Global Listed Infra Mndt No.1

The Fund will invest in companies that generate the dominant part of their earnings from the ownership of infrastructure assets. The Investment Advisor will endeavour to acquire these companies at discounts to their assessed intrinsic value. The Investment Advisor anticipates that the Fund’s portfolio will comprise 20 to 40 investments and believes that the portfolio will achieve sufficient diversification to ensure the Fund is not overly correlated to a single company or to macroeconomic risks.