OWNING EQUIPMENT THE HIGHGROUND WAY

Exposure to infrastructure activity is often indirect, obtained through the purchase of securities. The Highground program is structured differently: a participant's own business entity purchases and holds title to a specific machine, identified by serial number, and places it under a variable rental agreement. This is the purchase and ownership of tangible equipment by a business, not an investment, offering, fund, or pooled vehicle, and it is not an offer to sell or a solicitation to buy securities.

Direct title changes where the attributes of the machine sit. Depreciation, if and to the extent it is available under a participant's own facts, attaches to the entity that owns the asset. Estimated resale value at disposition attaches to the title holder. Utilization is reported against the individual unit rather than blended into a pooled average.

What Highground supplies is the operating layer. Equipment is sourced through a large US equipment rental company and presented to the participant, who evaluates the unit and the placement independently and decides whether to purchase. Under the variable rental agreement, the services available may include maintenance coordination, insurance administration, telematics, billing, and support through eventual disposition. The specific services, fees, and obligations are governed exclusively by the definitive written agreements between the parties.

Highground does not form the participant's entity, does not provide legal, tax, accounting, or investment advice, and does not guarantee any outcome. The participant forms the entity, bears the business risk of owning equipment, and makes decisions with their own advisors. Rental demand, utilization, rates, and resale proceeds fluctuate; no placement, level of utilization, payment, resale value, or recovery is guaranteed.

Where the agreements provide for it, owners may participate in enrollment decisions, weigh in on maintenance decisions, and review utilization reporting on their specific unit, and may receive periodic revenue share on the schedule set out in the program agreements, along with reporting on condition. Disposition at the end of the service window, and any related timing or remarketing arrangements, are likewise set out in those agreements.