Investment Inventory


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I N F R A S T R U C T U R E & R E N E W A B L E R E S O U R C E S | I N V E S T M E N T I N V E N T O R Y | A S A T M A R C H 3 1 , 2 0 2 1 5 With $20.0 billion (10.0 per cent of BCI's total assets under management), the infrastructure & renewable resources program invests globally in businesses that provide essential services critical to the growth and development of economies and communities. Our portfolio consists of regulated utilities (electricity, gas, and water and wastewater sectors), transportation assets (including roads, rail, bridges, and port terminals), power (hydroelectric, wind, biomass, and solar), and telecommunications. We also hold select investments in timberlands, farmlands, and agri-businesses. The program is well-diversified by geographic regions and sectors — with a typical investment horizon that spans over 20 years. We aim to achieve long-term stable returns within the context of a low to moderate risk portfolio. We pursue direct investments, complemented by strategic relationships, focusing on real assets, and connected, sustainable, and large-scale businesses. By investing in high-quality assets and management teams, our program aims to deliver strong portfolio cash yields and long-term capital appreciation backed by investment-grade capital structures at the portfolio company level. We seek meaningful equity interests that enable us to adopt an active governance approach. Owning companies and assets directly allows our professionals to drive long-term value and align our portfolio company strategies and actions, as much as possible, with the interests of BCI and our clients. We actively invest in sectors that provide a strong defence against cycles in the market, have long contracted cash flows, or have solid thematic support such as digitalization, climate change, and resource scarcity. We work closely with our portfolio companies to ensure that they are well-positioned to manage current and emerging risks. At the same time, we strive to help them capitalize on the opportunities presented by larger global trends, such as the ongoing transition to green energy. Infrastructure & Renewable Resources Summit Digitel Infrastructure (Summit Digitel), BCI's first direct infrastructure investment in India, is a best-in-class infrastructure company of approximately 136,000 towers that provides network coverage across 99.0 per cent of India's population. One of the largest telecom infrastructures in the country, it is now geared to transform India's telecommunication space. Newly built towers are strategically located for pan-India 4G coverage. They are well-positioned for competitiveness as they are largely connected by fibre backhaul, which provides a unique platform to capitalize on the rollout of 5G and future technologies. Since acquiring the telecommunication towers in 2020, we are pleased with the early results and the steps Summit Digitel has made towards ensuring their success and sustainability. These include advancing their ESG journey through: • recruiting corporate and regional teams dedicated to operational health and safety, as well as risk management • conducting employee safety training; holding a driver safety program reaching employees, contractors, and local communities • formalizing ESG reporting in board meetings The company is also looking to increase the use of solar panels and batteries to replace diesel-fuelled generators as a backup power source for dependability. As data services are increasingly critical to societies and economies in today's world, telecom towers are the vital infrastructure that enables opportunities for individuals and communities. Our direct ownership in this company offers our clients a secure, long-term source of revenue. BCI's FIRST INFRASTRUCTURE INVESTMENT IN INDIA Summit Digitel Infrastructure

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