The document summarizes key points about the GLIO Index, which is designed to enable clearer comparisons between listed and unlisted infrastructure by focusing on companies that provide mission critical infrastructure. It is based on the EDHECInfra Infrastructure classification system and includes companies that derive at least 75% of EBITDA from eligible infrastructure groups like regulated utilities, renewables, energy transportation and storage, transportation, and communications infrastructure. Breakdowns of the index by group, sector, and other metrics are also provided. Plans for a GLIO/GRESB ESG Index and Infrastructure Investment Trust model are briefly outlined.

1. GLIO INDEX – KEY POINTS
• Developed in consultation with global listed infrastructure
managers
• Based on EDHECInfra Infrastructure classification system (TICCS)
• Enables clearer comparisons with unlisted infrastructure
• Focused on companies that are ‘mission critical’ to the global
economy
• At least 75% EBITDA from eligible infrastructure groups:
• Regulated network utilities and renewables,
• Energy transportation & storage,
• Transportation, and
• Communications infrastructure

2. GLIO INDEX - BREAKDOWNS
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Nov 30, 2020
Group Full MC ($M) Full MC (%) FF MC ($M) FF MC (%) Yield Beta
Utilities 1,494,942 51.5% 1,341,502 53.6% 3.7% 0.63
Transportation 772,540 26.6% 642,726 25.7% 2.8% 1.06
Comms Infra 269,849 9.3% 242,237 9.7% 3.7% 0.80
Energy T&S 259,405 8.9% 237,996 9.5% 6.4% 1.04
Renewables 104,634 3.6% 38,610 1.5% 3.1% 0.77
Grand Total 2,901,370 100.0% 2,503,072 100.0% 3.7% 0.81
Sector Full MC ($M) Full MC (%) FF MC ($M) FF MC (%) Yield Beta
Electric Utilities 1,175,693 40.5% 1,084,909 43.3% 4.1% 0.59
Railroads 423,797 14.6% 399,988 16.0% 1.8% 0.96
Energy T&S 259,405 8.9% 237,996 9.5% 6.4% 1.04
Telecom Infra 263,857 9.1% 237,283 9.5% 2.9% 0.66
Gas Utilities 236,938 8.2% 182,062 7.3% 3.0% 0.70
Toll-roads 154,872 5.3% 115,678 4.6% 2.7% 0.95
Water Utilities 82,312 2.8% 74,531 3.0% 2.8% 0.70
Airports 116,975 4.0% 60,699 2.4% 1.5% 1.30
Passenger Rail 58,531 2.0% 58,531 2.3% 1.5% 0.81
Renewables 104,634 3.6% 38,610 1.5% 3.1% 0.77
Marine Ports 18,365 0.6% 7,830 0.3% 8.3% 1.05
Satellites 5,992 0.2% 4,955 0.2% 7.4% 1.36
Grand Total 2,901,370 100.0% 2,503,072 100.0% 3.7% 0.81

3. ASSET CLASS COMPARISON
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4. GLIO/GRESB ESG INDEX
• First specialist infrastructure index with ESG filter
• Governed by GLIO Index Committee
• All GLIO Index stocks included
• Weighted by GRESB Public Disclosure Score (Transparency)
Company Band (3 years PD results)
American Tower 90% (large improvement)
CN 90% (consistent)
Southern Co 80% (consistent)
WEC Energy 80% (consistent)
Transurban 90% (best actual score 89)
ONEOK 80% (large improvement)
Cheniere Energy 60% (large improvement)
Zurich Airport 70% (consistent)

5. INFRASTRUCTURE INVESTMENT TRUST (IIT)
• Based on Real Estate Investment Trust (REIT)
• But, clearly defined for infrastructure
• Applied to mission critical economic infrastructure