1.3 Company Inclusion Criteria

The investable universe is documented in each market by drawing a list of uniquely identified firms at the company-registration level. EDHECinfra uses a bottom-up approach to identify investable companies in the universe. Our list of investable infrastructure projects is aggregated from various sources, including government disclosures, infrastructure databases, news articles, and privately contributed information.

Clear eligibility rules have been defined to ensure the systematic manner in which companies are identified and included in the universe. To be considered investable in countries that meet the market-inclusion criteria, individual unlisted infrastructure companies must themselves meet a number of criteria:

• Investability: an infrastructure companies is considered “investable” if it is majority owned by the private sector and all or part of its equity capital can be sold to a third party. Likewise, private infrastructure borrowers are companies that have issued private debt instruments that are “available for sale” under IFRS 9 or US GAAP.

• TICCS® qualification: an investable infrastructure company or borrower can be fully classified under the four-pillar taxonomy.

• Infrastructure revenues: the overwhelming majority (more than 70%) of an infrastructure company’s revenue comes from infrastructure-related activities as defined under the TICCS® second pillar, which lists relevant industrial activities considered to correspond to infrastructure activities.

• Minimum available data: companies (borrowers) must be uniquely identified and named, and key start dates must be available (incorporation, financial close).

• Minimum size (Total Assets Book Value): USD500,000

A detailed presentation of the TICCS® classification can be found here.