1. GRESB Infrastructure
May, 2019

2. 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

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

4. 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

5. GRESB Competencies
Validation
Objective Scoring
Peer Benchmarking

6. GRESB Infrastructure – Global Coverage – 2018

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

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

9. Sector Scores

10. 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

11. Asset Level Indicators

12. 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.

13. 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.

14. 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 (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

15. 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

16. 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

17. Scorecard and Benchmark Reports

18. 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

19. GRESB Infrastructure 2019
GRESB Infrastructure process & timeline

20. GET THE GRESB NEWSLETTER
Stay up to date with the latest news from GRESB
Be the first to receive ESG data for the real asset sector
Learn about the issues investors consider to be critical to the sustainability performance of real asset investments
gresb.com/newsletter