Fengate Overview

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FENGATE CORPORATE OVERVIEW

Leading investor.

Trusted and innovative partner.

ABOUT FENGATE

Fengate is a leading alternative investment manager, with more than $8 billion of capital commitments under management, focused on infrastructure, private equity and real estate strategies. With offices in Ontario and Texas, and team members across North America, Fengate leverages 50 years of entrepreneurial experience to deliver excellent results on behalf of our clients, partners and the communities we work in.

FENGATE’S LEADERSHIP TEAM

Jennifer
George
Jaime McKenna President, Fengate Real Estate

Vernita Tsang

FENGATE INFRASTRUCTURE

Fengate is a leading North American infrastructure investor and developer, with a proven track record of success since 2006.

Fengate focuses on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. We leverage our long-standing relationships with design-builders, operators and developers to source, develop, build and manage investments, in infrastructure projects across North America.

With a dedicated team of 60+ experienced professionals, Fengate employs a disciplined approach on behalf of our investors and partners, playing a lead role in the bidding and development phases of infrastructure projects, as well as the ongoing day-today management of construction and operations of each asset. Our in-house asset and financial management staff create value through active management to deliver strong investment results.

Fengate Infrastructure is committed to responsible investment and to bringing transparency and accountability to monitoring asset level environmental, social and governance factors.

Prairie Switch Wind

Houston, Texas, U.S.

INFRASTRUCTURE PROJECTS

Clackamas County Replacement Courthouse

Clackamas County, Oregon

FENGATE PRIVATE EQUITY

Established in 2016, Fengate Private Equity is a investment platform focused on partnering with growth-oriented businesses in the business services, healthcare, and consumer sectors, with more than $600M in assets under management. Our mission is to partner with entrepreneurs to help them realize their growth ambitions and drive lasting positive change in their businesses –an approach we describe as providing Transformative Capital. With a 50-year entrepreneurial history, we understand the challenges presented with scaling a business. Our Transformative Capital approach was designed to create long and lasting positive change in the businesses we invest in.

3.0X+ MOIC on realized investments to date

$2.1B Realized value created 17+ Professionals $600M AUM (assets under management)

Website:

eStruxture Data Centers

Website: www.estruxture.com

Headquarters: Montreal, Quebec GRACEMED

Website: www.GraceMed.com

Headquarters: Oakville, Ontario

FENGATE REAL ESTATE

Fengate Real Estate has been sourcing, developing, and managing commercial and residential real estate assets across the risk-return spectrum on behalf of our institutional investors since 1974. We are focused on delivering exceptional value-add to our investors through the following strategies: Land Entitlement, Build-to-Core, Core, Opportunistic. The multi-disciplinary Fengate Real Estate team is comprised of more than 80 real estate professionals with decades of experience from across the industry, enabling us to offer our clients a comprehensive and integrated platform providing best-in-class asset and investment management along with robust development capabilities.

The Fengate Real Estate team understands our work is not just about buildings and land, but about people, neighbourhoods, vibrant communities, and sustainability. In line with Fengate’s ESG commitments, we work hard to address and bring our vision to senior housing needs; purpose-built, transit-oriented rental housing needs; student housing needs; and the critical importance of progressive environmental and social impact with investments.

$15B+

Rail Deck District

Toronto, Ontario

REAL ESTATE PORTFOLIO

Natasha the Residences

Milieu and Ballantyne

Ottawa, Ontario

Purpose-Built Rental Income Property

350 Hunter’s Valley Road

Vaughan, Ontario

Industrial Development

RECENT HIGHLIGHTS

Working hard on behalf of our institutional investors, including a roster of pension plans, and private investors, Fengate is proud to be building on more than 50 years of successful projects with sustained momentum.

Fengate Private Equity and Weathervane Investments

Announce Acquisition of Saco Foods

January 2024

Fengate Private Equity, in partnership with Weathervane Investment Corp., completed the acquisition of Saco Foods from Benford Capital Partners. The acquisition was the first United States platform investment for Fengate Private Equity as the company looks to grow its presence across North America. The existing management team, led by CEO Tom Walzer, will continue to retain a significant equity interest in Saco.

In the food and beverage sector, Saco is an excellent fit with Fengate’s strategy of backing strong management teams and investing in trusted and enduring products with ample room for growth. Fengate looks forward to supporting the continued growth of Saco’s existing brands

through new product innovation, expanding into new categories and channels, and further building the platform through acquisitions.

Founded in 1973 by the Sanna family, Saco has grown into a diversified and rapidly expanding portfolio of leading shelf-stable food brands: Dolci Frutta, the #1 brand in confectionary chocolate coatings; California Sun Dry, the #1 brand in sun-dried tomato food products; Saco Pantry, a leader in instant dry milk products and complementary baking ingredients; Solo Foods, a century-old staple in toppings, pastes and fillings; and Hoosier Hill Farm, a pioneer in online and direct-to-consumer food offerings.

Financial close on the Morris Cogeneration heat and power facility near Chicago December 2023

Fengate recently expanded its energy transition portfolio with the acquisition of Morris Cogeneration, LLC, a 177-megawatt combined heat and power facility in Morris, Illinois.

The firm acquired ownership of the facility from Atlantic Power and Utilities under its strategic operating partnership with energy generation investor and asset manager, Ironclad Energy. The partnership was established in 2022 to acquire and operate cogeneration, district energy and other industrial generation projects across the United States and Canada.

The Morris Cogeneration facility began commercial operations in 1998 and uses General Electric (GE) technology, including three combustion turbines and a steam turbine, to produce power and steam on-site for the LyondellBasell Morris Plant petrochemical facility.

The cogeneration facility provides the least carbon-intensive, commercially viable energy solution to a hard to abate industrial sector.

LAX Rent-A-Car facility recognized for sustainability excellence

December 2023

The Los Angeles International Airport’s Consolidated Rent-A-Car (LAX ConRAC) facility’s sustainability excellence was recognized with an Energy and Operational Carbon Design Merit award from the U.S. Green Building Council’s Los Angeles chapter (USGBC-LA).

The project, which was delivered by Fengate-led LAX ConRAC Partners (LAXCP) under a design, build, finance, operate and maintain (DBFOM) contract, positively impacted the local community by operating sustainably and balancing economic, social and environmental responsibilities, and creating more than 5,000 jobs and $200 million in wages for the local workforce.

The award follows news of the project receiving Leadership in Energy and Environmental Design (LEED) Gold v4 certification from USGBC’s national assembly, and adds to a list of design, sustainability and finance distinctions that the ConRAC facility has collected in the lead up to its opening in 2024.

Sustainability Excellence

The ConRAC facility achieves an impressive 36% energy use reduction and an operational carbon reduction of 1,220,000 pounds per year due to efficiency, with additional carbon savings gained through sustainable electrification measures, reduction of heat island effect and alternative transportation options. By relocating rental car companies into one convenient location adjacent to the 405 freeway – as well as providing a direct connection to LAX’s Automated People Mover (APM) train system – the ConRAC will eliminate the approximately 3,200 daily shuttle trips, alleviating traffic congestion on local streets and around the airport’s Central Terminal Area.

A 4.8-megawatt photovoltaic solar panel array integrated into the ConRAC’s façades, roofs and parking canopies will produce 8,400 megawatt hours of electricity annually.

Fengate P3 consortia partners deliver six new public schools for Prince George’s County, Maryland, U.S.

August 2023

Fengate is the lead developer and equity investor in the Prince George’s County Public Schools (PGCPS) Blueprint Schools Program (Phase One), an alternative financing construction project for the design, build, finance, operation, and maintenance of six public schools under a 30-year contract in Prince George’s County, Maryland.

PGCPS, one of the United States’ (U.S.) largest school districts, was faced with aging facilities and overcrowding from a growing student population.

The first phase of the Blueprint Schools Program was the first public school project in the U.S. to be delivered as a public-private partnership (P3), with the objective of the P3 model to cut delivery time in half, reduce construction costs and reduce preventative maintenance expenses over the asset lifecycle.

The Fengate-led consortia, Prince George’s County Education and Community Partners (PGCECP), delivered five state-of-the-art middle schools

and one kindergarten through eighthgrade (K-8) in just two-and-a-half years – largely during the global pandemic – creating 3,000 jobs for local businesses in the process. When compared with a traditional procurement model, this delivery approach saved the County more than $170 million in deferred maintenance and construction costs. The six new schools opened their doors to more than 8,000 students between August and November 2023.

Following commercial and financial close, PGCPS and the P3 consortia announced the creation of a US $1 million endowed fund to support scholarships, student internships, mentoring opportunities and apprenticeships, together valued at US $4.7 million.

The project exceeded its target for supporting Minority Business Enterprises (MBEs), awarding 33 percent of contracts (US $134 million) to MBEs and of that, US $68 million to local Prince George’s County businesses.

Fengate Wins International TOBY Award

July 2023

Fengate recently won the Outstanding Building of the Year (TOBY®) International Award in the Suburban Office Park Mid-Rise category for 22652275 Upper Middle Road East in Oakville. Fengate manages 2265-2275 Upper Middle Road East as part of its commercial real estate strategy on behalf of its investors, including the LiUNA Pension Fund of Central and Eastern Canada.

TOBY® is the most prestigious and comprehensive program of its kind in the commercial real estate industry recognizing quality in commercial real estate buildings and rewarding excellence in building management. Properties are evaluated based on overall excellence for community impact, emergency preparedness, sustainability, health and wellness, and additional performance metrics.

Purpose-built rental development breaks ground at 500 Upper Wellington in Hamilton June 2023

Fengate, together with the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), celebrated the groundbreaking for a new purpose-built rental development at 500 Upper Wellington Street in Hamilton, Ontario. LPFCEC is the lead investor in this project, and Fengate is managing this development on the Fund’s behalf.

The development at 500 Upper Wellington Street will deliver a six-storey, new generation, purposebuilt rental building with 261 suites and over 6,000 square feet of commercial space. Future residents will benefit from the site’s convenient access

to downtown Hamilton and the host of onsite amenities planned for the development. The building will be pursuing LEED designation and is slated to include sustainability-focused features such as a green roof, geothermal heating and cooling, and energy-efficient building systems. Plans also include integrated technology features that will enable residents to manage their homes and access building services remotely.

The construction of 500 Upper Wellington Street is expected to be completed in 2026.

Inflector Environmental Services

September 2022

Fengate, on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), has completed a strategic minority equity investment in Inflector Environmental Services, one of Canada’s leading environmental services providers specializing in mission-critical, hazardous material abatement and remediation.

Founded in 1994, and specializing in asbestos and lead abatement, Inflector has become a market leader in hazardous materials management and building hygiene services.

Inflector also provides mould, soil, and site remediation, selective demolition, and emergency response services to blue chip customers across a variety of industries. With more than 500 employees in five offices across Canada, Inflector has one of the largest dedicated labour forces coast-to-coast. Through this partnership, Fengate will provide support to Inflector’s management team on the company’s next stage of strategic growth.

CORPORATE RESPONSIBILITY AND SOCIAL IMPACT

We are not just about delivering excellent investment results.

We know that acting responsibly to our environment, our stakeholders, which include a significant roster of institutional investors, and our growing communities is fundamental.

We believe that responsible corporate behaviour and responsible investment are intrinsic to strong, long-term investment returns and therefore strive to align such principles with our portfolio objectives in each of our business lines. We are signatories

of the United Nations-supported Principles of Responsible Investment (UNPRI), and we integrate material environmental, social, and governance (ESG) considerations into all stages of our investment process.

At the heart of our community efforts is the Fengate Community Foundation (FCF), established in 2010 to enhance Fengate’s philanthropic efforts and establish a more structured way of giving. The FCF is an approximately $2 million grant by Fengate that is administered by the Hamilton Community

Foundation, ensuring donations and support reach causes and programs with the most need, within Canada and abroad. In addition to FCF, Fengate directly donates hundreds of thousands of dollars and hundreds of hours every year in support of community and charitable organizations and events across Canada and the United States.

Fengate’s ongoing commitment to diversity, equity and inclusion remains at the forefront of our core values. We strongly believe in cultivating an inclusive workplace in which every employee can thrive and be their authentic self. Our firm is wonderfully enriched by the diversity of our team, and we pride ourselves in our ability to

attract, develop, and retain diverse talent. Championing diversity and inclusion is not only the right thing to do, but it strengthens our business and continues to position Fengate as an industry leader into the future. In 2021, we established Fengate’s EBID Think Tank (equity, belonging, inclusion and diversity) – consisting of leaders and employees of all backgrounds and levels throughout our firm – to help advance our EBID objectives, move reconciliation forward and continue to positively impact our communities.

Looking forward, we will continue to work with our employees, investors, partners, service providers, and community to align our ESG strategy and sustainability-related performance to create resilient and long-term value for our investors and stakeholders.

FENGATE’S ESG OBJECTIVES

1 To integrate ESG assessment in our investment process including origination, investment due diligence, approval, asset management and disposition.

Fengate is proud to be recognized as one of Canada’s Best Managed Companies since 2007, maintaining Platinum status.

2

To quantify the risk and return impact of ESG factors where possible.

3

To monitor ESG factors in our asset management activities.

4

To report on and be accountable for ESG-related matters for our investors.

5

To promote responsible investment principles to our employees, partners, service providers and investors.

GREAT PLACE TO WORK

Since 2022, Fengate has been certified as a Great Place to Work® and in 2023 was named as one of Canada’s top five Best Workplaces™.

Additionally, the firm is recognized as one of the Best Workplaces™ in Ontario; for Women; Giving Back; Financial Services & Insurance; Inclusion; Mental Wellness; Most Trusted Executive Teams and Today’s Youth.

*All values presented in this brochure are in Canadian dollars. unless otherwise specified

“Fengate” refers to the Fengate group of companies which is comprised of Fengate Capital Management Ltd., its affiliated entities and the funds or other investment vehicles that they manage. Fengate has produced this information brochure (the “brochure”) for informational purposes only. The information contained in the brochure (the “Information”) is believed to be accurate at the time of publication of the brochure; however, Fengate does not guarantee or warrant or make any representations concerning the quality, suitability, accuracy completeness or timeliness of the information contained in the brochure.

This brochure and the information contained within it does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. In no event will Fengate be liable to any party for any claim or any direct, indirect, exemplary, incidental, punitive, special or other consequential damages arising out of information available in the brochure. Fengate is a trade name of Fengate Corporation. All other trade names, trademarks, service marks or logos found in this brochure are owned by their respective owners.

© 2023 Serafini Holdings Corporation. All rights reserved. Designed and produced by Fengate. 2024.07.12

info@fengate.com Toronto | Houston | Oakville

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