Cion Grosvenor Infrastructure Fund

Waiver / support: (8) The Master Fund bears all expenses of the Fund, including the Fund’s organizational costs and ongoing operating and offering costs, including, among other things, legal, accounting, printing and other expenses. However, the Fund, and not the Master Fund, will be responsible for operating expenses associated solely with respect to a specific Class. The Adviser has entered into the Expense Limitation and Reimbursement Agreement with the Fund with an initial term ending one-year from the initial closing date for subscriptions for Shares. The Adviser and the Board subsequently approved the continuance of the Expense Limitation and Reimbursement Agreement through at least July 31, 2027 (the " Limitation Period "). The Adviser may further extend the Limitation Period for a period of one year on an annual basis. Under the Expense Limitation and Reimbursement Agreement, the Adviser will, subject to possible reimbursement by the Fund as described below, waive fees and/or it or its affiliate will pay, absorb or reimburse expenses of the Fund (including the Fund’s share of the ordinary operating expenses of the Master Fund). The Expense Limitation and Reimbursement Agreement limits the amount of the aggregate Operating Expenses of each Class during the Limitation Period to an amount not to exceed 1.0% of the respective Class’s daily net assets on an annualized basis; expires 2027-07-31; recoupment: it is permitted to recoup from the Fund any such amounts for a period not to exceed three years from the month in which such fees and expenses were waived, reimbursed or paid, even if such recoupment occurs after the termination of the Limitation Period..