GRESB Infrastructure May, 2019

GRESB ASSESSMENTS ESG Performance Data ESG Analytics ESG Analytics Ultimately GRESB is a communication framework. Our process to connect industry stakeholders. Central in this process is data quality, both at the company/fund level and at the portfolio level Consider input from underlying asset performance. Investors get data and ESG analytics and provide investor perspective to assessment. ESG Analytics Investor perspective

GRESB Infrastructure Members and Partners Investor Members Fund Manager, Asset Operator and Company Members Partners

GRESB: The ESG Benchmark for Real Assets VISION Sustainable Real Assets GRESB assesses and benchmarks the ESG performance of real assets, providing standardized and validated data to capital markets MISSION STRATEGY PILLARS ASSESSMENTS Working in collaboration with the industry, we define the benchmark for sustainability performance in real assets TECHNOLOGY Our technology platform applies best practices in data science to validate, score and benchmark ESG performance data STAKEHOLDERS We convene a global community of organizations working together to achieve a shared vision of sustainable real assets

GRESB Competencies Validation Objective Scoring Peer Benchmarking

GRESB Infrastructure – Global Coverage – 2018

Infrastructure - Fund and Asset Assessments Funds with ≥25% asset participation FUND SCORE GRESB ASSET SCORE 30% 70% GRESB FUND SCORE FUND ASSESSMENT ASSET ASSESSMENT

GRESB Infrastructure Development – Assets Total Assets (+75%) $500bn+ GAV No OF PARTICIPANTS

2018 - Sector Scores

Assessment Characteristics Asset Assessment Questionnaire / Survey = “ASSESSMENT" Categories / Groups of indicators = “ASPECTS" Questions = “INDICATORS” INDICATOR structure: example Question:: EC1, EC2, EC3, … MA1, MA2, MA3, … PD1, PD2, PD3, … RO1, RO2, RO3, … ME1, ME2, ME3, … SE1, SE2, SE3, … PI1, PI2, PI3, … CA1, CA2 Points, dimension, pillar 1.3 points, MP, G Now for the Asset Assessment. It follows the same structure with just a few differences. Here we have 7 aspects and 56 indicators. We also identify MP and IM dimensions and E, S and G pillars for each indicator. This allows scores to be calculated for these different cross-cutting dimensions. Addresses two essential dimensions… Management & Policy (MP): plans, policies, governance, accountability, analysis and data management Implementation & Measurement (IM): actions, monitoring and outcomes

Asset Level Indicators

ESG issues ESG issues covered by the Asset Assessment Environmental issues: Air pollutants Biodiversity and habitat protection Contamination Energy Greenhouse gas emissions Light pollution Materials sourcing & resource efficiency Noise Resilience to catastrophe/disaster Resilience (adaptation) to climate change Waste Water discharge/pollution Water use/withdrawal Other issues: ____________ Social issues: Child labour Community development Customer satisfaction Employee engagement Forced or compulsory labor Freedom of association Gender and diversity Health and safety: contractors Health and safety: employees Health and safety: customers Health and safety: community Health and safety: supply chain Labor standards and working conditions Social enterprise partnering Stakeholder relations Other issues: ____________ Governance issues: Board-level issues: Audit committee structure/independence Board composition Compensation committee structure/independence Executive compensation Independence of Board chair Lobbying activities Other issues: ____________ Operational issues: Bribery and corruption Data protection and privacy Cybersecurity Fiduciary duty Fraud Political contributions Whistleblower protection Here are list of ESG issues covered by the GRESB Infrastructure assessment – 13 E, 15S, 13G issues - (give examples) these issues recur throughout the survey Used throughout PD, RO, ME and PI Aspects. Helps to track thorough management of these issues. If “other” issues are deemed relevant to an entity and are actively managed – participants have the possibility to add one other option. Other is consistently reviewed to ensure we address key ESG issues.

Materiality Assessment – Effect on Indicators GRESB Materiality Assessment PD RO ME PI T Performance Indicators Based on the result of materiality assessment, required Performance Indicators are adjusted Policy & Disclosure: Environmental Policies Risk & Opportunities: Risk Assessment Monitoring and EMS: Performance Monitoring ESG issues Materiality Energy Medium Waste No Air pollutants Low Water Resilience to Climate Change High Resilience to catastrophe/ disaster Etc. Based on the result of materiality assessment, scoring is adjusted Based on the result of materiality assessment, scoring is adjusted Based on the result of materiality assessment, scoring is adjusted Materiality impacts the following indicators in the asset assessment – where an issue is relevant, the issue relevant to the entity will be scored.

Data Validation Process Three validation layers : Coverage vs. Level of scrutiny “Other” Open text boxes Evidence (presence) Table responses (content) Evidence (content) Reporting boundaries Data quality All Participant Check (APC) 100% participants coverage Validation Plus (VP) 20-30% evidence indicators selected This is an overview of our various layers of validation at GRESB. Validation process has 3-levels of different scrutiny and coverage across participants. APC – applies to ALL participants, on select response types. Including OTB, ‘Other’, evidence presence, table responses, etc. This is conducted by our parent company GBCI (Green Business Certification Inc) VP – applies to ALL participants, but only 20-30% of evidence indicators. This selection is rotated yoy. VI – applies to 5% of participants, but 100% of evidence indicators. This is highest level of scrutiny. Participants under VI will be contacted by email (5%) after submission – so please if you are going on holiday make sure there is someone we can reach out to. In 2019, VI process has changed. A phone interview will no longer take place and it will be a desktop review. This removes the participants ability to amend their responses. May still be instances they need to be contacted. Validation Interview (VI) 5% participants selected

IMPLEMENTATION & MEASUREMENT Aggregated GRESB Scores History 48 GRESB SCORE 2018 Average IMPLEMENTATION & MEASUREMENT MANAGEMENT & POLICY 46 2018 Average 49 MANAGEMENT & POLICY 2018 Average IMPLEMENTATION & MEASUREMENT

Outputs Scorecard Benchmark Report Portfolio Analysis Data Downloader Participant information tools Scorecard Free to all participants Comparative Intelligence Benchmark Report GRESB Member benefit [available ala carte] Management Introspection Portfolio Analysis Data Downloader GRESB Members only Advanced Analytics

Scorecard and Benchmark Reports

GRESB Results Sharing Who can see my data? Institutional Investor Members Participants Request access from entities for which they wish to review results Accept or deny access requests from GRESB Investor Members This feature is available in the Access tab in the Assessment portal Note: First year participants may participate under a Grace Period, keeping GRESB Results hidden from investors

GRESB Infrastructure 2019 GRESB Infrastructure process & timeline

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