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PRI reporting framework 2019

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Fundraising of infrastructure funds

INF 03. Fund placement documents and RI

03.1. Indicate if your most recent fund placement documents (private placement memorandums (PPMs) or similar) refer to responsible investment aspects of your organisation.

03.2. Indicate how your fund placement documents (PPMs or similar) refer to the following responsible investment aspects of your organisation:

03.3. Describe how your organisation refers to responsible investment for infrastructure funds in fund placement documents (PPMs or similar). [Optional]

Typical PPM coverage

POLICY : acceptability and sustainability are key investment criteria and are highlighted in the investment strategy described in the PPM of the fund:

- A mid-cap investment strategy characterised by the local content of the investment

- Long-term investment horizon

- Acceptability as financial investor vis-à-vis the industrial partners and the public stakeholders as a key determinant to find the right balance between interests of all stakeholders involved in the project

- Sustainability of the underlying assets because striving to improve on environmental, social, societal and governance criteria not only deals with responsible investment considerations but also improves the lifetime of the assets, their resilience to project risks, and their long-term profitability.

PRE INVESTMENT : ESG analysis is performed with various angles during the due diligence process

- Review of the legal and regulatory environment in which the infrastructure evolves

- Governance and alignment of interest

- Analysis donein accordance with the criteria defined in InfraVia Capital Partners ESG charter and formalized in the investment committee presentation

- Identification of relevant KPI’s to monitor the ESG performance of the asset

POST INVESTMENT  : ESG is an entire part of asset manager work

- Attendance to board

- Follow up of KPIs

- Regular reporting internally to the team and externally to the investors

INF 04. Formal commitments to RI

04.1. Indicate whether your organisation makes formal commitments in fund formation contracts, Limited Partnership Agreements (LPAs) or in side letters relating to responsible investment in infrastructure when requested by clients.

04.2. Additional information.

When requested by the client, InfraVia Capital Partners not only always agrees to include commitments with regards to the compliance with ESG criteria in accordance with its internal ESG policy, but also to report on ESG specific matters (in certain cases in accordance with the ESG specific reporting template provided by the client). If considered pertinent the reporting templates provided by clients are used and adapted to the asset class to improve the ESG reporting templates developed by InfraVia Capital Partners. InfraVia Capital Partners investment strategy focuses on core infrastructure sectors in Europe which are intrinsically always characterized by long term sustainability. In this context no investments is excluded from ESG analysis. ESG analysis is performed on each investment opportunities presented to InfraVia Capital Partners Investment Committee analysing the 8 criteria (see below) defined in InfraVia Capital Partners ESG policy. Regular reporting on ESG KPIs is done both internally during Quarterly Asset Follow-Up Committees and externally in the Annual Report and Semi-Annual Report provided to clients. ESG criteria used to analyse an investment opportunity and monitor the investment are the following:

•          Environment

- Formalisation of an environmental policy

 - Reduction and/or monitoring of environmental impacts,

- Development of environmental benefit

•          Social

- Assessment of social impact of project

- Assessment of working conditions and health& safety standards

- Compliance with fundamental labour rights

- Management packages/incentive depending on the type of assets

•          Governance

- Setting up of a suitable governance structure adapted to the nature of each infrastructure project

- Compliance with sound business practices and constructive relationship with stakeholders

InfraVia Capital Partners works closely with portfolio companies and industrial partners involved in the projects to collect information on ESG. InfraVia Capital Partners produces on an annual basis a  consolidated ESG report computing all ESG information from all portfolio companies in each fund’s Annual Report. In addition, as part of the Annual Report, a specific focus on ESG is provided on each portfolio companies presentation sheet. Information on each participations is also provided (including any identified incident related to ESG principles) on a half yearly basis to the investors.