Globally, billions of people rely on infrastructure to live their lives, from the toll roads they drive on, the electricity that powers their homes and the water they drink. Global investment in infrastructure is increasing, with $70 trillion expected to be invested by 2035, making this an asset class too large to ignore. In this webinar, Gavin Peacock, Senior Research Analyst at CBRE Clarion Securities, will share his insights on global infrastructure as an asset class within portfolios, and its unique features.

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8. UBS Asset Management
Confidential. For Professional/Institutional Investors only.
Not for Retail distribution
November 2019
Why Global Listed Infrastructure
and Why Now?
This document is intended to provide general information only and has been provided by UBS Asset Management (Australia) Ltd
(ABN 31 003 146 290) (AFS Licence No. 222605).

9. 8
Infrastructure Assets are Essential to Society’s Function
The infrastructure asset class supports the productivity of the global economy.
High Barriers to Entry | Consistent Demand | Defined Revenue Streams I Predictable Growth
• Airports
• Toll Roads
• Railroads
• Ports
• Pipelines/Transport
• Storage
• Processing
• Regulated/Integrated Electric
• Renewables
• Gas
• Water
• Satellites
• Towers
• Data Centers
• Fiber Networks
Information is the opinion of CBRE Clarion, which is subject to change and is not included to be a forecast of future events, a guarantee of future returns, or investment advice.
Any factors noted are not indicative of future investment performance.
Common Investment Characteristics
TransportationMidstream energyUtilities Digital communications

10. 9
Infrastructure’s Investment Benefits
Global infrastructure is a distinct and growing asset class. The listed market is a viable way to access infrastructure’s unique investment characteristics.
Long-Term
Outperformance
Income Inflation Protection Low Cyclicality
and Volatility
Low Correlation
Attractive absolute
and relative total
returns versus other
asset classes
Contractual or
regulated cash flows
support predictable
current yield with
potential for
income growth
Regulation,
concession or key
revenue drivers often
links revenue to
inflation
Demand profile is
relatively inelastic and
predictable,
and offer less
volatility and less
susceptibility to
economic downturns
Exhibit lower
correlation to
traditional asset
classes thereby
providing
diversification
benefits
Attractive returns, income, and diversification
Information is the opinion of CBRE Clarion, which is subject to change and is not included to be a forecast of future events, a guarantee of future returns, or investment advice. Forecasts and any factors discussed
are not a guarantee of future results. Due to the volatility and risk factors associated with investment in real assets, there is no guarantee that investment objectives, or target long-term returns will be obtained,
or that risk volatility can be managed successfully. Any factors noted are not indicative of future investment performance.

11. 10
Long-Term Outperformance
Global Listed Infrastructure has historically offered attractive absolute and relative returns relative to other asset classes.
Total Return Comparison
7.5%
5.1%
4.1% 4.2%
13.6%
12.6%
8.3%
5.3%
14.7%
12.4%
10.1%
8.2%
0%
5%
10%
15%
20%
5 Year 10 Year 15 Year 20 Year
Global Bonds Global Equities Global Infrastructure
Performance data as of 09/30/2019 in AUD. Index performance reflects the reinvestment of earnings and gains but does not reflect the deduction of any fees or
expenses, which would reduce returns. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results.
Global Bonds: Bloomberg Barclays Global Aggregate Bond Index, Global Equities: MSCI World Equity Index, Global Infrastructure: September 2001 through February
28, 2015, was the UBS Global Infrastructure & Utilities 50/50 Index, beginning March 1, 2015, is the FTSE Global Core Infrastructure 50/50 Index.

12. 11
Attractive Income
Listed infrastructure dividend yields are attractive relative to other asset classes and are significant component of historical total return.
1.3%
2.5%
3.3%
Global Bonds Global Equities Global
Infrastructure
Dividend Yield Comparison
$71,110
Global Listed Infrastructure Price and Income Total Return
Growth of $10,000
$31,191
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Total Return Price Return
Data as of 09/30/2019. This information is subject to change and should not be construed as investment advice. An index is unmanaged and not available for direct investment Yields fluctuate and are
not guaranteed. Global Bonds: Bloomberg Barclays Global Aggregate Bond Index, Global Equities: MSCI World Index, Global Infrastructure: September 2001 through February 28, 2015, was the UBS
Global Infrastructure & Utilities 50/50 Index, beginning March 1, 2015, is the FTSE Global Core Infrastructure 50/50 Index performance reflects the reinvestment of earnings and gains but does not reflect
the deduction of any fees or expenses, which would reduce returns. Performance over 1-year is annualized. An index is unmanaged and not available for direct investment.

13. 12
Lower volatility of underlying cash flows
Stable and resilient cash flows that have little relationship to cyclical economic conditions and rise in excess of inflation due to reinvestment in assets.
Operating Earnings Growth Comparison
Source: Global infrastructure universe is represented by CBRE Clarion Infrastructure investable universe, Global Equities: MSCI AWCI Index and U.S. Inflation: U.S. Consumer Price Index data as of
12/31/2018. 2018 is preliminary. This information is subject to change and should not be construed as investment advice. An index is unmanaged and not available for direct investment For comparison
purposes, company operating earnings and the U.S. Consumer Price Index values were rebased to 100 on 12/31/2000. Yields fluctuate and are not guaranteed. Past performance is no guarantee of future
results.
2010 - 2011
• Fiscal Cliff
• European Crisis
• Fiscal and Monetary Easing
2004 – 2007
•Global Liquidity Boom
•Abundant Debt Capital
2008-2009
• Global Financial Crisis
• Balance Sheet Recapitalizations
2002– 2003
• Post 9/11 Economic Recession
2012-Present
• Economic outlook transition
from uncertain to improving
• Corporate deleveraging
Market Cycles
50
100
150
200
250
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Global Infrastructure Universe Global Equities U.S. Inflation

14. Global infrastructure is a defensive asset class
Global listed infrastructure outperformed other real assets by 11% and equities by 12% on average during the recent market correction, providing
relative downside protection and stability.
0.3%
-3.4%
-13.3%
-15.7%
-7.7%
-10.8% -11.1%
-17.4%
Global
Infrastructure
Global
Real Estate
Global Natural
Resources
MLPs Australian
Equities
Global Equities U.S. Equities FANG
OTHER REAL ASSETS EQUITIESINFRASTRUCTURE
TotalReturn(USD)
Downside
Protection
Source: CBRE Clarion, Bloomberg, Morningstar Direct as of December 31, 2018 in AUD.
1Correction period is from the S&P 500 52wk high (September 21, 2018) to market inflection point and recovery (December 31, 2018).
Global Infrastructure: FTSE Global Core Infrastructure 50/50 Total Return Index, Global Real Estate: FTSE EPRA NAREIT Developed Total Return index, MLPs: Alerian MLP Index, Global Natural Resources: S&P Global Natural Resources Total Return
Index, Global Equities: MSCI World Total Return index, U.S. Equities: S&P 500, Small Cap Value: Russell Small Cap Value Index, FANG: NYSE FANG+ Index. Past performance is not a guarantee of future results.
Index Performance Comparison
21 September 2018 through 31 December 20181

15. 14
Less Cyclical Performance
Global infrastructure has a superior downside capture ratio and may preserve capital during periods of market distress.
Infrastructure vs. Global Equities
Upside/Downside Analysis
Source: CBRE Clarion as of 09/30/2019 in AUD. Global Equities: MSCI World Index, Global Infrastructure: UBS Global Infrastructure & Utilities 50/50 Index September 2001 through February 28, 2015, beginning March
1, 2015, is the FTSE Global Core Infrastructure 50/50 Index. An index is unmanaged and not available for direct investment. This information is subject to change and should not be construed as investment advice. There
is no guarantee that risk can be managed successfully. Index returns do not reflect any fees. Past performance is not a guarantee of future returns.
74.60% 74.59% 82.43% 76.58%
-39.14% -49.05% -59.97% -51.71%
5 Year 10 Year 15 Year 20 Year
Upside Capture
Downside Capture

16. Global Listed Infrastructure may enhance portfolio diversification
An allocation may diversify and reduce portfolio risk through a low correlation to equities and bonds as well as other real asset classes.
5 Year 20 Year
Crude Oil 0.26 0.26
Commodities 0.25 0.37
MLPs 0.57 0.47
Global REITs 0.82 0.79
Historical Correlation Analysis
Global Infrastructure vs. Traditional Asset Classes
Real Assets Equities and Bonds
5 Year 20 Year
U.S. Bonds 0.41 0.21
U.S. High Yield 0.67 0.62
Large Cap Equity 0.61 0.69
Source: CBRE Clarion as of 09/30/2019. Crude Oil: WTI (NYM /$bbl); Commodities: S&P GSCI Index; MLPs: Alerian MLP Index; U.S. Bonds: Barclays U.S. Aggregate Index; U.S. High Yield: Bloomberg
Barclays U.S. Aggregate Corporate High Yield Index; Large Cap Equity: Russell 1000 Index. Global REITs: FTSE EPRA/NAREIT Developed Index; Global Infrastructure - *Linked benchmark represents the
change when UBS Global Infrastructure & Utilities 50/50 Index from March 1, 2012 through February 28, 2015 when the index was retired; beginning March 1, 2015 FTSE Global Core Infrastructure 50/50
Index. All return series monthly. Correlation coefficient is the degree to which movements of two variables are related. Information is the opinion of CBRE Clarion, which is subject to change and is not
intended to be a forecast of future events, a guarantee of future results, or investment advice. An index is unmanaged and not available for direct investment. Past performance is not guarantee of future
results.

17. Changing Market Dynamics
Section 2

18. An evolving infrastructure market requires a differentiated approach
In our view, a successful manager implementation for listed infrastructure depends on three attributes:
Inclusive
Investment
Universe
Robust Risk
Management
Private Market
Perspective
• The core infrastructure
investment universe is broader
than some managers may
think
• A more inclusive universe of
core listed infrastructure
companies may provide a
greater opportunity to add-
value and manage risk
• Large single stock holdings
and heavy concentration are a
threat to returns
• Diversification across the
broad infrastructure universe
is essential
• Influences valuations in the
listed markets
• Defines institutional quality
core infrastructure
Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors
discussed are not a guarantee of future results.

19. 18
Increased Influence of the Private Market
951 institutional pension plans are currently allocating to private infrastructure. Our research suggests target allocations globally will increase by
over US$250 billion in the coming years.
Institutional demand for private infrastructure is growing
Source: Preqin, Plan Documents, and CBRE Clarion, all AUM totals expressed in US$ as of 12/31/2018. Institutional pension plans includes Public/Private Pensions, Endowments and Foundations, SWF, Superannuation
investing in Infrastructure included in the Preqin database.
1 The increase in future target allocation includes the change in target allocation disclosed in plan documents and an estimate of implied demand. Implied demand is calculated for plans not disclosing a target allocation
by multiplying the implied allocation target by total plan assets. The implied allocation target adds the average change in allocation targets for each market to the current allocation of plans not disclosing a target
allocation. Plans not investing in private infrastructure are excluded. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future
results, or investment advice. Forecasts and any factors discussed are not a guarantee of future results.
$514B $757B
Total current allocation (US$)
Future target allocation (US$)1

20. 19
Private Infrastructure fundraising is accelerating
Over $340B of capital raised by private infrastructure funds over the past five years.
• Currently 221 private unlisted
infrastructure funds with an aggregate
fundraising target of US$194B
$43
$61
$68
$77
$94
$194
2014 2015 2016 2017 2018 2019 Target
Source: CBRE Clarion, Preqin Quarterly Infrastructure Update Q2 2019. Calendar Years 2014-2018 are committed, 2019 Target represents aggregate fundraising total of 221 private unlisted infrastructure funds. Data
displayed in USD. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any
factors discussed are not a guarantee of future results.
Unlisted Infrastructure Fundraising (US$ Billions)

21. 20
Our valuation approach is informed by private market trends
Investors allocating to listed infrastructure have the opportunity to gain exposure to the asset class at a 20% discount to private market values.
Source: CBRE Clarion as of October 2019. Comparison of average EV/EBIDTA Multiples on 77 private infrastructure market transactions from 01/01/2016 through 06/30/2019 vs. listed infrastructure
market multiples over the same period. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or
investment advice. Forecasts and any factors discussed are not a guarantee of future results.
LISTED VS. PRIVATE INFRASTRUCTURE MARKET MULTIPLES
0
2
4
6
8
10
12
14
16
Listed Market Multiple Private Market Deal Multiple
Valuation
Gap11.8x
14.5x

22. 21
The listed market provides efficient access to core infrastructure
Private market investors are increasingly looking to the listed market to deploy capital.
US$53B
YTD 2019 Total Deal Value$6,767
$8,400
$17,961
$20,000
Utilities Transportation Midstream Energy Communications
Source: CBRE Clarion Securities as of July 2019. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or
investment advice. Forecasts and any factors discussed are not a guarantee of future results.
Private Investors Deal Flow by Sector (US$ Billions)
$4,050 $6,078
$43,000
Direct Share Investment Asset Sales Privatizations
Private Investors Deal Flow by Type (US$ Billions)
34%
Weighted Average
Privatization Premium

23. 22
Global Listed Infrastructure Investment Universe
$4.0Trillion Equity Market Value
364 Companies
Source: Bloomberg and CBRE Clarion Securities as of 09/30/2019. Percentages may not add to 100% due to rounding. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a
forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a guarantee of future results.
Infrastructure investment universe is broad and diverse
Long-Duration Assets High Barriers to Entry
Defined Revenue
Streams
Consistent Demand
Core Investment Characteristics
Our universe is defined by the marriage of consistent cash flows and essential infrastructure assets.
50% United States
8% Canada
3% Latin America
19% Continental Europe
2% United Kingdom
9% Asia
7% Emerging Asia
2% Australia/NZ
22% Integrated Electric
20% Regulated Electric
15% Midstream/Pipelines
13% Rail
9% Communications
6% Gas Distribution
5% Toll Roads
4% Airports
3% Water
2% Renewable Energy
1% Ports
1% Diversified

24. 23
Elevated Idiosyncratic Risk
Portfolio diversification is critical going forward given the risking influence of idiosyncratic risk.
Population growth and decades of underinvestment
Regulatory politicization in the information age
Frequency of natural disasters
Global sustainability initiatives impact legacy assets
Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a
guarantee of future results.
OUR PORTFOLIO CONSTRUCTION IS MINDFUL OF RISING IDIOSYNCRATIC RISK

25. Investment Outlook and Why Invest Today
Section 3

26. 25
Why invest today
Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a
guarantee of future results.
We maintain a positive view of total return potential given continued discount to private market 10-12% next 12 month return outlook
Secular Drivers in Place: Predictable Growth Supported by Inflation
• Infrastructure is a stable asset class that has predictable earnings driven by the need for investment in ageing infrastructure
• Inflation driven revenues as well as on-going investment to update, enhance and replace existing assets provides 3-4% recurring earnings
Allocations to Infrastructure Increasing
• Institutional investors across the globe are targeting more exposure to the asset class
• On top of $175 billion in dry powder at existing funds, there are 220 funds seeking to raise an additional $194 billion in the market today
M&A Activity Accelerating Due to Listed Market Discount to Private Market
• Private equity infrastructure transactions demonstrate EBITDA multiples for core infrastructure are 14-16x versus listed infrastructure at 10-12x
• YTD over $50bn in in transaction activity between private investors and public companies
• M&A transactions across core sectors at a deal-weighted premium of 34%

27. 26
Global listed infrastructure universe valuation
(forecasts)
Attractive valuations
Listed infrastructure is trading at a discount to its long-term average EV/EBITDA multiple relative to U.S. equities, despite accelerating
earnings growth and supportive income yield.
History of Ratios of Global Infrastructure to U.S. Equities
EV/EBITDA Multiples
PE/2020 17.8x
EPS Growth 2 YR CAGR
2020/2018
7.1%
EV/EBITDA 2020 12.4x
Div Yield 2019 3.5%
Dividend Payout Ratio 60.7%
Debt/EV 34.5%
Listed infrastructure offers attractive income yield with stable growth that should deliver double digit returns.
Global Listed Infrastructure discounted to Equities
Source: CBRE Clarion investable universe, FactSet and Bloomberg as of 09/30/2019. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of
future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a guarantee of future results.
0.8
1.0
1.2
1.4
1.6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EV/EBITDA ratio LT Avg

28. 27
A cash flow driven business with opportunities for active management
Source: CBRE Clarion. For illustrative purposes only. Not intended to provide current market analysis. Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of
future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a guarantee of future results.
Underwriting of Organic and Secular Building Blocks of Total Return
Dividend Yield @
60% Payout Ratio
~4%
Dividend yield
8%-11%
Organic
total return
9%-15%
Total return
expectations
1%-3%
3%-4%
1%-4%
Reinvestment of
40% Retained
Earnings on
Existing Assets
Inflation &
Fundamental
Growth
Additional value-
add from active
management
Infrastructure total returns driven by consistent inflation-linked cash flows. In addition, secular drivers and inefficient market information provide
opportunities for active management to add value.

29. 28
Broader investment
universe
Global & well-resourced
investment team
Infrastructure
platform
UBS Clarion Global Infrastructure Securities Fund
High conviction active
management
• Investment scope informed by assets targeted by largest private investors
• Broader investment set than peers has delivered value
• Experienced and specialised team members in our offices worldwide
• Provide a local market perspective on regulatory and political factors
• Multi-step investment process adding value top down and bottom up
• Committed to responsible capacity management in concentrated asset class
• Private market resources of a US$7bn asset manager
• Information edge in underwriting regulation, transactions and valuations
The UBS Clarion Global Infrastructure Securities fund is unique relative to our peers and offers investors the potential for attractive risk-adjusted
returns.

30. 29
The strategy has strong track record
31.5%
27.8%
15.8% 15.0%
19.5% 19.1%
30.9%
26.9%
15.0%
14.2%
18.7% 18.3%
26.0% 26.1%
14.5% 13.7%
16.8% 16.6%
29.2%
25.0%
12.4%
10.9%
15.4% 15.8%
25.1%
21.7%
11.6%
10.4%
14.1% 13.8%
0%
5%
10%
15%
20%
25%
30%
35%
YTD 1 Year 3 Year 5 Year 7 Year Since Inception (03/02/2012)
CBRE Clarion Global Listed Infrastructure Strategy - Gross CBRE Clarion Global Listed Infrastructure Strategy - Net FTSE Global Core Infrastructure 50-50 Index*
Dow Jones Brookfield Infrastructure Index S&P Global Infrastructure Index - Net
Source: CBRE Clarion, FactSet and Bloomberg as of 09/30/2019. Performance are initially calculated in US dollars (USD) and are converted into Australian dollars (AUD), on a monthly basis based on the
respective month-end closing spot rate. This is supplemental information. Gross returns do not reflect the deduction of advisory fees, but are net of transaction costs and include the reinvestment of dividends,
capital gains, and other earnings. Actual returns will be reduced by the advisory fee, as described in Part 2A of CBRE Clarion’s Form ADV, plus any other costs a client may incur directly. Please refer to the
Appendix A1 for the GIPS compliant presentation, which includes important information related to composite description, fees, and index information. An index is unmanaged and not available for direct
investment. Past performance is no guarantee of future results.
*Benchmark Performance from March 1, 2012 through February 28, 2015, the Composite’s benchmark was the UBS Global Infrastructure & Utilities 50/50 Index – net of withholding tax; beginning March 1,
2015, the Composite’s benchmark is the FTSE Global Core Infrastructure 50/50 Index – net of withholding tax.
CBRE Clarion Global Listed Infrastructure Strategy (AUD)
As of 30 September 2019
Outperformed major infrastructure indices since inception.

31. Performance Disclosures
Appendix B

32. 31
Schedule of Investment Performance
Annual Returns
(AUD)
3 Year Annualized Standard Deviation
(AUD)
Number
of
Accounts Dispersion
Composite
Assets
(AUD
Millions)
% of
Firm
Assets
Company
Managed
Assets
(AUD
Millions) 5
Composite
(Gross)
Composite
(Net) 2
UBS Global 50/50
Infrastructure & Utilities
Net Index Linked to FTSE
Global Core Infrastructure
50/50 Net Index 3 4
Composite
(Gross)
UBS Global 50/50
Infrastructure & Utilities
Net Index Linked to FTSE
Global Core Infrastructure
50/50 Net Index 3 4
20121 12.93% 12.28% 10.87% N/A N/A <5 N/A $1.3 <5% $22,777.6
2013 40.82% 39.86% 35.75% N/A N/A <5 N/A $57.5 <5% $25,346.6
2014 26.82% 25.95% 23.27% N/A N/A <5 N/A $67.3 <5% $30,251.8
2015 8.17% 7.42% 5.51% 9.71% 9.56% <5 N/A $53.3 <5% $28,537.5
2016 11.69% 10.90% 11.40% 9.62% 9.09% <5 N/A $70.6 <5% $24,131.8
2017 12.78% 12.00% 9.61% 10.65% 10.19% <5 N/A $134.5 <5% $18,765.9
2018 4.30% 3.58% 6.66% 8.98% 8.29% <5 N/A $192.9 <5% $14,601.5
1 Composite inception date was March 1, 2012. Performance presented is from the inception date of March 1, 2012 through year end. Performance results of periods less than one year are not annualized.
2 Net of fee returns are not subject to examination; only gross of fee returns are examined in the verification engagement.
3 Benchmark Performance from March 1, 2012 through February 28, 2015, the Composite’s benchmark was the UBS Global 50/50 Infrastructure & Utilities Net Index; beginning March 1, 2015, the Composite’s benchmark is
the FTSE Global Core Infrastructure 50/50 Net Index.
4 The UBS Global 50/50 Infrastructure & Utilities Net Index Linked to FTSE Global Core Infrastructure 50/50 Net Index has been taken from a published source and has not been verified by the independent accountants. The
UBS Global 50/50 Infrastructure & Utilities Net Index Linked to FTSE Global Core Infrastructure 50/50 Net Index is gross of Investment advisory fees, if any.
5 Company managed assets are defined as assets of all investment advisory accounts of CBRE Clarion Securities LLC.
Please see additional disclosures on the following page.
CBRE Clarion Global Listed Infrastructure Composite

33. 32
Schedule of Investment Performance Continued
Compliance Statement
CBRE Clarion Securities LLC (CBRE Clarion) claims compliance with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance with the GIPS standards. CBRE Clarion has been independently
verified for the periods of March 1, 2012 through December 31, 2018.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The CBRE Clarion Global Listed Infrastructure Composite
(the Composite) has been examined for the periods from March 2, 2012 through December 31, 2018. The verification and
performance examination reports as well as a complete list and description of CBRE Clarion composites are available upon
request.
Definition of the Firm
CBRE Clarion is an investment adviser registered with the U.S. Securities and Exchange Commission and specializes in the
management of real estate and infrastructure securities. CBRE Clarion includes four wholly owned subsidiaries and has
offices located in Radnor, PA, USA; London, England; Tokyo, Japan; and Sydney, Australia. Total firm assets as of
December 31, 2018 were U.S. $10.3 billion.
Composite Definition
The Global Listed Infrastructure Composite seeks a high total return through investment in global listed infrastructure
securities that demonstrate stable cash flows and consistent cash flow growth. CBRE Clarion uses systemic, top-down
research to evaluate market conditions and trends to judge which regions and sectors offer potential attractive
risk-adjusted returns. Then, CBRE Clarion uses proprietary bottom-up analytical techniques to identify the securities which
it believes will provide stable cash flows and consistent growth. Performance presented is based on returns in U.S. dollars.
The composite creation and inception date is March 1, 2012. The Global Listed Infrastructure Composite’s performance
represents the performance for clients where CBRE Clarion has sole investment authority. The composite includes all non-
restricted, discretionary, fee-paying accounts with market value greater than $1 million, managed according to the
composite’s investment objective including those no longer under management. Performance was initially calculated in US
dollars (USD) and converted into Australian dollars (AUD).
Performance Results
The monthly rate of return for an eligible account uses a time-weighted, daily linked rate of return formula to calculate
each account’s monthly return. Monthly composite returns are calculated by asset weighting each account’s monthly
return based on the beginning-of-month market values. The annual returns are computed by compounding the monthly
rates of return. Performance results are net of execution costs and dividend withholding taxes and assume the
reinvestment of all interest, dividends, and capital gains. Dividend income is recorded on the ex-dividend date. Gross
performance results do not reflect the deduction of management and custody fees, which will reduce the rates of return.
Significant Cash Flow Policy
An account will be temporarily removed from the Composite if it experiences a “significant cash flow” that is a cumulative
cash flow more than 30% of the portfolio’s market value during the month.
3 Year Standard Deviation, Internal Composite Dispersion
The three-year annualized standard deviation measures the variability of the monthly composite returns over the
preceding 36-month period. The internal composite dispersion of annual returns is measured by the standard deviation
across equal-weighted monthly portfolio returns represented within the composite for a full year. Portfolios are only
included in the internal composite dispersion calculation if they were in the composite for a full year. Internal composite
dispersion is not reported if a composite has less than 5 accounts at any point during the year as this is not considered
statistically meaningful.
Treatment of New or Terminated Accounts
New accounts included have been under management for at least one full month. Terminated accounts are included in the
composite through the last full month they are invested.
Policies and Reports
CBRE Clarion’s policies for investment valuation, calculation of returns, significant cash flows, and preparing compliant
presentations are available upon request. Additionally, a complete list of and description of CBRE Clarion’s composites, a
copy of the verification report, and a list of affiliated entities is also available upon request. Please direct requests to the
CBRE Clarion Compliance Department at +1 (610) 995-2500.
Composite Benchmark
Effective March 1, 2015, the Composite is benchmarked to the FTSE Global Core Infrastructure 50/50 Index (USD, net of
withholding taxes) (FTSE 50/50). The constituents of the FTSE 50/50 are selected from the FTSE Global All Cap Index using
FTSE’s definition of infrastructure (50% Utilities, 30% Transportation, and 20% mix of other sectors including pipelines,
satellites, and telecommunication towers).
Prior to March 1, 2015, the Composite was benchmarked to the UBS Global 50/50 Infrastructure & Utilities Index (UBS
50/50) (USD, net of withholding taxes). The UBS 50/50 is an unmanaged market-weighted index which consists of
infrastructure and utility companies from developed markets whose floats are larger than US $500 million and earn more
than 50% of EBITDA from infrastructure or utilities business. The change in the benchmark resulted from the cessation of
the UBS 50/50 and the subsequent change in benchmark for the underlying constituent accounts in the Composite. The
benchmarks are linked to present a continuous comparison to the Composite. From March 1, 2012 through February 28,
2015, the Composite’s benchmark was the UBS 50/50; beginning March 1, 2015, the Composite’s benchmark is the FTSE
50/50.
The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the
investments underlying the returns presented on the Schedule of Investment Performance. The composition of an index
may not reflect the manner in which an account is constructed in relation to expected or achieved returns, portfolio
guidelines, restrictions, volatility or tracking error targets, all of which may change over time. Accordingly, investment
results and volatility of individual accounts will differ from those of the benchmark. Investors cannot invest directly in an
index.
Fees
Fees are described in the client’s investment management agreement or Part 2A of the CBRE Clarion Form ADV. The
management fee for the strategy is generally tiered with an average rate of .50% per annum, billed quarterly in arrears, for
an initial investment of US $50 million. Fees are negotiable depending on the size of the account, and may include a
performance component. Management fees do not include custody fees. Net of fees returns are calculated by deducting
the annualized equivalent of the annual management fee for each constituent account from the gross of fees return for
the constituent on a monthly basis. Net performance additionally reflects the reduction of performance fees if applicable.
Net of fee returns are not subject to examination; only gross of fee returns are examined in the verification engagement.
Additional Disclosures
The information presented should not be considered as investment advice or a recommendation for investment in any
strategy, fund, or security. There are no assurances that individual account performance will match or outperform any
composite or particular benchmark. Investing in securities involves risks including the potential loss of principal. While
listed equities may offer the potential for greater long-term growth and liquidity than some debt securities and private
securities, listed equities generally have higher volatility. Past performance is no guarantee of future results.
Infrastructure equities are subject to risks similar to those associated with the direct ownership of infrastructure assets.
Portfolios concentrated in infrastructure securities may experience price volatility and other risks associated with non-
diversification. International investments may involve risk of capital loss from unfavorable fluctuation in currency values,
from differences in generally accepted accounting principles, or from economic or political instability in other nations.

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UBS Asset Management Disclaimer
This presentation and accompanying documents is intended to provide general information only and has been prepared by UBS Asset Management (Australia) Ltd
(ABN 31 003 146 290) (AFS Licence No. 222605) without taking into account any particular person’s objectives, financial situation or needs. Investors should
before acting on the information provided in this presentation, consider the appropriateness of the information having regard to their personal objectives,
financial situation or needs.
Any opinions expressed in this material are those of UBS Asset Management (Australia) Ltd, a member of the Asset Management division of UBS Group AG, and
are subject to change without notice. Although all information in this presentation and documents is obtained in good faith from sources believed to be reliable no
representation of warranty, express or implied is made as to its accuracy or completeness. Neither UBS Group AG nor any of its affiliates, directors, employees or
agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.
The information provided during this presentation must not be relied on to make an investment decision. It is not an offer or recommendation to acquire an
interest in the UBS Managed Investment Funds (UBS Funds) or recommendation to purchase or sell any particular security. Offers of interests in the UBS Funds are
contained in the relevant current Product Disclosure Statement (PDS). An investment in any of the UBS Funds does not represent deposits or other liabilities of
UBS Group AG or any other member company of the UBS Group. Your investment is subject to investment risk, including possible delays in repayment and loss of
income and capital invested. The repayment of capital or income is not guaranteed by any company in the UBS Group.
Performance can be volatile and future returns can vary from past returns. Up-to-date performance information can be obtained by contacting UBS Asset
Management (Australia) Ltd. A copy of the PDS is available from UBS Asset Management (Australia) Ltd, the issuer of the UBS Funds, on (02) 9324 3222 or freecall
on 1800 023 043. You should consider that PDS and obtain professional advice before making any decision about whether to acquire or continue to hold an
investment in the Fund(s).
This document may not be reproduced or copies circulated without prior authority from UBS Asset Management (Australia) Ltd.
Source for all data and charts (if not indicated otherwise): UBS Asset Management.
© UBS Group AG 2019. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

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