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OMNES CAPITAL 2. OMNES%u2019 INVESTMENT STRATEGIESENERGY TRANSITION INFRASTRUCTUREMarket ContextThe European renewable energy market is undergoing a structural transition that goes well beyond the expansion of generation capacity. The accelerating penetration of variable renewables (solar photovoltaics and onshore wind) in national grids is creating increasing price volatility and supply intermittency. In several markets, including the Nordic region, electricity pricing has remained structurally challenging and near-term demand growth has been subdued. At the same time, new sources of large-scale, continuous electricity demand are emerging: the rapid expansion of data center infrastructure and the broader industrial electrification of the European economy are reshaping the demand side of the energy market in ways that were not foreseeable at the inception of earlier fund vintages.These dynamics are changing the risk and return profile of investment in the energy transition. A portfolio concentrated solely on generation faces growing exposure to price cannibalization as the share of variable supply in the grid increases. A portfolio that combines generation with flexible, dispatchable capacity %u2013 the ability to store and release energy in response to system needs %u2013 is structurally better positioned to deliver resilient returns while addressing the grid-stability requirements that regulators and network operators are increasingly formalizing. This is the market context in which the Capenergie funds operate and it is this context that shapes Omnes%u2019 approach to the next generation of its Energy Transition Infrastructure strategy.StrategyThe latest Capenergie funds represent Omnes%u2019 dedicated Energy Transition Infrastructure investment strategy, accounting for approximately two-thirds of Omnes%u2019 assets under management. The strategy invests capital into independent power producer (IPP) platforms, primarily across Europe, and works alongside portfolio companies to support their development from early-stage developers into operationally mature, fully capitalized renewable energy businesses. The investment objective common to each fund generation is threefold: to increase renewable energy production capacity, to support the conversion of project pipelines into operational assets, and to bring operational project portfolios to a critical mass suited to long-term institutional ownership.Launched in 2019, Capenergie 4 completed its fundraise in 2021 at over %u20ac660 million, exceeding its ambitions of %u20ac600 million. Capenergie 5, launched in 2022, reached its final close in December 2024, securing over %u20ac2.05 billion in commitments %u2013 including %u20ac250 million in co-investments; this exceeded the firm%u2019s ambition of %u20ac1.65 billion and represents the largest fundraise in Omnes%u2019 history. Both funds contribute to four UN Sustainable Development Goals: SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action). From a regulatory standpoint, Capenergie 4 is classified as an Article 8 fund under SFDR, promoting environmental characteristics through its investments. Capenergie 5 is classified as an Article 9 fund, with the sustainable investment objective of accelerating the energy transition by investing in European renewable energy infrastructure platforms. Capenergie 4 additionally holds the GreenFin label, obtained in 2019 and recertified in 2024. Both funds are subject to the transparency obligations of Article 29 of the French Energy and Climate Act.