

**Exclusive Delaware Jurisdiction**

Any action or proceeding against the parties relating in any way to the Partnership Agreement shall be brought and enforced in the courts of the State of Delaware, and to the extent that subject matter jurisdiction exists, the United States for the District of Delaware.

**Fiduciary Duties**

The Board of Directors (including the Independent Directors) owe a fiduciary duty to use their reasonable business judgment to act in the best interests of the Fund with respect to matters of the Fund that are within the Board of Directors' authority, as described in the Partnership Agreement.

**Indemnification of Directors, Officers, the General Partner and Adviser**

See "*Item 12. Indemnification of Directors and Officers*" for a description of the indemnification provisions for directors, officers, the General Partner and the Adviser.

 **Item 12. Indemnification of Directors and Officers**

As further explained in the Partnership Agreement, and to the fullest extent permitted by law, the Fund will indemnify and hold harmless any of the directors, officers of the Fund, General Partner, Adviser, partnership representative and any of their respective affiliates and any person who serves at the specific request of the General Partner or the Adviser on behalf of the Fund or any other entity (each, a "**METI US Indemnified Party**") for any mistake in judgment or any action or omission required pursuant to the Partnership Agreement, unless such action or inaction by the METI US Indemnified Party constituted bad faith, intentional and material breach of the Partnership Agreement, fraud, willful misconduct or gross negligence of such METI US Indemnified Party. The Fund's indemnification obligations will be satisfied from the Fund's assets. The Fund may, from time to time, advance expenses that are incurred by a METI US Indemnified Party in the defense or settlement of any claim that is subject to indemnification, in accordance with the terms of the Partnership Agreement.

 **Item 13. Financial Statements and Supplementary Data**

Set forth below is an index to our financial statement attached to this Registration Statement.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| Index to Financial Statements\* | &nbsp;&nbsp;F- |
| **Condensed Financial Statements of Macquarie Energy Transition Infrastructure Fund, L.P.:** | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm (PCAOB ID)\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Assets and Liabilities as of March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Operations for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Changes in Net Assets for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Cash Flows for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Schedule of Investments as of March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Notes to Condensed Financial Statements\* | &nbsp;&nbsp;F- |
| **Condensed Financial Statements of METI Cayman, L.P.:** | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm (PCAOB ID)\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Assets and Liabilities as of March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Operations for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Changes in Net Assets for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Statement of Cash Flows for the Period from July 1, 2025 (Commencement of Operations) to March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Condensed Schedule of Investments as of March 31, 2026\* | &nbsp;&nbsp;F- |
| &nbsp;&nbsp;&nbsp;Notes to Condensed Financial Statements\* | &nbsp;&nbsp;F- |

---

\* To be filed by amendment.

 **Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

There are not and have not been any disagreements between the Fund and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

 **Item 15. Financial Statements and Exhibits**

 

*(a)* *List separately all financial statements filed* 

The financial statement attached to this Registration Statement is listed under "*Item 13. Financial Statements and Supplementary Data.*"

 

*(b)* *Exhibits* 

3.1 [Certificate of Limited Partnership\*](ea029372701ex3-1.htm)

3.2 [Second Amended and Restated Limited Partnership Agreement\*](ea029372701ex3-2.htm)

10.1 [Amended and Restated Investment Advisory Agreement\*](ea029372701ex10-1.htm)

10.2 [Amendment No. 1 to Amended and Restated Investment Advisory Agreement\*](ea029372701ex10-2.htm)

10.3 [Dealer Manager Agreement\*](ea029372701ex10-3.htm)

10.4 [Form of Selected Dealer Agreement (included as part of Exhibit 10.3)\*](ea029372701ex10-4.htm)

10.5 Amended and Restated Expense Limitation Agreement\*\*

20.1 List of Subsidiaries\*\*

\* Filed herewith. <br>\*\* To be filed by amendment.

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Macquarie Energy Transition Infrastructure Fund, L.P.** | **Macquarie Energy Transition Infrastructure Fund, L.P.** | **Macquarie Energy Transition Infrastructure Fund, L.P.** |
| By: | /s/ Sue Sekar | /s/ Sue Sekar |
|  | Name: | Sue Sekar |
|  | Title: | Chief Financial Officer |

---

Date: June 11, 2026

## Exhibit 3.1

**Exhibit 3.1**

**CERTIFICATE OF LIMITED PARTNERSHIP**

**OF**

**Macquarie Energy Transition Infrastructure Fund, L.P.**

The undersigned, desiring to form a limited partnership pursuant to the Delaware Revised Uniform Limited Partnership Act, <u>6 Del. C.</u> §§ 17-101 <u>et</u> <u>seq</u>., hereby certifies as follows:

FIRST. The name of the limited partnership formed hereby is Macquarie Energy Transition Infrastructure Fund, L.P. (the "<u>Partnership</u>").

SECOND. The address of the Partnership's registered office in the State of Delaware is c/o Corporation Trust Company, 1209 Orange St, Wilmington, Delaware 19808. The name and address of the Partnership's registered agent for service of process on the Partnership is Corporation Trust Company, 1209 Orange St, Wilmington, Delaware 19808.

THIRD. The name and mailing address of the general partner of the Partnership is as follows:

METI GP, LLC <br> 660 Fifth Avenue <br> New York, NY 10103

IN WITNESS WHEREOF, the undersigned general partner of the Partnership, has caused this Certificate of Limited Partnership to be duly executed as of the 30<sup>th</sup> day of October, 2024.

---

| | |
|:---|:---|
| <u>METI GP, LLC</u> | <u>METI GP, LLC</u> |
| By: | /s/ Yoma Ejoh |
| Name: | Yoma Ejoh |
| Title: | Authorized Person |

---

## Exhibit 3.2

**Exhibit 3.2**

**Macquarie energy transition infrastructure fund, L.P.**

**SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

Dated and effective as of October 31, 2025

**table of contents**

---

| | | |
|:---|:---|:---|
| | | PAGE |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| ARTICLE II ORGANIZATION; ADMISSION OF LIMITED PARTNERS; BOARD | ARTICLE II ORGANIZATION; ADMISSION OF LIMITED PARTNERS; BOARD | 10 |
| 2.1 | Formation of Limited Partnership | 10 |
| 2.2 | Name | 10 |
| 2.3 | Principal and Registered Office | 11 |
| 2.4 | Duration | 11 |
| 2.5 | Purpose | 11 |
| 2.6 | Business of the Fund | 11 |
| 2.7 | Independent Directors; Board of Directors | 12 |
| 2.8 | Limited Partners | 12 |
| 2.9 | [Reserved] | 12 |
| 2.10 | Parallel Funds | 13 |
| 2.11 | Feeder Funds | 13 |
| ARTICLE III MANAGEMENT | ARTICLE III MANAGEMENT | 14 |
| 3.1 | Management | 14 |
| 3.2 | Powers of the General Partner | 15 |
| 3.3 | Meetings of Limited Partners | 18 |
| 3.4 | Custody of Assets of the Fund | 18 |
| 3.5 | Other Activities of Limited Partners, Directors and the Adviser | 18 |
| 3.6 | Standard of Care | 19 |
| 3.7 | Indemnification | 19 |
| 3.8 | Liabilities and Duties | 21 |
| 3.9 | General Partner as Limited Partner | 21 |
| ARTICLE IV DISTRIBUTIONS | ARTICLE IV DISTRIBUTIONS | 22 |
| 4.1 | Distributions – General Principles | 22 |
| 4.2 | Performance Allocation | 22 |
| 4.3 | Tax Distributions | 23 |
| 4.4 | Reinvestment | 24 |
| 4.5 | Fees, Expenses and Reimbursement | 24 |
| 4.6 | Borrowings and Guarantees | 29 |
| 4.7 | [Reserved] | 30 |
| 4.8 | Macquarie Investments. | 30 |
| ARTICLE V TRANSFERS | ARTICLE V TRANSFERS | 32 |
| 5.1 | Transfer of the General Partner | 32 |
| 5.2 | Limited Partner Transfer of Units | 32 |
| ARTICLE VI UNITS | ARTICLE VI UNITS | 35 |
| 6.1 | Subscriptions and Units | 35 |
| 6.2 | Redemption of Units | 36 |
| 6.3 | Required Withdrawals | 36 |
| 6.4 | Allocation of Certain Withholding Taxes and Other Expenditures | 37 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE VII DISSOLUTION AND LIQUIDATION | ARTICLE VII DISSOLUTION AND LIQUIDATION | 38 |
| 7.1 | Dissolution | 38 |
| 7.2 | Liquidation of Assets | 38 |
| ARTICLE VIII ACCOUNTING, VALUATIONS AND WITHHOLDING | ARTICLE VIII ACCOUNTING, VALUATIONS AND WITHHOLDING | 39 |
| 8.1 | Books and Records, Accounting and Reports | 39 |
| 8.2 | Valuation of Assets | 40 |
| ARTICLE IX MISCELLANEOUS PROVISIONS | ARTICLE IX MISCELLANEOUS PROVISIONS | 41 |
| 9.1 | Amendment of Limited Partnership Agreement; Consents Generally | 41 |
| 9.2 | Notices | 43 |
| 9.3 | Agreement Binding Upon Successors and Assigns | 43 |
| 9.4 | Choice of Law; Jurisdiction; Trial by Jury. | 43 |
| 9.5 | Not for Benefit of Creditors | 44 |
| 9.6 | Consents | 44 |
| 9.7 | Interpretation; Compliance with Laws | 44 |
| 9.8 | Confidentiality | 45 |
| 9.9 | CFIUS | 46 |
| 9.10 | Severability | 47 |
| 9.11 | Entire Agreement | 47 |
| 9.12 | Discretion | 47 |
| 9.13 | No Waiver | 47 |
| 9.14 | Headings, Internal References | 47 |
| 9.15 | Partnership Tax Treatment | 48 |
| 9.16 | Compliance with Anti-Money Laundering Requirements | 48 |
| 9.17 | Counsel to the Fund | 48 |
| 9.18 | Counterparts | 48 |
| 9.19 | Waiver of Partition and Accounting | 49 |
| ARTICLE X U.S. FEDERAL INCOME TAX MATTERS | ARTICLE X U.S. FEDERAL INCOME TAX MATTERS | 49 |
| 10.1 | Capital Accounts | 49 |
| 10.2 | Allocations to Capital Accounts | 49 |
| 10.3 | Special Allocation Provisions | 50 |
| 10.4 | Tax Allocations | 51 |
| 10.5 | Tax Advances | 52 |
| 10.6 | Tax Filings | 52 |
| ANNEX A: Form of Amended and Restated Investment Advisory Agreement | ANNEX A: Form of Amended and Restated Investment Advisory Agreement | A-1 |
| ANNEX B: Redemption Program | ANNEX B: Redemption Program | B-1 |

---

ii

**macquarie energy transition infrastructure fund, L.P.**

**second AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

THIS SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT of MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P., a Delaware limited partnership (the "<u>Fund</u>"), is dated and effective as of October 31, 2025, by and among METI GP, LLC, a Delaware limited liability company (the "<u>General Partner</u>"), and each person hereinafter admitted to the Fund in accordance with this Agreement and reflected on the books of the Fund as a Limited Partner.

 

*W I T N E S S E T H :*

WHEREAS, the Fund heretofore has been formed as a limited partnership under the Delaware Limited Partnership Act, pursuant to a Certificate of Limited Partnership dated and filed with the office of the Secretary of State of the State of Delaware on October 13, 2024;

WHEREAS, the Fund has heretofore been governed by an Amended and Restated Limited Partnership Agreement dated as of July 1, 2025 (the "<u>A&R Agreement</u>"), which amended and restated the Limited Partnership Agreement of the Fund dated as of October 30, 2024 (the "<u>Initial Agreement</u>"); and

WHEREAS, the General Partner desires to amend and restate the A&R Agreement in its entirety pursuant to the authority granted therein.

NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants hereinafter set forth, it is hereby agreed as follows:

ARTICLE I

DEFINITIONS

For purposes of this Agreement:

**1934 Act** means the U.S. Securities and Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from time to time.

**1940 Act** means the Investment Company Act of 1940, as amended, and the rules, regulations and orders thereunder, as amended from time to time, or any successor law.

**75% in Interest** at any time, the Limited Partners holding 75% of the total aggregate outstanding Units in the Fund.

**Adjusted Capital Account Balance** means, with respect to any Partner, the balance in such Partner's Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and (ii) by adding to such balance such Partner's share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5) and any amounts such Partner is obligated to restore pursuant to any provision of this Agreement. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

**Adviser** means Macquarie Wealth Advisers, LLC or any successor investment adviser to the Fund, in its capacity as investment adviser under the Investment Advisory Agreement. The Adviser shall constitute a "manager" of the Fund within the meaning of the Delaware Act.

**Advisers Act** means the Investment Advisers Act of 1940, as amended from time to time.

**Affiliate** means, with respect to a Person, any other Person that either directly or indirectly controls, is controlled by or is under common control with the first Person. For the avoidance of doubt, it is understood that (i) portfolio entities and other entities through or with respect to which investments are held by the Fund and/or any other Macquarie-sponsored funds shall not be considered Affiliates of Macquarie, the General Partner, the Adviser or the Fund for purposes hereof and (ii) advisors to Macquarie with respect to particular industries or market segments shall not be considered Affiliates of Macquarie, the General Partner, the Adviser, or the Fund for the purposes hereof.

**Aggregate Net Leverage** means: (i) the aggregate amount of recourse indebtedness for borrowed money (e.g., bank debt) of the Fund minus (ii) cash and cash equivalents of the Fund minus, without duplication, (iii) cash used in connection with funding a deposit in advance of the closing of an Investment and working capital advances; *provided*, that for the avoidance of doubt, the foregoing shall not apply to any indebtedness incurred by (a) a Portfolio Entity and (b) any Intermediate Entity used to acquire, hold or dispose of any Portfolio Entity or that otherwise facilitates the Fund's investment activities. For purposes of determining Aggregate Net Leverage, the General Partner shall use the principal amount of borrowings, and not the valuations of the Fund's borrowings, and may, in its sole discretion, determine which securities and other instruments are deemed to be cash equivalents.

**Agreed Value** means the fair market value of a Partner's non-cash Subscriptions as agreed to by such Partner and the General Partner.

**Agreement** means this Second Amended and Restated Limited Partnership Agreement, as may be further amended and/or amended and restated from time to time.

**Assumed Income Tax Rate** means the highest effective marginal statutory combined U.S. federal, state and local income tax (including, without limitation, any tax imposed under Section 1401 and 1411 of the Code) rate for a Fiscal Year prescribed for an individual residing in New York City, New York (taking into account (a) the limitations on the deductibility of expenses and other items for U.S. federal income tax purposes and (b) the character (e.g., long-term or short-term capital gain or ordinary income or qualified dividend income) of the applicable income).

**Board** shall have the meaning set forth in Section 2.7(a) hereof.

**Broken Deal Expenses** shall have the meaning set forth in Section 4.5(e) hereof.

**Business Day** means a day which is not a Saturday, Sunday or a day on which banks in New York, New York are authorized or required by law to close.

**Capital Account** has the meaning provided in Section 10.1 hereof.

**Cause** shall have the meaning determined by the General Partner in its sole discretion, which may include but is not limited to, conduct or circumstances that would be detrimental to the operations or reputation of the Fund, the General Partner or Macquarie or would impair the Independent Directors' ability to perform their duties in a satisfactory manner.

**Cause Event** means a finding by any court or governmental body of competent jurisdiction in a final, non-appealable judgment not stayed or vacated within thirty (30) days that the General Partner or the Adviser has committed (A) a felony or a material violation of applicable securities laws that has a material adverse effect on the business of the Fund or the ability of the General Partner or the Adviser to perform their respective duties under the terms of this Agreement or the Investment Advisory Agreement, as the case may be or (B) fraud or willful misconduct by the General Partner or the Adviser in connection with the performance of their respective duties under the terms of this Agreement or the Investment Advisory Agreement, as the case may be, that has a material adverse effect on the business of the Fund. The General Partner will provide the Limited Partners with prompt notice of a Cause Event.

**Certificate** means the Certificate of Limited Partnership of the Fund and any amendments or amendments and restatements thereto as filed with the office of the Secretary of State of the State of Delaware.

**CFIUS** means the Committee on Foreign Investment in the United States.

**Class D Unit** means a Unit entitling the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement.

**Class E Unit** means a Unit entitling the holder thereof to the rights of a holder of a Class E Unit as provided in this Agreement.

**Class I Unit** means a Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement.

**Class S Unit** means a Unit entitling the holder thereof to the rights of a holder of a Class S Unit as provided in this Agreement.

**Closing Date** means a date on which the Fund accepts third-party investors Subscriptions.

**Code** means the United States Internal Revenue Code of 1986, as amended and as hereafter amended from time to time, or any successor law.

**Companion Fund** means any public or private limited partnership, limited liability company or other pooled investment vehicle or contractual or other arrangement over which a Macquarie Person has discretionary control and which has, the same or similar investment objective, in whole or in part, with the Fund (e.g., based on the size, structure, industry, stage of life or similar defining features of certain investments or any other factor set forth in the allocation policy of the Adviser, which may be amended from time to time).

**Confidential Memorandum** means that confidential private placement memorandum of the Fund and TE Feeder, as amended and/or supplemented from time to time.

**Corporation** shall have the meaning set forth in Section 2.11 hereof.

**Covered Transaction** means any "covered transaction" as that term is defined in the DPA.

**Delaware Act** means the Delaware Limited partnership Act (6 <u>Del.C.</u> § 17-101, <u>et seq</u>.) as in effect on the date hereof and as amended from time to time, or any successor law.

**Director** shall have the meaning set forth in 2.7(a) hereof.

**Distribution and/or Servicing Fee** means the applicable Distribution and/or Servicing Fee payable by the Fund, including any amount that is allocated to a Partner's representative at the financial intermediary through which such Partner was placed in the Fund, compensating such representative for reporting, administrative and other services provided to a Partner by such representative, as described in the Confidential Memorandum.

**DPA** means Section 721 of the U.S. Defense Production Act of 1950, as amended, including all implementing regulations thereof.

**ERISA** means the U.S. Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

**ESG** shall have the meaning set forth in Section 4.8(c) hereof.

**Excess Profits** shall have the meaning set forth in Section 4.2(a) hereof.

**Extraordinary Expenses** means those expenses incurred outside of the ordinary course of business, including, without limitation, costs associated with any actual, potential, contemplated or threatened litigation or regulatory inquiry (including, without limitation, settlements of claims (whether involving alleged wrongdoing or otherwise) involving actual or potential Portfolio Entities and/or the investment or other activities of the Fund) and the amount of any legal fees and other defense related costs such as expert fees, judgments, fines or remediation paid in connection therewith, D&O liability or other insurance (including, without limitation cyber liability insurance and any insurance obtained and/or maintained pursuant to Section 3.7(e)) and indemnification or extraordinary expense or liability relating to the affairs of the Fund and costs incurred in connection with holding and/or soliciting proxies for a meeting of Limited Partners

**FATCA** means Sections 1471 through 1474 of the Code, any present or future regulations promulgated thereunder or official interpretations thereof or any forms, instructions or other guidance issued pursuant thereto, any agreements entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreements entered into in connection with such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreements or similar regimes or any legislation or regime which implements, or implements rules similar to, any intergovernmental agreement entered into for the automatic exchange of tax information or the Organization for Economic Co-operation and Development's Common Reporting Standard

**Feeder Fund** means a Limited Partner that is formed by the General Partner or its Affiliates to serve as a vehicle which will directly or indirectly (including through one or more Corporations) invest all or substantially all of its investable assets in the Fund.

**Feeder Fund Investor** shall mean a limited partner or similar investor in any Feeder Fund.

**Fiscal Quarter** means the calendar quarter or, in the case of the first fiscal quarter and in the event of the last fiscal quarter, the fraction thereof commencing on the initial Closing Date or ending on the date on which the winding-up of the Fund is completed, as the case may be.

**Fiscal Year** means each period commencing on April 1 of each year and ending on March 31 of the succeeding year (or on the date of a final distribution pursuant to Section 7.2 hereof), unless the General Partner shall designate another fiscal year for the Fund that is a permissible fiscal year under the Code.

**Foreign Person** means a "foreign person" as that term is defined in the DPA.

**Foreign Person Limited Partner** means a Limited Partner that is a Foreign Person. A Limited Partner shall be deemed to be a Foreign Person Limited Partner for purposes of this Agreement upon any reasonable determination by the General Partner that such Limited Partner is a Foreign Person under the DPA.

**Fund** has the meaning set forth in the recitals hereto.

**Fund Counsel** has the meaning set forth in Section 9.17 hereof.

**Fund Expenses** shall have the meaning set forth in Section 4.5 hereof.

**Fund Leverage** shall have the meaning set forth in Section 4.6 hereof.

**General Partner** has the meaning set forth in the recitals hereto.

**General Partner Expenses** has the meaning set forth in Section 4.5(a) hereof.

**General Partnership Interest** means the Fund interest held by the General Partner that grants the General Partner the rights afforded to the General Partner under this Agreement (including, without limitation, the right to receive the Performance Allocation). Units held by the General Partner as a Limited Partner are not part of the General Partnership Interest.

**GP Event of Withdrawal** means the complete withdrawal or assignment of all of the General Partnership Interest (other than in connection with a permitted assignment and substitution under Section 7.1), or the bankruptcy or dissolution and commencement of winding up of the General Partner. For purposes hereof, bankruptcy of the General Partner shall be deemed to have occurred when (a) it commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) it is adjudged as bankrupt or insolvent, or has entered against it a final and non-appealable order for relief under any bankruptcy, insolvency or similar law of competent jurisdiction now or hereafter in effect, (c) it executes and delivers a general assignment for the benefit of its creditors, (d) it files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any involuntary proceeding of the nature described in clause (a) above, (e) it seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for it or for all or substantially all of its properties, or (f)(l) any involuntary proceeding of the nature described in clause (a) above has not been dismissed one hundred and twenty (120) days after a commencement thereof, (2) the appointment without its consent or acquiescence of a trustee, receiver or liquidator appointed pursuant to clause (e) above has not been vacated or stayed within ninety (90) days of such appointment, or (3) such appointment is not vacated within ninety (90) days after the expiration of any such stay.

**Hurdle Amount** means, in respect of each class of Units, for a Reference Period, the amount that results in a 5% annualized Total Return over such Reference Period on the NAV of the Units outstanding at the beginning of the then-current Reference Period and all Units issued since the beginning of the then-current Reference Period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units of such class redeemed during the applicable Reference Period and any dividend or other distribution payable by the Fund in respect of such class during the Reference Period (to the extent such dividends and other distributions paid in respect of such class are not reinvested in Units of such class), which Units, dividends and/or distributions will be subject to the Performance Allocation upon such redemption and/or distribution as described in Section 4.2.

**Indemnified Party** has the meaning set forth in Section 3.7 hereof.

**Independent Director** has the meaning set forth in 2.7(a) hereof.

**Intermediate Entity** shall have the meaning set forth in Section 2.11 hereof.

**Investment** means any Third-Party Funds, Securities, portfolio companies and other investments in which the Fund invests.

**Investment Advisory Agreement** means the amended and restated investment advisory agreement, dated as of the date hereof, entered into between the Adviser and the Fund, in the form attached hereto as <u>Annex A</u>, as amended, modified or supplemented from time to time in accordance with the terms thereof.

**Leverage Ratio** shall mean, on any date of incurrence of any indebtedness, the quotient obtained by dividing (i) Aggregate Net Leverage by (ii) the aggregate month-end values of the Fund's Investments, plus the value of any other assets (such as cash on hand), as determined in accordance with the Fund's valuation policy.

**Liquidating Trustee** means a liquidating trustee as defined in the Delaware Act.

**Limited Partner** means any Person who is admitted to the Fund as a Limited Partner of the Fund or continues as a Limited Partner of the Fund, as applicable, in accordance with this Agreement and named as a Limited Partner of the Fund in the books and records of the Fund, including any Person admitted to the Fund as a Substituted Limited Partner pursuant to Section 5.2(g) hereof, in such Person's capacity as a Limited Partner of the Fund, until the Fund redeems all of the Units of such Person pursuant to Section 6.2 hereof or such Person otherwise ceases to be a Limited Partner of the Fund.

**Loss Carry Forward Amount** means, in respect of each class of Units, an amount that shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, *provided*, that the Loss Carry Forward Amount shall at no time be less than zero and *provided further*, that the calculation of the Loss Carry Forward Amount will exclude the Total Return related to any Units of such class redeemed during the applicable Reference Period and any dividend or other distribution payable by the Fund in respect of such class during the Reference Period (to the extent such dividends and other distributions paid in respect of such class are not reinvested in Units of such class), which Units, dividends and/or distributions will be subject to the Performance Allocation upon such redemption and/or distributions as described in Section 4.2. The effect of the Loss Carry Forward Amount is that the recoupment of past annual Total Return losses, if any, will offset the positive annual Total Return for purposes of the calculation of the Performance Allocation. This is referred to as a "High Water Mark."

**Macquarie** means, collectively, Macquarie Group Limited and its worldwide direct and indirect subsidiaries and Affiliates. Notwithstanding the foregoing, the term "Macquarie" shall not be deemed to include the Fund, any Parallel Fund, any Companion Fund, Feeder Fund, any MAM Managed Entity, any Portfolio Entity or any other portfolio company of any MAM Managed Entity.

**Macquarie Persons** means the General Partner, the general partner of any Parallel Fund, the Adviser, Affiliates thereof and each of their respective partners, managers, members, shareholders, officers and employees in their respective capacities as such.

**MAM Managed Entities** means investment funds and other vehicles or accounts managed or advised by Macquarie from time to time (other than Parallel Funds, Feeder Funds and alternative vehicles), and any successors thereto, in each case, including Companion Funds, managed accounts (and other similar arrangements, including portfolios advised or managed pursuant to delegated authority by an alternative investment fund manager) and vehicles and special purpose acquisition companies.

**Management Allocation** means a priority allocation of Net Profits in an amount equal to the Management Fee that the Adviser would otherwise be entitled to in accordance with Section 3 of the Investment Advisory Agreement (as further described in Section 4.5(k)).

**Management Fee** means the fee paid to the Adviser out of the Fund's assets in accordance with Section 3 of the Investment Advisory Agreement. For the avoidance of doubt, in lieu of the Management Fee, the Adviser may elect to receive the Management Allocation.

**METI** shall mean Fund, together with any Feeder Funds, Parallel Funds, and Intermediate Entities, collectively.

**METI International** shall mean Macquarie Energy Transition Infrastructure Fund, a sub-fund of Macquarie S.C.A., SICAV, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other jurisdictions, together with its master fund, feeder funds, parallel funds and other related entities, either directly or indirectly through an Intermediate Entity.

**NAV** means the net asset value of Units, determined monthly, as of the close of business on the last Business Day of each calendar month, by the Adviser. The NAV per Unit of each class of Units is determined by dividing the Fund's total assets (the value of Investments, plus cash or other assets, including interest and distributions accrued but not yet received) attributable to such class less the value of any liabilities (including accrued expenses, accrued/allocated Management Fees and/or the Management Allocation, the fees of the Fund's administrator, Performance Allocation, or Distribution and/or Servicing Fees applicable to certain classes, or distributions) of such class, by the total number of Units outstanding of such class.

**Net Profits** has the meaning set forth in Section 4.5(k) hereof.

**Non-Public Information** means information regarding the Fund, any other Limited Partner, any Person in which the Fund holds, or contemplates acquiring, any Investment, the General Partner or the Adviser or their Affiliates, which information is received by a Limited Partner pursuant to this Agreement or otherwise furnished to a Limited Partner by the General Partner or the Adviser or their Affiliates or agents, but does not include information that (i) was publicly known at the time such Limited Partner receives such information pursuant to this Agreement or (ii) subsequently becomes available to such Limited Partner on a non-confidential basis from a source other than the General Partner; *provided*, that to the best knowledge of such Limited Partner after due inquiry, such source was not prohibited from disclosing such information to such Limited Partner by a legal, contractual or fiduciary obligation owed to the Fund, the General Partner, the Adviser, or any of their respective Affiliates.

**Notice Date** has the meaning set forth in Section 9.1(c) hereof.

**Other Plan Laws** means the provisions of any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA and/or Section 4975 of the Code.

**Parallel Funds** has the meaning set forth in Section 2.10 hereof.

**Partner Nonrecourse Debt Minimum Gain** means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3).

**Partners** means the General Partner and the Limited Partners.

**Partnership Minimum Gain** has the meaning in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

**Partnership Representatives** has the meaning in §6223 of the Code.

**Performance Allocation** has the meaning set forth in Section 4.2(a) hereof.

**Person** means any individual, entity, corporation, partnership, association, limited liability company, joint-stock company, trust, estate, joint venture, organization, unincorporated organization or other entity.

**Plan** means any (i) "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA), (ii) "plan" within the meaning of Section 4975(e)(1) of the Code (whether or not subject to Section 4975 of the Code), (iii) insurance company general account whose assets are considered to include the assets of any "employee benefit plan" or "plan" which is subject to Title I of ERISA and/or Section 4975 of the Code, (iv) plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment and (v) entity the assets of which constitute, or are deemed to constitute the assets of, any of the foregoing described in clause (i), (ii), (iii) or (iv) pursuant to ERISA or otherwise.

**Portfolio Entities** means any Person in which Investments are made by the Fund.

**Redemption Program** has the meaning set forth in Section 4.2(d) hereof.

**Reference Period** means each 12-month period ending as of the Fund's Fiscal Year-end (or such other period ending as of the Fund's Fiscal Year-end in the event the Fund's Fiscal Year is changed).

**Rules** has the meaning set forth in Section 9.17 hereof.

**Securities** means securities (including, without limitation, equities, debt obligations, options, and other "securities" as that term is defined in Section 2(a)(36) of the 1940 Act) and other financial instruments of U.S. and non-U.S. entities, including, without limitation, capital stock, shares of beneficial interests, partnership interests and similar financial instruments, as well as any contracts for forward or future delivery of any security, debt obligation, currency or commodity, all manner of derivative instruments and any contracts based on any index or group of securities, debt obligations, currencies or commodities, and any options thereon.

**Similar Law** means any U.S. or non-U.S. federal, state, local or other law or regulation that could cause the underlying assets of the Fund to be treated as assets of the Limited Partner by virtue of its Units and thereby subject the Fund and the General Partner (or other Persons responsible for the operation of the Fund and/or investment of the Fund's assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

**Subscription** means, as to any Partner, the amount set forth as such in such Partner's accepted Subscription Agreement and/or reflected in the books and records of the Fund.

**Subscription Agreement** means the agreement to be entered into by each Limited Partner whereby a Limited Partner subscribes for Units in the Fund.

**Substituted Limited Partner** means any Person admitted to the Fund as a Limited Partner pursuant to the provisions of Section 5.2(g) hereof and shown as a Limited Partner in the books and records of the Fund.

**Tax Advance** has the meaning set forth in Section 10.5 hereof.

**Taxable Year** means each period commencing on January 1 of each year and ending on December 31 of the succeeding year (or on the date of a final distribution pursuant to Section 7.2 hereof), unless the General Partner shall designate another taxable year for the Fund that is a permissible taxable year under the Code or unless otherwise required by law.

**TE Feeder** means METI TE Feeder, L.P., a Delaware limited partnership that is formed by the General Partner or its Affiliates to serve as a vehicle which will invest all or substantially all of its investable assets in the Fund.

**Third-Party Funds** means unaffiliated, unregistered third-party sponsored funds that, directly or indirectly, invest in Energy Transition Infrastructure Investments, as defined in the Confidential Memorandum.

**Total Return** shall mean, in respect of each class of Units, for any period since the end of the prior Reference Period, the Total Return shall equal the sum of: (i) all distributions accrued or paid (without duplication) on a Unit of the respective class since the beginning of the then-current Reference Period plus (ii) the change in aggregate NAV of a Unit of the respective class since the beginning of the Reference Period, before giving effect to (w) changes resulting solely from the proceeds of issuances of Units, (x) any allocation or accrual of the Performance Allocation and (y) applicable Distribution and/or Servicing Fee expenses attributable to a Unit of the relevant class and (z) any other costs and expenses allocated only to certain classes; *provided*, that the aggregate NAV of a Unit may be calculated without taking into account (A) any accrued and unpaid taxes imposed on any Intermediate Entity (or the receipts of such Intermediate Entity) through which the Fund indirectly invests or any comparable entities of any other MAM Managed Entity, or taxes paid by any such entity since the end of the prior Reference Period and (B) certain deferred tax liabilities of subsidiaries through which the Fund indirectly invests; minus (iii) the Management Fee and/or the Management Allocation and all Fund Expenses attributable to a Unit of the relevant class (but excluding any other costs and expenses allocated only to certain classes) (to the extent not previously reflected in the NAV of the Fund). For the avoidance of doubt, the calculation of Total Return will include any appreciation or depreciation in the NAV of Units issued during the then-current Reference Period.

**Transfer** means the assignment, transfer, sale, grant of a participation in, pledge, gift, mortgage, charge, encumbrance, hypothecation, exchange or other disposition of all or any portion of a Unit, including any right to receive any distributions attributable to a Unit.

**Treasury Regulations** means the income tax regulations promulgated under the Code and effective as of the date hereof. Such term shall, at the General Partner's sole discretion, be deemed to include any future amendments to such regulations and any corresponding provisions of succeeding regulations (whether or not such amendments and corresponding provisions are mandatory or discretionary).

**Units** means a fractional, undivided interest in the Fund or Feeder Fund and/or an interest in any Intermediate Entity or Parallel Fund unless the context otherwise requires, including Class I, Class D, Class E, and Class S Units, and other Units that may be issued in the sole discretion of the General Partner.

ARTICLE II<br>ORGANIZATION; ADMISSION OF LIMITED PARTNERS; BOARD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 ***Formation of Limited Partnership***.

The Fund was organized as a Delaware limited partnership by the filing of the Certificate in the office of the Secretary of State of the State of Delaware pursuant to the Delaware Act and the adoption of the Initial Agreement. The Certificate may be amended and/or restated by the General Partner, without the consent of the Board or any Limited Partners, as provided in the Delaware Act, including to change the address of the Fund's registered office in Delaware or the name and address of its registered agent in Delaware or to make corrections required by the Delaware Act. The General Partner and any Person or Persons designated by the General Partner hereby are designated as authorized persons of the Fund, within the meaning of the Delaware Act, to execute, deliver and file all additional certificates (and any amendments and/or restatements thereof) required or permitted by the Delaware Act to be filed with the office of the Secretary of State of the State of Delaware. The General Partner shall cause to be executed and filed with applicable governmental authorities any other instruments, documents and certificates which, in the opinion of the Fund's legal counsel, may from time to time be required by the laws of the United States of America, the State of Delaware or any other jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, or which such legal counsel may deem necessary or appropriate to effectuate, implement and continue the valid existence and business of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ***Name***.

The name of the Fund shall be "Macquarie Energy Transition Infrastructure Fund, L.P." or such other name as the General Partner hereafter may adopt upon causing an appropriate amendment to this Agreement to be adopted and to the Certificate to be filed in accordance with the Delaware Act, without the consent of any other Person. The Fund's business may be conducted under the name of the Fund or, to the fullest extent permitted by law, any other name or names deemed advisable by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 ***Principal and Registered Office.***

The Fund shall have its principal office at the principal office of the General Partner, or at such other place designated from time to time by the General Partner. The General Partner may change the location of the Fund's principal place of business and may establish such additional offices of the Fund as it may from time to time determine upon notice to the Limited Partners.

The Fund shall have its registered office in the State of Delaware at c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19808 and shall have The Corporation Trust Company as its registered agent at such registered office for service of process in the State of Delaware, unless a different registered office or agent is designated from time to time by the Adviser in accordance with the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ***Duration.***

The term of the Fund commenced on the filing of the Certificate in the office of the Secretary of State of the State of Delaware and shall continue until the Fund is dissolved pursuant to Section 7.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 ***Purpose***.

The principal purpose of the Fund is to seek to make Investments in accordance with the investment objectives and policies of the Fund as in effect from time to time and to engage in any other lawful activity as the General Partner may from time to time determine. Subject to the provisions of this Agreement, the General Partner may from time to time adopt, amend, revise or terminate any policy or policies with respect to Investments by the Fund as it shall deem appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 ***Business of the Fund***.

The business of the Fund is to identify, acquire, hold, manage and dispose of interests in Investments, in accordance with the terms of this Agreement and as described in the Confidential Memorandum, and to engage in any other activities, including cash management, which may be directly or indirectly related or incidental thereto or for the furtherance or accomplishment of the preceding purposes or of any other purpose permitted by the Delaware Act. Subject to the provisions of this Agreement, the General Partner may from time to time adopt, amend, revise or terminate any policy or policies with respect to Investments by the Fund as it shall deem appropriate in its sole discretion. Investments may be effected on a global basis, using a wide variety of investment types and transaction structures, and may have long or short anticipated holding periods. Subject to Section 3.1 hereof, the General Partner may execute, deliver and perform all contracts, agreements and other undertakings on behalf of the Fund, including the Investment Advisory Agreement, any Subscription Agreements and any side letters to be executed by the Fund in connection with its investment activities or otherwise, and engage in all activities and transactions as may in the opinion of the General Partner be necessary or advisable to carry out the Fund's business and any amendments to any such contracts, agreements and other undertakings, all without any further act, vote or approval of any other Person, notwithstanding any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ***Independent Directors; Board of Directors***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner shall have the authority to appoint directors for the Fund for the limited purposes and with the limited authority as set forth below in this Agreement, at least two of which shall be independent under the tests set out in Rule 303A.02 of the New York Stock Exchange Listed Company Manual or other policy as determined by General Partner and shall be unaffiliated with the General Partner, the Adviser or any of their Affiliates (each such independent and unaffiliated director, an "<u>Independent Director</u>," and together with the other directors, the "<u>Board</u>," each, individually, a "<u>Director</u>"). Subject to the foregoing, the General Partner shall have the right to change or replace any Independent Director for Cause and any Director that is not an Independent Director with or without Cause. The Independent Directors shall (i) review and approve or disapprove any potential conflicts of interest in any transaction or relationship between the Fund and the Adviser, the General Partner or any employee or affiliate thereof that the General Partner determines to present to the Independent Directors and (ii) review and approve any matter (x) for which approval is required under the Advisers Act, including Sections 205(a) and 206(3) thereof, (y) as provided for under the Partnership Agreement or (z) as deemed appropriate by the General Partner. The General Partner may appoint additional Directors to the Board from time to time. A majority of the Independent Directors are authorized to give or withhold the Fund's consent or approval as an "independent client representative" with respect to any of the foregoing matters set forth in the preceding sentence. Each Limited Partner agrees that, with respect to any consent sought from the Independent Directors under this Section 2.7(a), such consent of the Independent Directors shall be binding upon the Fund, the Limited Partners and the General Partner and its Affiliates, acting in accordance with or pursuant to such consent (or such procedures or standards approved by the Independent Directors), shall, absent fraud or willful misconduct, be fully protected and justified in acting in reliance upon and in accordance with such consent of the Independent Directors. Any matters for which the Board or Independent Directors have authority to act can be effected by majority approval of the Board or Independent Directors, as applicable for all purposes hereunder. If there are only two Independent Directors, matters requiring consent or approval of a majority of the Independent Directors will require approval of both Independent Directors. The approval or consent of the Board will constitute equivalent approval or consent with respect to any Intermediate Entity to the extent such approval or consent is sought by the General Partner. The foregoing shall not confer on the Board or any Director any authority or responsibility to participate in the management or conduct of the business of the Fund or any Parallel Fund, including to review or approve any Investment or other decisions or actions made or taken by the General Partner or the Adviser, all of which shall be the sole responsibility of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board (including the Independent Directors) shall owe a fiduciary duty to use their reasonable business judgment to act in the best interests of the Fund with respect to matters of the Fund that are within the Board's authority. The General Partner shall have the authority by resolution or otherwise to establish, adopt or approve any vote, action or consent of the Board to set forth in further detail the responsibilities, processes, and authority of the Board, subject to applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 ***Limited Partners.***

The General Partner may admit one or more Limited Partners as of the first Business Day of each calendar month or at such other times as the General Partner may determine. The Fund, in its absolute discretion, may reject applications for the purchase of Units in the Fund. The admission of any Person as a Limited Partner shall be effective upon the revision of the books and records of the Fund to reflect the name and the purchase of Units of such additional Limited Partner. The Limited Partners listed on the books and records of the Fund on the date hereof are hereby admitted or continue, as applicable, as limited partners of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 ***[Reserved]***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 ***Parallel Funds***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner or an Affiliate thereof may create one or more parallel investment funds or other entities, including any feeder vehicles into such entities or related intermediate entities, (collectively, "<u>Parallel Funds</u>") to accommodate legal, tax, accounting, regulatory, compliance, or certain other operational requirements which will generally co-invest (either directly or indirectly) in its Investments with the Fund on a *pro rata* basis (based upon available capital and any other factor determined by the General Partner) and on substantially the same terms as the Fund (including by means of investing through an Intermediate Entity), unless the General Partner determines in good faith that a different allocation or terms are reasonably necessary for legal, tax, accounting, regulatory, compliance or certain other operational requirements. The Fund and the Parallel Funds will generally also dispose of each such Investment at the same time and on substantially the same terms, *pro rata* based on the capital invested by each in such investment (including by having an Intermediate Entity disposing of such investment), unless the General Partner determines in good faith that a different disposition allocation or terms are reasonably necessary for legal, tax, accounting, regulatory, compliance or certain other operational requirements. As a result of the legal, tax, accounting, regulatory, compliance, structuring or other considerations, the terms of such Parallel Funds may substantially differ from the terms of the Fund. In particular, such differences may cause Parallel Funds to subscribe at a different net asset value per unit in an Intermediate Entity, as applicable. For the avoidance of doubt, no co-investment vehicles, if any, any Companion Fund, METI International or entities relating to additional capital in a single investment in a Portfolio Entity shall be considered Parallel Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the formation of any Parallel Fund, the making of additional subscription to the Fund or any Parallel Fund, the withdrawal of a Limited Partner pursuant to Section 2.10(c) (or the comparable provision of the governing documents of any Parallel Fund), the redemption of Units in the Fund or units in any Parallel Fund, incurrence of disproportionate expenses (including Management Fees and/or the Management Allocation, subscription fees and servicing fees) specifically attributable to the Fund or any Parallel Fund or other circumstances cause the NAV and/or the net asset value of any Parallel Fund (as determined in accordance with the governing documents of such Parallel Fund) to increase (or decrease) disproportionately, the General Partner and the general partner (or other managing entity) of such Parallel Fund in their sole discretion may, from time to time, adjust the percentage interest of the Fund and such Parallel Fund in each Portfolio Entity to reflect such occurrence and make all other adjustments necessary in order to give effect to, and properly reflect, such occurrence. Notwithstanding anything in this Agreement to the contrary, the General Partner may make adjustments to distributions, allocations and other fundings, payments or calculations to give effect to any expenses (including Management Fees and/or the Management Allocation, subscription fees and servicing fees) or other considerations that are specifically attributable to the Fund or any Parallel Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner may, in its sole discretion, permit or require an existing Limited Partner to withdraw from the Fund to facilitate such Limited Partner's participation in any Parallel Fund (or *vice versa*) and, in connection therewith, may transfer or distribute to a Parallel Fund such Limited Partner's proportionate share of one or more of the Investments of the Fund (or *vice versa*) (including an interest in an Intermediate Entity), and to take any other necessary action to consummate the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 ***Feeder Funds***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner and/or its Affiliates may, in their sole discretion, establish one or more Feeder Funds, in addition to the TE Feeder, to accommodate certain investors and to facilitate their indirect participation in the Fund with respect to all or a portion of their investment therein. Any such Feeder Fund may elect to be treated as, or participate in the Fund indirectly through an entity that elects to be treated as, a corporation for U.S. federal income tax purposes. Investors in a Feeder Fund generally will have indirect interests in the Fund on economic terms no more favorable than those of the other Limited Partners that invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner may make any adjustments to the units of a Feeder Fund reasonably necessary to accomplish the overall objectives of this Section 2.11 on the condition that such adjustments shall not materially adversely affect the Units of any other Limited Partner. Nothing in this Section 2.11 should be construed as making any interest holder in a Feeder Fund a Limited Partner for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner and/or its Affiliates may, in their sole discretion, cause the Fund to hold certain investments directly or indirectly through (i) entities that may elect to be classified as corporations for U.S. federal income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each, a "<u>Corporation</u>") or (ii) any other type of entity, including one or more vehicles used to aggregate the holdings of the Fund and METI International (together with any Corporation, the "<u>Intermediate Entities</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the General Partner reasonably determines in good faith that for legal, tax, regulatory, accounting or other reasons it is in the best interests of any or all of the Limited Partners that any limited partner in the Fund hold its interest therein indirectly through a Feeder Fund, the General Partner shall have the right, if directed by such limited partner, to permit such limited partner's interest in the Fund to be contributed to the Feeder Fund in exchange for a Subscription of equal NAV in the Feeder Fund, less any applicable taxes; provided, that such limited partner have the same economic interest in all material respects as if such limited partner held its interest in the Fund directly and, upon becoming a Limited Partner of the Feeder Fund, the rights and obligations of such limited partner shall be substantially identical in all material respects as if such limited partner held its interest in the Fund directly.

ARTICLE III<br>MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *Management*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business and affairs of the Fund shall be managed under the direction of the General Partner. The General Partner shall have the right, power and authority, on behalf of the Fund and in its name, to do all things necessary and proper to carry out its duties hereunder. No officer of the Fund shall have the authority individually to act on behalf of or to bind the Fund except within the scope of such officer's authority as delegated by the General Partner. The General Partner may delegate the management of the Fund's day-to-day operations to one or more officers or other Persons (including, without limitation, the Adviser), subject to the investment objective and policies of the Fund and to the oversight of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner shall have sole discretion to act as or cause the Fund to designate and replace from time to time the Partnership Representative, and the General Partner shall have the exclusive authority and discretion to make any determination or decision with respect to tax matters of the Fund, including making or refraining from making any election required or permitted to be made by the Fund under any provisions of the Code or any other revenue or tax laws, and unless otherwise determined by the General Partner, each Limited Partner shall (i) give effect to, cooperate and take such actions as the Partnership Representative in its reasonable discretion requests in connection with any such determination or decision, and (ii) not take any position (whether in any tax reporting, in a tax dispute, or otherwise) inconsistent with any such determination or decision or any other reporting provided by the Fund. For the avoidance of doubt, the General Partner may delegate its discretion and authority with respect to tax matters of the Fund to the Adviser. All expenses incurred by the General Partner while acting in such capacity shall, at the request of the General Partner, be paid or reimbursed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Limited Partners shall have no right to participate in and shall take no part in the management or control of the Fund's business and shall have no right, power or authority to act for or bind the Fund. Limited Partners shall only have the right to vote on matters as provided in this Agreement. The exercise by any Limited Partner of any right conferred herein shall not be construed to constitute participation by such Limited Partner in the control of the business of the Fund so as to make such Limited Partner liable as a general partner for the debts and obligations of the Fund for purposes of the Delaware Act. To the fullest extent permitted by law, no Limited Partner owes any duty (fiduciary or otherwise) to the Fund or any other Partner as a result of such Limited Partner's status as a Limited Partner, other than to act in good faith (to the extent required by law); *provided*, that this in no way limits any express obligations of a Limited Partner provided for herein or in such Limited Partner's Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner may delegate to any Person any rights, power and authority vested by this Agreement in the General Partner to the extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 *Powers of the General Partner*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The management, operation and policy of the Fund shall be vested exclusively in the General Partner, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Fund to carry out any and all of the objects and purposes of the Fund and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary or advisable or incidental thereto, all in accordance with and subject to the other terms of this Agreement. The Fund and the General Partner on behalf of the Fund, may enter into and perform any Subscription Agreement and the Investment Advisory Agreement, and any documents contemplated therein or related thereto, without any further act, vote or approval of any Person, including any Partner, notwithstanding any other provision of this Agreement. The General Partner is hereby authorized to enter into the documents described in the preceding sentence on behalf of the Fund, but such authorization shall not be deemed to be a restriction on the power of the General Partner to enter into other documents on behalf of the Fund. Subject to the express limitations set forth in this Agreement and the Advisers Act, nothing herein shall restrict the ability of the Fund to invest alongside or in any other MAM Managed Entity and the General Partner is authorized on behalf of the Fund to engage in any activity not expressly limited herein, including if the Fund is investing alongside or in such other MAM Managed Entities and such activity is permitted under (or otherwise approved in accordance with) the governing terms of such other MAM Managed Entities. Notwithstanding the foregoing and the powers and duties included in Section 3.2(b) below, each Limited Partner acknowledges and agrees that the General Partner may rely on investment-related decisions relating to the Fund's Investments made by the general partner (or similar managing entity) of any other MAM Managed Entity alongside or through which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing general powers and duties, the General Partner is hereby authorized and empowered on behalf and in the name of the Fund, or on its own behalf and in its own name, or through agents, as may be appropriate, subject to the limitations contained elsewhere in this Agreement and the Investment Advisory Agreement, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) make Investments consistent with the purposes of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make all decisions concerning the investigation, evaluation, selection, negotiation, structuring, commitment
to, monitoring of and disposition of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) direct the formulation of investment policies and strategies for the Fund, and select and approve the
making of Investments in accordance with this Agreement including in or alongside any other MAM Managed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) acquire, hold, sell, transfer, exchange, pledge and dispose of Investments, and exercise all rights, powers,
privileges and other incidents of ownership or possession with respect to Investments, including, without limitation, the voting of Investments,
the approval of a restructuring of an Investment in a Portfolio Entity, the institution and settlement or compromise of suits and administrative
proceedings and other similar matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) manage Investments generally, including, but not limited to, managing Investments made by the Fund and
the ultimate realization of those Investments and providing, or arranging for the provision of, management or managerial assistance to
Portfolio Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) enter into hedging transactions, including interest rate and currency hedging transactions, in connection
with the making, disposing or carrying of any Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) enter into derivative transactions, including credit default swaps that relate to the performance of underlying
securities that are within the investment objectives of the Fund, short sales (solely for interest rate and foreign currency hedging purposes),
foreign exchange transactions and other derivative contracts or instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) incur all expenditures permitted by this Agreement, and, to the extent that funds of the Fund are available,
pay all expenses, debts and obligations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) admit an assignee of all or any portion of a Limited Partner's Units to be an assignee pursuant
to and subject to the terms of Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) employ, engage and dismiss (with or without cause), on behalf of the Fund, any Person, including an Affiliate
of the Fund or of any Partner, to perform services for, or furnish goods to, the Fund. Without limiting the foregoing, the General Partner
may enter into the Investment Advisory Agreement with the Adviser on behalf of the Fund and delegate to the Adviser certain authority
and discretion to act on behalf of the Fund in making, managing and disposing of the Investments of the Fund; *provided*, that the
General Partner shall remain ultimately responsible for the management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) open, maintain and close bank accounts and draw checks or other orders for the payment of money and open,
maintain and close brokerage, money market fund and similar accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) hire, appoint, remove and replace for usual and customary payments and expenses, consultants, securities
and/or futures brokers, depositaries, attorneys, accountants, administrators, advisors, placement agents and such other agents or other
service providers for the Fund as it may deem necessary or advisable in its sole discretion (including the Independent Directors of the
Fund), and authorize any such agent to act for and on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) enter into, execute, maintain, file, deliver and/or terminate contracts, undertakings, agreements and
any and all other documents, instruments, certificates, reports or statements, or any amendment thereto in the name of the Fund, and to
do or perform all such things as may be necessary or advisable in furtherance of the Fund's powers, objects or purposes or to the
conduct of the Fund's activities, including entering into acquisition agreements to make or dispose of Investments and agreements
with respect to borrowings and guarantees by the Fund, hedging arrangements, derivative agreements, credit support agreements, which may
include such representations, warranties, covenants, indemnities and guaranties as the General Partner deems necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document reasonably believed by it to
be genuine and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other
consultants and advisers selected by it and any act or omission suffered or taken by it on behalf of the Fund or in furtherance of the
interests of the Fund in good faith in reasonable reliance upon and in accordance with the advice of such counsel, accountants, appraisers,
management consultants, investment bankers or other consultants and advisers shall be full justification for any such act or omission,
and the General Partner shall be fully protected in so acting or omitting to act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) make, in its sole discretion, any and all elections for U.S. federal, state, local and non-United States
tax matters, including any election to adjust the basis of Fund property pursuant to Sections 734(b), 743(b) and 754 of the Code and any
election under Section 6226 of the Code, as applicable, or comparable provisions of state, local or non-United States law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) modify the organizational structure or entity type of the Fund and/or the nature of the Units (including,
in each case, by merger, consolidation, conversion or similar transaction), structure or restructure the Fund's investments and
manage the Fund's status under the 1940 Act, including, without limitation, electing to rely on a different exclusion from the definition
of "investment company" under the 1940 Act or registering the Fund as an investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) issue, sell, repurchase, redeem, retire, cancel, convert, exchange, acquire, hold, resell, reissue, dispose
of, transfer, and otherwise deal in, Units, including Units in fractional denominations, and, to apply to any such repurchase, redemption,
retirement, cancellation, exchange, conversion or acquisition of Units any funds or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) appoint, remove and/or replace officers of the Fund as the General Partner may deem necessary or advisable
and authorize and delegate authority to any partner, director, officer, employee or other agent of the General Partner, the Adviser or
agent or employee of the Fund to act for and on behalf of the Fund in all matters related to or incidental to the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) do any other act that the General Partner deems necessary or advisable in connection with the management
and administration of the Fund in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 *Meetings of Limited Partners.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner may hold, from time to time, general informational meetings with the Limited Partners, which may be telephonic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any action required to be, or which may be, taken at any special meeting by the Partners may be taken in writing without a meeting if consents thereto are given by the General Partner and Limited Partners holding Units in an amount not less than the amount that would be necessary to take such action at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the provisions of Section 3.3(b) above, to the extent Limited Partners are entitled to vote hereunder, a Limited Partner may vote at any meeting either in person or by a proxy which such Limited Partner has duly executed in writing. The General Partner may permit Persons other than Partners to participate in a meeting; *provided*, that no such Person shall be entitled to vote other than by proxy as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner may set in advance a record date for determining the Limited Partners entitled to notice of and to vote at any meeting or entitled to express consent to any action in writing without a meeting. No record date shall be less than ten nor more than sixty (60) days prior to the date of any meeting to which such record date relates nor more than ten (10) days after the date on which the General Partner sets the record date for any action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 *Custody of Assets of the Fund*.

The physical possession of all funds, Securities or other property of the Fund shall be held, controlled and administered by one or more custodians retained by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 *Other Activities of Limited Partners, Directors and the Adviser*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Directors or officers of the Fund, General Partner or the Adviser shall be required to devote full time to the affairs of the Fund, but shall devote such time as may reasonably be required to perform their obligations under this Agreement and any other agreement they may have with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Limited Partner, Director, officer of the Fund, Adviser, General Partner or Affiliate of any of them, may engage in or possess an interest in other business ventures or commercial dealings of every kind and description, independently or with others, including, but not limited to, acquisition and disposition of Investments, provision of investment advisory or brokerage services, serving as directors, officers, employees, advisors or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust, or entering into any other commercial arrangements. No Limited Partner shall have any rights in or to such activities of any other Limited Partner, Director, officer of the Fund, Adviser, General Partner or Affiliate of any of them, or any profits derived therefrom, and the pursuit of such activities, even if competitive with the activities of the Fund, shall not be deemed wrongful or improper. Subject to any limitations provided in the Advisers Act, no such Person shall be liable to the Fund or any Limited Partners for breach of any fiduciary or other duty by reason of the fact that such Person pursues or acquires for, or directs an opportunity to another Person or does not communicate such opportunity to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 *Standard of Care*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnified Parties shall not be liable to the Fund or to any of its Limited Partners for (i) any mistake in judgment, (ii) any action taken or omitted to be taken by the Indemnified Party, which action or omission the Indemnified Party was expressly permitted or required to take or omit pursuant to this Agreement, or (iii) any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent of the Fund or such Indemnified Party, *provided*, that such broker or other agent are selected with reasonable care, in each case of clauses (i), (ii) and (iii) above, unless such action or inaction constituted willful misfeasance, bad faith, gross negligence or reckless disregard of the relevant Indemnified Party. Notwithstanding anything to the contrary in Section 3.6(a), to the extent that, at law or in equity, the Indemnified Parties have duties (including fiduciary duties) and liabilities relating thereto to the Fund or to a Limited Partner, the Indemnified Parties acting under this Agreement shall not be liable to the Fund or to any Limited Partner for its good faith reliance on the provisions, or good faith interpretation or application, of this Agreement. To the fullest extent permitted by law, the provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of the Indemnified Parties otherwise existing at law or in equity, are agreed by the Partners to modify to the extent of such other duties and liabilities of the Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Limited Partner not in breach of any obligation hereunder or under any agreement pursuant to which the Limited Partner subscribed for a Unit shall be liable to the Fund, any other Limited Partner or Person bound by this Agreement only as required by applicable law or otherwise provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indemnified Parties may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it and any act or omission suffered or taken by it on behalf of the Fund or in furtherance of the interests of the Fund in good faith in reasonable reliance upon and in accordance with the advice of such counsel, accountants, appraisers, management consultants, investment bankers or other consultants and advisers shall be full justification for any such act or omission, and the Indemnified Parties shall be fully protected in so acting or omitting to act, *provided*, that such counsel, accountants, appraisers, management consultants, investment bankers or other consultants and advisers are selected with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Fund shall, subject to Section 3.7(b) and (c) hereof, indemnify: each Director (including, for this purpose, their executors, heirs, assigns, successors or other legal representatives); each officer of the Fund; the General Partner; the Adviser; any Affiliate of the Adviser and/or the General Partner; each officer, employee or agent of the Adviser and/or the General Partner or any their respective Affiliates; the Partnership Representative (and any "designated individual" thereof with respect to the Fund); and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any Affiliate of the Adviser and its executors, heirs, assigns, successors or other legal representatives (each, an "<u>Indemnified Party</u>") against all losses, claims, damages, liabilities, costs and expenses, including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees, incurred in connection with the defense or disposition of any action, suit, investigation or other proceeding, whether civil or criminal, before any judicial, arbitral, administrative or legislative body, in which such Indemnified Party may be or may have been involved as a party or otherwise, or with which such Indemnified Party may be or may have been threatened, while in office or thereafter, by reason of being or having been an Indemnified Party or the past or present performance of services to the Fund by such Indemnified Party, except to the extent such loss, claim, damage, liability, cost or expense shall have been finally determined in a non-appealable decision on the merits in any such action, suit, investigation or other proceeding to have been incurred or suffered by such Indemnified Party by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or the Investment Advisory Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office. The rights of indemnification and standard of care provided under Sections 3.6 and 3.7 shall not be construed so as to provide for indemnification of an Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on Persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of Sections 3.6 and 3.7 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses, including reasonable counsel fees, so incurred by any such Indemnified Party (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), may be paid from time to time by the Fund in advance of the final disposition of any such action, suit, investigation or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Party to repay to the Fund amounts so paid if it shall ultimately be determined that indemnification of such expenses is not authorized under Section 3.7(a) hereof; *provided, however,* that (i) such Indemnified Party shall provide security for such undertaking, (ii) the Fund shall be insured by or on behalf of such Indemnified Party against losses arising by reason of such Indemnified Party's failure to fulfill the Indemnified Party's undertaking, or (iii) a majority of the Directors (excluding any Director who is seeking advancement of expenses hereunder) or independent legal counsel in a written opinion shall determine based on a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe such Indemnified Party ultimately will be entitled to indemnification. If independent legal counsel is engaged to make a determination regarding the advancement of expenses in accordance with this Section 3.7, there shall be a rebuttable presumption by such counsel that the Indemnified Party is not liable to the Fund or its Limited Partners by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to the disposition of any action, suit, investigation or proceeding (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication or a decision on the merits by a court, or by any other body before which the proceeding shall have been brought, that an Indemnified Party is liable to the Fund or its Limited Partners by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office, indemnification shall be provided pursuant to Section 3.7(a) hereof if (i) approved by General Partner upon a determination based upon a review of readily available facts (as opposed to a full trial-type inquiry) that such Indemnified Party acted in good faith and in the reasonable belief that such actions were in the best interests of the Fund and that such Indemnified Party is not liable to the Fund or its Limited Partners by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office, or (ii) the General Partner secure a written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry) to the effect that such Indemnified Party acted in good faith and in the reasonable belief that such actions were in the best interests of the Fund and that such Indemnified Party is not liable to the Fund or its Limited Partners by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to this Section 3.7 and Section 3.6, any indemnification or advancement of expenses made pursuant to this Section 3.7 shall not prevent the recovery from any Indemnified Party of any such amount if such Indemnified Party subsequently shall be determined in a decision on the merits in any action, suit, investigation or proceeding involving the liability or expense that gave rise to such indemnification or advancement of expenses to be liable to the Fund or its Limited Partners by reason of willful misfeasance, bad faith, gross negligence, intentional and material breach of this Agreement or a violation of applicable securities laws or reckless disregard of the duties involved in the conduct of such Indemnified Party's office. In any suit brought by an Indemnified Party to enforce a right to indemnification under this Section 3.7 it shall be a defense that, and in any suit in the name of the Fund to recover any indemnification or advancement of expenses made pursuant to this Section 3.7 the Fund shall be entitled to recover such expenses upon a final adjudication that, the Indemnified Party has not met the applicable standard of conduct set forth in this Section 3.7. In any such suit brought to enforce a right to indemnification or to recover any indemnification or advancement of expenses made pursuant to this Section 3.7, the burden of proving that the Indemnified Party is not entitled to be indemnified, or to any indemnification or advancement of expenses, under this Section 3.7 shall be on the Fund (or any Limited Partner acting derivatively or otherwise on behalf of the Fund or its Limited Partners).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Indemnified Party may not satisfy any right of indemnification or advancement of expenses granted in this Section 3.7 or to which he, she or it may otherwise be entitled except out of the assets of the Fund, and no Limited Partner shall be personally liable with respect to any such claim for indemnification or advancement of expenses, except to the extent provided in Section 3.1(c) hereof.

The rights of indemnification provided hereunder shall not be exclusive of or affect any other rights to which any Person may be entitled by contract or otherwise under law. Inasmuch as the Fund is intended to be secondarily liable in respect of losses, damages and expenses that are otherwise primarily indemnifiable by a particular entity in which the Fund makes an Investment, it is intended among the Partners and the Indemnified Party that any advancement or payment by the Fund to the Indemnified Party will result in the Fund having a subrogation claim against the relevant entity in respect of such advancement or payments. The General Partner and the Fund shall be specifically empowered to structure any such advancement or payment as a loan or other arrangement as the General Partner may determine necessary or advisable to give effect to or otherwise implement the foregoing. Nothing contained in this Section 3.7 shall affect the power of the Fund to purchase and maintain liability insurance on behalf of any officer of the Fund, Director, the General Partner, the Adviser or other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Liabilities and Duties

Notwithstanding anything herein to the contrary, the Limited Partners agree that the provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Limited Partner, officer of the Fund, a Director or other Person otherwise existing at law or in equity, replace such other duties and liabilities of such Limited Partner, officer of the Fund, Director or other Person. Further, the provisions of Section 3.6, Section 3.7 and any other exculpation or indemnification provisions of this Agreement do not restore or create, whether in contract or otherwise, any such duties or liabilities. Without limiting the generality of the foregoing, and notwithstanding any provision of Sections 3.6, 3.7 and 3.8 to the contrary, nothing in this Agreement shall, in the case of a Limited Partner, constitute a waiver of any non-waivable right and, in the case of the General Partner and its Affiliates, of any such Person's non-waivable duties under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 ***General Partner as Limited Partner***.

The General Partner may also be a Limited Partner, including but not limited to the extent that it purchases Units, elects to receive all or a portion of the Performance Allocation in Units, or becomes a transferee of all or any part of the Units of a Limited Partner, and to such extent shall be treated as a Limited Partner in all respects, except as provided below. Any Units held by Macquarie or an Affiliate of the Adviser or the General Partner may bear no or reduced Management Fee and/or the Management Allocation, Distribution and/or Servicing Fee or Performance Allocation (in the manner each such Partner and the General Partner shall agree upon such Partner's admission to the Fund, including pursuant to a rebate of such amounts).

ARTICLE IV

DISTRIBUTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Distributions – General Principles***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this ARTICLE IV or in ARTICLE V, no Partner shall have the right to withdraw capital from the Fund or to receive any distribution or return of its Subscription. Distributions, if any, as and when declared by the General Partner in its sole discretion, shall be made only to Persons who, according to the books and records of the Fund, were the holders of record of Units on the date determined by the General Partner as of which the Fund are entitled to any such distributions. Notwithstanding anything to the contrary contained in this Agreement, the Fund, and the General Partner on behalf of the Fund, shall not be required to make a distribution to any Partner on account of its interest in the Fund if such distribution would violate the Delaware Act or other applicable law. Unless otherwise determined by the General Partner, all distributions shall be made to the Partners in amounts proportionate to the aggregate NAV of the Units held by the respective Partners on the applicable record date set by the General Partner, except that the amount distributed per Unit of any class may differ from the amount per Unit of another class on account of differences in class-specific expense allocations, including, for the avoidance of doubt, payment of Distribution and/or Servicing Fee, or for other reasons as determined by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise expressly provided herein, distributions and redemptions made pursuant to this Agreement shall be made in cash. All cash contributions and distributions pursuant to this Agreement shall be made in U.S. dollars (net of applicable currency conversion costs). The "functional currency" of the Fund shall be the U.S. dollar with respect to all allocations and distributions hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Performance Allocation***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner or an affiliate thereof shall be entitled to an allocation or distribution (the "<u>Performance Allocation</u>") from METI upon the end of each year (which shall accrue on a monthly basis) in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *First*, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carry Forward Amount (any such excess, "<u>Excess Profits</u>"), 100% of such Excess Profits until the total amount allocated to the General Partner equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the General Partner pursuant to this clause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Second*, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amount by which the Total Return falls below the Hurdle Amount and that does not constitute Loss Carry Forward Amount will not be carried forward to subsequent periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner will also be allocated a Performance Allocation in the event that a Reference Period ends in connection with the redemption of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's NAV attributable to any class of Units is calculated for such purpose, with the relevant period being the portion of the Reference Period for which such Unit was outstanding, and proceeds for any such Unit redeemed will be reduced by the amount of any such Performance Allocation; *provided,* that only that portion of the Performance Allocation that is attributable to (i) Units being redeemed (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends and other distributions or otherwise) or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units of the Fund will be paid to the General Partner for such Reference Period. The Performance Allocation, if any, is calculated and accrued on each date that the Fund calculates its NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner may elect to receive the Performance Allocation in cash, Units of the Fund or any Parallel Fund. Such Units may be redeemed at the General Partner's request and will be subject to the volume limitations of the Fund's Unit redemption program as set forth in Annex B hereto (as amended from time to time, the "<u>Redemption Program</u>") but not the early redemption deduction of the Redemption Program. The General Partner may, by providing notice to the Fund, subject any Performance Allocation received in the form of rights to distributions of cash in the future or Units of the Fund to any limitations determined by the General Partner in its sole discretion (including, but not limited to, any limitations such that the General Partner's receipt of such Performance Allocation qualifies as the receipt of a "profits interest" for U.S. federal tax purposes). The measurement of the change in NAV per Unit for the purpose of calculating the Total Return is subject to adjustment by the General Partner to account for any dividend, split, recapitalization or any other similar change in the Fund's capital structure or any distributions that the General Partner deems to be a return of capital if such changes are not already reflected in the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The measurement of the change in NAV per Unit for the purpose of calculating the Total Return is subject to adjustment by the General Partner to account for any dividend, split, recapitalization or any other similar change in the Fund's capital structure or any distributions that the General Partner deems to be a return of capital if such changes are not already reflected in the Fund's net assets. For the avoidance of doubt and notwithstanding anything to the contrary herein, (I) the Performance Allocation shall be calculated separately with respect to each class of Units taking into account only the Units in the relevant class (and all references in this Agreement to the Performance Allocation and the terms used for purposes of calculating the Performance Allocation shall be interpreted accordingly), and (II) the General Partner or an affiliate thereof shall not be entitled to the Performance Allocation with respect to Class E Units or any other class of Units that is not subject to the Performance Allocation. The General Partner shall be permitted to make adjustments to distributions, allocations and other fundings, payments or calculations in order to give effect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The General Partner will not be obligated to return any portion of the Performance Allocation paid due to the subsequent performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Tax Distributions***.

The General Partner may receive a cash advance from the Fund against allocations or distributions of the Performance Allocation to the General Partner to the extent that annual distributions of the Performance Allocation actually received by the General Partner are not sufficient for the General Partner or any of its beneficial owners (whether such interests are held directly or indirectly) to pay when due any income tax (including estimated income tax) imposed on it or them by reason of the allocation to the General Partner of taxable income pursuant to Section 4.2 in respect of the Performance Allocation (including, for the avoidance of doubt, allocations to the General Partner of taxable income with respect to Class E Units issued to them) or such distributions of the Performance Allocation, calculated using the Assumed Income Tax Rate. Amounts of the Performance Allocation otherwise to be allocated or distributed to the General Partner pursuant to Section 4.2 (including distributions in kind) shall be reduced on a dollar-for-dollar basis by the amount of any prior advances made to the General Partner pursuant to this Section 4.3 until all such advances are restored to the Fund in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Reinvestment***.

The Fund may permit any distributions to be reinvested into Units, including pursuant to any reinvestment plan, on terms that the General Partner determines in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 ***Fees, Expenses and Reimbursement***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall not have any salaried personnel. The General Partner, the Adviser and their Affiliates shall bear and be charged with the compensation of the General Partner's and the Adviser's investment professionals for providing investment advisory services to the Fund (collectively, the "<u>General Partner Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall pay the Adviser the Management Fee pursuant to the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Limited Partners recognize that the Adviser and its Affiliates may receive certain fees as more fully set forth in the Investment Advisory Agreement, and agree that the Management Fee payable under the Investment Advisory Agreement will not be affected thereby, except as provided in the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner may cause the Fund to compensate each Director for the Director's services hereunder. In addition, the Fund shall reimburse the Independent Directors for reasonable out-of-pocket expenses incurred by them in performing their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will bear all expenses incurred in the business except those specifically assumed by the Adviser and other service providers pursuant to their agreements with the Fund. Expenses to be borne by the Fund ("<u>Fund Expenses</u>") will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all fees, costs, expenses, liabilities and obligations related to the Fund's investment program, including: (i) expenses borne through the Fund's investments in MAM Managed Entities and Third-Party Funds and other securities, including, without limitation, any fees and expenses charged by the MAM Managed Entities managers and the Third-Party Fund managers (such as management fees, incentive fees or allocations, pass through expenses and costs and redemption or withdrawal fees); (ii) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Fund's investments (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) fees for data, software and technology providers; (iv) professional fees (including, without limitation, the fees and expenses of consultants, attorneys, senior advisers, special advisers and experts); (v) if applicable, fees and expenses of brokers, agents, valuation firms, investment banks, lenders and other financing sources, hedging, prime brokerage fees, bank service fees, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased, initial and variation margin, spreads and other similar fees, syndication fees, commitment fees, underwriting commissions and (vi) all out-of-pocket fees, costs (including charitable contributions) and expenses, if any, incurred in developing, sourcing, bidding on, evaluating, negotiating, structuring, obtaining regulatory approvals for, purchasing, trading, settling, monitoring, maintaining custody of, holding (including ongoing risk monitoring and mitigation (such as ESG, cyber security, anti-corruption and other similar functions)), and disposing or unwinding of actual Investments, including without limitation any travel expenses (which may include first class or private air) or any other incremental costs incurred in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Fund's allocable share of any fees, costs and expenses related to facilitating the Fund's investment activities, including, without limitation, the organization and/or maintenance of any Intermediate Entity used to acquire, hold or dispose of Investments, any travel expenses (which may include first class or private airfare, lodging, ground transportation, and travel meals), including without limitation related to such entity or structure and/or sourcing, managing or sourcing Investments or potential Investments, and the salary and benefits of any personnel (including personnel of the Adviser or its Affiliates) reasonably necessary and/or advisable for the maintenance and operation of such entity or structure, or other overhead expenses in connection therewith (to the extent not subject to any reimbursement of such costs and expenses by Portfolio Entities or other third parties and not capitalized as part of the acquisition price of the transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) information technology expenses related to (i) the making, holding, monitoring and disposing of Investments, and (ii) general fund administration and compliance related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the fees of the Independent Directors, the Board and any committee thereof and the fees, expenses of independent counsel thereto (including, without limitation, (A) travel, accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with meetings of the Board and (B) the fees, costs and expenses of any other advisors retained by, or at the direction or for the benefit of, the Board), and the costs and expenses of holding any meetings of the Limited Partners or the Board, its committees or the Directors that are permitted or required to be held under the terms of this Agreement, as may be amended or amended and restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) expenses relating to ongoing administrative, governance and compliance services necessary for the operation of the Fund and its Investments (including, without limitation, (w) all costs and expenses associated with redemptions, offering costs, (x) expenses relating to the preparation and filing of Form 10, Form PF, 1934 Act reports, reports and notices to be filed with the U.S. Commodity Futures Trading Commission, reports, filings, disclosures and notices prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities and any related regulations, or the laws and/or regulations of jurisdictions in which the Fund engages in activities) and/or any other regulatory filings, notices or disclosures of the Adviser and/or its affiliates relating to the Fund and its activities, compensation of the Independent Directors and preparing materials and coordinating meetings of the Board, (y) compensation, overhead (including rent, office equipment and utilities) and other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Adviser and/or their affiliates in performing administrative and/or accounting services for the Fund or any Portfolio Entity (including but not limited to legal and compliance, finance, accounting, operations, investor relations, tax, valuation and internal audit personnel and other non-investment professionals that provide services to the Fund based on such metric as the General Partner or its affiliates determine in good faith (which metric may change over time) and (z) and compliance with any anti-money laundering or "know your customer" laws, rules, regulations or policies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the fees and expenses of performing research, risk analysis and due diligence, including third-party background checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the fees and disbursements of any attorneys, accountants, independent registered public accounting firms and other consultants and professionals engaged on behalf of the Fund or the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a portion of the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund, the Adviser, the Directors or the officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) recordkeeping, custody and transfer agency fees and expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the fees and expenses of other service providers to the Fund, including depositaries (such as The Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to the Fund, including the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all costs and expenses of preparing, setting in type, printing and distributing reports and other Fund communications to Limited Partners, whether for regulatory or some other purpose, (including all fees, costs and expenses incurred to prepare and audit such reports and the information therein (e.g., any third-party appraisal, opinion or report), provide access to a database or other internet forum and for any other operational, legal, secretarial or postage expenses relating thereto or arising in connection with the distribution of same), and any other financial, tax, accounting, fund administration or reporting functions (including expenses associated with the preparation of financial statements, tax returns and Internal Revenue Service Schedules "K-1" or any successors thereto and, solely with respect to an entity treated as a partnership for United States federal income tax purposes, such partnership's partnership representative's representation of the partnership or the Limited Partners);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) all expenses of computing the Fund's NAV, including any equipment or services obtained for the purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties engaged by or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) all charges for equipment or services used for communications between the Fund and any custodian, administrator or other agent engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any Extraordinary Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all taxes to which the Fund may be subject, directly or indirectly, and whether in the U.S., any state thereof or any other U.S. or non-U.S. jurisdictions, including without limitation transfer taxes and premiums, taxes withheld on non-U.S. dividends or other non-U.S. source income, and excise taxes on undistributed income (*provided*, for the avoidance of doubt, that this clause shall not affect any treatment provided for in Section 6.4 hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) to the extent the General Partner or the Adviser do not elect to bear the following costs and expenses or they are not reimbursed by a prospective or actual Portfolio Entity or other third parties, all out-of-pocket costs and expenses, if any, incurred by or on behalf of the Fund or any Intermediate Entities in developing, negotiating and structuring prospective or potential Investments or dispositions which are not ultimately made, including without limitation (i) any travel expenses (which may include first class or private air), (ii) any legal, tax, accounting, advisory, financing and consulting costs and expenses in connection therewith and (iii) any other expenses described in Section 4.5(e)(1) ("<u>Broken Deal Expenses</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) expenses of liquidating and/or dissolving the Fund, any Feeder Fund, Intermediate Entity or other administrative structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any costs and expenses incurred in connection with any transfer of Units in the Fund pursuant to Section 5.1 (to the extent not reimbursed by the parties to such transfer) and any expenses related to the development and maintenance of software related to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the out-of-pocket expenses incurred in connection with any amendments to this Agreement, including the solicitation of any consent, waiver or similar acknowledgment from the Limited Partners, or preparation of other materials in connection with compliance (or monitoring compliance) with this Agreement and any other constituent or related documents of the Fund or Intermediate Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) such other types of expenses as may be approved from time to time by the Board.

Any of the foregoing services (including for greater specificity, fees, expenses, costs and other charges specifically allocated by the Adviser or its affiliates to provide in-house administrative, accounting, tax, compliance, leveraged purchasing, environmental, social and governance and legal services to the Fund and expenses and other related costs incurred by the Fund in connection with the provision of such services (including, in each case, technology and other administrative support therefor and allocable compensation and overhead of Macquarie personnel)) may be rendered by Macquarie, the General Partner, the Adviser or any of their respective Affiliates, including internal staff counsel and finance, tax and compliance personnel, as the case may be, directly as a Fund Expense if (i) the costs for such services are billed to the Fund in accordance with standard cost reimbursement procedures established by Macquarie for the billing of such services to collective investment vehicles and portfolio companies of Macquarie collective investment vehicles, (ii) such services are rendered on terms which are no less favorable to the Fund than the terms on which the Fund could obtain comparable services from an unaffiliated third party, (iii) the provision of such services by such Macquarie entities or personnel is in the good faith judgment of the General Partner in the interests of the Fund, and (iv) such services are of a type which would otherwise customarily be provided to a private equity fund by a third party rather than paid for out of the management fee in respect of such private equity fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The payment or assumption by the General Partner or the Adviser of any expenses of the Fund that the General Partner or the Adviser is not required by this Agreement to pay or assume shall not obligate the General Partner or the Adviser to pay or assume the same or any similar expense of the Fund on any subsequent occasion, and the General Partner or the Adviser shall be reimbursed for any advance payment made on behalf of the Fund upon the request of the General Partner or the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund from time to time, alone or in conjunction with other Affiliates of the Adviser or accounts for which the Adviser, or any Affiliate of the Adviser, acts as general partner, managing member or investment adviser, may purchase insurance in such amounts, from such insurers and on such terms as the General Partner shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Fund Expenses relating to Investments shall generally be allocated among the Fund, any Parallel Fund, any Feeder Fund, any Intermediate Entities, METI International and other MAM Managed Entities (including Companion Funds) pro rata based upon their relative investment size in the Investment, as applicable (and in the case of Broken Deal Expenses and related expenses for unconsummated transactions based on their relative expected investment sizes thereof, as determined in the discretion of the General Partner). Fund Expenses may be paid out of any funds of the Fund (or of any Feeder Funds, Parallel Funds and/or Intermediate Entities) in the General Partner's sole discretion. If the Fund (or any Feeder Funds, Parallel Funds and/or Intermediate Entities) invests alongside or in another MAM Managed Entity, any expenses that are payable in accordance with the governing terms of such MAM Managed Entity shall be deemed payable by the Fund (or any Feeder Funds, Parallel Funds or Intermediate Entities) pursuant to Section 3.2(b) (with respect to the Fund's (and/or any Feeder Funds', Parallel Funds' and/or Intermediate Entities') allocable portion of such expenses). The General Partner also may cause the Fund (and/or any Feeder Funds, Parallel Funds and/or Intermediate Entities) to borrow funds to pay Fund Expenses pursuant to Section 4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any amounts paid by the Fund for or resulting from any instrument or other arrangement designed to hedge or reduce one or more risks associated with an Investment shall be considered a Fund Expense relating to such Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything herein to the contrary, the General Partner shall, to the extent applicable and in the General Partner's sole discretion, specially allocate to a Feeder Fund (including any Feeder Fund Investor) any expenses listed in this Section 4.5 and any other expenses, obligations, indemnities or liabilities, contingent or otherwise, of the Fund relating to such Feeder Fund, as the case may be, it being understood that any such expenses, obligations, indemnities or liabilities relating to a Feeder Fund shall be borne indirectly solely by the Feeder Fund Investor (*pro rata* based on such Feeder Fund Investor's interest in such Feeder Fund) and that the obligations of the other Limited Partners hereunder in respect of such obligations, indemnities or liabilities shall not in any way be increased as a result thereof. The General Partner may, to the extent applicable, hold all or any portion of any subscription made by a Feeder Fund pursuant to the preceding sentence in reserve and apply such amounts any time to satisfy any such expenses, obligations, indemnities or liabilities, contingent or otherwise, relating to such Feeder Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Management Allocation</u>. The Adviser may elect on an annual basis in advance of the applicable Taxable Year, in lieu of the Management Fee it would otherwise be entitled to pursuant to this Section 4.5 and the Investment Advisory Agreement, to receive an allocation, taken in the form of Units, of the Fund's income and gain for U.S. federal income tax purposes in an amount equal to the amount it would have been entitled to as the Management Fee (the "Management Allocation"). The General Partner shall limit distributions to the Adviser in respect of the Management Allocation each year so that such distributions do not exceed the amount of net profits of the Fund for U.S. federal income tax purposes (calculated under Section 704(b) of the Code, as determined by the General Partner in good faith) ("Net Profits"). If the Adviser receives a Management Allocation in a calendar month or months within a Taxable Year, but it is later determined at the end of such Taxable Year that there were insufficient Net Profits in such Taxable Year in respect of such prior Management Allocations, the Adviser shall be required to either (a) return such excess amounts to the Fund or (b) reduce subsequent the Management Allocation in the immediate subsequent periods in an amount equal to such excess. In the event the Advisor's distributions are reduced pursuant to this Section 4.5(k) with respect to any class of Units, an amount equal to such excess distributions shall be treated as instead apportioned to the relevant Limited Partners holding such Units, and the General Partner shall make appropriate adjustments (as determined by the General Partner) to future distributions under this Article IV so that the Adviser receives (from future Net Profits, consistent with the principles of this Section 4.5(k)) an amount equal to such excess distributions out of amounts that, but for this sentence, would have been distributed to the Limited Partners holding such Units. Any amount of Management Allocation that is carried forward to a subsequent Taxable Year pursuant to the preceding sentence may be treated as a liability for purposes of calculating NAV. Notwithstanding anything to the contrary herein, the General Partner may amend the provisions of this Section 4.5(k) (and related provisions of this Agreement) to the extent the General Partner determines in good faith that such amendment is advisable under applicable tax law; provided, however, that such amendment does not have a material adverse economic effect on the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 ***Borrowings and Guarantees***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner shall have the right, at its option, to cause the Fund, directly or indirectly through one or more special purpose vehicles, to borrow money from any Person, to make guarantees, obtain letters of credit, enter into hedging arrangements and provide equity commitment letters and other credit support to any Person, including on a joint, several, joint and several or cross-collateralized basis with any Feeder Fund, Parallel Fund, Intermediate Entity, other MAM Managed Entity or any Person in or alongside which the Fund acquires, directly or indirectly, or proposes to acquire, an Investment (or to any subsidiary or acquisition vehicle thereof), or incur any other similar credit obligation (including credit support arrangements or other extensions of credit) for any proper purpose relating to the activities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund does not intend to incur indebtedness, directly or indirectly, that would cause the Leverage Ratio to be in excess of 30% (the "Fund <u>Leverage</u>"), *provided*, that no remedial action will be required if Fund Leverage is exceeded for any reason other than the incurrence of an increase in indebtedness (including the exercise of rights attached to an Investment); *provided further*, that the Fund may incur additional indebtedness for borrowed money that causes the Leverage Ratio to exceed 30% to the extent that the General Partner expects at the time of each such incurrence that the Leverage Ratio shall be reduced to less than or equal to 30% within 12 months from the date the Leverage Ratio initially exceeded 30%. During the initial ramp-up period of the Fund, leverage may exceed such target. The Fund may also exceed a leverage ratio of 30% at other times, particularly during a market downturn or in connection with a large acquisition. Any indebtedness incurred by the Fund or by an Intermediate Entity or Portfolio Entity that is not recourse to the Fund, guarantees of indebtedness, "bad boy" guarantees or other related liabilities that are not recourse indebtedness for borrowed money will be excluded from the calculation of Fund Leverage. For the avoidance of doubt, for purposes of the foregoing, the refinancing of any amount of existing indebtedness shall not be deemed to constitute the incurrence of new indebtedness so long as no additional amount of net indebtedness is incurred in connection therewith (excluding the amount of transaction expenses associated with such refinancing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner shall have the right to pledge (or cause the Fund to pledge) any and all of the assets of the Fund and any Intermediate Entity thereof, including Investments and any accounts in the name of the Fund or an Intermediate Entity thereof. In connection with the Fund's Investments alongside (or through) any other MAM Managed Entity, the Fund may incur indebtedness, other similar credit obligations or guarantee obligations together with such other MAM Managed Entities on a joint, several, joint and several or cross-collateralized basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Macquarie Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Transactions with Macquarie or MAM Managed Entities*. Subject to Section 2.7, the General Partner or Affiliates of the General Partner may enter into transactions with Macquarie or MAM Managed Entities, including but not limited to purchasing or selling any Investment from and to, as the case may be, Macquarie or any MAM Managed Entity, and investing in or alongside of one or more MAM Managed Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Companion Funds and Separately Managed Accounts.* Notwithstanding anything to the contrary herein, the General Partner and/or its Affiliates shall be permitted to close on one or more Companion Funds or separately managed accounts and such Companion Funds or separately managed accounts may invest alongside or in lieu of the Fund as provided in Section 4.8(d). In addition, each Limited Partner acknowledges and agrees that (i) nothing herein shall limit the ability of the General Partner to sponsor, raise, close and manage any such Companion Funds and/or other MAM Managed Entities and (ii) by virtue of such Companion Funds and/or other MAM Managed Entities, the General Partner and its Affiliates will be presented with investment opportunities (including any related co-investment opportunities) that fall within the investment objective of the Fund, other MAM Managed Entities and the Companion Funds, and in such circumstances, the General Partner and its Affiliates shall allocate such opportunities among the Fund, such other MAM Managed Entities and/or the Companion Funds as described more fully in Section 4.8(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business with Certain Affiliates.* The Limited Partners recognize and consent that the General Partner or Affiliates of the General Partner may receive various types of fees in connection with the investment activities of the Fund and/or Portfolio Entities and from unconsummated transactions, including, without limitation, net break-up and topping fees, commitment fees, transaction fees, monitoring fees, directors' fees, investment banking fees, construction, development and other property/asset management fees, mortgage servicing fees, consulting fees (including management consulting), syndication fees, capital markets syndication and advisory fees (including underwriting fees, and with respect to syndications or placements of debt and/or equity securities or instruments issued by portfolio entities or entities formed to invest therein), origination fees, servicing (including loan/mortgage/asset servicing) fees, healthcare consulting/brokerage fees, group purchasing fees and/or insurance (including title insurance), financial advisory fees, fees for hedging and similar services, organization fees, financing fees, divestment fees and other similar fees, fees for environmental, social and corporate governance ("<u>ESG</u>") services, data management and services fees or payments, leasing/administrative fees, similar fees for arranging acquisitions and other financial restructurings, other similar operational and financial matters, (whether in cash or in-kind), other fees and annual retainers (whether in cash or in-kind) and any other fees as further described in the Confidential Memorandum as updated from time to time from or with respect to Persons in which the Fund acquires or holds Investments and/or other Persons (including co-investors and/or joint venture partners), and neither the Fund nor any Limited Partner shall have any interest therein by virtue of this Agreement or the partnership relationship created hereby. Notwithstanding this Section 4.8(c), the General Partner or any of its Affiliates may, but shall not be required to, make advances to the Fund, which advances shall accrue interest comparable to those received by a third party in an arm's length transaction and shall be repaid from any funds of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Macquarie Funds*. Macquarie and its Affiliates currently manage, and expect to continue to manage throughout the term of the Fund, other MAM Managed Entities with investment objectives, mandates and policies that overlap with, those of the Fund and may do so without the consent of or notice to any Limited Partner. Accordingly, Macquarie will from time to time be presented with investment opportunities that fall within the investment strategy and objectives of both the Fund and such MAM Managed Entities. Such opportunities will be allocated among the Fund and such MAM Managed Entities on a basis determined by the General Partner and the general partner of such MAM Managed Entities in good faith (which may in many cases include allocating the entire investment opportunity to such MAM Managed Entity (and for the avoidance of doubt, co-investment vehicles thereof) without the Fund first having an opportunity to consider such opportunity), taking into account relevant factors as determined by the General Partner in its discretion including Macquarie's contractual obligations to such other MAM Managed Entities, as applicable. Other MAM Managed Entities that have investment objectives or guidelines that overlap with those of the Fund may receive priority with respect to any investment opportunity that falls within such common objectives or guidelines or such investment opportunity may be allocated in any manner deemed appropriate by Macquarie in its sole discretion (including, for the avoidance of doubt, co-investment vehicles of such other MAM Managed Entities). Other MAM Managed Entities are expected to have terms that differ from the terms of the Fund and may participate in investments on different terms than the Fund and/or at different times than the Fund. Accordingly, the participation by the Fund in investments with other MAM Managed Entities is expected to vary on an investment-by-investment basis and there are expected to be investments within the Fund's investment objective that are made by such MAM Managed Entities, in which the Fund does not participate or does not participate to the same extent as other investments. The General Partner will determine in its sole discretion whether an investment opportunity is within the investment objectives of the Fund and, in such case, whether any portion of such investment opportunity will be allocated to the Fund. Each Limited Partner recognizes and consents that all or any portion of an investment opportunity that the General Partner determines in its sole discretion is not appropriate for the Fund, or is more appropriate for any other MAM Managed Entity, may be pursued by the General Partner and its Affiliates outside of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided in this Section 4.8(e), this Agreement shall not be construed in any manner to preclude the General Partner, the Adviser or any of their respective direct or indirect partners, members or stockholders or their respective officers, directors, employees or Affiliates from engaging in any activity whatsoever to the maximum extent permitted by applicable law.

ARTICLE V

TRANSFERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Transfer of the General Partner***.

Without the consent of the Independent Directors, the General Partner shall not have the right to assign, pledge or otherwise transfer its General Partnership Interest; *provided*, that without the consent of the Limited Partners or the Independent Directors, the General Partner may, at the General Partner's expense, (i) be reconstituted as or converted into a corporation, partnership or other form of entity (any such reconstituted or converted entity being deemed to be the General Partner for all purposes hereof) by merger, consolidation, conversion or otherwise, or (ii) transfer to one of its Affiliates the General Partnership Interest (in whole or part) or any similar interest of a successor entity to the Fund. In the event of an assignment or other transfer of all of the General Partnership Interest, its assignee or transferee shall be substituted in its place as general partner of the Fund and immediately thereafter the General Partner shall withdraw as a general partner of the Fund. For the avoidance of doubt, the foregoing provisions of this Section 5.1 shall not prevent the General Partner from assigning by way of security or otherwise pledging or granting security over its rights under this Agreement as permitted by this Agreement and the General Partner shall have the right to transfer to any of its Affiliates all or any portion of its interest in the Performance Allocation without the consent of the Independent Directors, and in connection with such transfer the General Partner may convert all or any portion of its interest as the general partner of the Fund to form part of a limited partner's interest as a limited partner of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***Limited Partner Transfer of Units***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units may be Transferred without the consent of the General Partner only by operation of law as a result of the death, divorce, dissolution, termination, bankruptcy, insolvency or adjudicated incompetence of a Limited Partner. Otherwise, a Limited Partner may not Transfer its Units, in whole or in part, to any Person without the prior written consent of the General Partner, which consent may be conditioned as set forth in Section 5.2(b). To the fullest extent permitted by law, any attempted Transfer shall be cancelled and of no force or effect unless effected in accordance with this ARTICLE V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner may condition its consent to a Transfer under Section 5.2(a) hereof on the Transfer meeting each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the General Partner's receipt of notice of such Transfer sixty (60) calendar days prior to the intended effective date of such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the transferee meets the investor eligibility requirements established by the Fund from time to time as set forth under the terms of the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Transfer, itself or together with any other Transfers, would not cause the Fund to be treated as a "publicly traded partnership" for U.S. federal income tax purposes or otherwise cause the Fund to become treated as a corporation for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) such transfer would not cause the Fund to lose its status as a partnership for U.S. Federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) such Transfer does not require the registration or qualification of such Units pursuant to any applicable federal or state securities or "blue sky" laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) such Transfer does not result in a violation of the federal securities laws or other laws ordinarily applicable to such transactions or the Fund becoming required to register under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the transferor shall reaffirm, and the purported transferee shall affirm, in writing his, her or its agreement to indemnify as described in Section 5.2(f) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) no facts are known to the General Partner that cause the General Partner to conclude that such Transfer will cause the Fund to violate any applicable law, regulation, court order or judicial decree or to have a material adverse effect on the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the Transfer would not cause (A) all or any portion of the assets of the Fund to constitute "plan assets" (for purposes of Title I of ERISA, Section 4975 of the Code or any applicable Similar Law) of any existing or prospective Limited Partner, or (B) the General Partner (or other Persons responsible for the operation of the Fund and/or investment of the Fund's assets) to become a fiduciary with respect to any existing or prospective Limited Partner, pursuant to ERISA or any applicable Other Plan Law, or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the transferee has agreed in writing to become a party to this Agreement and to be a "Limited Partner" under and subject to all of the terms, obligations and limitations of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any transferee (including a transferee for which General Partner consent is not required) does not meet the investor eligibility requirements established by the Fund from time to time, or if the General Partner does not consent to a Transfer, the Fund reserves the right to reject the Transfer, direct the sale of the transferee's Units to an investor that does meet the investor eligibility requirements or redeem the transferred Units from the Limited Partner's successor pursuant to Section 6.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon any Transfer approved by the General Partner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the transferee shall be entitled to (i) the right to request redemption of such Units in connection with the Redemption Program, and (ii) receive any distributions to which the Transferring Limited Partner would have been entitled with respect to such Transferred Units, but shall not be entitled to exercise any of the other rights of a Limited Partner with respect to such Transferred Units, including, without limitation, the right to vote, unless and until such transferee is admitted to the Fund as a Substituted Limited Partner pursuant to Section 5.2(g) hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transferring Limited Partner shall cease to be a limited partner of the Fund if it has assigned all of its Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Transferring Limited Partner agrees that it will pay reasonable costs and expenses incurred by the Fund and the General Partner in connection with such Transfer, including, without limitation, attorneys' and accountants' fees incurred by the Fund and any transfer, stamp, documentary or other similar taxes in connection with a Transfer of Units by such Transferring Limited Partner. Such expenses shall be due and payable on the day the transferee is admitted to the Fund as a Substituted Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise agreed to in writing by the General Partner, each Transferring Limited Partner shall, to the fullest extent permitted by law, indemnify and hold harmless the Fund, the General Partner, the Adviser, the Directors, the officers of the Fund, each other Limited Partner and any successor, assign or Affiliate of any of the foregoing from and against all taxes, costs, claims, damages, liabilities, losses and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses, or any judgments, fines and amounts paid in settlement or incurred in investigating or defending such matters), joint or several, to which those Persons may become subject by reason of, or arising from, any Transfer made by such Limited Partner in contravention of the provisions of this Agreement, or any misrepresentation by such Limited Partner (and such Limited Partner's transferee) in connection with any purported Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No transferee shall be admitted to the Fund as a Substituted Limited Partner until each of the following conditions has been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) receipt by the transferee of the written consent of the General Partner, which consent may be withheld or granted in the sole and absolute discretion of the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the execution and delivery to the Fund by the Substituted Limited Partner of either a counterpart of this Agreement, or another instrument pursuant to which such Substituted Limited Partner agrees to be bound by all the terms and provisions hereof, which shall constitute a counterpart hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) receipt by the Fund of other written instruments that are in form and substance satisfactory to the General Partner (as determined in its sole discretion), including, without limitation, an opinion of counsel regarding the tax or regulatory effects of such admission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) payment by the Transferring Limited Partner to the Fund of all reasonable costs and expenses incurred by the Fund and the General Partner in connection with such Transfer, including, without limitation, attorneys' and accountants' fees incurred by the Fund and any transfer, stamp, documentary or other similar taxes in connection with a Transfer of Units by such Transferring Limited Partner, including any continuing administrative and other expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the updating of the books and records of the Fund to reflect the admission of the Substituted Limited Partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any other information or documentation as the General Partner may request.

The General Partner, in its sole discretion, may waive any or all of the conditions listed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The General Partner and/or its Affiliates may acquire Units of a transferring Limited Partner as a transferee.

ARTICLE VI

UNITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Subscriptions and Units***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Partners will make Subscriptions to the Fund in exchange for Units as more fully described in the Confidential Memorandum. Each Partner, by executing a Subscription Agreement, shall be deemed to have acknowledged and consented to the risks and other considerations relating to an investment in the Fund, including the risks and conflicts described in the Confidential Memorandum. Each Partner's Unit holdings will be set forth opposite their names on the Fund's books and records. The General Partner or any transfer agent or similar agent may keep the Fund's books and records current through separate revisions that reflect periodic changes to each Limited Partner's Units (including as a result of Subscriptions or redemptions) without preparing an amendment to this Agreement. The Partners shall have no right or obligation to make any additional Subscriptions or loans to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The units of limited partnership interests of the Fund shall be divided into such Units of as many separate and distinct classes of Units as the General Partner, in its sole discretion and without Limited Partner approval, from time to time create, issue and establish. The General Partner shall have full power and authority, in its sole discretion, and without obtaining any prior authorization or vote of the Limited Partners of any class of Units, to create, establish and designate, and to change in any manner, any initial class of Units or additional classes of Units, and to fix such preferences, voting powers, rights and privileges of such classes of Units as the General Partner may from time to time determine, to divide or combine the Units or any classes of Units into a greater or lesser number, to classify or reclassify any unissued Units or any Units previously issued and reacquired of any class into one or more classes that may be established and designated from time to time, and to take such other action with respect to the Units as the General Partner may deem desirable. Unless another time is specified by the General Partner, the establishment and designation of any class of Units shall be effective upon the adoption of a resolution by the General Partner setting forth such establishment and designation and the preferences, powers, rights and privileges of the Units of such class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such class including, without limitation, any registration statement of the Fund, or as otherwise provided in such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The number of the Fund's authorized Units of each class and the number of Units that may be issued is unlimited, and, subject to Section 6.1 hereof, the General Partner may issue Units of each class for such consideration and on such terms as it may determine (or for no consideration if issued in connection with a distribution in Units or a split of Units), or may reduce the number of issued Units in proportion to the relative NAV of the Units then outstanding, all without action or approval of the Limited Partners notwithstanding anything herein to the contrary. All Units when so issued on the terms determined by the General Partner shall be fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All references to Units in this Agreement shall be deemed to be Units of any or all classes as the context may require. All provisions herein relating to the Fund shall apply equally to each class except as the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each new Partner shall be admitted as a Partner upon the General Partner's acceptance of an executed Subscription Agreement or other agreement pursuant to which such Partner becomes bound by the terms of this Agreement and the funding of the subscription amount included in the Partner's Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscriptions may be accepted or rejected in whole or in part by the General Partner on behalf of the Fund in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Admission of a new Limited Partner shall not cause dissolution of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless otherwise agreed to by the General Partner, Subscriptions to the Fund must be made in U.S. dollars by wire transfer of immediately available funds on or prior to the date Units are to be issued. Notwithstanding the foregoing sentence, the General Partner may accept, on behalf of the Fund, a Subscription to the Fund in the form of a non-cash contribution on terms and conditions that the General Partner deems appropriate in good faith. The Agreed Value of any non-cash Subscriptions by a Partner as of the date of contribution are set forth on the Fund's books and records. No Units shall be deemed issued by the Fund to a Partner until they are paid for in the amount and form agreed to with the General Partner. When issued pursuant to and in accordance with this Agreement, Units shall be fully paid and non-assessable, to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Redemption of Units***. The General Partner shall cause the Fund to establish the Redemption Program as set forth on <u>Annex B</u> hereof. The Fund and the General Partner, on behalf of the Fund, are hereby authorized to redeem Units in accordance with the Redemption Program; *provided*, that such redemptions do not impair the capital or operations of the Fund or cause the Fund to become subject to tax as a corporation. The General Partner may amend or suspend the Redemption Program if in its reasonable judgment it deems such action to be in the Fund's best interest, including, but not limited to, for tax, regulatory or other structuring reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 ***Required Withdrawals***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Limited Partner may be required to withdraw from the Fund in whole or in part if in the reasonable judgment of the General Partner: (i) (a) all or any portion of the assets of the Fund may be characterized as assets of a Plan for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, or for purposes of any applicable Similar Law, whether or not such Limited Partner is subject to ERISA, the Code or any Similar Law without such withdrawal or (b) the General Partner (or other Persons responsible for the operation of the Fund and/or investment of the Fund's assets) may be considered a fiduciary with respect to any Limited Partner, for purposes of the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, or for purposes of any applicable Other Plan Law; (ii) the Fund or any Partner is reasonably likely to be subject to any requirement to register under the 1940 Act or any other securities laws of any jurisdiction; (iii) a significant delay, extraordinary expense or material adverse effect on the Fund or any of its Affiliates, any Partners, any Portfolio Entity, Investment or any prospective investment is likely to result; *provided*, that any such Limited Partner shall remain liable to the Fund to the extent of any breach of a representation or covenant made by such Limited Partner to the Fund or the General Partner arising out of or relating to such withdrawal; or (iv) or in the General Partner's sole and absolute discretion, a violation of or non-compliance with any law, rule or regulation (which may include any anti-money laundering or anti-terrorist financing laws, rules, regulations, directives or special measures) applicable to the Fund (including, without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, the U.S. International Money Laundering Abatement and the Anti-Terrorist Financing Act of 2001 and FATCA) or any material adverse effect on the Fund or any Partner is likely to result from such Limited Partner's continued interest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Withdrawals pursuant to this Section 6.3 will be effected by the Fund's purchase of such Limited Partner's Units (or a portion thereof, as applicable) at the NAV of such Units at the time of withdrawal. No consent of, or execution of any document by, such Limited Partner shall be needed to effect the purchase of the Units pursuant to this Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the General Partner determines otherwise in its sole discretion, the effective date of any withdrawal pursuant to this Section 6.3 shall be the last day of the month in which notice of such withdrawal was given pursuant to this Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 ***Allocation of Certain Withholding Taxes and Other Expenditures***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If requested by the Fund, each Limited Partner shall, if able to do so, provide the Fund with: (i) an affidavit in form satisfactory to the Fund that the applicable Limited Partner (or its beneficial owner(s), as the case may be) is not subject to withholding under the provisions of any U.S. federal, state, local, foreign or other law; and (ii) any certificate or other form or instrument reasonably requested by the Fund with respect to any tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Fund directly or indirectly incurs a withholding tax or other tax obligation with respect to the share of Fund income allocable or amount payable to any Limited Partner, then the General Partner, without limitation of any other rights of the Fund or the General Partner, may deem such amount to have been distributed to such Limited Partner (and accordingly reduce amounts payable to such Limited Partner) or require such Limited Partner and any successor to such Limited Partner's Units to reimburse such amount to the Fund. The Fund shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Limited Partner that may be eligible for such reduction or exemption; *provided*, that in the event that the Fund determines that a Limited Partner is eligible for a refund of any withholding tax, the Fund may, at the request and expense of such Limited Partner, assist such Limited Partner in applying for such refund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided for in this Agreement, any expenditures payable by the Fund, to the extent determined by the General Partner to have been paid or withheld on behalf of, or by reason of particular circumstances applicable to, one or more but fewer than all of the Limited Partners, may be deemed to have been distributed (and accordingly reduce amounts payable) to or be required to be reimbursed by only those Limited Partners on whose behalf such payments are made or whose particular circumstances gave rise to such expenditures or items. Any amount required to be reimbursed under Section 6.4(b) hereof or this Section 6.4(c) may be offset against any amount otherwise payable to the applicable Limited Partner in respect of any redemption by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise agreed to in writing by the General Partner, each Limited Partner shall, to the fullest extent permitted by applicable law, indemnify and hold harmless the Fund, the Adviser, the General Partner and any designated agents of the Fund (including any Partnership Representative and any "designated individual" thereof) to the extent any such Person or entity is deemed to be the responsible withholding agent for U.S. federal, state or local or foreign income tax purposes, against all claims, liabilities and expenses of whatever nature (other than any claims, liabilities and expenses in the nature of penalties and accrued interest thereon that result from such Person or entity's gross negligence, willful misconduct or fraud) relating to the Fund's, the Adviser's, the General Partner's, or any designated agent's obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by the Fund, the Adviser or the General Partner with respect to such Limited Partner or as a result of such Limited Partner's participation in the Fund.

ARTICLE VII

DISSOLUTION AND LIQUIDATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Dissolution***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall be dissolved at any time there are no Limited Partners, unless the Fund is continued without dissolution in accordance with the Delaware Act, or upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a determination made by the General Partner at any time in its sole discretion that the dissolution and winding up of the Fund is in the best interests of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a GP Event of Withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an uncured Cause Event together with the consent of 75% in Interest to dissolve the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) as required by operation of law.

Except as provided above, Limited Partners shall not have the authority, by vote or otherwise, to dissolve or cause the dissolution of the Fund. Dissolution of the Fund shall be effective on the day on which the event giving rise to the dissolution shall occur, but the Fund and this Agreement shall not terminate until the assets of the Fund have been liquidated and applied in accordance with Section 7.2 hereof and the Certificate has been canceled. The obligations set forth in Section 3.7 and Section 9.8 hereof shall survive the termination of the Fund and the termination of this Agreement. Upon the cancellation of the Certificate in accordance with the Delaware Act, the existence of the Fund and, except as expressly provided otherwise herein, this Agreement, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A cure of any event constituting a Cause Event must occur within thirty (30) calendar days after the delivery by the General Partner of written notice to the Limited Partners of the occurrence of any Cause Event (it being understood that a Cause Event that occurs with respect to any employee of the Adviser, shall be deemed cured if such person's employment with the Adviser, including, for avoidance of doubt, engagement as a consultant or a similar capacity, has been promptly terminated after discovery of the Cause Event); *provided*, that such period may be extended by the General Partner in the event that the General Partner makes a bona fide good faith attempt to cure such Cause Event within thirty (30) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Liquidation of Assets***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the dissolution of the Fund as provided in Section 7.1 hereof, the General Partner, acting directly or through a Liquidating Trustee it selects, shall wind up, in an orderly manner, the business and administrative affairs of the Fund, except that if the General Partner is unable to perform this function, a Liquidating Trustee approved by the Independent Directors shall wind up, in an orderly manner, the business and administrative affairs of the Fund. The proceeds from winding up shall, subject to the Delaware Act, be distributed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of the debts and liabilities of the Fund, including the expenses of winding up (including legal and accounting expenses incurred in connection therewith), but not including debts and liabilities to Limited Partners, up to and including the date that distribution of the Fund's assets to the Limited Partners has been completed, shall first be paid on a *pro rata* basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to establish reserves, in amounts established by the General Partner or such liquidator, to meet other liabilities of the Fund (including the Management Fee and/or Management Allocation, the Performance Allocation, the Distribution and/or Servicing Fee)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such debts, liabilities or obligations as are owing to the Limited Partners shall be paid next in their order of seniority and on a *pro rata* basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Limited Partners shall be paid next, on a *pro rata* basis, in proportion to the NAV of the Units held by such Persons, as determined pursuant to Section 8.2 hereof and the Confidential Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything in this Section 7.2 to the contrary notwithstanding, but subject to the priorities set forth in Section 7.2(a) hereof, upon dissolution of the Fund, the General Partner or other Liquidating Trustee may distribute ratably in kind any assets of the Fund; *provided, however,* that if any in-kind distribution is to be made, the assets distributed in kind shall be valued pursuant to Section 8.2 hereof as of the actual date of their distribution and charged as so valued and distributed against amounts to be paid under Section 7.2(a) hereof.

ARTICLE VIII

ACCOUNTING, VALUATIONS AND WITHHOLDING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Books and Records, Accounting and Reports***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner shall keep or cause to be kept complete and appropriate records and books of account. Except as otherwise expressly provided herein, the books and records of the Fund shall be maintained in accordance with U.S. generally accepted accounting principles, consistently applied, and shall be maintained for at least five years following the termination of the Fund. The books and records shall be maintained or caused to be maintained at the principal office of the Fund or at the offices of the Fund's administrator, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall adopt for tax accounting purposes any accounting method which the General Partner shall decide in its sole discretion is in the best interests of the Fund. The Fund's accounts shall be maintained in U.S. currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the end of each Taxable Year, and as soon as reasonably practicable after receipt of the necessary information from the Investments, the Fund shall furnish to each Limited Partner such information regarding the operation of the Fund and such Limited Partner's Units as is necessary for Limited Partners to complete U.S. federal and state income tax or information returns and any other tax information required by U.S. federal or state law (which may be prepared on a combined basis with respect to the Fund and/or any Feeder Funds, Parallel Funds, and Intermediate Entities and their respective alternative vehicles). The General Partner will use reasonable efforts to cause the Fund to provide to each of the Limited Partners United States Internal Revenue Service Schedules K-1 (Form 1065) in relation to the Fund for each Taxable Year within ninety (90) days following the close of the Fund's Taxable Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the Fund becoming subject to the 1934 Act, within forty-five (45) days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Fund (subject to reasonable delays in the event of the late receipt of any necessary financial information from any Portfolio Entity as permitted under applicable law), the General Partner shall make available to each Person who was a Partner during such period a quarterly report and unaudited financial statements of the Fund (which may be prepared on a combined basis with respect to the Fund and/or any Feeder Funds, Parallel Funds, and Intermediate Entities and their respective alternative vehicles, if any). The filing of a Form 10-Q with the Securities and Exchange Commission that is made available on the Fund's website will be deemed to satisfy this obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within one hundred twenty (120) days (subject to reasonable delays in the event of the late receipt of any necessary financial information from any Portfolio Entity) after the end of each Fiscal Year of the Fund, the General Partner shall make available to each Person who was a Partner during such Fiscal Year an annual report and audited financial statements for the Fund (which may be prepared on a combined basis with respect to the Fund and any Feeder Funds, Parallel Funds, and Intermediate Entities and their respective alternative vehicles, if any) prepared in accordance with U.S. generally accepted accounting principles. The filing of a Form 10-K with the Securities and Exchange Commission that is made available on the Fund's website will be deemed to satisfy this obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything contained in this Section 8.1, the information contained in any financial statements and reports delivered pursuant to Section 8.1 with respect to any Investment that is a Third-Party Fund or MAM Managed Entity may be a Fiscal Quarter in arrears because necessary information (including valuation information) in respect of such Investments is delayed past the time that the General Partner determines to provide reporting or financial statements for such period, and in each case the General Partner shall not be deemed to have breached its obligations hereunder to the extent the General Partner is unable to provide any required information with respect to such Investments that are Third-Party Funds or MAM Managed Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as set forth specifically in this Section 8.1 and to the fullest extent permitted by Section 17-305(g) of the Delaware Act, no Limited Partner shall have the right to obtain any other information about the business or financial condition of the Fund, about any other Limited Partner or former Limited Partner or about the affairs of the Fund. No act of the Fund, the Adviser or any other Person that results in a Limited Partner being furnished any such information shall confer on such Limited Partner or any other Limited Partner the right in the future to receive such or similar information or constitute a waiver of, or limitation on, the Fund's ability to enforce the limitations set forth in the first sentence of this Section 8.1(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Valuation of Assets***.

The General Partner will be responsible for the valuation of Units which it will determine in accordance with the Fund's valuation policies, as updated from time to time.

ARTICLE IX

MISCELLANEOUS PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Amendment of Limited Partnership Agreement; Consents Generally***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section 9.1, this Agreement may be amended, in whole or in part (including an amendment in the form of a merger, consolidation, conversion or similar transaction into a successor entity to the Fund), with the sole approval of the General Partner, *provided*, that any amendment, modification or supplement that is viewed by the General Partner in its discretion, as a whole together with all such amendments, modifications or supplements, as having a material adverse effect on the Limited Partners in the aggregate will require the approval of the Independent Directors, unless such amendment does not become effective until (A) each Limited Partner has received written notice of such amendment, including through a 1934 Act report (other than an amendment described in Section 9.1(b) hereof) and (B) any Limited Partner objecting to such amendment has been afforded a reasonable opportunity (pursuant to such procedures as may be prescribed by the General Partner) to present their Units for redemption by the Fund. Any amendment pursuant to Section 9.1(b) hereof shall not be subject to the provisions of this Section 9.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the General Partner at any time without the consent of the Independent Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) restate this Agreement together with any amendments hereto which have been duly adopted in accordance herewith to incorporate such amendments in a single, integrated document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) amend this Agreement to effect compliance with any applicable law or regulation or to cure any ambiguity or to correct or supplement any provision hereof which may be inconsistent with any other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amend this Agreement, taking due consideration of the interests of the Limited Partners as a whole to make such changes as may be necessary or desirable, based on advice of legal counsel to the Fund, to assure the Fund maintains its then-current U.S. federal tax treatment, including to avoid being treated as a "publicly traded partnership", or, at the Fund's sole discretion, change its U.S. federal tax treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) amend this Agreement to address any law or regulation, including changes in tax law or applicable guidance related to Performance Allocation that, in the General Partner's reasonable opinion, materially adversely affect the U.S. federal, state or local treatment of the Performance Allocation to the General Partner or its direct or indirect owners, and which would not materially add to the obligations (including any tax liabilities) of any Limited Partner or otherwise materially alter any of the rights (including entitlements to distributions or any other economic rights) of such Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) amend this Agreement to structure or restructure the Units (including, without limitation, by merger, consolidation, conversion or a similar transaction) as a separate "series" of partnership interests of the Fund pursuant to Section 17-218 of the Delaware Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) amend this Agreement, on or before the effective date of final regulations, to amend, as determined by the General Partner in good faith, this Agreement to provide for the election of a safe harbor under Treasury Regulations Section 1.83-3(l) (or any similar provision) under which the fair market value of any Units that are transferred in connection with the performance of services is treated as being equal to the liquidation value of that interest, an agreement by the Fund and all of its Partners to comply with the requirements set forth in such regulations and IRS Notice 2005-43 (and any other guidance provided by the IRS with respect to such election) with respect to all Units transferred in connection with the performance of services while the election remains effective, and any other amendments reasonably related thereto or reasonably required in connection therewith; *provided*, that if such amendment, in the General Partner's reasonable opinion, would be materially adverse to the economic interests of the Limited Partners, such amendment will require the consent of each Partner materially adversely affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of any consent sought by the General Partner, the General Partner may determine that the consent of any percentage in Units of the Limited Partners may also be given and/or obtained as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prior to the proposed effective date of such consent, the General Partner shall give written notice to each Limited Partner of such matter and shall request such Limited Partner to indicate in writing whether or not it consents thereto. If any Limited Partner has not indicated in writing within fifteen (15) calendar days (or such longer period as the General Partner may specify in its sole discretion) after such notice whether or not it consents to such matter, the General Partner shall promptly provide a second notice to such Limited Partner of such matter and shall again request such Limited Partner to indicate in writing whether or not it consents thereto and shall prominently state in such second notice that if the Limited Partner does not indicate in writing within fourteen (14) days (or such longer period as the General Partner may specify in its sole discretion) after such second notice (the end of such fourteenth (14th) day or longer period after such notice, the "<u>Notice Date</u>") whether or not it consents to such matter, such Limited Partner shall be deemed to have consented to such consent. Any Limited Partner that does not indicate whether or not it consents to such matter by the Notice Date shall be deemed to have consented to such matter. At any time on or prior to the Notice Date, a Limited Partner may indicate that it does or does not consent to such matter, but after the Notice Date any indication by a Limited Partner that it does not consent to such matter shall not be effective for purposes of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The consent of a particular percentage of NAV represented by Units of the Limited Partners with respect to such matter shall have been received if at any time prior to the Notice Date Limited Partners representing such percentage in Units of the Limited Partners have affirmatively consented to such matter or if as of the Notice Date Limited Partners representing such percentage in Units of the Limited Partners have either affirmatively consented to such matter or are deemed to have consented to such matter as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner shall give written notice of any proposed amendment to this Agreement to each Limited Partner, which notice shall set forth (i) the text of the proposed amendment or (ii) a summary thereof and a statement that the text thereof will be furnished to any Limited Partner upon request. Upon obtaining such approvals required by this Agreement and without any further action or execution by any other Person, including any Limited Partner, (i) any amendment, restatement, modification or waiver of this Agreement shall be implemented and reflected in a writing executed solely by the General Partner and (ii) the Limited Partner, and any other party to this Agreement, shall be deemed a party to and bound by such amendment, restatement, modification or waiver of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 ***Notices***.

Notices which may or are required to be provided under this Agreement shall be made, if to a Limited Partner, by regular mail, hand delivery, registered or certified mail return receipt requested, commercial courier service, electronic means (including e-mail) or, if to the Fund, shall be sent to the sources listed in the Confidential Memorandum or as directed on the Fund's website or other investor resources, and shall be addressed to the respective parties hereto at their addresses as set forth on the books and records of the Fund (or to such other addresses as may be designated by any party hereto by notice addressed to the Fund in the case of notice given to any Limited Partner, and to each of the Limited Partners in the case of notice given to the Fund). Notices shall be deemed to have been provided when (i) personally delivered or delivered by facsimile, when received, (ii) sent by United States Post Office's Express Mail or by another recognized overnight courier service on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by e-mail, when received; (iv) posted on a password protected website maintained by the Fund or its Affiliates and for which any Limited Partner has received confirmation of such posting and access instructions by electronic mail, when such confirmation is sent; or (v) filed with the Securities and Exchange Commission and such filing is made available on the Fund's website. A document that is not a notice and that is required to be provided under this Agreement by any party to another party may be delivered by any reasonable means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 ***Agreement Binding Upon Successors and Assigns***.

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns, executors, trustees or other legal representatives, but the rights and obligations of the parties hereunder may not be Transferred or delegated except as provided in this Agreement and any attempted Transfer or delegation thereof which is not made pursuant to the terms of this Agreement shall, to the fullest extent permitted by law, be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Choice of Law; Jurisdiction; Trial by Jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that this Agreement shall be governed by, all the terms and provisions hereof shall be construed under, and any dispute shall be determined under the laws of the State of Delaware, including the Delaware Act, without regard to the conflict of law principles of such State or any other principle that would direct the application of the laws of any other state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any action or proceeding against the parties relating in any way to this Agreement shall be brought and enforced in the courts of the State of Delaware, to the extent subject matter jurisdiction exists therefor, of the United States for the District of Delaware, and the parties irrevocably submit to the jurisdiction of both such courts in respect of any such action or proceeding. The parties irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any such action or proceeding in the courts of the State of Delaware or the United States District Court for the District of Delaware and any claim that any such action or proceeding brought in any such court has been brought in any inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Partner and the Fund waives and covenants that such Partner and the Fund shall not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any issue, claim or proceeding arising out of this Agreement or the subject matter hereof or in any way connected with the dealings of any Partner or the Fund or any of its Affiliates in connection with any representation, warranty, covenant or agreement contained in this Agreement or any transaction contemplated by this Agreement, in each case whether now existing or hereafter arising and whether in contract, tort or otherwise. The Fund or any Partner may file an original counterpart or a copy of this Section 9.4 with any court in any jurisdiction as written evidence of the consent of the Partners to the waiver of their respective rights to trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permissible by applicable law and unless otherwise agreed to in writing by the Adviser and the General Partner, each Limited Partner hereby waives any right to assert any claim or participate in any claim against the Fund, the General Partner, the Adviser, a Limited Partner or any of their officers, affiliates or representative by means of any class action, collective action or representative action, whether as a class representative or as a member of a class. If, notwithstanding the foregoing waiver, a court or law permits a Limited Partner to participate in a class, collective or representative action, then such Limited Partner nevertheless agrees that the prevailing party shall not be entitled to recover attorneys' fees or costs associated with pursuing the class or representative action, and the Limited Partner who initiates or participates as a member of the class will not submit a claim or otherwise participate in any recovery secured through the class, collective or representative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 ***Not for Benefit of Creditors***.

The provisions of this Agreement are intended only for the regulation of relations among past, present and future Limited Partners, the Adviser, officers of the Fund, the General Partner, the Directors and the Fund. Except with respect to the rights of an Indemnified Party hereunder, this Agreement is not intended for the benefit of non-Limited Partner creditors and no rights are granted to non-Limited Partner creditors under this Agreement (except as provided in Section 3.7 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 ***Consents***.

Any and all consents, agreements or approvals provided for or permitted by this Agreement shall be in writing and a signed copy thereof shall be filed and kept with the books of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 ***Interpretation; Compliance with Laws***.

All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the Person or Persons, firm or corporation may require in the context thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 ***Confidentiality***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise required by law, including, without limitation, any public disclosure law relating to governmental entities, each Limited Partner will maintain the confidentiality of information which is Non-Public Information received by such Limited Partner pursuant to this Agreement in accordance with such procedures as it applies generally to information of this kind, and shall use such Non-Public Information solely in connection with monitoring such Limited Partner's investment in the Fund or otherwise with respect to their Units and agrees in that regard not to trade in securities on the basis of any such information. All communications between the General Partner or the Adviser, on the one hand, and any Limited Partner, on the other, shall be presumed to include confidential, proprietary, trade secret and other sensitive information; *provided*, that the foregoing shall not limit the ability of any Limited Partner to furnish any such information to (i) its Affiliates or advisors or (ii) examiners, auditors, inspectors, attorneys, or persons with similar responsibilities or duties of a nationally recognized industry self-regulatory association, federal or state regulatory body or federal, state or local taxation authority; *provided, further*, that such Limited Partner shall be liable to the Fund and the General Partner for any such Affiliate's or advisor's failure to comply with the foregoing (unless such Limited Partner receives a written undertaking from such Affiliate or advisor to maintain the confidentiality of such information). The Partners hereby acknowledge that pursuant to § 17-305(f) of the Delaware Act the rights of a Limited Partner to obtain information from the Fund shall be limited to only those rights expressly provided for in this Agreement, and that any other rights provided under § 17-305(a) of the Delaware Act shall not be available to the Limited Partners or applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, to comply with Treasury Regulations Section 1.6011-4(b)(3), each Limited Partner (and any employee, representative or other agent of such Limited Partner) may disclose to any and all Persons, without limitation of any kind, the U.S. federal tax treatment and tax structure of the Fund or any transactions contemplated by the Fund, it being understood and agreed, for this purpose (i) the name of, or any other identifying information regarding, (A) the Fund or any existing or future investor (or any Affiliate thereof) in the Fund, or (B) any investment or transaction entered into by the Fund, (ii) any performance information relating to the Fund or its Investments or (iii) any performance or other information relating to other investments sponsored by the General Partner, the Adviser or their Affiliates, does not constitute such tax treatment or structure information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to preserve the confidentiality of certain information disseminated by the General Partner or the Fund under this Agreement that a Limited Partner is entitled to receive pursuant to the provisions of this Agreement, including, but not limited to, quarterly, annual and other reports (other than the IRS Forms 1065, Schedule K-1s), and information provided at the Fund's informational meetings, the General Partner may (i) provide to such Limited Partner access to such information only on the Fund's website in password protected, non-downloadable, non-printable format, (ii) to the maximum extent permitted by law, require such Limited Partner to return any copies of information provided to it by the General Partner or the Fund and/or (iii) redact or otherwise omit any Portfolio Entity specific information included in any such reports or materials if the General Partner determines that providing such information would be contrary to the best interests of the Fund or any Portfolio Entity or prospective Portfolio Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any obligation of a Limited Partner pursuant to this Section 9.8 may be waived by the General Partner in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, nothing in this Agreement (including this Section 9.8 above) and/or any other agreement regarding any Limited Partner's Units in the Fund prohibits or restricts any individual from reporting possible violations of federal, state or local law or regulation to any governmental agency or regulatory authority (including but not limited to the U.S. Securities and Exchange Commission) and/or cooperating or communicating with any such governmental agency or regulatory authority in connection with any such possible violation, in each case as is consistent with applicable law, to the extent such activity is protected under the whistleblower provisions of federal, state or local law, and without any prior notice to or authorization from the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 CFIUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner, on behalf and in the name of the Fund, is hereby authorized to take such actions as the General Partner, in its sole discretion, deems necessary to comply with the DPA or any CFIUS directive or order, or any foreign equivalent thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement, and except as the General Partner shall, in its sole discretion, otherwise determine, each Foreign Person Limited Partner (including any of its Affiliates) acknowledges and agrees that neither it nor its representative or designee (as applicable) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) have the authority to approve, disapprove or otherwise control any decision of the General Partner to make an Investment or any decision of the General Partner regarding the management or disposition of a Portfolio Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) by virtue of being a Limited Partner, have the right to communicate with the Fund, any Portfolio Entity, or management thereof regarding the day-to-day operations of a Portfolio Entity's business or to receive any information from or about a Portfolio Entity that the General Partner, in its sole discretion, determines to be material non-public technical information (which shall not include information about the financial performance of the Portfolio Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) by virtue of being a Limited Partner, have the right to become actively involved, directly or indirectly, in the management of any Portfolio Entity, including participation as a board member or observer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) by virtue of being a Limited Partner, have the right to become involved with or engage in any substantive decision-making of the Portfolio Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Limited Partner which is not a Foreign Person Limited Partner acknowledges and agrees that it shall not accept any investment or engage in any activity that would cause it to become a Foreign Person Limited Partner without providing advance written notice to the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Limited Partner acknowledges and agrees that it shall cooperate, to the maximum extent permitted by applicable law, with requests for information from the General Partner made for the purpose of determining compliance with this Section 9.9 or with the DPA, or any foreign equivalent thereof, and that such requests may include requests for additional information about that Limited Partners (and its Affiliates') ownership, holdings, and investments in Portfolio Entities and/or potential portfolio companies, in each case as determined by the General Partner in good faith to be necessary to ensure compliance with applicable law and regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Limited Partner acknowledges and agrees that it shall, to the maximum extent permitted by applicable law, (1) cooperate with the General Partner with respect to any reporting or disclosure requirements imposed upon the Fund under the DPA or requested by CFIUS, or any foreign equivalent thereof, (2) cooperate with the Fund in any action as the General Partner deems necessary in the General Partner's reasonable discretion to comply with the DPA or any CFIUS directive or order, or any foreign equivalent thereof, and (3) use reasonable best efforts to provide relevant information requested by CFIUS or other U.S. government authorities, or any foreign equivalent thereof, on behalf of and on matters related to CFIUS, or any foreign equivalent thereof. In the case of a request by a U.S. or foreign government authority, in a Limited Partner's sole discretion, it may choose to provide the requested information directly and confidentially to the relevant government authority in lieu of providing such information to the Fund or the General Partner; *provided,* that such Limited Partner shall promptly notify the General Partner of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the provisions of this Section 9.9 nor any other provision of this Agreement shall be construed as imposing an obligation on the General Partner to ensure that the Investments will not constitute Covered Transactions or that the Fund will not be considered a Foreign Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 ***Severability***.

If any provision of this Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Agreement, each Limited Partner agrees that it is the intention of the Limited Partners that such provision should be enforceable to the maximum extent possible under applicable law. If any provisions of this Agreement are held to be invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or enforceability of any other provision of this Agreement (or portion thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 ***Entire Agreement***.

Unless otherwise agreed by the General Partner in writing, this Agreement (including the Schedule attached hereto which is incorporated herein) and any Subscription Agreements constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersede all prior agreements and understandings pertaining thereto. The representations and warranties of the Limited Partners in, and the other provisions of, the Subscription Agreements shall survive the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 ***Discretion***.

Notwithstanding anything to the contrary in this Agreement or any agreement contemplated herein or in any provisions of law or in equity, whenever in this Agreement, a Person is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, such Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by law, have no duty or obligation to give any consideration to any interest of or factors affecting the Fund or the Limited Partners, or (ii) in its "good faith" or under another express standard, then such Person shall act under such express standard and will not be subject to any other or different standards imposed by this Agreement or by law or any other agreement contemplated herein. The term "good faith" as used in this Agreement shall mean subjectively acting with faithfulness to the scope, purpose and terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 ***No Waiver***.

No failure on the part of the General Partner to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall operate as a waiver of such right or remedy, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided herein are cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 ***Headings, Internal References***.

When a reference is made in this Agreement to Sections, such reference shall be to a Section to this Agreement unless otherwise indicated. The table of contents, index of defined terms and headings contained in this Agreement are for convenience and reference purposes only and shall not be deemed to alter or affect in any way the meaning or interpretation of any provisions of this Agreement. The words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 ***Partnership Tax Treatment***.

The Partners intend for the Fund to be treated as a partnership for U.S. federal income tax purposes and no election to the contrary shall be made unless the General Partner in its sole discretion determines that other treatment or election is in the best interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 ***Compliance with Anti-Money Laundering Requirements***.

Notwithstanding any other provision of this Agreement to the contrary, the General Partner or its designees (including administrator, transfer agent or counsel), in its own name and on behalf of the Fund, shall be authorized without the consent of any Person, including any other Partner, to take such action (including requiring any Limited Partner to provide it with information) as it determines in its sole discretion to be necessary or advisable to comply with any anti-money laundering or anti-terrorism financing laws, rules, regulations, directives or special measures, including the actions contemplated by the Subscription Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 ***Counsel to the Fund***.

Counsel to the Fund may also be counsel to the General Partner, the Adviser and their Affiliates. The General Partner may execute on behalf of the Fund and the Partners any consent to the representation of the Fund that counsel may request pursuant to the applicable rules of professional conduct in any jurisdiction ("<u>Rules</u>"). The Fund has initially selected Simpson Thacher & Bartlett LLP (the "<u>Fund Counsel</u>") as legal counsel to the Fund. Each Limited Partner acknowledges that the Fund Counsel does not represent any Limited Partner with respect to the Fund (except in the absence of a clear and explicit agreement to such effect between the Limited Partner and the Fund Counsel (and that only to the extent specifically set forth in that agreement)), and that in the absence of any such agreement the Fund Counsel shall owe no duties to a Limited Partner with respect to the Fund. In the event any dispute or controversy arises between any Limited Partner and the Fund, or between any Limited Partner or the Fund, on the one hand, and the General Partner (or an Affiliate thereof) that the Fund Counsel represents, on the other hand, then each Limited Partner agrees that the Fund Counsel may represent either the Fund or the General Partner (or its Affiliate), or both, in any such dispute or controversy to the extent permitted by the Rules, and each Limited Partner hereby consents to such representation and waives any claims of attorney-client privilege or other basis for opposing Fund Counsel's role or seeking to disqualify Fund Counsel to the maximum extent permitted by the Rules. Each Limited Partner further acknowledges that, whether or not the Fund Counsel has in the past represented such Limited Partner with respect to other matters, the Fund Counsel has not represented the interests of any Limited Partner in the preparation and negotiation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 ***Counterparts***.

This Agreement may be executed in several counterparts, all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the same counterpart. For the avoidance of doubt, a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "<u>Electronic Signature</u>"), including by DocuSign<sup>®</sup> or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such Person to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by the Fund, the Adviser, an officer thereof or the General Partner or its designees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 ***Waiver of Partition and Accounting***.

To the maximum extent permitted by law, each Limited Partner hereby irrevocably waives any and all rights that it may have to maintain an action for an accounting or for partition of any of the Fund's property.

ARTICLE X

U.S. FEDERAL INCOME TAX MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 ***Capital Accounts***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall maintain a separate Capital Account for each Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Limited Partner's Capital Account shall have an initial balance equal to the amount of cash constituting such Limited Partner's initial contribution to the capital of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Limited Partner's Capital Account shall be increased by the sum of (i) the amount of cash and the value of any Securities (determined in accordance with Section 8.2 hereof) constituting additional contributions by such Limited Partner to the capital of the Fund, plus (ii) any amount credited to such Limited Partner's Capital Account pursuant to the provisions of this ARTICLE X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Limited Partner's Capital Account shall be reduced by the sum of (i) the amount of any consideration paid to redeem any Unit, or portion thereof, of such Limited Partner or distributions to such Limited Partner which are not reinvested, plus (ii) any amounts debited against such Limited Partner's Capital Account pursuant to the provisions of this ARTICLE X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If all or a portion of a Unit is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The foregoing provisions of this Section 10.1 and Section 10.2 below are intended to comply with the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv), and unless otherwise determined by the General Partner, shall be interpreted and applied consistently with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 ***Allocations to Capital Accounts***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Items of Fund income, gain, loss, expense or deduction for any Taxable Year shall be allocated among the Limited Partners in such manner that, as of the end of such Taxable Year (or, if applicable, monthly or quarterly portions thereof, in light of the Limited Partners' varying interests during the Taxable Year) and to the greatest extent possible, the Capital Account of each Limited Partner shall be equal to the respective net amount that would be distributed to such Limited Partner from the Fund or for which such Limited Partner would be liable to the Fund under this Agreement, determined as if, on the last day of such fiscal period, the Fund were to (a) liquidate the Fund's assets for cash equal to their book value (determined according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv)), (b) settle the Fund's liabilities in accordance with their terms (but limited, in the case of any "nonrecourse liability" to the book value of the asset(s) securing such liability), and (c) distribute the proceeds in liquidation in accordance with Section 7.2(a)(4) hereof. Notwithstanding the foregoing, if the General Partner determines that another allocation approach more appropriately reflects the Partners' relative interest in items of Fund income, gain, loss, expense or deduction, then one or more of such items may be allocated in accordance with such alternative approach. In making the allocations described in this Section 10.2(a), the General Partner may make allocations on a periodic basis to reflect the varying interests of the General Partner and the Limited Partners under Section 706 of the Code. In the event any Partner's Units (or portion thereof) are Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of such Partner to the extent such Capital Account relates to the Transferred Units (or portion thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of the foregoing and in accordance with Treasury Regulations Section 1.1061-3(c)(3)(ii)(B), the Fund shall, (i) calculate separate allocations attributable to (A) the Performance Allocation and any other distribution entitlements that are not commensurate with capital contributed to the Fund, and (B) any distribution entitlements of the Partners that are commensurate with capital contributed to the Fund (in each case, within the meaning of Treasury Regulations Section 1.1061-3(c)(3)(ii)(B) and as reasonably determined by the General Partner), and (ii) consistently reflect each such allocation in its books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 ***Special Allocation Provisions***.

Notwithstanding any other provision in this ARTICLE X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Minimum Gain Chargeback</u>. In the event the Fund incurs any nonrecourse liabilities, income and gain shall be allocated in accordance with the "minimum gain chargeback" provisions of Sections 1.704 1(b)(4)(iv) and 1.704 2 of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Gross Income Allocation</u>. In the event any Limited Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Limited Partner shall be specially allocated items of Fund income and gain in the amount of such excess as quickly as possible; *provided*, that an allocation pursuant to this Section 10.3(c) shall be made only if and to the extent that a Limited Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this ARTICLE X have been tentatively made as if Section 10.3(b) and this Section 10.3(c) were not in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>General Partner Expenses</u>. To the extent, if any, that General Partner Expenses and any items of loss, expense or deduction resulting therefrom are deemed to constitute items of partnership loss or deduction rather than items of loss, or deduction of the General Partner, such General Partner Expenses and other items of loss, expense or deduction shall be allocated 100% to the General Partner and the General Partner's Capital Account shall be credited with the same amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payee Allocation</u>. In the event any payment to any Person that is treated by the Fund as the payment of an expense is recharacterized by a taxing authority as a partnership distribution to the payee as a partner, such payee shall be specially allocated an amount of Fund gross income and gain as quickly as possible equal to the amount of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Special Allocations</u>. Any special allocations of income, gain, loss, deduction or credit pursuant to Section 10.3(b) or (c) hereof shall be taken into account in computing subsequent allocations pursuant to this ARTICLE X, so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Sections 10.3(b) or (c) had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Special Allocation of Class-Specific Items</u>. To the extent that any items of income, gain, loss or deduction of the General Partner are allocable to a specific class or classes of Units as provided in the Confidential Memorandum, including, without limitation, Distribution and/or Servicing Fees, such items, or an amount equal thereto, shall be specially allocated to such class or classes of Units. Without limiting the foregoing, items of loss or deduction attributable to (i) Distribution and/or Servicing Fees shall be allocated to classes of Units other than Class E Units and Class I Units, and (ii) Management Fees and/or the Management Allocation and the Performance Allocation shall be allocated to classes of Units other than Class E Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Transfers During a Fiscal Year.</u> In the event of a transfer of a Partner's interest in the Fund at any time other than the end of a Taxable Year or to the extent a Partner's interest in the Fund otherwise varies during the Taxable Year, the various items of Partnership income, gain, deduction, loss, credit and allowance as computed for U.S. federal income tax purposes shall be allocated between the transferor and the transferee on such proper basis as the General Partner determines consistent with applicable requirements under Section 706 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 ***Tax Allocations***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the following Section 10.4(b), for each Taxable Year, items of income, deduction, gain, loss or credit shall be allocated for U.S. federal income tax purposes among the Limited Partners in such manner as to reflect equitably amounts credited or debited to each Limited Partner's Capital Account(s)for the current and prior Taxable Year (or relevant portions thereof). Allocations under Sections 10.3 and 10.4 shall be made pursuant to the principles of Section 704(b) and 704(c) of the Code, and Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), 1.704-1(b)(4)(i) and 1.704-3(e) promulgated thereunder, as applicable, or the successor provisions to such Section and Treasury Regulations (in any manner determined by the General Partner). Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account such facts and circumstances as it deems reasonably necessary for this purpose. The General Partner shall determine all matters concerning allocations for tax purposes not expressly provided for herein in its sole discretion. To the extent there is an adjustment by a taxing authority to any item of income, gain, loss, deduction or credit of the Fund (or an adjustment to any Partner's distributive share thereof), the General Partner may reallocate the adjusted items among each Partner or former Partner (as determined by the General Partner) in accordance with the final resolution of such audit adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Allocations in Respect of Redeeming Limited Partners.</u> The General Partner may elect to allocate specially for U.S. federal income tax purposes profits or losses (or items of income, gain, and loss, including items taxable at ordinary income rates and short- and long-term capital gains and losses) to any redeeming Limited Partner (including a Limited Partner whose Units are only partially redeemed) to the extent that the amount of the Partner's tax basis attributable to such redeemed Interests is greater or less than the amount the Partner received on redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 ***Tax Advances***. To the extent the General Partner reasonably determines that the Fund (or any entity in which the Fund holds an interest) is or may be required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf of or with respect to any Limited Partner or as a result of a Limited Partner's participation in the Fund or as a result of a Limited Partner's failure to provide requested tax information, including any withholding taxes or any amounts imposed pursuant to FATCA, Section 6225 or Section 1446(f) of the Code ("<u>Tax Advances</u>"), the General Partner may withhold or escrow such amounts or make such tax payments as so required. All Tax Advances attributable to a Limited Partner shall, at the option of the General Partner, (i) be promptly paid to the Fund by the Limited Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions, or redemption proceeds which would otherwise have been made to such Limited Partner or, if such amounts are not sufficient for that purpose, by so reducing the proceeds of liquidation of the Fund otherwise payable to such Limited Partner. Whenever the General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Limited Partner, for all other purposes of this Agreement such Limited Partner shall be treated as having received all distributions, or redemption proceeds unreduced by the amount of such Tax Advance. Each Limited Partner hereby agrees to indemnify and hold harmless the Fund, the General Partner, their Affiliates and their respective members, officers, directors, employees, agents, stockholders or partners, from and against any liability (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to income attributable to or distributions, or other payments to such Limited Partner, any Tax Advances required on behalf of or with respect to such Limited Partner or as a result of such Limited Partner's failure to provide any tax information reasonably requested by the General Partner, although the foregoing in no way limits the provisions of Section 3.6(a). In the event the Fund is liquidated and a liability or claim is asserted against, or an expense is borne by, the General Partner, any of their Affiliates or any of their respective members, officers, directors, employees, agents, stockholders or partners for Tax Advances made or required to be made, such parties shall have the right to be reimbursed from the Limited Partner on whose behalf such Tax Advance was made. The obligations of a Limited Partner set forth in this Section 10.5 shall survive the withdrawal of any Limited Partner from the Fund, any transfer of a Limited Partner's Units or the liquidation or dissolution of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 ***Tax Filings***. Each Limited Partner shall provide such cooperation and assistance, including but not limited to executing and filing forms or other statements, as is reasonably requested by the General Partner to enable the Fund or any entity in which the Fund owns a direct or indirect interest to satisfy any applicable tax reporting or compliance requirements or to qualify for an exception from or reduced rate of tax or other tax benefit or be relieved of liability for any tax.

 

*[Remainder of Page Intentionally Left Blank; Signature Page Follows]*

EACH OF THE UNDERSIGNED ACKNOWLEDGES HAVING READ THIS AGREEMENT IN ITS ENTIRETY BEFORE SIGNING, INCLUDING THE JURISDICTION CLAUSE SET FORTH IN SECTION 9.4 HEREOF AND THE CONFIDENTIALITY CLAUSE SET FORTH IN SECTION 9.8 HEREOF.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

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| | | |
|:---|:---|:---|
| GENERAL PARTNER: | GENERAL PARTNER: | GENERAL PARTNER: |
| **METI GP, LLC** | **METI GP, LLC** | **METI GP, LLC** |
| By: | /s/ William Demas | /s/ William Demas |
|  | Name: | William Demas |
|  | Title: | President |
| By: | /s/ Melissa Toomey | /s/ Melissa Toomey |
|  | Name: | Melissa Toomey |
|  | Title: | Assistant Secretary |

---

<u>Annex A</u>

<u>AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT</u>

This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (this "<u>Agreement</u>") is made as of October 31, 2025, by and between Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), and Macquarie Wealth Advisers, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Partnership desires that the Adviser originate and recommend investment opportunities to the Partnership, monitor and evaluate investments made by the Partnership (the "<u>Investments</u>") as requested by METI GP, LLC (the "<u>General Partner</u>"), and the Adviser desires to render such services to the Partnership in consideration of a management fee and other compensation as hereinafter specified;

WHEREAS, the engagement of the Adviser by the Partnership is authorized by the Second Amended and Restated Limited Partnership Agreement of the Partnership (as further amended and/or restated from time to time, the "<u>Partnership Agreement</u>"); and

WHEREAS, the Partnership and the Adviser entered into an Investment Advisory Agreement dated as of July 2025 (the "<u>Original Advisory Agreement</u>") and desire to amend and restate the Original Advisory Agreement in its entirety and enter into this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree to amend and restate the Original Advisory Agreement in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. <u>Defined Terms.</u>

The defined terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified in this Section 1 or, if not so specified, shall have the meanings specified in Article I of the Partnership Agreement.

"<u>Director Fee</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Initial Closing</u>" shall mean the first day on which the Partnership accepts a subscription for Units by persons that are not affiliates of the General Partner.

"<u>Management Fee</u>" shall have the meaning specified in Section 3(a) hereof.

"<u>Organizational and Offering Expenses</u>" shall have the meaning specified in the Confidential Memorandum.

"<u>Other Fees</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Reduction Amount</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Units</u>" shall mean each of Class D Units, Class E Units, Class I Units and Class S Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>Provision of Services by the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Adviser shall identify to the Partnership investment opportunities consistent with the purposes of the Partnership, acquire, monitor, evaluate and dispose of Investments and provide such other services related thereto as the Partnership may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Services to be rendered by the Adviser in connection with the Partnership's investment program shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. analysis and investigation of potential Portfolio Entities, including their products, services, markets, management, financial situation, competitive position, market ranking and prospects for future performance and analyzing other Investments, including primary and secondary investments in other funds or vehicles acquired in primary or secondary transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. analysis and investigation of potential dispositions of Investments, including identification of potential acquirers and evaluation of offers made by such potential acquirers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. structuring of acquisitions of Investments, including through any Intermediate Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. identification of bank and institutional sources of financing, arrangement of appropriate introductions and marketing of financing proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. supervision of the preparation and review of all documents required in connection with the acquisition, disposition or financing of each Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. monitoring the performance of Portfolio Entities and, where appropriate, providing advice to the management of the Portfolio Entities during the life of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. arranging and coordinating the services of other personnel, whether part-time or full-time, and sub-advisers, attorneys, independent accountants, administrators, agents, consultants or such other persons as the Adviser may deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. providing the Partnership with such other services as the General Partner may, from time to time, appoint the Adviser to be responsible for and perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. borrowing or raising monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. engaging in such other lawful investment transactions as the Adviser from time to time may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. interest rate or currency swap agreements, hedging arrangements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Partnership's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. evaluating and recommending to the General Partner hedging strategies and engaging in hedging activities on the Partnership's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. assisting the Partnership in complying with all regulatory requirements applicable to the Partnership in respect of the Partnership's business activities, including (1) preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the 1934 Act or the Securities Act of 1933, as amended, or by any national securities exchange, and facilitating compliance with the Sarbanes-Oxley Act of 2002, the listing rules of any national securities exchange, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and (2) in the event that the Partnership is a commodity pool under the U.S. Commodity Exchange Act, as amended (the "<u>CEA</u>"), acting as the Partnership's commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority and responsibility to make any filings, submissions or registrations (including for exemptive or "no action" relief) to the extent required or desirable under the CEA (and the Partnership hereby appoints the Adviser to act in such capacity and the Adviser accepts such appointment and delegation and agrees to be responsible for such services); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. doing such other acts as the Adviser may deem necessary, incidental, convenient or advisable in connection with the foregoing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The General Partner hereby retains the Adviser to perform certain duties with respect to the Partnership, to the extent requested and determined by the General Partner to be necessary or appropriate and in each case subject to the supervision, direction, oversight and review of the General Partner, including, but not limited to, advising on the general and day-to-day operations of the Partnership and the acquisition and disposal of, and dealings with, Investments by or for the account of the Partnership including, but not limited to, those listed in Sections 2(a) and 2(b) hereof. The Adviser hereby accepts such retention and agrees to perform such duties in accordance with the provisions of the Partnership Agreement. Notwithstanding the retention of the Adviser, nothing herein or in the Partnership Agreement shall relieve the General Partner of any liability with respect to any duties performed by the Adviser hereunder or with respect to the failure of the Adviser to perform hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Adviser shall maintain or have at its availability a staff trained and experienced in the business of identifying and structuring transactions contemplated by the Partnership Agreement. In addition to the services of its own staff, the Adviser shall arrange for and coordinate the services of other professionals and consultants to the extent it deems necessary. The Adviser may delegate all or part of its responsibilities under this Agreement to such Persons as it shall reasonably decide, provided, that the Adviser shall not delegate its right to make material decisions regarding the Partnership's acquisition or disposition of Investments to any Person who is not an Affiliate of the Adviser and the General Partner without approval or ratification of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The General Partner hereby constitutes and appoints the Adviser as the General Partner's attorney-in-fact with full power and authority to act on behalf of the General Partner to the extent necessary to satisfy its obligations pursuant to this Agreement. This power of attorney is coupled with an interest and shall terminate only on termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Management Fee, Other Fees and Director Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Pursuant to Section 4.5(b) of the Partnership Agreement, the Partnership shall pay to the Adviser a management fee (the "<u>Management Fee</u>"), calculated in the manner set forth below. The Partnership shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct, including any sub-adviser. Pursuant to, and as further described in, the Partnership Agreement, the Adviser may elect on an annual basis in advance of the applicable Taxable Year (as defined in the Partnership Agreement), in lieu of the Management Fee it would otherwise be entitled to pursuant to this Agreement and the Partnership Agreement, to receive the Management Allocation (as defined in the Partnership Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Management Fee shall be calculated and paid monthly by the Partnership in arrears with respect to each calendar month commencing with the Initial Closing in an amount equal to 1.25% per annum of the NAV of the Partnership (other than Class E Units, for which there is no Management Fee); *provided*, that for each class of Units (other than Class E Units), the Management Fee shall be waived for the first twelve (12) months following the Initial Closing, such that the Management Fee shall be equal to the annual rate of 0.85% of the NAV of the Partnership (other than Class E Units). The Management Fee shall be payable by the Partnership before giving effect to any accruals for the Management Fee, Administration Fee, the Distribution and/or Servicing Fee, the Performance Allocation, Unit repurchases for that month, any distributions and without taking into account certain taxes incurred (directly or indirectly) by the Partnership or an Intermediate Entity in which the Partnership participates. The Partnership, the Feeder and/or any such Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Management Fee based on its proportional interest in the Intermediate Entities. The Adviser may elect to receive the Management Fee in cash and/or Units of the Partnership. If the Management Fee is paid in Units, such Units may be repurchased by the Partnership at NAV per Unit at the Adviser's request pursuant to a separate repurchase arrangement and will be subject to the volume limitations of the Repurchase Program but not the Early Repurchase Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any fees (other than the Management Fee, the Distribution and/or Servicing Fee) earned by the Adviser and/or its Affiliates from or with respect to the Partnership's investment activities and/or Portfolio Entity, including but not limited to (i) break-up fees or similar fees in connection with unconsummated transactions (which does not include amounts received with respect to group purchasing, healthcare brokerage, insurance and other similar services to the Portfolio Entities), closing fees, monitoring fees or other similar fees from portfolio companies in connection with the acquisition, ownership, control and exit of Portfolio Entities ("<u>Other Fees</u>"), (ii) cash and non-cash directors' fees, including warrants, options, derivatives and other rights in respect of securities owned by the Partnership ("<u>Director Fees</u>") and (iii) fees charged by affiliated service providers for the Partnership (or its Portfolio Entities or entities through which the Partnership makes acquisitions of Portfolio Entities) shall be paid directly to the Adviser or its Affiliates and the Partnership recognizes and consents that the Adviser and its Affiliates may receive such fees and the Management Fee shall not be affected thereby except as expressly set forth in the immediately succeeding two sentences of this Section 3(c); *provided*, that such fees and any Reduction Amount (as defined below) shall generally be allocated among the Partnership, the Feeder, any Parallel Funds, Intermediate Entities, other MAM Managed Entities, or other Persons pro rata as determined in the good faith discretion of the Adviser and its affiliates. However, the Management Fee paid by the Partnership shall be reduced (but not below zero) by an amount (the "<u>Reduction Amount</u>") equal to the sum of (i) 100% of the Partnership's share of any Other Fees received by the Adviser or its Affiliates in such fiscal year, (ii) 100% of the Partnership's share of all Director Fees received by the Adviser and its Affiliates in such fiscal year and (iii) any management fees paid or borne by the Partnership in connection with the Partnership's investments in MAM Managed Entities, after giving effect to any fee rebates to which the Partnership is entitled each month or has received each month, directly or indirectly, by the Partnership from such MAM Managed Entity; *provided* that the Reduction Amount shall be decreased by Fund Expenses and the Partnership's share (pro rata with any parallel vehicles) of Broken Deal Expenses that the General Partner or its Affiliates had elected to bear. Further, the portion of fees related to consulting, management or other services from Portfolio Entities in excess of the cap set forth in the Partnership Agreement shall also be offset against the Management Fee. Except as set forth above, the Partnership will not receive (in the form of an offset against the Management Fee or otherwise) the benefit of fees or other compensation received by Macquarie in connection with the provision of services by Macquarie to the Partnership or third parties). In no event will Other Fees or Director Fees include any stock options or other compensation granted or paid by Portfolio Entities to employees of Macquarie who serve in a bona fide, non-director management capacity at any such Portfolio Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Such Other Fees shall be net of, to the extent not reimbursed or paid as provided herein, reasonable out-of-pocket expenses incurred by the Adviser or its Affiliates (and not otherwise reimbursed) in connection with the transaction out of which such fees arose. Subject to the foregoing, the Reduction Amounts in respect of fees received by the Adviser and its Affiliates in any month shall be based upon the aggregate of fees received by the Adviser and its Affiliates. The Reduction Amounts for each month shall be applied to reduce the Management Fee payable at the beginning of the immediately succeeding month (but not to an amount below zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Adviser and its Affiliates may receive fees of the type described in this Section 3 from companies other than the Partnership's Portfolio Entities and their Affiliates and those involved in the Partnership's unconsummated transactions, including in connection with a joint venture in which the Partnership participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty of the Partnership and/or as otherwise described in the Confidential Memorandum. The Adviser and its Affiliates shall have no obligation to reduce the Management Fee in respect of such fees or share such fees in any way with the Partnership or the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) The Management Fee for the first calendar month and the last calendar month of the Partnership shall each be prorated for the number of days in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. <u>Initial Expenses Support</u>.

The Adviser shall advance all or a portion of the Partnership's Organizational and Offering Expenses and all or a portion of the Fund Expenses (in addition to the Organizational and Offering Expenses) on the Partnership's behalf pursuant to a separate expense limitation and reimbursement agreement between the Partnership and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. <u>Exculpation and Indemnification</u>.

The parties hereto acknowledge that the Adviser and its officers, directors, members, partners, employees, agents, stockholders and Affiliates are beneficiaries of and shall be bound by and deemed subject to the exculpation and indemnification provisions of the Partnership Agreement, which provisions are incorporated herein by reference and which shall apply to this Agreement *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Other Activities of the Adviser</u>. The Adviser shall not be required to devote full time to the affairs of the Partnership, but shall devote such time as may be reasonably required to perform its obligations under this Agreement. The Adviser, its Affiliates or the shareholders, directors, officers, principals, trustees, partners, members, employees, managers and agents of any of them (each a "<u>Related Party</u>") may engage in or possess an interest in other business ventures or commercial dealings of every kind and description, independently or with others, including, but not limited to, acquisition and disposition of securities, provision of investment advisory or brokerage services, serving as directors, officers, employees, advisors or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust, or entering into any other commercial arrangements. No Limited Partner shall have any rights in or to such activities of any Related Party or any profits derived therefrom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Other Potential Conflicts of Interest</u>. The Partnership acknowledges that there may be situations in which the interests of the Partnership may conflict with the interests of a Related Party. The Partnership agrees that such activities of a Related Party may be engaged in by such Person, and will not, in any case or in the aggregate, be deemed a breach of this Agreement or any duty that might be owed by any such Person to the Partnership or to any Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>.

The term of this Agreement shall be the same as the term of the Partnership Agreement as set forth therein. This Agreement shall be terminated upon the earliest to occur of (a) the decision of the Partnership in the sole discretion of the General Partner upon thirty (30) days' notice to so terminate, (b) the bankruptcy of the Adviser and (c) the termination of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) This Agreement may be amended, modified or supplemented at any time and from time to time by an instrument in writing signed by each party hereto, or their respective successors or assigns (including, without limitation, amendments to conform to successor entities and applicable regulatory requirements), or otherwise as provided herein, and any provision herein may be waived, by the written consent of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any notice shall be deemed to have been duly given if (i) personally delivered, when received, (ii) sent by United States Express Mail or recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Partnership or its Affiliates and for which any Limited Partner has received access instructions by electronic mail, when posted, as follows:

For notices and communications to the Partnership:

Macquarie Energy Transition Infrastructure Fund, L.P.

660 Fifth Avenue, Level 15

New York, New York 10103<br> Attn: Principal Financial Officer

-and-

For notices and communications to the Adviser:

Macquarie Wealth Advisers, LLC<br> 660 Fifth Avenue, Level 15<br> New York, New York 10103<br> Attn: General Counsel

By notice complying with the foregoing provisions of this Section 8(b), each party shall have the right to change the address for future notices and communications to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) This Agreement shall bind any successors or assigns of the parties hereto as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) This Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) and any additional information incidental thereto may be presented, delivered executed and/or maintained in as many counterparts as necessary or convenient, including both counterparts that are executed on paper and counterparts that are electronic records and executed electronically, and each executed counterpart shall be deemed an original. All such counterparts shall constitute one and the same document. For the avoidance of doubt, any party's execution and delivery of this Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) by electronic signature and/or electronic transmission shall constitute the execution and delivery of a counterpart of the executed document by or on behalf of such party and shall bind such party to its terms. The authorization under this paragraph may include, without limitation, a manually signed paper document which has been converted into electronic form (such as scanned into PDF format or transmitted via facsimile), or an electronically signed document converted into another format, for transmission, delivery and/or retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Adviser acting in the ordinary course of its business as an independent contractor and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Without the consent of a majority of the Independent Directors (which, for the avoidance of doubt, would include all of the Independent Directors in the event there were two or fewer Independent Directors on the Board of Directors), the Adviser shall not assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement, except to an Affiliate thereof; *provided*, that nothing in this Agreement shall preclude changes in the composition of the board of directors of the limited liability company which is the Adviser so long as Macquarie and its Affiliates control such limited liability company; *provided, further*, that such limited liability company may be reconstituted from the limited liability company form to the limited partnership form, the general partnership form or to the corporate form or vice versa or any other form of entity so long as Macquarie and its Affiliates control such reconstituted entity; *provided*, *further*, that, for the avoidance of doubt, the Adviser may make a collateral assignment of all or any portion of its rights to receive Management Fees to secure indebtedness incurred by the Adviser and/or its Affiliates so long as the secured party shall not have any right to become the Adviser hereunder or exercise or perform any of the Adviser's responsibilities hereunder (other than to enforce the rights of the Adviser with respect to the payment of the Management Fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Ownership of Books and Records.</u> The Partnership acknowledges that all books and records established by it or on its behalf in connection with its provision of services hereunder are and shall at all times be the sole and exclusive property of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Delivery of Information.</u> The Partnership acknowledges that it has received Part 2 of the Adviser's Form ADV not less than 48 hours prior to entering into this Agreement.

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<u>Annex B</u>

<u>REDEMPTION PROGRAM</u>

Capitalized terms used herein and not defined shall have the meaning ascribed to them in the Partnership Agreement (as defined below).

<u>Adviser</u>: Macquarie Wealth Advisers, LLC, a Delaware limited liability company.

<u>Business Day</u>: A day which is not a Saturday, Sunday or a day on which banks in New York, New York are authorized or required by law to close.

<u>Feeder</u>: METI TE Feeder, L.P., a Delaware limited partnership.

<u>Fund</u>: Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership.

<u>General Partner</u>: METI GP, LLC, a Delaware limited liability company.

<u>NAV</u>: The net asset value of Units, determined monthly, as of the close of business on the last Business Day of each calendar month, by the Adviser. As described more fully in the Confidential Memorandum and as used herein, NAV refers to the price at which transactions in the Units are made, or "Transactional NAV."

<u>Partnership Agreement</u>: The Second Amended and Restated Limited Partnership Agreement of the Fund, as may be further amended, supplemented or restated from time to time.

<u>Redemption Program</u>: This unit redemption program of the Fund.

<u>Redemption Date</u>: The last Business Day of the applicable calendar quarter.

<u>Redemption Price</u>: The redemption price per Unit for each class of Units, which will be equal to the NAV per Unit of the applicable class as of the Redemption Date.

<u>Investors</u>: The holders of Units of the Fund or any Feeder Fund.

<u>Units</u>: A fractional, undivided interest in the Fund or Feeder Fund and/or an interest in any Intermediate Entity or Parallel Fund unless the context otherwise requires, including Class I, Class D, Class E, and Class S Units, and other Units that may be issued in the sole discretion of the General Partner.

**Unit Redemption Program** 

Under the Redemption Program, to the extent the General Partner chooses to redeem Units in any particular calendar quarter, the Partnership will redeem Units using a purchase price equal to the Redemption Price as of the Redemption Date (which, for the avoidance of doubt, is generally determined on or around the twentieth (20<sup>th</sup>) Business Day following the Redemption Date), subject to the Early Redemption Deduction (as defined below).

Investors may request that the Fund redeem Units through their financial intermediary or directly with the Fund's transfer agent. Certain broker-dealers require that their clients process redemptions through their broker-dealer, which may impact the time necessary to process such redemption request, impose more restrictive deadlines than described under this Redemption Program, impact the timing of an Investor receiving redemption proceeds and require different paperwork or a different process than described in this Redemption Program. An Investor should contact its broker-dealer first if it wants to request the redemption of its Units.

The procedures relating to the redemption of the Units are as follows:

***Submission of Redemption Request***

 ****

● For each calendar quarter, an Investor may submit a redemption request and required documentation beginning the opening of business on the first Business Day of the second month of the applicable calendar quarter and no later than 4 p.m. ET on the last Business Day of the second month of the calendar quarter (such deadline, the " <u>Redemption Deadline</u> " and such submission period, the " <u>Redemption Request Period</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any redemption proceeds that are distributed to an Investor in connection with a redemption may be reduced
by any tax withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Each Investor whose Units (or a portion thereof) have been accepted for redemption would continue to be
an Investor of the Fund until the Redemption Date.

● If a redemption request is received after 4 p.m. ET on the Redemption Deadline of the applicable calendar quarter, the redemption request generally will not be accepted, and if an Investor still wishes to have its Units redeemed, it must resubmit a redemption request during the next quarterly Redemption Request Period. Redemption requests received and processed by the Fund's transfer agent on a Business Day, but after the close of business on that day or on a day that is not a Business Day, will be deemed received on the next Business Day.

● If an Investor requests to have its Units redeemed in full and if the General Partner has accepted such redemption request in full, any Units issued to such Investor under the Fund's distribution reinvestment plan (" <u>DRIP</u> ") subsequent to the Investor's redemption request will be considered part of the Investor's redemption request, and the Investor's participation in the DRIP will be terminated as of the Redemption Date. Any distributions to be paid to such Investor on or after such date will be paid in cash on the scheduled distribution payment date.

● All questions as to the form and validity (including time of receipt) of redemption requests and notices of withdrawal will be determined by the General Partner, in its sole discretion, and such determination shall be final and binding.

● Redemption requests may be made by mail or by contacting the Investor's financial intermediary, both subject to certain conditions described herein. If making a redemption request by contacting the Investor's financial intermediary, the Investor's financial intermediary may require the Investor to provide certain documentation or information. If making a redemption request by mail to the transfer agent, the Investor must complete and sign a redemption request form, a form of which is attached hereto as <u>Schedule A</u>. Written requests should be sent to the Fund's transfer agent at the following address:

Macquarie Energy Transition Infrastructure Fund, L.P.

c/o SS&C GIDS, Inc.

P.O. Box 219895

Kansas City, MO 64121-9895

***Direct Overnight Mail***:

Macquarie Energy Transition Infrastructure Fund, L.P.

c/o SS&C GIDS, Inc.

801 Pennsylvania Ave., Suite 219895

Kansas City, MO 64105-1307

● Corporate investors and other non-individual entities must have an appropriate certification on file authorizing redemptions. A signature guarantee may be required.

 **

***Cancellation of Redemption Request***

 **

Investors may withdraw any redemption request before 4 p.m. ET on the Redemption Deadline for the applicable calendar quarter by notifying the Fund's transfer agent, directly or through the Investor's financial intermediary, on the Fund's toll-free, automated telephone line, (833) 236-7275. The line is open on each Business Day between the hours of 9 a.m. and 6 p.m. ET.

***Redemption Price***

 ****

● Redemption requests received and processed by the Fund's transfer agent will be effected at the Redemption Price, subject to any Early Redemption Deduction.

● For the avoidance of doubt, a redeeming Investor will not be eligible to receive distributions declared on or after the Redemption Date. Additionally, except as otherwise provided in this Redemption Program, all Units timely submitted for redemption and not withdrawn as of the Redemption Deadline, shall be excluded as of the Redemption Date from the Fund's NAV and such redeemed Units will not bear fees or expenses, including but not limited to Management Fees and/or the Management Allocation, the Performance Allocation and Distribution and/or and Servicing Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For illustrative purposes, for redemptions occurring during the calendar quarter ended March 31, 2026,
Investors may submit redemption requests until February 27, 2026, and accepted redemption requests will have a Redemption Date as of March
31, 2026, with a Redemption Price equal to NAV as of the Redemption Date (which should be determined on or around April 28, 2026). Such
redeeming Investor shall receive distributions declared as of March 31, 2026, if any, but beginning April 1, 2026, shall be excluded from
the Fund's NAV, and therefore, will not bear any fees or expenses nor receive any distributions.

***Settlement of Redemptions and Redemption Proceeds***

 ****

● Settlements of redemptions will generally be made in cash no earlier than sixty (60) calendar days, but within sixty-five (65) calendar days, of the Redemption Deadline (*e.g.*, an Investor requesting a March 31<sup>st</sup> redemption would generally be expected to receive a settlement no earlier than April 28<sup>th</sup> of the same year, but no later than May 3<sup>rd</sup> of the same year).

● For processed redemptions, Investors investing with a financial intermediary will receive redemption proceeds via their preferred payment method to the account at their financial intermediary from which their subscription funds were debited.

● Investors investing without a financial intermediary may request that redemption proceeds be paid by mailed check provided that the check is mailed to an address on file with the Fund's transfer agent for at least thirty (30) calendar days. Investors should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

● Investors investing without a financial intermediary may also receive redemption proceeds via wire transfer, provided that wiring instructions for their brokerage account or designated U.S. bank account are provided. For all redemptions paid via wire transfer, the funds will be wired to the account on file with the Fund's transfer agent or, upon instruction, to another financial institution provided that the Investor has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating a bank or brokerage account on file. Funds will be wired only to U.S. financial institutions.

● A medallion signature guarantee may be required in certain circumstances described below. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Fund reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any redemption or transaction request. The Fund may require a medallion signature guarantee if, among other reasons: (1) the amount of the redemption request is over $100,000; (2) an Investor wishes to have redemption proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least thirty (30) calendar days or sent to an address other than such Investor's address of record for the past thirty (30) calendar days; or (3) the Fund's transfer agent cannot confirm an Investor's identity or suspects fraudulent activity.

● If an Investor has made multiple purchases of Units, any redemption request will be processed on a first in/first out basis.

***Minimum Account Balance***

An Investor that has less than all of its Units redeemed must maintain a minimum account balance after the redemption is effected, the amount of which will be established by the Fund from time to time and is currently $5,000. If an Investor requests the redemption of a number of Units that would cause the aggregate NAV of the Investor's holdings to fall below the required minimum, the Fund reserves the right to reduce the amount to be redeemed from the Investor so that the required minimum balance is maintained. In the alternative, the Fund may redeem all of such Investor's Units in the Fund. The General Partner may waive the minimum account balance from time to time in its sole discretion. Minimum account balance redemptions are subject to the Early Redemption Deduction.

***Redemption Limitations***

The General Partner may cause the Fund to redeem fewer Units than have been requested in any particular calendar quarter to be redeemed under this Redemption Program, or none at all, in its discretion at any time. In addition, redemptions under this Redemption Program will be limited in any calendar quarter to 5% of Units outstanding (by number of Units) (including Units attributable to any Feeder Fund and any Parallel Fund) as of the last Business Day of the immediately preceding calendar quarter; *provided* that the General Partner may, in its sole discretion and in accordance with the Partnership Agreement, cause the Fund to redeem Units in an amount that exceeds such 5% quarterly volume limitation in any calendar quarter.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem some but not all of the Units submitted for redemption during any calendar quarter, Units submitted for redemption for such calendar quarter will be redeemed on a *pro rata* basis after the Fund has redeemed all Units for which redemption has been requested due to death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Investor of the Investor and other limited exceptions. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, Investors must resubmit their redemption request in the next quarterly Redemption Request Period. Any exchange of a Class of Units for an equivalent aggregate NAV of another Class of Units will not be subject to, and will not be treated as redemptions for the calculation of, the 5% quarterly volume limitation on redemptions and will not be subject to the Early Redemption Deduction. For the avoidance of doubt, if an Investor's redemption request is pro-rated (as described in Section 5 of Schedule A) in a quarter, (1) the Investor will remain in the DRIP unless such Investor has "opted out" of such DRIP as more fully described in the Confidential Memorandum and (2) any Units held by the Investor with respect to the portion of the Investor's redemption request that remains unsatisfied will continue to receive distributions declared after the Redemption Date, will be included as of the Redemption Date in the Fund's NAV and will continue to bear fees and expenses, including but not limited to Management Fees, the Management Allocation and servicing fees as of the Redemption Date.

The Fund will have no obligation to redeem Units, including if such redemptions would violate the restrictions on distributions under federal law or Delaware law. Further, the Redemption Program is at the sole discretion of the General Partner, and the General Partner may make exceptions to, modify, amend or suspend the Redemption Program without Investor approval if in its reasonable judgment it deems such action to be in the Fund's best interest, including, but not limited to, for tax, regulatory or other structuring reasons. As a result, the Redemption Program may not be available each quarter, such as when the Redemption Program would place an undue burden on the Fund's liquidity, adversely affect its operations or risk having an adverse impact on the Fund that would outweigh the benefit of the Redemption Program, in each case as determined by the General Partner in its sole discretion and in accordance with the Partnership Agreement.

If the Management Fee is paid in Units, such Units may be redeemed at the Adviser's request and will be subject to volume limitations of the Redemption Program but will not be subject to the Early Redemption Deduction. If the Performance Participation Allocation is paid in Units, such Units may be redeemed at the General Partner's request and will be subject to volume limitations of the Redemption Program but will not be subject to the Early Redemption Deduction.

***Early Redemption Deduction***

Subject to limited exceptions, Units that have not been outstanding for at least one (1) year will be subject to an early redemption deduction equal to 5% of the value of the NAV of the Units being redeemed (calculated as of the Redemption Date) (the "<u>Early Redemption Deduction</u>") for the benefit of the Fund and therefore indirectly the Investors. The one-year holding period is measured as of the subscription closing date immediately following the prospective Redemption Date. For illustrative purposes, an Investor that acquires Units on October 1 would not be subject to an Early Redemption Deduction for participating in a redemption that has a Redemption Date of September 30 one year later (or anytime thereafter). The Early Redemption Deduction will not apply to Units acquired through the Fund's DRIP.

The General Partner may, from time to time, waive the Early Redemption Deduction in its discretion, including, without limitation, in the following circumstances (subject to conditions described below):

● redemptions resulting from death, dissolution, bankruptcy, insolvency or adjudicated incompetence of an Investor;

● in the case of redemptions arising from the rebalancing of a model portfolio sponsored by a financial intermediary;

● due to trade or operational error; or

● in certain other circumstances.

As set forth above, the Fund may waive the Early Redemption Deduction in respect of redemption of Units resulting from the death, dissolution, bankruptcy, insolvency or adjudicated incompetence of an Investor who is a natural person, including Units held by such Investor through a trust or an individual retirement account or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Investor, the recipient of the Units through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request redemption on behalf of the trust, (ii) in the case of qualifying disability, receiving written notice from such Investor, provided that the condition causing the qualifying disability was not pre-existing on the date that the Investor became an Investor or (iii) in the case of divorce, receiving written notice from the Investor of the divorce and the Investor's instructions to effect a transfer of the Units (through the redemption of the Units by the Fund and the subsequent purchase by the Investor) to a different account held by the Investor (including trust or an individual retirement account or other retirement or profit-sharing plan). The Fund must receive the written redemption request within 12 months after the death of the Investor, the initial determination of the Investor's qualifying disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, dissolution, bankruptcy, insolvency or adjudicated incompetence of an Investor. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Investor. If spouses are joint registered holders of Units, the request to have the Units redeemed may be made if either of the registered holders dies or acquires a qualifying disability. If the Investor is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Redemption Deduction upon death, dissolution, bankruptcy, insolvency or adjudicated incompetence does not apply.

***Investors of the Feeder and any Parallel Fund***

For the avoidance of doubt, Investors of the Feeder (and any other Feeder Fund) participate in this Redemption Program as if they were a direct holder of Units of the Fund. Any Unit redemption program for a Parallel Fund will include substantially similar timing, volume and suspension limitations as provided for in this Redemption Program. Redemption requests from Investors of any Parallel Fund will be pooled together with the redemption requests of the Fund and the Feeder (and any other Feeder Fund) in applying the redemption limitations above and Investors of such Parallel Fund will be subject to the same *pro rata* redemption treatment, if applicable. The General Partner may determine not to apply the Early Redemption Deduction to Feeder Funds or Parallel Funds or their investors, often because of administrative or systems limitations.

***Items of Note***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors will not receive interest on amounts represented by uncashed redemption checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under applicable anti-money laundering regulations and other federal regulations, redemption requests
may be suspended, restricted or canceled and the proceeds may be withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Units requested to be redeemed must be beneficially owned by the Investor of record making the request
or his or her estate, heir or beneficiary, or the party requesting the redemption must be authorized to do so by the Investor of record
or his or her estate, heir or beneficiary, and such Units must be fully transferable and not subject to any liens or encumbrances. In
certain cases, the Fund may ask the requesting party to provide evidence satisfactory to the Fund that the Units requested for redemption
are not subject to any liens or encumbrances. If the Fund determines that a lien exists against the Units, the Fund will not be obligated
to redeem any Units subject to the lien.

***Mail and Telephone Instructions***

The Fund and its transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Investor transactions if they reasonably believe that such instructions are genuine. The Fund's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Investor to provide certain specific identifying information on file and sending written confirmation to Investors of record. The Fund and the Fund's transfer agent shall not be liable for failure by the Investor or its agent to properly act upon instructions in a timely manner under any circumstances. Failure by the Investor or its agent to notify the Fund's transfer agent within sixty (60) calendar days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy will fully relieve the Fund, the Fund's transfer agent and the financial intermediary of any liability with respect to the discrepancy.

**SCHEDULE A**

**FORM OF REDEMPTION REQUEST FORM**

**FOR MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P. OR** 

**METI TE FEEDER, L.P.**

Use this form to request redemption of your Units in Macquarie Energy Transition Infrastructure Fund, L.P. or METI TE Feeder, L.P. (as applicable, the "Fund")<sup>1</sup>. Please complete all sections below.

**1. REDEMPTION FROM THE FOLLOWING ACCOUNT**

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| | |
|:---|:---|
|  |  |
| &nbsp;&nbsp;&nbsp;***Name(s) on the Account*** |  |
| &nbsp;&nbsp;&nbsp;***Account Number*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Social Security Number/TIN*** |
| &nbsp;&nbsp;&nbsp;***Financial Advisor Name*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Financial Advisor Phone Number and Email*** |

---

**2. REDEMPTION AMOUNT *(Check one, required)***

◻ All Units ☐ Number of Units

**3. REDEMPTION TYPE<sup>2</sup> *(Check one, required)***

◻ Standard ◻ Death ◻ Divorce

◻ Dissolution ◻ Bankruptcy ◻ Insolvency

◻ Adjudicated Incompetence

**4. PAYMENT INSTRUCTIONS *(Select only one)***

Indicate how you wish to receive your cash payment below. If you invested without a financial intermediary and an option is not selected, a check will be sent to your address on file with the General Partner. If you invested with a financial intermediary, redemption proceeds will be sent (via their preferred payment method) to the account at your financial intermediary from which your subscription funds were debited. ***All Custodial-held and Broker-controlled accounts must include the Custodian and/or Broker-Dealer signature.***

◻ **Check Mailed to the Address on file with the General Partner**

◻ **Check Mailed to Third Party/Custodian** *(Signature Guarantee required)*

◻ **I authorize the Fund or its agent to deposit my redemption proceeds into my checking or savings account. In the event that the Fund or its agent deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.**

---

| | |
|:---|:---|
| Name/Entity Name/Financial Institution | &nbsp;&nbsp;Mailing Address |
| City, State and Zip Code | &nbsp;&nbsp;Account Number (*Required*) |

---

1 Capitalized terms not defined herein shall have the meaning ascribed to them in the Partnership Agreement of the Fund.

---

| | |
|:---|:---|
| 2 | **Additional documentation is required if redeeming due to death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Investor. Contact** the Fund's transfer agent, on the Fund's toll-free, automated telephone line, **(833) 236-7275 for detailed instructions.** |

---

◻ **Direct Deposit**. **Please attach a <u>pre-printed voided check</u>.** *(Non-Custodial Investors Only)*

---

| | |
|:---|:---|
| *I authorize the Fund or its agent to deposit my redemption proceeds into my checking or savings account. In the event that the Fund or its agent deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.* | *I authorize the Fund or its agent to deposit my redemption proceeds into my checking or savings account. In the event that the Fund or its agent deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.* |
| Financial Institution Name | &nbsp;&nbsp;Mailing Address (including City, State and Zip Code) |
| Your Bank's ABA Routing Number | &nbsp;&nbsp;Your Bank Account Number |

---

**PLEASE ATTACH A PRE-PRINTED VOIDED CHECK**

**5. CONSIDERATIONS RELATED TO SATISFACTION OF REDEMPTIONS *(Select only one)***

The Redemption Program contains limitations on the number of Units that can be redeemed under the Redemption Program during any calendar quarter. In addition to these limitations, the General Partner cannot guarantee that the Fund will have sufficient funds to accommodate all redemption requests made in any applicable redemption period and the General Partner may cause the Fund to redeem fewer Units than have been requested in any particular calendar quarter, or none at all. If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption for such calendar quarter will be redeemed on a *pro rata* basis after the Fund has redeemed all Units for which redemption has been requested due to death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Investor. By checking one of the options below, you may elect, if redemption requests are reduced on a *pro rata* basis after the Fund has redeemed all Units for which redemption has been requested death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Investor, to either withdraw your entire request for redemption or have your request honored on a *pro rata* basis. If you wish to have the remainder of your initial request redeemed, you must resubmit a new Redemption Request for the remaining amount.

**Please select one of the following options below. If an option is not selected, your redemption request will be processed on a *pro rata* basis, if needed.**

◻ Process my redemption request on a *pro rata* basis.

---

| | |
|:---|:---|
| ◻ | Withdraw (do not process) my entire redemption request if amount will be reduced on a *pro rata* basis. |

---

**6. AUTHORIZATION AND SIGNATURE** 

**IMPORTANT: Signature Guarantee may be required if any of the following applies**:

● Amount to be redeemed is $100,000 or more.

● The redemption proceeds are transferred by wire to an account other than the designated bank or brokerage account we have had on file for the past thirty (30) calendar days or sent to an address other than the address we have had on file for the past thirty (30) calendar days.

● The Fund's transfer agent cannot confirm an Investor's identity or suspects fraudulent activity.

● The redemption is to be sent to an address other than the address on file.

● If there has been a change to the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state "**[ *Previous Name* ]** is one-and-the-same as **[ *New Name* ]**" and you must sign your old and new name.

● The redemption proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* 

Investor Name (Please Print) Signature Date

Co-Investor Name (Please Print) Signature Date

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| | |
|:---|:---|
| &nbsp;&nbsp; **Signature Guarantee**<br> *(Affix Medallion or Signature <br> Guarantee Stamp Below)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Custodian and/or Broker/Dealer Authorization**<br> *(if applicable)*<br><u> </u><br> Signature of Authorized Person |

---

There are various limitations on your ability to request that the Fund redeems your Units, including, subject to certain exceptions, the Early Redemption Deduction if your Units have been outstanding for less than one (1) year. In addition, redemptions under this Redemption Program will be limited in any calendar quarter to 5% of the Fund's outstanding Units (by number of Units) (including Units attributable to any Feeder Fund and any Parallel Fund) as of the last Business Day of the immediately preceding calendar quarter. The Fund will have no obligation to redeem Units, including if the redemption would violate federal law or Delaware law, including restrictions on distributions thereunder. The General Partner may determine to make exceptions to, amend or suspend the Redemption Program without Investor approval if in its reasonable judgment it deems such action to be in the Fund's best interest, including, but not limited to, for tax, regulatory or other structuring reasons. As a result, the Redemption Program may not be available each quarter, such as when the Redemption Program would place an undue burden on the Fund's liquidity, adversely affect its operations or risk having an adverse impact on the Fund that would outweigh the benefit of the Redemption Program, in each case as determined by the General Partner in its sole discretion and in accordance with the Partnership Agreement. Redemption of Units, when requested, will generally be made quarterly. All requests for redemption must be received in good order by the Redemption Deadline, which is no later than 4:00 p.m. ET on the last Business Day of the second month of the applicable quarter. An Investor may withdraw his or her redemption request by notifying the transfer agent, directly or through the Investor's financial intermediary, on the Fund's toll-free, automated telephone line, (833) 236-7275. Redemption requests must be cancelled before 4:00 p.m. ET on the applicable Redemption Deadline. The General Partner cannot guarantee that the Fund will have sufficient available funds or that the Fund will otherwise be able to accommodate any or all requests made in any applicable redemption period. All questions as to the form and validity (including time of receipt) of redemption requests and notices of withdrawal will be determined by the General Partner, in its sole discretion, and such determination shall be final and binding.

 **

***Please submit completed forms by e-mail to MacquarieWealth@sscinc.com or by mail to:***

 **

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Regular Mail:**<br> Macquarie Energy Transition Infrastructure Fund, L.P.<br> c/o SS&C GIDS, Inc.<br> P.O. Box 219895<br> Kansas City, MO 64121-9895 | &nbsp;&nbsp; **Direct Overnight Mail:**<br> Macquarie Energy Transition Infrastructure Fund, L.P.<br> c/o SS&C GIDS, Inc.<br> 801 Pennsylvania Ave., Suite 219895<br> Kansas City, MO 64105-1307 |

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## Exhibit 10.1

**Exhibit 10.1**

<u>AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT</u>

This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (this "<u>Agreement</u>") is made as of October 31, 2025, by and between Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), and Macquarie Wealth Advisers, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Partnership desires that the Adviser originate and recommend investment opportunities to the Partnership, monitor and evaluate investments made by the Partnership (the "<u>Investments</u>") as requested by METI GP, LLC (the "<u>General Partner</u>"), and the Adviser desires to render such services to the Partnership in consideration of a management fee and other compensation as hereinafter specified;

WHEREAS, the engagement of the Adviser by the Partnership is authorized by the Second Amended and Restated Limited Partnership Agreement of the Partnership (as further amended and/or restated from time to time, the "<u>Partnership Agreement</u>"); and

WHEREAS, the Partnership and the Adviser entered into an Investment Advisory Agreement dated as of July 2025 (the "<u>Original Advisory Agreement</u>") and desire to amend and restate the Original Advisory Agreement in its entirety and enter into this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree to amend and restate the Original Advisory Agreement in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms.</u>

The defined terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified in this Section 1 or, if not so specified, shall have the meanings specified in Article I of the Partnership Agreement.

"<u>Director Fee</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Initial Closing</u>" shall mean the first day on which the Partnership accepts a subscription for Units by persons that are not affiliates of the General Partner.

"<u>Management Fee</u>" shall have the meaning specified in Section 3(a) hereof.

"<u>Organizational and Offering Expenses</u>" shall have the meaning specified in the Confidential Memorandum.

"<u>Other Fees</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Reduction Amount</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Units</u>" shall mean each of Class D Units, Class E Units, Class I Units and Class S Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Provision of Services by the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall identify to the Partnership investment opportunities consistent with the purposes of the Partnership, acquire, monitor, evaluate and dispose of Investments and provide such other services related thereto as the Partnership may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Services to be rendered by the Adviser in connection with the Partnership's investment program shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) analysis and investigation of potential Portfolio Entities, including their products, services, markets, management, financial situation, competitive position, market ranking and prospects for future performance and analyzing other Investments, including primary and secondary investments in other funds or vehicles acquired in primary or secondary transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) analysis and investigation of potential dispositions of Investments, including identification of potential acquirers and evaluation of offers made by such potential acquirers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) structuring of acquisitions of Investments, including through any Intermediate Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) identification of bank and institutional sources of financing, arrangement of appropriate introductions and marketing of financing proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) supervision of the preparation and review of all documents required in connection with the acquisition, disposition or financing of each Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) monitoring the performance of Portfolio Entities and, where appropriate, providing advice to the management of the Portfolio Entities during the life of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) arranging and coordinating the services of other personnel, whether part-time or full-time, and sub-advisers, attorneys, independent accountants, administrators, agents, consultants or such other persons as the Adviser may deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) providing the Partnership with such other services as the General Partner may, from time to time, appoint the Adviser to be responsible for and perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) borrowing or raising monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) engaging in such other lawful investment transactions as the Adviser from time to time may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) interest rate or currency swap agreements, hedging arrangements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Partnership's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) evaluating and recommending to the General Partner hedging strategies and engaging in hedging activities on the Partnership's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) assisting the Partnership in complying with all regulatory requirements applicable to the Partnership in respect of the Partnership's business activities, including (1) preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the 1934 Act or the Securities Act of 1933, as amended, or by any national securities exchange, and facilitating compliance with the Sarbanes-Oxley Act of 2002, the listing rules of any national securities exchange, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and (2) in the event that the Partnership is a commodity pool under the U.S. Commodity Exchange Act, as amended (the "<u>CEA</u>"), acting as the Partnership's commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority and responsibility to make any filings, submissions or registrations (including for exemptive or "no action" relief) to the extent required or desirable under the CEA (and the Partnership hereby appoints the Adviser to act in such capacity and the Adviser accepts such appointment and delegation and agrees to be responsible for such services); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) doing such other acts as the Adviser may deem necessary, incidental, convenient or advisable in connection with the foregoing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner hereby retains the Adviser to perform certain duties with respect to the Partnership, to the extent requested and determined by the General Partner to be necessary or appropriate and in each case subject to the supervision, direction, oversight and review of the General Partner, including, but not limited to, advising on the general and day-to-day operations of the Partnership and the acquisition and disposal of, and dealings with, Investments by or for the account of the Partnership including, but not limited to, those listed in Sections 2(a) and 2(b) hereof. The Adviser hereby accepts such retention and agrees to perform such duties in accordance with the provisions of the Partnership Agreement. Notwithstanding the retention of the Adviser, nothing herein or in the Partnership Agreement shall relieve the General Partner of any liability with respect to any duties performed by the Adviser hereunder or with respect to the failure of the Adviser to perform hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall maintain or have at its availability a staff trained and experienced in the business of identifying and structuring transactions contemplated by the Partnership Agreement. In addition to the services of its own staff, the Adviser shall arrange for and coordinate the services of other professionals and consultants to the extent it deems necessary. The Adviser may delegate all or part of its responsibilities under this Agreement to such Persons as it shall reasonably decide, provided, that the Adviser shall not delegate its right to make material decisions regarding the Partnership's acquisition or disposition of Investments to any Person who is not an Affiliate of the Adviser and the General Partner without approval or ratification of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The General Partner hereby constitutes and appoints the Adviser as the General Partner's attorney-in-fact with full power and authority to act on behalf of the General Partner to the extent necessary to satisfy its obligations pursuant to this Agreement. This power of attorney is coupled with an interest and shall terminate only on termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Management Fee, Other Fees and Director Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to Section 4.5(b) of the Partnership Agreement, the Partnership shall pay to the Adviser a management fee (the "<u>Management Fee</u>"), calculated in the manner set forth below. The Partnership shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct, including any sub-adviser. Pursuant to, and as further described in, the Partnership Agreement, the Adviser may elect on an annual basis in advance of the applicable Taxable Year (as defined in the Partnership Agreement), in lieu of the Management Fee it would otherwise be entitled to pursuant to this Agreement and the Partnership Agreement, to receive the Management Allocation (as defined in the Partnership Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee shall be calculated and paid monthly by the Partnership in arrears with respect to each calendar month commencing with the Initial Closing in an amount equal to 1.25% per annum of the NAV of the Partnership (other than Class E Units, for which there is no Management Fee); *provided*, that for each class of Units (other than Class E Units), the Management Fee shall be waived for the first twelve (12) months following the Initial Closing, such that the Management Fee shall be equal to the annual rate of 0.85% of the NAV of the Partnership (other than Class E Units). The Management Fee shall be payable by the Partnership before giving effect to any accruals for the Management Fee, Administration Fee, the Distribution and/or Servicing Fee, the Performance Allocation, Unit repurchases for that month, any distributions and without taking into account certain taxes incurred (directly or indirectly) by the Partnership or an Intermediate Entity in which the Partnership participates. The Partnership, the Feeder and/or any such Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Management Fee based on its proportional interest in the Intermediate Entities. The Adviser may elect to receive the Management Fee in cash and/or Units of the Partnership. If the Management Fee is paid in Units, such Units may be repurchased by the Partnership at NAV per Unit at the Adviser's request pursuant to a separate repurchase arrangement and will be subject to the volume limitations of the Repurchase Program but not the Early Repurchase Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any fees (other than the Management Fee, the Distribution and/or Servicing Fee) earned by the Adviser and/or its Affiliates from or with respect to the Partnership's investment activities and/or Portfolio Entity, including but not limited to (i) break-up fees or similar fees in connection with unconsummated transactions (which does not include amounts received with respect to group purchasing, healthcare brokerage, insurance and other similar services to the Portfolio Entities), closing fees, monitoring fees or other similar fees from portfolio companies in connection with the acquisition, ownership, control and exit of Portfolio Entities ("<u>Other Fees</u>"), (ii) cash and non-cash directors' fees, including warrants, options, derivatives and other rights in respect of securities owned by the Partnership ("<u>Director Fees</u>") and (iii) fees charged by affiliated service providers for the Partnership (or its Portfolio Entities or entities through which the Partnership makes acquisitions of Portfolio Entities) shall be paid directly to the Adviser or its Affiliates and the Partnership recognizes and consents that the Adviser and its Affiliates may receive such fees and the Management Fee shall not be affected thereby except as expressly set forth in the immediately succeeding two sentences of this Section 3(c); *provided*, that such fees and any Reduction Amount (as defined below) shall generally be allocated among the Partnership, the Feeder, any Parallel Funds, Intermediate Entities, other MAM Managed Entities, or other Persons pro rata as determined in the good faith discretion of the Adviser and its affiliates. However, the Management Fee paid by the Partnership shall be reduced (but not below zero) by an amount (the "<u>Reduction Amount</u>") equal to the sum of (i) 100% of the Partnership's share of any Other Fees received by the Adviser or its Affiliates in such fiscal year, (ii) 100% of the Partnership's share of all Director Fees received by the Adviser and its Affiliates in such fiscal year and (iii) any management fees paid or borne by the Partnership in connection with the Partnership's investments in MAM Managed Entities, after giving effect to any fee rebates to which the Partnership is entitled each month or has received each month, directly or indirectly, by the Partnership from such MAM Managed Entity; *provided* that the Reduction Amount shall be decreased by Fund Expenses and the Partnership's share (pro rata with any parallel vehicles) of Broken Deal Expenses that the General Partner or its Affiliates had elected to bear. Further, the portion of fees related to consulting, management or other services from Portfolio Entities in excess of the cap set forth in the Partnership Agreement shall also be offset against the Management Fee. Except as set forth above, the Partnership will not receive (in the form of an offset against the Management Fee or otherwise) the benefit of fees or other compensation received by Macquarie in connection with the provision of services by Macquarie to the Partnership or third parties). In no event will Other Fees or Director Fees include any stock options or other compensation granted or paid by Portfolio Entities to employees of Macquarie who serve in a bona fide, non-director management capacity at any such Portfolio Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Other Fees shall be net of, to the extent not reimbursed or paid as provided herein, reasonable out-of-pocket expenses incurred by the Adviser or its Affiliates (and not otherwise reimbursed) in connection with the transaction out of which such fees arose. Subject to the foregoing, the Reduction Amounts in respect of fees received by the Adviser and its Affiliates in any month shall be based upon the aggregate of fees received by the Adviser and its Affiliates. The Reduction Amounts for each month shall be applied to reduce the Management Fee payable at the beginning of the immediately succeeding month (but not to an amount below zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser and its Affiliates may receive fees of the type described in this Section 3 from companies other than the Partnership's Portfolio Entities and their Affiliates and those involved in the Partnership's unconsummated transactions, including in connection with a joint venture in which the Partnership participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty of the Partnership and/or as otherwise described in the Confidential Memorandum. The Adviser and its Affiliates shall have no obligation to reduce the Management Fee in respect of such fees or share such fees in any way with the Partnership or the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Management Fee for the first calendar month and the last calendar month of the Partnership shall each be prorated for the number of days in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Initial Expenses Support</u>.

The Adviser shall advance all or a portion of the Partnership's Organizational and Offering Expenses and all or a portion of the Fund Expenses (in addition to the Organizational and Offering Expenses) on the Partnership's behalf pursuant to a separate expense limitation and reimbursement agreement between the Partnership and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exculpation and Indemnification</u>.

The parties hereto acknowledge that the Adviser and its officers, directors, members, partners, employees, agents, stockholders and Affiliates are beneficiaries of and shall be bound by and deemed subject to the exculpation and indemnification provisions of the Partnership Agreement, which provisions are incorporated herein by reference and which shall apply to this Agreement *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Activities of the Adviser</u>. The Adviser shall not be required to devote full time to the affairs of the Partnership, but shall devote such time as may be reasonably required to perform its obligations under this Agreement. The Adviser, its Affiliates or the shareholders, directors, officers, principals, trustees, partners, members, employees, managers and agents of any of them (each a "<u>Related Party</u>") may engage in or possess an interest in other business ventures or commercial dealings of every kind and description, independently or with others, including, but not limited to, acquisition and disposition of securities, provision of investment advisory or brokerage services, serving as directors, officers, employees, advisors or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust, or entering into any other commercial arrangements. No Limited Partner shall have any rights in or to such activities of any Related Party or any profits derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Potential Conflicts of Interest</u>. The Partnership acknowledges that there may be situations in which the interests of the Partnership may conflict with the interests of a Related Party. The Partnership agrees that such activities of a Related Party may be engaged in by such Person, and will not, in any case or in the aggregate, be deemed a breach of this Agreement or any duty that might be owed by any such Person to the Partnership or to any Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>.

The term of this Agreement shall be the same as the term of the Partnership Agreement as set forth therein. This Agreement shall be terminated upon the earliest to occur of (a) the decision of the Partnership in the sole discretion of the General Partner upon thirty (30) days' notice to so terminate, (b) the bankruptcy of the Adviser and (c) the termination of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be amended, modified or supplemented at any time and from time to time by an instrument in writing signed by each party hereto, or their respective successors or assigns (including, without limitation, amendments to conform to successor entities and applicable regulatory requirements), or otherwise as provided herein, and any provision herein may be waived, by the written consent of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice shall be deemed to have been duly given if (i) personally delivered, when received, (ii) sent by United States Express Mail or recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Partnership or its Affiliates and for which any Limited Partner has received access instructions by electronic mail, when posted, as follows:

For notices and communications to the Partnership:

Macquarie Energy Transition Infrastructure Fund, L.P.

660 Fifth Avenue, Level 15

New York, New York 10103<br> Attn: Principal Financial Officer

-and-

For notices and communications to the Adviser:

Macquarie Wealth Advisers, LLC<br> 660 Fifth Avenue, Level 15<br> New York, New York 10103<br> Attn: General Counsel

By notice complying with the foregoing provisions of this Section 8(b), each party shall have the right to change the address for future notices and communications to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall bind any successors or assigns of the parties hereto as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) and any additional information incidental thereto may be presented, delivered executed and/or maintained in as many counterparts as necessary or convenient, including both counterparts that are executed on paper and counterparts that are electronic records and executed electronically, and each executed counterpart shall be deemed an original. All such counterparts shall constitute one and the same document. For the avoidance of doubt, any party's execution and delivery of this Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) by electronic signature and/or electronic transmission shall constitute the execution and delivery of a counterpart of the executed document by or on behalf of such party and shall bind such party to its terms. The authorization under this paragraph may include, without limitation, a manually signed paper document which has been converted into electronic form (such as scanned into PDF format or transmitted via facsimile), or an electronically signed document converted into another format, for transmission, delivery and/or retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Adviser acting in the ordinary course of its business as an independent contractor and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without the consent of a majority of the Independent Directors (which, for the avoidance of doubt, would include all of the Independent Directors in the event there were two or fewer Independent Directors on the Board of Directors), the Adviser shall not assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement, except to an Affiliate thereof; *provided*, that nothing in this Agreement shall preclude changes in the composition of the board of directors of the limited liability company which is the Adviser so long as Macquarie and its Affiliates control such limited liability company; *provided, further*, that such limited liability company may be reconstituted from the limited liability company form to the limited partnership form, the general partnership form or to the corporate form or vice versa or any other form of entity so long as Macquarie and its Affiliates control such reconstituted entity; *provided*, *further*, that, for the avoidance of doubt, the Adviser may make a collateral assignment of all or any portion of its rights to receive Management Fees to secure indebtedness incurred by the Adviser and/or its Affiliates so long as the secured party shall not have any right to become the Adviser hereunder or exercise or perform any of the Adviser's responsibilities hereunder (other than to enforce the rights of the Adviser with respect to the payment of the Management Fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Ownership of Books and Records.</u> The Partnership acknowledges that all books and records established by it or on its behalf in connection with its provision of services hereunder are and shall at all times be the sole and exclusive property of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Delivery of Information.</u> The Partnership acknowledges that it has received Part 2 of the Adviser's Form ADV not less than 48 hours prior to entering into this Agreement.

[*Rest of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their representatives thereunto duly authorized effective as of the day and year first above written.

---

| | |
|:---|:---|
| **MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P.** | **MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P.** |
| By: | METI GP, LLC, its general partner |
| By: | /s/ William Demas |
| Name: | William Demas |
| Title: | President |
| By: | /s/ Melissa Toomey |
| Name: | Melissa Toomey |
| Title: | Assistant Secretary |
| **MACQUARIE WEALTH ADVISERS, LLC** | **MACQUARIE WEALTH ADVISERS, LLC** |
| By: | /s/ Alex Lee |
| Name: | Alex Lee |
| Title: | President |

---

[*Signature Page to Macquarie Energy Transition Infrastructure Fund, L.P. A&R IAA*]

## Exhibit 10.2

**Exhibit 10.2**

<u>AMENDMENT NO. 1 TO AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT</u>

This AMENDMENT NO. 1 (this "<u>Amendment</u>") to the Amended and Restated Investment Advisory Agreement, dated as of October 31, 2025 (this "<u>Agreement</u>") is made as of May 1, 2026 between Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), and Macquarie Wealth Advisers, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Partnership entered into the Agreement with the Adviser to originate and recommend investment opportunities to the Partnership, monitor and evaluate Investments;

WHEREAS, the engagement of the Adviser by the Partnership is authorized by the Second Amended and Restated Limited Partnership Agreement of the Partnership (as further amended and/or restated from time to time, the "<u>Partnership Agreement</u>");

WHEREAS, as set forth in Section 8(a) of the Agreement, the parties wish to amend the Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS; REFERENCES</u>. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement or the Partnership Agreement. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Partnership Agreement shall, after the date hereof, refer to the Partnership Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>AMENDMENT TO THE AGREEMENT</u>. Section 3(b) is hereby removed in its entirety and replaced with the following:

"The Management Fee shall be calculated and paid monthly by the Partnership in arrears with respect to each calendar month commencing with the Initial Closing in an amount equal to 1.25% per annum of the NAV of the Partnership (other than Class E Units, for which there is no Management Fee); provided, that for each class of Units (other than Class E Units), the Management Fee shall be waived for the first twenty-four (24) months following the Initial Closing, such that the Management Fee shall be equal to the annual rate of 0.85% of the NAV of the Partnership (other than Class E Units). The Management Fee shall be payable by the Partnership before giving effect to any accruals for the Management Fee, Administration Fee, the Distribution and/or Servicing Fee, the Performance Allocation, Unit redemptions for that month, any distributions and without taking into account certain taxes incurred (directly or indirectly) by the Partnership or an Intermediate Entity in which the Partnership participates. The Partnership, the Feeder and/or any such Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Management Fee based on its proportional interest in the Intermediate Entities. The Adviser may elect to receive the Management Fee in cash and/or Units of the Partnership. If the Management Fee is paid in Units, such Units may be redeemed by the Partnership at NAV per Unit at the Adviser's request and will be subject to the volume limitations of the Redemption Program but not the Early Redemption Deduction."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>ENTIRE AGREEMENT</u>. Except as amended by this Amendment, the Agreement remains unaltered and in full force and effect. The Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>COUNTERPARTS</u>. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>GOVERNING LAW</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

[*Rest of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their representatives thereunto duly authorized effective as of the day and year first above written.

---

| | |
|:---|:---|
| **MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P.** | **MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P.** |
| By: | METI GP, LLC, its general partner |

---

---

| | |
|:---|:---|
| By: | /s/ William Demas |
| Name: | William Demas |
| Title: | President |
| By: | /s/ Melissa Toomey |
| Name: | Melissa Toomey |
| Title: | Assistant Secretary |

---

---

| | |
|:---|:---|
| **MACQUARIE WEALTH ADVISERS, LLC** | **MACQUARIE WEALTH ADVISERS, LLC** |
| By: | /s/ Alex Lee |
| Name: | Alex Lee |
| Title: | President |

---

*[Signature Page to METI US - Amendment No. 1 to A&R Investment Advisory Agreement]*

## Exhibit 10.3

**Exhibit 10.3**

**Macquarie Energy Transition Infrastructure Fund, L.P.**

January 28, 2025

Delaware Distributors, L.P.

100 Independence

610 Market Street

Philadelphia, PA 19106-2354

Re: <u>Private Placement Agent Agreement</u>

Ladies and Gentlemen:

This letter (this "<u>Agreement</u>") confirms our understanding and agreement with respect to the engagement of Delaware Distributors, L.P. ("<u>Placement Agent</u>") to serve as placement agent in connection with the private placement of limited partnership interests (the "<u>Units</u>") in Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Master Fund</u>"), METI TE Feeder, L.P., a Delaware limited partnership (the "<u>Feeder</u>", together with the Master Fund, the "<u>Fund</u>") as set forth in the Confidential Memorandum of the Fund dated January 2025 (as the same may be amended or supplemented from time to time, the "<u>Memorandum</u>"). Terms not otherwise defined herein shall have the meanings assigned to such terms in the Memorandum. Central Park Advisers, LLC, a Delaware limited liability company, will act as investment adviser (the "<u>Adviser</u>") to the Fund. The Placement Agent and Adviser are affiliated companies.

The Fund is offering three Classes of Units: Class S Units, Class D Units and Class I Units. For the avoidance of doubt any reference to Class S Units, Class D Units, and/or Class I Units shall include each of the Fund's Class S Units, Class D Units and/or Class I Units and the Feeder's Class STE Units, Class DTE Units, and/or Class ITE Units. The differences between the classes of Units and the eligibility requirements for each Class are described in detail in the Memorandum. The Units are to be offered and sold as described in the Memorandum. Except as otherwise agreed by the Fund and the Placement Agent, Units are to be sold through the Placement Agent, as the dealer manager, and third parties, including brokers, dealers and certain financial advisors (which may include wealth advisors) and others (collectively, "<u>Sub-Placement Agents</u>") with whom the Placement Agent has entered into or will enter into a selected dealer agreement related to the distribution of Units substantially in the form attached to this Agreement as <u>Exhibit A</u> or such other form as approved by the Fund (each a "<u>Selected Dealer Agreement</u>"), at a purchase price equal to the Partnership's net asset value ("<u>NAV</u>") per unit as of the last calendar day of the immediately preceding month applicable to the class of Units being purchased (as calculated in accordance with the procedures described in the Memorandum). For unitholders who have not "opted out" of the Fund's distribution reinvestment plan (the "<u>DRIP</u>"), the cash distributions attributable to the class of Units that each unitholder owns will be automatically reinvested in additional units of the same class. The DRIP Units are to be issued to unitholders of the Partnership at a purchase price equal to the most recent available NAV per unit for such Units at the time the distribution is payable.

Set forth below are the terms and conditions upon which Placement Agent shall act as placement agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Procedures for Selling Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Placement Agent agrees to use only its best efforts to arrange for the private placement of Units on behalf of the Fund with investors meeting the qualifications set forth in Section 8(a) hereof, in accordance with the terms and conditions set forth in the Memorandum and this Agreement. Units may be offered and sold by Placement Agent hereunder during the offering period, which shall commence on the date designated by the Adviser and communicated in writing to Placement Agent in writing and shall conclude on such date as may be designated by the Adviser and communicated to Placement Agent (the "<u>Offering Period</u>"). Except as otherwise agreed by the Fund and the Placement Agent, Placement Agent shall be the exclusive third party agent of the Fund for the offering of Units; <u>provided</u>, <u>however</u>, that the Placement Agent shall be authorized to pay Sub-Placement Agents for the provision of distribution services to Investors holding Class S Units and Class D Units. Upon any request for the Adviser to approve retention of additional unaffiliated placement or Sub-Placement Agents with respect to the offering of Units in the Fund, the Placement Agent and the Adviser shall review a copy of the proposed additional unaffiliated placement or Sub-Placement Agent agreement setting forth the rights and obligations of such unaffiliated placement or Sub-Placement Agent, including, without limitation, the fees, compensation and expenses reimbursement rights proposed for such unaffiliated placement agent or unaffiliated Sub-Placement Agent. This Agreement in no way limits or restricts Placement Agent's ability to act as a principal, broker, dealer, counterparty or services provider to the Fund and to receive compensation from the Fund in such capacities in any transaction with the Fund or on the Fund's behalf in addition to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Placement Agent acknowledges that the Fund's engagement of Placement Agent for the private placement of Units is being made in reliance on the representations, warranties, covenants and agreements of Placement Agent contained herein. Placement Agent will provide such certificates and other evidence of compliance with such representations, warranties, covenants and agreements and the other terms of this Agreement as may be reasonably requested by the Adviser or the Fund or their counsel, which certificates and other evidence may be relied upon by the Adviser and the Fund and any of their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Placement Agent shall (i) hold itself available to receive subscriptions for Units from investors, (ii) within a reasonable time following receipt, notify the Fund of such receipt, (iii) review such subscriptions to determine if the subscribers meet the Fund's suitability and eligibility requirements, based solely on the representations made in such subscriptions and (iv) transmit to the Fund the subscription documents of those subscribers who meet such suitability and eligibility requirements. In so transmitting subscription documents to the Fund, Placement Agent shall be deemed to represent to the Fund and to the Adviser that it has no reason to believe that the information provided by the subscriber therein is not complete and correct in all material respects. METI GP, LLC, a Delaware limited liability company (the "<u>General Partner</u>"), on behalf of the Fund, shall have the right, in its sole discretion, to reject any subscription received by it, in whole or in part, on behalf of the Fund. No subscription shall be deemed effective until accepted by the General Partner on behalf of the Fund. Furthermore, notwithstanding the Fund's acceptance of a subscriber's subscription for Units, the General Partner may at any time prior to the admission of such subscriber to the Fund as an equity owner therein (a "<u>Closing</u>"), reduce (including to zero) the amount of the subscriber's subscription as described in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Placement Agent shall cooperate with the Adviser and the Fund in endeavoring to qualify the offer and sale of the Units under, or to establish the exemption of such offers and sales from qualification or registration under, the applicable securities or "blue sky" laws of any state or other applicable jurisdiction; <u>provided</u>, <u>however</u>, that neither the Fund nor the Adviser shall be obligated to file any general consent to service of process or to qualify to do business or to qualify as a dealer in securities, as the case may be, in any jurisdiction in which such party is not so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Placement Agent's obligations to deliver to the Fund at a Closing executed subscription documents of subscribers solicited by Placement Agent and the purchase price for Units that such subscribers have subscribed to purchase, are subject to the following conditions (any of which may be waived by Placement Agent in its sole discretion): (i) the accuracy of and compliance with the representations and warranties of the Fund, (ii) the performance by the Fund and the Adviser of their respective obligations hereunder and (iii) the receipt by Placement Agent of a certificate of each thereof, to such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Placement Agent shall not be obligated to sell or purchase any certain number or amount of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Offering Materials</u>. Placement Agent agrees to furnish a copy of the Memorandum and the governing document of the Fund being offered to each investor it solicits in connection with the offering of Units. The Adviser, on behalf of the Fund, shall provide such number of copies of the Memorandum, governing documents of the Fund and related subscription documents as Placement Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination</u>. This Agreement may be terminated at any time by either party upon ninety (90) days' prior written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of this Agreement, but such termination shall not affect liabilities hereunder arising prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall pay the Placement Agent a monthly fee out of the net assets of Class S Units and Class D Units at the annual rate of 0.85% and 0.25% of the NAV of Class S Units and Class D Units, respectively, determined and accrued as of the last day of each calendar month (before any repurchases of Class S Units or Class D Units) (the "<u>Distribution and/or Servicing Fee</u>"). The Distribution and/or Servicing Fee is charged on an aggregate class-wide basis, and Investors in Class S Units or Class D Units are subject to the Distribution and/or Servicing Fee as long as they hold their Class S Units or Class D Units, respectively. Each compensated Sub-Placement Agent will be paid by the Placement Agent based on the NAV of outstanding Class S Units and Class D Units held by Investors that receive services from such Sub-Placement Agent. Class I Units will not be subject to the Distribution and/or Servicing Fee. Class S Units and Class D Units may be converted to Class I Units if a Sub-Placement Agent informs the Fund that an Investor no longer receives services from the Sub-Placement Agent or another servicing agent which has entered into an agreement with the Placement Agent. Upon advance notice to the Investor, Class I Units may be exchanged into an equivalent NAV amount of Class I Units as of the date of exchange, subject to the General Partner's approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Placement Agent pays the Distribution and/or Servicing Fee to Sub-Placement Agents, who may use such fee to compensate the financial advisory personnel involved in the placement of Units. Amounts retained by the Placement Agent, if any, will be used by the Placement Agent to pay for Fund-related distribution and servicing expenses. The Adviser remits payment of the ongoing Distribution and/or Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund (upon its formation and solely out of its assets) agrees, to the extent permitted by applicable law (including, but not limited to, U.S. federal and state law and the applicable laws of any other jurisdiction in which the Units are offered), to indemnify and hold harmless Placement Agent, each controlling person (within the meaning of Section 15 of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or Section 20(a) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) of Placement Agent and each officer director, trustee and employee of Placement Agent and each such controlling person (each, a "<u>Placement Agent Indemnified Person</u>") from and against any and all expenses, losses, damages, judgments, liabilities, demands, charges or claims of any nature whatsoever (including reasonable attorneys' fees and expenses) (collectively, "<u>Losses</u>"), as incurred, in respect of or arising from (i) the offering and sale of the Units, (ii) the Memorandum and any amendments or supplements thereof, (iii) any action or failure to act by any Placement Agent Indemnified Person which has not been determined in a final judicial proceeding not subject to appeal by a court of competent jurisdiction to constitute bad faith, willful misconduct, gross negligence or reckless disregard of the Placement Agent's duties under this Agreement or (iv) in respect of any untrue statement or alleged untrue statement of a material fact contained in the Memorandum, any omission or alleged omission to state a material fact necessary to make the statements in the Memorandum, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the above indemnification shall not apply to the extent that the liability is determined in a final judicial proceeding not subject to appeal by a court of competent jurisdiction to directly arise out of (i) an actual or alleged untrue statement of a material fact in the Memorandum, or omission to state a material fact in the Memorandum, in reliance upon and in conformity with information concerning the Placement Agent furnished by the Placement Agent in writing specifically for inclusion therein, (ii) the failure of any representation made by the Placement Agent hereunder to be true in all material respects or (iii) the material breach by the Placement Agent of any warranty or covenant herein. The Fund will not be liable for the portion of any Loss in any such case if it is determined that the Placement Agent was primarily at fault in connection with such portion of the Loss, expense or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Placement Agent agrees to, and does hereby, indemnify and hold harmless the Fund, the Adviser, and each of their respective officers, directors, trustees and employees, and each person, if any, who controls any thereof (together with the indemnified persons described in paragraph (a), the "<u>Indemnified Persons</u>") from and against any and all Losses whatsoever, to the same extent as the indemnity by the Fund of the Placement Agent Indemnified Persons, determined in a final judicial proceeding not subject to appeal by a court of competent jurisdiction to directly arise out of (i) an actual or alleged untrue statement of a material fact in the Memorandum, or omission to state a material fact in the Memorandum, in reliance upon and in conformity with information concerning the Placement Agent furnished by the Placement Agent in writing specifically for inclusion therein, (ii) the failure of any representation made by the Placement Agent hereunder to be true in all material respects or (iii) the material breach by the Placement Agent of any warranty or covenant herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Placement Agent shall use commercially reasonable efforts to ensure that each Sub-Placement Agent severally will indemnify and hold harmless the Fund, the Placement Agent, each of their officers and directors, and each person, if any, who controls the Fund or the Placement Agent within the meaning of Section 15 of the Securities Act (the "<u>Sub-Placement Agent Indemnified Persons</u>") from and against any Losses to which a Sub-Placement Agent Indemnified Person may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement of a material fact contained in the Offering Materials or omission to state in the Offering Materials a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, provided that clause (i) applies, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Fund or the Placement Agent by or on behalf of the Sub-Placement Agent specifically for use with reference to the Sub-Placement Agent in the preparation of the Offering Materials; (ii) any use of sales literature not authorized or approved by the Partnership or any use of "broker-dealer use only" materials with members of the public by the Sub-Placement Agent in the offer and sale of the Units or any use of sales literature in a particular jurisdiction if such material bears a legend denoting that it is not to be used in connection with the sale of Units to members of the public in such jurisdiction; (iii) any untrue statement made by the Sub-Placement Agent or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Units; (iv) any material violation of this Agreement or the Direct Access Agreement entered into between the Placement Agent and the Sub-Placement Agent; (v) any failure or alleged failure to comply with all applicable laws, including, without limitation, laws governing privacy issues, money laundering abatement and anti-terrorist financing efforts, including applicable rules of the SEC, FINRA and the USA Patriot Act; or (vi) any other failure or alleged failure to comply with applicable rules of FINRA or federal or state securities laws and the rules and regulations promulgated thereunder. Each such Sub-Placement Agent will reimburse each Sub-Placement Agent Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action. This indemnity agreement will be in addition to any liability that such Sub-Placement Agent may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, neither the Fund nor Placement Agent as an indemnifying party as provided above (each, in such capacity, an "<u>Indemnitor</u>") will be liable under this Section 5 with respect to any claims made against an Indemnified Person unless notified in writing (as provided in Section 9 hereof) of the nature of the claim, suit or proceeding made or brought against such Indemnified Person within a reasonable time after the assertion thereof, but failure to so notify such Indemnitor shall not relieve such Indemnitor from any liability which it may have otherwise than on account of this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An Indemnified Person may not settle or compromise any claim, suit or proceeding for which indemnification or reimbursement or payment of expenses is sought hereunder without the prior written consent of the applicable Indemnitor(s), which consent shall not be unreasonably withheld. The Fund agrees to notify Placement Agent within a reasonable time of the assertion of any claim against the Fund or the Adviser or any other person entitled to indemnification pursuant to Section 5(b). Placement Agent agrees to notify the Fund and the Adviser within a reasonable time of the assertion of any claim against Placement Agent or any person entitled to indemnification pursuant to Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An Indemnitor shall be entitled to participate at its own expense in the defense or, if it elects within a reasonable time after receipt of notice of any claim, suit or proceeding, to assume the defense of any such claim asserted or any suit brought to enforce any such claim, but if the Indemnitor elects to assume the defense thereof, such defense shall be conducted by counsel chosen by it with the consent of the Indemnified Persons against whom such claim is made or who are defendants in any suit so brought, which consent shall not be unreasonably withheld. In the event that the Indemnitor elects to assume the defense of any such claim or suit and retains such counsel, the Indemnified Persons in respect of such claim or suit shall bear the fees and expenses of their own counsel arising out of any legal services thereafter performed. In the event that the parties to any such action (including impleaded parties) include the Indemnitor and one or more Indemnified Persons, and any such Indemnified Person shall have been advised by independent counsel chosen by it that there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnitor, the Indemnitor shall not have the right to assume the defense of such action on behalf of such Indemnified Person, and will reimburse such Indemnified Person as aforesaid for the reasonable fees and expenses of any counsel, reasonably acceptable to the Indemnitor, that is retained by such Indemnified Person. Notwithstanding the preceding sentence, in connection with any one action, or more than one separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, where there are different or additional defenses available to one or more Indemnified Persons, all such Indemnified Persons with the same additional or different defense shall be limited to one firm of attorneys reasonably acceptable to the Indemnitor, which firm shall be designated in writing by such Indemnified Person or Persons and the Indemnitor shall not be liable for any fees and expenses of any other firm of attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in this Section for any reason is held to be unenforceable although applicable in accordance with its terms, the Fund, on the one hand, and Placement Agent, on the other hand, shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by this Section incurred by such parties in such proportions as is appropriate to reflect the relative aggregate benefits to the Fund, on the one hand, and Placement Agent on the other hand, on the matters contemplated by this Agreement, as well as the relative fault of the Fund and the Adviser, on the one hand, and that of Placement Agent on the other hand, with respect to such losses, liabilities, claims, damages and expenses and any other relevant equitable considerations; <u>provided</u>, <u>however</u>, that no person adjudged guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) by a court of competent jurisdiction shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The foregoing rights to indemnification and contribution are in addition to, and not in lieu of, any and all rights that any Indemnified Person may have at law, by agreement, in equity, or otherwise, and will survive the completion or termination of this Agreement, and will remain in full force and effect unless terminated by express written agreement among the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Access to Information; Confidentiality</u>. In connection with Placement Agent's engagement hereunder, the Adviser and the Fund shall make available to Placement Agent (a) any information concerning the offering of the Units as Placement Agent reasonably requests and (b) during normal business hours, the officers, accountants, legal counsel and such other representatives or advisors of the Adviser participating in the management of the Fund as Placement Agent reasonably requests. The Adviser shall use commercially reasonable efforts to assure the accuracy and completeness of all of such information at the time it is furnished to Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations, Warranties and Covenants of the Fund.</u> The Fund represents and warrants to, and covenants and agrees with, Placement Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Memorandum does not and will not on the date of any offer or sale of Units contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which such statements are made; <u>provided</u> that no representation is made with respect to any portion of the Memorandum constituting written material provided by the Placement Agent expressly for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Fund nor the Adviser have taken, and will not take, any action or actions that would: (i) cause the offering of Units to be subject to registration under the Securities Act or the securities laws of any other jurisdiction where they are being offered, (ii) cause the Fund to be subject to registration as an "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>") or (iii) be in violation of any rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>"), the Securities and Exchange Commission ("<u>SEC</u>") or any other regulatory body having jurisdiction over the Fund, the Adviser or the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly and validly authorized, executed and delivered on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations, Warranties and Covenants of Placement Agent</u>. Placement Agent represents and warrants to, and agrees with the Adviser and the Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Placement Agent will make offers to sell Units to, or solicit offers to buy Units from, or otherwise negotiate in respect thereof with, only investors that Placement Agent reasonably believes are "accredited investors" (as that term is defined in Regulation D under the Securities Act) based on representations from such investors in the subscription documents after taking steps in accordance with Rule 506(c) under the Securities Act to verify such status, and "qualified purchasers" (as that term is defined in the Investment Company Act of 1940).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Placement Agent will not engage, retain, assign or delegate its rights or obligations hereunder to, any Sub-Placement Agent to assist the Placement Agent in the offer, sale, marketing or promotion of Units without the prior written approval of the Adviser. Any approved Sub-Placement Agent shall be required to enter into an agreement with the Placement Agent, which the Placement Agent shall use commercially reasonable efforts to cause to include representations, warranties and covenants sufficient for Adviser to be able to demonstrate its reasonable belief that, in connection with the services or activities performed by the Sub-Placement Agent under such Direct Access Agreement, the Sub-Placement Agent will use its best efforts to ensure that each "endorsement" or "testimonial" (as defined in Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended from time to time (the "<u>Marketing Rule"</u>)) complies with the requirements of the Marketing Rule. The Placement Agent will use commercially reasonable efforts to cooperate with the Adviser's requests for information required for purposes of compliance with the Marketing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In offering Units for sale, Placement Agent will not intentionally take any action or actions (i) that would cause the offering of Units to be subject to registration under the Securities Act or the securities laws of any other jurisdiction where they are being offered, (ii) that would cause the Fund to be subject to registration as an "investment company" under the Investment Company Act or (iii) in violation of any rules of FINRA, the SEC or any other regulatory authority having jurisdiction over the Fund, the Adviser or the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In offering Units for sale, Placement Agent will not offer Units for sale, or solicit any offers to buy any Units, or otherwise negotiate with any person in respect of Units, on the basis of any communications or documents relating to Units or any investment therein or to the Fund or any investment therein or to the Adviser, other than the Memorandum, information otherwise furnished in writing to Placement Agent by or on behalf of the Fund by the Adviser specifically for such purpose, or any other document, and any cover or transmittal letter, satisfactory in form and substance to the Adviser and its counsel. Placement Agent and its personnel will not make any statement regarding the Fund or the offering of Units that is false or materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Placement Agent is a broker-dealer registered under the Exchange Act and the laws of the states in which it will offer Units, and Placement Agent is a member in good standing of FINRA. Placement Agent has adopted and is and will continue to be in full compliance with all internal compliance policies and procedures required by FINRA. Placement Agent will promptly provide written notice to the Fund and the Adviser if any of the representations in this Section 8 cease to be true and Placement Agent will thereafter immediately suspend offers and sales of Units in the Fund pending further direction from the Adviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In each U.S. state or other non-U.S. jurisdictions where Units are offered to investors, Placement Agent will permit only those of its agents, employees or representatives who have effective registrations in such state or other non-U.S. jurisdiction (as applicable), as and if required by the securities or "blue sky" laws and all applicable laws, rules, and regulations of such U.S. state or other non-U.S. jurisdictions (as applicable), to review the suitability of Units for, to offer Units for sale to, or solicit offers to buy Units from, or otherwise negotiate with respect to, discuss the terms or merits of an investment in or provide any documents relating to the Units with, any investors resident in such state or other non-U.S. jurisdiction (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Placement Agent may sell Units in certain approved non-U.S. jurisdictions as permitted under the terms of the Memorandum and with the knowledge and consent of the Adviser. Placement Agent shall confirm that it meets and shall maintain all requirements necessary to permit the offer and sale of Units to prospective investors to the Fund located or domiciled in non-U.S. jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Placement Agent shall provide from time to time upon request of the Adviser of the Fund certificates of its compliance with the requirements of this Agreement and applicable law in connection with its placement agent activities on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Placement Agent is not subject to a "Bad Actor" disqualification event described in Rule 506(d) of the Securities Act and agrees to immediately notify the Adviser if it becomes subject to such a disqualification event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Placement Agent agrees to promptly notify the Fund and the Adviser in the event that any of the representations and warranties set forth in this Agreement becomes materially inaccurate, or in the event that any covenant or condition on Placement Agent's part to be performed or satisfied has been breached or not satisfied in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Placement Agent shall make reasonable efforts to assist the Fund in obtaining payment by each person or entity whose offer to purchase Units has been solicited by Placement Agent and accepted by the Fund. Placement Agent shall not have any liability to the Fund in the event any such purchase is not consummated for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Placement Agent shall have in place and apply its customer identification program policies and procedures that are required under applicable FINRA rules, federal anti-money laundering laws or the laws and regulations of other jurisdictions where Units are offered to investors, to each investor that is accepted for investment into the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) This Agreement has been duly and validly authorized, executed and delivered by or on behalf of Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notices required to be given pursuant to this Agreement shall be via (a) hand, (b) first class registered or certified mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier or (d) electronic mail to the applicable party at the following addresses, or any other address subsequently notified by a party to all other parties in accordance with the provisions of this Section 9:

If to Placement Agent, to:

Delaware Distributors, L.P.<br> 100 Independence<br> 610 Market Street<br> Philadelphia, PA 19106-2354<br> Attention: General Counsel

If to the Fund, to:

Macquarie Energy Transition Infrastructure Fund, L.P.<br> c/o Central Park Advisers, LLC<br> 660 Fifth Avenue<br> New York, New York 10103<br> Attention: General Counsel

With a copy to:

METI GP, LLC<br> c/o Central Park Advisers, LLC<br> 660 Fifth Avenue<br> New York, New York 10103<br> Attention: Chief Administrative Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Placement Agent Only</u>. In soliciting purchases of Units, Placement Agent shall act solely as agent of the Fund and not as a principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>. This Agreement will be governed by and construed and enforced in accordance with the laws applicable to contracts executed and performable in the State of Delaware without regard to the principles of conflicts of laws. This Agreement is binding upon each of the parties hereto and their respective successors and assigns and will inure to the benefit of each of Placement Agent, the Fund, the Adviser and their respective successors, heirs, and assigns. No party hereto may assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of the other parties hereto (which consent may be withheld in their sole discretion for any reason).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement; Amendment</u>. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and may not be amended, nor may any rights hereunder be waived, except by a writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Unless otherwise required by applicable law or as requested or required by any regulatory or governmental authority (whether or not such request or requirements has the force of law), each of the parties to this Agreement shall not disclose the terms and conditions of this Agreement nor any confidential information made available to it pursuant to the terms of this Agreement, provided that, this Agreement may be disclosed to any unaffiliated placement or Sub-Placement Agent retained by Placement Agent to offer Units as permitted hereby, as well as any auditors, legal counsel and rating agencies and any other entities to whom disclosure is required.

Please confirm that the foregoing correctly sets forth our agreement by signing an enclosed duplicate of this Agreement and returning it to the Adviser at the above address, whereupon this Agreement will constitute a binding agreement as of the date first above written.

(SIGNATURE PAGE FOLLOWS)

This Agreement may be signed in one or more counterparts, each of which shall constitute an original document and all of which shall constitute one and the same document.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P. | MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P. |
| By: | METI GP, LLC, its general partner |

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| | |
|:---|:---|
| By: | /s/ Andy Christiansen |
| Name: | Andy Christiansen |
| Title: | Manager and Treasurer |

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METI TE FEEDER, L.P., <br>By: METI GP, LLC, its general partner

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| | |
|:---|:---|
| By: | /s/ Andy Christiansen |
| Name: | Andy Christiansen |
| Title: | Manager and Treasurer |

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Confirmed by: <br>DELAWARE DISTRIBUTORS, L.P.

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| | |
|:---|:---|
| By: | /s/ Milissa Hutchinson |
| Name: | Milissa Hutchinson |
| Title: | Senior Vice President |

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[*Signature Page to METI US – Dealer Management Agreement*]

**EXHIBIT A**

<br> **FORM OF SELECTED DEALER AGREEMENT**

**SELECTED DEALER AGREEMENT**

Delaware Distributors, L.P. (the "<u>Placement Agent</u>"), as the placement agent for Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Master Fund</u>"), and METI TE Feeder, L.P, a Delaware limited partnership (the "<u>Feeder</u>", together with the Master Fund, the "Fund), invites you (the "<u>Sub-Placement Agent</u>") to participate in the offer and sale of limited partnership units of the Fund ("<u>Units</u>") to certain of the Sub Placement Agent's qualified customers ("<u>Customers</u>") subject to the following terms:

**1. *Placement Agent Agreement***

The Placement Agent has entered into a Placement Agent Agreement with the Fund dated January 28, 2025 (the "<u>Placement Agent Agreement</u>"). Except as otherwise specifically stated herein, all terms used in this Selected Dealer Agreement (this "<u>Agreement</u>") have the meanings provided in the Placement Agent Agreement.

As described in the Placement Agent Agreement, the Fund is conducting an ongoing private placement offering (the "<u>Offering</u>") in accordance with Rule 506(b) of Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), which may consist of Class S Units, Class D Units and/or Class I Units. For the avoidance of doubt, any reference to Class S Units, Class D Units, and/or Class I Units shall include each of the Fund's Class S Units, Class D Units and/or Class I Units and the Feeder's Class <sub>STE</sub> Units, Class <sub>DTE</sub> Units, and/or Class <sub>ITE</sub> Units. The differences between the classes of Units and the eligibility requirements for each class of Units are described in detail in the Memorandum (as defined herein). The Units are to be offered and sold as described in the Memorandum.

Under the terms of the Offering, as set forth in the confidential Private Placement Memorandum of the Fund (including any supplements and amendments thereto, all financial statements, appendices, and all other documents which are a part thereof) (the "<u>Memorandum</u>"), the Units will be offered and sold at the offering prices per Unit set forth in the Memorandum. In connection with the Offering, the minimum initial subscription amount by any one person shall be as set forth in the Memorandum (except as otherwise accepted by the Placement Agent pursuant to its discretion to accept lesser amounts).

By your acceptance of this Agreement, you will become one of the Sub-Placement Agents referred to in the Placement Agent Agreement between the Fund and the Placement Agent and will be entitled and subject to the indemnification provisions contained in the Placement Agent Agreement, including the provisions of Section 5 of the Placement Agent Agreement wherein the Sub-Placement Agents severally agree to indemnify and hold harmless the Fund, the Placement Agent and each officer and director thereof, and each person, if any, who controls the Fund or the Placement Agent within the meaning of the Securities Act. The Sub-Placement Agent hereby agrees to use its best efforts to sell the Units for cash on the terms and conditions stated in the Memorandum. Nothing in this Agreement shall be deemed or construed to make the Sub-Placement Agent an employee, agent, representative or partner of the Placement Agent, the Fund or any of their respective affiliates, and the Sub-Placement Agent is not authorized to act for the Placement Agent, the Fund or any of their respective affiliates, or to make any representations on their behalf except as set forth in the Memorandum and in the Authorized Sales Materials (as defined below).

The Sub-Placement Agent acknowledges and agrees that none of the Placement Agent, the Fund or any of their respective affiliates are: (a) providing any advice or recommendations to any persons who purchase and/or hold Units through Sub-Placement Agent pursuant to this Agreement ("<u>Investor</u>"); (b) providing any custody services to any person, including any customers or clients of Sub-Placement Agent; and/or (c) acting as broker of record for any persons who purchase and/or hold Units through Sub-Placement Agent pursuant to this Agreement.

**2. *Submission of Orders***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person desiring to purchase Units in the Offering will be required to complete and execute a subscription agreement for an investment in Units ("Subscription Agreement") and to deliver to the Sub-Placement Agent such completed and executed Subscription Agreement together with a check or wire transfer ("<u>Instruments of Payment</u>") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customers who purchase Units will be instructed by Sub-Placement Agent to make their Instruments of Payment payable to or for the benefit of "Macquarie Energy Transition Infrastructure Fund, L.P." or "METI TE Feeder, L.P.," as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subscription Agreements received during each month before five (5) business days prior to the first calendar day of the next month will be transmitted to the Fund or its agent as set forth in the Subscription Agreement or as otherwise directed by the Fund at least five (5) business days prior to the first calendar day of the next month, and Sub-Placement Agent shall use commercially reasonable efforts to deliver Instruments of Payment with respect to such transmitted Subscription Agreements at least two (2) business days prior to the first calendar day of the next month, but no later than one (1) business day prior to the first calendar day of the next month, as set forth in the Subscription Agreement or as otherwise directed by the Fund. Subscription Agreements received from subscribers during the five (5) business day period prior to the first calendar day of a month will be transmitted at least five (5) business days prior to the first calendar day of the month after the next month (the "<u>Following Month</u>"), and Sub-Placement Agent shall use commercially reasonable efforts to deliver Instruments of Payment with respect to such transmitted Subscription Agreements at least two (2) business days prior to the first calendar day of the Following Month, but no later than one (1) business day prior to the first calendar day of the Following Month. Purchase orders which include (i) Instruments of Payment received by the Fund at least two (2) business days prior to the first calendar day of the month and (ii) a completed and executed Subscription Agreement in good order received by the Fund or its transfer agent at least five (5) business days prior to the first calendar day of the month (unless waived by the Placement Agent) will be executed as of the first day of such month at a purchase price equal to the Fund's net asset value ("<u>NAV</u>") per Unit as of the last calendar day of the immediately preceding month applicable to the class of Units being purchased (as calculated in accordance with the procedures described in the Memorandum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any repurchase requests must be made in accordance with the applicable procedures described in the Memorandum, the Fund's Repurchase Program (as defined in the Memorandum), the Subscription Agreement, and applicable law, rules and regulations. The parties acknowledge and agree that a repurchase request is not received in "good order" unless the repurchase request and all required documentation is complete and received by the Fund's transfer agent by the applicable repurchase request deadline described in the Memorandum, the Subscription Agreement or otherwise specified by the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Sub-Placement Agent receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, the Sub-Placement Agent shall return such Subscription Agreement and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Subscription Agreements and Instruments of Payment received by the Sub-Placement Agent which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this <u>Section 2</u>. Transmittal of received investor funds will be made in accordance with the procedures set forth in <u>Section 2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscription funds may be transmitted to the Fund net of any upfront selling commissions, placement fees, subscription fees or similar fees ("<u>Subscription Fees</u>") subject to the terms and conditions set forth in <u>Schedule I</u> attached hereto.

**3. *Pricing***

Except as otherwise provided in the Memorandum, which may be amended or supplemented from time to time, the offering price of Units shall be equal to the Fund's then current NAV per Unit applicable to the class of Units being purchased (as calculated in accordance with the procedures described in the Memorandum). Except as otherwise provided in the Memorandum, for unitholders who participate in the Fund's distribution reinvestment plan ("<u>DRIP</u>"), the cash distributions attributable to the class of Units that each unitholder owns will be automatically re-invested in additional Units of the same class. Any Units issued pursuant to the DRIP (the "<u>DRIP Units</u>") will be issued and sold to unitholders of the Fund at a purchase price equal to the most recent available NAV per Unit for such Units at the time the distribution is payable and will be subject to the payment of unitholder servicing fees on such DRIP Units, as applicable to the relevant class of Units. Except as otherwise indicated in the Memorandum or in any letter or memorandum sent to the Sub-Placement Agent by the Fund or the Placement Agent, a minimum initial subscription amount by each unitholder in the Fund of $10,000 and $1,000 for subsequent subscriptions is required unless such minimums are waived by the Placement Agent. The Units are nonassessable.

**4. *Sub-Placement Agent Compensation***

Except as may be provided in the Memorandum, which may be amended or supplemented from time to time, as compensation for completed sales and ongoing unitholder services rendered by Sub-Placement Agent hereunder, Sub-Placement Agent is entitled, on the terms and subject to the conditions herein, to the compensation set forth on <u>Schedule I</u> hereto.

**5. *Representations, Warranties and Covenants of the Sub-Placement Agent***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the representations and warranties found elsewhere in this Agreement, the Sub-Placement Agent represents, warrants, covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized and existing and in good standing under the laws of the state, commonwealth or other jurisdiction in which Sub-Placement Agent is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is empowered under applicable laws and by the Sub-Placement Agent's organizational documents to enter into this Agreement and perform all activities and services of the Sub-Placement Agent contemplated herein and there are no impediments, prior or existing, or regulatory, self-regulatory, administrative, civil or criminal matters affecting the Sub-Placement Agent's ability to perform under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution, delivery, and performance of this Agreement; the incurrence of the obligations set forth herein; and the consummation of the transactions contemplated herein, including the issuance and sale of the Units, will not constitute a breach of, or default under, any agreement or instrument by which the Sub-Placement Agent is bound, or to which any of its assets are subject, or any order, rule, or regulation applicable to it of any court, governmental body, or administrative agency having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All requisite actions have been taken to authorize the Sub-Placement Agent to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It shall notify the Placement Agent, promptly in writing, of any written claim or complaint or any enforcement action or other proceeding with respect to Units offered hereunder against Sub-Placement Agent or its principals, affiliates, officers, directors, employees or agents, or any person who controls Sub-Placement Agent, within the meaning of Section 15 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It has developed and will continue to maintain policies and procedures reasonably designed to ensure material compliance with all laws applicable to the Sub-Placement Agent's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As of the date hereof and at any time during the term of this Agreement, any written information about the Sub-Placement Agent that is furnished by the Sub-Placement Agent for inclusion in the Offering Materials (as defined below) does not and will not contain any untrue statement of material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subject to the Sub-Placement Agent's compliance with the terms herein (including, but not limited to, Section 5(a)(xii)(D), Section 9(e) and any jurisdictional-specific restrictions set forth in Schedule III), the Sub-Placement Agent is hereby authorized to offer and sell Units in the jurisdictions set forth on Schedule III attached hereto. Except for those jurisdictions listed on <u>Schedule III</u> hereto, the Sub-Placement Agent will not offer, sell or distribute Units, or otherwise make any such Units available, in any jurisdiction outside of the United States or United States territories unless the Sub-Placement Agent receives prior written consent from the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) It acknowledges that the Placement Agent will enter into similar agreements with other broker-dealers, which does not require the consent of the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) It is a broker-dealer registered with the Financial Regulatory Authority ("<u>FINRA</u>") and subject to FINRA Rule 2030 (the "<u>Rule</u>"). The Sub-Placement Agent represents that it has policies and procedures to ensure compliance with the Rule and is currently in compliance with the Rule. The Sub-Placement Agent further represents that neither it nor any of its Covered Associates (as defined below) has made, directly or indirectly, any contributions that prohibit Sub-Placement Agent from engaging in solicitation activities for compensation under the Rule (a "<u>Triggering Contribution</u>"). The Sub-Placement Agent hereby agrees that neither it nor any of its Covered Associates will make a Triggering Contribution or violate the Rule while the Sub-Placement Agent is engaged hereunder. If the Sub-Placement Agent breaches this provision and becomes aware of a Triggering Contribution or a violation of the Rule, it shall promptly provide written notice to the Placement Agent, which notice shall include a description of the nature of the ban or violation. "<u>Covered Associates</u>" means any (A) general partner, managing member or executive officer of the Sub-Placement Agent, as well as any person with a similar status or function, (B) any associated person of the Sub-Placement Agent who engages in distribution or solicitation activities with a government entity, (C) any associated person of the Sub-Placement Agent who supervises, directly or indirectly, the government entity distribution or solicitation activities of a person in (B) above, and (D) any political action committee controlled by the Sub-Placement Agent or one of its Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) It is (A) duly registered as a broker-dealer with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") and under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and is duly registered as a broker-dealer under the laws of each state and, to the extent required, the equivalent thereof in any other jurisdiction or (B) duly registered under the laws and, to the extent required, in any applicable non-U.S. jurisdiction (including the jurisdictions listed on <u>Schedule III</u>), which require such registration in connection with the services to be provided by the Sub-Placement Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) It will conduct its activities in accordance with all applicable U.S. and non-U.S. securities laws and other applicable legal and regulatory requirements in any jurisdiction where Units are marketed, and the Sub-Placement Agent will not take any action that: (A) constitutes a public offering of or for the Units within the meaning of Section 4(a)(2) of the Securities Act or general solicitation of prospective investors in the Fund within the meaning of Regulation D promulgated thereunder; (B) causes the Offering of the Units to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act; (C) causes the Fund to lose its exemption under Section 3(c)(7) of the Investment Company Act of 1940 (the "<u>Investment Company Act</u>"); or (D) cause the Units to be required to be registered under any non-U.S. laws (including, for the avoidance of doubt, the laws of any jurisdiction listed on Schedule III attached hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) It covenants that with respect to any statement by the Sub-Placement Agent or any Affiliated Promoter (as defined below) (or any of their respective representatives or agents, in their capacities as such) that it disseminates to any prospective Investor (or any of its representatives or agents, in their capacities as such), in connection with the services or activities performed by the Sub-Placement Agent or any Affiliated Promoter under this Agreement, that is an "endorsement" or "testimonial" (as defined in Rule 206(4)-1 under the Advisers Act (the "<u>Marketing Rule</u>"), of or relating to the Fund, the Feeder, the Adviser or any of its officers or employees (any such statement, a "<u>Promotional Statement</u>"), the Sub-Placement Agent shall use best efforts to ensure, and shall cause any Affiliated Promoter to use best efforts to ensure, that each Promotional Statement: (A) complies with the requirements applicable to "advertisements" under the Marketing Rule (as such term is defined in the Marketing Rule), (B) does not include any untrue statement of material fact, and (C) is not materially misleading, which shall exclude documents and statements prepared by Placement Agent, Adviser (or its affiliates), including the Memorandum, that Placement Agent and Adviser have authorized Sub-Placement Agent to disseminate to prospective Investors (or their representatives or agents) but excluding any information or statement in any of the foregoing that was prepared, added or substantially modified by the Sub-Placement Agent or an affiliate thereof), satisfy clauses (A) through (C) in this sentence. "<u>Affiliated Promoter</u>" means any affiliate of the Sub-Placement Agent (x) to which the Sub-Placement Agent assigns or delegates its rights or obligations under this Agreement, (y) that is engaged or retained by the Sub-Placement Agent in connection with the solicitation or referral of prospective Investors or to otherwise assist the Sub-Placement Agent in performing its obligations or services under this Agreement or (z) that is designated by the Sub-Placement Agent to receive all or a portion of any fees contemplated hereunder, directly or indirectly, in connection with the solicitation or referral of prospective Investors. For the avoidance of doubt, the term "Affiliated Promoter" shall exclude any officer, employee, agent or representative of the Sub-Placement Agent or an Affiliated Promoter who gives or disseminates Promotional Statements solely in his or her capacity as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) It covenants that, at all times during which the Sub-Placement Agent or any Affiliated Promoter gives or disseminates Promotional Statements, the Sub-Placement Agent shall maintain, and shall cause such Affiliated Promoter to maintain, policies and procedures that (A) are reasonably designed to prevent the Sub-Placement Agent, such Affiliated Promoter and any of their respective personnel who give or disseminate Promotional Statements on their behalf from giving or disseminating statements that violate anti-fraud provisions under applicable securities laws and FINRA Rule 2210 and (B) apply to communications by the Sub-Placement Agent and such Affiliated Promoter (as applicable) to prospective Investors that are subject to such anti-fraud provisions and FINRA Rule 2210.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) It covenants that it shall ensure, and shall cause any Affiliated Promoter to ensure, that at the time any Promotional Statement is disseminated to a prospective Investor (or its representative or agent, in their capacities as such), unless such Promotional Statement constitutes a recommendation subject to Rule 15l-1 under the Exchange Act ("<u>Regulation Best Interest</u>"), the Sub-Placement Agent or any Affiliated Promoter (as applicable) or any representative or agent acting on their behalf will disseminate to such prospective Investor (or its representative or agent, as applicable) disclosure that discloses: (A) that the Promotional Statement was given by a current client or investor of Adviser, or that the Promotional Statement was given by a person other than a current client or investor of Adviser, as applicable, (B) that cash or non-cash compensation was provided for the Promotional Statement and (C) a brief statement of any material conflicts of interest on the part of the person giving the Promotional Statement resulting from Adviser's relationship with such person. Any such disclosure must be made clearly and prominently, it being understood that in order for such disclosure to be made "clearly and prominently" for this purpose, the disclosure must be at least as prominent as the relevant Promotional Statement and must be included within such Promotional Statement itself or, in a case where the relevant Promotional Statement is made orally, provided at the same time as the Promotional Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) It shall promptly respond to and comply with any request made by Adviser or Placement Agent for information or documentation that would reasonably facilitate the Adviser's compliance with its obligations under the Marketing Rule and under related recordkeeping provisions of Rule 204-2 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Except for Waived Disqualifying Events (as defined herein) disclosed in Schedule V, no Sub-Placement Agent Covered Person (as defined herein) is subject to an event described in Rule 506(d)(1)(i)-(viii) ("<u>Rule 506(d)(1)</u>") of Regulation D promulgated under the Securities Act ("<u>Disqualifying Events</u>") that would result in disqualification under Rule 506(d)(1) of the Securities Act of the Fund's use of the Rule 506 exemption under the Securities Act for the sale of interests therein. For purposes of this section, "<u>Sub-Placement Agent Covered Person</u>" means (A) the Sub-Placement Agent; (B) any person who through Sub-Placement Agent has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities; (C) any general partner or managing member of any person described in (A) or (B); (D) any director, executive officer or other officer participating directly or indirectly in the offering of the Units of any person described in (A), (B) or (C); and (E) any Affiliated Promoter. For purposes of the foregoing, "executive officer" shall have the meaning ascribed to it in Rule 504 of the Securities Act. For so long as the Sub-Placement Agent is participating in the Offering, upon the Placement Agent's request pursuant to this Agreement, the Sub-Placement Agent shall provide the Placement Agent written confirmation that the representations in this <u>Section 5(a)(xvii)</u> are true and correct by delivering a certificate in the form attached hereto as <u>Schedule IV</u>. In addition, the Sub-Placement Agent shall promptly inform the Placement Agent in writing if (x) any of the representations contained in <u>Schedule IV</u> shall no longer be entirely true, accurate and complete in any respect or (y) a Sub-Placement Agent Covered Person is subject to a Disqualifying Event or receives any waivers granted by: (1) the SEC under Rule 506(d)(2)(ii); or (2) any court or regulatory authority under Rule 506(d)(2)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) For purposes of this Agreement, "Waived Disqualifying Event" means a Disqualifying Event that would have triggered disqualification under Rule 506(d)(1) except that such Disqualifying Event has been waived by a waiver, order, judgment or decree granted under Rule 506(d)(2)(ii) or (iii) ("Rule 506(d)(2)(ii)-(iii)") of Regulation D and the Sub-Placement Agent and all Sub-Placement Agent Covered Persons (to the extent applicable) have complied with and are complying with the terms and conditions of any applicable waiver, order judgment or decree and such waiver, order, judgment or decree has not been revoked or further conditioned. The Sub-Placement Agent shall provide the Placement Agent with a copy of the applicable waiver, order, judgment or decree granted under Rule 506(d)(2)(ii)-(iii) with respect to a Waived Disqualifying Event. To the extent that a condition of a waiver, order, judgment or decree applicable to a Waived Disqualifying Event requires disclosure to prospective investors in the Partnership, the Sub-Placement Agent agrees that the description on Schedule V hereto of the Waived Disqualifying Event complies with the requirements of the applicable waiver, order, judgment or decree granted under Rule 506(d)(2)(ii)-(iii) and the Sub-Placement Agent authorizes the disclosure of any descriptions on Schedule V to current and prospective investors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) It shall promptly notify the Fund and the Adviser if it becomes aware of any future Disqualifying Event with respect to the Sub-Placement Agent or any Sub-Placement Agent Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) It shall promptly notify the Fund and the Adviser if it becomes aware of any future event that would give rise to a statutory disqualification, as defined under Section 3(a)(39) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Any Subscription Fees charged by Sub-Placement Agent in connection with its sale of Units will be charged in a manner consistent with the Memorandum, applicable law and FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Unless prohibited under applicable law, it shall advise the Placement Agent promptly of (a) the receipt by the Sub-Placement Agent of any communication specifically with respect to the offering of Units from the SEC, any state securities commissioner or any other regulatory authority in any other jurisdiction and (b) the threat or commencement of any lawsuit, proceeding or investigation to which the Sub-Placement Agent is a party specifically with respect to the offering of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Notwithstanding any instruction to the contrary, Sub-Placement Agent shall comply with all applicable abandoned property, escheat or similar laws, and none of the Placement Agent, the Fund or the Adviser shall be liable to any party or any unitholder for any funds from the account(s) of any such unitholder's Units pursuant to this Agreement or any applicable abandoned property, escheat or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Upon the Placement Agent's request, it shall provide the Placement Agent, (A) a certificate with such customary representations as the Fund or its counsel may reasonably request, so as to warrant that Sub-Placement Agent's activities hereunder were carried out in compliance with applicable laws and the terms of this Agreement and (B) such further information and documents as are reasonably necessary or appropriate for the Fund and/or its counsel to determine that the representations and warranties made in this Agreement continue to be true and correct. In addition, Sub-Placement Agent shall promptly inform the Placement Agent in writing if any of the representations contained in the certificate shall no longer be entirely true, accurate and complete in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) Throughout the term of this Agreement, the representations and warranties of Sub-Placement Agent in this Agreement shall be true and correct in all material respects. For as long as this Agreement is in effect, Sub-Placement Agent agrees to promptly notify the Placement Agent and the Adviser (as defined below) in the event that any of the representations and warranties set forth herein becomes materially inaccurate, or in the event that any covenant or condition on the Sub-Placement Agent's part to be performed or satisfied has been breached or not satisfied in any material respect.

**6. *Right to Reject Orders or Cancel Sales***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Fund, which reserves the right to reject any order for any reason or no reason including, without limitation, orders not accompanied by an executed Subscription Agreement in good order or without the required instrument of payment in full payment for the Units. Issuance and delivery of the Units will be made only after actual receipt of payment therefor. If any check or wire is not paid upon presentment, or if the Fund is not in actual receipt of clearinghouse funds or cash, certified or cashier's check or the equivalent in payment for the Units, the Fund reserves the right to cancel the sale without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Sub-Placement Agent has retained selling commissions in connection with an order that is subsequently rejected, canceled or rescinded for any reason, the Sub-Placement Agent agrees to return to the subscriber any selling commission theretofore retained by the Sub-Placement Agent with respect to such order within three (3) days following mailing of notice to the Sub-Placement Agent by the Placement Agent stating the amount owed as a result of rescinded or rejected subscriptions. If the Sub-Placement Agent fails to pay any such amounts, the Placement Agent shall have the right to offset such amounts owed against future compensation due and otherwise payable to the Sub-Placement Agent (it being understood and agreed that such right to offset shall not be in limitation of any other rights or remedies that the Placement Agent may have in connection with such failure).

**7. *Memorandum and Authorized Sales Materials; Compliance with Laws***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent, including any of its principals, directors, officers and employees, is not authorized or permitted to give and will not give, any information or make any representation (written or oral) concerning the Units, the Fund, the Placement Agent, METI GP, LLC (the "<u>General Partner</u>") and/or Central Park Advisers, LLC (the "<u>Adviser</u>" and, together with the Placement Agent, the Fund and the General Partner, collectively, the "<u>METI US Parties</u>" and each a "<u>METI US Party</u>"), except as set forth in the Memorandum and any additional sales literature, which has been approved in advance in writing by the Placement Agent (collectively, "<u>Authorized Sales Materials</u>"). The Placement Agent will supply Sub-Placement Agent with reasonable quantities of the Memorandum, any supplements thereto and any amended Memorandum, as well as any Authorized Sales Materials (the Memorandum and the Authorized Sales Materials, as the same may be amended or supplemented, are referred to herein collectively as the "<u>Offering Materials</u>"), for delivery to prospective Investors and Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent agrees it shall have delivered to each prospective Investor to whom an offer to purchase the Units is made, as of the time of such offer, a copy of the Memorandum that has then been supplied to the Sub-Placement Agent by the Placement Agent. The Sub-Placement Agent agrees that it will not send or give any supplement to the Memorandum or any Authorized Sales Materials to an investor unless it has previously sent or given a Memorandum (for the avoidance of doubt, inclusive of all previous supplements thereto and any amended Memorandum) to that investor or has simultaneously sent or given a Memorandum (for the avoidance of doubt, inclusive of all previous supplements thereto and any amended Memorandum) with such supplement to the Memorandum or Authorized Sales Materials. The Sub-Placement Agent agrees that it will not show or give to any Investor or prospective Investor or reproduce any material or writing which is supplied to it by the Placement Agent and marked "broker only," "Sub-Placement Agent only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Units. The Sub-Placement Agent will not show or give to any Investor or prospective Investor in a particular jurisdiction any material or writing that is supplied to it by the Placement Agent if such material bears a legend denoting that it is not to be used in connection with the sale of Units to end investors in such jurisdiction. The Sub-Placement Agent agrees that it will not use in connection with the offer or sale of Units any material or writing which relates to another issuer supplied to it by the Fund or the Placement Agent bearing a legend which states that such material may not be used in connection with the offer or sale of any securities other than the issuer to which it relates. The Sub-Placement Agent will not use in connection with the offer or sale of Units any materials or writings which have not been previously approved by the Placement Agent, the Adviser or the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent agrees to deliver to each Investor making purchases of Units, prior to the time of sale, a copy of the Fund's then current Memorandum and Subscription Agreement, and may deliver offering materials subject to the terms herein, all as amended from time to time. The Sub-Placement Agent further agrees, on an ongoing basis, to deliver to each Investor copies of all supplements and amendments to the Memorandum that are delivered or made available to the Sub-Placement Agent by the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to each Investor who purchases Units, the Sub-Placement Agent confirms it: (i) reasonably believes that the information and representations in the Subscription Agreement made by and concerning the Investor identified in the Subscription Agreement are true, correct and complete in all material respects; (ii) has offered the Investor the opportunity to discuss such Investor's prospective purchase of Units; (iii) has delivered or made available a current Memorandum and related supplements, if any, to such Investor; (iv) has reasonable grounds to believe that the Investor is purchasing the Units for the Investor's own account; and (v) has a reasonable basis to believe that the purchase of Units is an appropriate investment for such Investor. The above representations shall be true and correct with respect to each Investor as of each date that such Investor's Subscription Agreement is provided to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On becoming a Sub-Placement Agent, and in offering and selling Units, the Sub-Placement Agent agrees to comply with all the applicable requirements imposed upon it under (i) the Securities Act, the Exchange Act and the rules and regulations of the SEC promulgated under both such acts, (ii) all applicable state securities laws and regulations as from time to time in effect, (iii) any other state, federal, foreign and other laws and regulations applicable to the Offering, the sale of Units or the activities of the Sub-Placement Agent pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, 15 U.S.C. §§ 6801 et seq., as may be amended from time to time ("<u>GLBA</u>"), and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, USA PATRIOT Act of 2001, as amended (the "<u>USA Patriot Act</u>"), and regulations administered by the Office of Foreign Asset Control at the Department of the Treasury ("<u>OFAC</u>"), and (iv) this Agreement and the Memorandum as amended and supplemented. Notwithstanding the termination of this Agreement or the payment of any amount to the Sub-Placement Agent, the Sub-Placement Agent agrees to pay the Sub-Placement Agent's proportionate share of any claim, demand or liability asserted against the Sub-Placement Agent and the other Sub-Placement Agents on the basis that such Sub-Placement Agents or any of them constitute an association, unincorporated business or other separate entity, including in each case such Sub-Placement Agent's proportionate share of any expenses incurred in defending against any such claim, demand or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Sub-Placement Agent (i) will maintain written policies and procedures covering the delivery of electronic offering documents and the use of electronic signatures, (ii) will comply with all applicable SEC rules and guidelines pertaining to electronic delivery of the Memorandum and Authorized Sales Materials and electronic signature of the Subscription Agreement, (iii) acknowledges that it is acting as an agent of the Fund only with respect to the delivery of the Memorandum and Authorized Sales Materials electronically, the administration of the subscription process and the obtainment of electronic signatures and only to the extent its actions are in compliance with the Placement Agent Agreement and this Agreement and (iv) will also comply, as applicable, with The Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transaction Act and any other applicable law. In consideration of the foregoing, the Placement Agent hereby agrees that it will not reject a subscription on account of an electronic signature if such signature was obtained in the manner set forth in this <u>Section 7</u>.

**8. *License and Association Membership***

The Sub-Placement Agent's acceptance of this Agreement constitutes a representation to the Fund and the Placement Agent that the Sub-Placement Agent is a properly registered or licensed broker-dealer, duly authorized to sell Units under federal and state securities laws and regulations, and foreign laws (including the laws of the jurisdictions listed on <u>Schedule III</u>), if applicable, and in all states or jurisdictions where it offers or sells Units, and a member in good standing of FINRA and that it has obtained all necessary approvals, licenses and permits required for it to enter into this Agreement and engage in the offer and sale of securities of the type represented by the Units and shall maintain such approvals, licenses and permits for so long as this Agreement is in effect, and it further represents and warrants that it will notify the Placement Agent immediately at such time, if any, as it ceases to hold any such necessary approval, license or permit. This Agreement shall automatically terminate if the Sub-Placement Agent ceases to be a member in good standing of FINRA. The Sub-Placement Agent agrees to notify the Placement Agent immediately if the Sub-Placement Agent ceases to be a member in good standing of FINRA. The Sub-Placement Agent will abide by the Rules of FINRA, including FINRA Rules 2040, 2111 and 2121.

**9. *Limitation of Offer; Suitability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent will offer Units (both at the time of an initial subscription and at the time of any additional subscription, including initial enrollments and increased participations in the DRIP) only to persons who meet the financial qualifications and suitability standards set forth in the Memorandum, this Agreement or in any suitability letter or memorandum sent to it by the Fund or the Placement Agent and will only make offers to persons in the jurisdictions in which it is advised in writing by the Placement Agent that the Units are qualified for sale under the respective securities laws of such jurisdiction or that such qualification is not required and in which the Sub-Placement Agent has all required licenses and registrations to offer Units in such jurisdictions (including the jurisdictions listed on <u>Schedule III</u>). In offering Units, the Sub-Placement Agent will comply with the provisions of the Rules set forth in the FINRA Manual, Regulation Best Interest, as well as all other applicable rules and regulations relating to suitability of investors. Nothing contained in this section shall be construed to relieve the Sub-Placement Agent of its suitability obligations under Regulation Best Interest or FINRA Rule 2111. The Sub-Placement Agent will sell Class S Units, Class D Units and Class I Units only to the extent approved by the Placement Agent as set forth on <u>Schedule I</u> to this Agreement, and to the extent approved to sell Class S Units, Class D Units and Class I Units pursuant to this Agreement, sell such units only to those persons who are eligible to purchase Class S Units, Class D Units and Class I Units as described in the Memorandum. Nothing contained in this Agreement shall be construed to impose upon any METI US Party the responsibility of assuring that prospective Investors meet the suitability standards in accordance with the terms and provisions of the Memorandum. The Sub-Placement Agent shall not purchase any Units for a discretionary account without obtaining the prior written approval of the Sub-Placement Agent's Customer and such Customer's completed and executed Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent further represents, warrants and covenants that neither the Sub-Placement Agent, nor any person associated with the Sub-Placement Agent, shall offer or sell Units in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (i) applicable provisions described in the Memorandum; (ii) applicable laws of the jurisdiction of which such investor is a resident; (iii) applicable provisions of Regulation Best Interest; and (iv) applicable FINRA rules. The Sub-Placement Agent agrees to ensure that, in recommending the purchase, sale or exchange of Units to an investor, the Sub-Placement Agent, or a person associated with the Sub-Placement Agent, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, FINRA or the Fund) concerning his or her age, investment objectives, other investments, financial situation and needs and any other information known to the Sub-Placement Agent, or person associated with the Sub-Placement Agent, that the investor (x) the investor can reasonably benefit from an investment in the Units based on the investor's overall investment objectives and portfolio structure, (y) is able to bear the economic risk of the investment based on the investor's overall financial situation and (z) has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Units, (C) the lack of liquidity of the Units, (D) the background and qualifications of the Adviser or the persons responsible for directing and managing the Fund and (E) the tax consequences of an investment in the Units. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Units or by the beneficiary of such fiduciary account. The Sub-Placement Agent further represents, warrants and covenants that the Sub-Placement Agent, or a person associated with the Sub-Placement Agent, will make every reasonable effort to determine the appropriateness of an investment in Units of each proposed investor, in accordance with the foregoing standards, by reviewing documents and records which, in accordance with applicable law, contain the basis upon which the determination as to the appropriateness of such investment was reached as to each purchaser of Units pursuant to a subscription solicited by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent will comply with the record-keeping requirements imposed by (i) federal securities laws and the rules and regulations thereunder and (ii) the applicable rules of FINRA, including the requirement to maintain records (the "<u>Suitability Records</u>") of the information used to determine that an investment in Units is suitable and appropriate for each subscriber for a period of six years from the date of the sale of the Units. The Sub-Placement Agent will, upon request from a regulatory authority to the Sub-Placement Agent or as required under applicable law, furnish such regulatory authority with copies of records of purchase and sales of Units, including Suitability Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Units offered by the Sub-Placement Agent shall be offered only to Customers who are both "accredited investors" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act and "qualified purchasers" as such term is defined in Section 2(a)(51) of the Investment Company Act. Neither the Sub-Placement Agent nor any person acting on its behalf, has (i) offered or sold or shall offer or sell the Units by any form of general solicitation or general advertising, including, without limitation, the methods described in Rule 502(c) of Regulation D promulgated under the Securities Act, or (ii) taken or will take any action, directly or indirectly, so as to cause the transactions contemplated by this Agreement to fail to qualify for the exemption under Section 4(a)(2) of the Securities Act. The Sub-Placement Agent shall offer the Units in accordance with U.S. federal securities laws, the securities laws of any state and the securities laws of any other jurisdiction in which it markets or solicits purchasers for such Units. The Sub-Placement Agent shall not knowingly take any action that would place any METI US Party or any affiliate thereof in violation of any U.S. federal or state law. The Sub-Placement Agent shall not refer to any METI US Party or solicit any Customer through the use of any general advertising, publicity, general solicitation, or other similar means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent will only make available the Authorized Sales Materials and the Memorandum to qualified clients: (i) with whom it has a "pre-existing, substantive relationship" (as such term is used in related guidance published by the staff of the SEC); and (ii) who meet the financial qualifications, accreditation and suitability standards set forth in the Memorandum or as otherwise required for compliance with applicable local law, regulation and/or tolerated market practice (including, for the avoidance of doubt, accreditation standards and/or minimum investment requirements). For the avoidance of doubt, the Sub-Placement Agent will not engage in marketing, solicitations or any other conduct that elicits obligations to limit the number of offerees and/or investors in accordance with applicable local law, regulation and/or tolerated market practice.

**10. *Disclosure Review; Confidentiality of Information***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent shall have reasonable grounds to believe, based on the information made available to it through the Memorandum or other materials, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating the Units. In making this determination, the Sub-Placement Agent shall evaluate, at a minimum, items of compensation, physical properties, tax aspects, financial stability and experience of the General Partner and the Adviser, conflicts of interest and risk factors, and appraisals and other pertinent reports. If the Sub-Placement Agent relies upon the results of any inquiry conducted by another member or members of FINRA, the Sub-Placement Agent shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Placement Agent, the General Partner or an affiliate of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is anticipated that (i) the Sub-Placement Agent and its officers, directors, managers, employees, owners, members, partners, home office diligence personnel or other agents of the Sub-Placement Agent that are conducting a due diligence inquiry on behalf of the Sub-Placement Agent and (ii) persons or committees, as the case may be, responsible for determining whether the Sub-Placement Agent will participate in the Offering ((i) and (ii) are collectively, the "<u>Diligence Representatives</u>") either have previously or will in the future have access to certain Confidential Information (defined below) pertaining to the METI US Parties or their respective affiliates in connection with such Diligence Representatives' diligence review. Such Diligence Representatives are bound by the terms of this <u>Section 10</u>, and the Sub-Placement Agent will be responsible for any breach by such persons of these confidentiality obligations. For purposes hereof, "<u>Confidential Information</u>" shall mean and include: (A) trade secrets concerning the business and affairs of the METI US Parties or their respective affiliates; (B) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or strategies, slide presentations, business plans, however documented, belonging to the METI US Parties or their respective affiliates; (C) information concerning the business and affairs of the METI US Parties or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, and market studies, however documented); (D) any information marked or designated "Confidential—For Due Diligence Purposes Only"; and (E) any notes, analyses, compilations, studies, summaries or other material containing or based, in whole or in part, on any information included in the foregoing. The Sub-Placement Agent shall keep, and cause its Diligence Representatives to keep, all such Confidential Information strictly confidential and not use, distribute or copy the same except in connection with the Sub-Placement Agent's due diligence inquiry. The Sub-Placement Agent shall not disclose, and will cause its Diligence Representatives not to disclose, such Confidential Information to the public, or to the Sub-Placement Agent's sales staff, financial Advisers, or any person involved in selling efforts related to the Offering or to any other third party and will not use the Confidential Information in any manner in the offer and sale of the Units. The Sub-Placement Agent shall take all reasonable precautions necessary to preserve the confidentiality of such Confidential Information, including, but not limited to (x) limiting access to such information to persons who have a need to know such information only for the purpose of the Sub-Placement Agent's due diligence inquiry and (y) informing each recipient of such Confidential Information of the Sub-Placement Agent's confidentiality obligation. The Sub-Placement Agent acknowledges that it or its Diligence Representatives may previously have received Confidential Information in connection with preliminary due diligence on the Fund, and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Sub-Placement Agent acknowledges that it or its Diligence Representatives may in the future receive Confidential Information, either in individual or collective meetings or telephone calls with the Fund, and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or medium. The Sub-Placement Agent acknowledges the restrictions and limitations of Regulation F-D promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Fund to comply therewith. Notwithstanding the foregoing, Confidential Information may be disclosed (1) if approved in writing for disclosure by the Fund or the Placement Agent, (2) pursuant to a subpoena or as required by law, or (3) as required by regulation, rule, order or request of any governing or self-regulatory organization (including the SEC or FINRA), *provided*, that the Sub-Placement Agent shall notify the Placement Agent in advance if practicable under the circumstances of any attempt to obtain Confidential Information pursuant to provisions (2) and (3) of this sentence.

**11. *Sub-Placement Agent's Compliance with Anti-Money Laundering Rules and Regulations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent hereby represents that it has complied and will comply with Section 326 of the USA Patriot Act, and the implementing rules and regulations promulgated thereunder in connection with broker/Sub-Placement Agents' anti-money laundering obligations (the "<u>AML Rules and Regulations</u>"). The Sub-Placement Agent hereby represents that it has adopted and implemented, and will maintain a written anti-money laundering compliance program ("<u>AML Program</u>") including, without limitation, anti-money laundering policies and procedures relating to customer identification in compliance with applicable laws and regulations, including federal and state securities laws, applicable rules of FINRA, and the USA Patriot Act and the implementing rules and regulations promulgated thereunder. The Sub-Placement Agent further represents that its AML Program, at a minimum, (1) designates a compliance officer to administer and oversee the AML Program, (2) provides ongoing employee training, (3) includes an independent audit function to test the effectiveness of the AML Program, (4) establishes internal policies, procedures, and controls that are consistent with Sub-Placement Agent's obligations under this Agreement, (5) includes a customer identification program consistent with the rules under section 326 of the USA Patriot Act, (6) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (7) provides for compliance with applicable economic sanctions issued by the U.S., including without limitation those administered and enforced by OFAC, the U.K., including without limitation those administered and enforced by Her Majesty's Treasury, the E.U., E.U. member states and the U.N. (collectively "<u>Economic Sanctions</u>"), including, without limitation, screening all new and existing Customers and Customer's beneficial owners, if any, against the list of specially designated nationals and blocked persons, and any other government list that is or becomes required under the Economic Sanctions, and (8) prescribes that appropriate regulators be permitted to examine the Sub-Placement Agent's AML books and records and that the Sub-Placement Agent will promptly fulfill appropriate requests by such regulators for information about Sub-Placement Agent's AML Program. Customer identification information will be retained for a period of not less than five years, following the termination of the customer's relationship with the Sub-Placement Agent. The Sub-Placement Agent further has policies and procedures reasonably designed to comply with the Financial Crimes Enforcement Network's Customer Due Diligence Rule, including identifying and verifying the identity of beneficial owners of legal entity customers, and the Sub-Placement Agent will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law enforcement when required by law. The Sub-Placement Agent has implemented policies, procedures and internal controls reasonably designed to identify higher risk clients, and to perform enhanced due diligence on such clients, including politically exposed persons. In accordance with such implemented policies, procedures and internal controls, applicable laws and regulations and its AML Program, the Sub-Placement Agent shall monitor account activity to identify patterns of unusual size or volume, geographic factors and any other "red flags" described in the USA Patriot Act as potential signals of money laundering or terrorist financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request by the Placement Agent at any time, the Sub-Placement Agent shall promptly furnish (i) a copy of its AML Program to the Placement Agent for review, (ii) a copy of the findings and any remedial actions taken in connection with the Sub-Placement Agent's most recent independent testing of its AML Program and (iii) written re-certification that the Sub-Placement Agent has implemented its AML Program and performed all other obligations of the Sub-Placement Agent pursuant to the terms of this Section 11. The Sub-Placement Agent agrees to notify the Placement Agent immediately if the Sub-Placement Agent is subject to a FINRA disclosure event or fine from FINRA related to its AML Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent hereby acknowledges and agrees that it (and not any METI US Party or the Fund's transfer agent or other service provider) is responsible for reviewing and monitoring Customers and complying with AML Rules and Regulations, including customer identification program requirements, with respect to Customers in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent does not know or have any reason to suspect that any of the beneficial owners, controllers, authorized persons, or other entities associated with any Customer investing in the Fund (including any beneficial owner(s) thereof): (i) appears on OFAC's Specially Designated Nationals and Blocked Persons List; (ii) is named on any list of sanctioned entities or individuals pursuant to E.U. and/or U.K. regulations (as the latter are extended by statutory instrument to the Cayman Islands by Statutory Instrument); (iii) is operationally based or domiciled in a country or territory in relation to which sanctions imposed by the United Nations, OFAC, the E.U., the U.S. and/or the U.K. apply; or (iv) is otherwise subject to sanctions imposed by, or is a party with which the Fund is prohibited to deal with under the laws of, the United Nations, OFAC, the E.U. or the U.K., which may be amended from time to time (collectively, a "<u>Sanctions Subject</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent does not know or have any reason to suspect that the monies used to fund any Customer's investment in the Fund is derived, directly or indirectly, from, invested for the benefit of, or related in any way to: (i) any criminal, terrorist or other illegal activities, including but not limited to, money laundering activities, whether under U.S. law or otherwise; and/or (ii) a Sanctions Subject (or are made on behalf of, or are controlled by, such persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Placement Agent covenants that, should any Customer and/or beneficial owner(s) thereof become at any time during their investment in the Fund a Sanctions Subject, the Sub-Placement Agent shall immediately notify the General Partner of such, which shall include the identity of such Sanctions Subject. The Sub-Placement Agent agrees to promptly provide the Fund, the Placement Agent, the General Partner or their respective delegate(s) with such additional information as may be requested by the Fund, the General Partner, the Placement Agent or its delegate to enable the Fund to satisfy its responsibilities under applicable law. The Sub-Placement Agent agrees and acknowledges that, among other remedial measures, (i) the Fund may be obligated to "freeze the account" with respect to the portion of an investment by any Customer, either by restricting participation by the Customer and/or segregating the assets of the Customer in order to comply with governmental regulations and/or if the Placement Agent determines in its good faith that such action is in the best interests of the Customer; and (ii) the Fund may be required to report such action or confidential information relating to the Customer (including, without limitation, disclosing the Customer's identity) to regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Placement Agent shall notify the Fund promptly in writing should the Sub-Placement Agent become aware of any material change in the information set forth in this <u>Section 11</u>.

**12. *Privacy***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent will abide by and comply in all respects with (i) the privacy standards and requirements of the GLBA and applicable regulations promulgated thereunder, (ii) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit Reporting Act ("<u>FCRA</u>") and (iii) its own internal privacy policies and procedures, each as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto acknowledge that from time to time, the Sub-Placement Agent may share with the Fund and the Fund may share with Sub-Placement Agent nonpublic personal information (as defined under the GLBA) of customers of the Sub-Placement Agent. This nonpublic personal information may include, but is not limited to a customer's name, address, telephone number, social security number, account information and personal financial information. The Sub-Placement Agent shall only be granted access to such nonpublic personal information of each of its customers that pertains to the period or periods during which Sub-Placement Agent served as the broker-dealer of record for such customer's account. None of the Sub-Placement Agent or the METI US Parties will disclose nonpublic personal information of any customers who have opted out of such disclosures, except (i) to service providers (when necessary and as permitted under the GLBA), (ii) to carry out the purposes for which one party discloses such nonpublic personal information to another party under this Agreement (when necessary and as permitted under the GLBA) or (iii) as otherwise required by applicable law. Any nonpublic personal information that one party receives from another party shall be subject to the limitations on usage described in this <u>Section 12</u>. Except as expressly permitted under the FCRA, the Sub-Placement Agent agrees that it shall not disclose any information that would be considered a "consumer report" under the FCRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") to identify customers that have exercised their opt-out rights. In the event the Sub-Placement Agent or any METI US Party expects to use or disclose nonpublic personal information of any customer for purposes other than as set forth in this <u>Section 12</u>, it must first consult the List to determine whether the affected customer has exercised his or her opt-out rights. The use or disclosure of any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures, except as set forth in this <u>Section 12</u>, shall be prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent shall implement commercially reasonable measures in compliance with industry best practices designed (i) to assure the security and confidentiality of nonpublic personal information of all customers; (ii) to protect such information against any anticipated threats or hazards to the security or integrity of such information; (iii) to protect against unauthorized access to, or use of, such information that could result in material harm to any customer; (iv) to protect against unauthorized disclosure of such information to unaffiliated third parties; and (v) to otherwise ensure its compliance with all applicable privacy standards and requirements of federal or state law (including, but not limited to, the GLBA), and any other applicable legal or regulatory requirements. The Sub-Placement Agent will cause all its agents, representatives, affiliates, subcontractors, or any other party to whom the Sub-Placement Agent provides access or discloses nonpublic personal information of customers, to implement appropriate measures designed to meet the objectives set forth in this <u>Section 12</u>.

**13. *Sub-Agents***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent shall not engage or retain, or assign or delegate its rights or obligations hereunder to, any affiliated or unaffiliated sub-agent to assist the Sub-Placement Agent the offer, sale, marketing or promotion of Units without the prior written approval of the Placement Agent ("<u>Sub-Agents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent undertakes to cause each approved Sub-Agent to enter into an agreement with the Sub-Placement Agent, which agreement shall include all of the undertakings, agreements, representations, warranties and covenants made by the Sub-Placement Agent to the METI US Parties hereunder *mutatis mutandis*. Such agreement shall also prohibit further delegation unless the prior written consent of the Placement Agent is given. The Sub-Placement Agent shall review the services provided by each of its Sub-Agents (if any) on an ongoing basis and make each Sub-Agent (if any) aware of the requirement to review the services provided by each Sub-Agent's delegate (if any) on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the request of the Placement Agent, the Sub-Placement Agent shall provide the Placement Agent with a copy of any such Sub-Agent agreement and/or a certificate from the Sub-Placement Agent to the effect that the Sub-Placement Agent is in compliance with <u>Section 13(b)</u> with respect to such Sub-Agent. The Sub-Placement Agent undertakes to terminate with immediate effect the appointment of any Sub-Agent upon the instruction of the Placement Agent. The Sub-Placement Agent shall remain liable for any act (or failure to act) of any of its Sub-Agents that would be a breach of the terms of this Agreement had it been committed or taken by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent hereby covenants, represents and warrants to the Placement Agent that no portion of the fees received by the Sub-Placement Agent in connection with its services hereunder shall be remitted or otherwise paid to any third party (including any finder or lobbyist) by the Sub-Placement Agent, other than a Sub-Agent as provided in the sentence above, without the prior written consent of the Placement Agent, which may be given or withheld in the Placement Agent's sole discretion.

**14. *Sub-Placement Agent's Undertaking to Not Facilitate a Secondary Market in the Units***

The Sub-Placement Agent acknowledges that there is no public trading market for the Units and that there are limits on the ownership, transferability and repurchase of the Units, which significantly limit the liquidity of an investment in the Units. The Sub-Placement Agent also acknowledges that the Repurchase Program provides only a limited opportunity for investors to have their Units purchased by the Fund and that the General Partner may, in its sole discretion, amend, suspend, or terminate the Repurchase Program at any time in accordance with the terms of the Repurchase Program. The Sub-Placement Agent hereby agrees that so long as the Fund is offering Units under Regulation D under the Securities Act, the Sub-Placement Agent will not facilitate any transfers except in compliance with applicable law or engage in any action or transaction that would facilitate or otherwise create the appearance of a secondary market in the Units without the prior written approval of the Placement Agent.

**15. *Arbitration***

Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current commercial arbitration rules of FINRA in accordance with the terms of this Agreement (including the governing law provisions of this Agreement and pursuant to the Federal Arbitration Act (9 U.S.C. §§ 1 – 16). The parties will request that the arbitrator or arbitration panel ("Arbitrator") issue written findings of fact and conclusions of law. The Arbitrator shall not be empowered to make any award or render any judgment for punitive damages, and the Arbitrator shall be required to follow applicable law in construing this Agreement, making awards, and rendering judgments. The decision of the arbitration panel shall be final and binding, and judgment upon any arbitration award may be entered by any court having jurisdiction. All arbitration hearings will be held at the New York City FINRA District Office or at another mutually agreed upon site. The parties may agree on a single arbitrator, or, if the parties cannot so agree, each party will have the right to choose one arbitrator, and the selected arbitrators will choose a third arbitrator. Each arbitrator must have experience and education that qualify him or her to competently address the specific issues to be designated for arbitration. Notwithstanding the preceding, no party will be prevented from immediately seeking provisional remedies in courts of competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions, but such remedies will not be sought as a means to avoid or stay arbitration.

**16. *Termination***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be effective as of its date of acceptance by the Placement Agent and will remain in full force and effect for so long as this Agreement is not terminated by either party hereto pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement and the parties' obligations hereunder may be terminated by either the Placement Agent or the Sub-Placement Agent for any reason or no reason upon giving thirty (30) days' prior written notice thereof to the other party; *provided*, *however*, that in the event either party hereto does not perform any obligation or materially breaches any covenant under this Agreement and does not perform such obligation or cure such breach (only to the extent such breach is curable) within five (5) business days from receipt of notice of such breach from the other party, or any representation and warranty hereunder on the part of a party hereto is incomplete or inaccurate in any respect (such event is referred to herein as a "<u>Breach</u>" and such party is referred to as the "<u>Breaching Party</u>"), this Agreement and the other party's obligations hereunder may be immediately terminated by such other party by written notice thereof to the Breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon becoming aware of a Disqualifying Event with respect to a Sub-Placement Agent Covered Person (unless a waiver has been obtained and/or the relevant Sub-Placement Agent Covered Person has been timely terminated or no longer performs a role with respect to Sub-Placement Agent that would cause such person to be a Sub-Placement Agent Covered Person for purposes of Rule 506(d) of the Securities Act), the Placement Agent may, in its sole discretion, terminate this Agreement (such termination, a "<u>Disqualifying Event Termination</u>"), which Disqualifying Event Termination shall be effective as of the date of the occurrence of the Disqualifying Event. Notwithstanding any termination of this Agreement, the obligations of the parties pursuant to the indemnity, confidentiality and choice of law and jurisdiction provisions of this Agreement shall survive any termination hereof and remain operative and in full force and effect. For the avoidance of doubt, in the event of a Disqualifying Event Termination, the METI US Parties shall cease to be obligated to pay the Sub-Placement Agent any fees in connection with any subscriptions made on or after the occurrence of such Disqualifying Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement will terminate automatically if the Placement Agent or the Sub-Placement Agent ceases to be a member of FINRA in good standing or is subject to a FINRA suspension or if the Placement Agent's or the Sub-Placement Agent's registration or license under the Exchange Act or any state securities laws or regulations is terminated or suspended. Each of the Placement Agent and the Sub-Placement Agent shall have the right to terminate this Agreement immediately if the other party is subject to an investigation under the Foreign Corrupt Practices Act of 1977, as amended, or any similar law of any relevant jurisdiction, or the rules and regulations thereunder. Each party agrees to notify the other party immediately if any of these events, as applicable, occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent will immediately suspend or terminate its offer and sale of Units upon the request of the Fund or the Placement Agent at any time and may resume its offer and sale of Units hereunder upon subsequent request of the Fund or the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The respective agreements and obligations of the Placement Agent and the Sub-Placement Agent set forth in <u>Sections 4</u>, <u>6</u>, <u>7</u>, and <u>14</u> through <u>22</u> of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

**17. *Use of Fund and Macquarie Names***

The Sub-Placement Agent will not, without the written consent of the Placement Agent in each instance: (a) use in advertising, publicity or otherwise the name of any METI US Party, "Macquarie", any affiliate of any METI US Party, or any director, officer or employee of any METI US Party, or any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by any METI US Party or affiliates thereof; or (b) represent, directly or indirectly, that any product or any service provided by the Sub-Placement Agent has been approved or endorsed by any METI US Party or affiliates thereof. Further, the Placement Agent reserves the right to withdraw its consent to the use of any METI US Party's or any affiliate of any METI US Party's name at any time and to request to review any materials generated by the Sub-Placement Agent that use any METI US Party's or any affiliate of any METI US Party's name or mark. Any such consent is expressly subject to the continuation of this Agreement and shall terminate with the termination of this Agreement as provided herein.

**18. *Notice***

Notices and other writings contemplated by this Agreement shall be delivered via (a) hand, (b) first class registered or certified mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier, or (d) electronic mail. All such notices shall be addressed, as follows:

---

| | |
|:---|:---|
| If to the Placement Agent: | Delaware Distributors, L.P. |
|  | Attn: [ ] |
|  | 100 Independence |
|  | 610 Market Street |
|  | Philadelphia, PA 19106 |
|  | E-mail: [ ] |
|  | With a copy, which shall not constitute notice, to: |
|  | Macquarie Energy Transition Infrastructure Fund, L.P. |
|  | Attn: [ ] |
|  | 660 Fifth Avenue |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the Adviser: | Central Park Advisers, LLC |
|  | Attn: [ ] |
|  | 345 Park Avenue, 27<sup>th</sup> Floor |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the General Partner: | METI GP, LLC |
|  | Attn: [ ] |
|  | 345 Park Avenue, 27<sup>th</sup> Floor |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the Fund: | Macquarie Energy Transition Infrastructure Fund, L.P. |
|  | Attn: [ ] |
|  | 660 Fifth Avenue |
|  | New York, New York 10103 |
|  | E-mail: [ ] |

---

If to Sub-Placement Agent: To the address specified by the Sub-Placement Agent herein.

**19. *Attorney's Fees and Applicable Law***

In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney's fees. This Agreement shall be construed under the laws of the State of New York and shall take effect when signed by the Sub-Placement Agent and countersigned by the Placement Agent. Venue for any action (including arbitration) shall lie exclusively in New York, New York.

**20. *No Partnership***

Nothing in this Agreement shall be construed or interpreted to constitute the Sub-Placement Agent as an employee, agent or representative of, or in association with or in partnership with, the Placement Agent, the Fund or the other Sub-Placement Agents; instead, this Agreement shall only constitute the Sub-Placement Agent as a Sub-Placement Agent authorized by the Placement Agent to sell the Units according to the terms set forth in the Memorandum as may be amended and supplemented from time to time and in this Agreement.

**21. *Electronic Communications***

The Placement Agent and its affiliates may send electronic communications to the Sub-Placement Agent and its representatives for the monitoring, development and management of the business relationship and related communications with the Sub-Placement Agent and its representatives ("<u>Business Purposes</u>"). The Sub-Placement Agent shall, where requested by its representatives: (a) inform the representatives that Placement Agent and its affiliates may send them communications for Business Purposes, (b) make the Placement Agent and its affiliate's privacy notice available to the representatives, which is available at: [ ], and (c) inform the representatives that they can opt-out of such communications. For the purposes of this section, "<u>representative</u>" means any person representing, or whom the Placement Agent and its affiliates reasonably believes is representing, the Sub-Placement Agent, including any financial advisers.

**22. *Miscellaneous***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Fund, the General Partner, the Adviser and their respective affiliates shall be third-party beneficiaries of this Agreement, entitled to enforce the provisions hereof directly against the Sub-Placement Agent as if a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The METI US Parties may be irreparably harmed if the Sub-Placement Agent's obligations hereunder are not specifically enforced and the METI US Parties would not have an adequate remedy at law in the event of an actual or threatened violation by the Sub-Placement Agent of its obligations hereunder. Therefore, the Placement Agent shall be entitled to seek an injunction and/or specific performance for any actual or threatened violation or breach by the Sub-Placement Agent of this Agreement, without the posting of any bond, and such other relief as may be available at law or equity, including the right to recover all losses or damages suffered by the METI US Parties resulting from any such breach or threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law, then such provision will be deemed modified to the extent necessary to render it legal, valid and enforceable, and if no such modification will render it legal, valid and enforceable, then this Agreement will be construed as if not containing such provision, and the rights and obligations of the parties hereto will be construed and enforced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement has been jointly drafted by the parties hereto, after negotiations and consultations with their respective counsel. This Agreement will not be construed more strictly against one or more parties than against any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement (including the Schedules hereto) represents the entire understanding and agreement between the parties hereto regarding the offer and sale of Units and supersedes any and all prior negotiations, representations and agreements, whether written or oral related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended at any time by the Placement Agent by written notice to the Sub-Placement Agent, and any such amendment shall be deemed accepted by the Sub-Placement Agent upon placement of an order for sale of Units by such Sub-Placement Agent's Customer after the Sub-Placement Agent has received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement will be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. Neither the Placement Agent nor the Sub-Placement Agent may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party hereto, and any purported assignment or other transfer of any such rights or obligations without such consent will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement may be executed in multiple counterparts, each of which will be deemed an original and all of which together will constitute but one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Headings or captions of this Agreement are for reference only and are not to be construed in any way as part of this Agreement, nor in the interpretation of this Agreement.

\* \* \* \* \*

---

| | |
|:---|:---|
| PLACEMENT AGENT: | PLACEMENT AGENT: |
| DELAWARE DISTRIBUTORS, L.P. | DELAWARE DISTRIBUTORS, L.P. |
| By: |  |
| Name: | [ ] |
| Title: | Authorized Signatory |
| Date: | Date: |

---

*Signature Page to Selected Dealer Agreement*

We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or Sub-Placement Agent and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement.

1. IDENTITY OF SUB-PLACEMENT AGENT:

Entity Name: _________________________________

Type of entity:

(Corporation, Partnership or Proprietorship)

Organized in the State of:

Licensed as broker-dealer in all States: Yes No

If no, list all States licensed as broker-dealer:

Tax ID #:

2. Person to receive notices delivered pursuant to the Selected Sub-Placement Agent Agreement.

Name:

Company:

Address:

City, State and Zip:

Telephone:

Email:

AGREED TO AND ACCEPTED BY THE SUB-PLACEMENT AGENT:

(Sub-Placement Agent's Firm Name)

By:

Signature

Name:

Title:

Date:

*Signature Page to Selected Dealer Agreement*

SCHEDULE I<br> ADDENDUM TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> DELAWARE DISTRIBUTORS, L.P.

Name of Sub-Placement Agent: __________________________________

The following reflects the subscription fee, placement fee and unitholder servicing fee arrangements as agreed upon between Delaware Distributors, L.P. (the "<u>Placement Agent</u>") and Sub-Placement Agent, effective as of the effective date of the Selected Sub-Placement Agent Agreement (the "<u>Agreemen</u>t") between the Placement Agent and Sub-Placement Agent in connection with the offering of Units of Macquarie Energy Transition Infrastructure Fund, L.P. (the " <u>Master Fund</u>") and METI TE Feeder, L.P. (the "<u>Feeder</u>" and together with the Fund, the "<u>Fund</u>"). For the avoidance of doubt, any reference to Class S Units, Class D Units, and/or Class I Units shall include each of the Fund's Class S Units, Class D Units and/or Class I Units and the Feeder's Class <sub>STE</sub> Units, Class <sub>DTE</sub> Units, and/or Class <sub>ITE</sub> Units, unless otherwise indicated herein.

**Subscription Fees.**

Sub-Placement Agent may charge upfront selling commissions, placement fees, subscription fees or similar fees ("<u>Subscription Fee</u>"), on purchases and sales of Units on such Sub-Placement Agent's brokerage platform, as set forth in "Unit Class Election" below, to the extent the Memorandum discloses that such fees may be charged for the relevant class of Units. Any Subscription Fee, including upfront placement fees or selling commissions, charged by Sub-Placement Agent in connection with its sale of Units will be charged in a manner consistent with the Memorandum and applicable law and FINRA rules. Purchases and sales of such Units may only be executed as purchases or repurchases between the Customer and the Fund. Sub-Placement Agent shall not execute trades of Units between Customers. For the avoidance of doubt, subscription funds may be transmitted to the Fund net of any Subscription Fees.

**Placement Fees.**

In connection with the sale and subscription of the Units in the Fund by the Sub-Placement Agent, the Placement Agent agrees to pay, or to cause an affiliate to pay, to the Sub-Placement Agent a placement fee (the "Placement Fee") on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Placement Fee shall be an amount equal to 1% of the aggregate accepted subscription amount of the Units distributed or sold by or through the Sub-Placement Agent (not including any upfront selling commissions charged directly by, and/or reallocated to, the Sub-Placement Agent) under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Placement Fee will be calculated on first day of December of each calendar year (each a "Placement Fee Calculation Date"), with respect to all subscriptions meeting the requirements of paragraph (i) above made within the preceding twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Placement Agent will send the Placement Agent an invoice within sixty (60) calendar days after each Placement Fee Calculation Date, setting out the Placement Fee amount together with supporting calculations (an "Invoice"). Such Invoice will include the details of the bank account into which the Placement Fee will be paid, and will be sent to the Placement Agent by e-mail to [ ] to the attention of [ ] (or as otherwise agreed by the parties hereto from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Payment of the Placement Fee is contingent upon the Placement Agent receiving an Invoice from the Sub-Placement Agent in respect of the Placement Fee. Subject to paragraph (v) below, Invoices shall be payable within ninety (90) calendar days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the event of any discrepancy between the Placement Fee amount stated in the Invoice and the Placement Fee amount calculated by the Placement Agent, the Sub-Placement Agent will cooperate with the Placement Agent to resolve any such discrepancy, and the Invoice shall be payable within ninety (90) calendar days of such resolution. The Sub-Placement Agent agrees to cooperate with the reasonable requests of the Placement Agent in order to verify the sale of Units made by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sub-Placement Agent acknowledges and agrees that the Placement Agent (or any affiliate thereof) will not be required to make any duplication of payments of the Placement Fee for the same Units, and the Placement Agent's (or any affiliate's) obligation to pay the Placement Fee will be deemed satisfied when payment is made to the Sub-Placement Agent.

**Terms and Conditions of the Servicing Fees.**

The payment of the unitholder servicing fee ("<u>Servicing Fees</u>") to Sub-Placement Agent is subject to terms and conditions set forth herein and the Memorandum as may be amended or supplemented from time to time. If Sub-Placement Agent elects to sell Class S Units and/or Class D Units, eligibility to receive the Servicing Fee with respect to the Class S Units and/or Class D Units, as applicable, sold by the Sub-Placement Agent is conditioned upon Sub-Placement Agent acting as broker-dealer of record with respect to such Units and complying with the requirements set forth below, including providing unitholder and account maintenance services with respect to such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the existence of an effective Selected Sub-Placement Agent Agreement or ongoing Servicing Agreement (as defined below) between the Placement Agent and the Sub-Placement Agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provision of the following services with respect to the Class S Units and/or Class D Units, as applicable, by the Sub-Placement Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. assistance with recordkeeping, in accordance with Sub-Placement Agent's then existing requirements,
including maintaining records for and on behalf of Sub-Placement Agent's Customers reflecting transactions and balances of Units
owned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. answering investor inquiries regarding the Fund, including distribution payments and reinvestments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. helping investors understand their investments upon their request, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. tender offers. For the avoidance of doubt, Sub-Placement Agent's Customers shall submit tender offers
directly to the Fund or its agent.

For the avoidance of doubt, Sub-Placement Agent is not to be considered the official books and records keeper of the Fund. In connection with this provision, the Sub-Placement Agent agrees to reasonably cooperate to provide certification to the Fund, the Placement Agent, and its agents (including its auditors) confirming the provision of services to each particular class of unitholders upon reasonable request.

Sub-Placement Agent hereby represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements and is providing the above-described services.

In the event of termination of the Agreement, the Placement Agent and Sub-Placement Agent shall promptly enter into a Servicing Agreement on reasonable and customary terms mutually agreed upon by Sub-Placement Agent and the Placement Agent to provide for the continuation of these services by Sub-Placement Agent and the continuation of the payment by the Placement Agent of the Servicing Fee with respect to the units for which Sub-Placement Agent continues to act as broker of record.

Subject to the conditions described herein, the Placement Agent will reallocate to Sub-Placement Agent the Servicing Fee in an amount described below, on Class S Units or Class D Units, as applicable, sold by Sub-Placement Agent. To the extent payable, the Servicing Fee will be payable monthly in arrears as provided in the Memorandum. All determinations regarding the Sub-Placement Agent's compliance with the listed conditions in this Schedule I will be made by the Placement Agent in good faith in accordance with the terms of this Agreement.

Notwithstanding the foregoing, subject to the terms of the Memorandum, at such time as the Sub-Placement Agent is no longer the broker-dealer of record with respect to such Class S or Class D Units or the Sub-Placement Agent no longer satisfies any or all of the conditions set forth above, then Sub-Placement Agent's entitlement to the Servicing Fees related to such Class S and/or Class D Units, as applicable, shall cease in, and Sub-Placement Agent shall not receive the Servicing Fee for, that month or any portion thereof (i.e., Servicing Fees are payable with respect to an entire month without any proration). Sub-Placement Agent-Sub-Placement Agent transfers will be made effective as of the last business day of a month.

Thereafter, such Servicing Fees may be reallocated to the then-current broker-dealer record of the Class S and/or Class D Units, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Sub-Placement Agent</u>"), to the extent such Servicing Sub-Placement Agent has entered into a Selected Sub-Placement Agent Agreement or similar agreement with the Placement Agent ("<u>Servicing Agreement</u>") and such Selected Sub-Placement Agent Agreement or Servicing Agreement with the Servicing Sub-Placement Agent provides for such reallocation. In this regard, all determinations will be made by the Placement Agent in good faith in its sole discretion. The Sub-Placement Agent is not entitled to any Servicing Fee with respect to Class I Units.

**General**

Servicing Fees due to the Sub-Placement Agent pursuant to this Agreement will be paid to Sub-Placement Agent within 30 days after receipt by the Placement Agent. Sub-Placement Agent, in its sole discretion, may authorize Placement Agent to deposit Servicing Fees or other payments due to it pursuant to this Agreement directly to its bank account. If Sub-Placement Agent so elects, the Sub-Placement Agent shall provide such deposit authorization and instructions in <u>Schedule II</u> to this Agreement.

The parties hereby agree that the foregoing Subscription Fees and Servicing Fees are not in excess of the usual and customary brokers' commission received in the sale of securities similar to the Units, that the Sub-Placement Agent's interest in the Offering is limited to (i) such Subscription Fee from its customers and (ii) Servicing Fee and Placement Fee from the Placement Agent or its affiliate.

Sub-Placement Agent waives any and all rights to receive compensation, including the Servicing Fee, until it is paid to and received by the Placement Agent. Sub-Placement Agent affirms that the Placement Agent's liability for Servicing Fees is limited solely to the proceeds of the Servicing Fee receivable from the Fund and Sub-Placement Agent hereby waives any and all rights to receive any reallowance of the Servicing Fee due until such time as the Placement Agent is in receipt of the Servicing Fee from the Fund. Sub-Placement Agent affirms that neither the Fund nor the Placement Agent have any obligation to the Sub-Placement Agent with respect to any Subscription Fees or other fees, including upfront selling commissions or placement fees, Sub-Placement Agent may charge to a Customer.

Sub-Placement Agent shall furnish Placement Agent and the Fund with such information as shall reasonably be requested by the Fund with respect to the fees paid to Sub-Placement Agent pursuant to this <u>Schedule I</u>, and Sub-Placement Agent shall notify Placement Agent if Sub-Placement Agent is not eligible to receive Subscription Fees and/or Servicing Fees at the time of purchase.

**Unit Class Election**

CHECK EACH APPLICABLE BOX BELOW IF SUB-PLACEMENT AGENT ELECTS TO PARTICIPATE IN THE LISTED Unit CLASS

<u>The Fund</u>

☐ Class S Units ☐ Class D Units ☐ Class I Units

<u>The Feeder</u>

☐ Class S-TE Units ☐ Class D-TE Units ☐ Class I-TE Units

The following reflects the Subscription Fee arrangement and/or the Servicing Fees as agreed upon between the Placement Agent and the Sub-Placement Agent for the applicable Unit Class.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> ______ (Initials) | &nbsp;&nbsp;No upfront selling commission but Sub-Placement Agents may charge a Subscription Fee up to 3.5% of the NAV per Class S Unit sold in the Offering | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class S Units. |
| &nbsp;&nbsp;______ (Initials) | &nbsp;&nbsp;Servicing Fee of 0.85% per annum of the aggregate NAV of outstanding Class S Units as of the last day of each month | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent agrees to the terms of eligibility for the Servicing Fee set forth in this <u>Schedule I</u>. Should the Sub-Placement Agent choose to opt out of this provision, it will not be eligible to receive the Servicing Fee and initialing is not necessary. The Sub-Placement Agent represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements. |
| &nbsp;&nbsp;______ (Initials) | &nbsp;&nbsp;No upfront selling commission but Sub-Placement Agents may charge a Subscription Fee up to 1.5% of the NAV per Class D Unit sold in the Offering | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class D Units. |
| &nbsp;&nbsp;______ (Initials) | &nbsp;&nbsp;Servicing Fee of 0.25% per annum of the aggregate NAV of outstanding Class D Units as of the last day of each month | &nbsp;&nbsp;By initialing here, Sub-Placement Agent agrees to the terms of eligibility for the Servicing Fee set forth in this <u>Schedule I</u>. Should the Sub-Placement Agent choose to opt out of this provision, it will not be eligible to receive the Servicing Fee and initialing is not necessary. The Sub-Placement Agent represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements. |

---

IN WITNESS WHEREOF, the parties hereto have caused this addendum to be executed as of the date first written above.

---

| | |
|:---|:---|
| "PLACEMENT AGENT" | "PLACEMENT AGENT" |
| DELAWARE DISTRIBUTORS, L.P. | DELAWARE DISTRIBUTORS, L.P. |
| By: |  |
|  | Name: |
|  | Title: |

---

"SUB-PLACEMENT AGENT"

---

| |
|:---|
| (Print Name of Sub-Placement Agent) |
| By: |
| Name: |
| Title: |

---

SCHEDULE II<br> TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

---

| | |
|:---|:---|
| **NAME OF ISSUER**: | MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P. |
|  | METI TE FEEDER, L.P. |

---

**NAME OF SUB-PLACEMENT AGENT**:

**SCHEDULE TO AGREEMENT DATED**:

Sub-Placement Agent hereby authorizes the Placement Agent or its agent to deposit servicing fees and other fees due to it pursuant to the Selected Sub-Placement Agent Agreement to its bank account specified below. This authority will remain in force until Sub-Placement Agent notifies the Placement Agent in writing to cancel it. In the event that the Placement Agent deposits funds erroneously into Sub-Placement Agent's account, the Placement Agent is authorized to debit the account with no prior notice to Sub-Placement Agent for an amount not to exceed the amount of the erroneous deposit.

Bank Name:

Bank Address:

Bank Routing Number:

Account Number:

"SUB-PLACEMENT AGENT"

  <br> (Print Name of Sub-Placement Agent)

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

---

SCHEDULE III<br> TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

None.

SCHEDULE IV

TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

**Offering Certificate**

[DATE]

[__], together with its affiliates ("<u>Sub-Placement Agent</u>"), hereby certifies to Macquarie Energy Transition Infrastructure Fund, L.P. and METI TE Feeder, L.P. (collectively, the "<u>Fund</u>") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The limited partnership units (the " <u>Units</u> ")
in the Fund, have not been offered by Sub-Placement Agent by any form of general solicitation or general advertising, including (without
limitation) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast
over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sub-Placement Agent has maintained an accurate record of all
offerees to whom Sub-Placement Agent has distributed a copy of the Memorandum relating to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After reasonable due inquiry and to the best of Sub-Placement
Agent's knowledge, none of (i) Sub-Placement Agent, (ii) to Sub-Placement Agent's knowledge after factual inquiry with reasonable
care, any person who through Sub-Placement Agent has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers
in connection with such sale of securities, (iii) any general partner or managing member of any person described in (i) or (ii), or (iv)
any director, executive officer or other officer participating directly or indirectly in the offering of the Units, of any person described
in (i), (ii) or (iii) (each, a " <u>Covered Person</u> ") are subject to an event described in Rule 506(d)(1)(i)-(viii) of
Regulation D promulgated under the Securities Act that has occurred on or after [____].

This Certificate is delivered for the benefit of the Fund and Simpson Thacher & Bartlett LLP only, and may not be relied upon by any other person for any purpose whatsoever.

[Rest of page intentionally left blank]

IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above.

---

| | |
|:---|:---|
| (Print Name of Sub-Placement Agent) | (Print Name of Sub-Placement Agent) |
| By: |  |
|  | Name: |
|  | Title: |

---

SCHEDULE V

TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

**DISCLOSURE OF DISQUALIFYING EVENT**

None.

The parties agree that additional disclosures may be added to this Schedule V at a future date with the consent of the parties. The parties further agree that all disclosures provided as part of this Schedule V will be provided to potential investors consistent with the requirements of Regulation D of the Securities Act.

## Exhibit 10.4

**Exhibit 10.4**

**SELECTED DEALER AGREEMENT**

Delaware Distributors, L.P. (the "<u>Placement Agent</u>"), as the placement agent for Macquarie Energy Transition Infrastructure Fund, L.P., a Delaware limited partnership (the "<u>Master Fund</u>"), and METI TE Feeder, L.P, a Delaware limited partnership (the "<u>Feeder</u>", together with the Master Fund, the "<u>Fund</u>"), invites you (the "<u>Sub-Placement Agent</u>") to participate in the offer and sale of limited partnership units of the Fund ("<u>Units</u>") to certain of the Sub Placement Agent's qualified customers ("<u>Customers</u>") subject to the following terms:

**1.**  ***Placement Agent Agreement*** 

The Placement Agent has entered into a Placement Agent Agreement with the Fund dated January 28, 2025 (the "<u>Placement Agent Agreement</u>"). Except as otherwise specifically stated herein, all terms used in this Selected Dealer Agreement (this "<u>Agreement</u>") have the meanings provided in the Placement Agent Agreement.

As described in the Placement Agent Agreement, the Fund is conducting an ongoing private placement offering (the "<u>Offering</u>") in accordance with Rule 506(b) of Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), which may consist of Class S Units, Class D Units and/or Class I Units. For the avoidance of doubt, any reference to Class S Units, Class D Units, and/or Class I Units shall include each of the Fund's Class S Units, Class D Units and/or Class I Units and the Feeder's Class <sub>STE</sub> Units, Class <sub>DTE</sub> Units, and/or Class <sub>ITE</sub> Units. The differences between the classes of Units and the eligibility requirements for each class of Units are described in detail in the Memorandum (as defined herein). The Units are to be offered and sold as described in the Memorandum.

Under the terms of the Offering, as set forth in the confidential Private Placement Memorandum of the Fund (including any supplements and amendments thereto, all financial statements, appendices, and all other documents which are a part thereof) (the "<u>Memorandum</u>"), the Units will be offered and sold at the offering prices per Unit set forth in the Memorandum. In connection with the Offering, the minimum initial subscription amount by any one person shall be as set forth in the Memorandum (except as otherwise accepted by the Placement Agent pursuant to its discretion to accept lesser amounts).

By your acceptance of this Agreement, you will become one of the Sub-Placement Agents referred to in the Placement Agent Agreement between the Fund and the Placement Agent and will be entitled and subject to the indemnification provisions contained in the Placement Agent Agreement, including the provisions of Section 5 of the Placement Agent Agreement wherein the Sub-Placement Agents severally agree to indemnify and hold harmless the Fund, the Placement Agent and each officer and director thereof, and each person, if any, who controls the Fund or the Placement Agent within the meaning of the Securities Act. The Sub-Placement Agent hereby agrees to use its best efforts to sell the Units for cash on the terms and conditions stated in the Memorandum. Nothing in this Agreement shall be deemed or construed to make the Sub-Placement Agent an employee, agent, representative or partner of the Placement Agent, the Fund or any of their respective affiliates, and the Sub-Placement Agent is not authorized to act for the Placement Agent, the Fund or any of their respective affiliates, or to make any representations on their behalf except as set forth in the Memorandum and in the Authorized Sales Materials (as defined below).

The Sub-Placement Agent acknowledges and agrees that none of the Placement Agent, the Fund or any of their respective affiliates are: (a) providing any advice or recommendations to any persons who purchase and/or hold Units through Sub-Placement Agent pursuant to this Agreement ("<u>Investor</u>"); (b) providing any custody services to any person, including any customers or clients of Sub-Placement Agent; and/or (c) acting as broker of record for any persons who purchase and/or hold Units through Sub-Placement Agent pursuant to this Agreement.

**2.**  ***Submission of Orders*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person desiring to purchase Units in the Offering will be required to complete and execute a subscription agreement for an investment in Units ("Subscription Agreement") and to deliver to the Sub-Placement Agent such completed and executed Subscription Agreement together with a check or wire transfer ("<u>Instruments of Payment</u>") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customers who purchase Units will be instructed by Sub-Placement Agent to make their Instruments of Payment payable to or for the benefit of "Macquarie Energy Transition Infrastructure Fund, L.P." or "METI TE Feeder, L.P.," as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subscription Agreements received during each month before five (5) business days prior to the first calendar day of the next month will be transmitted to the Fund or its agent as set forth in the Subscription Agreement or as otherwise directed by the Fund at least five (5) business days prior to the first calendar day of the next month, and Sub-Placement Agent shall use commercially reasonable efforts to deliver Instruments of Payment with respect to such transmitted Subscription Agreements at least two (2) business days prior to the first calendar day of the next month, but no later than one (1) business day prior to the first calendar day of the next month, as set forth in the Subscription Agreement or as otherwise directed by the Fund. Subscription Agreements received from subscribers during the five (5) business day period prior to the first calendar day of a month will be transmitted at least five (5) business days prior to the first calendar day of the month after the next month (the "<u>Following Month</u>"), and Sub-Placement Agent shall use commercially reasonable efforts to deliver Instruments of Payment with respect to such transmitted Subscription Agreements at least two (2) business days prior to the first calendar day of the Following Month, but no later than one (1) business day prior to the first calendar day of the Following Month. Purchase orders which include (i) Instruments of Payment received by the Fund at least two (2) business days prior to the first calendar day of the month and (ii) a completed and executed Subscription Agreement in good order received by the Fund or its transfer agent at least five (5) business days prior to the first calendar day of the month (unless waived by the Placement Agent) will be executed as of the first day of such month at a purchase price equal to the Fund's net asset value ("<u>NAV</u>") per Unit as of the last calendar day of the immediately preceding month applicable to the class of Units being purchased (as calculated in accordance with the procedures described in the Memorandum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any repurchase requests must be made in accordance with the applicable procedures described in the Memorandum, the Fund's Repurchase Program (as defined in the Memorandum), the Subscription Agreement, and applicable law, rules and regulations. The parties acknowledge and agree that a repurchase request is not received in "good order" unless the repurchase request and all required documentation is complete and received by the Fund's transfer agent by the applicable repurchase request deadline described in the Memorandum, the Subscription Agreement or otherwise specified by the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Sub-Placement Agent receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, the Sub-Placement Agent shall return such Subscription Agreement and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Subscription Agreements and Instruments of Payment received by the Sub-Placement Agent which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this <u>Section 2</u>. Transmittal of received investor funds will be made in accordance with the procedures set forth in <u>Section 2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscription funds may be transmitted to the Fund net of any upfront selling commissions, placement fees, subscription fees or similar fees ("<u>Subscription Fees</u>") subject to the terms and conditions set forth in <u>Schedule I</u> attached hereto.

**3.**  ***Pricing*** 

Except as otherwise provided in the Memorandum, which may be amended or supplemented from time to time, the offering price of Units shall be equal to the Fund's then current NAV per Unit applicable to the class of Units being purchased (as calculated in accordance with the procedures described in the Memorandum). Except as otherwise provided in the Memorandum, for unitholders who participate in the Fund's distribution reinvestment plan ("<u>DRIP</u>"), the cash distributions attributable to the class of Units that each unitholder owns will be automatically re-invested in additional Units of the same class. Any Units issued pursuant to the DRIP (the "<u>DRIP Units</u>") will be issued and sold to unitholders of the Fund at a purchase price equal to the most recent available NAV per Unit for such Units at the time the distribution is payable and will be subject to the payment of unitholder servicing fees on such DRIP Units, as applicable to the relevant class of Units. Except as otherwise indicated in the Memorandum or in any letter or memorandum sent to the Sub-Placement Agent by the Fund or the Placement Agent, a minimum initial subscription amount by each unitholder in the Fund of $10,000 and $1,000 for subsequent subscriptions is required unless such minimums are waived by the Placement Agent. The Units are nonassessable.

**4.**  ***Sub-Placement Agent Compensation*** 

Except as may be provided in the Memorandum, which may be amended or supplemented from time to time, as compensation for completed sales and ongoing unitholder services rendered by Sub-Placement Agent hereunder, Sub-Placement Agent is entitled, on the terms and subject to the conditions herein, to the compensation set forth on <u>Schedule I</u> hereto.

**5.**  ***Representations, Warranties and Covenants of the Sub-Placement Agent*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the representations and warranties found elsewhere in this Agreement, the Sub-Placement Agent represents, warrants, covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized and existing and in good standing under the laws of the state, commonwealth or other jurisdiction in which Sub-Placement Agent is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is empowered under applicable laws and by the Sub-Placement Agent's organizational documents to enter into this Agreement and perform all activities and services of the Sub-Placement Agent contemplated herein and there are no impediments, prior or existing, or regulatory, self-regulatory, administrative, civil or criminal matters affecting the Sub-Placement Agent's ability to perform under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution, delivery, and performance of this Agreement; the incurrence of the obligations set forth herein; and the consummation of the transactions contemplated herein, including the issuance and sale of the Units, will not constitute a breach of, or default under, any agreement or instrument by which the Sub-Placement Agent is bound, or to which any of its assets are subject, or any order, rule, or regulation applicable to it of any court, governmental body, or administrative agency having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All requisite actions have been taken to authorize the Sub-Placement Agent to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It shall notify the Placement Agent, promptly in writing, of any written claim or complaint or any enforcement action or other proceeding with respect to Units offered hereunder against Sub-Placement Agent or its principals, affiliates, officers, directors, employees or agents, or any person who controls Sub-Placement Agent, within the meaning of Section 15 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It has developed and will continue to maintain policies and procedures reasonably designed to ensure material compliance with all laws applicable to the Sub-Placement Agent's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As of the date hereof and at any time during the term of this Agreement, any written information about the Sub-Placement Agent that is furnished by the Sub-Placement Agent for inclusion in the Offering Materials (as defined below) does not and will not contain any untrue statement of material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subject to the Sub-Placement Agent's compliance with the terms herein (including, but not limited to, Section 5(a)(xii)(D), Section 9(e) and any jurisdictional-specific restrictions set forth in Schedule III), the Sub-Placement Agent is hereby authorized to offer and sell Units in the jurisdictions set forth on Schedule III attached hereto. Except for those jurisdictions listed on <u>Schedule III</u> hereto, the Sub-Placement Agent will not offer, sell or distribute Units, or otherwise make any such Units available, in any jurisdiction outside of the United States or United States territories unless the Sub-Placement Agent receives prior written consent from the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) It acknowledges that the Placement Agent will enter into similar agreements with other broker-dealers, which does not require the consent of the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) It is a broker-dealer registered with the Financial Regulatory Authority ("<u>FINRA</u>") and subject to FINRA Rule 2030 (the "<u>Rule</u>"). The Sub-Placement Agent represents that it has policies and procedures to ensure compliance with the Rule and is currently in compliance with the Rule. The Sub-Placement Agent further represents that neither it nor any of its Covered Associates (as defined below) has made, directly or indirectly, any contributions that prohibit Sub-Placement Agent from engaging in solicitation activities for compensation under the Rule (a "<u>Triggering Contribution</u>"). The Sub-Placement Agent hereby agrees that neither it nor any of its Covered Associates will make a Triggering Contribution or violate the Rule while the Sub-Placement Agent is engaged hereunder. If the Sub-Placement Agent breaches this provision and becomes aware of a Triggering Contribution or a violation of the Rule, it shall promptly provide written notice to the Placement Agent, which notice shall include a description of the nature of the ban or violation. "<u>Covered Associates</u>" means any (A) general partner, managing member or executive officer of the Sub-Placement Agent, as well as any person with a similar status or function, (B) any associated person of the Sub-Placement Agent who engages in distribution or solicitation activities with a government entity, (C) any associated person of the Sub-Placement Agent who supervises, directly or indirectly, the government entity distribution or solicitation activities of a person in (B) above, and (D) any political action committee controlled by the Sub-Placement Agent or one of its Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) It is (A) duly registered as a broker-dealer with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") and under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and is duly registered as a broker-dealer under the laws of each state and, to the extent required, the equivalent thereof in any other jurisdiction or (B) duly registered under the laws and, to the extent required, in any applicable non-U.S. jurisdiction (including the jurisdictions listed on <u>Schedule III</u>), which require such registration in connection with the services to be provided by the Sub-Placement Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) It will conduct its activities in accordance with all applicable U.S. and non-U.S. securities laws and other applicable legal and regulatory requirements in any jurisdiction where Units are marketed, and the Sub-Placement Agent will not take any action that: (A) constitutes a public offering of or for the Units within the meaning of Section 4(a)(2) of the Securities Act or general solicitation of prospective investors in the Fund within the meaning of Regulation D promulgated thereunder; (B) causes the Offering of the Units to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act; (C) causes the Fund to lose its exemption under Section 3(c)(7) of the Investment Company Act of 1940 (the "<u>Investment Company Act</u>"); or (D) cause the Units to be required to be registered under any non-U.S. laws (including, for the avoidance of doubt, the laws of any jurisdiction listed on Schedule III attached hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) It covenants that with respect to any statement by the Sub-Placement Agent or any Affiliated Promoter (as defined below) (or any of their respective representatives or agents, in their capacities as such) that it disseminates to any prospective Investor (or any of its representatives or agents, in their capacities as such), in connection with the services or activities performed by the Sub-Placement Agent or any Affiliated Promoter under this Agreement, that is an "endorsement" or "testimonial" (as defined in Rule 206(4)-1 under the Advisers Act (the "<u>Marketing Rule</u>"), of or relating to the Fund, the Feeder, the Adviser or any of its officers or employees (any such statement, a "<u>Promotional Statement</u>"), the Sub-Placement Agent shall use best efforts to ensure, and shall cause any Affiliated Promoter to use best efforts to ensure, that each Promotional Statement: (A) complies with the requirements applicable to "advertisements" under the Marketing Rule (as such term is defined in the Marketing Rule), (B) does not include any untrue statement of material fact, and (C) is not materially misleading, which shall exclude documents and statements prepared by Placement Agent, Adviser (or its affiliates), including the Memorandum, that Placement Agent and Adviser have authorized Sub-Placement Agent to disseminate to prospective Investors (or their representatives or agents) but excluding any information or statement in any of the foregoing that was prepared, added or substantially modified by the Sub-Placement Agent or an affiliate thereof), satisfy clauses (A) through (C) in this sentence. "<u>Affiliated Promoter</u>" means any affiliate of the Sub-Placement Agent (x) to which the Sub-Placement Agent assigns or delegates its rights or obligations under this Agreement, (y) that is engaged or retained by the Sub-Placement Agent in connection with the solicitation or referral of prospective Investors or to otherwise assist the Sub-Placement Agent in performing its obligations or services under this Agreement or (z) that is designated by the Sub-Placement Agent to receive all or a portion of any fees contemplated hereunder, directly or indirectly, in connection with the solicitation or referral of prospective Investors. For the avoidance of doubt, the term "Affiliated Promoter" shall exclude any officer, employee, agent or representative of the Sub-Placement Agent or an Affiliated Promoter who gives or disseminates Promotional Statements solely in his or her capacity as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) It covenants that, at all times during which the Sub-Placement Agent or any Affiliated Promoter gives or disseminates Promotional Statements, the Sub-Placement Agent shall maintain, and shall cause such Affiliated Promoter to maintain, policies and procedures that (A) are reasonably designed to prevent the Sub-Placement Agent, such Affiliated Promoter and any of their respective personnel who give or disseminate Promotional Statements on their behalf from giving or disseminating statements that violate anti-fraud provisions under applicable securities laws and FINRA Rule 2210 and (B) apply to communications by the Sub-Placement Agent and such Affiliated Promoter (as applicable) to prospective Investors that are subject to such anti-fraud provisions and FINRA Rule 2210.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) It covenants that it shall ensure, and shall cause any Affiliated Promoter to ensure, that at the time any Promotional Statement is disseminated to a prospective Investor (or its representative or agent, in their capacities as such), unless such Promotional Statement constitutes a recommendation subject to Rule 15l-1 under the Exchange Act ("<u>Regulation Best Interest</u>"), the Sub-Placement Agent or any Affiliated Promoter (as applicable) or any representative or agent acting on their behalf will disseminate to such prospective Investor (or its representative or agent, as applicable) disclosure that discloses: (A) that the Promotional Statement was given by a current client or investor of Adviser, or that the Promotional Statement was given by a person other than a current client or investor of Adviser, as applicable, (B) that cash or non-cash compensation was provided for the Promotional Statement and (C) a brief statement of any material conflicts of interest on the part of the person giving the Promotional Statement resulting from Adviser's relationship with such person. Any such disclosure must be made clearly and prominently, it being understood that in order for such disclosure to be made "clearly and prominently" for this purpose, the disclosure must be at least as prominent as the relevant Promotional Statement and must be included within such Promotional Statement itself or, in a case where the relevant Promotional Statement is made orally, provided at the same time as the Promotional Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) It shall promptly respond to and comply with any request made by Adviser or Placement Agent for information or documentation that would reasonably facilitate the Adviser's compliance with its obligations under the Marketing Rule and under related recordkeeping provisions of Rule 204-2 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Except for Waived Disqualifying Events (as defined herein) disclosed in Schedule V, no Sub-Placement Agent Covered Person (as defined herein) is subject to an event described in Rule 506(d)(1)(i)-(viii) ("<u>Rule 506(d)(1)</u>") of Regulation D promulgated under the Securities Act ("<u>Disqualifying Events</u>") that would result in disqualification under Rule 506(d)(1) of the Securities Act of the Fund's use of the Rule 506 exemption under the Securities Act for the sale of interests therein. For purposes of this section, "<u>Sub-Placement Agent Covered Person</u>" means (A) the Sub-Placement Agent; (B) any person who through Sub-Placement Agent has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities; (C) any general partner or managing member of any person described in (A) or (B); (D) any director, executive officer or other officer participating directly or indirectly in the offering of the Units of any person described in (A), (B) or (C); and (E) any Affiliated Promoter. For purposes of the foregoing, "executive officer" shall have the meaning ascribed to it in Rule 504 of the Securities Act. For so long as the Sub-Placement Agent is participating in the Offering, upon the Placement Agent's request pursuant to this Agreement, the Sub-Placement Agent shall provide the Placement Agent written confirmation that the representations in this <u>Section 5(a)(xvii)</u> are true and correct by delivering a certificate in the form attached hereto as <u>Schedule IV</u>. In addition, the Sub-Placement Agent shall promptly inform the Placement Agent in writing if (x) any of the representations contained in <u>Schedule IV</u> shall no longer be entirely true, accurate and complete in any respect or (y) a Sub-Placement Agent Covered Person is subject to a Disqualifying Event or receives any waivers granted by: (1) the SEC under Rule 506(d)(2)(ii); or (2) any court or regulatory authority under Rule 506(d)(2)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) For purposes of this Agreement, "Waived Disqualifying Event" means a Disqualifying Event that would have triggered disqualification under Rule 506(d)(1) except that such Disqualifying Event has been waived by a waiver, order, judgment or decree granted under Rule 506(d)(2)(ii) or (iii) ("Rule 506(d)(2)(ii)-(iii)") of Regulation D and the Sub-Placement Agent and all Sub-Placement Agent Covered Persons (to the extent applicable) have complied with and are complying with the terms and conditions of any applicable waiver, order judgment or decree and such waiver, order, judgment or decree has not been revoked or further conditioned. The Sub-Placement Agent shall provide the Placement Agent with a copy of the applicable waiver, order, judgment or decree granted under Rule 506(d)(2)(ii)-(iii) with respect to a Waived Disqualifying Event. To the extent that a condition of a waiver, order, judgment or decree applicable to a Waived Disqualifying Event requires disclosure to prospective investors in the Partnership, the Sub-Placement Agent agrees that the description on Schedule V hereto of the Waived Disqualifying Event complies with the requirements of the applicable waiver, order, judgment or decree granted under Rule 506(d)(2)(ii)-(iii) and the Sub-Placement Agent authorizes the disclosure of any descriptions on Schedule V to current and prospective investors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) It shall promptly notify the Fund and the Adviser if it becomes aware of any future Disqualifying Event with respect to the Sub-Placement Agent or any Sub-Placement Agent Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) It shall promptly notify the Fund and the Adviser if it becomes aware of any future event that would give rise to a statutory disqualification, as defined under Section 3(a)(39) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Any Subscription Fees charged by Sub-Placement Agent in connection with its sale of Units will be charged in a manner consistent with the Memorandum, applicable law and FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Unless prohibited under applicable law, it shall advise the Placement Agent promptly of (a) the receipt by the Sub-Placement Agent of any communication specifically with respect to the offering of Units from the SEC, any state securities commissioner or any other regulatory authority in any other jurisdiction and (b) the threat or commencement of any lawsuit, proceeding or investigation to which the Sub-Placement Agent is a party specifically with respect to the offering of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Notwithstanding any instruction to the contrary, Sub-Placement Agent shall comply with all applicable abandoned property, escheat or similar laws, and none of the Placement Agent, the Fund or the Adviser shall be liable to any party or any unitholder for any funds from the account(s) of any such unitholder's Units pursuant to this Agreement or any applicable abandoned property, escheat or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Upon the Placement Agent's request, it shall provide the Placement Agent, (A) a certificate with such customary representations as the Fund or its counsel may reasonably request, so as to warrant that Sub-Placement Agent's activities hereunder were carried out in compliance with applicable laws and the terms of this Agreement and (B) such further information and documents as are reasonably necessary or appropriate for the Fund and/or its counsel to determine that the representations and warranties made in this Agreement continue to be true and correct. In addition, Sub-Placement Agent shall promptly inform the Placement Agent in writing if any of the representations contained in the certificate shall no longer be entirely true, accurate and complete in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) Throughout the term of this Agreement, the representations and warranties of Sub-Placement Agent in this Agreement shall be true and correct in all material respects. For as long as this Agreement is in effect, Sub-Placement Agent agrees to promptly notify the Placement Agent and the Adviser (as defined below) in the event that any of the representations and warranties set forth herein becomes materially inaccurate, or in the event that any covenant or condition on the Sub-Placement Agent's part to be performed or satisfied has been breached or not satisfied in any material respect.

**6.**  ***Right to Reject Orders or Cancel Sales*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Fund, which reserves the right to reject any order for any reason or no reason including, without limitation, orders not accompanied by an executed Subscription Agreement in good order or without the required instrument of payment in full payment for the Units. Issuance and delivery of the Units will be made only after actual receipt of payment therefor. If any check or wire is not paid upon presentment, or if the Fund is not in actual receipt of clearinghouse funds or cash, certified or cashier's check or the equivalent in payment for the Units, the Fund reserves the right to cancel the sale without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Sub-Placement Agent has retained selling commissions in connection with an order that is subsequently rejected, canceled or rescinded for any reason, the Sub-Placement Agent agrees to return to the subscriber any selling commission theretofore retained by the Sub-Placement Agent with respect to such order within three (3) days following mailing of notice to the Sub-Placement Agent by the Placement Agent stating the amount owed as a result of rescinded or rejected subscriptions. If the Sub-Placement Agent fails to pay any such amounts, the Placement Agent shall have the right to offset such amounts owed against future compensation due and otherwise payable to the Sub-Placement Agent (it being understood and agreed that such right to offset shall not be in limitation of any other rights or remedies that the Placement Agent may have in connection with such failure).

**7.**  ***Memorandum and Authorized Sales Materials; Compliance with Laws*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent, including any of its principals, directors, officers and employees, is not authorized or permitted to give and will not give, any information or make any representation (written or oral) concerning the Units, the Fund, the Placement Agent, METI GP, LLC (the "<u>General Partner</u>") and/or Central Park Advisers, LLC (the "<u>Adviser</u>" and, together with the Placement Agent, the Fund and the General Partner, collectively, the "<u>METI US Parties</u>" and each a "<u>METI US Party</u>"), except as set forth in the Memorandum and any additional sales literature, which has been approved in advance in writing by the Placement Agent (collectively, "<u>Authorized Sales Materials</u>"). The Placement Agent will supply Sub-Placement Agent with reasonable quantities of the Memorandum, any supplements thereto and any amended Memorandum, as well as any Authorized Sales Materials (the Memorandum and the Authorized Sales Materials, as the same may be amended or supplemented, are referred to herein collectively as the "<u>Offering Materials</u>"), for delivery to prospective Investors and Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent agrees it shall have delivered to each prospective Investor to whom an offer to purchase the Units is made, as of the time of such offer, a copy of the Memorandum that has then been supplied to the Sub-Placement Agent by the Placement Agent. The Sub-Placement Agent agrees that it will not send or give any supplement to the Memorandum or any Authorized Sales Materials to an investor unless it has previously sent or given a Memorandum (for the avoidance of doubt, inclusive of all previous supplements thereto and any amended Memorandum) to that investor or has simultaneously sent or given a Memorandum (for the avoidance of doubt, inclusive of all previous supplements thereto and any amended Memorandum) with such supplement to the Memorandum or Authorized Sales Materials. The Sub-Placement Agent agrees that it will not show or give to any Investor or prospective Investor or reproduce any material or writing which is supplied to it by the Placement Agent and marked "broker only," "Sub-Placement Agent only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Units. The Sub-Placement Agent will not show or give to any Investor or prospective Investor in a particular jurisdiction any material or writing that is supplied to it by the Placement Agent if such material bears a legend denoting that it is not to be used in connection with the sale of Units to end investors in such jurisdiction. The Sub-Placement Agent agrees that it will not use in connection with the offer or sale of Units any material or writing which relates to another issuer supplied to it by the Fund or the Placement Agent bearing a legend which states that such material may not be used in connection with the offer or sale of any securities other than the issuer to which it relates. The Sub-Placement Agent will not use in connection with the offer or sale of Units any materials or writings which have not been previously approved by the Placement Agent, the Adviser or the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent agrees to deliver to each Investor making purchases of Units, prior to the time of sale, a copy of the Fund's then current Memorandum and Subscription Agreement, and may deliver offering materials subject to the terms herein, all as amended from time to time. The Sub-Placement Agent further agrees, on an ongoing basis, to deliver to each Investor copies of all supplements and amendments to the Memorandum that are delivered or made available to the Sub-Placement Agent by the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to each Investor who purchases Units, the Sub-Placement Agent confirms it: (i) reasonably believes that the information and representations in the Subscription Agreement made by and concerning the Investor identified in the Subscription Agreement are true, correct and complete in all material respects; (ii) has offered the Investor the opportunity to discuss such Investor's prospective purchase of Units; (iii) has delivered or made available a current Memorandum and related supplements, if any, to such Investor; (iv) has reasonable grounds to believe that the Investor is purchasing the Units for the Investor's own account; and (v) has a reasonable basis to believe that the purchase of Units is an appropriate investment for such Investor. The above representations shall be true and correct with respect to each Investor as of each date that such Investor's Subscription Agreement is provided to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On becoming a Sub-Placement Agent, and in offering and selling Units, the Sub-Placement Agent agrees to comply with all the applicable requirements imposed upon it under (i) the Securities Act, the Exchange Act and the rules and regulations of the SEC promulgated under both such acts, (ii) all applicable state securities laws and regulations as from time to time in effect, (iii) any other state, federal, foreign and other laws and regulations applicable to the Offering, the sale of Units or the activities of the Sub-Placement Agent pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, 15 U.S.C. §§ 6801 et seq., as may be amended from time to time ("<u>GLBA</u>"), and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, USA PATRIOT Act of 2001, as amended (the "<u>USA Patriot Act</u>"), and regulations administered by the Office of Foreign Asset Control at the Department of the Treasury ("<u>OFAC</u>"), and (iv) this Agreement and the Memorandum as amended and supplemented. Notwithstanding the termination of this Agreement or the payment of any amount to the Sub-Placement Agent, the Sub-Placement Agent agrees to pay the Sub-Placement Agent's proportionate share of any claim, demand or liability asserted against the Sub-Placement Agent and the other Sub-Placement Agents on the basis that such Sub-Placement Agents or any of them constitute an association, unincorporated business or other separate entity, including in each case such Sub-Placement Agent's proportionate share of any expenses incurred in defending against any such claim, demand or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Sub-Placement Agent (i) will maintain written policies and procedures covering the delivery of electronic offering documents and the use of electronic signatures, (ii) will comply with all applicable SEC rules and guidelines pertaining to electronic delivery of the Memorandum and Authorized Sales Materials and electronic signature of the Subscription Agreement, (iii) acknowledges that it is acting as an agent of the Fund only with respect to the delivery of the Memorandum and Authorized Sales Materials electronically, the administration of the subscription process and the obtainment of electronic signatures and only to the extent its actions are in compliance with the Placement Agent Agreement and this Agreement and (iv) will also comply, as applicable, with The Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transaction Act and any other applicable law. In consideration of the foregoing, the Placement Agent hereby agrees that it will not reject a subscription on account of an electronic signature if such signature was obtained in the manner set forth in this <u>Section 7</u>.

**8.**  ***License and Association Membership*** 

The Sub-Placement Agent's acceptance of this Agreement constitutes a representation to the Fund and the Placement Agent that the Sub-Placement Agent is a properly registered or licensed broker-dealer, duly authorized to sell Units under federal and state securities laws and regulations, and foreign laws (including the laws of the jurisdictions listed on <u>Schedule III</u>), if applicable, and in all states or jurisdictions where it offers or sells Units, and a member in good standing of FINRA and that it has obtained all necessary approvals, licenses and permits required for it to enter into this Agreement and engage in the offer and sale of securities of the type represented by the Units and shall maintain such approvals, licenses and permits for so long as this Agreement is in effect, and it further represents and warrants that it will notify the Placement Agent immediately at such time, if any, as it ceases to hold any such necessary approval, license or permit. This Agreement shall automatically terminate if the Sub-Placement Agent ceases to be a member in good standing of FINRA. The Sub-Placement Agent agrees to notify the Placement Agent immediately if the Sub-Placement Agent ceases to be a member in good standing of FINRA. The Sub-Placement Agent will abide by the Rules of FINRA, including FINRA Rules 2040, 2111 and 2121.

**9.**  ***Limitation of Offer; Suitability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent will offer Units (both at the time of an initial subscription and at the time of any additional subscription, including initial enrollments and increased participations in the DRIP) only to persons who meet the financial qualifications and suitability standards set forth in the Memorandum, this Agreement or in any suitability letter or memorandum sent to it by the Fund or the Placement Agent and will only make offers to persons in the jurisdictions in which it is advised in writing by the Placement Agent that the Units are qualified for sale under the respective securities laws of such jurisdiction or that such qualification is not required and in which the Sub-Placement Agent has all required licenses and registrations to offer Units in such jurisdictions (including the jurisdictions listed on <u>Schedule III</u>). In offering Units, the Sub-Placement Agent will comply with the provisions of the Rules set forth in the FINRA Manual, Regulation Best Interest, as well as all other applicable rules and regulations relating to suitability of investors. Nothing contained in this section shall be construed to relieve the Sub-Placement Agent of its suitability obligations under Regulation Best Interest or FINRA Rule 2111. The Sub-Placement Agent will sell Class S Units, Class D Units and Class I Units only to the extent approved by the Placement Agent as set forth on <u>Schedule I</u> to this Agreement, and to the extent approved to sell Class S Units, Class D Units and Class I Units pursuant to this Agreement, sell such units only to those persons who are eligible to purchase Class S Units, Class D Units and Class I Units as described in the Memorandum. Nothing contained in this Agreement shall be construed to impose upon any METI US Party the responsibility of assuring that prospective Investors meet the suitability standards in accordance with the terms and provisions of the Memorandum. The Sub-Placement Agent shall not purchase any Units for a discretionary account without obtaining the prior written approval of the Sub-Placement Agent's Customer and such Customer's completed and executed Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent further represents, warrants and covenants that neither the Sub-Placement Agent, nor any person associated with the Sub-Placement Agent, shall offer or sell Units in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (i) applicable provisions described in the Memorandum; (ii) applicable laws of the jurisdiction of which such investor is a resident; (iii) applicable provisions of Regulation Best Interest; and (iv) applicable FINRA rules. The Sub-Placement Agent agrees to ensure that, in recommending the purchase, sale or exchange of Units to an investor, the Sub-Placement Agent, or a person associated with the Sub-Placement Agent, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, FINRA or the Fund) concerning his or her age, investment objectives, other investments, financial situation and needs and any other information known to the Sub-Placement Agent, or person associated with the Sub-Placement Agent, that the investor (x) the investor can reasonably benefit from an investment in the Units based on the investor's overall investment objectives and portfolio structure, (y) is able to bear the economic risk of the investment based on the investor's overall financial situation and (z) has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Units, (C) the lack of liquidity of the Units, (D) the background and qualifications of the Adviser or the persons responsible for directing and managing the Fund and (E) the tax consequences of an investment in the Units. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Units or by the beneficiary of such fiduciary account. The Sub-Placement Agent further represents, warrants and covenants that the Sub-Placement Agent, or a person associated with the Sub-Placement Agent, will make every reasonable effort to determine the appropriateness of an investment in Units of each proposed investor, in accordance with the foregoing standards, by reviewing documents and records which, in accordance with applicable law, contain the basis upon which the determination as to the appropriateness of such investment was reached as to each purchaser of Units pursuant to a subscription solicited by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent will comply with the record-keeping requirements imposed by (i) federal securities laws and the rules and regulations thereunder and (ii) the applicable rules of FINRA, including the requirement to maintain records (the "<u>Suitability Records</u>") of the information used to determine that an investment in Units is suitable and appropriate for each subscriber for a period of six years from the date of the sale of the Units. The Sub-Placement Agent will, upon request from a regulatory authority to the Sub-Placement Agent or as required under applicable law, furnish such regulatory authority with copies of records of purchase and sales of Units, including Suitability Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Units offered by the Sub-Placement Agent shall be offered only to Customers who are both "accredited investors" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act and "qualified purchasers" as such term is defined in Section 2(a)(51) of the Investment Company Act. Neither the Sub-Placement Agent nor any person acting on its behalf, has (i) offered or sold or shall offer or sell the Units by any form of general solicitation or general advertising, including, without limitation, the methods described in Rule 502(c) of Regulation D promulgated under the Securities Act, or (ii) taken or will take any action, directly or indirectly, so as to cause the transactions contemplated by this Agreement to fail to qualify for the exemption under Section 4(a)(2) of the Securities Act. The Sub-Placement Agent shall offer the Units in accordance with U.S. federal securities laws, the securities laws of any state and the securities laws of any other jurisdiction in which it markets or solicits purchasers for such Units. The Sub-Placement Agent shall not knowingly take any action that would place any METI US Party or any affiliate thereof in violation of any U.S. federal or state law. The Sub-Placement Agent shall not refer to any METI US Party or solicit any Customer through the use of any general advertising, publicity, general solicitation, or other similar means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent will only make available the Authorized Sales Materials and the Memorandum to qualified clients: (i) with whom it has a "pre-existing, substantive relationship" (as such term is used in related guidance published by the staff of the SEC); and (ii) who meet the financial qualifications, accreditation and suitability standards set forth in the Memorandum or as otherwise required for compliance with applicable local law, regulation and/or tolerated market practice (including, for the avoidance of doubt, accreditation standards and/or minimum investment requirements). For the avoidance of doubt, the Sub-Placement Agent will not engage in marketing, solicitations or any other conduct that elicits obligations to limit the number of offerees and/or investors in accordance with applicable local law, regulation and/or tolerated market practice.

**10.**  ***Disclosure Review; Confidentiality of Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent shall have reasonable grounds to believe, based on the information made available to it through the Memorandum or other materials, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating the Units. In making this determination, the Sub-Placement Agent shall evaluate, at a minimum, items of compensation, physical properties, tax aspects, financial stability and experience of the General Partner and the Adviser, conflicts of interest and risk factors, and appraisals and other pertinent reports. If the Sub-Placement Agent relies upon the results of any inquiry conducted by another member or members of FINRA, the Sub-Placement Agent shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Placement Agent, the General Partner or an affiliate of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is anticipated that (i) the Sub-Placement Agent and its officers, directors, managers, employees, owners, members, partners, home office diligence personnel or other agents of the Sub-Placement Agent that are conducting a due diligence inquiry on behalf of the Sub-Placement Agent and (ii) persons or committees, as the case may be, responsible for determining whether the Sub-Placement Agent will participate in the Offering ((i) and (ii) are collectively, the "<u>Diligence Representatives</u>") either have previously or will in the future have access to certain Confidential Information (defined below) pertaining to the METI US Parties or their respective affiliates in connection with such Diligence Representatives' diligence review. Such Diligence Representatives are bound by the terms of this <u>Section 10</u>, and the Sub-Placement Agent will be responsible for any breach by such persons of these confidentiality obligations. For purposes hereof, "<u>Confidential Information</u>" shall mean and include: (A) trade secrets concerning the business and affairs of the METI US Parties or their respective affiliates; (B) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or strategies, slide presentations, business plans, however documented, belonging to the METI US Parties or their respective affiliates; (C) information concerning the business and affairs of the METI US Parties or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, and market studies, however documented); (D) any information marked or designated "Confidential—For Due Diligence Purposes Only"; and (E) any notes, analyses, compilations, studies, summaries or other material containing or based, in whole or in part, on any information included in the foregoing. The Sub-Placement Agent shall keep, and cause its Diligence Representatives to keep, all such Confidential Information strictly confidential and not use, distribute or copy the same except in connection with the Sub-Placement Agent's due diligence inquiry. The Sub-Placement Agent shall not disclose, and will cause its Diligence Representatives not to disclose, such Confidential Information to the public, or to the Sub-Placement Agent's sales staff, financial Advisers, or any person involved in selling efforts related to the Offering or to any other third party and will not use the Confidential Information in any manner in the offer and sale of the Units. The Sub-Placement Agent shall take all reasonable precautions necessary to preserve the confidentiality of such Confidential Information, including, but not limited to (x) limiting access to such information to persons who have a need to know such information only for the purpose of the Sub-Placement Agent's due diligence inquiry and (y) informing each recipient of such Confidential Information of the Sub-Placement Agent's confidentiality obligation. The Sub-Placement Agent acknowledges that it or its Diligence Representatives may previously have received Confidential Information in connection with preliminary due diligence on the Fund, and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Sub-Placement Agent acknowledges that it or its Diligence Representatives may in the future receive Confidential Information, either in individual or collective meetings or telephone calls with the Fund, and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or medium. The Sub-Placement Agent acknowledges the restrictions and limitations of Regulation F-D promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Fund to comply therewith. Notwithstanding the foregoing, Confidential Information may be disclosed (1) if approved in writing for disclosure by the Fund or the Placement Agent, (2) pursuant to a subpoena or as required by law, or (3) as required by regulation, rule, order or request of any governing or self-regulatory organization (including the SEC or FINRA), *provided*, that the Sub-Placement Agent shall notify the Placement Agent in advance if practicable under the circumstances of any attempt to obtain Confidential Information pursuant to provisions (2) and (3) of this sentence.

**11.**  ***Sub-Placement Agent's Compliance with Anti-Money Laundering Rules and Regulations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent hereby represents that it has complied and will comply with Section 326 of the USA Patriot Act, and the implementing rules and regulations promulgated thereunder in connection with broker/Sub-Placement Agents' anti-money laundering obligations (the "<u>AML Rules and Regulations</u>"). The Sub-Placement Agent hereby represents that it has adopted and implemented, and will maintain a written anti-money laundering compliance program ("<u>AML Program</u>") including, without limitation, anti-money laundering policies and procedures relating to customer identification in compliance with applicable laws and regulations, including federal and state securities laws, applicable rules of FINRA, and the USA Patriot Act and the implementing rules and regulations promulgated thereunder. The Sub-Placement Agent further represents that its AML Program, at a minimum, (1) designates a compliance officer to administer and oversee the AML Program, (2) provides ongoing employee training, (3) includes an independent audit function to test the effectiveness of the AML Program, (4) establishes internal policies, procedures, and controls that are consistent with Sub-Placement Agent's obligations under this Agreement, (5) includes a customer identification program consistent with the rules under section 326 of the USA Patriot Act, (6) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (7) provides for compliance with applicable economic sanctions issued by the U.S., including without limitation those administered and enforced by OFAC, the U.K., including without limitation those administered and enforced by Her Majesty's Treasury, the E.U., E.U. member states and the U.N. (collectively "<u>Economic Sanctions</u>"), including, without limitation, screening all new and existing Customers and Customer's beneficial owners, if any, against the list of specially designated nationals and blocked persons, and any other government list that is or becomes required under the Economic Sanctions, and (8) prescribes that appropriate regulators be permitted to examine the Sub-Placement Agent's AML books and records and that the Sub-Placement Agent will promptly fulfill appropriate requests by such regulators for information about Sub-Placement Agent's AML Program. Customer identification information will be retained for a period of not less than five years, following the termination of the customer's relationship with the Sub-Placement Agent. The Sub-Placement Agent further has policies and procedures reasonably designed to comply with the Financial Crimes Enforcement Network's Customer Due Diligence Rule, including identifying and verifying the identity of beneficial owners of legal entity customers, and the Sub-Placement Agent will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law enforcement when required by law. The Sub-Placement Agent has implemented policies, procedures and internal controls reasonably designed to identify higher risk clients, and to perform enhanced due diligence on such clients, including politically exposed persons. In accordance with such implemented policies, procedures and internal controls, applicable laws and regulations and its AML Program, the Sub-Placement Agent shall monitor account activity to identify patterns of unusual size or volume, geographic factors and any other "red flags" described in the USA Patriot Act as potential signals of money laundering or terrorist financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request by the Placement Agent at any time, the Sub-Placement Agent shall promptly furnish (i) a copy of its AML Program to the Placement Agent for review, (ii) a copy of the findings and any remedial actions taken in connection with the Sub-Placement Agent's most recent independent testing of its AML Program and (iii) written re-certification that the Sub-Placement Agent has implemented its AML Program and performed all other obligations of the Sub-Placement Agent pursuant to the terms of this Section 11. The Sub-Placement Agent agrees to notify the Placement Agent immediately if the Sub-Placement Agent is subject to a FINRA disclosure event or fine from FINRA related to its AML Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent hereby acknowledges and agrees that it (and not any METI US Party or the Fund's transfer agent or other service provider) is responsible for reviewing and monitoring Customers and complying with AML Rules and Regulations, including customer identification program requirements, with respect to Customers in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent does not know or have any reason to suspect that any of the beneficial owners, controllers, authorized persons, or other entities associated with any Customer investing in the Fund (including any beneficial owner(s) thereof): (i) appears on OFAC's Specially Designated Nationals and Blocked Persons List; (ii) is named on any list of sanctioned entities or individuals pursuant to E.U. and/or U.K. regulations (as the latter are extended by statutory instrument to the Cayman Islands by Statutory Instrument); (iii) is operationally based or domiciled in a country or territory in relation to which sanctions imposed by the United Nations, OFAC, the E.U., the U.S. and/or the U.K. apply; or (iv) is otherwise subject to sanctions imposed by, or is a party with which the Fund is prohibited to deal with under the laws of, the United Nations, OFAC, the E.U. or the U.K., which may be amended from time to time (collectively, a "<u>Sanctions Subject</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent does not know or have any reason to suspect that the monies used to fund any Customer's investment in the Fund is derived, directly or indirectly, from, invested for the benefit of, or related in any way to: (i) any criminal, terrorist or other illegal activities, including but not limited to, money laundering activities, whether under U.S. law or otherwise; and/or (ii) a Sanctions Subject (or are made on behalf of, or are controlled by, such persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Placement Agent covenants that, should any Customer and/or beneficial owner(s) thereof become at any time during their investment in the Fund a Sanctions Subject, the Sub-Placement Agent shall immediately notify the General Partner of such, which shall include the identity of such Sanctions Subject. The Sub-Placement Agent agrees to promptly provide the Fund, the Placement Agent, the General Partner or their respective delegate(s) with such additional information as may be requested by the Fund, the General Partner, the Placement Agent or its delegate to enable the Fund to satisfy its responsibilities under applicable law. The Sub-Placement Agent agrees and acknowledges that, among other remedial measures, (i) the Fund may be obligated to "freeze the account" with respect to the portion of an investment by any Customer, either by restricting participation by the Customer and/or segregating the assets of the Customer in order to comply with governmental regulations and/or if the Placement Agent determines in its good faith that such action is in the best interests of the Customer; and (ii) the Fund may be required to report such action or confidential information relating to the Customer (including, without limitation, disclosing the Customer's identity) to regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Placement Agent shall notify the Fund promptly in writing should the Sub-Placement Agent become aware of any material change in the information set forth in this <u>Section 11</u>.

**12.**  ***Privacy*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent will abide by and comply in all respects with (i) the privacy standards and requirements of the GLBA and applicable regulations promulgated thereunder, (ii) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit Reporting Act ("<u>FCRA</u>") and (iii) its own internal privacy policies and procedures, each as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto acknowledge that from time to time, the Sub-Placement Agent may share with the Fund and the Fund may share with Sub-Placement Agent nonpublic personal information (as defined under the GLBA) of customers of the Sub-Placement Agent. This nonpublic personal information may include, but is not limited to a customer's name, address, telephone number, social security number, account information and personal financial information. The Sub-Placement Agent shall only be granted access to such nonpublic personal information of each of its customers that pertains to the period or periods during which Sub-Placement Agent served as the broker-dealer of record for such customer's account. None of the Sub-Placement Agent or the METI US Parties will disclose nonpublic personal information of any customers who have opted out of such disclosures, except (i) to service providers (when necessary and as permitted under the GLBA), (ii) to carry out the purposes for which one party discloses such nonpublic personal information to another party under this Agreement (when necessary and as permitted under the GLBA) or (iii) as otherwise required by applicable law. Any nonpublic personal information that one party receives from another party shall be subject to the limitations on usage described in this <u>Section 12</u>. Except as expressly permitted under the FCRA, the Sub-Placement Agent agrees that it shall not disclose any information that would be considered a "consumer report" under the FCRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Placement Agent shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") to identify customers that have exercised their opt-out rights. In the event the Sub-Placement Agent or any METI US Party expects to use or disclose nonpublic personal information of any customer for purposes other than as set forth in this <u>Section 12</u>, it must first consult the List to determine whether the affected customer has exercised his or her opt-out rights. The use or disclosure of any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures, except as set forth in this <u>Section 12</u>, shall be prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent shall implement commercially reasonable measures in compliance with industry best practices designed (i) to assure the security and confidentiality of nonpublic personal information of all customers; (ii) to protect such information against any anticipated threats or hazards to the security or integrity of such information; (iii) to protect against unauthorized access to, or use of, such information that could result in material harm to any customer; (iv) to protect against unauthorized disclosure of such information to unaffiliated third parties; and (v) to otherwise ensure its compliance with all applicable privacy standards and requirements of federal or state law (including, but not limited to, the GLBA), and any other applicable legal or regulatory requirements. The Sub-Placement Agent will cause all its agents, representatives, affiliates, subcontractors, or any other party to whom the Sub-Placement Agent provides access or discloses nonpublic personal information of customers, to implement appropriate measures designed to meet the objectives set forth in this <u>Section 12</u>.

**13.**  ***Sub-Agents*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Placement Agent shall not engage or retain, or assign or delegate its rights or obligations hereunder to, any affiliated or unaffiliated sub-agent to assist the Sub-Placement Agent the offer, sale, marketing or promotion of Units without the prior written approval of the Placement Agent ("<u>Sub-Agents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Placement Agent undertakes to cause each approved Sub-Agent to enter into an agreement with the Sub-Placement Agent, which agreement shall include all of the undertakings, agreements, representations, warranties and covenants made by the Sub-Placement Agent to the METI US Parties hereunder *mutatis mutandis*. Such agreement shall also prohibit further delegation unless the prior written consent of the Placement Agent is given. The Sub-Placement Agent shall review the services provided by each of its Sub-Agents (if any) on an ongoing basis and make each Sub-Agent (if any) aware of the requirement to review the services provided by each Sub-Agent's delegate (if any) on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the request of the Placement Agent, the Sub-Placement Agent shall provide the Placement Agent with a copy of any such Sub-Agent agreement and/or a certificate from the Sub-Placement Agent to the effect that the Sub-Placement Agent is in compliance with <u>Section 13(b)</u> with respect to such Sub-Agent. The Sub-Placement Agent undertakes to terminate with immediate effect the appointment of any Sub-Agent upon the instruction of the Placement Agent. The Sub-Placement Agent shall remain liable for any act (or failure to act) of any of its Sub-Agents that would be a breach of the terms of this Agreement had it been committed or taken by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Placement Agent hereby covenants, represents and warrants to the Placement Agent that no portion of the fees received by the Sub-Placement Agent in connection with its services hereunder shall be remitted or otherwise paid to any third party (including any finder or lobbyist) by the Sub-Placement Agent, other than a Sub-Agent as provided in the sentence above, without the prior written consent of the Placement Agent, which may be given or withheld in the Placement Agent's sole discretion.

**14.**  ***Sub-Placement Agent's Undertaking to Not Facilitate a Secondary Market in the Units*** 

The Sub-Placement Agent acknowledges that there is no public trading market for the Units and that there are limits on the ownership, transferability and repurchase of the Units, which significantly limit the liquidity of an investment in the Units. The Sub-Placement Agent also acknowledges that the Repurchase Program provides only a limited opportunity for investors to have their Units purchased by the Fund and that the General Partner may, in its sole discretion, amend, suspend, or terminate the Repurchase Program at any time in accordance with the terms of the Repurchase Program. The Sub-Placement Agent hereby agrees that so long as the Fund is offering Units under Regulation D under the Securities Act, the Sub-Placement Agent will not facilitate any transfers except in compliance with applicable law or engage in any action or transaction that would facilitate or otherwise create the appearance of a secondary market in the Units without the prior written approval of the Placement Agent.

**15.**  ***Arbitration*** 

Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current commercial arbitration rules of FINRA in accordance with the terms of this Agreement (including the governing law provisions of this Agreement and pursuant to the Federal Arbitration Act (9 U.S.C. §§ 1 – 16). The parties will request that the arbitrator or arbitration panel ("Arbitrator") issue written findings of fact and conclusions of law. The Arbitrator shall not be empowered to make any award or render any judgment for punitive damages, and the Arbitrator shall be required to follow applicable law in construing this Agreement, making awards, and rendering judgments. The decision of the arbitration panel shall be final and binding, and judgment upon any arbitration award may be entered by any court having jurisdiction. All arbitration hearings will be held at the New York City FINRA District Office or at another mutually agreed upon site. The parties may agree on a single arbitrator, or, if the parties cannot so agree, each party will have the right to choose one arbitrator, and the selected arbitrators will choose a third arbitrator. Each arbitrator must have experience and education that qualify him or her to competently address the specific issues to be designated for arbitration. Notwithstanding the preceding, no party will be prevented from immediately seeking provisional remedies in courts of competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions, but such remedies will not be sought as a means to avoid or stay arbitration.

**16.**  ***Termination*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be effective as of its date of acceptance by the Placement Agent and will remain in full force and effect for so long as this Agreement is not terminated by either party hereto pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement and the parties' obligations hereunder may be terminated by either the Placement Agent or the Sub-Placement Agent for any reason or no reason upon giving thirty (30) days' prior written notice thereof to the other party; *provided*, *however*, that in the event either party hereto does not perform any obligation or materially breaches any covenant under this Agreement and does not perform such obligation or cure such breach (only to the extent such breach is curable) within five (5) business days from receipt of notice of such breach from the other party, or any representation and warranty hereunder on the part of a party hereto is incomplete or inaccurate in any respect (such event is referred to herein as a "<u>Breach</u>" and such party is referred to as the "<u>Breaching Party</u>"), this Agreement and the other party's obligations hereunder may be immediately terminated by such other party by written notice thereof to the Breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon becoming aware of a Disqualifying Event with respect to a Sub-Placement Agent Covered Person (unless a waiver has been obtained and/or the relevant Sub-Placement Agent Covered Person has been timely terminated or no longer performs a role with respect to Sub-Placement Agent that would cause such person to be a Sub-Placement Agent Covered Person for purposes of Rule 506(d) of the Securities Act), the Placement Agent may, in its sole discretion, terminate this Agreement (such termination, a "<u>Disqualifying Event Termination</u>"), which Disqualifying Event Termination shall be effective as of the date of the occurrence of the Disqualifying Event. Notwithstanding any termination of this Agreement, the obligations of the parties pursuant to the indemnity, confidentiality and choice of law and jurisdiction provisions of this Agreement shall survive any termination hereof and remain operative and in full force and effect. For the avoidance of doubt, in the event of a Disqualifying Event Termination, the METI US Parties shall cease to be obligated to pay the Sub-Placement Agent any fees in connection with any subscriptions made on or after the occurrence of such Disqualifying Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement will terminate automatically if the Placement Agent or the Sub-Placement Agent ceases to be a member of FINRA in good standing or is subject to a FINRA suspension or if the Placement Agent's or the Sub-Placement Agent's registration or license under the Exchange Act or any state securities laws or regulations is terminated or suspended. Each of the Placement Agent and the Sub-Placement Agent shall have the right to terminate this Agreement immediately if the other party is subject to an investigation under the Foreign Corrupt Practices Act of 1977, as amended, or any similar law of any relevant jurisdiction, or the rules and regulations thereunder. Each party agrees to notify the other party immediately if any of these events, as applicable, occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Placement Agent will immediately suspend or terminate its offer and sale of Units upon the request of the Fund or the Placement Agent at any time and may resume its offer and sale of Units hereunder upon subsequent request of the Fund or the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The respective agreements and obligations of the Placement Agent and the Sub-Placement Agent set forth in <u>Sections 4</u>, <u>6</u>, <u>7</u>, and <u>14</u> through <u>22</u> of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

**17.**  ***Use of Fund and Macquarie Names*** 

The Sub-Placement Agent will not, without the written consent of the Placement Agent in each instance: (a) use in advertising, publicity or otherwise the name of any METI US Party, "Macquarie", any affiliate of any METI US Party, or any director, officer or employee of any METI US Party, or any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by any METI US Party or affiliates thereof; or (b) represent, directly or indirectly, that any product or any service provided by the Sub-Placement Agent has been approved or endorsed by any METI US Party or affiliates thereof. Further, the Placement Agent reserves the right to withdraw its consent to the use of any METI US Party's or any affiliate of any METI US Party's name at any time and to request to review any materials generated by the Sub-Placement Agent that use any METI US Party's or any affiliate of any METI US Party's name or mark. Any such consent is expressly subject to the continuation of this Agreement and shall terminate with the termination of this Agreement as provided herein.

**18.**  ***Notice*** 

Notices and other writings contemplated by this Agreement shall be delivered via (a) hand, (b) first class registered or certified mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier, or (d) electronic mail. All such notices shall be addressed, as follows:

---

| | |
|:---|:---|
| If to the Placement Agent: | Delaware Distributors, L.P. |
|  | Attn: [ ] |
|  | 100 Independence |
|  | 610 Market Street |
|  | Philadelphia, PA 19106 |
|  | E-mail: [ ] |
|  | With a copy, which shall not constitute notice, to: |
|  | Macquarie Energy Transition Infrastructure Fund, L.P. |
|  | Attn: [ ] |
|  | 660 Fifth Avenue |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the Adviser: | Central Park Advisers, LLC |
|  | Attn: [ ] |
|  | 345 Park Avenue, 27<sup>th</sup> Floor |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the General Partner: | METI GP, LLC |
|  | Attn: [ ] |
|  | 345 Park Avenue, 27<sup>th</sup> Floor |
|  | New York, New York 10154 |
|  | E-mail: [ ] |
| If to the Fund: | Macquarie Energy Transition Infrastructure Fund, L.P. |
|  | Attn: [ ] |
|  | 660 Fifth Avenue |
|  | New York, New York 10103 |
|  | E-mail: [ ] |
| If to Sub-Placement Agent: | To the address specified by the Sub-Placement Agent herein. |

---

**19.**  ***Attorney's Fees and Applicable Law*** 

In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney's fees. This Agreement shall be construed under the laws of the State of New York and shall take effect when signed by the Sub-Placement Agent and countersigned by the Placement Agent. Venue for any action (including arbitration) shall lie exclusively in New York, New York.

**20.**  ***No Partnership*** 

Nothing in this Agreement shall be construed or interpreted to constitute the Sub-Placement Agent as an employee, agent or representative of, or in association with or in partnership with, the Placement Agent, the Fund or the other Sub-Placement Agents; instead, this Agreement shall only constitute the Sub-Placement Agent as a Sub-Placement Agent authorized by the Placement Agent to sell the Units according to the terms set forth in the Memorandum as may be amended and supplemented from time to time and in this Agreement.

**21.**  ***Electronic Communications*** 

The Placement Agent and its affiliates may send electronic communications to the Sub-Placement Agent and its representatives for the monitoring, development and management of the business relationship and related communications with the Sub-Placement Agent and its representatives ("<u>Business Purposes</u>"). The Sub-Placement Agent shall, where requested by its representatives: (a) inform the representatives that Placement Agent and its affiliates may send them communications for Business Purposes, (b) make the Placement Agent and its affiliate's privacy notice available to the representatives, which is available at: [ ], and (c) inform the representatives that they can opt-out of such communications. For the purposes of this section, "<u>representative</u>" means any person representing, or whom the Placement Agent and its affiliates reasonably believes is representing, the Sub-Placement Agent, including any financial advisers.

**22.**  ***Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Fund, the General Partner, the Adviser and their respective affiliates shall be third-party beneficiaries of this Agreement, entitled to enforce the provisions hereof directly against the Sub-Placement Agent as if a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The METI US Parties may be irreparably harmed if the Sub-Placement Agent's obligations hereunder are not specifically enforced and the METI US Parties would not have an adequate remedy at law in the event of an actual or threatened violation by the Sub-Placement Agent of its obligations hereunder. Therefore, the Placement Agent shall be entitled to seek an injunction and/or specific performance for any actual or threatened violation or breach by the Sub-Placement Agent of this Agreement, without the posting of any bond, and such other relief as may be available at law or equity, including the right to recover all losses or damages suffered by the METI US Parties resulting from any such breach or threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law, then such provision will be deemed modified to the extent necessary to render it legal, valid and enforceable, and if no such modification will render it legal, valid and enforceable, then this Agreement will be construed as if not containing such provision, and the rights and obligations of the parties hereto will be construed and enforced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement has been jointly drafted by the parties hereto, after negotiations and consultations with their respective counsel. This Agreement will not be construed more strictly against one or more parties than against any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement (including the Schedules hereto) represents the entire understanding and agreement between the parties hereto regarding the offer and sale of Units and supersedes any and all prior negotiations, representations and agreements, whether written or oral related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended at any time by the Placement Agent by written notice to the Sub-Placement Agent, and any such amendment shall be deemed accepted by the Sub-Placement Agent upon placement of an order for sale of Units by such Sub-Placement Agent's Customer after the Sub-Placement Agent has received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement will be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. Neither the Placement Agent nor the Sub-Placement Agent may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party hereto, and any purported assignment or other transfer of any such rights or obligations without such consent will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement may be executed in multiple counterparts, each of which will be deemed an original and all of which together will constitute but one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Headings or captions of this Agreement are for reference only and are not to be construed in any way as part of this Agreement, nor in the interpretation of this Agreement.

\* \* \* \* \*

---

| | |
|:---|:---|
| PLACEMENT AGENT: | PLACEMENT AGENT: |
| DELAWARE DISTRIBUTORS, L.P. | DELAWARE DISTRIBUTORS, L.P. |
| By: |  |
| Name: | [ ] |
| Title: | Authorized Signatory |
| Date: |  |

---

*Signature Page to Selected Dealer Agreement*

We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or Sub-Placement Agent and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement.

1. IDENTITY OF SUB-PLACEMENT AGENT:

Entity Name: _________________________________

Type of entity:

(Corporation, Partnership or Proprietorship)

Organized in the State of:

Licensed as broker-dealer in all States: Yes No

If no, list all States licensed as broker-dealer:

Tax ID #:

2. Person to receive notices delivered pursuant to the Selected Sub-Placement Agent Agreement.

Name:

Company:

Address:

City, State and Zip:

Telephone:

Email:

AGREED TO AND ACCEPTED BY THE SUB-PLACEMENT AGENT:

(Sub-Placement Agent's Firm Name)

By:

Signature

Name

Title:

Date:

*Signature Page to Selected Dealer Agreement*

SCHEDULE I<br> ADDENDUM TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> DELAWARE DISTRIBUTORS, L.P.

Name of Sub-Placement Agent: _________________________________

The following reflects the subscription fee, placement fee and unitholder servicing fee arrangements as agreed upon between Delaware Distributors, L.P. (the "<u>Placement Agent</u>") and Sub-Placement Agent, effective as of the effective date of the Selected Sub-Placement Agent Agreement (the "<u>Agreemen</u>t") between the Placement Agent and Sub-Placement Agent in connection with the offering of Units of Macquarie Energy Transition Infrastructure Fund, L.P. (the " <u>Master Fund</u>") and METI TE Feeder, L.P. (the "<u>Feeder</u>" and together with the Fund, the "<u>Fund</u>"). For the avoidance of doubt, any reference to Class S Units, Class D Units, and/or Class I Units shall include each of the Fund's Class S Units, Class D Units and/or Class I Units and the Feeder's Class <sub>STE</sub> Units, Class <sub>DTE</sub> Units, and/or Class <sub>ITE</sub> Units, unless otherwise indicated herein.

**Subscription Fees.**

Sub-Placement Agent may charge upfront selling commissions, placement fees, subscription fees or similar fees ("<u>Subscription Fee</u>"), on purchases and sales of Units on such Sub-Placement Agent's brokerage platform, as set forth in "Unit Class Election" below, to the extent the Memorandum discloses that such fees may be charged for the relevant class of Units. Any Subscription Fee, including upfront placement fees or selling commissions, charged by Sub-Placement Agent in connection with its sale of Units will be charged in a manner consistent with the Memorandum and applicable law and FINRA rules. Purchases and sales of such Units may only be executed as purchases or repurchases between the Customer and the Fund. Sub-Placement Agent shall not execute trades of Units between Customers. For the avoidance of doubt, subscription funds may be transmitted to the Fund net of any Subscription Fees.

**Placement Fees.**

In connection with the sale and subscription of the Units in the Fund by the Sub-Placement Agent, the Placement Agent agrees to pay, or to cause an affiliate to pay, to the Sub-Placement Agent a placement fee (the "Placement Fee") on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Placement Fee shall be an amount equal to 1% of the aggregate accepted subscription amount of the Units distributed or sold by or through the Sub-Placement Agent (not including any upfront selling commissions charged directly by, and/or reallocated to, the Sub-Placement Agent) under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Placement Fee will be calculated on first day of December of each calendar year (each a "Placement Fee Calculation Date"), with respect to all subscriptions meeting the requirements of paragraph (i) above made within the preceding twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Placement Agent will send the Placement Agent an invoice within sixty (60) calendar days after each Placement Fee Calculation Date, setting out the Placement Fee amount together with supporting calculations (an "Invoice"). Such Invoice will include the details of the bank account into which the Placement Fee will be paid, and will be sent to the Placement Agent by e-mail to [ ] to the attention of [ ] (or as otherwise agreed by the parties hereto from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Payment of the Placement Fee is contingent upon the Placement Agent receiving an Invoice from the Sub-Placement Agent in respect of the Placement Fee. Subject to paragraph (v) below, Invoices shall be payable within ninety (90) calendar days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the event of any discrepancy between the Placement Fee amount stated in the Invoice and the Placement Fee amount calculated by the Placement Agent, the Sub-Placement Agent will cooperate with the Placement Agent to resolve any such discrepancy, and the Invoice shall be payable within ninety (90) calendar days of such resolution. The Sub-Placement Agent agrees to cooperate with the reasonable requests of the Placement Agent in order to verify the sale of Units made by the Sub-Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sub-Placement Agent acknowledges and agrees that the Placement Agent (or any affiliate thereof) will not be required to make any duplication of payments of the Placement Fee for the same Units, and the Placement Agent's (or any affiliate's) obligation to pay the Placement Fee will be deemed satisfied when payment is made to the Sub-Placement Agent.

**Terms and Conditions of the Servicing Fees.**

The payment of the unitholder servicing fee ("<u>Servicing Fees</u>") to Sub-Placement Agent is subject to terms and conditions set forth herein and the Memorandum as may be amended or supplemented from time to time. If Sub-Placement Agent elects to sell Class S Units and/or Class D Units, eligibility to receive the Servicing Fee with respect to the Class S Units and/or Class D Units, as applicable, sold by the Sub-Placement Agent is conditioned upon Sub-Placement Agent acting as broker-dealer of record with respect to such Units and complying with the requirements set forth below, including providing unitholder and account maintenance services with respect to such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the existence of an effective Selected Sub-Placement Agent Agreement or ongoing Servicing Agreement (as defined below) between the Placement Agent and the Sub-Placement Agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provision of the following services with respect to the Class S Units and/or Class D Units, as applicable, by the Sub-Placement Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. assistance with recordkeeping, in accordance with Sub-Placement Agent's then existing requirements,
including maintaining records for and on behalf of Sub-Placement Agent's Customers reflecting transactions and balances of Units
owned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. answering investor inquiries regarding the Fund, including distribution payments and reinvestments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. helping investors understand their investments upon their request, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. tender offers. For the avoidance of doubt, Sub-Placement Agent's Customers shall submit tender offers
directly to the Fund or its agent.

For the avoidance of doubt, Sub-Placement Agent is not to be considered the official books and records keeper of the Fund. In connection with this provision, the Sub-Placement Agent agrees to reasonably cooperate to provide certification to the Fund, the Placement Agent, and its agents (including its auditors) confirming the provision of services to each particular class of unitholders upon reasonable request.

Sub-Placement Agent hereby represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements and is providing the above-described services.

In the event of termination of the Agreement, the Placement Agent and Sub-Placement Agent shall promptly enter into a Servicing Agreement on reasonable and customary terms mutually agreed upon by Sub-Placement Agent and the Placement Agent to provide for the continuation of these services by Sub-Placement Agent and the continuation of the payment by the Placement Agent of the Servicing Fee with respect to the units for which Sub-Placement Agent continues to act as broker of record.

Subject to the conditions described herein, the Placement Agent will reallocate to Sub-Placement Agent the Servicing Fee in an amount described below, on Class S Units or Class D Units, as applicable, sold by Sub-Placement Agent. To the extent payable, the Servicing Fee will be payable monthly in arrears as provided in the Memorandum. All determinations regarding the Sub-Placement Agent's compliance with the listed conditions in this Schedule I will be made by the Placement Agent in good faith in accordance with the terms of this Agreement.

Notwithstanding the foregoing, subject to the terms of the Memorandum, at such time as the Sub-Placement Agent is no longer the broker-dealer of record with respect to such Class S or Class D Units or the Sub-Placement Agent no longer satisfies any or all of the conditions set forth above, then Sub-Placement Agent's entitlement to the Servicing Fees related to such Class S and/or Class D Units, as applicable, shall cease in, and Sub-Placement Agent shall not receive the Servicing Fee for, that month or any portion thereof (i.e., Servicing Fees are payable with respect to an entire month without any proration). Sub-Placement Agent-Sub-Placement Agent transfers will be made effective as of the last business day of a month.

Thereafter, such Servicing Fees may be reallocated to the then-current broker-dealer record of the Class S and/or Class D Units, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Sub-Placement Agent</u>"), to the extent such Servicing Sub-Placement Agent has entered into a Selected Sub-Placement Agent Agreement or similar agreement with the Placement Agent ("<u>Servicing Agreement</u>") and such Selected Sub-Placement Agent Agreement or Servicing Agreement with the Servicing Sub-Placement Agent provides for such reallocation. In this regard, all determinations will be made by the Placement Agent in good faith in its sole discretion. The Sub-Placement Agent is not entitled to any Servicing Fee with respect to Class I Units.

**General**

Servicing Fees due to the Sub-Placement Agent pursuant to this Agreement will be paid to Sub-Placement Agent within 30 days after receipt by the Placement Agent. Sub-Placement Agent, in its sole discretion, may authorize Placement Agent to deposit Servicing Fees or other payments due to it pursuant to this Agreement directly to its bank account. If Sub-Placement Agent so elects, the Sub-Placement Agent shall provide such deposit authorization and instructions in <u>Schedule II</u> to this Agreement.

The parties hereby agree that the foregoing Subscription Fees and Servicing Fees are not in excess of the usual and customary brokers' commission received in the sale of securities similar to the Units, that the Sub-Placement Agent's interest in the Offering is limited to (i) such Subscription Fee from its customers and (ii) Servicing Fee and Placement Fee from the Placement Agent or its affiliate.

Sub-Placement Agent waives any and all rights to receive compensation, including the Servicing Fee, until it is paid to and received by the Placement Agent. Sub-Placement Agent affirms that the Placement Agent's liability for Servicing Fees is limited solely to the proceeds of the Servicing Fee receivable from the Fund and Sub-Placement Agent hereby waives any and all rights to receive any reallowance of the Servicing Fee due until such time as the Placement Agent is in receipt of the Servicing Fee from the Fund. Sub-Placement Agent affirms that neither the Fund nor the Placement Agent have any obligation to the Sub-Placement Agent with respect to any Subscription Fees or other fees, including upfront selling commissions or placement fees, Sub-Placement Agent may charge to a Customer.

Sub-Placement Agent shall furnish Placement Agent and the Fund with such information as shall reasonably be requested by the Fund with respect to the fees paid to Sub-Placement Agent pursuant to this <u>Schedule I</u>, and Sub-Placement Agent shall notify Placement Agent if Sub-Placement Agent is not eligible to receive Subscription Fees and/or Servicing Fees at the time of purchase.

**Unit Class Election**

CHECK EACH APPLICABLE BOX BELOW IF SUB-PLACEMENT AGENT ELECTS TO PARTICIPATE IN THE LISTED Unit CLASS

<u>The Fund</u>

☐ Class S Units ☐ Class D Units ☐ Class I Units

<u>The Feeder</u>

☐ Class S-TE Units ☐ Class D-TE Units ☐ Class I-TE Units

The following reflects the Subscription Fee arrangement and/or the Servicing Fees as agreed upon between the Placement Agent and the Sub-Placement Agent for the applicable Unit Class.

---

| | | |
|:---|:---|:---|
| <br> ______ (Initials) | &nbsp;&nbsp;No upfront selling commission but Sub-Placement Agents may charge a Subscription Fee up to 3.5% of the NAV per Class S Unit sold in the Offering | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class S Units. |
| ______ (Initials) | &nbsp;&nbsp;Servicing Fee of 0.85% per annum of the aggregate NAV of outstanding Class S Units as of the last day of each month | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent agrees to the terms of eligibility for the Servicing Fee set forth in this <u>Schedule I</u>. Should the Sub-Placement Agent choose to opt out of this provision, it will not be eligible to receive the Servicing Fee and initialing is not necessary. The Sub-Placement Agent represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements. |
| ______ (Initials) | &nbsp;&nbsp;No upfront selling commission but Sub-Placement Agents may charge a Subscription Fee up to 1.5% of the NAV per Class D Unit sold in the Offering | &nbsp;&nbsp;By initialing here, the Sub-Placement Agent hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class D Units. |
| ______ (Initials) | &nbsp;&nbsp;Servicing Fee of 0.25% per annum of the aggregate NAV of outstanding Class D Units as of the last day of each month | &nbsp;&nbsp;By initialing here, Sub-Placement Agent agrees to the terms of eligibility for the Servicing Fee set forth in this <u>Schedule I</u>. Should the Sub-Placement Agent choose to opt out of this provision, it will not be eligible to receive the Servicing Fee and initialing is not necessary. The Sub-Placement Agent represents by its acceptance of each payment of the Servicing Fee that it complies with each of the above requirements. |

---

IN WITNESS WHEREOF, the parties hereto have caused this addendum to be executed as of the date first written above.

---

| | |
|:---|:---|
| "PLACEMENT AGENT" | "PLACEMENT AGENT" |
| DELAWARE DISTRIBUTORS, L.P. | DELAWARE DISTRIBUTORS, L.P. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| |
|:---|
| "SUB-PLACEMENT AGENT" |
| (Print Name of Sub-Placement Agent) |
| By: |
| Name: |
| Title: |

---

SCHEDULE II<br> TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

**NAME OF ISSUER**: MACQUARIE ENERGY TRANSITION INFRASTRUCTURE FUND, L.P. METI TE FEEDER, L.P.

**NAME OF SUB-PLACEMENT AGENT**:

**SCHEDULE TO AGREEMENT DATED**:

Sub-Placement Agent hereby authorizes the Placement Agent or its agent to deposit servicing fees and other fees due to it pursuant to the Selected Sub-Placement Agent Agreement to its bank account specified below. This authority will remain in force until Sub-Placement Agent notifies the Placement Agent in writing to cancel it. In the event that the Placement Agent deposits funds erroneously into Sub-Placement Agent's account, the Placement Agent is authorized to debit the account with no prior notice to Sub-Placement Agent for an amount not to exceed the amount of the erroneous deposit.

Bank Name:

Bank Address:

Bank Routing Number:

Account Number:

---

| | |
|:---|:---|
| "SUB-PLACEMENT AGENT" | "SUB-PLACEMENT AGENT" |
| <u> </u> | <u> </u> |
| (Print Name of Sub-Placement Agent) | (Print Name of Sub-Placement Agent) |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

---

SCHEDULE III<br> TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

None.

SCHEDULE IV

TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

**Offering Certificate**

[DATE]

[__], together with its affiliates ("<u>Sub-Placement Agent</u>"), hereby certifies to Macquarie Energy Transition Infrastructure Fund, L.P. and METI TE Feeder, L.P. (collectively, the "<u>Fund</u>") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The limited partnership units (the " <u>Units</u> ")
in the Fund, have not been offered by Sub-Placement Agent by any form of general solicitation or general advertising, including (without
limitation) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast
over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sub-Placement Agent has maintained an accurate record of all
offerees to whom Sub-Placement Agent has distributed a copy of the Memorandum relating to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After reasonable due inquiry and to the best of Sub-Placement
Agent's knowledge, none of (i) Sub-Placement Agent, (ii) to Sub-Placement Agent's knowledge after factual inquiry with reasonable
care, any person who through Sub-Placement Agent has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers
in connection with such sale of securities, (iii) any general partner or managing member of any person described in (i) or (ii), or (iv)
any director, executive officer or other officer participating directly or indirectly in the offering of the Units, of any person described
in (i), (ii) or (iii) (each, a " <u>Covered Person</u> ") are subject to an event described in Rule 506(d)(1)(i)-(viii) of
Regulation D promulgated under the Securities Act that has occurred on or after [____].

This Certificate is delivered for the benefit of the Fund and Simpson Thacher & Bartlett LLP only, and may not be relied upon by any other person for any purpose whatsoever.

[Rest of page intentionally left blank]

IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above.

---

| | |
|:---|:---|
| (Print Name of Sub-Placement Agent) | (Print Name of Sub-Placement Agent) |
| By: |  |
|  | Name: |
|  | Title: |

---

SCHEDULE V

TO<br> SELECTED SUB-PLACEMENT AGENT AGREEMENT WITH<br> delaware distributors, L.P.

**DISCLOSURE OF DISQUALIFYING EVENT**

None.

The parties agree that additional disclosures may be added to this Schedule V at a future date with the consent of the parties. The parties further agree that all disclosures provided as part of this Schedule V will be provided to potential investors consistent with the requirements of Regulation D of the Securities Act.