BBGI Global Infrastructure S A : - Annual ESG Report 2022

www.bb-gi.com

Environment, Social & Governance Report

Our purpose is to deliver social infrastructure for
healthier, safer and more connected societies,	2022
while creating sustainable value for all stakeholders

BBGI Global Infrastructure S.A.

ESG Report 2022

Disclaimer

This Report (the 'Report') has been prepared and issued by BBGI Global Infrastructure S.A. ('BBGI'). This Report is not a financial promotion and should not be taken as an inducement to engage in any investment activity and is for the purpose of providing background information about BBGI only. While this Report has been prepared in good faith, and unless expressly referenced, this information has not been independently verified and does not purport to be comprehensive. This Report has been prepared solely for purposes of illustration and discussion and, accordingly, the projections, forecasts and estimates of BBGI contained herein are for illustrative purposes only and are based on BBGI's current views and assumptions, which are subject to change at any time. Such projections, forecasts and estimates involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated in the summary information.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information provided in this Report, or for any opinions expressed by BBGI in relation thereto. Subject to its legal and regulatory obligations, BBGI and each of its officers, employees, agents and representatives expressly disclaim any and all responsibility and liability whatsoever (including for negligence or otherwise) (i) for

the contents of, or omissions from, this Report, or any obligation to provide any additional information or to update or revise this Report (or any of the projections, forecasts or estimates contained herein) or to correct any inaccuracies that become apparent or reflect any change in events, conditions, assumptions or circumstances on which any information contained herein is based, and (ii) for any other written or oral communication transmitted or made available to the recipient or any of their officers, employees, agents or representatives. The Report is proprietary and may not be reproduced or circulated in whole or in part. The information set forth in the Report was gathered from various sources which BBGI believes, but does not guarantee, to be reliable.

About BBGI		Environment &
	climate change

This Report may include statements that are, or may be deemed to be, 'forward-looking statements'. These forward- looking discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'anticipates', 'expects', 'intends', 'may', 'plans', 'projects', 'will', 'explore' or 'should' or, in each case, their negative or other variations or comparable terminology or by include all matters that are not historical facts. They may appear in a number of places throughout this Report and may include, but are not limited to, statements regarding the intentions, beliefs or current expectations

of BBGI and/or the Directors concerning, amongst other things, the investment objectives and investment policy, environmental, social and governance issues, financing strategies, investment performance, results of operations, financial condition, liquidity, prospects, and distribution policy of BBGI and the markets in which it invests.

This Report does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities of BBGI nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or investment decision relating to such securities, nor does it constitute a recommendation regarding the securities of BBGI. It is not marketing material. Past results are not indicative of future performance, and performance may be volatile.

Social		Governance		Appendices

Royal Women's Hospital, Australia

BBGI Global Infrastructure S.A.

1 ESG Report 2022

About this report

This is our third standalone annual Environmental, Social, and Governance ('ESG') Report. This Report provides detailed information on the progresses we have made during 2022 and showcases the achievements delivered at our Portfolio Companies.

The Report focuses on our most material ESG topics, an approach we developed based on stakeholder engagement and materiality assessment. It also aims to complement the Task Force on Climate-Related Financial Disclosures ('TCFD') reporting, included in our 2022 Annual Report, by disclosing our climate metrics and scenario analysis.

The ESG Report and the Annual Report are supplemented by a range of additional sustainability-related disclosures available on our website.

Find out more about our sustainability strategy here:

Annual Report

SFDR disclosures

Net Zero Plan

ESG & Sustainability Risk policy

About BBGI		Environment &
	climate change

This Report covers data from 1 January 2022 to 31 December 2022, and includes comparisons to previous periods where appropriate. All financial figures are stated in GBP unless indicated otherwise. This Report covers the impacts of the Company's corporate and investment activities from its 56 assets as of 31 December 2022.

In developing this Report, we have considered the guidance of TCFD, UN Global Compact, Global Reporting Initiative, and GHG Protocol, in the approach, structure, principles and indicators on which we report. Our TCFD Disclosures, GHG report, GRI content index and SASB content index are provided in the appendix section of this Report. Some elements of this Report have been independently verified.

How to use this report

The following symbol indicate that additional information can be found either in this Report, on our website or in other disclosures.

Read more in this report

Read more online

Should you have any comments or questions about this Report, please send them to: [e-mail].

Social		Governance		Appendices

Find out more

bb-gi.com

Front cover image: Westland Town Hall, Netherlands

Kelowna Hospital and William R. Bennett Bridge in the background, Canada

	BBGI Global Infrastructure S.A.		Environment &
	About BBGI	climate change
2	ESG Report 2022

Foreword from our Co-CEOs

Welcome to our 2022 ESG Report

As the Co-CEOs of our social infrastructure investment company, we are proud to share our latest ESG Report with you. As stewards of important social infrastructure investments, we continue to evolve our reporting and monitoring of our ESG performance, with ESG integrated into our business model. We aim to make a positive impact on society and the environment through our portfolio of social infrastructure investments. This Report highlights our progress and achievements, and supports transparent communication to

all our stakeholders.

We invest in infrastructure that provides essential services and support to communities, such as education, healthcare, blue light (fire and police facilities), affordable housing, modern correctional facilities, clean energy and transport assets.

We made two new acquisitions in 2022: a hydroelectric power plant, which provides clean energy to local communities, and a transportation asset that connects people and communities see page 9.

By investing in these assets, we strive to make a positive impact on society while generating financial returns, in alignment with our SFDR Article 8 classification and the social investment objective we promote. Each of our investment aligns with at least one of six focus Sustainable Development Goals ('SDGs') and we use impactful sustainability indicators to measure the real-world outcomes of our contributions see page 7.

We are proud to report that we have set targets for reducing our corporate and financed emissions, in line with the Net Zero Asset Managers Initiative, aiming to align our investments with the Paris Agreement's goal of limiting global warming to 1.5°C see page 18. Our Portfolio Companies are also expected to contribute to the objectives of the Paris Agreement and we are in the process of compiling a Greenhouse Gas (GHG) inventory

for all our Portfolio Companies, by mid-2023 and will include Scope 1, 2 and material Scope 3 emissions.

Social	Governance

We have also conducted a thorough analysis of the climate-related risk exposure of our portfolio, and the results confirm that our portfolio of social infrastructure investments demonstrates a high degree of climate resilience, both presently and in the future. Our approach to climate-related risks and opportunities is disclosed in our Task Force on Climate-Related Financial Disclosures ('TCFD') disclosures

see page 48.

Throughout 2022, we maintained our culture of robust governance and strong compliance processes to continue operating in an ethical and transparent manner. We are a signatory to the UN Global Compact ('UNGC') and apply the UNGC's Ten Principles. The external third-party ratings we have received from UN PRI, Sustainalytics and ISS confirm the high ESG standards at BBGI and across all our Portfolio Companies. see page 6.

We have approached Level 2 SFDR legislation mindful of the constantly evolving nature of ESG data collection. We have undertaken extensive engagement at each of our assets, which has led us to successfully obtain the broad range of necessary data points directly from our Portfolio Companies

see page 40.

We are confident that by continuing to prioritise ESG considerations we can make a meaningful difference in the world, while delivering strong financial returns for our investors.

Duncan Ball	Frank Schramm
Co-CEO	Co-CEO

Appendices

• We are grateful for the hard work and dedication of our teams in progressing our ESG initiatives. Our commitment to ESG is shared by all staff. We would like to thank all our stakeholders, including our investors, our public sector clients, our subcontractors and management service providers for their continued support and engagement."

Duncan Ball & Frank Schramm, Co-CEOs

BBGI Global Infrastructure S.A.

3 ESG Report 2022

Contents

1. About this report
2. Foreword from our Co-CEOs

About BBGI

1. The fundamentals
2. Sustainability highlights
3. Contribution to Sustainable Development Goals
4. Responsible investing approach
5. 2022 acquisitions
6. Stakeholder engagement

12 ESG dashboard

15 Sustainable Finance Disclosure Regulation

Environment & climate change

1. Pathway to net zero

1. Climate-relatedrisks

1. Environmental initiatives in our portfolio

About BBGI	Environment &	Social	Governance	Appendices
climate change

Social

1. Health and safety
2. Fair employment and remuneration

1. Learning and development
2. Social initiatives in our portfolio

Governance

1. ESG governance
2. ESG monitoring

1. Creating long-term financial and sustainable value
2. Business ethics and integrity
3. Quality of services
4. Cyber-security
5. Looking ahead

Appendices

1. Frameworks
2. TCFD disclosures

1. Climate scenario
2. GHG Protocol

1. Net Zero Investment Framework for Infrastructure
   (Paris-Aligned Investment Initiative)
2. GRI content index

59 SASB content index

Women's College Hospital, Canada