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EDHECinfra indices and research 1

EDHECinfra indicesBroad Market Indices

Broad Market Indices Geographic breakdown

Global Indices Regional Indices Countries covered

Global Broad Market Infrastructure Indices

& Global Project Finance Indices

Advanced markets Infrastructure Indices

Australia, Austria, Belgium, Canada*, Chile, Finland, France, Germany, Ireland, Italy,

Japan*, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, Spain,

South Korea*, Sweden, United Kingdom, United States*

Emerging Markets Infrastructure Indices

Algeria*, Argentina, Brazil, China*, Egypt*, India*, Indonesia*, Kenya*, Malaysia,

Pakistan*, Philippines, Russian Federation*, Saudi Arabia*, South Africa*, Thailand,

Turkey*, UAE*

Global Broad Market Index Families

Unlisted Infrastructure Equity Sub-Indices Private Infrastructure Debt Sub-Indices

Business Risk Broad Sectors Business Risk Broad Sectors Credit

• Regulated• Contracted• Merchant

• Transport• Social Infrastructure

• Energy• Renewables




• Default Risk• Maturity

• Instrument currency

* coverage by 2020

Custom benchmarks Custom benchmarks can be created that give access to sub-segments of various markets drilling down by individual country, sector or corporate structure for each of the thematic sub-indices identified above. EDHECinfra indices can be customised to show the performance of UK Merchant Power or Regulated Utilities for example.

EDHECinfra Broad Market Index Families

Unlisted Infrastructure Equity Index Families Private Infrastructure Debt Index Families

Global Unlisted Infrastructure Equity Global Private Project Finance Debt

Global Project Finance Equity Global Private Infrastructure Debt

Advanced Markets Unlisted Infrastructure Equity Advanced Markets Private Infrastructure Debt

Emerging Markets Unlisted Infrastructure Equity Emerging Markets Private Infrastructure Debt

data type data point descriptionIndex data prices Index values

returns Time weighted index returns

weights List of weights for each firm

constituents List of firm names and codes (UID)

descriptive stats (by nb and size) By country, sector, business model, maturity, currency, etc.

Index analytics risk metrics VaR, duration, credit risk, volatility, MDD

performance metrics SR, IRR, dividend yield

concentration metrics ENB, % capitalisation

factors Interest rates (slope, convexity, duration), cash flow beta, market conditions

historical constituents and weights Evolution over time

Constituent data Firm-level data Firm specific valuations, risk measures and historical data

Advanced analytics peer comparisons Plot/table historic and forward looking data for several indices or companies

custom market reports Aggregate data for various segments within each family (e.g. energy segment within Europe)

custom portfolio creation Ad hoc indices using the constituents of the relevant families

The indices Private infrastructure investment indices are needed by asset owners, asset managers and regulators to determine their asset allocation to infrastructure, monitor risk-adjusted performance and calibrate prudential models. EDHECinfra’s eight flagship indices cover the global unlisted infrastructure equity and private debt markets.

Four global unlisted infrastructure equity indices cover the broad infrastructure sector, the project finance sector and advanced and emerging infrastructure markets, respectively. Four other global indices cover the same segments for senior private debt investments. A further 28 thematic unlisted equity indices and 40 thematic private debt index families are available, allowing detailed analysis of all the major segments of the private infrastructure asset class. Hundreds of sub-indices giving access to country or sector specific data, drilling down to business or credit risk sub-segments, also exist.

Data and analytics The EDHECinfra database and asset pricing technology compute the metrics that investors and regulators need to understand pri-vate infrastructure in a multi-asset class context. Each index fam-ily data series includes index values, time-weighted returns, index constituents and weights, and geographic and thematic segmenta-tion (sector, business risk, credit risk, maturity). Within each index family, index data is available using several weighing schemes and reporting currencies.

EDHECinfra indices also include numerous key metrics that make unlisted infrastructure comparable with other investments on a risk-adjusted basis. Risk and performance metrics such as Sharpe ratios, value-at-risk, factor risk attributions and duration are all available as index analytics.

EDHECinfra index and analytics data is available through an online platform at indices.edhecinfra.com or through Bloomberg (EIPEE, EIPDE).

EDHECinfra indices and research

Sub-Indices Thematic Breakdown

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�� *OGSBTUSVDUVSF .BSLFU *OEFY4FHNFOUBUJPOT

�� (FPHSBQIJD 4FHNFOUBUJPO

8F àSTU BTLFE SFTQPOEFOUT XIJDI HFPHSBQIJDTFHNFOUBUJPO NBEF UIF NPTU TFOTF BOETVHHFTUFE GPVS QPTTJCMF EJWJTJPOT PG UIF HMPCBMJOGSBTUSVDUVSF NBSLFU�

�� UIF àWF DPOUJOFOUT J�F� MBSHF MBOENBTTFT� *OPUIFS XPSET UIJT JT B EJWJTJPO PG UIF JOGSBT�USVDUVSF JOWFTUNFOU NBSLFU CZ CBTFE PO UIF

�


5BCMF �� #SFBLEPXO PG TVSWFZ SFTQPOEFOUT � CZ OVNCFS

%FCU &RVJUZ #PUI 5PUBM"TTFU .BOBHFST ��

$PNNFSDJBM #BOLT � � � ��$POTVMUBOUT � � � �

"TTFU 0XOFST �� 0UIFST � � � �5PUBM ��

'JHVSF �� #SFBLEPXO PG SFTQPOEFOUT CZ BTTFU BOE PSHBOJTBUJPO UZQF

Asset Managers 34%

Commercial Banks 8.9%

Consultants 3.9%

Asset Owners 49.8%

Others 3.4%

by organisation type

Debt 15.8%Equity 50.2%

Both 34%

by asset type

6OJUFE /BUJPOT àWF�DPOUJOFOU NPEFM XIJDIDPNQSJTFT "GSJDB UIF "NFSJDBT "TJB &VSPQF 0DFBOJB�

�� CSPBE DBQJUBM NBSLFU DBUFHPSJFT QVU GPSXBSECZ JOEFY QSPWJEFST GPS TUPDLT PS CPOET J�F� UIFHFPHSBQIJD TFHNFOUT VTFE GPS USBEJUJPOBM BTTFUDMBTTFT�

�� UIF MFWFM PG FDPOPNJD EFWFMPQNFOU PG UIFSFMFWBOU NBSLFUT GPS JOTUBODF 0&$% NBSLFUTWT� FNFSHJOH NBSLFUT� PS

�� UIF TUBUF BOE TJ[F PG UIF JOWFTUBCMF JOGSBT�USVDUVSF NBSLFU JODMVEJOH OVNCFS BOE UZQFTPG àSNT SFHVMBUJPO FUD�

*O QSJODJQMF BOZ PG UIFTF TFHNFOUBUJPOT PG UIFHMPCBM JOGSBTUSVDUVSF JOWFTUNFOU NBSLFU DBO CFB WBMJE POF EFQFOEJOH PO JOWFTUPST� QFSTQFDUJWF JODMVEJOH UIFJS NBOEBUF MJBCJMJUZ QSPàMF BOEJOWFTUNFOU PCKFDUJWFT�

%FQFOEJOH PO UIFJS JOJUJBM DIPJDF SFTQPOEFOUTXFSF BTLFE UP BOTXFS UIJT RVFTUJPO FYQMJDJUMZ GPSUIF FRVJUZ BOE UIF EFCU NBSLFUT PS CPUI TJODFUIF SFMFWBOU TFHNFOUBUJPOT EP OPU OFDFTTBSJMZIBWF UP DPJODJEF�

&RVJUZ *OWFTUPST

5BCMF � BOE 'JHVSF � TIPX UIF OVNCFS BOEQSPQPSUJPO PG SFTQPOTFT GPS FRVJUZ JOWFTUPST JODMVEJOH SFTQPOTFT GPS BTTFU PXOFST BOE BTTFUNBOBHFST POMZ�

1FSIBQT TVSQSJTJOHMZ UIF HFPHSBQIJFT PG TUBOEBSEDBQJUBM NBSLFU CFODINBSLT BSF UIF MFBTU QSFGFSSFEXJUI MFTT UIBO �� PG SFTQPOTFT� 5IF àWFDPOUJOFOUT BSF DPOTJEFSFE SFMFWBOU DBUFHPSJFTGPS B RVBSUFS PG SFTQPOEFOUT BOE FDPOPNJDEFWFMPQNFOU BOE JOGSBTUSVDUVSF JOWFTUBCJMJUZ BSFDPOTJEFSFE UIF NPTU SFMFWBOU TFHNFOUBUJPOT CZB SPVHIMZ FRVBM QSPQPSUJPO PG SFTQPOEFOUT ��BOE �� SFTQFDUJWFMZ�

)PXFWFS BTTFU PXOFST� BOE NBOBHFST� WJFXTEJGGFS TPNFXIBU XIFO DPOTJEFSFE JOEFQFOEFOUMZ�0OF UIJSE PG BTTFU NBOBHFST XPVME QSFGFS UPVTF UIF àWF DPOUJOFOUT DPNQBSFE UP MFTT UIBO BRVBSUFS PG BTTFU PXOFST� .BOBHFST BSF BMTP NPSFMJLFMZ UP QSFGFS DBQJUBM NBSLFU CFODINBSL HFPHSB�QIJFT �� XIFSFBT MFTT UIBO �� PG BTTFU PXOFSTDPOTJEFS UIJT WJFX UP CF SFMFWBOU�

�


5BCMF �� 1SFGFSSFE HFPHSBQIJD TFHNFOUBUJPO PG JOGSBTUSVDUVSF FRVJUZ JOWFTUPST � OVNCFS PG SFTQPOTFT

'JWF $POUJOFOUT #SPBE $BQ�M .LUT -FWFM PG &DPO %FW *OGSB *OWFTUBCJMJUZ 5PUBM"TTFU .BOBHFST ��

$PNNFSDJBM #BOLT � � � � ��$POTVMUBOUT � � � � �

"TTFU 0XOFST �� 0UIFST � � � � �5PUBM ��

'JHVSF �� 1SFGFSSFE HFPHSBQIJD TFHNFOUBUJPO PG JOGSBTUSVDUVSF FRVJUZ JOWFTUPST

Five Continents 24%

Broad Cap'l Mkts 9.4%

Level of Econ Dev 35.1%

Infra Investability 31.6%

Five Continents 22.7%



Infra Investability 33%

Asset Owners only





Asset Managers only

'PS BTTFU PXOFST UIF MFWFM PG FDPOPNJD EFWFM�PQNFOU �� BOE JOWFTUBCJMJUZ �� BSF CZ GBSUIF NPTU SFMFWBOU XBZT UP TFHNFOU JOGSBTUSVDUVSFNBSLFUT BOE JOEJDFT� 8IJMF UIFTF WJFXT BSF MFTTQSFWBMFOU BNPOHTU NBOBHFST UIFZ TUJMM SFQSFTFOUUIF NBKPSJUZ�

5IFTF EJGGFSFODFT DBO CF FYQMBJOFE CZ EJGGFSFODFTPG QFSTQFDUJWF BOE HFPHSBQIJD NBOEBUF BT XFMMBT WBSZJOH GPDVTFT PO TPVSDJOH EFBMT PQFSBUJOHBTTFUT PWFS UJNF PS CVJMEJOH QPSUGPMJPT BDDPSEJOHUP FYJTUJOH NVMUJ�BTTFU DMBTT TFHNFOUT�

%FCU *OWFTUPST

8JUI SFTQFDU UP TFHNFOUJOH JOGSBTUSVDUVSF EFCUNBSLFUT B TJNJMBS QJDUVSF FNFSHFT PWFSBMM BOEEJGGFSFODFT PG PQJOJPO CFUXFFO BTTFU PXOFST BOENBOBHFST BCPVU UIF NPTU SFMFWBOU HFPHSBQIJDDBUFHPSJFT QFSTJTU�

5IF GPSNFS BSF TUJMM MFTT LFFO UP VTF UIF àWFDPOUJOFOUT BT UIF NPTU SFMFWBOU HFPHSBQIJDTFHNFOUT �� XIFSFBT UIF MBUUFS PGUFO BSFNPSF DPNGPSUBCMF XJUI UIJT UBYPOPNZ �� PG BTTFU PXOFST DPOTJEFS JOGSBTUSVDUVSFJOWFTUBCJMJUZ UP CF UIF NPTU SFMFWBOU HSPVQJOHCVU MFTT UIBO �� TIBSF UIJT WJFX BNPOHTUBTTFU NBOBHFST� $POWFSTFMZ UIF MFWFM PG FDPOPNJD

�


5BCMF �� 1SFGFSSFE HFPHSBQIJD TFHNFOUBUJPO PG JOGSBTUSVDUVSF EFCU JOWFTUPST � OVNCFS PG SFTQPOTFT

'JWF $POUJOFOUT #SPBE $BQ�M .LU *OEJDFT -FWFM PG &DPO %FW *OGSB *OWFTUBCJMJUZ 5PUBM"TTFU .BOBHFST � � ��

$PNNFSDJBM #BOLT � � � � ��$POTVMUBOUT � � � � �

"TTFU 0XOFST � �� 0UIFST � � � � �5PUBM ��

'JHVSF �� 1SFGFSSFE HFPHSBQIJD TFHNFOUBUJPO PG JOGSBTUSVDUVSF EFCU JOWFTUPST


Broad Cap'l Mkt Indices 15.8%




Broad Cap'l Mkt Indices 20.8%



Asset Owners only

Five Continents 27.6%Broad Cap'l Mkt Indices 17.2%



Asset Managers only

EFWFMPQNFOU XIJMF DPOTJEFSFE JOGPSNBUJWF CZ BUIJSE PG BTTFU PXOFST JT GBWPVSFE CZ NPSF UIBO�� PG BTTFU NBOBHFST�

0WFSBMM GPS EFCU NBSLFUT UIF MFWFM PG FDPOPNJDEFWFMPQNFOU BOE UIF JOWFTUBCJMJUZ PG UIF JOGSBT�USVDUVSF NBSLFU BSF UIF NPTU GSFRVFOUMZ QSPQPTFETFHNFOUT BDSPTT BMM SFTQPOEFOUT�

�� 4FDUPS (SBOVMBSJUZ

/FYU XF BTLFE SFTQPOEFOUT JG CSPBE TFDUPS JOEJDFTF�H� AFOFSHZ� JODMVEJOH QPXFS HBT BOE SFOFX�

BCMFT XPVME CF NPSF VTFGVM UIBO TQFDJàD TFDUPSJOEJDFT F�H� AXJOE QPXFS�

5BCMF � BOE 'JHVSF � TIPX UIF OVNCFS BOEQSPQPSUJPO PG SFTQPOTFT�

1SFGFSFODFT BSF FWFOMZ TQMJU CFUXFFO CSPBENBSLFU BOE TFDUPS�TQFDJàD JOEJDFT CPUI BNPOHTUBMM SFTQPOEFOUT PS GPS BTTFU PXOFST BOENBOBHFST�

"HBJO JOWFTUPST JO JOGSBTUSVDUVSF NBZ IBWFWFSZ EJGGFSFOU QFSTQFDUJWFT PO UIF NPTUBEFRVBUF TFDUPS TFHNFOUBUJPO EFQFOEJOHPO UIFJS JOWFTUNFOU PCKFDUJWFT� .BOBHFST XJUI

��

4FMFDUJOH 3FGFSFODF *OEJDFT GPS UIF *OGSBTUSVDUVSF "TTFU $MBTT �� +BOVBSZ ��

TFDUPS�TQFDJàD NBOEBUFT BSF MJLFMZ UP QSFGFSOBSSPXMZ�EFàOFE CFODINBSLT XIJMF BTTFUPXOFST FTQFDJBMMZ EJSFDU JOWFTUPST NBZ CFFYQPTFE UP B IFUFSPHFOFPVT HSPVQ PG B MJNJUFEOVNCFS PG JOWFTUNFOUT BOE NBZ QSFGFS FWBMV�BUJOH FBDI BTTFU JOEJWJEVBMMZ SBUIFS UIBO BHBJOTUB ACSPBE NBSLFU� UP XIJDI UIFZ NBZ POMZ CFQBSUJBMMZ FYQPTFE�

4UJMM MBSHF NBOBHFST BOE BTTFU PXOFST BJN UPCF FYQPTFE UP JOGSBTUSVDUVSF JOWFTUNFOUT BDSPTTNVMUJQMF TFDUPST BOE JOEFFE UP EJWFSTJGZ TFDUPS�TQFDJàD SJTLT� )FODF IBMG PG SFTQPOEFOUT TVHHFTUUIBU XJEFMZ�EFàOFE TFDUPS JOEJDFT NBLF UIF NPTUTFOTF GSPN UIFJS QFSTQFDUJWF�

.PSFPWFS BT XF EJTDVTT CFMPX B OVNCFSPG JOWFTUPST SFRVJSF JOGSBTUSVDUVSF JOWFTUNFOUJOEJDFT UP NBLF DIPJDFT BU UIF TUSBUFHJD BTTFUBMMPDBUJPO MFWFM SFRVJSJOH B WJFX UP CF UBLFO BU UIFBTTFU DMBTT MFWFM SBUIFS UIBO BU UIF TVC�TFHNFOUMFWFM�

4UJMM UIF MBSHF QSPQPSUJPO PG SFTQPOEFOUTXIP XPVME QSFGFS TFDUPS�TQFDJàD CFODINBSLT JODMVEJOH BNPOHTU BTTFU PXOFST TVHHFTUTUIBU BDDFTT UP B XFMM�EFàOFE BOE SFBTPOBCMZIPNPHFOFPVT BTTFU DMBTT SFNBJOT MJNJUFEBNPOHTU JOWFTUPST NPTU PG XIPN IBWF UP GPDVTPO TVC�TFHNFOUT�

�� #VTJOFTT .PEFMT

8F BMTP BTLFE SFTQPOEFOUT XIFUIFS NBLJOHB EJTUJODUJPO CFUXFFO JOGSBTUSVDUVSF CVTJOFTTNPEFMT ADPOUSBDUFE� ANFSDIBOU� PS ASFHVMBUFE�XBT SFMFWBOU UP UIFN�

8IJMF JOGSBTUSVDUVSF JOWFTUNFOU JT TUJMM UZQJDBMMZBQQSPBDIFE UISPVHI UIF QSJTN PG JOEVTUSJBMTFDUPST BT UIF QPJOU BCPWF JMMVTUSBUFT JU DBO CFBSHVFE UIBU UIF àOBODJBM FDPOPNJDT PG JOGSBT�USVDUVSF JOWFTUNFOU BOE JO QBSUJDVMBS XIBU DBOCF DBMMFE AJOGSBTUSVDUVSF CVTJOFTT NPEFMT� #MBOD�#SVEF �� DBO CF B NPSF SFMFWBOU XBZ UP HSPVQJOGSBTUSVDUVSF JOWFTUNFOUT UPHFUIFS�

"U MFBTU UISFF CSPBE JOGSBTUSVDUVSF CVTJOFTTNPEFMT DBO CF EJTUJOHVJTIFE UIVT IFMQJOH UPDSFBUF NPSF IPNPHFOFPVT SJTL QSPàMF HSPVQT�� DPOUSBDUFE JOGSBTUSVDUVSF CVTJOFTTFT SFDFJWFSFWFOVFT UIBU IBWF CFFO QSF�BHSFFE XJUI B QVCMJDPS QSJWBUF DPVOUFSQBSUZ PO UIF CBTJT PG XIJDIàOBODJOH DBO UZQJDBMMZ CF BSSBOHFE� �� NFSDIBOUJOGSBTUSVDUVSF CVTJOFTTFT PO UIF DPOUSBSZ DPMMFDUGFFT PS UPMMT GSPN FOE�VTFST BOE BSF FYQPTFEUP DPNNFSDJBM SJTLT� BOE �� SFHVMBUFE JOGSBT�USVDUVSF àSNT UZQJDBMMZ TFF UIFJS VTFS GFFT BOEDBQJUBM QSPHSBNNFT DPOTUSBJOFE CZ B SFHVMBUPSZBHFODZ XIJDI JT FYQFDUFE UP NJOJNJTF XFMGBSFMPTTFT BTTPDJBUFE XJUI AOBUVSBM NPOPQPMJFT� XIJMFBMMPXJOH JOWFTUPST UP SFDFJWF B GBJS SBUF PG SFUVSO�

&BDI PG UIFTF CVTJOFTT NPEFM BSDIFUZQFT DPSSF�TQPOET UP B EJGGFSFOU EFHSFF PG CVTJOFTT SJTL IFODF UIF QPUFOUJBM GPS MFWFSBHF JT BMTP DMPTFMZBTTPDJBUFE XJUI JOGSBTUSVDUVSF CVTJOFTT NPEFMT�

5IJT UBYPOPNZ PG JOGSBTUSVDUVSF CVTJOFTT SJTL XIJMF GBNJMJBS UP QSPKFDU àOBODF QSPGFTTJPOBMT IBT OFWFSUIFMFTT CFFO JOUSPEVDFE UP UIF EFCBUFBSPVOE UIF JOGSBTUSVDUVSF ABTTFU DMBTT� JODMVEJOHJUT QSVEFOUJBM SFHVMBUJPO JO SFDFOU ZFBST POMZ�

4UJMM CPUI BTTFU PXOFST BOE NBOBHFST BSF GVMMZBXBSF PG UIF SFMFWBODF PG TFHNFOUJOH UIF JOGSBT�USVDUVSF BTTFU DMBTT BMPOH CVTJOFTT NPEFM MJOFT�"T TIPXO JO 'JHVSF � �� PG SFTQPOEFOUT BHSFFEUIBU JU XBT SFMFWBOU PS IJHIMZ SFMFWBOU UP TFHNFOUJOGSBTUSVDUVSF JOWFTUNFOUT JO UIJT XBZ FTQFDJBMMZUP EJGGFSFOUJBUF DPOUSBDUFE BOE SFHVMBUFE JOGSBT�USVDUVSF� 0OMZ WFSZ GFX SFTQPOEFOUT MFTT UIBO�� DPOTJEFSFE UIJT UBYPOPNZ OPU UP CF SFMFWBOU�

�� $PSQPSBUF 4USVDUVSFT

8F BMTP BTLFE XIFUIFS NBLJOH B EJTUJODUJPOCFUXFFO JOGSBTUSVDUVSF AQSPKFDUT� J�F� QSPKFDUàOBODF 417T BOE JOGSBTUSVDUVSF ADPSQPSBUFT�NPTU VUJMJUJFT QPSUT BJSQPSUT FUD� NBUUFSFE UPJOWFTUPST�

5IJT EJTUJODUJPO JT MJLFMZ UP CF BT SFMFWBOU BTUIBU CFUXFFO CVTJOFTT NPEFMT� *O QSPKFDU àOBODF

��


5BCMF �� 1SFGFSSFE TFDUPS TFHNFOUBUJPO PG JOGSBTUSVDUVSF JOWFTUPST � OVNCFS PG SFTQPOTFT

4QFDJàD 4FDUPS *OEFY #SPBE 4FDUPS *OEFY 5PUBM"TTFU .BOBHFST ��

$PNNFSDJBM #BOLT �� $POTVMUBOUT � � �

"TTFU 0XOFST �� 0UIFST � � �5PUBM ��

'JHVSF �� 1SFGFSSFE TFDUPS TFHNFOUBUJPO PG JOGSBTUSVDUVSF JOWFTUPST

Specific Sector Index 48.3%

Broad Sector Index 51.7%

5BCMF �� "SF CVTJOFTT NPEFM TFHNFOUBUJPOT SFMFWBOU GPS JOGSBTUSVDUVSF JOWFTUPST /VNCFS PG SFTQPOTFT

$POUSBDUFE .FSDIBOU 3FHVMBUFE 5PUBM7FSZ SFMFWBOU ��

3FMFWBOU �� /FVUSBM ��

/PU 7FSZ 3FMFWBOU � �� /PU 3FMFWBOU BU "MM � � � ��

'JHVSF �� 3FMFWBODF PG CVTJOFTT NPEFM TFHNFOUBUJPOT GPS JOGSBTUSVDUVSF JOWFTUPST

Cont

ract

edM

erch

ant

Regu

late

d

RelevantNeutralNot relevant

percentage

0 20 40 60 80 100

��


EFEJDBUFE àSNT BSF DSFBUFE GPS UIF TPMF QVSQPTFPG DSFBUJOH BOE PQFSBUJOH BO JOGSBTUSVDUVSF BTTFU�5IFJS àOBODJBM TUSVDUVSF BOE MJGF DZDMF SFWPMWFBSPVOE B QSF�EFUFSNJOFE USBKFDUPSZ� 5IFTF àSNTIBWF B VOJRVF EZOBNJD BOE BMTP DSFBUF B VOJRVFGPSN PG DPSQPSBUF HPWFSOBODF JO XIJDI DSFEJUPSTIBWF NPSF FYUFOTJWF DPOUSPM SJHIUT UIBO JOSFHVMBS DPSQPSBUJPOT TFF #MBOD�#SVEF �� GPSB EFUBJMFE EJTDVTTJPO�

*OGSBTUSVDUVSF ADPSQPSBUFT� PO UIF DPOUSBSZ UFOEUP CF TUSVDUVSFE BOE UP CFIBWF MJLF MBSHF JOEVT�USJBM DPOHMPNFSBUFT� "OZ EFDJTJPO UP JOJUJBUF OFXJOWFTUNFOU QSPKFDUT DIBOHF UIF àSN�T DBQJUBMTUSVDUVSF FUD� BSF EFUFSNJOFE CZ B CPBSE PGEJSFDUPST XIJDI NBZ OPU CF WFSZ EJGGFSFOU GSPNUIBU PG PUIFS MBSHF àSNT�

8IJMF JOGSBTUSVDUVSF DPSQPSBUFT EP IBWF BOAJOGSBTUSVDUVSF CVTJOFTT NPEFM� PGUFO SFHVMBUFEBOE XJUI NPOPQPMZ DIBSBDUFSJTUJDT UIFZ DBO CFFYQFDUFE UP SFTQPOE UP EJGGFSFOU FDPOPNJD BOEàOBODJBM GPSDFT UIBO QSPKFDU àOBODF 417T�

8F NBEF UIJT BSHVNFOU UIFPSFUJDBMMZ BOE FNQJS�JDBMMZ JO TFWFSBM QVCMJDBUJPOT BOE GPVOE FWJEFODFPG UIF TZTUFNBUJD EJGGFSFODF CFUXFFO UIF SJTL�SFXBSE QSPàMFT PG UIF UXP UZQFT PG TUSVDUVSFT JOUIF DPOUFYU PG UIF àSTU &VSPQFBO JOGSBTUSVDUVSFJOEJDFT QVCMJTIFE CZ &%)&$ JO �� #MBOD�#SVEFFU BM� ��B C�

)FSF JOWFTUPST BSF NPTUMZ TQMJU CFUXFFO UIFUXP WJFXT� 5IFZ FJUIFS GBWPVS QSPKFDU àOBODFTQFDJàD CFODINBSLT �� PS XPVME SBUIFSVTF CFODINBSLT XJUI CPUI QSPKFDUT BOE DPSQP�SBUFT �� UIVT QSFGFSSJOH B NPSF TFDUPS�CBTFEVOEFSTUBOEJOH PG XIBU EFàOFT BOE EJGGFSFOUJBUFTJOGSBTUSVDUVSF JOWFTUNFOU� " TNBMMFS HSPVQ PGJOWFTUPST �� XPVME QSFGFS BO AJOGSBTUSVDUVSFDPSQPSBUFT�POMZ� JOEFY�

5IFTF EJGGFSFODFT PG WJFXT FDIP EJGGFSFOU JOUFS�QSFUBUJPOT PG XIBU JU NFBOT UP JOWFTU JO JOGSBT�USVDUVSF BT XFMM BT EJGGFSFOU MFWFMT PG BDDFTT UPJOEJWJEVBM USBOTBDUJPOT�

8IJMF JOGSBTUSVDUVSF DPSQPSBUFT DBO CF GPVOE TPUP TQFBL AJO OBUVSF� JOGSBTUSVDUVSF QSPKFDU àOBODF417T BSF UIF SFTVMU PG DPNQMFY BOE TFHNFOUFEQSPDVSFNFOU QSPDFTTFT UIBU IBWF UZQJDBMMZ CFFOUIF QSFTFSWF PG DFSUBJO UZQFT PG PSHBOJTBUJPOT MFBTU PG XIJDI DPNNFSDJBM CBOLT CVU BMTP BOVNCFS PG DPOTUSVDUJPO DPNQBOJFT�

" OVNCFS PG MBSHF BTTFU PXOFST UIBU QSFGFS AEJSFDU�JOWFTUNFOU JO JOGSBTUSVDUVSF UZQJDBMMZ EP OPU HFUJOWPMWFE JO TVDI USBOTBDUJPOT CVU JOTUFBE GPMMPXB QSPDFTT NPSF BLJO UP UIBU PG .�" POMZ XJUIJOUBSHFUFE JOEVTUSJBM TFDUPST QBSUJDVMBSMZ XJUIJOUSBOTQPSU BOE FOFSHZ� "T B SFTVMU UIFZ BSF NPSFMJLFMZ UP GPDVT PO JOGSBTUSVDUVSF DPSQPSBUFT�

$POWFSTFMZ MBSHF JOGSBTUSVDUVSF NBOBHFSTUZQJDBMMZ CFDPNF JOWPMWFE JO CPUI QSPKFDUàOBODFE BOE DPSQPSBUF JOGSBTUSVDUVSF BDRVJTJ�UJPOT� -JLF BTTFU PXOFST UIFTF NBOBHFST UZQJDBMMZOFFE UP EFQMPZ MBSHF BNPVOUT PG DBQJUBM JO POMZB GFX ZFBST BOE PGUFO IBWF CSPBEMZ EFàOFENBOEBUFT BMMPXJOH UIFN UP JOWFTU JO B SBOHF PGDPSQPSBUF TUSVDUVSFT BDSPTT OVNFSPVT JOEVTUSJBMTFDUPST�

�� $SFEJU 3JTL #VDLFUT

'JOBMMZ XF BTLFE JOGSBTUSVDUVSF EFCU JOWFTUPSTXIFUIFS JU JT VTFGVM UP DSFBUF JOGSBTUSVDUVSF EFCUJOEJDFT CZ NBUVSJUZ BOE MFWFM PG DSFEJU SJTL�

5IFTF XFMM�VOEFSTUPPE SJTL DBUFHPSJFT GPS EFCUJOWFTUPST BSF TUBOEBSE DPNQPOFOUT PG àYFEJODPNF CFODINBSLT QPSUGPMJPT BOE QSPEVDUT BOE SFTQPOEFOUT XFSF BMNPTU VOBOJNPVT UIBUCVDLFUJOH JOGSBTUSVDUVSF EFCU JOEJDFT CZ MFWFMTPG DSFEJU SJTL BOE NBUVSJUZ EVSBUJPO XPVME CFIJHIMZ SFMFWBOU UP UIFN BT 'JHVSF � JMMVTUSBUFT�

�� *OGSBTUSVDUVSF .BSLFU *OEFY"QQMJDBUJPOT

0VS MBTU RVFTUJPO EJE OPU GPDVT PO NBSLFUTFHNFOUBUJPO CVU SBUIFS BTLFE SFTQPOEFOUT XIBUUIF NBJO QVSQPTF PG VTJOH BO JOGSBTUSVDUVSF

��


'JHVSF �� 3FMFWBODF PG DPSQPSBUF TUSVDUVSF TFHNFOUBUJPOT GPS JOGSBTUSVDUVSF JOWFTUPST

Projects only 37.4%

Corporates only 20.2%

Both are Relevant 42.4%

'JHVSF �� 3FMFWBODF PG DSFEJU SJTL TFHNFOUBUJPOT GPS JOGSBTUSVDUVSF JOWFTUPST

Defa

ult R

isk

Mat

urity

RelevantNeutralNot relevant

percentage

0 20 40 60 80 100

5BCMF �� .BJO JOUFOEFE VTF PG JOGSBTUSVDUVSF JOEJDFT � OVNCFS PG SFTQPOTFT

"TTFU "MMPDBUJPO 1FSG� .POJUPSJOH 1SPEVDU $SFBUJPO 5PUBM"TTFU .BOBHFST ��

$PNNFSDJBM #BOLT � �� $POTVMUBOUT � � � �

"TTFU 0XOFST �� 0UIFST � � � �5PUBM ��

'JHVSF �� .BJO JOUFOEFE VTF PG JOGSBTUSVDUVSF JOEJDFT

Asset Allocation 21.7%

Perf. Monitoring 73.4%

Product Creation 4.9%

��


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EDHECinfra indicesBroad market indices

Broad market indices geographic breakdown

Global indices Regional indices Countries covered

Global broad market infrastructure indices

& global project finance indices

Advanced markets infrastructure indices




Emerging markets infrastructure indices

Algeria*, Argentina, Brazil, China*, Egypt**, India*, Indonesia*, Kenya**, Malaysia,

Pakistan*, Philippines, Russian Federation**, Saudi Arabia**, South Africa**, Thailand,

Turkey*, UAE**

Global broad market index families

Unlisted infrastructure equity sub-indices Private infrastructure debt sub-indices

Business risk Broad sectors Business risk Broad sectors Credit


• Transport• Social infrastructure



• Transport• Social infrastructure


• Default risk• Maturity



EDHECinfra broad market index families

Unlisted infrastructure equity index families Private infrastructure debt index families

Global unlisted infrastructure equity Global private project finance debt

Global project finance equity Global private infrastructure debt

Advanced markets unlisted infrastructure equity Advanced markets private infrastructure debt

Emerging markets unlisted infrastructure equity Emerging markets private infrastructure debt

Sub-indices thematic breakdown

Each of the index families includes multiple weighing schemes (value, capped, equal weights) and reporting currencies (USD, EUR, JPY, GBP).

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1

Data Type Data Point DescriptionIndex data Prices Index values

Returns Time weighted index returns

Weights List of weights for each firm

Constituents List of firm names and identification codes

Descriptive stats (by nb and size) By country, sector, business model, maturity, currency, etc.

Index analytics Risk metrics Value at risk, duration, credit risk, volatility, maximum drawdown

Performance metrics Sharpe ratio, internal rate of return, dividend yield

Concentration metrics Effective number of bets, % capitalisation

Factors Interest rates (slope, convexity, duration), cash flow beta, market conditions

Historical constituents and weights Evolution over time


Advanced analytics Peer comparisons Plot/table historic and forward looking data for several indices or companies

Custom market reports Aggregate data for various segments within each family (e.g. energy segment within Europe)

Custom portfolio creation Ad hoc indices using the constituents of the relevant families

Indices and benchmarksPrivate infrastructure investment indices are needed by asset owners, asset managers and regulators to determine their asset allocation to infrastructure, monitor risk-adjusted performance and calibrate prudential models. EDHECinfra’s eight broad market indices provide global coverage of unlisted infrastructure equity and private debt markets.

Four global unlisted infrastructure equity indices cover the broad infrastructure sector, the project finance sector and advanced and emerging infrastructure markets, respectively. Four other global indices cover the same segments for senior private debt investments. A further 28 thematic unlisted equity sub-indices and 40 thematic private debt sub-index families are available, allowing detailed analysis of all the major segments of the private infrastructure asset class. Hundreds of custom benchmarks giving access to country or sector specific data, drilling down to business or credit risk sub-segments, can be created

.

Data and analytics The EDHECinfra database and asset pricing technology compute the metrics that investors and regulators need to understand pri-vate infrastructure in a multi-asset class context. Each index and sub-index family data series includes index values, time-weight-ed returns, index constituents and weights, and geographic and thematic segmentation (sector, business risk, credit risk, maturi-ty). Within each index family, index data is available using several weighing schemes and reporting currencies.




















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