OECD High-level Seminar on Quality Infrastructure Investment Session 4-fraser-hughes-glio

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