1.3.3 InfraGreen Index Methodology

Objective

Wind and solar energy is a growing segment of the infrastructure market, which represents about 25% of the global infrastructure investment universe. Infrastructure investors often invest in funds or portfolios which are solely allocated in these two sectors. This is the key objective behind the creation of the infraGreen index. It is designed to reflect the financial performance of Wind and Solar energy generation projects which can be used by investors in these two segments of the market to benchmark their performance and get a clear understanding of the market.

Index Computation Methodology

From the infraMetrics database of infrastructure companies, we select the companies belonging to the TICCS Codes IC7010 (Wind Power Generation) and IC7020 (Solar Power Generation) to be included as constituents of this index.

The valuations of each of these assets from their inception (or first year of reported accounts) and their historical cash flows are used to calculate the total returns of the infraGreen index. All the constituents remain in the index until the end of their contractual period unless we are unable to source their audited financial data, in which case the constituents drop from the index. The list of index leavers and entrants is published for all the index users.

Index weighting scheme

The infraGreen index is available in equally weighted and value weighted weighting schemes. The index-constituent value weights are calculated in the reference currency (USD) so that all constituent market values denominated in a different currency than the reference currency are converted accordingly.

ESG Disclosures

The infraGreen index is meant to provide an overview of the financial performance, including the risk and return, of Wind and Solar Power Generation Companies across the world. This sector is commonly referred to as green power, and as such, this index does not pursue environmental factors as considered by the regulation, given its intent to obtain sector exposure and the fact that it has not expressly calculated ESG scores for its constituents. The sole objective of this index is to be used as a representation of this market segment and not to support the ESG strategy or objectives of an investment strategy.

Furthermore, we provide the following disclosures about the infraGreen index in line with the regulations set out by ESMA:

1. The infraGreen index is 100% exposed to renewable energy companies as measured by capital expenditures (CapEx in those activities as a share of total CapEx by energy companies included in the portfolio).

2. The infraGreen index is 100% exposed to the sectors listed in Sections A to H and Section L of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council as a percentage of the total weight in the portfolio.

3. The infraGreen index is 100% exposed to the companies of which the activities fall under Divisions 05 to 09, 19, and 20 of Annex I to Regulation No 1893/2006.

4. The infraGreen index is 100% exposed to the activities included in the environmental goods and services sector, as defined in Article 2, point 5 of Regulation (EU) No 691/201 of the European Parliament and of the Council.

_{Refinitiv. Datastream. https://www.refinitiv.com/en/products/datastream-macroeconomic-analysis}