[sheet: Cover]

[sheet: Cover]
Field | Value
Document Title | Reconciliation of FMV and Tax Basis Schedules
Engagement | Calderwood & Harkness LLP — Engagement No. 20250527-SDILP-PLR
Client | Solara Digital Infrastructure LP
Client EIN | 82-4917366
Client Address | 1200 Market Street, Suite 3400, Wilmington, DE 19801
Matter Type | Private Letter Ruling Request — Cross-Border Fund-Platform Reorganization
Purpose | Reconcile Redstone Advisory Group LLC fair market value appraisals with Caldwell Pierce & Co. LLP tax-basis records for all 23 portfolio companies across the four offshore contributing vehicles; support PLR Exhibit D
FMV Source | Redstone Advisory Group LLC (Marco DeLuca, Managing Director), 750 Seventh Avenue, 21st Floor, New York, NY 10019
Tax Basis Source | Caldwell Pierce & Co. LLP (Helen Okamoto, Partner — Financial Services Tax), 400 Renaissance Center, Suite 2500, Detroit, MI 48243
Prepared By | Garrett Simmons, Working Associate, Tax — Calderwood & Harkness LLP
Reviewed By | Robert Jansen, Lead Associate, Tax — Calderwood & Harkness LLP
Approved By | Leonard Cross, Responsible Partner, Tax — Calderwood & Harkness LLP
Date Prepared | July 2025
EUR/USD Exchange Rate | 1.08 (applied uniformly to all EUR→USD conversions)
Cross-Reference | PLR Exhibit D — Schedule of Contributing Entities and Assets
Status | Draft — Subject to Revision
Confidentiality | Attorney-Client Privileged / Attorney Work Product
[sheet: Entity Summary]
Contributing Entity Full Legal Name | Short Name | Entity Type | Jurisdiction | EIN (U.S.) | Registered Office / Address | Registration Number | Fund Size (original currency) | Fund Size (USD) | Aggregate FMV of Assets Contributed (USD) | Aggregate Adjusted Tax Basis (USD) | Aggregate Built-In Gain (USD) | Number of Portfolio Companies | Receiving Entity | Reorganization Step | Target Contribution Date
Solara Digital Partners Fund IV-A (Cayman) LP | Fund IV-A Cayman | Exempted limited partnership | Cayman Islands | 98-6241503 | Harborstone Corporate Services Ltd., P.O. Box 2714, 94 Solaris Avenue, George Town, Grand Cayman KY1-1111 | CIMA MF-72491 | $1,850,000,000 | $1,850,000,000 | $2,310,000,000 | $1,620,000,000 | $690,000,000 | 7 | Solara Consolidated Master Fund LP | Step 2 | 2025-10-01
Solara Digital Partners Fund IV-B (Luxembourg) SCSp | Fund IV-B Lux | SCSp (société en commandite spéciale) | Luxembourg | 98-6241571 | 14, rue Jean-Pierre Brasseur, L-1258 Luxembourg | RCS B 248193 | €1,150,000,000 | $1,242,000,000 | $1,155,600,000 | $844,560,000 | $311,040,000 | 5 | Solara Consolidated Master Fund LP | Step 3 | 2025-10-15
Solara Digital Partners Fund V-A (Cayman) LP | Fund V-A Cayman | Exempted limited partnership | Cayman Islands | 98-7891234 | Harborstone Corporate Services Ltd., P.O. Box 2714, 94 Solaris Avenue, George Town, Grand Cayman KY1-1111 | CIMA MF-89103 | $2,450,000,000 | $2,450,000,000 | $2,890,000,000 | $2,340,000,000 | $550,000,000 | 7 | Solara Consolidated Master Fund LP | Step 4 | 2025-11-01
Solara Digital Partners Fund V-B (Luxembourg) SCSp | Fund V-B Lux | SCSp (société en commandite spéciale) | Luxembourg | 98-7891267 | 14, rue Jean-Pierre Brasseur, L-1258 Luxembourg | RCS B 271056 | €1,380,000,000 | $1,490,400,000 | $1,393,200,000 | $1,231,200,000 | $162,000,000 | 4 | Solara Consolidated Master Fund LP | Step 4 | 2025-11-01
TOTAL — ALL CONTRIBUTING VEHICLES | $7,032,400,000 | $7,748,800,000 | $6,035,760,000 | $1,713,040,000 | 23 | Solara Consolidated Master Fund LP | Steps 2–4 | Oct–Nov 2025
[sheet: Fund IV-A Cayman Detail]
Line Item # | Portfolio Company Full Legal Name | Portfolio Company Short Name | Entity Type | Jurisdiction | Ownership % Held by Fund IV-A Cayman | Co-Held with Other Vehicle? | Redstone FMV — Gross 100% (USD) | Redstone FMV — Fund IV-A Cayman Share (USD) | Caldwell Pierce Adjusted Tax Basis — Fund IV-A Cayman Share (USD) | Built-In Gain / (Loss) (USD) | Valuation Methodology | Redstone Appraisal Report Ref. | Caldwell Pierce WP Ref. | Variance / Reconciling Notes | PLR Exhibit D Cross-Ref
1 | NovaBright Data Systems Inc. | NovaBright | Corporation | Delaware | 60% | Yes — 40% held by Solara Digital Partners Fund IV LP (EIN 85-2103748) | $890,000,000 | $534,000,000 | $312,000,000 | $222,000,000 | DCF / Comparable Company Analysis | Redstone Report NB-2025-001 | CP WP-IV-A-001 | FMV per Redstone reflects 60% pro rata share of $890M gross = $534M. Tax basis per CP K-1 analysis: $312M (60% of $520M total basis). Total NovaBright BIG = $370M; Fund IV-A share = $222M. No variance. | Exhibit D, Line 1
2 | Thorngate Fiber Networks LP | Thorngate | Limited partnership | Delaware | 100% | No — 100% held by Fund IV-A Cayman | $670,000,000 | $670,000,000 | $490,000,000 | $180,000,000 | DCF / Precedent Transaction Analysis | Redstone Report TG-2025-002 | CP WP-IV-A-002 | No variance between Redstone FMV and CP basis records. BIG = $180M. FIRPTA/USRPI analysis separately addressed in tax memo (fiber-optic network assets). | Exhibit D, Line 2
3 | Pinnacle Tower Infrastructure Inc. | Pinnacle Tower | Corporation | Delaware | 75% | Yes — 25% held by Solara Digital Partners Fund IV LP (EIN 85-2103748) | $520,000,000 | $390,000,000 | $285,000,000 | $105,000,000 | DCF / Comparable Company Analysis | Redstone Report PT-2025-006 | CP WP-IV-A-003 | FMV = 75% of $520M = $390M. Tax basis = 75% of $380M = $285M. BIG = $105M. No variance. Tower infrastructure assets — USRPI analysis in FIRPTA memo. | Exhibit D, Line 6
4 | Cascade Connectivity Solutions LP | Cascade | Limited partnership | Delaware | 100% | No — 100% held by Fund IV-A Cayman | $295,000,000 | $295,000,000 | $218,000,000 | $77,000,000 | DCF / Precedent Transaction Analysis | Redstone Report CS-2025-007 | CP WP-IV-A-004 | 100% interest. BIG = $77M. No variance. Managed network services — not USRPI. | Exhibit D, Line 7
5 | Obsidian Network Holdings Corp. | Obsidian | Corporation | Delaware | 65% | Yes — 35% held by Solara Digital Partners Fund IV LP (EIN 85-2103748) | $380,000,000 | $247,000,000 | $185,000,000 | $62,000,000 | DCF / Comparable Company Analysis | Redstone Report ON-2025-008 | CP WP-IV-A-005 | FMV = 65% of $380M = $247M. Basis = 65% of $284.6M = $185M (rounded). BIG = $62M. No variance. | Exhibit D, Line 8
6 | Altius Data Platforms LLC | Altius | LLC (partnership for U.S. tax purposes) | Delaware | 100% | No — 100% held by Fund IV-A Cayman | $112,000,000 | $112,000,000 | $82,000,000 | $30,000,000 | DCF / Comparable Company Analysis | Redstone Report AD-2025-009 | CP WP-IV-A-006 | 100% interest. BIG = $30M. No variance. Data platform business — not USRPI. | Exhibit D, Line 9
7 | LumiWave Communications Inc. | LumiWave | Corporation | Delaware | 100% | No — 100% held by Fund IV-A Cayman | $62,000,000 | $62,000,000 | $48,000,000 | $14,000,000 | DCF / Comparable Company Analysis | Redstone Report LW-2025-010 | CP WP-IV-A-007 | 100% interest. BIG = $14M. No variance. Wireless communications services. | Exhibit D, Line 10
SUBTOTAL — Fund IV-A Cayman | $2,310,000,000 | $1,620,000,000 | $690,000,000 | Subtotal ties to Entity Summary sheet Fund IV-A Cayman aggregate figures. All variances resolved.
[sheet: Fund IV-B Lux Detail]
Line Item # | Portfolio Company Full Legal Name | Portfolio Company Short Name | Entity Type | Jurisdiction | Ownership % Held by Fund IV-B Lux | Co-Held with Other Vehicle? | Redstone FMV — Fund IV-B Lux Share (EUR) | Redstone FMV — Fund IV-B Lux Share (USD at 1.08) | Caldwell Pierce Adjusted Tax Basis (EUR) | Caldwell Pierce Adjusted Tax Basis (USD at 1.08) | Built-In Gain / (Loss) (EUR) | Built-In Gain / (Loss) (USD) | Valuation Methodology | Redstone Appraisal Report Ref. | Caldwell Pierce WP Ref. | Variance / Reconciling Notes | PLR Exhibit D Cross-Ref
1 | Crestline Cloud Solutions LLC | Crestline | LLC (disregarded entity) | Delaware | 100% | No — 100% held by Fund IV-B Lux | €340,000,000 | $367,200,000 | €195,000,000 | $210,600,000 | €145,000,000 | $156,600,000 | DCF / Comparable Company Analysis | Redstone Report CC-2025-003 | CP WP-IV-B-001 | Entity is a disregarded LLC owned directly by the Luxembourg SCSp. EUR→USD at 1.08. BIG = €145M ($156.6M). No variance. | Exhibit D, Line 3
2 | Meridian Colocation Services GmbH | Meridian | GmbH | Germany | 100% | No — 100% held by Fund IV-B Lux | €285,000,000 | $307,800,000 | €218,000,000 | $235,440,000 | €67,000,000 | $72,360,000 | DCF / Comparable Company Analysis | Redstone Report MC-2025-011 | CP WP-IV-B-002 | German colocation services entity. EUR→USD at 1.08. BIG = €67M ($72.36M). No variance. | Exhibit D, Line 11
3 | Stratos European Data Holdings S.à r.l. | Stratos | S.à r.l. | Luxembourg | 100% | No — 100% held by Fund IV-B Lux | €210,000,000 | $226,800,000 | €175,000,000 | $189,000,000 | €35,000,000 | $37,800,000 | DCF / Precedent Transaction Analysis | Redstone Report SE-2025-012 | CP WP-IV-B-003 | Luxembourg S.à r.l. holding European data center interests. EUR→USD at 1.08. BIG = €35M ($37.8M). No variance. | Exhibit D, Line 12
4 | Nordic Connect Infrastructure AB | Nordic Connect | Aktiebolag (AB) | Sweden | 100% | No — 100% held by Fund IV-B Lux | €155,000,000 | $167,400,000 | €128,000,000 | $138,240,000 | €27,000,000 | $29,160,000 | DCF / Comparable Company Analysis | Redstone Report NC-2025-013 | CP WP-IV-B-004 | Swedish infrastructure entity. EUR→USD at 1.08. BIG = €27M ($29.16M). No variance. | Exhibit D, Line 13
5 | Iberian Digital Networks S.L. | Iberian Digital | Sociedad Limitada (S.L.) | Spain | 100% | No — 100% held by Fund IV-B Lux | €80,000,000 | $86,400,000 | €66,000,000 | $71,280,000 | €14,000,000 | $15,120,000 | DCF / Comparable Company Analysis | Redstone Report ID-2025-014 | CP WP-IV-B-005 | Spanish digital network operator. EUR→USD at 1.08. BIG = €14M ($15.12M). No variance. | Exhibit D, Line 14
SUBTOTAL — Fund IV-B Lux | €1,070,000,000 | $1,155,600,000 | €782,000,000 | $844,560,000 | €288,000,000 | $311,040,000 | Subtotal ties to Entity Summary sheet Fund IV-B Lux aggregate figures. All variances resolved.
[sheet: Fund V-A Cayman Detail]
Line Item # | Portfolio Company Full Legal Name | Portfolio Company Short Name | Entity Type | Jurisdiction | Ownership % Held by Fund V-A Cayman | Co-Held with Other Vehicle? | Redstone FMV — Gross 100% (USD) | Redstone FMV — Fund V-A Cayman Share (USD) | Caldwell Pierce Adjusted Tax Basis — Fund V-A Cayman Share (USD) | Built-In Gain / (Loss) (USD) | Valuation Methodology | Redstone Appraisal Report Ref. | Caldwell Pierce WP Ref. | Variance / Reconciling Notes | PLR Exhibit D Cross-Ref
1 | Veridian Edge Computing Corp. | Veridian | Corporation | Delaware | 55% | Yes — 45% held by Solara Digital Partners Fund V LP (EIN 88-3467219) | $1,120,000,000 | $616,000,000 | $429,000,000 | $187,000,000 | DCF / Comparable Company Analysis | Redstone Report VE-2025-004 | CP WP-V-A-001 | FMV per Redstone = 55% of $1.12B = $616M. Tax basis per CP = 55% of $780M = $429M. Fund V-A share of total BIG ($340M) = $187M. No variance. FIRPTA/USRPI analysis addressed in tax memo (data center / edge computing assets). | Exhibit D, Line 4
2 | Helix SaaS Holdings Ltd. | Helix | Exempted company | Cayman Islands | 100% | No — 100% held by Fund V-A Cayman | $445,000,000 | $445,000,000 | $310,000,000 | $135,000,000 | DCF / Comparable Company Analysis | Redstone Report HX-2025-005 | CP WP-V-A-002 | Cayman Islands exempted company. BIG = $135M. No variance. Note: Helix is a SaaS holding company (operating company, not passive investment asset — relevant to § 721(b) investment company analysis). | Exhibit D, Line 5
3 | Quantum Mesh Technologies Inc. | Quantum Mesh | Corporation | Delaware | 70% | Yes — 30% held by Solara Digital Partners Fund V LP (EIN 88-3467219) | $580,000,000 | $406,000,000 | $336,000,000 | $70,000,000 | DCF / Comparable Company Analysis | Redstone Report QM-2025-015 | CP WP-V-A-003 | FMV = 70% of $580M = $406M. Basis = 70% of $480M = $336M. BIG = $70M. No variance. Network mesh technology — not USRPI. | Exhibit D, Line 15
4 | Ironclad Cybersecurity Services LLC | Ironclad | LLC (partnership for U.S. tax purposes) | Delaware | 100% | No — 100% held by Fund V-A Cayman | $390,000,000 | $390,000,000 | $342,000,000 | $48,000,000 | DCF / Precedent Transaction Analysis | Redstone Report IC-2025-016 | CP WP-V-A-004 | 100% interest. BIG = $48M. No variance. Cybersecurity managed services — not USRPI. | Exhibit D, Line 16
5 | Solaris Hyperscale Data Corp. | Solaris Hyperscale | Corporation | Delaware | 80% | Yes — 20% held by Solara Digital Partners Fund V LP (EIN 88-3467219) | $500,000,000 | $400,000,000 | $348,000,000 | $52,000,000 | DCF / Comparable Company Analysis | Redstone Report SH-2025-017 | CP WP-V-A-005 | FMV = 80% of $500M = $400M. Basis = 80% of $435M = $348M. BIG = $52M. No variance. Hyperscale data center — USRPI analysis in FIRPTA memo. | Exhibit D, Line 17
6 | Broadleaf Wireless Holdings LP | Broadleaf | Limited partnership | Delaware | 100% | No — 100% held by Fund V-A Cayman | $365,000,000 | $365,000,000 | $325,000,000 | $40,000,000 | DCF / Precedent Transaction Analysis | Redstone Report BW-2025-018 | CP WP-V-A-006 | 100% interest. BIG = $40M. No variance. Wireless spectrum / infrastructure holdings. | Exhibit D, Line 18
7 | Nexgen AI Infrastructure Inc. | Nexgen AI | Corporation | Delaware | 100% | No — 100% held by Fund V-A Cayman | $268,000,000 | $268,000,000 | $250,000,000 | $18,000,000 | DCF / Comparable Company Analysis | Redstone Report NA-2025-019 | CP WP-V-A-007 | 100% interest. BIG = $18M. No variance. AI infrastructure / GPU compute services. | Exhibit D, Line 19
SUBTOTAL — Fund V-A Cayman | $2,890,000,000 | $2,340,000,000 | $550,000,000 | Subtotal ties to Entity Summary sheet Fund V-A Cayman aggregate figures. All variances resolved.
[sheet: Fund V-B Lux Detail]
Line Item # | Portfolio Company Full Legal Name | Portfolio Company Short Name | Entity Type | Jurisdiction | Ownership % Held by Fund V-B Lux | Co-Held with Other Vehicle? | Redstone FMV — Fund V-B Lux Share (EUR) | Redstone FMV — Fund V-B Lux Share (USD at 1.08) | Caldwell Pierce Adjusted Tax Basis (EUR) | Caldwell Pierce Adjusted Tax Basis (USD at 1.08) | Built-In Gain / (Loss) (EUR) | Built-In Gain / (Loss) (USD) | Valuation Methodology | Redstone Appraisal Report Ref. | Caldwell Pierce WP Ref. | Variance / Reconciling Notes | PLR Exhibit D Cross-Ref
1 | Marlowe Asset Management European Cloud Services B.V. | Marlowe Asset Management Cloud | B.V. (besloten vennootschap) | Netherlands | 100% | No — 100% held by Fund V-B Lux | €480,000,000 | $518,400,000 | €420,000,000 | $453,600,000 | €60,000,000 | $64,800,000 | DCF / Comparable Company Analysis | Redstone Report VC-2025-020 | CP WP-V-B-001 | Dutch cloud services entity. EUR→USD at 1.08. BIG = €60M ($64.8M). No variance. | Exhibit D, Line 20
2 | Alpine Edge Compute S.A. | Alpine Edge | Société Anonyme (S.A.) | Switzerland | 100% | No — 100% held by Fund V-B Lux | €365,000,000 | $394,200,000 | €325,000,000 | $351,000,000 | €40,000,000 | $43,200,000 | DCF / Comparable Company Analysis | Redstone Report AE-2025-021 | CP WP-V-B-002 | Swiss edge computing entity. EUR→USD at 1.08. BIG = €40M ($43.2M). No variance. | Exhibit D, Line 21
3 | Baltic Fiber Infrastructure OÜ | Baltic Fiber | OÜ (osaühing) | Estonia | 100% | No — 100% held by Fund V-B Lux | €260,000,000 | $280,800,000 | €230,000,000 | $248,400,000 | €30,000,000 | $32,400,000 | DCF / Precedent Transaction Analysis | Redstone Report BF-2025-022 | CP WP-V-B-003 | Estonian fiber infrastructure entity. EUR→USD at 1.08. BIG = €30M ($32.4M). No variance. | Exhibit D, Line 22
4 | Stellaris Digital Media S.r.l. | Stellaris | S.r.l. (società a responsabilità limitata) | Italy | 100% | No — 100% held by Fund V-B Lux | €185,000,000 | $199,800,000 | €165,000,000 | $178,200,000 | €20,000,000 | $21,600,000 | DCF / Comparable Company Analysis | Redstone Report SD-2025-023 | CP WP-V-B-004 | Italian digital media infrastructure entity. EUR→USD at 1.08. BIG = €20M ($21.6M). No variance. | Exhibit D, Line 23
SUBTOTAL — Fund V-B Lux | €1,290,000,000 | $1,393,200,000 | €1,140,000,000 | $1,231,200,000 | €150,000,000 | $162,000,000 | Subtotal ties to Entity Summary sheet Fund V-B Lux aggregate figures. All variances resolved.