Ecofin Global Utilities and Infrastructure Trust : 2023 Ecofin Global Utilities and Infrastructure Trust plc (EGL) Annual General Meeting Presentation

Ecofin Global Utilities and Infrastructure Trust plc

AGM, 17 March 2023

© 2021 Ecofin

EGL's portfolio manager

Jean-Hugues de Lamaze

Managing Director and Portfolio Manager

Portfolio Manager, Ecofin Global Utilities and Infrastructure Trust plc and the Ecofin Sustainable Listed Infrastructure UCITS Fund.

Joined Ecofin as Portfolio Manager in 2008. 33 years of experience in equities and utilities/infrastructure; 16 years as a specialist PM (Ecofin, UV Capital) and, previously, 17 years on the sell-side as a research analyst (Goldman Sachs, Credit Suisse, Enskilda). Director of Direct Energie S.A., 2012-2019.

Education: INSEAD (Paris), Institut Superieur de Gestion (Paris), LLB from Paris II Assas University, CFAF (certified European financial analyst).

Ecofin

The bridge connecting ecology and finance

Ecofin is a sustainable investment firm founded in 1991 with $2.0 billion AUM.

Ecofin's objective is to deliver strong risk-adjusted returns as a specialist in global infrastructure and energy transition thematics.

Ecofin combines expertise across public and private equities, private debt as well as social impact investing.

Our London investment team is highly experienced and composed of individuals who have worked together for an average of 10 years.

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NAV and share price performance (total returns)

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14

12

10

8

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0

Financial years (%)

From inception to 28 February 2023 (% p.a.)

			18
14.0			16	15.5
12.5			14
			12	10.8
			10
			8
			6
	2.3		4
		0.6	2
			0

	F2022		F2023 to date*		Since Admission in Sept 2016
	EGL NAV		EGL Share price		EGL NAV		EGL Share price

EGL is growing:

• • Block-listingfacility permits issuances in response to daily demand
  • Issuance since April 2020: 21.8mn new shares, or £44.7mn, at a premium to NAV
• to 28 February 2023

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Performance (to 28 February 2023)

							Since	Since
(all total returns in £)	1 M %	3 M %	6 M %	1 Y %	3 Y %	5 Y %	Admission*
Admission* %
							% per annum
EGL NAV	-2.9	-4.0	-6.6	6.4	35.4	95.4	93.5	10.8
EGL Share Price	0.2	3.5	-6.5	16.5	53.2	137.6	152.5	15.5
S&P Global Infrastructure	-1.8	-2.5	-4.8	9.8	19.8	41.8	42.5	5.7
Index
MSCI World Utilities Index	-2.8	-5.5	-9.8	4.8	13.5	58.1	51.4	6.7
MSCI World Index	-0.5	-1.1	0.2	3.1	42.0	62.9	94.0	10.8
FTSE All-Share Index	1.5	4.6	8.7	7.2	29.0	29.0	43.6	5.8
FTSE ASX Utilities	0.8	3.5	2.8	1.9	29.0	78.8	33.7	4.6

1 Since admission to trading on the London Stock Exchange on 26 September, 2016

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Strategy overview

An alternative income strategy featuring capital preservation and exposure to global growth

	Global		Income		Growth
	Diversified across geographies,	Invested in securities with attractive		Growth-oriented infrastructure
	sub-sectors and investment themes
	yields and inflation protection		businesses and utilities
Balance North America/pan-Europe (EM		Portfolio yield c. 4%		DPS growth +5-7% p.a.
	capped at 10%)
			Achieved total return*: 10.8% per annum
	Target total return: 6-12%per annum

Investment universe: c. 400 companies; c. $3.4 trillion market cap.

A mix of regulated and growth-oriented business segments:

Electric & Gas Utilities:

Generation, transmission & distribution of electricity, gas and liquid fuels and renewable energies

Environmental Services:

Water supply, wastewater, water treatment and waste management

Geographical allocation (% of Portfolio)

5% 4%

North America

12%	41%
	Europe
		UK
		Emerging

Transportation Infrastructure:

Roads and airports

38%

Markets Other OECD

*NAV total return since inception to 28 February, 2023; share price total return of 15.5% per annum.

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