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2025 Labor Impact Report

Land acknowledgement

Fengate acknowledges that we live and work on the land of traditional territories of Indigenous Peoples from across Turtle Island, which is also known as North America, and is home to many diverse peoples, cultures, languages, and territories including First Nations, Inuit, and Metis people. Fengate acknowledges and pays respect to Indigenous Peoples who have been stewards of the land for generations and hold unique perspectives, knowledge and rights to ecosystem conservation and climate change. Fengate strives to find opportunities to partner and consult with Indigenous Peoples in our business and our investments. We also commit to continuously educate our employees about Indigenous history, culture, rights, and the ongoing process of reconciliation.

About Fengate

Headquartered in Toronto, Canada, Fengate is one of North America’s most active real asset and equity investors, with a focus on infrastructure, private equity, and real estate. With over 275 professionals across offices in Toronto, Oakville, Miami, and Houston, Fengate leverages more than 50 years of entrepreneurial experience to deliver excellent results on behalf of our clients, partners and the communities in which we invest. We believe that responsible corporate behavior and responsible investing are intrinsic to strong, long-term investor returns, and we strive to align these principles with our portfolio objectives.

Our responsible investment values are reflected in both our investment choices and our project partnerships. We understand the privilege of being part of our communities’ fabric and strive for thoughtful delivery through partnerships with responsible labor groups, reputable design-builders and operators, and meaningful engagement with local communities.

Established North American presence

Fengate investments

Fengate offices

Fengate staff locations

Figures as of September 30, 2025.

1 Capital commitments to Fengate-managed vehicles from third-party investors and General Partner.

2 Assets Under Management represents enterprise value adjusted for Fengate’s ownership (Infrastructure and Private Equity assets) and project gross asset value (Real Estate assets), plus undrawn commitments and recallable distributions.

3 Includes corporate and shared resources including finance, HR, IT, and investor relations.

Letter from our Director of Responsible Investment

Fengate is proud to release its 2025 Labor Impact Report (‘the Report’) detailing the impact of Fengate’s investments on the generation of union construction jobs and economic impact in Canada and the United States. Fengate was founded with a deep commitment to community, and responsible labor principles have been integral to the firm’s mission from the start. We fundamentally believe that utilizing Responsible Contractors promotes private capital investment and leads to enhanced risk-adjusted returns for our investors in the regions in which we invest. Fengate recognizes that the use of responsible labor groups, comprised of skilled craft professionals, can enable productive and safe working conditions that comply with or exceed regulatory requirements while delivering quality assets with minimized construction and operational risks.

Throughout 2025, Fengate’s infrastructure and real estate platforms generated more than 2.7 million union construction hours across 14 skilled trades and over 3.5 million union operating and maintenance hours. Since 2019, Fengate investments have produced more than 16 million union construction hours across 27 projects.

During the year, Fengate broke ground on several development projects, including five multifamily housing projects, which will deliver more than 1,900 housing units upon completion, and three major social infrastructure projects, including new public schools, student

housing, and a state-of-the-art hospital – each representing essential community infrastructure and leading to substantial job creation.

Fengate enhanced its labor governance by introducing Responsible Workforce Principles to guide the standards among its portfolio companies. The firm also launched the Social Opportunities Fund (‘SOF’), a North American real estate strategy focused on housing, healthcare, and logistics projects delivered substantially by skilled trades. The fund aims for competitive returns while creating positive impacts for skilled workers and local communities.

In 2026, Fengate has strengthened its labor engagement efforts by appointing Erin Bryant as Head of U.S. Government and Labor Relations. Erin brings experience from her previous role as Director of Corporate Affairs at the Laborers’ International Union of North America (‘LiUNA’). Her leadership will further enhance Fengate’s engagement with labor partners, public stakeholders, and the broader community.

Della Nice Director, Responsible Investment

Current and recently completed projects

Deep Rooted Relationships –

Laborers’ International Union of North America

Fengate has worked shoulder-to-shoulder with construction labor unions and their pension plans for more than 40 years. The Laborers’ International Union of North America (LiUNA) and Fengate have a deep history together built on a shared commitment to community building. Their relationship began in 1981, when Enrico Mancinelli, business manager of LiUNA Local 873, entrusted Louis Serafini Sr. to manage their initiative to develop affordable housing in the Hamilton area. Together, LiUNA and Fengate rallied many community groups and developed more than 2,000 affordable homes in Hamilton, Burlington, and Niagara Falls, Ontario. Developing over C$150 million in affordable housing gave Fengate the opportunity to expand Serafini’s passion of investing in commercial real estate. Over C$20 million in commercial real estate was acquired, supported by approximately 40 committed individuals who believed in his vision. These investments would later form the foundation of Fengate’s first investment fund. Lou Serafini Jr. became Fengate's President and CEO in 2005 and the partnership with LiUNA has deepened with continued success together.

For more than four decades, Fengate and LiUNA have forged a partnership shaped by mutual trust, shared vision, and exceptional returns. Across numerous ventures, Fengate continues to share LiUNA’s ambition to innovate, empowering our members to build vibrant communities and secure futures.”

Joseph Mancinelli

International Vice President and Canadian Director LiUNA Pension Fund of Central and Eastern Canada

Over 3 million hours generated for LiUNA members on projects tracked1

1 From recently completed or ongoing projects from 2019 to 2025. Information included herein has been provided by parties not affiliated with Fengate. Fengate has not independently verified such information and makes no representation or warranty as to its accuracy or completeness.

Lou Serafini Jr. and Joe Mancinelli

North America's Building Trades Unions (NABTU)

In 2025, Fengate received a score of 88% on NABTU’s Infrastructure Manager Report Card and achieved the maximum score in 8 out of 10 categories. Fengate will continue to enhance its program and policy implementation consistent with NABTU’s expectation and guidance, and collaborate on advancing the firm’s responsible labor practices and labor impact reporting.

About NABTU

NABTU is dedicated to creating economic security and employment opportunities for its construction workers by growing infrastructure investment and union construction jobs, safeguarding workplace, wage and benefits standards, providing responsible private capital investments, investing in renowned apprenticeship and training, and creating pathways to the middle class for women, communities of color, military veterans and justice-involved in the construction industry.

1 Source: NABTU. For more information and methodology, visit nabtu.org/nabtu-infrastructure-manager-report-card Additional information is available upon request.

88%

NABTU’s Infrastructure Manager Report Card1

Delivering strong investment returns as our purpose.

Delivering labor-positive outcomes as our advantage.

Responsible Labor Program

Fengate’s Responsible Labor Program provides a structured framework for engaging with labor partners and integrating responsible labor throughout the investment process. The program is designed to foster positive labor outcomes while maintaining alignment with our primary objective of delivering robust, risk-adjusted returns for our investors.

Responsible workforce: Across all investments, Fengate is committed to upholding strong workforce standards as outlined by our Responsible Workforce Principles. Fengate will actively manage labor risk and promote workforce-positive practices such as freedom of association, equity, and health and safety.

Responsible contracting: Fengate’s Responsible Contractor Policies seeks to drive a range of labor outcomes. Where Fengate has limited control or influence over the subcontractor selection, Fengate will partner with General Contractors or Design Builders, where possible, to support fair and inclusive access to contracting through a transparent, competitive bidding process. Where Fengate has greater control or influence, and where Signatory Contractors can provide competitive bids and perform the required work in accordance with a reasonable schedule, Fengate will seek to leverage capital allocation and contracting decisions to create new jobs and enhance project outcomes. This process is governed by Fengate’s fund-level Responsible Contractor Policies.

Fengate views responsible labor governance as a shared responsibility that spans all business units. Roles and accountabilities are clearly defined and structured within the firm’s broader governance framework, ensuring consistency, transparency, and alignment across the organization. Fengate’s dedicated in-house labor relations team oversees the execution and ongoing monitoring of the firm’s labor standards, including fund-level Responsible Contractor Policies and Responsible Workforce Principles.

Responsible Workforce Principles

Fengate’s Responsible Workforce Principles (the "Principles") apply to all newly acquired and controlled portfolio companies, while for non-controlled investments, Fengate seeks to promote and influence adoption of the Principles wherever feasible. These Principles are embedded across Fengate’s full investment lifecycle – from due diligence and Investment Committee review to post-closing execution. Fengate monitors implementation and works closely with portfolio companies to advance responsible labor practices.

Respect workers’ freedom to join a trade union without undue interference and engage in good faith negotiations, as required, with any trade union that lawfully represents its workers

Provide fair compensation, safe working conditions, and industry standard labor practices

Provide meaningful worker voice, engagement, and grievance mechanisms

Uphold equitable workforce practices that prohibit discrimination and harassment

Responsible Contractor Policy implementation approach

In 2025, Fengate updated its Responsible Contractor Policy for infrastructure to include Fengate Infrastructure Fund V (“Fund V”), Fengate’s newest flagship closed-ended Infrastructure fund. There are five key pillars to Fengate Infrastructure’s Responsible Contractor Policy implementation approach:

Active project notification

Providing advance notification of upcoming construction work through quarterly labor pipeline notification meetings and notification of NABTU affiliates in regions where the project is planned.

1 3 5 2 4

Inclusive bidding process

Encouraging Responsible Contractors to bid on upcoming projects in relevant geographies by ensuring they are made aware of the project and given the opportunity to submit a bid. Monitoring

Monitoring project progress throughout the construction phase by maintaining consistent communication with the project directors, general contractors, design builders, and/ or subcontractors. Proactively identify and address potential labor-related issues that may emerge during the construction period.

Labor hours collection

Tracking construction hours generated on projects on a quarterly basis to evaluate the effectiveness of Responsible Contractor mobilization across construction projects. Reporting

Publicly reporting on labor impact through annual labor impact reports.

Reporting Monitoring

Fengate Social Opportunities Fund

Benefiting from a 40+ year partnership with the labor community, the Social Opportunities Fund will aim to deliver attractive riskadjusted returns while generating meaningful, measurable outcomes for workers and their communities. The strategy focuses on investments in housing, healthcare, and logistics assets across the United States and Canada. Projects will be substantially union-built, with Signatory Contractors leading execution.

The Responsible Contractor Policy (RCP) for the strategy applies to all ground-up construction and capital improvements projects and is guided by two core principles:

Preservation of union market share

In markets with high union density, Fengate will not undertake actions that would result in the erosion of such market share.

#1 #2 Target Sectors

Support in lowdensity areas

In regions with low union density, Fengate will make reasonable efforts to support and facilitate the development of market share.

Logistics

Fengate’s Social Opportunities Strategy's RCP is grounded in evidence that responsible labor practices create measurable value for project owners and investors. A 2022 study by Independent Project Analysis (IPA), drawing on analysis of more than 1,550 U.S. capital projects over a 20 year period, found that union labor is approximately 14–15% more productive than open shop labor, resulting in average total project costs that are roughly 4% lower and more predictable construction schedules.1

1 Independent Project Analysis (IPA). Quantifying the Value of Union Labor in Construction Projects. Prepared for the Mechanical Industry Advancement Fund (MIAF), Revised Final Report, December 2022.

Governance structure

We acknowledge and underscore that a robust labor strategy and sustainability program is a shared responsibility across all our business units. Labor relations and sustainability roles are clearly defined and integrated into our broader governance framework.

Fengate has assembled a dedicated labor relations team that provides expertise and direction aligned with our responsible labor strategy and works closely with teams across the firm as well as with external partners to help us achieve our goals.

Erin Bryant, Head of U.S. Government and Labor Relations will focus on supporting Fengate’s investment origination, execution and monitoring from a labor and government relations perspective, strengthening partnerships with organized labor and public sector stakeholders, and advancing the firm’s responsible labor approach. Erin is supported by team members, including William Little and Rocco Davis, who serves as Fengate’s Labor Liaison, working closely with internal teams and responsible contractors to promote an inclusive and transparent bidding process. His role focuses on developing and maintaining relationships with NABTU leadership and connecting the Fengate team with responsible contractors within relevant project jurisdictions.

Della Nice oversees Fengate’s firmwide responsible investment strategy, integrating responsible labor practices with broader stewardship priorities— including sustainability, resilience, and social and economic impact—to deliver meaningful value for investors, stakeholders, and the communities in which Fengate operates.

Labor impact

Labor and economic impact analysis

In partnership with Alec Josephson, Senior Economist, and President of Pinnacle Economics, Fengate calculated direct and indirect economic impact figures through the IMPLAN modeling software, using the union and non-union labor hours Fengate collected over the reporting period of 2019 to 2025. Fengate selected specific projects to conduct economic impact analysis and is proud to showcase them within the project-specific case studies of this report.

The analysis demonstrates that real asset investments with strong Responsible Contractor participation are catalysts for economic growth. Additionally, when secondary or collateral benefits are included in investment goals, the outcomes should be measured and quantified alongside investment returns.

There is specific terminology to identify the different types of impacts, including:

■ Direct impacts represent the output, jobs, and income generated as a result of project spending on the construction of new buildings or improvements to existing structures. The direct impacts are driven by project expenditures on hard costs (i.e., construction services) and soft costs (i.e., architectural, financial, insurance, legal, and permitting services).

■ Indirect impacts occur as businesses that are directly impacted by the project spending buy intermediate goods and services from other businesses. These purchases of goods and services from other businesses indirectly generate sales, jobs, and income for others. Indirect impacts are typically called supplychain impacts.

■ Induced impacts result from the increase income and purchasing power of households who are either directly or indirectly affected by project spending.

For more information about the IMPLAN Model, please see the back page of this report.

Construction union hours summary1, 2

1 Important disclosures for illustrative purposes only. Information included herein has been provided by parties not affiliated with Fengate. Fengate has not independently verified such information and makes no representation or warranty as to its accuracy or completeness. In instances where classification of work across union trades were not clearly identified by information owners, Fengate made its best effort on determining trade allocation. As such, the accuracy of hours allocations against union trades may be subject to certain limitations.

2 Past performance and historical labor outcomes are not indicative of future results. There can be no assurance that future projects or investments will achieve comparable labor, economic, or financial outcomes.

JFK International Airport Terminal 6

Forecasted metrics1

Infrastructure | Project under construction forecasted union construction hours 6M+ forecasted in union wages

$245M+

forecast paid into union pension and health and welfare funds

$7.5B+

$325M+ forecast of total economic impact created

As part of JFK Millennium Partners, Fengate is a key investor in the $4.2 billion redevelopment of JFK International Airport’s Terminal 6. The new 1.2 million square foot terminal is scheduled to open in 2026, with full project completion by 2028. The terminal will feature more than 10 gates, advanced technology, and a curated mix of dining and retail options. It represents the final component of the airport’s broader $19 billion modernization efforts of one of the busiest international airports in the United States.

The JFK Terminal 6 redevelopment is being constructed under a Project Labor Agreement with the Building and Construction Trades Council of Greater New York. As of the end of 2025, the project has generated over 3 million union construction hours and is expected to generate approximately 6 million union hours upon completion.

Winner Transport Deal of the Year –Airports North America 1

Infrastructure | Project under construction

The Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children

The Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children is the largest hospital project in Canada’s history. The new 2.8 million square foot facility will provide more than 950 patient beds, expanded emergency and surgical services, advanced diagnostic imaging, and modern pharmacy and laboratory, and a new parking structure. Construction began in summer 2025 and is scheduled to reach substantial completion in April 2033.

Through its construction, the project is expected to create significant employment opportunities, with peak onsite employment exceeding 3,000 workers per day. These expansions will produce an additional $1 billion for the local economy over 10 years. Actual job hours generated will be tracked and measured as they become available during construction.

Fengate is a major equity provider and part of the Trillium M Project Consortium General Partnership, led by EllisDon and PCL Healthcare Partners.

Rail Deck Development

Expected economic impact1

1.4M+ forecasted union construction hours 9.1M+

forecasted LiUNA construction hours

4600+

$650M+ construction jobs created for the community

labor income created for the community

Rail Deck Development presents an opportunity to transform a major physical and visual barrier in the City’s urban fabric into a world-class mixed-use destination above the rail corridor in downtown Toronto. The proposed vision aims to convert the unused air space over the rail corridor between Bathurst Street and Spadina Avenue into a complete community featuring high-rise residential buildings, an office tower, public open spaces, retail, entertainment, and community facilities. Once fully constructed, the deck supporting this development is forecasted to generate more than 9 million union construction hours through the end of 2031.

1 Certain information presented herein constitutes forward-looking statements, including estimates and projections of labor hours, wages, and economic impact. Such statements are based on current assumptions and expectations and are subject to risks and uncertainties. Actual results may materially differ.

Looking ahead

For 2026 and beyond, Fengate is excited for several developments including the first investments in the Social Opportunities Fund and Fengate Infrastructure Fund V. Fengate remains committed in advancing its Responsible Labor Program and deeply values the trust and long-standing relationships it shares with investors. The firm remains committed to ensuring that all investment activities and labor practices reflect the principles and expectations of its investors, North America’s Building Trades Unions, and other key stakeholders. In the year ahead, Fengate will continue to closely monitor the performance of its Responsible Labor Program and strengthen collaboration with building trades organizations and community partners. By doing so, the firm aims to uphold the highest standards of responsibility, transparency, and partnership in the projects it builds, and with the communities in which it serves.

For any questions or feedback regarding Fengate’s Responsible Labor Program, stakeholders are encouraged to contact laborrelations@fengate.com

Appendix

Official Trade Name

Trade Name Referenced

International Brotherhood of Electrical Workers (IBEW) Electrical workers

International Brotherhood of Teamsters (Teamsters) Teamsters

International Union of Bricklayers and Allied Craftworkers (BAC) Bricklayers

International Union of Elevator Constructors (IUEC) Elevator workers

International Union of Painters and Allied Trades (IUPAT) Painters

Laborers’ International Union of North America (LiUNA) Laborers

Operative Plasterers’ and Cement Masons’ International Association (OPCMIA) Cement masons

International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART) Sheet metal workers

United Association – Union of Plumbers, Fitters, Welders and Service Techs (UA) Plumbers

United Union of Roofers, Waterproofers and Allied Workers (Roofers) Roofers

International Union of Operating Engineers (IUOE) Operating engineers

International Association of Heat and Frost Insulators and Allied Workers (Insulators) Heat and frost insulators

International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers (IW) Iron workers

The United Brotherhood of Carpenters and Joiners of America (UBC) Carpenters

Definitions

A Responsible Contractor is an organization with relevant experience, a good safety record and reputation, and dependable to provide high quality and cost-efficient services on a comparable and relevant basis in the applicable local market, consistent with the relevant contracting criteria. A Responsible Contractor provides fair compensation and fair benefits, demonstrates a track record of compliance with local, municipal, provincial, state and federal laws and regulations, and values employee training and safety.

A Signatory Contractor is an organization that is party to, or bound by, collective bargaining agreements with North American labor organizations pertaining to building trades. While a Signatory Contractor is a Responsible Contractor, the reverse is not necessarily true: a Responsible Contractor is not necessarily a Signatory Contractor.

Disclaimer

IMPLAN and

Pinnacle Economics

IMPLAN is a regional economic analysis software and data application that is designed to estimate the impact or ripple effect of a given economic activity or the contribution of some existing activity within a specific geographic area. Economic impact analysis is an objective approach that establishes rigorous, standardized measurements of direct, indirect and induced impacts. The input-output modeling system, originally developed by a joint effort of the Minnesota IMPLAN Group (MIG) and the USDA Forest Service in 1978, and now privately operated by the IMPLAN Group, LLC, is a state-of-the-art software model used by over 2,000 public and private institutions and has been a standard tool for academic and professional economists for decades. IMPLAN is an input-output dollar flow model that tracks the way a dollar injected into one sector is spent and re-spent in other sectors of the economy, generating waves of economic activity, or “economic multiplier” effects. The method used to produce IMPLAN’s economic data set and economic impact estimates have been widely published both in professional publications as well as peerreviewed academic journals. Many of these methods are considered standard best practices in a wide variety of applied economic fields today. The United States Department of Agriculture recognized the IMPLAN modeling framework as “one of the most credible regional impact models used for regional economic analysis.” For more information on the IMPLAN Model, please visit https://implan.com

Pinnacle Economics is nationally recognized for their theoretically sound, data-driven, state-of-the art approaches for measuring economic and fiscal impacts using the IMPLAN economic impact modeling software. Alec Josephson, Senior Economist and President of Pinnacle Economics has been using IMPLAN since 1995 and has directed, conducted, and/or authored well over 500 economic impact projects. https://pinnacleecon.com/

"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 Report for informational purposes only. This Report does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute investment advice or a recommendation with respect to any investment or investment strategy. The information contained in the Report 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 Report.

*Important Disclosures for illustrative purposes only. The views and statistics included are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, or investment recommendations.

Canada | Toronto and Oakville

United States | Miami and Houston