Bastion Team Biographies

Experienced Infrastructure Investors Independent Focused Transparent

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ron LePinManaging Partner

Ron Lepin is the founder and Managing Partner of Bastion. Mr. Lepin has over 15 years of experience in infrastructure and 10 years of principal investing experience.

Mr. Lepin joined the Ontario Teachers’ Pension Plan (‘Teachers’) in 2002 and founded Teachers’ direct infrastructure program. Under Mr. Lepin’s leadership, Teachers was one of the earliest institutional investors to develop a dedicated infrastructure program and a direct investing approach. During his tenure, Teachers Infrastructure Group grew to 19 people and over CAD $6 billion of invested capital by 2006. Key investments made by Mr. Lepin while at Teachers were Northumbrian Water Group, Scotia Gas Networks, Intergen, Northern Star Power, Express Pipeline and Sydney Airport.

In late 2006, Mr. Lepin joined Morgan Stanley to take the role of Managing Director and Chief Operating Officer of the USD $4 billion Morgan Stanley Infrastructure Partners fund. His principal responsibilities at Morgan Stanley were managing the investment and asset management teams with people located in New York, London, Delhi, Beijing and Hong Kong. Key transactions that were completed at Morgan Stanley during Mr. Lepin’s tenure were Saesa Frontel Group, Montreal Gateway Terminals, Agora, BAA Subordinated Debt and Chicago On Street Parking.

Mr. Lepin has extremely broad investment experience, having invested in assets in North America, Australia and Europe, and having extensively analyzed numerous companies and sectors. The sectors covered include water and waste water, roads, ports, airports, parking, electricity generation, electricity distribution and transmission, and pipelines.

Mr. Lepin was an early proponent of the value that a dedicated asset management team could add to an infrastructure portfolio, and he built one of the industry’s earliest asset management teams at Teachers. In addition to managing the asset management groups at both Teachers and Morgan Stanley, Mr. Lepin held several key roles at various infrastructure companies. He was Chairman of the Board for both Seasa Frontel Group in Chile and Montreal Gateway Terminals, and was a Board member at Northumbrian Water Group, Scotia Gas Networks, Chicago On Street Parking, Express Pipeline, Intergen and Northern Star Power.

Mr. Lepin was previously Senior Vice President and Director at Pricewaterhouse Coopers Securities in Toronto where he led and advised a number of foreign and domestic governments and companies on privatisations and project finance transactions. He also practiced law at Tory Tory DesLauriers & Binnington in Toronto, where he completed corporate and securities transactions, financings, mergers and acquisitions and share restructurings.

Mr. Lepin earned a JD degree from the University of Toronto, a BComm from the University of British Columbia and is a graduate of the ICD Corporate Governance College.

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Bastion Team Biographies

enrique fuentesPartner – investMents

Enrique Fuentes has over 20 years of infrastructure investment and management experience. Mr. Fuentes brings extensive industrial and financial expertise as a strategic investor and asset manager from his 13 years with Cintra, S.A. and Ferrovial, S.A. Mr. Fuentes held several strategic positions at the two firms, including designing and executing the growth strategy to expand the firms’ transportation investments. In that role, Mr. Fuentes evaluated, researched and made significant investments across Europe, North America and South America. These included large, complex transactions such as the CAD $3.1 billion purchase of the 407 ETR toll road outside of Toronto, and transportation transactions in Chile, Spain, Portugal and Ireland.

Mr. Fuentes gained experience managing the investment program at Ferrovial and Cintra across different market conditions. During his 13 years at the two firms, the corporate strategy evolved from a period when there was significant investment activity to a period when investment slowed and there were strategic divestments.

Mr. Fuentes has extensive governance and senior management experience as a Board member for Cintra’s investments in 407 ETR and the Spanish toll road Autema, as well as serving on the Management Committees for both Cintra and Ferrovial. Mr. Fuentes also brings a comprehensive network of global relationships in the infrastructure industry, having been a member of the Board of European International Contractors Association and chairing its PPP work, and a member of the European Commission Expert Group 5 – Funding

Strategy and Financial Perspectives for the Trans European networks.

Most recently, Mr. Fuentes was Senior Director of Global Infrastructure for KPMG where he provided advice to governments on the development and implementation of public-private partnerships, and to developers and investors interested in investing in, and managing transportation projects.

Mr. Fuentes previously launched the Project & Structured Finance group at Deutsche Bank in Spain, a group that he managed for seven years. At Deutsche Bank, he specialized in financial advisory, debt and equity financing for companies in the infrastructure and utilities sectors.

Mr. Fuentes earned an MBA from the IESE Business School, University of Navarra in Barcelona, and a BA in Economics from the Colegio De Estudios Universitario Financieros in Madrid.

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Kevin Kerr Partner – investMents

Kevin Kerr has over 13 years of global infrastructure experience. He has been an active investor and participant in the evolution of the asset class over the last 10 years and has extensive experience in deal origination, execution, asset management, financing and consortium building across various sectors and multiple geographies.

Mr. Kerr spent over 13 years at Ontario Teachers’ Pension Plan (“OTPP”) in various roles, and along with Ron Lepin, Managing Partner of Bastion, was a founding member of Teachers’ Infrastructure Group (“TIG”). From 2008, Mr. Kerr held the role of Global Head of Investments for TIG, with a portfolio of infrastructure and timberland assets valued over $10 billion. From 2002 to 2006, Mr. Kerr and Mr. Lepin worked together to develop and build the infrastructure platform and team, which grew to 19 people. OTPP is regarded as one of the earliest institutional investors to successfully create and implement a dedicated infrastructure program and a direct investing approach.

Key infrastructure investments made by Mr. Kerr while at OTPP are:

• BristolAirport,CopenhagenAirport and Brussels Airport (key international airports)

• EssbioandEsval(waterandwastewaterutilities in Chile representing approximately one-third of Chile’s regulated water wastewater market)

• SAESAFrontelGroup(electricitytransmission and distribution company in Chile)

• HighSpeed1(109-kmhighspeedrailline linking London with the Channel Tunnel)

Mr. Kerr was also responsible for the creation and development of the timberland portfolio and all timberland investments during his tenure at OTTP, where he made multiple investments in New Zealand, Brazil and the US worth over $2 billion.

Most recently, Mr. Kerr was Senior Managing Director at OMERS Strategic Investments (“OSI”). His primary responsibilities at OSI included oversight of the management of investments within OSI portfolio and leading the development and execution of OSI investment programs and other key strategic initiatives. Mr. Kerr played a key role in the development of the ADC & HAS Airports Worldwide platform and the $7.5 billion Global Strategic Investment Alliance (GSIA), which targets infrastructure investments.

Mr. Kerr has extensive global experience, having made successful infrastructure investments in Australia, Belgium, Canada, Chile, Denmark, UK and the USA.. He has directly led deal sourcing and investment execution across major sectors including water, waste water, roads, airports, electricity generation, electricity distribution and transmission, and pipelines.

Mr. Kerr also has significant governance experience having served on a number of corporate boards including Express Pipeline, Intergen, Saesa Frontel, AndesCan and Longhorn Pipeline. He was also Chairman of the Board for Essbio, Esval, and OTPP NZ Forests.

Prior to joining OTPP, Mr. Kerr was an accountant at Deloitte & Touche LLP, in their multi-national corporations audit group.

Mr. Kerr earned a B. Comm. from Carleton University and has obtained the Chartered Accountant designation. He is a CFA charterholder and holds the ICD.D designation from the Institute of Corporate Directors.

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Bastion Team Biographies

WaeL eLKhouLy Partner – head of asset ManageMent

Wael Elkhouly has more than 20 years of infrastructure experience in various industrial and financial capacities, having previously assumed the roles of engineer, asset manager, principal investor and advisor. Mr. Elkhouly’s experience combines a strong knowledge of asset management and operations with a solid understanding of investment and finance.

Most recently, Mr. Elkhouly was the Head of Asset Management for EISER Infrastructure Partners, a London-based infrastructure manager. He led a team responsible for managing a US $3.5 billion portfolio of 11 infrastructure assets located predominantly in Europe in the utility, transportation, energy and social infrastructure sectors.

In this role, Mr. Elkhouly developed an asset management program including creating investment reporting and monitoring systems, building strong relationships with and aligning portfolio company management teams, as well as refocusing strategy and implementing best practices in managing portfolio companies. During his tenure at EISER, the asset management team successfully reached a number of important milestones, including:

• DrivingthegrowthstrategyforEastSurrey Pipelines (a UK gas connections business) resulting in the tripling of connections over five years and a successful refinancing of the asset;

• Completingtheterminalreconfigurationof Belfast City Airport, which significantly enhanced the physical performance of the asset allowing the company to renegotiate commercial concessions and attract new airlines to the airport, resulting in increased revenues;

• Changingthemanagementteamandconcluding the c. £1 billion debt restructuring for Cory Environmental, a major waste management company in the UK;

• RestructuringtheoperationsofSocietaGasdotti, an Italian gas transportation company, by ending an inefficient third party management contract and internalizing the operations with a new management team;

• Transitioningaportfolioof16PFIschoolsin the UK from early construction to full operations and subsequently selling that portfolio achieving significant returns for investors.

Mr. Elkhouly has significant governance experience including most recently having served on or participated in the boards of various companies including East Surrey Pipelines, Societa Gasdotti and Belfast City Airport. In addition, Mr. Elkhouly was a member of various executive and investment committees across the portfolio of companies owned by EISER.

Mr. Elkhouly started his career with the Bechtel Group where he spent over 12 years working as an engineer, as well as an investment professional in their development and investment division. During his time with Bechtel, his responsibilities included construction management, cost control and investing in and financing large infrastructure projects. His long career with Bechtel provided Mr. Elkhouly with a deep understanding of the development, procurement and construction of infrastructure assets, as well as the various issues related to asset ownership including the inter-play between capital and operating decisions, and transition issues involved in ramping up the operation of an asset after construction or related to changes in ownership. During his

tenure with Bechtel, he played a central role in concluding some important transactions and managing key assets. Examples include negotiating the privatization and subsequent ownership of the London Underground network, working on the early build-up of Intergen, an international power development joint venture company between Bechtel and Shell, advising a number of Middle East governments on the development of their key utilities programs, as well as being responsible for cost control and construction management for a telecom infrastructure project in Egypt.

Following his career with Bechtel, Mr. Elkhouly spent five years at Citigroup’s infrastructure investment banking team in London where he covered a number of the key infrastructure funds and advised on a number of transactions including advising Athens International Airport on the restructuring of their concession agreement and the refinancing of company debt, advising Mowlem/KBR on debt and equity financing for the Allenby/Connaught PFI project in the UK and advising Tubelines, part of the privatized London Underground network, on a recapitalization in conjunction with their regulatory review.

Mr. Elkhouly’s unique blend of experiences provides him with a deep knowledge across both the operational and financial aspects of infrastructure assets. His broad understanding of the asset class which spans from the key physical aspects of infrastructure assets and operational and process management issues through to the financial elements of infrastructure investing, will all help to drive the desired investment outcome for our investors.

Mr. Elkhouly holds a B.SC. (Honours) in Civil Engineering from Alexandria University, an MBA from the University of Edinburgh, and a post graduate diploma in Project Management from the American University.

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david PerLvice President – investMents

David Perl has over 8 years of infrastructure experience with a focus on financial advisory and debt and equity structuring.

Prior to joining Bastion, he was Senior Vice President at Macquarie Capital Markets Canada Ltd. in Toronto where he led or worked on several large transactions that were valued in excess of CAD $5 billion. Mr. Perl led the capital raising and financial advisory teams on the Port of Miami Tunnel, 407 ETR East Extension, CHUM Research Centre, Windsor-Essex Parkway, Southeast Stoney Trail Project, the Toronto South Detention Centre, Billy Bishop Toronto City Airport Pedestrian Tunnel and Bridgepoint Hospital.

Mr. Perl was previously an Associate at Babcock & Brown in Toronto in its Infrastructure Group, where he worked on various North American infrastructure investments.

Mr. Perl was also an Analyst at BMO Nesbitt Burns in Toronto in its Mergers and Acquisitions group, where he conducted financial modeling, valuations, and performed due diligence on various transactions such as leveraged buyouts and divestitures.

Mr. Perl earned an MSc in Finance and Accounting from the London School of Economics and a BSc from the University of Toronto.

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Bastion Team Biographies

Lindsay caLdWeLLsenior associate – investMents

Lindsay Caldwell has over 7 years of infrastructure experience with a focus on principal investing and asset management. Prior to joining Bastion, she was an Associate at the Borealis Infrastructure, the direct investing arm of Canadian pension plan OMERS in Toronto. Ms. Caldwell participated in numerous transactions totaling over CAD$10 billion spanning a range of regulated and unregulated industries. Ms. Caldwell was part of the investment teams pursuing High Speed 1, Port Botany and Port Kembla, Niagara Health Care System, Brisbane Airport Link, Pennsylvania Turnpike and MDS Diagnostics. She has extensive experience in investment due diligence, financial modeling, analyzing regulatory regimes and structuring financings.

Ms. Caldwell also participated in the asset management of Oncor Electric Delivery and Bruce Power. At Bruce Power, she was a member of the Strategic Development Team and was involved with the raising of a CAD$750 million senior secured bank debt facility.

Ms. Caldwell earned an Honours B. Comm, First Class, from Queen’s University and she is a CFA Charterholder.

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anne Marie stetLerdirector – investor reLations, co-investMent PrograM

Anne Marie Stetler has over 13 years of financial services experience, including 8 years of principal investing and asset management experience in infrastructure. In addition, Ms. Stetler has an extensive background working with institutional investors on co-investment opportunities, fundraising and investor relations.

Prior to joining Bastion, she was a co-founder and head of Asset Management at Aquila Infrastructure Management. In this role, she was involved in all aspects relating to building the firm, including fund formation, investor relations, investment and co-investment activities, and implementing asset management processes. Ms. Stetler was involved in three transactions at Aquila and sat on the boards of two investments. During her time at Aquila, she worked on an investment in the parent of Thames Water, the largest UK water utility, as well as several hydroelectric facilities in North America. Ms. Stetler also coordinated the co-investment process for multiple clients on the Thames transaction.

Ms. Stetler was previously a Manager at Macquarie Funds Group in Canada, where she was involved in the investment and asset management activities of Macquarie Essential Assets Partnership, a CAD $460 million infrastructure fund. She was the asset manager of Aquarion Water Company, a US based water utility, and was involved with the acquisition and management of a number of other infrastructure businesses including regulated entities and Public Private Partnerships. She was also involved in the establishment of Macquarie Infrastructure Partners II, a US $1.6 billion infrastructure fund.

Prior to joining Macquarie, Ms. Stetler was a manager at Ernst & Young LLP, first in their audit practice and then in their transaction advisory services practice where she performed financial due diligence for a wide variety of businesses.

Ms. Stetler earned a BBA from Wilfrid Laurier University and has obtained the Chartered Accountant designation.

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Bastion Team Biographies

Karynna Mavice President –investor reLations

Karynna Ma has over 15 years of experience in the financial services industry in North America. Prior to joining Bastion, she was Director of Managed Assets at Mackenzie Investments where she was responsible for overseeing their marketing and sales strategies, including manager review, selection and oversight for Mackenzie’s multi-managed asset allocation investment program. During her tenure at Mackenzie, she played a leading role in designing new product solutions, including closed-end funds and other related structured products. She worked on the launch of the first listed infrastructure fund in Canada and on a number of structured resource strategies.

Ms. Ma also worked at Fidelity Investments where she held a number of positions in the product, sales, and marketing areas. At Fidelity, she was focused primarily on research and development of new products including product implementation and management.

Ms. Ma earned a BA in Political Science from the University of Toronto.

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LaWrence tjanchief financiaL officer

Lawrence Tjan has over 20 years of accounting, finance, and information systems experience. He oversees the finance, operational, and administrative functions at Bastion, as well as supporting investor relations and asset management.

Before joining Bastion, Mr. Tjan was a strategic consultant to various private equity and venture capital firms, including Birch Hill Equity Partners, a leading North American mid-market buyout firm, and Northleaf Capital Partners, an independent global private markets fund manager and advisor. Mr. Tjan has experience with investor reporting, back office business process improvements, and the development and implementation of various information systems.

Mr. Tjan was previously a Finance Director at Vodafone Group in both Canada and the US where he was involved in financial planning and accounting management for the Americas region. He also managed the finance group of Vodafone’s governance team at Vodafone’s US wireless joint venture, Verizon Wireless.

Mr. Tjan earned an Honours BA in Chartered Accountancy Studies from the University of Waterloo. He is a Chartered Accountant with the Ontario Institute.

1703 – 372 Bay Street Toronto, Ontario M5H 2W9 CANADA651823M1013

Phone +1 416 583 2600Fax +1 416 583 2601 www.bastionfunds.com