This Non-Disclosure Agreement ("Agreement") is entered into as of 25 August 2026 between MFR Capital Partners Pty Ltd (ACN 123 456 789) ("Disclosing Party") and the undersigned recipient ("Recipient").

1. Confidential Information. "Confidential Information" means all non-public information disclosed by the Disclosing Party relating to the MFR Infrastructure Preference Equity Fund, including financial data, investment strategies, investor lists, deal structures, and the Information Memorandum and any materials appended thereto.

2. Obligations of Recipient. The Recipient agrees to: (a) hold all Confidential Information in strict confidence using no less than reasonable care; (b) not disclose Confidential Information to any third party without prior written consent from the Disclosing Party; (c) use the Confidential Information solely to evaluate a potential investment in the Fund; and (d) promptly notify the Disclosing Party upon becoming aware of any unauthorised disclosure.

3. Exclusions. Obligations under this Agreement do not apply to information that: (a) is or becomes publicly available through no fault of Recipient; (b) was rightfully known to Recipient prior to disclosure; or (c) is required to be disclosed by law or court order, provided Recipient gives reasonable prior written notice.

4. Term. This Agreement shall remain in effect for a period of two (2) years from the date of execution, or until the Confidential Information lawfully enters the public domain, whichever occurs first.

5. Governing Law. This Agreement is governed by the laws of New South Wales, Australia. Any dispute arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of New South Wales.

6. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior and contemporaneous discussions and agreements.