Contract analysis

I. Executive Summary & Business Rationale

II. Current Fund Platform Structure

III. Proposed Post-Reorganization Structure

IV. Five-Step Transaction Overview

V. Tax Treatment — Summary of Rulings Requested

VII. Impact by Investor Category

VIII. Third-Party Consents & Coordination

X. LP Consent Requirements & Next Steps [slide 3]

I. Executive Summary Solara Digital Infrastructure LP ($14.7 billion AUM as of March 31, 2025) proposes to consolidate its cross-border fund platform Four offshore parallel fund vehicles (two Cayman, two Luxembourg) to be reorganized into a single Delaware-domiciled master fund structure with Cayman feeder vehicles Transaction designed to qualify as tax-free under IRC §§ 721 and 731 Private letter ruling request to b

II. Current Fund Platform Structure Fund IV Family (Vintage 2021; 72% deployed): — Solara Digital Partners Fund IV LP (Delaware) — $4.2B — U.S. taxable investors — Fund IV-A (Cayman) LP — $1.85B — Non-U.S. and U.S. tax-exempt investors — Fund IV-B (Luxembourg) SCSp — €1.15B ($1.24B) — Non-U.S. investors (treaty access) Fund V Family (Vintage 2023; 38% deployed): — Solara Digital Partners Fund V LP (Delaware) — $5.6B

III. Proposed Post-Reorganization Structure Solara Consolidated Master Fund LP (Delaware) — new master fund consolidating all offshore vehicle assets — GP: Solara Consolidated Master Fund GP LLC (Delaware) Solara International Feeder (Cayman) LP — feeder for non-U.S. investors investing into the Master Fund Solara Tax-Exempt Feeder (Cayman) LP — feeder for U.S. tax-exempt investors (pensions, endowments) to mitigate

IV. Five-Step Transaction Overview Step 1 — Formation of New Entities (Sept. 15, 2025): Form Master Fund GP LLC, Master Fund LP, International Feeder, Tax-Exempt Feeder; file Form 8832 elections Step 2 — Contribution of Fund IV-A Cayman Assets (Oct. 1, 2025): All portfolio assets (FMV $2.31B; basis $1.62B; BIG $690M) contributed to Master Fund LP Step 3 — Contribution of Fund IV-B Luxembourg Assets (Oct. 15, 2025): A

V. Tax Treatment — Overview of Rulings Requested Ruling 1 (§ 721): Tax-free contributions of portfolio assets to Master Fund LP — no gain/loss recognized Ruling 2 (§ 721(b)): Master Fund LP does not constitute an 'investment company' (operating company portfolio) Ruling 3 (§ 367): §§ 367(a)/(b) do not apply — provisions apply only to transfers to/from corporations, not partnerships Ruling 4 (§ 731): Tax-free distribu

VI. Key Financial Data — Portfolio Company Highlights NovaBright Data Systems Inc. (DE corp) — Data center operator — FMV $890M / Basis $520M / BIG $370M — Fund IV-A Cayman 60%, Fund IV LP 40% Veridian Edge Computing Corp. (DE corp) — Edge computing infra — FMV $1.12B / Basis $780M / BIG $340M — Fund V-A Cayman 55%, Fund V LP 45% Thorngate Fiber Networks LP (DE LP) — Fiber-optic networks — FMV $670M / Basis $490M / B

VII. Impact by Investor Category U.S. Taxable Investors (e.g., Argyle Family Office): No change — remain directly in Fund IV LP and Fund V LP; co-invest alongside Master Fund U.S. Tax-Exempt Investors (e.g., Pinnacle SERS, Grandview Endowment): Migrate from Cayman parallel vehicles to Tax-Exempt Feeder (Cayman) LP → Master Fund; UBTI blocker benefits preserved Non-U.S. Investors — Cayman (e.g., Nordhaven SWF): Migrat

VIII. Third-Party Consents & Coordination Lender Consents: Ashford National Bank, N.A. — Fund IV subscription facility ($1.1B) and Fund V subscription facility ($1.5B); Sentinel Capital Markets LLC — co-lender/administrative agent on Fund V facility Insurance: Hawkstone Specialty Insurance Co. — endorsement of $50M D&O/E&O policies to cover new entities Fund Administrator: Clarendon Fund Services Ltd. — transition of

IX. Timeline & Key Milestones March 14, 2025 — GP board approval of reorganization exploration April 22, 2025 — LPAC meeting; preliminary consent obtained (78% in interest) May 12, 2025 — Calderwood & Harkness engagement letter executed June 16, 2025 — Initial tax analysis memorandum completed July 1, 2025 — Draft PLR request circulated to Solara July 15, 2025 — LPAC review of final PLR request July 22, 2025 — Pre-su

X. LP Consent Requirements & Next Steps Formal LP consent required under LPA amendment provisions for Fund IV and Fund V (and all parallel vehicles) Preliminary consent of 78% in interest obtained at April 22, 2025 LPAC meeting — formal solicitation to follow LP Consent Solicitation Letter and Form of LP Consent to be distributed to all LPs Draft Amendments to Fund IV LPA and Fund V LPA to authorize asset contributio