The document summarizes the results of the 2018 GRESB assessments. It reports that in 2018 there were 75 funds assessed, up 17% from the previous year, and 280 assets assessed, up 75%. The funds and assets spanned 62 countries and 24 sectors, with a total value of over $100 billion for the funds and $500 billion for the assets. On average, funds improved their scores across 11 indicators in the fund assessment related to sustainable investment objectives. However, funds did not improve as much in getting their underlying assets to report data. The average asset score improved slightly but there is still room for improvement in areas like performance targets and reporting on ESG metrics.

1. 2018
RESULTS
Sustainable Real Assets
75 funds (+17%)
280 assets (+75%)
62 countries
24 sectors
Funds: $100bn+
Assets: $500bn+
(GAV)

2. 2018
RESULTS
Sustainable Real Assets
75 funds (+17%)
280 assets (+75%)
62 countries
24 sectors
Funds: $100bn+
Assets: $500bn+
(GAV)

3. MORE INFRASTRUCTURE

4. More ESG focus
Long-term investment in
illiquid assets
Importance for society
Regulatory environment
Investors want to understand the non-financial risks that
can severely impact returns and reputation
Sustainable infrastructure
source of deal flow
Anticipating changing
regulations and
developments
Opportunities
REAL ASSETS

5. Investor Members
Fund Manager, Asset Operator and Company Members

6. Assessment Framework

7. GRESB
ASSESSMENTS
ESG Performance Data ESG Analytics
ESG Analytics Investor perspective

8. FUND ASSESSMENT ASSET ASSESSMENT
GRESB
SCORE
ASSET
FUND
SCORE
GRESB
SCORE
FUND
Funds with ≥25%
asset participation
30% 70%
Two complimentary assessments

9. 0
50
100
2016 2017 2018
51
64
75
23
29
42
Average % of fund’s
portfolio reporting to
GRESB Asset
Assessment
2018
2017
55%
44%
Total Funds (+17%)
Funds with >25%
Asset participation
$100bn+ GAV
NoOFPARTICIPANTS

10. 0
100
300
NoOFPARTICIPANTS
2016 2017 2018
134
160
280
Total Asets (+75%)
$500bn+ GAV
200
Australia/NZ (+16%)

13. Fund Assessment

14. 2016
2017
2018 Global AverageFUNDSCORE
WEIGHTED AVERAGE ASSET SCORE
GRESB SCORE
55 2018 Average
WEIGHTED AVERAGE
ASSET SCORE
49 2018 Average
FUND SCORE
69 2018 Average

15. Funds Improving in Almost All Areas
11 Indicators in the Fund Assessment

16. Funds - Sustainable Investment Objectives
75% of funds have sustainable investment objectives

17. Funds Improve Disclosure, but not Assets

18. Asset Assessment

19. MANAGEMENT&POLICY
IMPLEMENTATION & MEASUREMENT
GRESB SCORE
48 2018 Average
IMPLEMENTATION &
MEASUREMENT
46 2018 Average
MANAGEMENT & POLICY
49 2018 Average
2016
2017
2018 Global Average

20. 2018 Australia/NZ
Average

21. GRESB Aspects
Global

22. Sector Scores ‘Re-Balanced’

23. Materiality Approach Strongly Supported
92% agreement with standard sector weightings

24. Reporting on ESG Performance
Strongly Affected by New Participants

25. Intensity Metrics
Towards Standard Performance Metrics

26. Performance Targets
Room for Improvement

27. First Data on Sector Carbon Intensities

28. Resilience Assessment

29. Resilience Module Indicators
8 Indicators in its first year

30. Resilience-related responses by market segment

31. So…
What’s next?

32. Sustainable Real AssetsSustainable Infrastructure

33. Sustainable Real Assets• Sustainable infrastructure targets
• ESG performance metrics
• Assessment reporting guidelines
• Data capture and quality assurance processes
• Scoring and benchmarking approach
Sustainable Infrastructure

34. Fund - Sector Leaders
Sector Diversified
Renewable Power
Generation Other Sectors
Europe Other RegionsGlobally Diverse

35. Asset - Sector Leaders
Transport Transport - Airports Transport - Ports Transport - Roads
Social Infrastructure Social - Health Social - Education Data Infrastructure
Transport - Rail
HELIOS UDICITE

36. Asset - Sector Leaders
Energy Resources Network Utilities
Power Generation X-
Renewables
Solar Power Wind Power Other-Sectors Diversified
Renewable Power
Generation