Fund ID Report ID Asset ID Project GroAsset Name

2 2 87 Achieve Together
2 2 87 Achieve Together
2 2 87 Achieve Together
2 2 87 Achieve Together
2 2 87 Achieve Together
2 2 88 London Luton Airport
2 2 88 London Luton Airport
2 2 88 London Luton Airport
2 2 88 London Luton Airport
2 2 89 Everstream
2 2 89 Everstream
2 2 89 Everstream
2 2 89 Everstream
2 2 89 Invenergy
2 2 90 Everstream
2 2 91 Expedient
2 2 91 Expedient
2 2 91 Expedient
2 2 91 Expedient
2 2 91 Expedient
2 2 92 Ebus Americas
2 2 92 Ebus Americas
2 2 92 Ebus Americas
2 2 92 Ebus Americas
2 2 92 Ebus Americas
2 2 93 VX Fibre
2 2 93 VX Fibre
2 2 93 VX Fibre
2 2 93 VX Fibre
2 2 93 VX Fiber
2 2 4
2 2 4
2 2 4
2 2 4
2 2 4
2 2 4
2 2 4
2 2 4
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 18 Bartec
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 19 BGL
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 21 Brinks Home Security
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 22 Curium
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 23 Exact
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 24 Finastra
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 25 Galderma
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 26 Inspired Education
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 27 Oterra
3 4 28 Olink
3 4 28 Olink
3 4 28 Olink
3 4 28 Olink
3 4 28 Olink
3 4 28 Olink
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 29 Optiv
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 30 Paymentsense II
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 31 Skillsoft
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 32 SSP
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 33 Syncreon
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 34 Visma
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 35 Vivint II
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 4 36 WS Audiology
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 18 Bartec
3 12 19 BGL
3 12 19 BGL
3 12 19 BGL
3 12 19 BGL
3 12 20 Bridgepoint CLOs
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 21 Brinks Home Security
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 22 Curium
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 23 Exact
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 24 Finastra
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 25 Galderma
3 12 26 Inspired Education
3 12 26 Inspired Education
3 12 26 Inspired Education
3 12 26 Inspired Education
3 12 27 Oterra
3 12 27 Oterra
3 12 27 Oterra
3 12 27 Oterra
3 12 28 Olink
3 12 28 Olink
3 12 28 Olink
3 12 28 Olink
3 12 28 Olink
3 12 28 Olink
3 12 28 Olink
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 29 Optiv
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 30 Paymentsense II
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 31 Skillsoft
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 32 SSP
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 33 Syncreon
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 34 Visma
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 35 Vivint II
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
3 12 36 WS Audiology
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 52 Smart Parc
4 6 53 Code
4 6 53 Code
4 6 53 Code
4 6 54 Technologiepark Köln - TPK
4 6 54 Technologiepark Köln - TPK
4 6 55 Unum
4 6 55 Unum
4 6 55 Unum
4 6 55 Unum
4 6 55 Unum
4 6 55 Unum
4 6 56 Castle
4 6 56 Castle
4 6 56 Castle
4 6 56 Castle
4 6 56 Castle
4 6 56 Castle
4 6 56 Castle
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 57 N2
4 6 58 Southside
4 6 58 Southside
4 6 58 Southside
4 6 58 Southside
4 6 58 Southside
4 6 58 Southside
4 6 59 Allee Center
4 6 59 Allee Center
4 6 59 Allee Center
4 6 59 Allee Center
4 6 59 Allee Center
4 6 59 Allee Center
4 6 59 Allee Center
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 6 60 Maria
4 16 52 Smart Parc
4 16 52 Smart Parc
4 16 52 Smart Parc
4 16 52 Smart Parc
4 16 52 Smart Parc
4 16 52 Smart Parc
4 16 53 Code
4 16 54 Technologiepark Köln - TPK
4 16 55 Unum
4 16 55 Unum
4 16 55 Unum
4 16 55 Unum
4 16 55 Unum
4 16 56 Castle
4 16 56 Castle
4 16 56 Castle
4 16 56 Castle
4 16 56 Castle
4 16 57 N2
4 16 57 N2
4 16 57 N2
4 16 57 N2
4 16 57 N2
4 16 57 N2
4 16 57 N2
4 16 58 Southside
4 16 58 Southside
4 16 58 Southside
4 16 58 Southside
4 16 58 Southside
4 16 58 Southside
4 16 59 Allee Center
4 16 59 Allee Center
4 16 59 Allee Center
4 16 59 Allee Center
4 16 59 Allee Center
4 16 59 Allee Center
4 16 59 Allee Center
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
4 16 60 Maria
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 36 WS Audiology
5 8 37 Desotec
5 8 37 Desotec
5 8 37 Desotec
5 8 37 Desotec
5 8 37 Desotec
5 8 37 Desotec
5 8 37 Desotec
5 8 38 Curaeos
5 8 38 Curaeos
5 8 38 Curaeos
5 8 38 Curaeos
5 8 38 Curaeos
5 8 38 Curaeos
5 8 38 Curaeos
5 8 39 VFS Global
5 8 39 VFS Global
5 8 39 VFS Global
5 8 39 VFS Global
5 8 39 VFS Global
5 8 39 VFS Global
5 8 40 Apleona
5 8 40 Apleona
5 8 40 Apleona
5 8 40 Apleona
5 8 40 Apleona
5 8 40 Apleona
5 8 40 Apleona
5 8 41 Ottobock
5 8 41 Ottobock
5 8 41 Ottobock
5 8 41 Ottobock
5 8 41 Ottobock
5 8 41 Ottobock
5 8 41 Ottobock
5 8 43 Eton
5 8 43 Eton
5 8 43 Eton
5 8 43 Eton
5 8 43 Eton
5 8 43 Eton
5 8 43 Eton
5 8 44 Sitecore
5 8 44 Sitecore
5 8 44 Sitecore
5 8 44 Sitecore
5 8 44 Sitecore
5 8 44 Sitecore
5 8 44 Sitecore
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 46 BlueStep Bank
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 48 Lima Corporate
5 8 49 IVC
5 8 49 IVC
5 8 49 IVC
5 8 49 IVC
5 8 49 IVC
5 8 49 IVC
5 8 49 IVC
5 8 50 Certara
5 8 50 Certara
5 8 50 Certara
5 8 50 Certara
5 8 50 Certara
5 8 50 Certara
5 8 50 Certara
5 8 51 Acumatica
5 8 51 Acumatica
5 8 51 Acumatica
5 8 51 Acumatica
5 8 51 Acumatica
5 8 51 Acumatica
5 12 43 Eton
5 12 43 Eton
5 12 43 Eton
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 36 WS Audiology
5 14 37 Desotec
5 14 37 Desotec
5 14 37 Desotec
5 14 37 Desotec
5 14 37 Desotec
5 14 37 Desotec
5 14 38 Curaeos
5 14 38 Curaeos
5 14 38 Curaeos
5 14 38 Curaeos
5 14 38 Curaeos
5 14 38 Curaeos
5 14 39 VFS Global
5 14 39 VFS Global
5 14 39 VFS Global
5 14 39 VFS Global
5 14 39 VFS Global
5 14 39 VFS Global
5 14 40 Apleona
5 14 40 Apleona
5 14 40 Apleona
5 14 40 Apleona
5 14 40 Apleona
5 14 41 Ottobock
5 14 41 Ottobock
5 14 41 Ottobock
5 14 41 Ottobock
5 14 41 Ottobock
5 14 41 Ottobock
5 14 43 Eton
5 14 43 Eton
5 14 43 Eton
5 14 44 Sitecore
5 14 44 Sitecore
5 14 44 Sitecore
5 14 44 Sitecore
5 14 44 Sitecore
5 14 44 Sitecore
5 14 44 Sitecore
5 14 46 BlueStep Bank
5 14 46 BlueStep Bank
5 14 46 BlueStep Bank
5 14 46 BlueStep Bank
5 14 46 BlueStep Bank
5 14 46 BlueStep Bank
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 48 Lima Corporate
5 14 49 IVC
5 14 49 IVC
5 14 49 IVC
5 14 49 IVC
5 14 49 IVC
5 14 49 IVC
5 14 49 IVC
5 14 50 Certara
5 14 50 Certara
5 14 50 Certara
5 14 50 Certara
5 14 50 Certara
5 14 50 Certara
5 14 51 Acumatica
5 14 51 Acumatica
5 14 51 Acumatica
5 14 51 Acumatica
 5 14 51 Acumatica
5 14 51 Acumatica
5 14 51 Acumatica
10 27 133 Umove
10 27 134 Mekka Traffic
10 27 135 CFTR
10 27 136 U move
10 27 136 U move
10 27 137 Mekka Traffic
10 27 137 Mekka Traffic
10 27 137 Dst telecom
10 27 138 CFTR
10 27 138 CFTR
10 27 138 G.Network
10 27 139 Heliot
10 27 140 DST TELECOM
10 27 140 DST TELECOM
10 27 140 CogenInfra
10 27 141 G.Network
10 27 141 G.Network
10 27 141 PFP II
10 27 142 HELIoT
10 27 142 HELIoT
10 27 142 Varanger Kraftvind
10 27 143 CogenInfra
10 27 143 CogenInfra
10 27 143 ViaNovus
10 27 144 PFP II
10 27 144 PFP II
10 27 145 VARANGER KRAFTVIND
10 27 145 VARANGER KRAFTVIND
10 27 146 Via Novus
10 27 146 Via Novus
11 29 164 Thames Water
11 29 164 Thames Water
11 29 164 Thames Water
11 29 164 Thames Water
11 29 165 Powerco
11 29 165 Powerco
11 29 165 Powerco
11 29 166 Port of Brisbane
11 29 166 Port of Brisbane
11 29 166 Port of Brisbane
11 29 166 Port of Brisbane
11 29 167 CampusParc
11 29 167 CampusParc
11 29 167 CampusParc
11 29 167 CampusParc
11 29 168 Long Beach Courthouse
11 29 168 Long Beach Courthouse
11 29 168 Long Beach Courthouse
11 29 168 Long Beach Courthouse
11 29 169 Montreal University Hospital Research Centre (“CRCHUM”)
11 29 169 Montreal University Hospital Research Centre (“CRCHUM”)
11 29 169 Montreal University Hospital Research Centre (“CRCHUM”)
11 29 169 Montreal University Hospital Research Centre (“CRCHUM”)
12 31 170 Lochard Energy
12 31 170 Lochard Energy
12 31 170 Lochard Energy
12 31 170 Lochard Energy
12 31 170 Lochard Energy
12 31 170 Lochard Energy
12 31 171 Port of Melbourne
12 31 171 Port of Melbourne
12 31 171 Port of Melbourne
12 31 172 Powering Australian Renewables
12 31 172 Powering Australian Renewables (“PowAR”)
12 31 172 Powering Australian Renewables (“PowAR”)
12 31 173 MasParc and Mobility LLC
12 31 173 MasParc and Mobility
12 31 173 MasParc and Mobility
12 31 174 Hobart International Airport
12 31 174 Hobart International Airport
12 31 174 Hobart International Airport
12 31 174 Hobart International Airport
12 31 175 Sea Swift
12 31 175 Sea Swift
12 31 175 Sea Swift
12 31 176 Nexus Hospitals
12 31 176 Nexus Hospitals
12 31 176 Nexus Hospitals
12 31 176 Nexus Hospitals
12 31 177 Pacific Energy
12 31 177 Pacific Energy
12 31 177 Pacific Energy
12 31 177 Pacific Energy
12 31 178 Brussels Airport
12 31 178 Brussels Airport
12 31 178 Brussels Airport
12 31 178 Brussels Airport
12 31 179 Generate Capital
12 31 179 Generate Capital
12 31 179 Generate Capital
13 33 180 EagleClaw
13 33 180 EagleClaw
13 33 180 EagleClaw
13 33 180 EagleClaw
13 33 180 EagleClaw
13 33 181 Venture LNG
13 33 181 Venture LNG
13 33 182 OCENSA
13 33 182 OCENSA
13 33 182 OCENSA
13 33 182 OCENSA
13 33 182 OCENSA
13 33 183 TIP Trailer Services
13 33 183 TIP Trailer Services
13 33 183 TIP Trailer Services
13 33 183 TIP Trailer Services
13 33 183 TIP Trailer Services
13 33 184 Domidep
13 33 184 Domidep
13 33 184 Domidep
13 33 184 Domidep
13 33 184 Domidep
13 33 185 Rubis Terminal
13 33 185 Rubis Terminal
13 33 185 Rubis Terminal
13 33 185 Rubis Terminal
13 33 185 Rubis Terminal
13 33 186 Conrad Energy II
13 33 186 Conrad Energy II
13 33 186 Conrad Energy II
13 33 186 Conrad Energy II
13 33 186 Conrad Energy II
13 33 187 HGC Global Communications
13 33 187 HGC Global Communications
13 33 187 HGC Global Communications
13 33 187 HGC Global Communications
13 33 187 HGC Global Communications
13 33 188 BDx Data Center Platform
13 33 188 BDx Data Center Platform
13 33 188 BDx Data Center Platform
13 33 188 BDx Data Center Platform
13 33 189 THINK Energy
 13 33 189 THINK Energy
13 33 189 THINK Energy
13 33 189 THINK Energy
13 33 189 THINK Energy
13 33 6
13 33 6
13 33 6
13 33 6
13 33 6
13 33 191 Lightstorm Telecom
13 33 191 Lightstorm Telecom
13 33 191 Lightstorm Telecom
13 33 192 HEXA Renewables Taiwan
13 33 192 HEXA Renewables Taiwan
13 33 192 HEXA Renewables Taiwan
13 33 5
13 33 5
13 33 5
13 33 5
13 33 5
14 36 224 CityFibre
14 36 224 CityFibre
14 36 224 CityFibre
14 36 224 CityFibre
14 36 225 Lyntia
14 36 225 Lyntia
14 36 225 Lyntia
14 36 226 FirstLight fiber
14 36 226 FirstLight fiber
14 36 226 FirstLight fiber
14 36 227 IDEX
14 36 227 IDEX
14 36 227 IDEX
15 38 240 Angel Trains
15 38 240 Angel Trains
15 38 240 Angel Trains
15 38 240 Angel Trains
15 38 240 Angel Trains
15 38 240 Angel Trains
15 38 229 Australia Pacific Airports Corporation Limited
15 38 229 Australia Pacific Airports Corporation Limited
15 38 229 Australia Pacific Airports Corporation Limited
15 38 229 Australia Pacific Airports Corporation Limited
15 38 229 Australia Pacific Airports Corporation Limited
15 38 229 Australia Pacific Airports Corporation Limited
15 38 230 ESVAGT
15 38 230 ESVAGT
15 38 230 ESVAGT
15 38 230 ESVAGT
15 38 230 ESVAGT
15 38 230 ESVAGT
15 38 231 ITS ConGlobal
15 38 231 ITS ConGlobal
15 38 231 ITS ConGlobal
15 38 231 ITS ConGlobal
15 38 231 ITS ConGlobal
15 38 231 ITS ConGlobal
15 38 232 Leeds Bradford Airport
15 38 232 Leeds Bradford Airport
15 38 232 Leeds Bradford Airport
15 38 232 Leeds Bradford Airport
15 38 232 Leeds Bradford Airport
15 38 232 Leeds Bradford Airport
15 38 233 Millennium Garages
15 38 233 Millennium Garages
15 38 233 Millennium Garages
15 38 233 Millennium Garages
15 38 233 Millennium Garages
15 38 233 Millennium Garages
15 38 234 Newcastle Airport
15 38 234 Newcastle Airport
15 38 234 Newcastle Airport
15 38 234 Newcastle Airport
15 38 234 Newcastle Airport
15 38 234 Newcastle Airport
15 38 235 Opal HealthCare
15 38 235 Opal HealthCare
15 38 235 Opal HealthCare
15 38 235 Opal HealthCare
15 38 235 Opal HealthCare
15 38 235 Opal HealthCare
Project Group Name Item Item Value
YTD Key Events Achieve Together’s YTD EBITDA was £32
Outlook and Key Priorities Achieve Together is closely monitoring a
Key Business Developments The main focus of the business currently
Key Performance Indicators (KPIs) Achieve Together continues to perform
ESG Highlights Management is currently developing a s
YTD Key Events Passenger performance in November wa
Outlook and Key Priorities The EU and the UK came to a last-minut
Key Business Developments LLA at present has planning consent to g
Key Performance Indicators (KPIs) Year-to-date (for the eleven
- The above transaction monthsantoatt
represents N
YTD Key Events
Key Performance Indicators (KPIs) Revenue increased 46.3%
- Recent development YoYexpansion
of the as a result
Key Business Developments -- The US$85.0
In addition tomillion of incremental
fibre providing back-haulcom
Outlook and Key Priorities -- Invenergy
The significant impacts
actively seeksacross the mark
to enrich local
ESG Highlights -Everstream
Invenergy actively monitors safety
does not currently face any at the
ESG Highlights -- No major2020
November injuriesYTDorrevenues
damageswere haveUS$
be
YTD Key Events - Q4 2020 bookings, however, are trackin
Key Performance Indicators (KPIs) Revenue increased 14.3% compared to p
Key Business Developments Single Asset Acquisitions: Expedient is in
Outlook and Key Priorities Generally,
-- No majormacro
injuries trends continue
or damages to exh
have be
ESG Highlights in this quarter.
YTD Key Events Financial close on the Ebus Americas pla
Key Performance Indicators (KPIs) YTD revenue and EBITDA performed to e
Key Business Developments Operating
The e-mobilityAssets: The focus
industry of the JV haa
is experiencing
Outlook and Key Priorities the
suchtransportation
as Wi-Fi and air sector, electrification
conditioning. The b
ESG Highlights marketplace
In Q4 2020 the team was busy onboardi
YTD Key Events Chairman and CEO to review the compa
Key Performance Indicators (KPIs) Group EBITDA performance has broadly
Key Business Developments In Q4 2020, investor consent was provid
Outlook and Key Priorities Western Europe,
VX Fiber does notwhere VX Fiber
currently is targe
face any env
ESG Highlights -- VX Fiber has a strictly enforced
After COVID-19 related and regulatory healthd
Invenergy YTD Key Events -- On a consolidated
Compared to 2019,portfolio basis, 2020
lower demand and
Invenergy Key Performance Indicators (KPIs) - Hardee benefited from higher producti
Invenergy Key Business Developments Operating Projects: The company contin
Invenergy Outlook and Key Priorities Major themes and trends in the North A
Invenergy Note 1 Financial results above represent consol
Invenergy Note 2 Capital Expenditures excludes constructi
Invenergy Note 3 Revenue and EBITDA figures above are g
Invenergy Note 4 Los Ramones achieved COD in Decembe
Current ESG Practice Score 4.0 out of 5
Current ESG Practice Score 4.0 out of 5
Current ESG Solutions score 3.0 out of 5
ESG Highlights Positive societal impact through increasi
Trading Highlights Trading conditions have been difficult fro
Liquidity Highlights Strong liquidity position
Covenants Significant covenant headroom
Maturities/Exit First maturity in 2024
Significant progress on initiatives to date New business unit structure implemente
Current ESG Practice Score 4.7 out of 5
Current ESG Practice Score 4.7 out of 5
Current ESG Solutions score 4.0 out of 5by 36%, Printing by half, and p
emissions
ESG Highlights 20%.
Trading Highlights Flat compared to the prior year; negativ
Liquidity Highlights Strong liquidity of >£300m, driven by the
Covenants Significant covenant headroom
Maturities/Exit Senior loan maturity in 2026
Current ESG Practice Score 4.1 out of 5
Current ESG Practice Score 4.1 out of 5
Current ESG Solutions score 3.0 out of 5
ESG Highlights Brinks is focused on creating a strong cu
Trading Highlights Performance continues to improve with
Liquidity Highlights Sufficient liquidity following amendment
Covenants Ample covenant headroom following am
Maturities/Exit No major maturities until 2024
Current ESG Practice Score 3.4 out of 5
Current ESG Practice Score 3.4 out of 5
Current ESG Solutions score 3.0 out of 5
ESG Highlights Curium provides clear social benefits by
Trading Highlights Performance for Q4 and audited FY2020
Liquidity Highlights Strong liquidity with €71m of cash on ba
Covenants No meaningful covenants
Maturities/Exit First maturity in 2026
Current ESG Practice Score 3.4 out of 5
Current ESG Practice Score 3.4 out of 5
Current ESG Solutions score 3.0 out of 5
ESG Highlights Curium provides clear social benefits by
Trading Highlights Good performance in Q1 2021 with like-
Liquidity Highlights Good liquidity provided by cash and und
Covenants Good headroom to RCF covenant.
Maturities/Exit First maturity in 2026
Current ESG Practice Score 4.3 out of 5
Current ESG Practice Score 4.3 out of 5
Current ESG Solutions score 3.3 out of 5
ESG Highlights Finastra includes CSR in its mission state
Trading Highlights FY2021 (to May 2021) revenue was in lin
Liquidity Highlights Good liquidity provided by cash balance
Covenants Good headroom to RCF covenant.
Maturities/Exit First maturity in 2024.
Current ESG Practice Score 4.7 out of 5
Current ESG Practice Score 4.7 out of 5
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
3.3 out of 5
Galderma has an ESG roadmap with targ
Performance continues to be strong acro
Good liquidity provided by cash and und
Good headroom to RCF covenant.
First maturity in 2027.
2.9 out of 5
2.9 out of 5
5 out of 5
Inspired Education provides a key social
Strong performance to date driven by gr
Good liquidity profile as a result of stron
Significant covenant headroom.
First meaningful maturity in 2025.
4 out of 5
4 out of 5
4 out of 5
Business provides all-natural colours tha
Strong initial performance with both rev
Good liquidity position.
No covenant.
First meaningful maturity in 2026.
4.4 out of 5
4.4 out of 5
4.8 out of 5
Olink contributes to the understanding o
Q1 2021 sales up 70% vs. Prior year. Full
Strong cash position following IPO.
2.4 out of 5
2.4 out of 5
3 out of 5
Optiv helps its customer to build sustain
Strong continued performance in Q1 202
Strong liquidity comprised of cash on ba
No meaningful covenants.
First meaningful maturity in 2024.
3.3 out of 5
3.3 out of 5
3.3 out of 5
Paymentsense provides support to depr
Growth has slowed due to lockdown me
Significant cash on balance sheet.
No meaningful covenants.
Senior Secured Notes mature in 2025.
3.6 out of 5
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Other Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
Liquidity Highlights
Covenants
Maturities/Exit
Current ESG Practice Score
Current ESG Practice Score
Current ESG Solutions score
ESG Highlights
Trading Highlights
3.6 out of 5
4.7 out of 5
Skillsoft has launched a series of free on
While 2020 trading was negatively impa
Sufficient liquidity provided by the $500
The Fund and the company's other credi
No financial covenant on the new TLB.
New TLB matures in 2028.
5 out of 5
5 out of 5
3.3 out of 5
SSP includes CSR in its mission statemen
In the quarter to Jun-21, sales were wea
Strong liquidity after a £475m equity righ
Good headroom.
Loans mature in 2024.
3.3 out of 5
3.3 out of 5
3.3 out of 5
Syncreon launched a green strategy calle
Continued strong trading, driven by outp
Strong liquidity with $118m of cash on b
Significant covenant headroom.
Sale of the business was announced to D
5 out of 5
5 out of 5
4 out of 5
In 2020, Visma was featured on the Fina
Very strong performance to date, with h
Strong liquidity position on the back of h
No meaningful covenants.
Holdco PIK facility matures in 2027
3.7 out of 5
3.7 out of 5
3 out of 5
Vivint Smart Home products are designe
Strong performance in Q1 and reaffirme
Strong liquidity provided by balance she
No meaningful covenants.
In June, Vivint announced that it will be
5 out of 5
5 out of 5
4 out of 5
WS Audiology includes CSR in its mission
Integration of Sivantos and Widex is pro
Liquidity Highlights Good liquidity provided by cash on balan
Covenants Good headroom to RCF covenant.
Maturities/Exit First meaningful maturity in 2026.
Current ESG Practice Score 4.0 out of 5
Current ESG Practice Score 4.0 out of 5
Current ESG Solutions score 3.0 out of 5
ESG Highlights Positive
materiallysocietal impact
reduced, through
however increasi
sales have
Trading Highlights due to the fulfilment of past orders
Liquidity Highlights Strong liquidity position
Covenants Significant covenant headroom
Maturities/Exit First maturity in 2024
Significant progress on initiatives to date New business unit structure implemente
Current ESG Practice Score 4.7 out of 5
Current ESG Practice Score 4.7 out of 5
Current ESG Solutions score 4.0 out emissions
carbon of 5 by 36%, cutting printin
ESG Highlights and paper usage by 20%.
Portfolio Highlights Invested across 75 names. Average posi
Current ESG Practice Score 4.1 out of 5
Current ESG Practice Score 4.1 out of 5
Current ESG Solutions score 3.0 outthe
across of 5organisation (please refer to n
ESG Highlights Senior more detail)
Trading Highlights performance continues
provide incremental to improve
revolver with
capacity to
Liquidity Highlights growth plan
ample covenant headroom following
Covenants amendment with existing lenders
Maturities/Exit no major maturities until 2024
Current ESG Practice Score 3.4 out of 5
Current ESG Practice Score 3.4 out of 5
Current ESG Solutions score 3.0 out of 5and greater chances of surviv
treatment
ESG Highlights often allows
for 2021 for better
is strong, withpatient
budgettreatmen
of €215m
Trading Highlights EBITDA (16% year-on-year growth).
Liquidity Highlights Strong liquidity with €96m of cash on ba
Covenants No meaningful covenants
Maturities/Exit First maturity in 2026
Current ESG Practice Score 3.6 out of 5
Current ESG Practice Score 3.6 out of 5
Current ESG Solutions score 3.3 out ofhours.
working 5 Exact also matches any e
ESG Highlights donation via a dedicated
growth of +6% year-on-year, fund.driven by s
Trading Highlights and
good liquidity provided by offerings
software-as-a-service cash and
Liquidity Highlights undrawn RCF
Covenants good headroom to RCF covenant
Maturities/Exit first maturity in 2026
Current ESG Practice Score 4.3 out of 5
Current ESG Practice Score 4.3 out of 5
Current ESG Solutions score 3.3 out of 5with priorities on financial inc
statement
ESG Highlights innovation and environment.
 previous year and budget due to well-m
Trading Highlights savings initiatives.
good liquidity provided by cash balance
Liquidity Highlights and undrawn RCF
Covenants good headroom to RCF covenant
Maturities/Exit First maturity in 2024.
Current ESG Practice Score 4.7 out of 5
Current ESG Practice Score 4.7 out of 5
Current ESG Solutions score 3.3 out ofand
diversity 5 inclusion, greenhouse emis
ESG Highlights waste and water
were severely consumption,
impacted. among
Overall, o
sales ca
Trading Highlights with previous year and EBITDA increased
Liquidity Highlights Good liquidity provided by cash and und
Covenants Good headroom to RCF covenant.
Maturities/Exit First maturity in May 2027.
Current ESG Practice Score 2.9 out of 5
Current ESG Practice Score 2.9 out of 5
Current ESG Solutions score 5
orout of 5
environmental challenges and to crea
ESG Highlights businesses based on these solutions.
Current ESG Practice Score 4 out of 5
Current ESG Practice Score 4 out of 5
Current ESG Solutions score 4 out of 5
ESG Highlights Business provides all-natural colours tha
Current ESG Practice Score 4.4 out of 5
Current ESG Practice Score 4.4 out of 5
Current ESG Solutions score 4.8 out of 5
ESG Highlights Olink
Q1 2021contributes to the
sales up 70% vs.understanding
last year. Full o
Trading Highlights year 2021E growth guidance of 66-70%
Liquidity Highlights Strong
No cash position
meaningful following IPO.
debt outstanding
Maturities/Exit post-IPO
Current ESG Practice Score 2.4 out of 5
Current ESG Practice Score 2.4 out of 5
Current ESG Solutions score 3 out of 5
ESG Highlights Optiv
outlookhelps its customer
for 2021 remainstostrong
build with
sustain
ah
Trading Highlights backlog of services.
Liquidity Highlights Strong liquidity comprised of cash on ba
Covenants No meaningful covenants.
Maturities/Exit no maturities until Feb 2024; Bridgepoin
Current ESG Practice Score 3.3 out of 5
Current ESG Practice Score 3.3 out of 5
Current ESG Solutions score 3.3 out of 5
ESG Highlights Paymentsense
to card payments provides support
transition to the
during deprC
Trading Highlights pandemic
Liquidity Highlights Significant cash on balance sheet.
Covenants No meaningful covenants.
Maturities/Exit Senior Secured Notes mature in 2025.
Current ESG Practice Score 3.6 out of 5
Current ESG Practice Score 3.6 out of 5
Current ESG Solutions score 4.7 out of 5
ESG Highlights Skillsoft has launched
demonstrating strong aretention
series ofrates
free on
an
Trading Highlights engagement.
new money injected as part of restructu
Liquidity Highlights substantial reduction
covenant package thatofprovides
interest appropr
burden
Covenants headroom
Maturities/Exit loans mature in 2025
Current ESG Practice Score 5 out of 5
Current ESG Practice Score 5 out of 5
Current ESG Solutions score 3.3 out of 5
ESG Highlights SSP
was includes CSR inofitsbudget
slightly ahead missionasstatemen
a result o
Trading Highlights management’s focus on costs.
Liquidity Highlights Strong liquidity after a £475m equity righ
Covenants Good headroom.
Maturities/Exit Loans mature in January 2024.
Current ESG Practice Score 3.3 out of 5
Current ESG Practice Score 3.3 out of 5
Current ESG Solutions score 3.3 out of 5which provides comprehensiv
institution
ESG Highlights the elderly.
Trading Highlights Continued strong trading, driven by outp
Liquidity Highlights Strong liquidity with $118m of cash on b
Covenants Significant covenant exit
potential near-term headroom.
anticipated
Maturities/Exit via sale of the company.
Current ESG Practice Score 5 out of 5
Current ESG Practice Score 5 out of 5
Current ESG Solutions score 4
toout of 5 the organisation’s carbon fo
reducing
ESG Highlights waste
and production.
EBITDA growth further augmented b
Trading Highlights M&A.
Liquidity Highlights Strong liquidity position on the back of h
Covenants No meaningful covenants.
Maturities/Exit PIK facility matures in 2027
Current ESG Practice Score 3.7 out of 5
Current ESG Practice Score 3.7 out of 5
Current ESG Solutions score 3 out of 5
ESG Highlights Vivint expects
Vivint Smart Home products
to achieve 7.5%are designe
growth ta
Trading Highlights 1.80-1.85m subscribers.
Liquidity Highlights Strong liquidity provided by balance she
Covenants No
firstmeaningful
maturity incovenants.
December 2022,
Maturities/Exit expected to be refinanced in the next fe
Current ESG Practice Score 5 out of 5
Current ESG Practice Score 5 out of 5
Current ESG Solutions score 4 out of 5
ESG Highlights WS Audiology includes CSR in its mission
Trading Highlights Integration of Sivantos and Widex is pro
Liquidity Highlights Good liquidity provided by cash on balan
Covenants Good headroom to RCF covenant.
Maturities/Exit First meaningful maturity in February 20
Update 1 An external tenant search is underway t
Update 2 Co-working operator interested in profit
Update 3 Final lawyers' review for WAW Group (3
Update 4 2020 full potential plan executed: re-des
Update 5 Garden level optimization plan approved
Update 6 Practical completion of the phase 2 work
Upcoming Actions 1 Closely monitor the project team, specifi
Upcoming Actions 2 Requirement to lease up and stabilise in
Update 1 The process to wind up the holding struc
Update 2 The liquidation of the Luxembourg holdi
Upcoming Actions 1 Complete the liquidation of the holding
Update 1 No claims for capital expenditure were r
Upcoming Actions 1 Prepare holding companies for winding u
Update 1 31 out of 148 apartments have now bee
Update 2 Evaluate offering discounts up to 20% vs
Update 3 Unsold apartments transferred to Portgå
Update 4 Insurance claims currently being process
Update 5 Site visit with building surveyor to confir
Upcoming Actions 1 Ensure remaining apartments are sold a
Update 1 Achieved signing of the disposal for a pri
Update 2 Facility manager contract retendered by
Update 3 Maintained dialogue with in-place tenan
Update 4 Final capex works performed on the buil
Upcoming Actions 1 Finalize loan repayment on closing date
Upcoming Actions 2 Finalize introduction meetings with in-pl
Upcoming Actions 3 Initiate cash upstream and vehicle liquid
Update 1 Leasing: Standard Life (1,300 sqm) exten
Update 2 Lower ground floor works complete and
Update 3 Parking chloride analysis done for both A
Update 4 Continued discussions for an exit of the
Upcoming Actions 1 Start discussions with Banque PSA for 1,
Upcoming Actions 2 Review quote from Westbridge and initi
Upcoming Actions 3 Review and complete the sustainability a
Upcoming Actions 4 Continue due diligence discussions with
Update 1 Ruling appealed by three parties to the L
Update 2 Capex facility signed with DNB to lend SE
Update 3 Building to meet requirement for BREEM
Update 4 Lease signed by Academedia.
Upcoming Actions 1 Sign definite agreement with Academed
Upcoming Actions 2 Exit process to be initiated when definite
Update 1 7 "Covid deals" agreed in line with the E
Update 2 Positive discussion with Woolworth (1,0
Update 3 Ongoing discussions with Mr Kabs (pote
Update 4 EUR 2.2m liquidity line agreed with HCO
Update 5 Detailed budget review to limit leakage a
Upcoming Actions 1 Ongoing discussions with ECE and EVOR
Upcoming Actions 2 Evaluate alternatives uses for the centre
Update 1 Marketing suite proposal in review, to b
Update 2 The Déclaration Préalable was received
Update 3 Extension of leasing mandate agreed wit
Update 4 Agreed amendment to current debt faci
Update 5 Fire insurance claim: EUR 3.8m agreed b
Upcoming Actions 1 Continue leasing activities and monitor b
Upcoming Actions 2 Consider increasing fees for brokers and
Upcoming Actions 3 Sign contract
quarter with one
end) with Armonia forlease
further the servic
in ad
Update 1 discussions.
Update 2 Ongoing monitoring of opex budget to m
Update 3 FITWEL gap analysis completed by EVOR
Update 4 Practical completion of the phase 2 work
Upcoming Actions 1 Complete residual snagging items (98% r
Upcoming Actions 2 Continuing leasing discussions in order t
Update 1 The liquidation of the Luxembourg holdi
Update 1 A merger
147 processsold
apartments hasatbeen initiated
31 March to c
2021,
Update 1 apartment sold in of
SEK 83.3m (113% early April. equity) dis
invested
Update 2 Luxembourg Sarl by
Final distribution mid-May
of SEK 13.3m2021.
(18% of i
Update 3 expected at the end of Q2 2021.
arising from water leak and upgrade of fi
Update 4 route.
Upcoming Actions 1 Undertake the final distribution of proce
Update 1 Post-closing items underway such as liqu
Update 2 Repayment of the Aareal loan took place
Update 3 Post-sale mission instructed to Etoile Pro
Upcoming Actions 1 Complete the cash upstream in July 2021
Upcoming Actions 2 Finalize the liquidation of the corporate
Update 1 A five year extension and a 330 sqm exp
Update 2 Overall 21,000 sqm in discussions, repre
Update 3 Opex optimization analysis completed w
Update 4 A new business plan has been assessed w
Upcoming Actions 1 Follow up on the existing lease discussio
Upcoming Actions 2 Discuss and agree next steps with Araca
Upcoming Actions 3 Communicate the new business plan to
Update 1 Construction work commenced in Q1 20
Update 2 Capex facility signed with the first two u
Update 3 Building to meet requirement for BREEM
Update 4 Lease signed by Academedia.
Upcoming Actions 1 Monitor the construction works closely a
Upcoming Actions 2 Notify Academedia of their ability to tak
Update 1 42 "Covid deals" addressed for 2020 lock
Update 2 16 "Covid deals" agreed for 2021 lockdo
Update 3 Discussions with Mr Kabs (potential for 4
Update 4 EUR 2.2m liquidity line agreed with HCO
Update 5 Detailed budget review to limit leakage a
Upcoming Actions 1 Ongoing discussions with ECE and EVOR
Upcoming Actions 2 Evaluate alternatives uses for the centre
Update 1 Marketing suite largely delivered: snaggi
Update 2 Façade works have started and are ongo
Update 3 Tender process for ground floor furnitur
Update 4 Discussions ongoing with the tax author
Update 5 Temporary increase of broker incentives
Upcoming Actions 1 Continue leasing activities and monitor b
Upcoming Actions 2 Finalise discussions with De Pardieu for T
Upcoming Actions 3 Start handover process with Savills.
YTD Performance WS Audiology sales increased 8% organi
YTD Key Events Synergy realisation has been accelerated
Outlook and Key Priorities Continued focus on cash and cost measu
Notes Debt Maturity Profile: 2027 includes a U
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Desotec showed strong performance in
YTD Key Events Received Ecovadis gold rating, best-in-cl
Outlook and Key Priorities Despite market headwinds, overall outlo
Notes 2019 financials have been adjusted to sh
Sales On Plan
EBITDA Above Plan
Net Debt Below Plan
YTD Performance Net Sales and EBITDA for 2020 have bee
YTD Key Events EQT VII provided a EUR 20 million shareh
Outlook and Key Priorities Curaeos anticipates the COVID-19 circum
Notes 2019 financials have been adjusted to sh
Sales Below Plan
EBITDA Below Plan
Net Debt Above Plan
YTD Performance After a financial record year in 2019 with
YTD Key Events Apart from being strongly affected by CO
Outlook and Key Priorities The COVID-19 pandemic is an unprecede
Notes Financial performance relates to VFS Glo
Sales Below Plan
EBITDA Below Plan
YTD Performance Apleona’s trading underlined the compa
YTD Key Events Signing of agreement to sell 100% of sha
Outlook and Key Priorities Closing of sale to PAI Partners, expected
Notes 2019 financials have been adjusted to sh
Sales Below Plan
EBITDA On Plan
Net Debt Above Plan
YTD Performance Solid top-line performance in 2020 in lig
YTD Key Events Preparation and implementation of coun
Outlook and Key Priorities Impact of COVID-19 continues to be visib
Notes Sales represent third Party Product Sales
Sales On Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Eton had a strong start of the year, with
YTD Key Events Continued strengthening of the manage
Outlook and Key Priorities Key priority to manage the business thro
Notes 2019 financials have been updated to sh
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance The first half year of the financial year 20
YTD Key Events On 1 September 2020, Steve Tzikakis (fo
Outlook and Key Priorities Given that the Sitecore business is chara
Notes Financials have been restated under new
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Following a mixed development in new l
YTD Key Events Several initiatives to strengthen the sust
Outlook and Key Priorities BlueStep is coming out of the fourth qua
Notes 2019 numbers have been adjusted to sh
Sales Below Plan
EBITDA Below Plan
Net Debt Above Plan
YTD Performance Following
In Januarydouble-digit sales
2020, the first growth
surgery in Te
with Ja
YTD Key Events Lima’s shareholders and existing lenders
Outlook and Key Priorities COVID-19 has significantly impacted the
Notes 2019 financials have been updated to sh
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Strong reported sales growth driven by a
YTD Key Events Performance
Being more thanandtwice
employee protection
the size m
of the clo
Outlook and Key Priorities outbreak is expected to further accelera
Notes 2019 numbers have been adjusted to sh
Sales On Plan
EBITDA Above Plan
Net Debt On Plan
YTD Performance Certara experienced strong performance
YTD Key Events In February, Certara completed the acqu
Outlook and Key Priorities The market for Certara’s products and C
Notes 2020 financials have been adjusted to sh
Sales On Plan
EBITDA On Plan
Net Debt Above Plan
YTD Performance Acumatica has proved relatively resilient
YTD Key Events Full Potential Plan (FPP) activities well un
Outlook and Key Priorities Acumatica has proven to be relatively re
Sales On Plan
EBITDA Above Plan
Net Debt On Plan
YTD Performance Performance continued to be negatively
YTD Key Events Following
- Transform the significantofmeasures
perception Eton from taken
“th
Outlook and Key Priorities - Accelerated sustainability journey with
YTD Performance WS Audiology sales increased 8% organi
YTD Key Events On 10 April 2021, WS Audiology filed pu
Outlook and Key Priorities A public listing of hear.com (Online divis
Notes Debt Maturity Profile: 2027 includes a U
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Desotec showed strong growth in the fir
YTD Key Events Launched sustainability website, explain
Outlook and Key Priorities Focus on closing of the transaction, whic
Sales On Plan
EBITDA On Plan
Net Debt Below Plan
YTD Performance Despite continued COVID-19 lockdown m
YTD Key Events No notable events year to date, other th
Outlook and Key Priorities Curaeos anticipates the COVID-19 circum
Sales Below Plan
EBITDA Below Plan
Net Debt Above Plan
YTD Performance VFS Global has been severely impacted b
YTD Key Events Despite
- Drivingbeing strongly
innovation andaffected by COVID
digitization to e
Outlook and Key Priorities - Expanding in high-growth adjacent and
Notes Financial performance relates to VFS Glo
Sales Below Plan
EBITDA Below Plan
YTD Performance Apleona’s trading underlined the compa
YTD Key Events Ongoing work between signing and closi
Sales Below Plan
EBITDA Above Plan
Net Debt On Plan
YTD Performance Starting in 2021, Ottobock is reporting u
YTD Key Events Focus
Impacton
ofmanaging
COVID-19continued
continues COVID-19
to be visib
Outlook and Key Priorities
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance The first half year of the financial year 20
YTD Key Events In January 2021, Sitecore announced its
Outlook and Key Priorities Given that the Sitecore business is chara
Notes Financials have been restated under new
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance During the first quarter, new lending wa
YTD Key Events Brand study finalized and new communi
Outlook and Key Priorities Complete ongoing strategic and marketi
Notes 2020 numbers have been adjusted to sh
Sales Below Plan
EBITDA Below Plan
YTD Performance Following the impact from COVID-19 on
YTD Key Events In February 2021, the FDA clearance on
Outlook and Key Priorities COVID-19 has significantly impacted the
Notes Net Debt/EBITDA Multiple excluding PIK
Sales Below Plan
EBITDA Below Plan
Net Debt Below Plan
YTD Performance Strong reported
IVC Evidensia hassales growth
further driven its
cemented bypa
YTD Key Events IVC Evidensia
- Continue to drive theofnext
consolidation the phase
highlyof
fra
Outlook and Key Priorities - Lead industry digitalization by driving t
Notes 2019 numbers have been adjusted to sh
Sales On Plan
EBITDA Above Plan
Net Debt On Plan
YTD Performance Certara experienced strong performance
YTD Key Events In February 2020, Certara completed the
Outlook and Key Priorities The market for Certara’s products and C
Sales On Plan
EBITDA On Plan
Net Debt Above Plan
YTD Performance Acumatica has started the year off stron
YTD Key Events In January Sanket Akerkar (ex Microsoft)
Outlook and Key Priorities Acumatica has proven to be relatively re
Notes Increased realized value related to the e
Sales On Plan
EBITDA Below Plan
Net Debt Below Plan
ESG Highlights Umove is progressing well in terms of ec
ESG Highlights In December 2020, Bergkvarabuss and th
ESG Highlights In
to Q4 2020,revenue,
(i) lower CFTR’s ESG (ii) action
higherplan
driverforcos
2
Performance report Compared
Commercial Developments: In Q4 2020,a
to 2019, the 2020 revenues
Significant events and key developments: M&A:
EBITDAManagement is continuously
for 2020 amounted mon
to SEK 394.2
Performance report deviations
Management in the company’s
continued travel agenc
to implement it
Significant events and key developments: M&A: The company continued to explor
ESG Highlights The installationeffects
regularization of PV (related
panels on toPoints
previou o
Performance report EBITDA amounted
In the Greater Lyon€ area,
33.4 million, -22.0%
CFTR submitte
Significant events and key developments: Operations: CFTR’s Management continu
ESG Highlights In terms of Health, Safety and Environm
ESG Highlights Following the ESG due diligence perform
Performance report As of December
Infrastructure 31, 2020, DSTThe
developments: Telecom
constrs
Significant events and key developments: Operations: The sanitary measures and t
ESG Highlights The company has formalized its ESG and
Performance report YTD revenues
Financing: reached GBP
In December 1.9the
2020, million,
debt +a
Significant events and key developments: Capital is secured for the roll-out of the
ESG Highlights PFP
2020II revenues
has formalized
were €its1.7 ESG policy,€and
million, 0.2
Performance report 2020 EBITDA was negative €
Since its creation, the Company’s manag8.4 million,
Significant events and key developments some delay in 2020. The base station rol
ESG Highlights The companyYTD
CogenInfra’s is already
revenues benefiting
(3-month frompe
Performance report due to the impact of the Covid-19
October 2020, the beginning of the heat pande
Significant events and key developments M&A: In December 2020, CogenInfra co
ESG Highlights In October 2019, Osprey was audited by
Performance report PFP
M&A: II generated
Following the2020 revenues
signing of share
of the € 1.3
Significant events and key developments refinancing of the company that is expec
Performance report Varanger Kraftvind
Infrastructure generated Despite
developments: 2020 reve th
Significant events and key developments Operations: The availability
Via Novus (Metropolis): As at Decemberrate of Ragg
Performance report In light of
During Q4Via Novus
2020, Via(Metropolis)’
Novus (Osprey) limited
lau
Significant events and key developments Operations: Operational performance of
YTD Performance YTD revenue for the eight months to 30
Key Business Developments (COVID-19): In response to the COVID-19
ESG Highlights Health & Safety Performance •RIDDOR (
Liquidity Highlights Thames has sufficient available cash and
YTD Performance Year-to-date (“YTD”) EBITDAF is margina
Key Business Developments (Executive Team): On 10 December 2020
ESG Highlights Health & Safety Performance • There we
YTD Performance The Normalised EBITDA result to Novem
Key Business Developments (Chairperson retirement and replacemen
ESG Highlights Health & Safety Performance • No majo
Liquidity Highlights The debt profile of the business is divers
YTD Performance Through the end of November 2020, Cam

al Research Centre (“CRCHUM”)
al Research Centre (“CRCHUM”)
al Research Centre (“CRCHUM”)
al Research Centre (“CRCHUM”)
wables (“PowAR”)
wables (“PowAR”)
Key Business Developments (OSU Campus Update): OSU reopened it
ESG Highlights Health & Safety Performance • No signifi
Liquidity Highlights Budgeted distributions in the amount of
YTD Performance LBCH continues to operate smoothly, wi
Key Business Developments (Re-opening Status): Gradual re-opening
ESG Highlights Health & Safety Performance • No safet
Liquidity Highlights Long term debt is in place for the LBCH c
YTD Performance CRCHUM continues to operate smoothly
Key Business Developments (Re-Opening Status): Activities in the bui
ESG Highlights Health & Safety Performance • A minor
Liquidity Highlights Long term debt is in place for the CRCHU
ESG Highlights Health & Safety Performance • A high po
Liquidity Highlights Lochard has sufficient cash reserves and
Other Highlights Litigation update: At a directions hearing
Covenants Sufficient covenant (Debt Service Covera
Significant progress on initiatives to date To date, the project has defined and pla
YTD Performance Lochard has delivered financial results Y
ESG Highlights Health & Safety Performance• No signifi
YTD Performance The continued strength in trade perform
Key Business Developments (Regulatory Strategy): PoM and the shar
ESG Highlights Health & Safety Performance • PowAR,
YTD Performance For the 3 months ending 30 September 2
Key Business Developments (CGWF Construction and Commissioning
ESG Highlights Health & Safety Performance • Two LAZ
YTD Performance Actual year-to-date (“YTD”) EBITDA perf
Key Business Developments (NU Campus and Longwood Medical Are
ESG Highlights Health & Safety Performance • No mate
Covenants During the quarter, HIA obtained a pre-e
YTD Performance November financial Year to Date (“FYTD
Key Business Developments (Route and Terminal Developments): HIA
ESG Highlights Health & Safety Performance • Health &
YTD Performance Following the softness in trade experien
Key Business Developments (CEO retirement and replacement): Duri
ESG Highlights Health & safety performance • There w
Covenants debt covenant lock-up of 3.25x and defa
YTD Performance Financial performance in the year-to-dat
Key Business Developments (Growth initiatives): Nexus is progressing
ESG Highlights Health & Safety Performance • There ha
Liquidity Highlights Furthermore in Dec-20, PE successfully c
YTD Performance PE has delivered financial results YTD ah
Key Business Developments Existing contracts: Key updates to existin
ESG Highlights Health & Safety Performance • No serio
Covenants Lenders havetraffic
• Passenger approved theatcovenant
to date 6.4m paxwais
YTD Performance •o Cargo is proving very resilient with YTD
QIC has also been heavily involved in t
Key Business Developments
ESG Highlights Health & Safety Performance • No know
YTD Performance Despite a resilient operating portfolio, G
Key Business Developments (Deployment):
Furthermore, theManagement
Company has expects 202
continue
ESG Highlights publish in the second quarter of 2021. E
YTD Performance Over the course
EagleClaw of 2020,business
has a robust EagleClaw Mid
develop
Key Strategic Developments
Operations EagleClaw has executed on various oper
Risk While EagleClaw’s largest existing custom
YTD Performance At Venture Global LNG, management co
Risk Venture Global currently has no operatio
Risk The global economic slowdown affected
ESG Highlights OCENSA has outlined a decarbonization
Key Strategic Developments During the last quarter of 2020, OCENSA
Operations The company successfully finalized its fir
YTD Performance During 2020, OCENSA demonstrated its
YTD Performance Trailer Services’ operational and financia
ESG Highlights TIP has a rigorous environmental, health
Key Strategic Developments Under the leadership of I Squared in 201
Operations Overall TIP has remained fairly protected
Risk The business environment and trailer lea
ESG Highlights Domidep is strongly committed to a redu
Key Strategic Developments Domidep has a strong track record in exe
Operations Domidep’s occupancy rate decreased fro
YTD Performance Domidep, the French elderly care home
Risk To date Domidep has not experienced a
ESG Highlights Rubis Terminal has a comprehensive EHS
Key Strategic Developments There is an amount of focus at Rubis Ter
Operations During the third quarter, Rubis Terminal
Risk The principal risk faced by Rubis Termina
YTD Performance Earlier in 2020, I Squared Capital closed
ESG Highlights Conrad’s flexible generation is complem
YTD Performance Conrad Energy II is a UK based energy pl
Key Strategic Developments Conrad’s vision is toinclude
Assets in operation build a one
modern
11kVutili
site
Operations
Risk Conrad II is exposed to the common risk
ESG Highlights HGC has an established program of susta
YTD Performance The Hong Kong economy recovered mar
Key Strategic Developments I Squared Capital and HGC are evaluating
Operations With a sharp focus on fiber and broadba
Risk The general economic situation in Hong
ESG Highlights BDx
Underis athe
newly
BDx established platform
platform, the in 20
manageme
YTD Performance bringing existing customers from other f
Key Strategic Developments I Squared has built a dedicated managem
Operations The BDx team is focused on implementin
ESG Highlights Natural Gas is the least polluting hydroc
 YTD Performance During the fourth quarter, I Squared Cap
Key Strategic Developments In the third quarter of 2019, THINK Gas c
Operations THINK Gas is focusing on an accelerated
Risk For construction
In addition to theprojects,
twelve ownedTHINK assets
Gas is ae
Cube Highways Key Strategic Developments
Cube Highways Operations On the operational
To ensure the healthfront, within of
and safety a span
emplo
Cube Highways ESG Highlights As part of road safety, Cube Highways Sa
Cube Highways YTD Performance During the fourth quarter, Cube Highwa
Cube Highways Risk Cube Highways periodically undertakes m
Platform Strategy and Model I Squared has assembled a dedicated loc
Key Strategic Developments I Squared and Lightstorm are evaluating
Risk The general economic situation in India
Platform Strategy and Model I Squared Capital has assembled a dedic
Key Strategic Developments The team has developed a robust pipelin
Risk While the general
Inkia Energy economic
has existing situation
systems and prin
Inkia Energy ESG Highlights industrial wastes, and pursuing partners
Inkia Energy Key Strategic Developments Inkia has already realized the majority o
Inkia Energy Operations During the fourth quarter, the managem
Inkia Energy YTD Performance In the fourth quarter of 2020, the manag
Inkia Energy Risk Peru has a stable regulatory framework
Business plan summary CityFibre will accelerate its roll out of wh
Debt and covenants No liquidity or debt service issues expec
Operating performance and key recent events 2020 was a good year for CityFibre with
Other developments The Talk Talk
1. Develop volume
dark and litcommitment was aU
fibre businesses
Business plan summary
Debt and covenants No liquidity or debt service issues expec
Operating performance and key recent events Lyntia finished the year with minimal ad
1. Leverage platform Capitalise on recen
Business plan summary
Debt and covenants No
Q4 liquidity or debt
2020 revenue wasservice
15.3%issues
aboveexpec
prior
Operating performance and key recent events 1. Grow existing portfolio Ramp up of DH
Business plan summary Waivers from IDEX’s senior and junior le
Debt and covenants IDEX’s financial year runs from October 1
Operating performance and key recent events As at 30 November 2020, Angel Trains w
Key highlights Angel Trains continues to perform well o
Key performance indicators All of the TOCs have now transitioned in
Key business developments With the finalisation of the new ERMA a
Key industry developments & outlook
ESG Updates Given the current national lockdown in t
Management Priorities for Next Quarter Angel Trains’ management
The COVID-19 key focus
pandemic continues toisimt
orporation Limited Key highlights for the quarter Federal Government restrictions on inte
orporation Limited Key performance indicators Route development and milestones:Mel
orporation Limited Key business developments COVID-19:The COVID-19 pandemic conti
orporation Limited Key industry developments & outlook
Two lost time injuries (LTIs) were record
orporation Limited ESG Updates
orporation Limited Management Priorities for Next Quarter We will continue to work closely with AP
 Year-to-date (YTD) 2020 EBITDA is DKK 3
Key highlights for the quarter include
Financial KPIS:YTD 2020 revenue is DKK
Key performance indicators ERRV: While the low oil price environme
Key business developments Underlying offshore wind market :Since
Key industry developments & outlook ESVAGT has agreed to participate in an i
ESG Updates
Management Priorities for Next Quarter Focus for ESVAGT will
─ Notwithstanding thebeYTDtointermodal
support man
a
Key highlights for the quarter Operational KPIs ITS : Intermodal Rail ─ L
Key performance indicators AMP Capital and the ITSC Board are activ
Key business developments The Federal Reserve’s latest economic o
Key industry developments & outlook COVID-19 impact: Total number of empl
ESG Updates
Management Priorities for Next Quarter We will other
Several be working withrevenue
non-aero the ITS ConGlob
enhanci
Key highlights for the quarter Financial KPIS: Despite a national lockdo
Key performance indicators The new terminal development’s (Projec
Key business developments The EU and the UK agreed a last-minute
Key industry developments & outlook Management is looking at potentially bu
ESG Updates
Management Priorities for Next Quarter In addition
MPG to completing
continues the costimpacte
to be negatively review
Key highlights for the quarter Financial KPIS ─ At the start of 2020, prio
Key performance indicators implemented, since the US$10 million liq
Key business developments MPG is under various phases of reopenin
Key industry developments & outlook In September 2019, the company receiv
ESG Updates
Management Priorities for Next Quarter Millennium Garages
The AMP Capital willManagement
Asset run an activeanm
Key highlights for the quarter Cost saving initiatives were not sufficien
Key performance indicators Airlines continue to be under significant
Key business developments The EU and the UK agreed on to a last-m
Key industry developments & outlook The solar project is ready to be restarte
ESG Updates
Management Priorities for Next Quarter Newcastle Airport’s
YTD November key focus
recurring remains
EBITDA o
is up 2.
Key highlights for the quarter Financial KPIS:Opal performed steadily d
Key performance indicators Rebrand to Opal HealthCare:During Nov
Key business developments
Key industry developments & outlook Royal
All Commission
Opal – Special
homes remain Reportunder
accredited on C
ESG Updates
Management Priorities for Next Quarter We will be working with the Opal manag
 gether’s YTD EBITDA was £32.1 million, which is £0.2 million higher than the prior year, due to additional beds being added over the past y
gether is closely monitoring and adjusting its approach to ensure it is closely following the guidance from DHSC, Public Health England, CQ
ocus of the business currently is maintaining the highest level of quality for the people it supports throughout the COVID-19 period, never
gether continues to perform well operationally with 92% of its services rated as ‘good’ or ‘outstanding’ by the Care Quality Commission (C
ent is currently developing a social value strategy to enable the organisation to clearly show thevalue of Achieve Together’s involvement in
performance in November was down 90.8% compared to November 2019, with 105k passengers travelling compared to approximately 1.1
d the UK came to a last-minute trade deal in December. The agreement was voted on in Parliament on Wednesday 30 December and has p
ent has planning consent to grow to 18 million passengers per annum (‘mppa’) in any 12-month rolling period, as per the planning applica
etetransaction
(for the eleven monthsantoattractive
represents November 2020) EBITDA
opportunity was £13.3 million,
for Everstream 83.7% lower
to significantly than
expand itsthe PCP. This
footprint has two
across beenexisting
due to markets,
a materialOhio
reducti
an

creased 46.3%
evelopment YoYexpansion
of the as a resultmarket
of significant
dashboardorganic enterprise
to track sales growth
the performance ofand two tuck-in
individual acquisitions
expansion markets ofand
Lightbound’s fibre
to assist the assets and Rt
management
5.0
n tomillion of incremental
fibre providing back-haulcommitments were over
data transmission for and above mobile
increased the US$50.0
trafficmillion target; the US$35.0
via fibreto-the-tower (FttT)million upsize
contracts, relative customers
enterprise to the initialar
ficant impacts
actively seeksacross the market
to enrich due to COVID-19
local communities have hadhire
economically, minimal
locally,impacts on theresponsibly
and operate telecom space. The demandThe
and sustainably. for company
bandwidth and cloud
works to bui
m actively
does notmonitors
currentlysafety at the
face any operating and
environmental construction
liabilities projects.
or issues. Strong
The vast controls
majority and reportingassets
of Everstream’s are inare
place
fibreto optic
manage safety
cables thatincidents
present
r2020
injuries or damages have been reportedin his quarter.
YTD revenues were US$144.3 million, representing a 14.3% a year-over-year (YoY) increase. Strong performance in YTD revenue is a
bookings, however, are tracking at US$613K ( a 10% increase from Q3 bookings) and are projected to exceed budget for the quarter. AMP
creased 14.3% compared to prior year as the company continued to roll-out its enterprise cloud product and installed portions of the larg
t Acquisitions: Expedient is in discussions with a number of corporations that are looking to exit their owned, purpose-built data centres a
rmacro
injuries trends continue
or damages to exhibit
have strong tail winds as mobile data and IP traffic continue to grow at exponential rates. Worldwide, wireline
been reported
rter.
ose on the Ebus Americas platform was reached on 19 August 2020. A financing package with SMBC, Societe Generale and BNP Paribas re
ue and EBITDA performed to expectation
Assets: The focus
ility industry of the JV has
is experiencing been on securing
accelerating market certain
tailwinds: post-closing regulatory
The shift towards approvals, with
electrification all but one material
of transportation, approval
both public andhaving
private, now b
is th
ortation
-Fi and air sector, electrification
conditioning. will be
The buses crucial
have beentopositively
meeting this goal. by
received Adoption
passengers of electric
in the vehicles
Santiagois a critical component of Mr. Biden’s climat
cethe team was busy onboarding and integrating the AMP Capital 100-day plan into VX Fiber’s objectives as well as ensuring acquisition due
and CEO to review the company’s organisation structure and identify key roles to be filled that will include an expectation of the executive
DA performance has broadly tracked management’s Q4 2020 forecast, with 2020 EBITDA of SEK 102.8 million (GBP 9.1 million). South Afr
0, investor consent was provided for a new fibre deployment project in Colchester. Phase 1 of the project will be for an area in the South o
urope,
oes notwhere VX Fiber
currently is targeting,
face any is seeing
environmental significant
liabilities growth
or issues. in vast
The consumer data
majority ofdriven by connected
VX Fiber’s assets aredevices, broadband
fibre optic speeds,
cables that have aand clou
limited
D-19 related and regulatory delays, the 605 MW Los Ramones peaking facility located near Monterrey, Mexico achieved COD approval oni
has a strictly enforced health and safety regime with its own staff and subcontractors. No major injuries or damages have been reported
dolidated
to 2019,portfolio basis, 2020
lower demand and aYTD revenue
utility is ~2% above
transmission outagethe in prior year.
H1 2020 2020 YTD
resulted EBITDA is ~4%
in Lackawanna below being
dispatch the prior year (prior
significantly tothan
less accounting
forecas
enefited from higher production driven by higher demand, while Spindle Hill benefited from higher demand and system outages. Cannon F
Projects: The company continues to focus on efficient operations, recontracting and hedging opportunities. Key areas of focus include: Ac
mes and trends in the North American power market include the following: Very low natural gas prices in the US persist, though there has
esults above represent consolidated figures for IATP, including gross (100%) amounts for power facilities which are not wholly owned by th
enditures excludes construction capex associated with the Los Ramones and Altamira projects given these are minority (i.e. less than 50%
nd EBITDA figures above are gross of mark-to-market (MTM) values associated with energy and fuel hedges. Aggregate project revenue &
es achieved COD in December 2020 and therefore actual generation is not yet captured for this period (1) Represents the joint venture’s p

cietal impact through increasing safety in industrial processes.

nditions have been difficult from the onset of COVID-19, as order activity has materially reduced, however sales stabilized and are increasi
idity position
 covenant headroom

ess unit structure implemented. Footprint optimisation of ESS (core business unit)operations to centre of excellence in Italy; divestment o

by 36%, Printing by half, and paper usage by

red to the prior year; negative effects of the lockdowns on the car quote market were offset by improved market share anstrong liquidity
idity of >£300m, driven by the increase in the securitization facility and positive cash performance vs budget
covenant headroom
n maturity in 2026

cused on creating a strong culture and ensuring D&I is a priority across the organisation. Initiatives to date have resulted in a material dec
ce continues to improve with significant progress being made to bolster the executive team, reduce attrition, integrate account acquisition
quidity following amendment to provide incremental revolver capacity to execute on growth plan.
enant headroom following amendment with existing lenders
maturities until 2024

ovides clear social benefits by helping doctors and healthcare systems to detect disease earlier, thereby allowing for earlier treatment and
ce for Q4 and audited FY2020 was on budget on a constant currency basis. Outlook for 2021 is strong, with budget of €215m adjusted EBIT
idity with €71m of cash on balance sheet and full €200m revolver available.
gful covenants

ovides clear social benefits by helping doctors and healthcare systems to detect disease earlier, thereby allowing for earlier treatment and
ormance in Q1 2021 with like-for_x0002_like growth of +6% year-on-year, driven by subscription and software-as-a-service offerings.
dity provided by cash and undrawn RCF.
room to RCF covenant.

cludes CSR in its mission statement with priorities on financial inclusion, social innovation and environment.
May 2021) revenue was in line with budget, but EBITDA was +6% vs. budget of +9%, driven by well-managed cost savings initiatives. Cont
dity provided by cash balance and undrawn RCF.
room to RCF covenant.
has an ESG roadmap with targets that it actively tracks. These include diversity and inclusion, greenhouse emissions, and waste and water
ce continues to be strong across the divisions with combined sales up 44% YTD May_x0002_21. Strong EBITDA performance, with addition
dity provided by cash and undrawn RCF.
room to RCF covenant.

ucation provides a key social benefit through the provision of top-tier education to pupils globally. One of Inspired Education Group’s scho
formance to date driven by growth in enrolments, faster rebound from COVID-19 than budgeted, discount control (with no discounts bein
dity profile as a result of strong operating cashflow generation.
covenant headroom.
ngful maturity in 2025.

rovides all-natural colours that have improved health benefits versus synthetic additives. Strong R&D initiatives to increase crop yield to he
al performance with both revenue and EBITDA exceeding prior year and budget. Oterra has acquired a complementary natural colours bu
dity position.

ngful maturity in 2026.

ibutes to the understanding of the human biology through its unique technology aimed at science related to proteomics. Olink’s approach
les up 70% vs. Prior year. Full year 2021E growth guidance of 66-70%.
h position following IPO.

s its customer to build sustainable businesses through the integration of cybersecurity solutions.
tinued performance in Q1 2021 driven by both a continued increase in subscription and support and maintenance sales within its security
idity comprised of cash on balance sheet and significant revolver availability.
gful covenants.
ngful maturity in 2024.

nse provides support to deprived students in areas including mentoring, interview skills and business acumen.
s slowed due to lockdown measures across the UK during winter / spring. However the business is expected to bounce back strongly as loc
cash on balance sheet.
gful covenants.
ured Notes mature in 2025.
 s launched a series of free online videos and trainings centred around Diversity, Equity and Inclusion, where thought leaders address topic
0 trading was negatively impacted by COVID-19, it ultimately outperformed the latest budget estimates. Skillsoft continues to migrate cust
quidity provided by the $500m PIPE investment by Prosus.
nd the company's other creditors completed a restructuring of the balance sheet in August 2020 resulting in a substantial deleveraging of
al covenant on the new TLB.
atures in 2028.

es CSR in its mission statement with priorities on the local communities and the environment, focusing on waste management and limiting
ter to Jun-21, sales were weaker than expected due to slower easing of COVID-19 restrictions in Europe. However, EBITDA was slightly ahe
idity after a £475m equity rights issue in April 2021, which we believe is sufficient to enable SSP to maintain meaningful liquidity in even th

ure in 2024.

aunched a green strategy called “GLAS” (Green, Lean And Sustainable). The specific goals of this program include ensuring access to afford
strong trading, driven by outperformance in the Technology division. Year-to_x0002_date revenue was up 13% year-over-year and 7% abo
idity with $118m of cash on balance sheet and full availability of the ABL.
covenant headroom.
business was announced to DP World for $1.2 billion on 1 July with closing expected to occur during Q3 2021. The Fund will exit its entire

sma was featured on the Financial Times’ list of Diversity Leaders, ranking 23rd out of 850 European companies. Visma continues to suppo
g performance to date, with high_x0002_single digit organic revenue and EBITDA growth. Continued M&A is driving reported growth in ex
idity position on the back of high cash flow conversation, cash on balance sheet and available liquidity facilities.
gful covenants.
facility matures in 2027

rt Home products are designed to help customers better monitor and regulate their energy spend within the home, helping the environme
formance in Q1 and reaffirmed outlook for 2021. As of Q1’21 the company had 1.7 million subscribers, had seen a further drop in churn to
idity provided by balance sheet cash and full revolver availability.
gful covenants.
vint announced that it will be redeeming its 2022 7.875% bonds at par as part of a broader refinancing of the Company’s capital structure.

ogy includes CSR in its mission statement contributing to four Sustainable Development Goals adopted by the United Nations. Moreover, t
of Sivantos and Widex is progressing well with the total synergies target increased twice in the past year. Good revenue growth and EBITD
dity provided by cash on balance sheet and undrawn RCF.
room to RCF covenant.
ngful maturity in 2026.

cietal impact
reduced, through
however increasing
sales safety
have held in industrial processes.
up better
fulfilment of past orders
idity position
covenant headroom

ess unit structure implemented. Footprint optimisation of ESS (core business unit) operations to centre of excellence in Italy; divestment o

issions by 36%, cutting printing by half,

usage by 20%.
cross 75 names. Average position of 1% per name. 95% of the portfolio has been performing in line or above our base case expectations

organisation (please refer to next page for

e detail)
ce continues
remental to improve
revolver with
capacity tosignificant
execute onprogress being made to bolster the executive team, reduce attrition, integrate account acquisition
n
enant headroom following
nt with existing lenders
maturities until 2024

and greater chances of survival. It also

wsstrong,
for better
withpatient
budgettreatment options.
of €215m adjusted
% year-on-year growth).
idity with €96m of cash on balance sheet and full €200m revolver available.
gful covenants

urs. Exact also matches any employee

ia
+6%a dedicated fund.
year-on-year, driven by subscription
re-as-a-service
ity provided by offerings
cash and
CF
room to RCF covenant

with priorities on financial inclusion, social

and environment.
ear and budget due to well-managed cost
tiatives.
ity provided by cash balance
wn RCF
room to RCF covenant

nd inclusion, greenhouse emissions, and

water consumption,
ely impacted. among
Overall, othersin in line
sales came
ous year and EBITDA increased by
dity provided by cash and undrawn RCF.
room to RCF covenant.
ity in May 2027.

mental challenges and to create micro

based on these solutions.

rovides all-natural colours that have improved health benefits versus synthetic additives. Strong R&D initiatives to increase crop yield to he

ibutes to the
les up 70% vs.understanding
last year. Full of the human biology through its unique technology aimed at science related to proteomics. Olink’s approach
growth guidance of 66-70%
hgful
position following IPO.
debt outstanding

s 2021
its customer
remainstostrong
build with
sustainable businesses through the integration of cybersecurity solutions.
a healthy
services.
idity comprised of cash on balance sheet and significant revolver availability.
gful covenants.
es until Feb 2024; Bridgepoint successfully exited its Second Lien position in Jan 2021

nse provides
ments support
transition to the
during deprived students in areas including mentoring, interview skills and business acumen.
COVID-19

cash on balance sheet.

gful covenants.
ured Notes mature in 2025.
sting
launched
strong aretention
series ofrates
free online videos and trainings centred around Diversity, Equity and Inclusion, where thought leaders address topic
and user
nt.
y injected as part of restructuring and
reduction
ackage thatofprovides
interest appropriate
burden. operating

es CSR inofitsbudget
y ahead missionasstatement
a result ofwith priorities on the local communities and the environment, focusing on waste management and limiting
nt’s focus on costs.
idity after a £475m equity rights issue in April 2021, which we believe is sufficient to enable SSP to maintain meaningful liquidity in even th

ure in January 2024.

which provides comprehensive services to

.
strong trading, driven by outperformance in the Technology division. Year-to_x0002_date revenue was up 13% year-over-year and 7% abo
idity with $118m of cash on balance sheet and full availability of the ABL.
covenant exit
ear-term headroom.
anticipated
the company.

g the organisation’s carbon footprint and

duction.
A growth further augmented by continued

idity position on the back of high cash flow conversation, cash on balance sheet and available liquidity facilities.
gful covenants.
matures in 2027

rtctsHome products
to achieve are
7.5% designed
growth to help
taking it to customers better monitor and regulate their energy spend within the home, helping the environme
m subscribers.
idity provided by balance sheet cash and full revolver availability.
gful
ty incovenants.
December 2022,
o be refinanced in the next few quarters

ogy includes CSR in its mission statement contributing to four Sustainable Development Goals adopted by the United Nations. Moreover, t
of Sivantos and Widex is progressing well with the total synergies target increased twice in the past year. Good revenue growth and EBITD
dity provided by cash on balance sheet and undrawn RCF.
room to RCF covenant.
 ngful maturity in February 2026.
l tenant search is underway through BNP and CushWake.
g operator interested in profit share deal (ca. 2,300sqm - BNP). Offer under review.
rs' review for WAW Group (325 sqm) during Q4 with lease signed post quarter end.
otential plan executed: re-design the marketing suite, refresh marketing material and glazing completed.
el optimization plan approved with the contractor Tetris. Works completion expected in Q1 2021.
ompletion of the phase 2 works was achieved in January 2021.
nitor the project team, specifically on handover process and snagging list
nt to lease up and stabilise in order to seek a good exit valuation with long-term investors
s to wind up the holding structure commenced in Q4 2020 with OCPI dissolved in December 2020.
tion of the Luxembourg holding companies is expected to complete in late Q1 / early Q2 2021
he liquidation of the holding structure
or capital expenditure were received from the Buyer prior to the 19 December 2020 deadline
lding companies for winding up and distribute remaining cash by the end of H1 2021.
48 apartments have now been divested.
ffering discounts up to 20% vs list price to sell out the remaining apartments by end of Q2 2021
rtments transferred to Portgås, the joint venture entity indirectly held by the Fund.
claims currently being processed for works arising from water leak and upgrade of fire escape route
th building surveyor to confirm the extent of insurance claims
maining apartments are sold and that proceeds are distributed to the fund
igning of the disposal for a price of EUR 78.75m with Batipart on 22nd October 2020
nager contract retendered by I’Etoile with offers received in November 2020. The existing facility manager, Dalkia, was selected but with a
d dialogue with in-place tenants and lender ahead of disposal.
works performed on the building with the replacement of the extractors on the cooling towers.
n repayment on closing date
roduction meetings with in-place tenants and anticipated future buyer
h upstream and vehicle liquidation processes
andard Life (1,300 sqm) extension of lease on reduced area agreed; GGS (2,600 sqm) extension addendum sent for signature
und floor works complete and now in snagging period.
oride analysis done for both Atricom and Le Byro.
discussions for an exit of the N2 portfolio after a formal sales process launched in August 2020.
ssions with Banque PSA for 1,700 sqm in Le Byro
ote from Westbridge and initiate detailed operating cost review process
d complete the sustainability action plan with CBRE.
ue diligence discussions with the selected purchaser, following signing of heads of terms in January 2021. Work towards an exit of the inve
ealed by three parties to the Land and Environmental court of Appeals; verdict estimated to be announced by the end of Q1 2021. The cou
ity signed with DNB to lend SEK 55m against construction costs ahead of undisputed building permit. Capex facility has since been signed i
meet requirement for BREEM 'In-Use'
ed by Academedia.
e agreement with Academedia post-verdict from Court of Appeals
s to be initiated when definite timing of construction completion is determined
eals" agreed in line with the EQT / ECE leasing toolbox for a total of 4,200 sqm, rent collection stood at 93% in Q4.
cussion with Woolworth (1,000sqm) for 5 years lease extension.
scussions with Mr Kabs (potential for 4.5k sqm unit, 10% of total NLA), final draft received and in legal review, no red flags. Signature expe
iquidity line agreed with HCOB to support tenant incentives and capex investments.
udget review to limit leakage and increase efficiency
scussions with ECE and EVORA on smart meters implementation
ternatives uses for the centre
suite proposal in review, to be installed in Q1 2021
ation Préalable was received free of recourse with Leuillet/Unimarbres contracted for the façade works
of leasing mandate agreed with increased base incentives
endment to current debt facility reflecting a reallocation of the VAT tranche to capex, term extensions in line with the business plan and c
nce claim: EUR 3.8m agreed by HDI, EUR 1.3m currently being negotiated with RSA
easing activities and monitor brokers' strategy
creasing fees for brokers and rent repricing
ct with one
d) with Armonia forlease
further the services
in advanced
.
onitoring of opex budget to minimize cash requirements.
p analysis completed by EVORA. Action plan underway with Savills (Property Manager) to implement required measures before applying fo
ompletion of the phase 2 works was achieved in January 2021 with no cost over-run or delay.
esidual snagging items (98% remediated by the end of Q1 2021).
leasing discussions in order to achieve 50% occupancy by year end 2021, as required under the loan extension.
tion of the Luxembourg holding companies is ongoing and expected to complete in Q2 2021.
rocesssold
ments hasatbeen initiated
31 March to collapse
2021, with thethe remaining holding structure by the end of Q2 2021.
final
sold in of
(113% early April. equity) distributed to the
invested
rg Sarl by
bution mid-May
of SEK 13.3m2021.
(18% of invested equity)
t the end of Q2 2021.
m water leak and upgrade of fire escape

the final distribution of proceeds to the Fund

g items underway such as liquidation of the corporate structure and dissolution of the intercompany restaurant association.
t of the Aareal loan took place at closing on 15th January 2021.
mission instructed to Etoile Property about SC reconciliation and taxes; office and parking taxes filed and paid.
he cash upstream in July 2021.
e liquidation of the corporate structure
extension and a 330 sqm expansion was signed with Glory Global Solutions during the quarter at Le Bryo. A 1,000 sqm expansion was sign
000 sqm in discussions, representing 9,000 sqm net absorption; N2 represents 24% of the Niederrad/Neulsemburg take up in Q1 2021
mization analysis completed with Westbridge
ness plan has been assessed with a two year extension to the hold period, to allow for the completion of asset management initiatives.
on the existing lease discussions and continue discussions with existing tenants.
d agree next steps with Aracadis for the parking chloride for both buildings.
ate the new business plan to the lenders.
on work commenced in Q1 2021 and is progressing in line with time schedule and budget. Ground and piling work completed without any
ity signed with the first two utilizations completed (SEK 15m drawn in total).
meet requirement for BREEM 'In-Use'.
ed by Academedia.
e construction works closely and ensure the procurement in line with budget.
demedia of their ability to take possession during 2022.
deals" addressed for 2020 lockdown so far: 16 deals signed, 23 deals agreed and 3 deals declined, in line with the EQT / ECE leasing toolbo
deals" agreed for 2021 lockdown for 1,830sqm.
s with Mr Kabs (potential for 4.5k sqm unit, 10% of total NLA) delayed due to extended lockdown period in Germany.
 iquidity line agreed with HCOB to support tenant incentives and capex investments.
udget review to limit leakage and increase efficiency.
scussions with ECE and EVORA regarding electricity consumption.
ternatives uses for the centre.
suite largely delivered: snagging underway by contractors.
rks have started and are ongoing, delays for delivery due to Covid.
cess for ground floor furniture launched.
s ongoing with the tax authorities regarding the VAT recoverability of the fire costs.
increase of broker incentives underway.
easing activities and monitor brokers' strategy
cussions with De Pardieu for Tax ruling update.
over process with Savills.
ogy sales increased 8% organically in the first quarter compared to the same period last year due to strong sales performance in the Whole
alisation has been accelerated and new structural cost savings identified in connection with COVID-19. COVID-19 related cost measures ha
focus on cash and cost measures to mitigate the new wave of COVID-19 related lockdowns in key markets, especially in the US and Europe
rity Profile: 2027 includes a USD facility of USD 1,160 million that has been converted to EUR per 31 March 2019. New loan of EUR 100 mil

owed strong performance in 2020, both in terms of sales and EBITDA and outperformed expectations despite market headwinds arising fr
covadis gold rating, best-in-class CSR performance (overachieving 94% industry-wide. Finished construction of new reactivation furnace a
arket headwinds, overall outlook remains positive with management focused on ensuring business continuity while continuing to impleme
cials have been adjusted to show audited or reviewed numbers

nd EBITDA for 2020 have been severely impacted by the COVID-19 pandemic. From mid March until the end of April, the majority of Curae
ovided a EUR 20 million shareholder loan in January to provide liquidity to the company. In March, the global COVID-19 pandemic reached
ticipates the COVID-19 circumstances will be temporary and Management believes the fundamental value proposition remains intact. Del
cials have been adjusted to show audited or reviewed numbers

ncial record year in 2019 with very strong organic top_x0002_line growth and high operating profitability and cash conversion, VFS financ
being strongly affected by COVID-19 (see other sections), VFS successfully retained existing and won new contracts since the beginning of
-19 pandemic is an unprecedented and volatile crisis especially impacting travel-related businesses like VFS. In the current situation, it is v
erformance relates to VFS Global only (not the entire Kuoni Group) Note: 2019 financials have been adjusted to show audited or reviewed

rading underlined the company’s strong crisis resilience. The global COVID-19 pandemic and induced headwinds on the economy had a m
agreement to sell 100% of shares in Apleona to PAI Partners for an Enterprise Value of approximately EUR 1.6 billion and 13.3x EV/2020 EB
sale to PAI Partners, expected during the second quarter of 2021, subject to customary regulatory approvals. Continued mitigation of pote
cials have been adjusted to show audited or reviewed numbers
ne performance in 2020 in light of COVID-19 with slightly negative organic top-line growth offset by inorganic growth in Patient Care busin
n and implementation of countermeasures to mitigate COVID-19 impact, including operational measures to protect health & safety and co
COVID-19 continues to be visible in almost all major markets, although with less pronounced impact on sales than during first wave of pand
sent third Party Product Sales, EBITDA adjusted for foreign exchange effects Note: 2019 financials have been adjusted to show audited or

strong start of the year, with February year-to-date sales and EBITDA up 8% and 95% respectively compared to the same period last year.
strengthening of the management team with Anders Gustafsson joining from Google as Global E-commerce Director in January. Monika E
y to manage the business through COVID-19. Management team is handling the situation in a very structured and professional way and is
cials have been updated to show audited or reviewed numbers.

alf year of the financial year 2021 (ended December 2020) showed continued good software bookings growth with considerable new busin
mber 2020, Steve Tzikakis (former regional President SAP Southern Europe, Middle East & Africa) joined Sitecore as new CEO to drive the
the Sitecore business is characterized by a high share of recurring billings and consistently strong renewal rates, the company’s financial p
have been restated under new accounting standard IFRS 15 and IFRS 16. Periods before financial year 2018 (ended June 2018) are not ava

a mixed development in new lending during the year, the strong trend from the third quarter continued in the fourth quarter (12% growth
tiatives to strengthen the sustainability promise and positioning have been initiated, including strategy revamp (roadmap defined, implem
coming out of the fourth quarter with positive momentum. Focus for the coming quarters lies in execution of an ambitious growth agend
bers have been adjusted to show audited or reviewed numbers.

double-digit sales
2020, the first growth
surgery in TechMah’s
with January andSmart
February,
SPACE Lima’s performance
Shoulder in 2020
3D Planner was performed
has been severely impacted by COVID-19,
by Dr. Dutta showing
in San Antonio a decrease
(TX). in
In June 20
eholders and existing lenders has been finalized to secure liquidity and position the company for future growth during COVID-19, while RC
has significantly impacted the first half of 2020 as hospitals deferred elective surgical procedures to free-up capacity for COVID-19 patients
cials have been updated to show audited or reviewed numbers Note: Net Debt/EBITDA Multiple excluding PIK note Debt Maturity Profile:

orted sales growth driven by above-market organic growth across all markets and continued high M&A activity. Record levels of trading du
ecethan
andtwice
employee protection
the size managed
of the closest effectively
competitor throughout
in Europe, the COVID-19
IVC Evidensia period
is very on the backtoofinvest
well-positioned early,in
decisive and comprehensive
the further development ofaction
vete
expected to further accelerate the positive trends in the industry such as pet ownership and increased level of care. Key priorities include
bers have been adjusted to show audited or reviewed numbers

perienced strong performance through the third quarter of 2020. Through September 30, Certara saw continued revenue and EBITDA driv
y, Certara completed the acquisition of ISB, a developer of neurodegenerative models. In April, Certara launched the COVID-19 Pharmacol
t for Certara’s products and Certara’s market position continues to be strong. Key focus for management is successfully scaling the organiz
cials have been adjusted to show audited or reviewed numbers. Fourth quarter financials not available due to listed company.

has proved relatively resilient through the COVID-19 crisis and delivered a solid full-year performance. Net sales for the year increased co
tial Plan (FPP) activities well underway, with the management team exploring specific strategic initiatives (both related to sales and produc
has proven to be relatively resilient through the COVID-19 pandemic, but both Management and EQT remain focused on ensuring a susta

ce continued to be negatively impacted by the pandemic, but 2021 is off to a better than expected start. Own e-commerce sales through e
mhe significantofmeasures
perception taken
Eton from “theto limit
best the impact
business shirtfrom COVID-19
brand” and protect
to “the best cash flows
shirt brand” during
through 2020, Eton
an extended is now
casual shifting to forward-leani
offering
ed sustainability journey with focus on product and supply chain related initiatives and communication- Continued focus on reducing over
ogy sales increased 8% organically in the first half compared to the same period last year due to strong sales performance in the Wholesale
l 2021, WS Audiology filed publicly with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of He
ting of hear.com (Online division of WSA) on the Nasdaq is currently being contemplated. Continued focus on cash and cost measures to m
rity Profile: 2027 includes a USD facility of USD 1,160 million that has been converted to EUR per 31 March 2019. New loan of EUR 100 mil

owed strong growth in the first quarter of 2021, both in terms of sales and EBITDA. The company experienced continued growth of recurr
ustainability website, explaining sustainability mission statement (including link to SDGs) and highlighting positive impact on environment
osing of the transaction, which is anticipated to take place in the second quarter of 2021

ntinued COVID-19 lockdown measures, Curaeos delivered a strong first quarter with both net sales and EBITDA significantly ahead of the s
events year to date, other than Curaeos delivering a strong first quarter, ahead of the same period last year, and ahead of expectations
ticipates the COVID-19 circumstances will be temporary and Management believes the fundamental value proposition remains intact. Key

has been severely impacted by the global COVID-19 crisis. Under-performance started in early 2020 and continued throughout the year w
ing strongly
novation andaffected by COVID-19
digitization to ensure(see other sections),
continued IT / digitalVFS continues
market to successfully manifest its position as undisputed market leader in i
leadership
g in high-growth adjacent and non-travel-dependent fields (e.g. e-visa or consular services)
erformance relates to VFS Global only (not the entire Kuoni Group). 2020 financials have been adjusted to show audited or reviewed num

rading underlined the company’s strong crisis resilience. The global COVID-19 pandemic and induced headwinds on the economy had a m
ork between signing and closing of the agreement to sell 100% of shares in Apleona to PAI Partners for an Enterprise Value of approximate

2021, Ottobock is reporting under IFRS accounting standard to improve financial transparency. Comparability with previous Fund Reports
managing
COVID-19continued
continues COVID-19 impact
to be visible with all
in almost goal to participate
major in marketwith
markets, although rebound
initialexpected for 2021 while
signs of stabilizing maintaining
demand increased
during the cost discip
first quarter. Grad

alf year of the financial year 2021 (ended December 2020) showed continued good software bookings growth with considerable new busin
2021, Sitecore announced its new strategic plan which foresees significant organic and inorganic investments to further accelerate growth
the Sitecore business is characterized by a high share of recurring billings and consistently strong renewal rates, the company’s financial p
have been restated under new accounting standard IFRS 15 and IFRS 16. Periods before financial year 2018 (ended June 2018) are not ava

first quarter, new lending was in line with previous year, adjusting for the Personal Loans portfolio that was discontinued in February 2020
y finalized and new communication concept to be launched in the third quarter of 2021; more focus on performance marketing than bran
ongoing strategic and marketing projects to fully integrate sustainability in the strategy and develop a targeted communications concept to
bers have been adjusted to show audited or reviewed numbers

he impact from COVID-19 on elective surgeries volumes in 2020, Lima experienced improved performance in the first quarter of 2021, sho
y 2021, the FDA clearance on Smart SPACE Shoulder Cubit completed the approvals of TechMah’s shoulder suite for digitally guided surger
has significantly impacted the first half of 2020 as hospitals deferred elective surgical procedures to free-up capacity for COVID-19 patients
BITDA Multiple excluding PIK note. Debt Maturity Profile: Debt repayment schedule does not consider EUR 25 million Revolving Credit Fac

orted
sia hassales growth
further driven its
cemented byposition
above-market
as the organic growth across
leading veterinary groupall in
markets and
Europe, continued
and high M&Atoactivity.
is well positioned Record
capitalize levels
on the of trading
positive ye
underlyi
sia to drive theofnext
consolidation the phase
highlyof accelerating
fragmented growth.veterinary
European In April 2021, the company
services repriced
market. Strong its EURofTerm
pipeline B Loan
practices and Letter
under raised of
GBP 437 million
Intent, equ
correspon
stry digitalization by driving the customer’s digital journey and engagement through powerful digital infrastructure and applications
bers have been adjusted to show audited or reviewed number Net Debt/LTM EBITDA excludes PIK note as per Senior Facilities Agreement

perienced strong performance through the fourth quarter of 2020. Through December 31, Certara saw continued revenue and EBITDA driv
y 2020, Certara completed the acquisition of ISB, a developer of neurodegenerative models. In April 2020, Certara launched the COVID-19
t for Certara’s products and Certara’s market position continues to be strong. Key focus for management is successfully scaling the organiz

has started the year off strong and delivered a very solid first quarter. Value added reseller partner new subscription bookings increased 1
Sanket Akerkar (ex Microsoft) started in his role as Chief Revenue Officer. Sanket will be focused on accelerating growth through further in
has proven to be relatively resilient throughout the COVID-19 pandemic. This year the main focus is on further accelerating new bookings
ealized value related to the exit of IFS
 rogressing well in terms of eco-driving training for drivers. Most drivers are now monitored individually on a continuous basis during oper
er 2020, Bergkvarabuss and the head office in Kalmar successfully certified for the ISO 14001 environmental management system. Having
,revenue,
CFTR’s ESG (ii) action
higherplan
driverforcosts
2021due wastopresented to the Manager’s
a more expensive renewal of ESG theCommittee and formally
labor agreement in Marchapproved in the
2020, (iii) company’s
higher absenceboardratesmeeting
than bu
al Developments: In Q4 2020, Umove was awarded the Sydtrafik 16 contract (Hadersleve area) involving 46 diesel vehicles of whichin18April
to 2019, the 2020 revenues and EBITDA are higher mainly due to the full year contribution of the Movia A16 contract that started wer
agement is continuously monitoring M&A opportunities and has identified targets that could potentially
2020 amounted to SEK 394.2 million, SEK - 140.3 million below budget (i.e. - 26.2%). Results were influenced by the above-mentioned neg develop into add-on acquisitions.
entthe
in company’s
continued travel agency
to implement and charter plan
its contingency activities. The decrease
to mitigate in EBITDA
the adverse effectswas partly
of the compensated
Covid-19 byre-organize
crisis and a reductionthe of personnel
company.costsIn para
company continued to explore complementary add-on acquisition opportunities.As part of its strategy to focus on the regulated Swedish l
ation of PV (related
on effects panels on toPoints
previous of Presence
years) from (“PoP”) wasIDFM
existing finalized. A total
contracts and of the
36 PoPs
start were
of thecovered by solar
new contract panels,
with allowing DSTofTelecom
the department to bo
Isère in the G
ounted € 33.4 million, -22.0% or € -9.4 million below budget and - 19.5% compared to 2019.
ater Lyon area, CFTR submitted a large bid to operate c. 100 vehicles. The outcome of this tender is expected during H2 2021. The Covid-19 impact on EBITDA was negative
: CFTR’s Management continues implementing its strategic plan and closed down the loss-making occasional transport subsidiary of Lacro
Health, Safety and Environmental (HSE), no accidents or major incidents with time loss were reported during the quarter. A new Head of
he ESG due diligence performed by PwC, the management, in close collaboration with Cube II, has prepared an action plan to implementin
mber
ure 31, 2020, DSTThe
developments: Telecom serves inoftotal
construction 284kprivate-initiative
the new primary homes (437k network homes) in the
(Project CC country
launchedwith a penetration
in 2018) of 53.3%
is progressing wellon primary
despite hom
Covid-1
: The sanitary measures and the lockdown measures made premises accessibility more complex. This had a negative impact on the numbe
ny has formalized its ESG and environmental management policies, and has formally appointed its Technical Director as a dedicated empl
ues reached GBP
In December 1.9the
2020, million,
debt +and 2.8% above
equity the budgeted
fundraising figure
process due
were to above
closed withplan activations
a reputable and live customers.
UK investor UniversitiesYTD 2020 EBITDA Scheme
Superannuation amoun
ecured for the roll-out of the next 6 years with the objective to become the leading open-access network operator of Central London with
ormalized
nues were €its1.7 ESG policy,€and
million, is currently
0.2 million working
or 15.8% aboveon budget
the implementation
notably due to of higher
its ESGconnectivity
policy and further
revenues.improvements
Revenues asonreported
ESG matters highl
include co
DA was negative € 8.4 million, versus a budget of € - 9.9 million (+ 14.8%) mainly due to (i) lower
eation, the Company’s management has been working on integrating Sigfox Germany (formerly wholly-owned by Sigfox SA) into HELIoT an Opex driven by fewer active sites due to t
y in 2020. The base station roll-out is expected to mostly catch-up thanks to an accelerated deployment plan in 2021, with c. 900 base stati
nyYTD
’s is already
revenues benefiting
(3-month from existing
period ESG policies
to December 31,established
2020) amountedat the tolevel
€ 6.7of million,
Varanger Kraft,below
- 5.4% the co-shareholder. The management
budget. The negative performance is active
was
impact of the Covid-19 pandemic have delayed the development of the energy efficiency business.
20, the beginning of the heat season. CogenInfra is actively working on the further development of existing networks, and has recently The negative performance by the ener
sig
ecember 2020, CogenInfra completed the acquisition of a 100% stake in Erzelli, the operator of a CHP plant and a district heating and cooli
2019, Osprey was audited by PWC for its performance against a set of ESG criteria per the investment strategy. The action plan created fr
rated the
owing 2020 revenues
signing of share
of the € 1.3 million,
purchase - 15% below budget
agreement in Augustand2020
- 32.8%
withlower than last year,
the promoters of a 50mainly
MWpdue to PV
solar reduced
projectpool prices in
in Spain, (€Q4
31.2/MW
2020 C
of the company that is expected to materialize in H2 2021. Refinancing proceeds will be utilized to refinance the acquisition of new asset
raftvind
ure generated Despite
developments: 2020 revenues of NOK
the ongoing 38.8 million,
Covid-19 - 45.3%
situation below budgetofand
the development - 52.7% lower
Raggovidda than the
expansion samehas
project period last year.
progressed The negati
according to
: The availability rate of Raggovidda wind farm amounted to 97.2% in 2020, in line with budget
(Metropolis): As at December 31, 2020, only one test station was commissioned, generating no revenue. In comparison, to forecasted and the same period last year. The compan
initi
Via Novus
2020, Via(Metropolis)’
Novus (Osprey) limited
launcheddeployment,
its iOS and SIIT’s management
Android app in thecarefully controlled
wider market its cost
allowing base, resulting
potential customers in ato
significant
register on reduction of Ope
the Via Novus
: Operational performance of the Company during 2020, specifically the pace of charging site installations and the number of charging ses
ue for the eight months to 30 November 2020 was £40.7m lower than budget mainly due to the impact of COVID-19 on non-household – h
: In response to the COVID-19 pandemic, Thames established a full Gold Command structure to enable effective management of the incid
afety Performance •RIDDOR (“Reporting of Injuries, Diseases and Dangerous Occurrences Regulations”) incidentsbecame notifiable to the
s sufficient available cash and undrawn facilities to cover ongoing business requirements, and interest and debt maturities over the next 1
te (“YTD”) EBITDAF is marginally ahead of budget, with limited financial impact stemming from the COVID-19 pandemic. Customer initiate
Team): On 10 December 2020, Powerco announced that CEO Nigel Barbour has resigned from the business after 18 years with Powerco, in
afety Performance • There were three no-injury High Potential Incidents (“HPI”) in the last quarter, and two Lost Time Injuries (“LTI”). The
lised EBITDA result to November was A$134.8m, which marginally outperformed budget by 0.9% but lags prior year performance by 6.0%
on retirement and replacement): POB Shareholders have identified an appropriate Chairperson replacement, Guy Cowan, to replace POB’s
afety Performance • No major safety incidents were reported over the December quarter. • Last LTI recorded was in April 2020 (note: last
rofile of the business is diversified in terms of tenor and source with no near-term maturities.
e end of November 2020, CampusParc continues to see the negative impacts of COVID-19 on its business’s performance as OSU and Wexn
pus Update): OSU reopened its campus in Aug 2020 and continues to operate in hybrid mode, with about 40% of students attending one o
afety Performance • No significant safety incidents or legislative non-compliances during Q4 2020. • CampusParc continues to develop the
distributions in the amount of US$2.2m of interest on the unitholder loans for the fourth quarter of 2020 have been deferred given ongoin
nues to operate smoothly, with no material performance abatements over the quarter. Availability payments (which represent the vast m
g Status): Gradual re-opening of the courthouse to the public continues. All courtrooms are open with reduced calendar sizes or staggered
afety Performance • No safety incidents during the year. Environmental Performance • Evaluation of environmental initiatives is ongoing •
debt is in place for the LBCH concession
ontinues to operate smoothly, with no material performance abatements over the quarter. Availability payments (which represents all rev
ng Status): Activities in the building have been reduced with some staff working from home and students away. COVID-19 research continu
afety Performance • A minor incident occurred in August related to swing stage scaffolding. There were no injuries and the equipment ha
debt is in place for the CRCHUM concession.
afety Performance • A high potential near-miss was recorded in October relating to a compressor in the APA yard experiencing a mechanic
s sufficient cash reserves and undrawn facilities to navigate current market conditions. Sufficient covenant (Debt Service Coverage Ratio) h
pdate: At a directions hearing held on 4 December 2020, the Court revised the timetable for pre-trial steps, allowing additional time for re
ovenant (Debt Service Coverage Ratio) headroom exists
e project has defined and planned more than 1,000 work orders for backlog maintenance works. They have been risk ranked with executio
s delivered financial results YTD ahead of FY21 budget, with EBITDA tracking 16.6% above budget. This is primarily driven by higher fixed p
afety Performance• No significant safety incidents or legislative non-compliances over the quarter. Environmental Performance • No signi
ued strength in trade performance is largely driven by a combination of restocking (following unprecedented COVID-19 home office set up
y Strategy): PoM and the shareholder working group (“SWG”) convened a number of times in the December quarter, with key discussion p
afety Performance • PowAR, QIC, AGL, and GE have continued to focus keenly on safety performance throughout the reporting period. Po
months ending 30 September 2020, PowAR revenue was 5.1% below budget, with EBITDA 0.9% below budget. This was driven by schedule
nstruction and Commissioning Update): During the quarter the QIC team worked closely with PowAR management to progress CGWF cons
afety Performance • Two LAZ employees contracted COVID-19 in Q4 and have recovered. • QIC and MasParc completed initial Asset Risk
r-to-date (“YTD”) EBITDA performance through 30 November 2020 is tracking c.50.6% below FY20 Budget. The underperformance in reven
us and Longwood Medical Area Update): NU reopened in the new school year in hybrid remote learning mode with density restrictions and
afety Performance • No material updates over the quarter. Employees continue to be provided appropriate PPE for safety measures. Envir
quarter, HIA obtained a pre-emptive waiver on covenants from its lenders for the December 2020 to September 2021 testing periods. Wh
financial Year to Date (“FYTD”) EBITDA underperformed budget by 78.6% and underperformed the prior year by 95.9%. FYTD passenger v
Terminal Developments): HIA management continues to engage extensively with the State Government, Federal agencies, Tourism Tasm
afety Performance • Health & Safety continues to be a major focus of the Board and Executive • Both Medically Treated Injury Frequency
he softness in trade experienced earlier in 2020 due to COVID-19 and other macro factors, the encouraging performance observed during
ment and replacement): During the December quarter Sea Swift CEO, Fred White, decided to retire after a long and rewarding career. Fre
afety performance • There were zero sentinel events during the quarter. • Recent high-risk incidents were in line with historical numbers
ant lock-up of 3.25x and default of 3.75x
erformance in the year-to-date (“YTD”) period to November 2020 is above budget at a revenue and EBITDA level with total separation vol
itiatives): Nexus is progressing several key growth initiatives, as detailed below: o (Project Blue): Phase 1 limited scope financial and comm
afety Performance • There have been no safety issues during the quarter. • PE has started to incorporate external OH&S recommendatio
re in Dec-20, PE successfully completed a process with lenders to achieve i) a higher temporary leverage ratio to reflect the impact of cape
vered financial results YTD ahead of FY21 budget, with EBITDA tracking 10.8% above budget. The group remains on track to meet or excee
ntracts: Key updates to existing contracts are listed below: o Iluka Resources | Jacinth Ambrosia: Addition of 3.4MW of solar to create a hy
afety Performance • No serious operational incidents. Most KPIs improving vs 2019. Wildlife strikes deteriorating during COVID-19 but con
ve approved
r traffic theatcovenant
to date 6.4m paxwaivers
is 73.8%fordown
bothon
Brussels
LY dueAirport (Decemberoutbreak.
to the COVID-19 2020 andTraffic
June 2021) and well
restarted Solace (June
over the andDecember 20201m pass
summer with over
proving
lso been very resilient
heavily with in
involved YTDtheflown cargowith
interface being
the2.8% above
MidCo LY and
lenders totalthe
where cargo
QIConly 2.5% downhave
relationships on LY (due
been toin
key lower demand
securing for road carg
the covenant wai
 afety Performance • No known recordable injuries during the quarter. Environmental Performance • QIC continues to work with managem
esilient operating portfolio, Generate’s financial performance has tracked below the original 2020 Annual Budget (preCOVID-19) during th
nt):the
re, Management
Company has expects 2020 to
continued total capital
expand itsdeployment to trackIninOctober,
external presence. line withEagleClaw
the pre- COVID-19
launchedbudget of US$600m
a new website (currently
and has in the proc
been prominently
he second quarter of 2021. EagleClaw’s crude oil and gas gathering systems are built to U.S. Department of Transportation standards to e
ourse of 2020,business
has a robust EagleClaw Midstreamprogram
development demonstrated its resilience
to secure in thevolumes
new gathering face of significant
and acreage headwinds duefrom
dedications to the COVID-19producers
third-party pandemicinand
theSD

has executed on various operational cost reduction measures in response to reduced volumes resulting from COVID-19 lockdowns. The co
eClaw’s largest existing customers are under long-term contracts that eliminate substitution risk over the next several years, the contracts
Global LNG, management continued con_x0002_struction of the Calcasieu Pass facility during the fourth quarter, within the approved bu
obal currently has no operational facilities and is in the process of constructing its first LNG facility. Cost overruns or delays in the construc
economic slowdown affected oil consumption severely over the first half of the year, causing a demand imbalance that forced certain pro
as outlined a decarbonization plan that is expected to reduce CO2 emissions up to 90 percent by 2030. The plan is based on energy efficien
last quarter of 2020, OCENSA has engaged NERA Economic Consulting to analyze the profitability and regulatory framework of the industr
ny successfully finalized its first viscosity capacity increase test after 30 days of trials. The test end goal was to validate its technical feasibi
0, OCENSA demonstrated its resiliency during a challenging period which resulted in international crude oil prices dropping to $19 per bar
vices’ operational and financial performance has proved resilient in the Covid-19 pandemic. Neither of the two main concerns TIP had at th
gorous environmental, health and safety (EHS) program with well-defined guidelines to effectively manage EHS risks, workplace and empl
leadership of I Squared in 2019 TIP enacted a capex approval process with a view to take a more prudent approach towards capex and onl
has remained fairly protected throughout the Covid-19 pandemic due to the long-term nature of the contracts, exposure to protected un
ss environment and trailer leasing and rental sector are affected by the European and Canadian economic environments. TIP is exposed to
s strongly committed to a reduction in its environmental footprint and improving energy efficiency. By investing in its facilities insulation, li
as a strong track record in executing bolt-on M&A. Historically the company has created value by acquiring single facilities and small group
occupancy rate decreased from 95 percent in September to 92 percent in December 2020 due to the restrictions imposed by health autho
he French elderly care home business we acquired in 2019, has fared relatively well in the Covid-19 pandemic. Initially, operations were u
midep has not experienced any material financial impact from the Covid-19 pandemic. The French government is very supportive of the h
minal has a comprehensive EHS framework centered around safety, quality guarantee, and environmental protection. The company reports
amount of focus at Rubis Terminal on business development that improves product diversification and quality of service. In particular, Ru
third quarter, Rubis Terminal facilities were highly utilized due to contango, with 100 percent utilization in the Netherlands, Belgium and T
al risk faced by Rubis Terminal is its exposure to road and heating fuels, which are expected to enter struc_x0002_tural decline in the med
020, I Squared Capital closed on its joint venture partnership through an investment in Rubis Terminal, a previously wholly owned subsidia
exible generation is complementary to renewable generation and increases the grid-carrying capacity of intermittent energy sources, such
ergy II is a UK based energy platform with_x0002_in Fund II which focuses on flexible embedded power gen_x0002_eration. In September
sion is toinclude
peration build a one
modern
11kVutility across
site with 6MWthree business
output, plussegments: Flexible
fifteen 33kV Generation,
sites totaling Customer Solutions
317 megawatts. and Renewables.
Engine de-rating took placeIn in
addition to e
this quarte

exposed to the common risks faced by any development platform such as delay and capex overrun. Fortunately, Conrad II is managed by
n established program of sustainability and community initiatives. HGC maintains an internal environmental protection policy outlining its
Kong economy recovered marginally in the fourth quarter of 2020, albeit at a slow pace due to the fourth wave of the local epidemic. Whil
Capital and HGC are evaluating multiple growth opportunities and have expanded the HGC Mergers & Acquisitions team to include membe
rp focus on fiber and broadband networking growth opportunities throughout the Asia Pacific region, HGC management has developed a r
l economic situation in Hong Kong had de_x0002_teriorated in 2019 and worsened in 2020, mainly due to (i) the escalation of US-China ge
wly established
BDx platform
platform, the in 2020team
management that in
is building its governance
fourth quarter program,
has worked throughincluding environmental
the pandemic and the
to continue social initiatives. in
construction A key focusthe
Nanjing, of the
inte
isting customers from other facilities. The current late-stage pipeline includes data center opportunities in Jakar_x0002_ta and Mumbai. I
has built a dedicated management team to operate all APAC data center assets. The team is currently building data center fit-for-purpose p
am is focused on implementing the following initiatives to generate value through data center platform assets. 1. Increasing yield in acquir
s is the least polluting hydrocarbon with CO2 emissions lower by approximately 28 percent compared to diesel and approximately 45 perc
 fourth quarter, I Squared Capital continued developing the THINK Energy platform - a natural gas distribution platform across select marke
quarter of 2019, THINK Gas completed the acquisition of 49 percent stake (with an option to acquire the ownership remaining 51 percen
is focusing on an accelerated infrastructure build out – these include city gate stations, CNG stations, steel and MDPE gas pipelines and ho
uction
to theprojects, THINK assets
twelve owned Gas is as
exposed
of endto
ofrisks
2020,associated with construction
Cube Highways has further cost overruns,
committed schedule
to acquire 1)de_x0002_lays
Chenani-Nashriand performance
tunnelway (CNTL),issues
an a

rational
the front,
health within of
and safety a span of four months,
employees, the seniorCube Highways of
management hasCube
assumed control,
Highways withouttoany
continues interruptions,
encourage of twelve
disciplined toll assets,
adherence an enor
to preventiv
oad safety, Cube Highways Safety Committee team conducts surveys and gives recommendations to respective SPVs to improve safety on
fourth quarter, Cube Highways, under Fund II, completed the acquisition of 10 additional road projects, bringing the total number of asse
ways periodically undertakes major mainte_x0002_nance activities, exposing Cube Highways to higher cap_x0002_ital expenditure depend
has assembled a dedicated local management and operating team of over 30 staff to manage Lightstorm in Asia. The team is currently in cl
nd Lightstorm are evaluating multiple growth opportunities in India and other Asian countries such as Indonesia and have developed a rob
l economic situation in India deteriorated in 2020 due to Covid-19 lockdown and expects to continue the contraction by 9.6 percent year-
Capital has assembled a dedicated local management and operating team of over 7 staff with further near-term plans to grow to 21 full-tim
has developed a robust pipeline with several deals in the advanced stages. For example, besides the previously mentioned intertidal solar,
general economic
y has existing situation
systems in Taiwan that
and programs has large_x0002_ly
allow it to meetbeen
a highunaffected by theand
ESG standard, COVID-19 situation given
the management teamthe low number
is continually of in-country
reviewing c
and up
wastes, and pursuing partnerships with environmental organizations to maximize common interest with environmentally-sound practices.
ready realized the majority of the total projected merger savings. In particular, Inkia has achieved all the synergies related to personnel an
fourth quarter, the management team continued to operate the business in a safe manner and has implemented business continuity proc
th quarter of 2020, the management team at Inkia continued to execute on key strategic initiatives while working to mitigate potential risk
stable regulatory framework modeled after Chile’s, which has a marginal cost dispatch system supported by financial PPAs and regulated
ill accelerate its roll out of wholesale fibre infrastructure across its UK footprint, delivering future-proof connectivity to all industry vertica
y or debt service issues expected.
good year for CityFibre with continued strong performance in Q4 2020. Q4 2020 revenue was 21.5% above budget and adjusted EBITDA w
alk
darkvolume
and litcommitment was activated
fibre businesses across
Under-utilised 4.6mwith
asset homes at year-end.
a solid CityFibre developed
base and significant a strategy to(i)target
growth opportunities at least
Providing three and
national ISPsregional
in each

y or debt service issues expected, with sufficient covenant headroom. Amend and extend process successfully closed in December 2020, b
hed the year with minimal adverse impact from the Covid-19 outbreak. Q4 2020 revenue was 40.3% above prior year and 4.0% below bud
e platform Capitalise on recently assembled super-regional, fully integrated network. Empower management to pursue sales, organic grow
yvenue
or debt service
was 15.3%issues
aboveexpected.
prior yearSuccessful
and within$20
1%million
of the RCF upsize budget
reforecast (Dec ‘20) and below
(5.3% incremental $39 million
pre-Covid-19 termprimarily
budget) loan (Febdue
’21)toincreased to
the underp
isting portfolio Ramp up of DHC concession contracts recently awarded.2. Win new DHC/EfW contracts Growing DHC market supported by
om IDEX’s senior and junior lenders successfully secured. The company also secured a €100m state-backed bank facility to fund potential l
ncial year runs from October 1st to September 30th, i.e. calendar Q4 is the first quarter of the 2021 financial year for IDEX. Q4 revenue is 1
ovember 2020, Angel Trains was performing strongly with year-to-date revenue at £507.2 million, 7.9% above the corresponding period in
ns continues to perform well operationally, with close to 100% of its trains currently on lease following the successful re-leasing over the p
OCs have now transitioned in principle from the previous Emergency Measures Agreements (EMAs) with the Department for Transport (D
nalisation of the new ERMA arrangements and planned eventual transition to Direct Awards, the immediate position with regard to existin

current national lockdown in the UK, both of Angel Trains' London and Derby offices remain closed, with all staff continuing to work succes
ns’
-19management key focus
pandemic continues toisimpact
to bring
thethe Bombardier
operational andClass 720 new
financial build project
performance to a successful
of Melbourne conclusion
Airport in FY21. in H2 2021.
Total Following
passenger the at
volumes NovM
vernment restrictions on international passenger movements resulted in a decrease of capacity of 93% relative to the prior year, while ave
elopment and milestones:Melbourne Airport’s business development team continues to focus on supporting airlines through the COVID-19
The COVID-19 pandemic continues to cause disruption in Australia and globally. Victoria successfully navigated through a second wave of C
me injuries (LTIs) were recorded in September 2020, when two team members experienced musculoskeletal injuries which occurred durin
ntinue to work closely with APAC management during a COVID-19 affected trading environment. The key focuses for the quarter will be w
 te (YTD) 2020 EBITDA is DKK 300.6 million, 8.4% below the corresponding period last year, largely due to the impact of the low oil price on
PIS:YTD 2020 revenue is DKK 866.7 million, 3.5% below the corresponding period last year. Revenue from the SOV segment grew 17.5% fr
e the low oil price environment continues to hamper the spot market, management has achieved some success in securing additional wor
offshore wind market :Since 2008 the European offshore wind market has seen an annual growth rate of 31%, driven initially by governm
s agreed to participate in an innovation project, through Energy Cluster Denmark, to focus on offshore measurement of greenhouse gas e

SVAGT will
tanding thebeYTDtointermodal
support management to secure
and auto volume additional
challenges, new windYTD
November vessel contracts
EBITDA in Europe and2019
has outperformed finalise thebyUS+17.3%,
levels joint venture. Addition
driven by the im
al KPIs ITS : Intermodal Rail ─ LPH levels are tracking at 2.06, 2% above 2019, driven by more active management of labour productivity and
al and the ITSC Board are actively pursuing new operational and commercial development opportunities to roll-out ITSC’s Strategic Plan es
l Reserve’s latest economic outlook survey forecasts a GDP decline of -2.4% for the full year 2020. For Q4 2020, however, the latest estim
mpact: Total number of employees: approximately 3,200; 113 confirmed cases reported to date (73 returned to work); however, no critica

working
her withrevenue
non-aero the ITS ConGlobal
enhancing management
opportunitiesteam to continue
are currently theidentified.The
being execution of AMP
cost-cutting
Capital efforts and the team
Debt Advisory rollout
is of long-termthe
progressing strategic
secon
PIS: Despite a national lockdown in November, performance has tracked management’s forecast and expectation during the quarter. The
rminal development’s (Project Sky) planning permission determination is now expected on 11 February 2021.LBA is coordinating with New
d the UK agreed a last-minute trade deal on Christmas Eve. The agreement allows UK and EU carriers to be able to carry out passenger and
ent is looking at potentially building an electrical vehicle hydrogen refuelling facility at the airport. Discussions are still at preliminary stages

to completing
nues the costimpacted
to be negatively review and onboarding
by Illinois Vincent Hodder
shelter-in-place as which
orders, Leeds began
Bradford Airport’s
in Q1 new CEO,
2020, were keymidyear,
relaxed focus forthen
the Asset Management
re-established in Q
PIS ─ At the start of 2020, prior to the COVID-19 outbreak in the US, Millennium’s performance was trending favourably; After the COVID-1
ed, since the US$10 million liquidity facility at Holdco was put in place in June 2020.Alternative use strategy:The company and its advisors
der various phases of reopening. The US unemployment rate in November 2020 fell to 6.7% from 14.7% in April. The unemployment rate in
ber 2019, the company received its Global Real Estate Sustainability Benchmark (GRESB) scorecard and showed significant improvement fo

mCapital
Garages willManagement
Asset run an activeand
marketing campaign
Debt Advisory to capture
teams returning
have worked commuters
closely to downtown
with management on Chicago and bolsterfor
lender discussions parking volumes,
a second round conti
of w
initiatives were not sufficient to offset the significant deterioration of passenger volumes in the year, with EBITDA at -£1.7 million YTD as
ntinue to be under significant financial pressure and are making further requests for support in 2021 as pressure mounts on performance.
d the UK agreed on to a last-minute trade deal on Christmas Eve. The agreement allows UK and EU carriers to be able to carry out passeng
project is ready to be restarted in early 2021. The UK Government has agreed a delay to the Spring 2021 full-funding bid. The planning app

Airport’s
mber key focus
recurring remains
EBITDA on completing
is up 2.8% theyear.
on the prior revised
Thisstrategy for recovery
was despite and
increased beyond,costs
operating reducing
due costs and preserving
to COVID-19, cash,offset
which were securing airli
by incre
PIS:Opal performed steadily during Q4, with recurring EBITDA rising 2.8% year-on-year. The financial impacts of COVID-19 continue to be f
Opal HealthCare:During November, the business rebranded from Opal Aged Care to Opal HealthCare. All community facing communicati

mission – Special
mes remain Reportunder
accredited on COVID-19
the Aged─ Care
On 1 Quality
OctoberStandards
2020, thewhich
Aged focus
Care Royal Commissioners
on outcomes handedand
for consumers down a special
reflect report
the level of on the
care imp
and s

working with the Opal management team to begin the process of compiling the GRESB ESG report, which will be submitted for review late
 ng added over the past year through both new developments and acquisitions. This highlights the business resilience, given the difficult ye
ublic Health England, CQC, CIW and NHS on the admission and care of residents (direct from hospital) into care homes in relation to COVID
COVID-19 period, nevertheless the business also continues to focus on gaining referrals, increasing occupancy and acquisitions and new d
e Quality Commission (CQC) and Care Inspectorate Wales (CIW). As of 30 November 2020, Achieve Together’s occupancy across the portfo
ogether’s involvement in the local communities it supports.
red to approximately 1.13 million last year. The further set of lockdowns in the UK throughout December has hampered passenger volum
y 30 December and has passed. The agreement allows UK and EU carriers to be able to carry out passenger and cargo flights between the U
per the planning application approved in 2013. LLA has worked on providing a submission in relation to Project 19, which will entail a requ
due to markets,
xisting a materialOhio
reduction in revenues
and Michigan, andacross all categories
two incremental as a result
markets, of the and
Pittsburgh veryPhiladelphia.
low passenger volumes;
These comehowever, it has been
at a compelling entrypartially
multiple

ound’s fibre
assist the assets and Rocket
management team toFiber. - EBITDA
establish also
a clear increased
line 47.5%
of sight to YoY as
achieve. a result
EBITDA of top-line
positive cash growth
flows inand
theseinstalled contractsEngagement
new markets.- coming online
w
ize relative to the initial US$50.0 million target will provide additional debt capacity to fund Everstream’s organic expansion
enterprise customers are continually valuing high-speed, reliable connectivity as a necessity to operate. As more companies outsource the plan. The inve
or bandwidth
e company and cloud
works connectivity
to build has only increased
strong relationships with the as remote working
communities becomes
in which the new
it develops, reality for
operates, many
lives, andorganisations.
works by giving back throug
manage safety incidents and issues.
optic cables that present no negative environmental impact.
ance in YTD revenue is a notable result in-light of reduced bookings during Q2 and Q3 2020 as IT managers have been hesitant to initiate d
et for the quarter. AMP Capital and Expedient management are closely monitoring sales performance to ensure bookings growth is contin
alled portions of the large University of Phoenix contract. EBITDA recorded an impressive YoY growth of 33.7% as a result of top-line outpe
pose-built data centres and potentially transition as an anchor tenant with Expedient being the operator: Lowes, the home improvement r
tes. Worldwide, wireline and wireless solutions have been relied upon to ensure seamless connectivity and low latency performance. Muc

erale and BNP Paribas reached financial close concurrently on 19 August 2020, and represents one of the first project financings of scale in

halpublic
approval
andhaving now
private, been
is the secured.
result of twoThe
keyremaining
factors: Aapproval (pertaining
steep decrease to registration
in battery-cell costsofwhich
certain amendments
have to the90%
fallen by around lease agreements
over the past ti
ent of Mr. Biden’s climate policy. He has pledged to use the federal government procurement system to drive towards 100% clean energy
ensuring acquisition due diligence red flags were addressed. This was done through a series of workshops covering key areas such as HR &
ctation of the executive management team for this next phase of growth. Developed a framework for approval of new projects. This now
P 9.1 million). South Africa: By end of December 2020, the network had approximately 210,000 installed premises. During the year, appro
or an area in the South of Colchester covering approximately 8,400 premises. Capex phase 1 of the project will be £7.3 million and deploym
adband speeds,
ables that have aand cloudenvironmental
limited traffic. Even pre-COVID-19,
impact. Europe and the UK were forecast to continue experiencing rapid increases in bandw
es have been reported in this quarter.
hieved COD approval on 11 December 2020. - 2020 YTD generation is below 2019 YTD on a portfolio basis by 8%. This reduced output wa
ear (prior
ficantly tothan
less accounting for mark-to-market
forecasted. valuation
Dispatch at Spindle, adjustments
Cannon, and Ectoronhas
power
beenhedges) drivenstrong,
exceptionally by sustained low power
and Hardee pricesthe
was above in PJM,
prioraffectin
year a
ystem outages. Cannon Falls benefitted from longer running hours.
eas of focus include: Active tracking of real-time and day-ahead energy prices and gas prices to ensure economic dispatch of Nelson, Lack
ersist, though there has been a recent uptick in forward prices. Lower commercial power demand driven by COVID-19 has been reflected i
not wholly owned by the joint venture (i.e. Hardee, Spindle Hill, Cannon Falls and Lackawanna).
nority (i.e. less than 50%) owned investments for IATP.
egate project revenue & EBITDA figures in this table do not reconcile to IATP consolidated revenue & EBITDA figures from the previous tab
ents the joint venture’s pro forma long-term ownership of the facility pursuant to cashflow flip structure.

abilized and are increasing again from the recent trough

 ce in Italy; divestment of non-core units ongoing. Customer communication programme implemented, improving engagement. Cost base

share anstrong liquidity of >£300m, driven by the increase in the securitization facility and positive cash performance vs budgetd conversio

sulted in a material decline in voluntary attrition, a new executive team being comprised of c. 50% underrepresented groups, and focus on
grate account acquisitions, and focus on building a new direct-to_x0002_consumer account generation engine

or earlier treatment and greater chances of survival. It also often allows for better patient treatment options.
t of €215m adjusted EBITDA (16% year-on-year growth). Q1 2021 adj. EBITDA came at €48m, in-line with the Budget. Sales were up 2% ye

or earlier treatment and greater chances of survival. It also often allows for better patient treatment options.
a-service offerings.

savings initiatives. Contributing to the positive momentum are recurring software revenues, which were +3% vs. budget and vs. prior year
ns, and waste and water consumption, among others.
rformance, with additional +$210m driven by full recovery after poor YTD May_x0002_20 performance (as a result of COVID-19) and cost s

d Education Group’s schools, Reddam House, has launched a social entrepreneur programme to enable students to work together to come
(with no discounts being offered other than for English language schools) and cost control, partially offset by continued pressure on sale o

increase crop yield to help generate less waste.

ntary natural colours business, and is in the process of acquiring a second.

eomics. Olink’s approach enables science that was not previously possible and is a key contributor to precision medicine.

sales within its security tech business, and strong performance within its security services business. The outlook for 2021 remains strong w

unce back strongly as lockdown measures are relaxed across the UK. Launch of new merchant acquirer product, Dojo, has been received s
 ht leaders address topics such as diversity in the workplace, how to avoid systemic bias, and inclusive leadership
ontinues to migrate customers onto the new Percipio platform, which is demonstrating strong retention rates and user engagement. Year-

bstantial deleveraging of the balance sheet to 3.1x cash EBITDA. On 13 October 2020, Skillsoft’s shareholders agreed to sell the business to

anagement and limiting the use of plastic.

, EBITDA was slightly ahead of budget as a result of management’s rigorous focus on costs.
ingful liquidity in even the most draconian of downside scenarios.

nsuring access to affordable and sustainable energy for all, taking appropriate action to combat climate change and protect and promote
ar-over-year and 7% above budget. LTM Cash EBITDA improved to $134m at March 2021 versus $54m a year ago.

e Fund will exit its entire position in Syncreon.

isma continues to support not-for-profit organisations engaged in teaching young people about technology, computer science, and entrep
g reported growth in excess of 20%.

e, helping the environment and adding to global sustainability of single-family home energy usage.
further drop in churn to 11.8%, and had reduced net subscriber acquisition costs resulting in strong cash flow generation. In 2021 Vivint e

pany’s capital structure. The Fund received repayment of its position in early August.

ed Nations. Moreover, the company fosters a positive environment where employees can participate into local charities.
evenue growth and EBITDA performance sustained by cost saves and better asset utilisation.
nce in Italy; divestment of non-core units ongoing. Customer communication programme implemented, improving engagement. Cost bas

base case expectations (most of them set pre COVID-19). Average senior leverage 5.1x. Average senior loan to value 43%

grate account acquisitions, and focus on building a new direct-to consumer account generation engine
increase crop yield to help generate less waste.

eomics. Olink’s approach enables science that was not previously possible and is a key contributor to precision medicine.
ht leaders address topics such as diversity in the workplace, how to avoid systemic bias, and inclusive leadership

anagement and limiting the use of plastic.

ingful liquidity in even the most draconian of downside scenarios.

ar-over-year and 7% above budget. LTM Cash EBITDA improved to $134m at March 2021 versus $54m a year ago.

e, helping the environment and adding to global sustainability of single-family home energy usage.

ed Nations. Moreover, the company fosters a positive environment where employees can participate into local charities.
evenue growth and EBITDA performance sustained by cost saves and better asset utilisation.
 was selected but with a different scope, allowing for an attractive cost reduction.

wards an exit of the investment in Q2 2021.

end of Q1 2021. The court ruled against the appeals in February 2021, with the building permit now free of all claims.
y has since been signed in full following court ruling.

red flags. Signature expected in Q1 2021.

 the business plan and change in Drawdown CP’s from LTV to LTC.

asures before applying for certification.

sqm expansion was signed with Keyence post quarter end, also at Le Bryo.
g take up in Q1 2021

nagement initiatives.

completed without any major findings.

EQT / ECE leasing toolbox for a total of 12,370sqm

erformance in the Wholesale (+7%) (especially in Europe and Latin America), Managed Care (+19%) and Online (+35%) segments. However
elated cost measures have been executed. New CFO, Søren Westh Lonning (ex CFO Chr Hansen), started early November 2020. Springing
ally in the US and Europe. While some disruption is expected, impact remains limited thus far. Leverage WSA’s leading position in digital b
New loan of EUR 100 million with maturity in 2022. Leverage of 9.2x as of December 2020 including SFA adjustments (synergies) in EBITDA

ket headwinds arising from the COVID-19 pandemic. The company experienced continued growth of recurring base and healthy new ord
w reactivation furnace and successfully ramped-up production capacity over the first half of 2020. Management focused on ensuring busi
e continuing to implement the Full Potential Plan. Key priorities going forward: - Continue to execute on Full Potential Plan, especially with

pril, the majority of Curaeos’ clinics and labs were only open for emergency treatments. Since then, Curaeos has gradually re-opened clinic
D-19 pandemic reached Europe. As part of the government-imposed containment measures, the majority of European dental clinics were
ition remains intact. Delivery of the strategic plan however will be delayed for at least as long as the pandemic lasts. Key priorities for 202

h conversion, VFS financials have been impacted by the global COVID-19 crisis during 2020. Under-performance started in February, accele
ts since the beginning of 2020. Contract retentions: - VFS’ largest visa outsourcing contract with UKVI was extended until 2023 - VFS also m
current situation, it is very difficult to predict the length and magnitude of the mid-term impact on VFS Global. In light of global travel ban
ow audited or reviewed numbers.

on the economy had a minor impact on sales, which were in line with previous year. On profitability the effect was fully counterbalanced, w
on and 13.3x EV/2020 EBITA, yielding preliminary 2.5x gross deal MoC and 2.3x net MoC for EQT VII. Successful expansions, extensions / re
tinued mitigation of potential COVID-19 effects and ensuring business continuity throughout continuing partial lockdown.
wth in Patient Care business, resulting in total growth of 5%. Sales impacted in the second quarter of 2020 through reduced patient flow in
ct health & safety and continue production as well as cost measures. Focus on return to original business plan by 2021, depending on furth
during first wave of pandemic. Gradual recovery expected throughout 2021 as vaccination programs begin to take effect. Fundamental gr
sted to show audited or reviewed numbers

e same period last year. Significant fall in top-line since mid-March as many wholesale and own retails stores closed down. Performance g
tor in January. Monika Elling joined the Board in February to lead the Audit Committee. Significant measures taken to limit impact from C
professional way and is fully focused on preserving liquidity. Continued slow recovery expected as (i) many wholesale and own retails sto

considerable new business volume added despite COVID-19. All regions showed good growth and the Content Hub offering showed parti
as new CEO to drive the company’s next phase of growth with his extensive go-to_x0002_market experience and lead the continued shift
he company’s financial profile is very resilient in short-term economic shocks as the performance over the last four quarters has shown. N
d June 2018) are not available under IFRS15. Periods before financial year 2020 (ending June 2020) are not available under IFRS16. Reporti

rth quarter (12% growth year-on-year) with 6% year-to-date growth translated into a growth in the loan portfolio of 4% compared to last y
admap defined, implementation ongoing), branding study (ongoing) and sale of the personal loans business (discontinued as of February 2
ambitious growth agenda and to prove scalability following meaningful investments into the platform. Key priorities include: – Complete o

9, showing
Antonio a decrease
(TX). in sales
In June 2020, compared
a capital to previous
injection by year. Lima’s main markets, Italy and the US, experienced a slowdown in elective surg
uring COVID-19, while RCF covenant has been replaced with a minimum liquidity covenant until September 2021 . In September 2020, Pet
ty for COVID-19 patients. After a strong rebound in the third quarter, performance in the fourth quarter has been again affected by restric
e Debt Maturity Profile: Debt repayment schedule does not consider EUR 25 million Revolving Credit Facility and EUR 35 million Capital Ex

cord levels of trading during the first quarter of Financial Year 2021 with organic growth of approximately 17%. EBITDA margin significant
hercomprehensive
nd development ofactions taken
veterinary by the management
medicine, benefit fromteam
sharedand thepractices
best board in and
combination with stronginoverall
drive consolidation business
the most resilience
attractive as a marke
European provi
re. Key priorities include:- Continue building the clinical leader in Europe through sharing of best practices, investments in quality and stra

evenue and EBITDA driven by strong market demand for Certara’s biosimulation, consulting, regulatory, and commercial offerings. Throug
he COVID-19 Pharmacology Resource Center in partnership with the Bill & Melinda Gates Foundation. In August, the company added a CO
 sfully scaling the organization to capture the growth opportunity in biosimulation. Growth in the biosimulation market is driven by the ne
ed company.

or the year increased compared to 2019, which is in-line with the pre-COVID-19 expectations. VAR partner new license bookings increase
ated to sales and product) to further accelerate Acumatica’s growth trajectory. In January 2020, Acumatica completed the acquisition of J
sed on ensuring a sustained high growth trajectory going forward. In 2021, the focus will be on re_x0002_accelerating new bookings grow

ommerce sales through etonshirts.com represented 19% of sales during the first quarter compared to 15% during the same period last yea
shifting to forward-leaning initiatives to help the company to come out as a stronger company post the pandemic. New Brand Communica
ering
d focus on reducing overdue receivables and excess inventory- Continued focus on reducing overdue receivables and excess inventory
rmance in the Wholesale (+9%) (especially in Europe, Latin America and China), Managed Care (+8%) and Online (+29%) segments. Howev
tial public offering of Hear.com (formerly called audibene), the online division of WSA Synergy realisation has been accelerated and new s
h and cost measures to mitigate the new wave of COVID-19 related lockdowns in key markets, especially in continental Europe and the US.
New loan of EUR 100 million with maturity in 2022. Leverage of 9.6x as of March 2021 including SFA adjustments (synergies) in EBITDA. No

ntinued growth of recurring base and healthy new order intake from its core markets, across both the mobile and non-mobile segment. EB
impact on environment and society. On 18th of March, EQT VII fund entered into an agreement to sell DESOTEC to private equity funds m

nificantly ahead of the same period prior year. The performance was also ahead of expectations, primarily driven by topline growth as we
ahead of expectations
ition remains intact. Key priorities for 2021 - Aim to increase volumes to pre COVID-19 levels, while carefully managing cash flow for as lon

d throughout the year with annual applicant counts in 2020 down by 76% compared to 2019. Most recent months in 2021 year-todate hav
puted market leader in its core visa application market with approximately 50% global market share, over 95% contract retention rate and

udited or reviewed numbers. Pro-forma leverage stood at 4.2x as of 31 March 2020 (3.7x without deferred payments for Burj minority buy

on the economy had a minor impact on sales, which were slightly below first quarter previous year. On profitability the effect was fully cou
ise Value of approximately EUR 1.6 billion and 13.3x EV/2020 EBITA, yielding preliminary 2.5x gross deal MoC and 2.3x net MoC for EQT V

previous Fund Reports prepared under German GAAP (HGB) is therefore limited. Solid start into 2021 despite COVID-19 second and third
 ing increased
g the cost discipline
first quarter. introduced
Gradual recovery last year.
expected Effective 2021
throughout 1 January 2021, Stefan
as vaccination Heidenreich
programs begin (former CEO ofGrowth
to take effect. Beiersdorf) has joinedend-m
of Ottobock’s the B

considerable new business volume added despite COVID-19. All regions showed good growth and the Content Hub offering showed parti
urther accelerate growth In March 2021, Sitecore successfully completed a refinancing to repay its outstanding debt and to fund envisaged
he company’s financial profile is very resilient in short-term economic shocks as the performance over the last four quarters has shown. N
d June 2018) are not available under IFRS15. Periods before financial year 2020 (ending June 2020) are not available under IFRS16. Reporti

ntinued in February 2020 and sold in January 2021. This translates into a portfolio growth of 5% compared to previous year, adjusting for P
nce marketing than brand building going forward. Ongoing work to also strengthen the sustainability promise Closing of Personal Loans po
mmunications concept to improve brand and liquidity position through additional covered bond launches and repricing of deposit product

first quarter of 2021, showing a 11% decrease in sales compared to previous year (not impacted by the pandemic until March). In particula
or digitally guided surgery, with the first surgery performed in March. In March 2021, Lima and HSS inaugurated the world’s first hospital-b
ty for COVID-19 patients. After a strong rebound in the third quarter, performance in the fourth quarter has been again affected by restric
lion Revolving Credit Facility and EUR 35 million Capital Expenditures/Acquisition facility and accrued interest on PIK note

cord levels
on the of trading
positive year-to-date
underlying with sales
trends, which havesignificantly
been further above last year.
accelerated byEBITDA margin significantly
the pandemic. aheadaofconsortium
In February 2021, last year driven by higher
of Silver Lake, Nm
ised GBP
tter of 437 million
Intent, equivalent
corresponding Term Loan B toGBP
to approximately fully30
reset the of
million outstanding
EBITDA revolver drawn (concurrently upsized) and repay PIK notes, as w
e and applications
or Facilities Agreement definition

revenue and EBITDA driven by strong market demand for Certara’s biosimulation, consulting, regulatory, and commercial offerings. Throu
launched the COVID-19 Pharmacology Resource Center in partnership with the Bill & Melinda Gates Foundation. In August, the company a
sfully scaling the organization to capture the growth opportunity in biosimulation. Growth in the biosimulation market is driven by the nee

on bookings increased 114% compared to the same period prior year.

rowth through further investments in customer success, sales & product
celerating new bookings growth and driving up net customer retention.
 nuous basis during operations. Incentives were implemented to encourage the employees. In Q4 2020, Umove succeeded to recertify a la
gement system. Having this certification increasingly becomes a requirement in tender processes.
ompany’s
er absenceboardratesmeeting. The ESG
than budgeted andaction
(iv) aplan was developed
settlement with thewith themanager
former support of in all operating
region subsidiaries
West who left the of CFTR. in 2018.
company
ract that started in April 2019.
vehicles of which 18 were already part of Umove’s existing operations in South Jutland (cities of Haderslev, Jels, Tonder, Ribe) with a durati
ntoabove-mentioned
he add-on acquisitions. negative revenue
tion of personnel costs
ize the company. In particular,and other variable costs
management including afuel
established andplan
clear maintenance.
to downsize charter and travel activities, which are expected to redu
the regulated Swedish line and school bus activities, on 26 February 2021 Bergkvarabuss signed the divestment of its 49% minority stake
owing
artment DSTofTelecom to both
Isère in the reduce
Greater Lyonelectric
area inconsumption and emissions while achieving a return on its investment. Other initiatives to incre
September 2020.
onH2
ng EBITDA
2021.was negative € 4.3 million on regulated activities and negative € 6.5 million on non-regulated activities17. The impact was part
sport subsidiary of Lacroix (PNA-Aérial). The new contract with the department of Isère started successfully in September and all vehicles h
quarter. A new Head of HSE has been recruited. HSE policies, procedures, code of practices and KPIs were formalized with following items
tion plan to implementing recommendations steaming from such report. Such action plan has been presented and approved by the super
f 53.3%
sing wellon primary
despite homes.2020
Covid-19, with 62krevenues
primary were € 30.2
homes (outmillion,
of total€ 88k
0.2 million
primaryorhomes)
0.7% higher than budget.Recurring
successfully covered during the revenues
year ofwere
20201% abov
(+13k p
ve impact on the number of new connections during the year, as the company was able to continue to connect clients at a slower pace. N
tor as a dedicated employee with a responsibility for the implementation of ESG policies. The company is actively working on the impleme
TD 2020 EBITDA Scheme
Superannuation amounts(“USS”)
to a negative
onboard. GBP 8.4 million, versus a budget of negative GBP 8.7 million. This is partially due to lower backhau
of Central London with c.1.4 million premises passed. In terms of equity, c. GBP 300 million new equity is committed above the historical
ntsasonreported
es ESG matters
includehighlighted in itssolutions
connectivity, action planand hardware revenues net of solutions and hardware COGS.
wer active sites due to the delay in Base Stations
Sigfox SA) into HELIoT and make it operationally independent deployment,from and (ii) lower
Sigfox SA,staff costs
while due to lower
reinforcing headcount and
the engineering as the recruitment
sales process
teams to finalize
21, with c. 900 base stations expected to be installed during the year.
he management
ative performance is actively
was mainlyworking on the implementation of the latest action plan on ESG matters.
erformance
orks, and has by the energy
recently signedefficiency
a contract business
with a was
newmitigated
customer by to increased
be connected heattosales from TCVVV
Mondovi network and thethe
with Mondo plants.
expected CogenInfra’s
annual heat demandEBIT
district heating and cooling network located in the Liguria region. CogenInfra is in advanced discussions with the sellers of two target distri
he action plan created from the report’s recommendations led Osprey to publish its ESG strategy which was done in June and can be found
pool
ct prices in
in Spain, (€Q4
31.2/MWh
2020 Cube actual vs. € 51.2/MWh
II injected budgeted,
€ 1.4 million into PFP-II39.2%
for thebelow budget)of
deployment over
thethe period. The
project.PFP II isnegative
finalizingimpact of pool prices
the acquisition wa
the acqu
acquisition of new assets.
riod last year.
progressed The negative
according performance
to plan. All plannedisconstruction
mainly due to the reduction
activities in spot electricity
and contractual milestonesrevenues (NOK
have been 10.7 million
reached actual
including vs. NOK
roads, 36.9 m
hardstand
od last year. The company’s production has not been affected so
rison, to forecasted initial revenues of c. € 72k in the acquisition Business Plan. far by the ongoing Covid- 19 situation and there has been no supply chain
nificant
egister on reduction of Opex(Osprey)
the Via Novus compared apptoandthesubscribe
investment case, notably
to various thankspackages
subscription to lower O&M costs to
in addition and the postponement
enabling ease of access,of certain recruitm
billing and acc
number of charging sessions observed over the network, was hampered by the Covid-19 pandemic which had forced the UK into two full
19 on non-household – higher vacancies and lower consumption as a result of business closures was offset by lower de-registration. YTD o
management of the incident and ensure continuity of service to its customers and stakeholders, whilst protecting the welfare and safety of
became notifiable to the Health & Safety Executive in the last quarter (no dangerousoccurrences).Environmental Performance •CYTD total
aturities over the next 18 months. There is a potential risk of an OpCo lock-up due to limited gearing headroom. Therefore, management
demic. Customer initiated works remain slightly behind budget, reflecting lower YTD capex spend, whilst the pace of new gas connections
18 years with Powerco, including nine years as CEO. Nigel will remain in his role until June 2021, subject to a new appointment being made
ime Injuries (“LTI”). The HPIs related to (i) a large drill bit falling off a vehicle in a residential area, (ii) a fieldworker observing a third-party
ar performance by 6.0% (pre-COVID-19). Total revenue was A$161.5m which lags budget by 1.4%, with the shortfall primarily due to poor
Cowan, to replace POB’s current Chairperson, Jerry Maycock, as he stands down after 10+ years of service. All Shareholders were aligned i
in April 2020 (note: last 3 LTIs aggravation of pre-existing injuries). • SAI Global audit completed on Health and Safety Systems; ISO accred

mance as OSU and Wexner Medical Center implemented virus containment and safety measures on campus. OSU resumed classes in Fall
 tudents attending one or more in-person classes on campus. OSU’s COVID-19 testing program has completed over 260,000 student tests a
continues to develop the Safety Culture Improvement Plan and is preparing to launch the Americans with Disabilities Act Parking System C
n deferred given ongoing uncertainty relating to the COVID-19 outbreak to preserve CampusParc’s liquidity. As of 30 November 2020, the
ch represent the vast majority of revenue) continue to be paid by the project counterparty as forecast.
lendar sizes or staggered appearance times. Remote appearances (telephone and video conference) are being encouraged. Jurors are star
al initiatives is ongoing • Southern California Edison (“SoCalEd”) conducted an assessment of EV charging stations in the carpark. If determ

(which represents all revenue) continue to be paid by the project counterparty as forecast. CRCHUM does not expect any material impact
VID-19 research continues at the CRCHUM. As part of CRCHUM’s rapid research response to COVID-19, three teams received grants totall
s and the equipment has been restored to service. Environmental Performance • The building continues to perform in line with its contra

experiencing a mechanical failure which resulted in gas and a small amount of lube oil spouting from a vent. Follow up actions include an i
Service Coverage Ratio) headroom exists, with no material near-term cashflow impacts in downside scenarios due to the majority of reven
ng additional time for remaining evidence and expert conclaves, objections to evidence and written opening submissions (among other st

risk ranked with execution of the work orders underway. Advisian has been appointed to assess workflow management process and maint
driven by higher fixed product and processing revenues as well as unbudgeted gas sales, whilst operating costs are in line with budget. Fa
Performance • No significant environmental incidents over the quarter.Community & Stakeholder Engagement • Noise management: PoM
D-19 home office set up demand), inventory management (leading up to Christmas), some redirection of discretionary income to goods (w
er, with key discussion points being: o Market Rent Review: drafting of the tenant customer charter continued to progress in order to addr
the reporting period. PowAR management continues to scrutinise WH&S performance, particularly at key construction project CGWF. • Y
was driven by scheduled network outages due to maintenance works impacting Broken Hill Solar Plant (BHSP), revised DLFs at Nyngan So
to progress CGWF construction and commissioning. Construction is effectively complete with commissioning of the wind farm underway.
mpleted initial Asset Risk Review process in Q4 2020. Environmental Performance • . No serious environmental issues were recorded during
derperformance in revenue continues to be driven by the ongoing impact of the second wave of COVID-19 outbreak in the Boston region a
h density restrictions and testing rules. NU’s extensive viral testing program continues to yield successful results, with 7-day testing positiv
or safety measures. Environmental Performance • No significant environmental incidents over the quarter. Community & Stakeholder Enga
2021 testing periods. Whilst there are no covenant breaches expected in the near term, a pre-emptive covenant waiver was sought to miti
5.9%. FYTD passenger volumes were 69.6% below budget as a result of continued domestic border travel restrictions imposed by State Go
agencies, Tourism Tasmania and Air New Zealand on the commencement of direct services between Hobart and New Zealand, with agree
eated Injury Frequency Rate (“MTIFR”) and Total Recordable Injury Frequency Rate (“TRIFR”) are a key focus of Management. Positively, n
mance observed during the September quarter continued into the December quarter (as at November 2020) with strong growth in the co
d rewarding career. Fred has served as Sea Swift’s CEO for 12 years and has overseen a large transformation of the business during this tim
with historical numbers with eight incidents in September and nine in October. High risk incidents can include events such as unplanned p

with total separation volumes increasing since elective surgery restrictions were lifted in Victoria in late September 2020. YTD outperforma
ope financial and commercial due diligence has been completed, and Nexus has received Board approval to negotiate and enter into a sal
l OH&S recommendations received from ArmourPlus and Sparke Helmore into their operations. Environmental Performance • Energetics
eflect the impact of capex drawdowns associated with the EPP; and ii) an A$85m facility upsizing (not included in the above A$86.9m figur
n track to meet or exceed full year budget (before any contribution from the Fortescue Metals EPC contract). • Kalgoorlie Power Generatio
W of solar to create a hybrid power generation facility and a 7- year contract extension with 3 x 1-year extension options. o Silverlake Reso
during COVID-19 but confirmed increased incident rate by other Belgian airports, other European airports and airlines. • No major health
dDecember
mmer with over20201m passengers, mostly leisure and visiting friends and relatives (“VFR”), travelling through the airport over July and Augus
er demand
curing for road cargo).
the covenant The
waivers, Pfizer
the vaccine
liquidity is being
facility manufactured
and providing in Belgium
the monthly and the first shipment from Brussels Airport happened lat
updates.
es to work with management to include forward-looking environmental performance measures in the corporate KPIs and to build an ESG r
(preCOVID-19) during the first 11 months of 2020. This is primarily because the COVID-19 related mobility and construction constraints im
m has
nd (currently in the process
been prominently of closing
featured year stories
in news end accounts).
involvingAs itsofcommunity
30 November 2020, US$375m
investments of deployment
in Midland had locations.
and in its plant been completed, implyin
Additionally, E
portation standards to ensure the safe and secure movement of hazardous materials by all modes of transportation, including pipelines. E
OVID-19 pandemicinand
-party producers theSaudi-Russian
Delaware Basin.crude
Theprice war. As itsteam
management producers responded
has existing to the macro
relationships conditions
with these and pressure
prospective of equity
customers and isinvestors
workin

D-19 lockdowns. The company reduced operating expenses by: (i) optimizing the compressor fleet to account for lower volume expectatio
eral years, the contracts are primarily in the form of long-term acreage dedications and largely do not require operators to produce at any
within the approved budget and broadly on sched_x0002_ule. Commercial Operations Date remains well ahead of the Date Certain of Ma
or delays in the construction and completion of the facilities may have a material adverse effect on the viability of Venture Global and its a
e that forced certain producers in Colombia to shut in certain fields. This activity reduction across the country has translated into lower vol
based on energy efficient solutions that aim to improve the company’s current power supply matrix, which relies heavily on oil to power it
ramework of the industry in Colombia, to better assess OCENSA’s positioning and challenges ahead. The study will be comprised of a techn
date its technical feasibility and company is currently assessing its commercial and financial feasibility. Providing this new offering to client
dropping to $19 per barrel of Brent during April. Although volumes and revenues were affected, particularly during the second and third q
in concerns TIP had at the begin_x0002_ning of the crisis, namely under-utilization of its fleet and elevated payment delinquency, materia
ks, workplace and employee well-being and safety. The company conducts internal as well as external audits covering a variety of areas, in
h towards capex and only invest in deals that are accretive to the existing business from a return and/or strategic positioning perspective.
xposure to protected underlying sectors including food, pharma, and parcels and mail, as well as a high proportion of specialized fleet such
ments. TIP is exposed to market prices, volatility in demand for its services and the remarketing of its fleet. The transport and logistics ind
its facilities insulation, lighting and water efficient amenities, Domidep is promoting its commitment to reducing its CO2 emissions. Additio
facilities and small groups and improving their operational performance through dynamic approach to pricing, improvement of occupancy
imposed by health authorities during the second wave lockdown leading to a limit in new entrants. Domidep expects occupancy rate to gr
tially, operations were under pressure within selected facilities with some difficulties faced around staffing (high sickness levels and some
very supportive of the healthcare sector and Domidep is benefiting from a number of relief measures, including compensation for loss in a
on. The company reports annually on its Corporate Social Responsibility (CSR) performance with a focus on limiting environmental impacts
service. In particular, Rubis Terminal is ambitious to expand further into non-petroleum markets such as chemicals and biofuel, and strate
therlands, Belgium and Turkey and 92.9 percent in France in September 2020. Utilization rate has improved across the board compared to
_tural decline in the medium term. Importantly, petroleum products today represent c.50 percent of revenues (pro for_x0002_ma for TEP
y wholly owned subsidiary of Rubis SCA. I Squared Capital now owns 45 percent of the shares in Rubis Terminal and jointly controls the co
ent energy sources, such as solar and wind. Conrad plays a critical role in the energy transition and contributes to the UK’s progress to ach
2_eration. In September 2020, Conrad Energy II acquired all the assets of Viridis Power, adding over 320 megawatts of operational capacity
ewables.
took place In in
addition to executing
this quarter leadingits
to core
lowerstrategy of Flexible
availability Generation
(44 percent, whichand
50 percent includes the development
84 percent of gas peaking
in October, November, assets and
December batter
respective

Conrad II is managed by the same management team that has successfully built out over 300 megawatts Conrad I portfolio and gained me
ction policy outlining its commitment to minimizing the negative impact of its business activities on the environment. It has conducted var
the local epidemic. While Hong Kong em_x0002_barks on a bumpy journey to recovery, HGC managed to deliver solid financial and opera
team to include members with strong financial and telecom expertise to allow HGC to execute rapidly on its large pipeline of M&A and gr
ement has developed a revised detailed 2021 Business Unit by Business Unit investment and business plan with the assistance of I Squared
escalation of US-China geopolitical tension, (ii) months-long social unrest and protests since mid-2019 al_x0002_though this has subsided r
tives. in
ction A key focusthe
Nanjing, of the data center
integration industry
of the is onacquisition,
Singapore reducing carbon footprint
and the either through
establishment efficiency
of the new gains,
platform such
team, as PUE and
systems, improvements, o
processes. Ac
0002_ta and Mumbai. In addition, BDX, in fourth quarter of 2020, has completed the acquisition of Cloud Kinetics Tech Pte Ltd and Infofa
a center fit-for-purpose products, processes, and supporting IT systems to compete as a leading player in APAC. The M&A strategy for the
Increasing yield in acquired assets: BDx is implementing a centralized operating model to enable operational efficiencies, global standardiz
d approximately 45 percent compared to coal. In addition, particulate emissions are materially lower leading to cleaner environment for a
tform across select markets in the Asia Pacific region. It has identified the City Gas Distribution (CGD) sector in India as the seed asset for th
hip remaining 51 percent stake at the end of lock-in period) in Baghpat concession in the state of Uttar Pradesh, India. Baghpat benefits fro
DPE gas pipelines and household connections. A coordinated build out of infrastructure is key to create an ecosystem that fosters the grow
iand performance
tunnelway issues.
(CNTL), To mitigate
an annuity this risk,
(availability) THINK
based Gaslocated
asset employsinathe
rigorous setJammu
state of of quality control measures
& Kashmir, (expected during
closingthe construction
by second proce
quarter of

welve toll assets,

adherence an enormous
to preventive task which
measures involved
including socialpreparing foruse
distancing, andofputting
masks to effect
and tolling
frequent operations;
hand traffic
sanitization. Anmonitoring;
E&S ActionaPlan
‘ready
for to go’
FRHL
PVs to improve safety on roads. Recommendations include repairing or replacing of guard rails, relocating of incorrectly placed electricity p
he total number of assets acquired in 2020 to 12. The assets acquired during the quarter included (i) DA Toll Road Private Limited (DATRPL
_ital expenditure depending on the pavement lifecycle. By adopting a proactive and technology-driven O&M practice, building in-house ex
he team is currently in close discussions with OTTs and data-center customers, as well as acquiring and constructing fiber network, process
nd have developed a robust pipeline with many deals in advanced stages. For example, the team expects to collaborate with local telecom
tion by 9.6 percent year-on-year in 2020-21 fi_x0002_nancial year per forecast from World Bank. For SmartNet, the launch process was slig
ans to grow to 21 full-time employees by the summer of 2021 to manage HEXA in Taiwan. Over time, HEXA will develop in-house construc
ntioned intertidal solar, the team expects to collaborate with local fishery operators in South-west Taiwan to jointly partner on aquacultur
number
tinually of in-country
reviewing cases, there
and updating theirhas been some
programs delays
to meet topractices.Inkia
best the pace of project developments
implemented due to enhanced
an extensive regu_x0002_latory
social responsibility requir
program during
entally-sound practices. Inkia Energy operating companies incorporate internal ESG targets and provide monthly monitoring reports in occ
s related to personnel and office expenses, representing the most significant synergies, and expects to achieve 100 percent of total savings
business continuity procedures to mitigate the risks associated with the Covid-19 pandemic. These include extending the duration of shift
to mitigate potential risks to the business brought on by the Covid-19 pandemic. The business has continued to perform without interrupti
cial PPAs and regulated capacity pricing. Guatemala also has a regulatory framework in place since 1996 that is modeled after Chile’s and i
ity to all industry verticals. The strategic partnership with Vodafone de-risks capex roll out by providing minimum penetration guarantee o

et and adjusted EBITDA was 7.1% above budget. FY recurring revenue was c.1% below budget and FY adjusted EBITDA was 7.5% above bu
least
ng three and
national ISPsregional
in each active city for
backbone in 2021 withcarriers;
growing 11 ISPs in
(ii)addition
Fibre to to
theVodafone, Talkin
tower (FTTT) Talk and Zenunderserve
currently signing uprural
to CityFibre’s network
and suburban by yea
areas; (iii)

ed in December 2020, bringing an incremental €200m accordion activated to fund growth capex.
ear and 4.0% below budget, mainly due to some services cancellations in Q4 2019 not fully captured in the initial budget relating to the Ib
ursue sales, organic growth opportunities, and further densification of the existing footprint. Reinforce sales team and optimise sales chann
n (Febdue
marily ’21)toincreased total liquidity. in the non-core segment with lower activity in the construction services and equipment sales segment
the underperformance
HC market supported by strong outlook, in which IDEX is well placed to increase its market share. The unique opportunity in the next five
acility to fund potential liquidity needs (WC) which have not materialised.Next covenant testing period in September 2021.
for IDEX. Q4 revenue is 15.1% above prior year and 8.0% above budget. EBITDA stands 35.0% above prior year and in line with budget. The
corresponding period in 2019, and year-to-date EBITDA at £439.4 million, 7.8% above the corresponding period in 2019. The Board has ap
ful re-leasing over the past four years. As at 30 November 2020, year-to-date revenue was £507.2 million, 7.9% above the corresponding p
artment for Transport (DfT) onto new Emergency Measures Recovery Agreements (EMRA) contracts, with the UK government continuing t
on with regard to existing franchises and TOCs has stabilised. However, the medium-term outlook for the rail industry as a whole is uncert

ontinuing to work successfully from home. Management are focussed on ensuring the well-being of staff and recently held a company-wid
2021. Following
passenger the at
volumes November
Melbourne2020 annual
Airport forstrategy review, we
the year-to-date are supporting
(YTD) management
(five months to explore
to 30 November 2020) identified
were 98.1%strategic
below initiatives, incl
the prior year
the prior year, while average load factors were approximately 16%. During November 2020, inbound passenger flights from New Zealand
es through the COVID-19 pandemic to position the airport for a fast recovery when travel restrictions are lifted and markets start to rebou
ough a second wave of COVID-19 cases from June to October 2020, however a run of more than 50 consecutive days without any commun
es which occurred during civil works. The root cause analysis identified pre-existing conditions should be disclosed and communicated mo
or the quarter will be working with APAC management on the upcoming FY22 business planning process and the long term strategy and e
 ct of the low oil price on vessels working in the oil & gas market.ESVAGT has been shortlisted on a live tender for up to two new wind vess
segment grew 17.5% from the corresponding period last year, largely due to a new SOV that was delivered in September 2019. The low o
securing additional work across the few available tender opportunities. In order to minimise idle vessels and mitigate lower earnings, ma
ven initially by government support and more recently as competitive green energy. To support the EU's goal of climate neutrality by 2050
ent of greenhouse gas emissions. The project also involves exploring CO2 storage in oil & gas reservoirs.In order to avoid redundancies, cre

US+17.3%,
joint venture. Additionally,
driven by we are encouraging
the implementation management
of an operational initiatives in response
and organisational to the
improvement oil & gas
program market downturn.
developed by AMP Capital’s asset man
f labour productivity and the organisational changes noted above.CGI – Container Depot ─ CGI experienced growth in its storage business
t ITSC’s Strategic Plan established in Q3 2020, led by the newly appointed CEO. Key longterm strategies and implementation road map inc
owever, the latest estimate for real GDP growth (annualised forecast) is +2.2%, signalling stabilized GDP growth, following a volatile GDP sw
ork); however, no critical cases or fatalities for ITSC employees or family members. A COVID-19 Committee was established comprising se

ut
is of long-termthe
progressing strategic
secondinitiatives
round ofestablished by the in
covenant waivers new ITSC
light of Management.
the increased risk of a delayed recovery in the performance of the airport,
during the quarter. The first couple of weeks of December started on a very positive note. However, global border closure with Britain foll
is coordinating with Newcastle Airport’s (“NCL”) management team to look into NCL’s arrangement with NPH Group for the provision of C
carry out passenger and cargo flights between the UK and the EU without any limits on capacity or frequency. There are also measures fo
still at preliminary stages with a very large global energy player. Management has worked very hard to maintain viable jobs at the airport,

rthen
the Asset Management
re-established team
in Q4. in January
Whilst MPG was willdeclared
be securing the CBILS
an essential loan as and
business wellexcluded
as settlingfrom
withthe
lenders
order,on a second
Chicago roundvolumes
parking of covenant
werewa
im
urably; After the COVID-19 outbreak and the implementation of the “shelter-in place” order, Millennium’s volumes and revenues were sev
ompany and its advisors are actively exploring a variety of options to maximise revenue and ‘fill’ unused space. These include: Self-storage
he unemployment rate in Illinois is in-line with the national level, at 6.5%. As COVID-19 cases rose across the US in Q4 and US Congress pas
nificant improvement for the second year in a row. GRESB is the global benchmark for environmental, social and corporate governance (E

erfor
parking volumes,
a second round continue cost
of waivers reduction
which initiatives
were finalised andwhere achievable,
signed andChristmas.
right before continue to monitor
The liquidity
amended situation
agreement and covenant
extends complia
the waiver perio
A at -£1.7 million YTD as at November.Debt & liquidity: The airport’s liquidity position remains good, with in excess of £22 million cash at b
mounts on performance. Management’s aim is to minimise the impact of these requests and focus on setting foundations for sustainable g
ble to carry out passenger and cargo flights between the UK and the EU without any limits on capacity or frequency. There are also measu
ng bid. The planning application for the scheme could be ready for submission in May. In November, the airport received its first electric b

rving cash,offset
hich were securing airlines and
by increased business partners
government funding.for
Anwhen growth returns
independent as conducted
valuation well as ensuring that thevalued
in December operation
GIF’sremains
stake ofsafe
theand
OpalCOVID
inves
OVID-19 continue to be felt, with operating expenses rising by 7.7% year-on-year. These increases were largely offset by a 6.75% rise in rev
nity facing communications have been refreshed to reflect new brand including website, marketing collateral, social media and advertising

pecial report
t the level of on the
care impact
and of the
services theCOVID-19 pandemic
community in aged
can expect fromcare. The recommendations
organisations covered the following
that provide Commonwealth key points:
subsidised ─ Ensuring
aged care services.a

ubmitted for review later in 2021. The team will work with an external valuer to complete Going Concern Valuations of two-thirds of the O
nce, given the difficult year faced globally. As of 14 January, regarding people we support, 10 people have sadly passed away with positive
mes in relation to COVID-19. In addition, Emma Pearson (CEO) is participating in Care England LD provider committees. The government h
acquisitions and new developments where possible. Additionally, there may be opportunities to acquire smaller service providers who be
upancy across the portfolio was 2,118 at 88% (89% for the core business) with an average weekly fee of £1,661. Revenue has increased 4.1

pered passenger volumes, however LLA has benefited from its LCC short-haul travel skew. Passenger volumes for 2020 are expected to fin
rgo flights between the UK and the EU without any limits on capacity or frequency. EU member states may strike bilateral agreements wit
, which will entail a request to increase the planning limit to 19 mppa. Whilst it is not envisaged that the passenger levels of 18 million ach
er, it has been
ompelling entrypartially
multiple,offset by operating
and provide cost savings.
an immediate circaOperating costs
US$9 million ofwere 43.2%
EBITDA, below the by
underpinned prior year, driven
long-term principally by acontracts.
fibre-to-the-tower reductio

contractsEngagement
markets.- coming online atEverstream’s
with increasingly higher
lendersEBITDA
to fundmargins. - Capitalofexpenditure
the acquisition continues to
bolt-on opportunities exhibit
(e.g. Unitithe largest
Fiber, variance
Rocket to the
and fibre prior
assets fr
expansion plan. The investment team believes this successful upsize is illustrative of the critical role that AMP Capital plays in
companies outsource their IT needs to third party data centres, high-speed internet connectivity becomes critical for everyday business funactively man
anisations.
ks by giving back through philanthropic giving, volunteerism, and partnerships.

een hesitant to initiate discussions on switching colocation / cloud infrastructure providers during the COVID-19 lockdown. The investmen
ookings growth is continued in 2021. Expedient is continuing the rollout of its strategic initiative to bolster the existing sales team by hiring
a result of top-line outperformance and the rollout of cost-cutting initiatives as outlined previously. Capital expenditures slowed compared
he home improvement retailer, is in continued discussion with Expedient to become a potential tenant following the divesture of its owne
ency performance. Much of this increase is attributable to the launch of fifth generation (“5G”) mobile networks as mobile data consumpti

ect financings of scale in the e-mobility sector. The investment team has already evaluated several new electric bus investment opportuniti

ound
the90%
leaseover
agreements in the
the past ten government’s
years, “Bienes
and significant Afectos”
progress register)
in electric is expected
vehicle imminently
technology. from theand
Municipalities Chilean Ministry of
governments Transport
have and
strong inter
ards 100% clean energy and zero emission vehicles and implement tax credits and subsidies to accelerate electrification. Mr. Biden’s plan
g key areas such as HR & organisation structure, commercial (including pricing and take-up), operations and implementing best practice re
new projects. This now includes a formal investment paper to be presented to the board for approval, prior to pursuing any new opportu
. During the year, approximately 51,000 new installations have been added, corresponding to almost 4,250 new installations per month. -
£7.3 million and deployment will begin in January 2021. Alongside deployment efforts, a key priority for Q1 2021 will be take-up (subscribe
apid increases in bandwidth demand, placing an increasing strain on its digital infrastructure. With the ongoing impact of the pandemic on
This reduced output was mainly driven by lower demand and lower power prices at lackawanna and the extended outage at Grays Harbou
erabove
as pricesthe
in PJM,
prioraffecting Lackawanna
year as well, partially and Nelson,
offsetting offset
the by strong
negative performance
impacts at Grays
of Lackawanna, Harbor
Grays and and,
Harbor, Ector.
to a lesser degree, St. Clair and

dispatch of Nelson, Lackawanna and Ector (within the constraints of the heat rate call option for Ector); Layering in additional hedges at N
-19 has been reflected in incrementally lower power prices, with some exceptions such as Texas and California. We continue to monitor c

es from the previous table as IATP-level revenue & expenses are not captured in this table.
 engagement. Cost base reduced and receivables programme implemented.

nce vs budgetd conversion rates. EBITDA was ahead of budget driven cost savings

ted groups, and focus on internal diversity promotions across the organisation

et. Sales were up 2% year-on-year but fell short of the Budget due to COVID-19 impacts in LatAm, Middle East, and Asia.

budget and vs. prior year.

 of COVID-19) and cost savings in sales and marketing.

o work together to come up with solutions to address social or environmental challenges and to create micro businesses based on these so
tinued pressure on sale of ancillary services as a result of COVID-19.

or 2021 remains strong with a healthy backlog of services.

ojo, has been received strongly by customers and is expected to drive further growth.
user engagement. Year-to-date 2021 performance has been largely flat.

ed to sell the business to Churchill Capital II (a New York listed Special Purpose Acquisition Company). On 11 June 2021, Skillsoft successfu

nd protect and promote sustainable use of terrestrial ecosystems. Syncreon also recently renewed its membership with the Conseil Europé

uter science, and entrepreneurship and is also committed to reducing the organisation’s carbon footprint and waste production. Their Sus

eration. In 2021 Vivint expects to achieve 7.5% growth taking it to 1.80-1.85m subscribers.
g engagement. Cost base reduced and receivables programme implemented
 5%) segments. However, sales in the Retail segment performed worse (-5%) primarily driven by decreased sales in US, Japan and UK due t
vember 2020. Springing covenant on the RCF has been amended from a leverage covenant to a minimum liquidity covenant until end of 2
ading position in digital by launching remote fitting in the US through TruHearing, and audibene serving clients fully digitally. WSA is the lea
nts (synergies) in EBITDA. Note: 2019 financials have been adjusted to show audited or reviewed numbers

se and healthy new order intake from its core markets. The strategic mobile segment showed particularly strong growth. EBITDA increase
ocused on ensuring business continuity, especially with respect to operations (ensure filter delivery/exchange is not disrupted) and supply
ntial Plan, especially with respect to digitization of the sales process - Continue to invest in growth enablers (e.g. new furnace, mobile filter

adually re-opened clinics again. However, volumes remain impacted by the ongoing pandemic. Patient and staff safety comes first, and all
pean dental clinics were (temporarily) closed, which has severely impacted Curaeos results for the year. In October, Curaeos completed a
ts. Key priorities for 2021: - Aim to ramp up volumes to pre COVID-19 levels, while carefully managing cash flow for as long as uncertainty

arted in February, accelerated during March, April and May and has started to show first, albeit limited, recovery since November. In 2020
ed until 2023 - VFS also managed to extend its contract with the Saudi government by one year until mid-June 2021. New contract wins: -
light of global travel bans, VFS’ focus for 2021 will be on: - Ensuring safety and health of customers and employees - Continuous liquidity p

fully counterbalanced, with an increase in EBITDA compared to previous year and also slightly above expectations. This was driven by the
pansions, extensions / renewals of key account contracts: - Bombardier doubling existing volumes with additional EUR 67 million volume o
h reduced patient flow in Orthotics & Prosthetics shops and deferred surgeries, although less severe than initially expected. Second pande
021, depending on further trajectory of pandemic. Ongoing evaluation of M&A opportunities; four successful add_x0002_on acquisitions
effect. Fundamental growth of Ottobock’s end-market demand driven by macro-economic factors (for example proliferation of diabetic d

ed down. Performance gradually improved during the year compared to low point in April, but was again negatively impacted in the fourth
n to limit impact from COVID-19 and protect cash flows. Agreement with banks on a SEK 125 million additional committed credit facility b
sale and own retails stores are still closed or operated on reduced opening hours, especially in North America, (ii) several wholesale custo

ub offering showed particularly strong growth. More than 90% of software bookings were sold as subscriptions, driving continued high qua
ead the continued shift to Software-as-a_x0002_Service. On 26 October 2020, John Gardiner who brings more than 25 years of financial a
r quarters has shown. Nonetheless, COVID-19 has had some impact on new software bookings, but the effect has been limited with booki
e under IFRS16. Reporting has been amended to show EBITDA and Cash EBITDAC (i.e. Cash EBITDA excl. capitalized R&D benefit). During t

of 4% compared to last year. However, almost the entire expectations shortfall is due to a weaker NOK, as the portfolio would be in line w
ntinued as of February 2020, sale to Svea closed January 2021). First covered bond (SEK 1.7 billion) issued in April, marking an important m
es include: – Complete ongoing strategic projects to fully integrate sustainability in the business and operating model and clarify the brand

owdown in elective surgeries resulting in a decline of 22% and 7% respectively, while APAC recovered early and reported stable revenue co
In September 2020, Petra Rumpf, Head of Dental Service Organizations at Straumann, was appointed to Advisory Board Member. In Octo
again affected by restrictions imposed in the context of a second wave of COVID-19 cases across most of Lima’s major markets. However,
UR 35 million Capital Expenditures/ Acquisition facility and accrued interest on PIK note.

BITDA margin significantly ahead of last year driven by higher material margin on the back of improved purchasing agreements of enlarged
ess resilience
ttractive as a markets.
European provider of essential
Value services.
creation The company
accelerated is inCEO
since new strong position
joined to continue
with series to capitalize
of strategic on the opportunities
and operational improvement in an indu
initiati
ments in quality and strategic initiatives driving above-market organic growth and improved margins - Continue consolidation of the highly

mercial offerings. Through September 30, Certara negatively impacted by COVID-19. The company benefited from incremental business op
he company added a COVID-19 Biosimulation platform to its QSP platforms. Continued implementation of Full Potential Plan initiatives, in
arket is driven by the need to optimize research and development spend of large pharma clients and growing regulatory acceptance of mo

cense bookings increased 18% compared to 2019, which is a mix effect of a slower first quarter (during the peak of COVID-19) and strong p
eted the acquisition of JAAS, to gain full control of the underlying IP to Acumatica’s Manufacturing vertical product offering. The acquisitio
ating new bookings growth despite the continued macro downturn.

the same period last year. Casual assortment continued to show strong momentum, growing over 118% compared to last year.
New Brand Communications Director hired (starting July 2021).
nd excess inventory
+29%) segments. However, sales in the Retail segment performed worse (-3%) primarily driven by decreased sales in the US, due to COVID
n accelerated and new structural cost savings identified in connection with COVID-19. COVID-19 related cost measures have been execute
ental Europe and the US. While some disruption is expected, impact remains limited thus far. Leverage WSA’s leading position in digital by
synergies) in EBITDA. Note: 2019 financials have been adjusted to show audited or reviewed number

non-mobile segment. EBITDA increased compared to previous year mainly driven by sales growth, and continued margin expansion driven
o private equity funds managed by Blackstone. The transaction is subject to customary conditions and approvals

by topline growth as well as cost savings and efficiency gains (including significant procurement savings and central functions optimization

aging cash flow for as long as uncertainty remains - Continue operational excellence journey to drive best-in-class dental practice managem

in 2021 year-todate have shown some, albeit limited, recovery with applicant volumes still on low absolute levels though. In year-to-date
ntract retention rate and over 85% tender success rate Up to end of March 2021, VFS has restarted operations in 54% of its Visa Applicatio

nts for Burj minority buyout)

y the effect was fully counterbalanced, with an increase in EBITDA compared to previous year. This was driven by the transition of Apleon
2.3x net MoC for EQT VII. Received clearance from anti trust authorities, leaving only the CSSF clearance outstanding, expected for early A

VID-19 second and third wave with organic top-line growth of 5% year-on-year in the first quarter of 2021. Positive sales development acr
ersdorf)
wth has joinedend-market
of Ottobock’s the Board of Ottobock
demand as vice
driven chairman, strengthening
by macro-economic board
factors (for dynamics
example and adding
proliferation of public markets
diabetic expertise.
diseases) Continue
which will suppo

ub offering showed particularly strong growth. More than 90% of software bookings were sold as subscriptions, driving continued high qua
bt and to fund envisaged add-on acquisition. On 15 March, Sitecore closed its acquisition of Boxever, a leading customer data platform he
r quarters has shown. Nonetheless, COVID-19 has had some impact on new software bookings, but the effect has been limited with booki
e under IFRS16. Reporting has been amended to show EBITDA and Cash EBITDAC (i.e. Cash EBITDA excl. capitalized R&D benefit). During t

ous year, adjusting for Personal Loans. Year-to-date, net interest income is 8% below previous year, mainly due to the Personal Loans por
ng of Personal Loans portfolio disposal to Svea closed in January 2021. Senior unsecured bonds of SEK 500m + NOK 200m issued end of M
icing of deposit products positioning and fuel growth. Accelerate new lending growth across both established mortgage products in Swed

until March). In particular, March showed a solid recovery in performance, with 40% growth over COVID-affected March 2020. Structural c
e world’s first hospital-based design and 3D printing facility for custom complex joint replacement solutions, following the partnership sta
again affected by restrictions imposed in the context of a second wave of COVID-19 cases across most of Lima’s major markets. However,

st year driven
sortium by higher
of Silver material
Lake, Nestlé, margin
and on the back of
EQT IXannounced improved
a new purchasing
investment into agreements of enlarged group, improved operational efficien
and repay PIK notes, as well as to fund strong near-term acquisition pipeline. Pace of value-accretive add-on activity continues to be high i

mercial offerings. Through December 31, 2020, Certara was not negatively impacted by COVID-19. The company benefited from incremen
n August, the company added a COVID-19 Biosimulation platform to its QSP platforms. Continued implementation of Full Potential Plan in
rket is driven by the need to optimize research and development spend of large pharma clients and growing regulatory acceptance of mo
cceeded to recertify a large part of its operations according to ISO 14001 standards.

ny in 2018.
onder, Ribe) with a duration of 2+1+1 years starting in June 2021. Umove did not win the Aalborg regional tender which included 77 vehicl

ch are expected to reduce the company’s fixed costs and optimize its bus fleet.
f its 49% minority stake in Danish operator Anchersen.
Other initiatives to increase the security of the PoP and decrease their energy-consumption are progressing. The Company will be leading
17. The impact was partly compensated by (i) savings on variable costs (i.e. maintenance and fuel) due to non-driven km, (ii) reduction of fi
tember and all vehicles have been delivered and financed according to plan. The smaller lot of the contract with a duration of 1 year which
zed with following items in progress: preparation for ISO 45001, actions and targets in “Environmental Impact” section of the proposed HS
d approved by the supervisory board, and is implementation is underway.
revenues
he year ofwere
20201% above
(+13k budget
primary though
homes overtotal
H2 connectivity is below
2020). Licensing budget.
processes Theproven
have lower connectivity
more difficultmainly
due tocomes from
Covid-19 MEO
and the(dark fibre of
limitation se
ents at a slower pace. New connections in 2020 were 31.5k, 8.7k below budget. DST Telecom continued to gain contracts for the deploym
working on the implementation of the action plan on ESG matters.
ly due to lower backhaul costs than budget. New accounting policy applies with vertical capex (i.e. installation cost) capitalized and installa
tted above the historical equity investment of GBP 120 million from CUBE II. Governance is balanced with co-control rights to CUBE II and U

dthe recruitment
sales processthe
teams to finalize andnetwork
onboarding of new
roll-out andemployees
develop itswere slower than
commercial planned.
activities. Overall,the
Moreover, thecompany
performance has been
has started themostly in line w
establishment

plants. CogenInfra’s
ted annual EBITDA
heat demand of amounted
127 MWh. to € 2.7 million, -3.6% below budget, mainly as a result of reduction in revenues described above an
ellers of two target district heating networks located in the Lombardy region, and the transaction is expected to be completed in the first h
n June and can be found at: https://ospreycharging.co.uk/wpcontent/uploads/Osprey-Charging-ESG-Statement-2020.pdf. Following the r
mpact of pool prices
the acquisition was partially
the acquisition of aoffset by the
portfolio of increased 2020 production
three minihydro plants (3.9(21.8
MW)GWh
in theactual vs.of
regions 17.4 GWh and
La Rioja budgeted,
Castilla+y25.5% above
Leon and budgm
of two

ion actual
cluding vs. NOK
roads, 36.9 million
hardstands, cablebudgeted)
trenches arising from the significant drop in power prices in Norway. Last winter observed relatively high
and foundations.
has been no supply chain issue for spare parts and remote monitoring and troubleshooting operated as normal.
ement of certain
of access, recruitments.
billing and 2020 EBITDA isAsnegative
account administration. € 0.6 million
at December vs negative
31, 2020, € 1.6
out of the million
target in the investment
130 municipalities case.
within the Greater Paris metro
ced the UK into two full nationwide lockdowns (during the months of March-June and November - December 2020). As of writing of this r
er de-registration. YTD opex was £18.3m favourable to budget due to delays in spend, lower volume / activity due to COVID-19, cost mana
he welfare and safety of its people. The business continues to operate effectively with limited disruption. The overall performance of wate
erformance •CYTD total number of pollutions is tracking at 279 vs. a CYE performance commitment of 267and a budget of 282, which will
herefore, management launched an OpCo consent process and has obtained consent from the lenders to draw existing bank facilities shou
of new gas connections has increased significantly over the last few months to be c.3% ahead of budgeted numbers as at 30 November 20
ppointment being made, with recruitment for the CEO role to commence in early CY2021. • (Gas business strategic review): Powerco’s sha
observing a third-party electrician livening cables whilst a damaged pole was being repaired and (iii) a Powerco contractor misjudging the
all primarily due to poor cruise performance vs. budget (nil vs. budget of A$2.4m) and underperformance in the Other Revenue category w
reholders were aligned in nominating Mr Cowan as the preferred candidate. Mr Cowan brings over 20 years of Board and Executive exper
fety Systems; ISO accreditation maintained. Environmental Performance • No serious environmental issues were recorded during the Dec

resumed classes in Fall 2020 in hybrid mode with about 40% of students attending classes in-person. Permit sales in the new school year c
 260,000 student tests and 19,000 employee tests as of 31 Dec 2020, and seven-day positivity rate averages have been between 2% and 3
ties Act Parking System Compliance Survey in Q4 2021. Environmental Performance • No serious environmental issues were recorded durin
30 November 2020, the 12-month Debt Service Coverage Ratio was 1.24x, slightly below CampusParc’s lock-up level (1.25x). There are no

ouraged. Jurors are starting to be summoned to the courthouse for limited criminal and civil trials. The operator (Johnson Controls) has pu
in the carpark. If determined to be feasible, SoCalEd would install charging stations as part of its Charge Ready program in 2021 • LBCH is

ect any material impact from COVID-19 given the contractual nature of the revenue and operational costs associated with a PPP project.
ms received grants totalling close to CA$2.3m from the Canadian Institutes of Health Research (“CIHR”). • (Financial Budget Outperforman
rm in line with its contractual energy consumption target. Through the implementation of an energy consumption pain share / gain share

w up actions include an investigation into the effectiveness of existing controls and an investigation of a longer term fix of the engineering
to the majority of revenues being fixed take-or-pay capacity payments with majority investment grade counterparties.
missions (among other steps). Mediation is scheduled to occur in Melbourne on 2 and 3 March 2021. The parties have agreed to appoint th

ment process and maintenance cost benchmarks. Two Formal Safety Assessment studies are underway to address high risk actions identi
re in line with budget. Favourable variances in relation to capex are primarily timing related. During the quarter, Train 2 capacity returned
Noise management: PoM has received a number of complaints from neighbouring communities around noise at the port (specifically arou
onary income to goods (with limited opportunity to spend on services) and redirection of some air volumes to sea (with limited air capacity
progress in order to address the concerns raised by the Essential Services Commission (“ESC”) in its Market Rent Inquiry, including to incre
ction project CGWF. • YTD 31 December 2020, there have been no LTI, MTI or reportable incidents at SFS, nor any at SWF or CGWF YTD 3
vised DLFs at Nyngan Solar Plant (NSP) from 0.9960 to 0.9591 and offset by lower opex due to superior SFS MSA extension terms and lowe
he wind farm underway. At present the wind farm is authorised to export up to 357MW out of total wind farm capacity of 453MW. Furthe
es were recorded during Q4 2020. • QIC and MasParc assessed its environmental risks as part of the initial Asset Risk Review. Community
ak in the Boston region and university mitigation measures. In the new NU school year which commenced in September, permit and trans
with 7-day testing positivity rates maintained within safety thresholds and well below regional and national averages. Due to the second pa
unity & Stakeholder Engagement • Over the quarter, HIA continued extensive engagement with the government around border re-openin
aiver was sought to mitigate covenant breach risk in the event of any extensions to border closures. The QIC Asset Management team ass
ons imposed by State Governments, with borders opening to all states around Australia in November 2020. This resulted in under-perform
New Zealand, with agreement reached with the State Government on building a temporary facility to accommodate services at the airport
anagement. Positively, no further LTIs have been recorded over the December quarter. One MTI was recorded, a minor back strain for a D
strong growth in the core General Cargo (“GC”) segment. YTD total revenue is tracking A$1.9m (+5.0%) above budget mainly due to impr
e business during this time. COO, Lino Bruno, has been appointed acting CEO whilst the Board undertakes a fulsome executive search. Boa
nts such as unplanned patient return to theatre after post-op reviews, staff sharps injuries, & patient complaints. • Review of high-risk inc

2020. YTD outperformance is predominantly driven by higher than budgeted results at New South Wales sites (led by Bondi Junction Priv
tiate and enter into a sale and purchase agreement ("SPA”) with the vendors. Financial close is targeted for H1 2021. QIC continues to prov
rformance • Energetics have been appointed to help PE prepare for next year’s GRESB ESG benchmarking survey. Community & Stakehold
he above A$86.9m figure), further solidifying PE’s liquidity position
lgoorlie Power Generation (“KPS”): Remains ahead of budget YTD in terms of revenue and EBITDA with positive performance driven by hig
options. o Silverlake Resources | Deflector: Contract extended by 4 years, and site will switch from dual fuel to dedicated gas. Mine life exp
ines. • No major health incidents over the quarter. Limited severity of staff accidents reported (partly due to volume of staff working from
port over July and August, demonstrating that there is pent-up demand. However, traffic started to decline from the latter half of August in
els Airport happened late November.
PIs and to build an ESG reporting template. Community & Stakeholder Engagement • Generate builds close relationships with developme
struction constraints imposed on Generate and its partners caused a deferral in 1H 2020 capital deployment activities. Deployment activit
been completed,
ocations. implying
Additionally, expectations
EagleClaw for a strong
is finalizing December.
a contract with an Historically, deploymentfirm
ESG report production hastobeen
assistheavily weighted towards
with developing the fourth
its inaugural qu
ESG repo
n, including pipelines. EagleClaw has a robust Emergency and Safety Guidelines program in place.
ssure of equity
customers and isinvestors, thesystem
working on company experiencedto
enhancements a reduction in drilling
secure their acreage.and completion
EagleClaw activitytoacross
continues createitsvalue
acreage
withinexisting
2020. Notwithstand
customers t

lower volume expectations; (ii) reducing compressor rental rates; (iii) capturing discounts from large vendors (5% to 10% discounts); (iv) re
rators to produce at any minimum volume commitments (MVCs). EagleClaw has an extensive network of underground pipes that could lea
f the Date Certain of March 31, 2023 under financing doc_x0002_uments. Management continued to work with contractors to assess, eva
Venture Global and its ability to repay its debt obligations. In addition, the SPAs currently in place contain a number of termination rights
ranslated into lower volume throughput for OCENSA and reductions to exploration plans creating some uncertainty. Nevertheless, during
heavily on oil to power its pumping stations and develop renewable energy generation facilities and PPAs. Additionally, in 2021 the new de
be comprised of a technical component evaluating all the engineering and operations aspects relevant to the assets and an economical co
his new offering to clients represents significant savings in diluent to the company and clients, which could ultimately secure new volumes
g the second and third quarter of the year, OCENSA was able to largely offset the impact by successfully implementing an austerity plan ai
nt delinquency, materialized during 2020. Only a slight dip in utilization was observed at the peak of the crisis during the second quarter, w
ring a variety of areas, including hazard analysis, product handling, ergonomics and hygiene, to identify and remedy areas of deficiency, an
positioning perspective. Thanks to this approach, TIP has managed to increase average capex IRRs from around 12 percent at I Squared’s a
of specialized fleet such as reefer which has a resilient demand during crises due to necessity nature of usage. During the fourth quarter T
ansport and logistics industry, from which TIP earns most of its revenue, is cyclical and is generally affected in early stages of an economic
s CO2 emissions. Additionally, facilities are sensitized to the use of ecologic hygiene products, waste reduction and recycling, and respons
provement of occupancy rates, optimization of care and dependency budgets, reduction of operating costs by means of group wide frame
cts occupancy rate to gradually recover in 2021 as lockdown is lifted and vaccination is rolled out. A number of operational optimization in
ckness levels and some staff under quarantine) and accelerated need of procurement of key supplies, in particular masks and protective c
ompensation for loss in accommodation revenue, funding of temporary staff leave and bonuses, delay in payment of social charges and co
g environmental impacts and operating in a safe environment. A range of EHS related KPIs are tracked for the CSR report to maintain consi
s and biofuel, and strategically positions itself in the context of energy transition. In 2020, Rubis Terminal delivered the RT2 Ph2 capex proj
the board compared to the prior quarter. Though nearly all capacity was rented, the confinement measures led to lower overall traffic th
o for_x0002_ma for TEPSA), of which 12 percent is under long-term contracts with SAGESS, the provider of strategic stocks to the French s
nd jointly controls the company alongside Rubis SCA. With a portfolio of 13 facilities and a capacity of 3.6 million cubic meters across four c
he UK’s progress to achieving “Net Zero”. In addition, by providing a reliable source of short-term operating reserve to the grid, Conrad is
s of operational capacity to the existing Conrad II pipeline at various stages of construction and development. The Vir_x0002_idis portfolio
eaking
ber, assets and
December battery projects,
respectively). Conrad
De-rating is progressing
has now with a number
been completed and the of
fullinitiatives under Customer
fleet is available Solutions
to generate and Renewables
at maximum in paralle
capacity from next

portfolio and gained meaningful experiences and knowledge from that process. Conrad II has an immediately actionable pipelines of sites
nt. It has conducted various Go Greenthemed programs to promote staff awareness on sustainability and environmental protection. HGC
olid financial and operational performance for the fourth quarter. Normalized YTD EBITDA increased by 4.6 percent to $178 million (HK$ 1
pipeline of M&A and greenfield projects. Continuing from last quarter, HGC management continues to explore attractive projects in Asia t
e assistance of I Squared asset management team. The business plan is ready for implementation at the start of 2021, targeting a year-on
hough this has subsided recently; (iii) Covid-19 outbreak since January 2020. Hong Kong’s economy shrank by 6.1 percent as compared to 2
as PUE and
stems, improvements, or by usingtomore
processes. According renewable
IHS Markit, power.
a strong For therecovery
economic Nanjing project, BDxin
is expected explored an option
2021, with to use
APAC GDP captive
growth naturalatgas
forecast 5.7engi
per
Tech Pte Ltd and Infofabrica Holdings Pte Ltd. The combined business is expected to deliver revenue and EBITDA of SG$44.7 million and S
e M&A strategy for the platform is to acquire under-managed or under-performing data centers from legacy owners, typically telecom ca
encies, global standardization, reduced complexities and operating costs, and improved customer service outcomes. BDx is targeting to re
eaner environment for all residents in the asset. THINK Gas aims to be the industry leader in HSSE practices in the Indian CGD industry. Tow
a as the seed asset for this platform. Under the THINK Energy platform, THINK Gas is currently building CGD assets across 6 concessions in
dia. Baghpat benefits from being part of the NCR (National Capital Region) where CNG is mandatory for public transport through judicial r
em that fosters the growth in demand of natural gas. As part of this, THINK Gas has commenced operations by setting up CNG stations wh
g the
ng construction
by second process.
quarter Further,
of 2021); THINK
2) three Gasannuity
hybrid is investing in anfrom
projects integrated system of technologies
KNR Construction that will
(expected closing by monitor construction
fourth quarter andand
of 2021); oper
3

nitoring;
&S ActionaPlan
‘ready
for to go’ was
FRHL teamfinalized
of subcontractors
and priorityand on-roll
items werepersonnel; routine and major
put into implementation. As maintenance schedules
part of this plan and IT encroachment
(a) a detailed integration. Thesur
o
rectly placed electricity pole, and use of retro reflective tape on electricity pole to increase visibility of Hazard.
Private Limited (DATRPL), a 180-kilometer, six-lane toll road connecting national capital, New Delhi with the city of Agra; and (ii) nine toll r
tice, building in-house expertise on maintenance best practices, and overseeing third-party contracts and procurement, Cube Highways ha
ng fiber network, processes, and supporting IT systems to compete as a leading player in Asia. To date, Lightstorm has already secured for
borate with local telecoms in Indonesia on innovate “build/buy, operate and lease back” model of their current captive fiber assets with lo
e launch process was slightly delayed as the lockdown hindered the business meetings as well as construction ac_x0002_tivities. Besides, t
velop in-house construction management capability to further optimize project cost and timeline in order to deliver enhanced returns in t
ly partner on aquaculture solar projects. This is a win-win collaborative approach as it optimizes the use of aquaculture land in land scarce
egu_x0002_latory requirements
nsibility program during by the Government
the construction of its Cerrothat were recent_x0002_ly
del Aguila hydro plant in anenacted such region
inaccessible as coastal management
of Peru and homeplan andisolated
to ten outflowcom
co
monitoring reports in occupational health and safety, environmental and social performance. Environmental targets include carbon reducti
0 percent of total savings by the end of 2021. Inkia continues to advance a robust pipeline of over 2.7 gigawatts of development projects a
ing the duration of shifts in remote areas, minimizing the overlap between the teams and social distancing and cleaning protocols. To date
erform without interruption both operationally and financially during the pandemic, in large part due to the preparedness of the managem
odeled after Chile’s and includes a tariff review and adjustment every five years with an average historical annual increase of two percent.
penetration guarantee of 20% of homes passed. The roll out will transform CityFibre’s business and allow for significant upside potential a

TDA was 7.5% above budget. The overall recurring revenue is tracking slightly below budget due to limited impact from delivery delays in
yFibre’s
and network
suburban by year-end.
areas; Finally,
(iii) Backhaul fromthe 2021 budget
Telefonica was approved
exchanges (FTTE) foratother
the December
telecoms board meeting
operators; with the
(iv) Carrier targetlitoffibre
neutral 0.8mtohomes read(
the office

budget relating to the Iberdrola acquisition, circuits activations and FTTH greenfield network commercialization delays (partly Covid-19 rel
and optimise sales channels to leverage an enlarged network.2. Network expansion Leverage wireless carrier FTTT wins to provide entry in

quipment sales segment. Core fibre revenue was broadly in line with the reforecast budget in Q4 2020 with the minor shortfall caused by
ortunity in the next five years is set to increase IDEX market share in the EfW space, for instance, large number of brownfield EfW plants t

d in line with budget. These results reflect the good performance of the French DHC and ES businesses offset by the underperformance of
2019. The Board has appointed Mark Russell to be the new Chair of Angel Trains to replace Tom Smith who retires after 6 years in post. M
bove the corresponding period in 2019, and year-to-date EBITDA was £439.4 million, 7.8% above the corresponding period in 2019. As pre
government continuing to stand behind the TOCs' obligations under their leases with ROSCOs. The full terms of the EMRAs are expected to
stry as a whole is uncertain and difficult to predict. As the UK enters its third national lockdown, rail passenger traffic remains extremely lo

ntly held a company-wide virtual workshop which all colleagues attended. Feedback from this event was universally very positive. Manage
strategic
1% below initiatives, including
the prior year potential
and 14.9% below growth opportunities
the September 2020presented by the
3+9 forecast decarbonisation
(reforecast). agenda
Melbourne to replace
Airport’s Angel Trains'
YTD EBITDA (andmillio
of A$34.8 other
ights from New Zealand recommenced, while in December 2020, Melbourne’s hotel quarantine system was re-activated after it was shut
d markets start to rebound. Recent discussions with airlines have focused heavily on support rather than growth. Items of note during the
ays without any community transmission of the virus in Melbourne was broken in December with a new cluster forming in the outer south
and communicated more effectively which would result in lighter duties being allocated to the relevant team members and minimising fu
ong term strategy and engaging with Melbourne Airport’s advisors RBC who are exploring various debt covenant strategies beyond 30 Jun
up to two new wind vessels in the North Sea.AMP Capital is working with management to finalise a joint venture agreement in the US.Cons
tember 2019. The low oil price led oil exploration companies to reduce their activity and demand for ERRVs. This resulted in lower earning
gate lower earnings, management has laid-up additional vessels over the winter period. Management is in advanced discussions with its e
imate neutrality by 2050, the European Commission’s published strategy on offshore renewable energy includes targets to increase Europ
o avoid redundancies, crew from idle oil & gas vessels have been successfully retrained to work on the newly delivered wind vessel as well

AMP Capital’s asset management team in conjunction with management. Key initiatives include:Pricing improvement – ITSC negotiated ra
h in its storage business given the lower velocity of trade experienced during H1 2020. TEU volumes, a measure of storage levels and hand
mentation road map include: Driving cost efficiency in the existing platform.Initiatives include consolidating shared services functions (e.g.
ollowing a volatile GDP swing observed in Q2 and Q3 of 2020. During the onset of COVID-19 in Q2 2020, annualised GDP growth had declin
stablished comprising senior business-unit leaders, who meet daily (including weekends) to discuss economic, social and commercial impa

ormance of the airport, which may lead to a breach of financial covenants in June 2021. To support the discussions around the second rou
closure with Britain following the discovery of a new strain of COVID-19 in the UK had a detrimental impact on the recovery. Passenger vo
up for the provision of COVID-19 testing facilities at the airport. The scheme is open to travellers and non travellers who are willing to pay
ere are also measures for aviation safety, with both sides recognising each other’s certificates and licenses and agreeing to establish a spec
able jobs at the airport, not only through the use of the furlough scheme, but also helping some staff members, whose roles were made re

d roundvolumes
parking of covenant
werewaivers.
impactedOther key priorities
materially and as afor Q1 2021
result include
MPG’s the and
transient recruitment
monthlyof a permanent
revenues CCObyand
declined CFO,
circa designing
89% and circaand
56%implem
in Ap
s and revenues were severely impacted and reached a low point in April.Volumes plateaued in Q3 but have fallen again as cold weather an
ese include: Self-storage, which is expected to provide a robust yield and is also currently approved under the concession agreement. MPG
Q4 and US Congress passed a second stimulus package, attention turned to the successful distribution of a vaccine in order to stifle the pa
orporate governance (ESG) in real assets, including infrastructure. The management team continues to liaise with GRESB in addition to co

n and covenant
xtends the waiver compliance.
period by a further six months to December 2021.Onsite testing at NCL began in December with testing provider NPH (o
of £22 million cash at bank and £10 million of undrawn credit facilities, with a reasonable prospect of significant cash inflows from the bu
dations for sustainable growth.Discussions with WIZZ continue. Management has provided in-depth market analysis and a proposal for Ne
y. There are also measures for aviation safety, with both sides recognising each other’s certificates and licenses and agreeing to establish
ceived its first electric bus.These two initiatives are part of its long-term strategy to be net zero carbon emissions by 2035.

sremains
stake ofsafe
theand
OpalCOVID-19 secure
investment at A$212 Million.
set by a 6.75% rise in revenues, primarily government funding provided to aged care operators to offset the cost of additional personal pro
al media and advertising.Care home names have changed so they better reflect the local environment of each home and what it is that Op

key points:
ised ─ Ensuring
aged care services.adequate staffing
AMP Capital madeis available to allow
the decision not tovisitation hours
participate for 2020
in the people in aged
GRESB care by their
assessment families
in order and friends
to allow ─ Allowin
portfolio compa

ns of two-thirds of the Opal property portfolio, as a part of routine requirements from Opal’s lenders. AMP Capital will also be working to
 ssed away with positive. COVID-19 diagnoses. To date, 176 people we support have recovered from COVID-19 symptoms. Achieve Togeth
ttees. The government has committed £2.2 billion of funding to the care sector, through emergency funding and the Infection Control Fund
service providers who become increasingly financially stressed. The pipeline of opportunities has been growing over the last few months, w
evenue has increased 4.1% against the prior year, driven by acquisitions and new developments together with higher average weekly fees

2020 are expected to finish at around 5.4 million, reflecting a fall of about 70% relative to 2019 levels. Year-to-date (for the eleven month
bilateral agreements with the UK for cargo flights to be carried out between the UK, the EU member state, and a third country. There are a
r levels of 18 million achieved in 2019 will be reached in 2021, the ability to unlock capacity above this is integral to the long term growth a
principally by acontracts.
-to-the-tower reductionThe
in wage costs through
investment team isthe UK Government’s
targeting furloughclose.
a Q1 2021 financial scheme, and the
Despite a reduced concession
continued fee amount
proliferation payable asp
of the COVID-19

est variance
Rocket to the
and fibre prior
assets yearLightbound).
from as the company
In Q4is2020,
continuing to invest
AMP Capital significant upsized
successfully amountEverstream’s
of capital to build-out fibre in
existing credit expansion
facility markets.
from US$342.5
tal plays in actively
or everyday businessmanaging
functions.itsIn
investments.
addition to enterprise customers, fibre connectivity demands from hospitals and schools are also drivin

ckdown. The investment team sees this as a short-term impact caused by physical transition challenges due to the lockdown and not indic
sting sales team by hiring dedicated sales reps specifically targeting large nationwide enterprise accounts, similar to the previously won Un
itures slowed compared to the prior year as the COVID-19 pandemic extended into the fourth quarter. To reduce the number people phys
he divesture of its owned and operated data centre in San Antonio. - If procured, the above opportunity would present a strong anchor te
s mobile data consumption continues to grow significantly with an expected 44.1% CAGR in data traffic from 2017 to 2021. Aside from the

s investment opportunities. On 18 December 2020, a tender offer was submitted to provide up to 401 new electric buses to the public tra

inistry of
ments Transport
have and Telecommunications.
strong interest DevelopmentPipeline:
in vehicle electrification, particularly in the JV’s initial target markets in Latin America: Transportation produce
cation. Mr. Biden’s plan also sets out a goal of installing 500,000 electric vehicles charging stations by 2030 to support the shift to electric v
menting best practice reporting. The Asset Management team worked with the
rsuing any new opportunity above a threshold amount. To help assess new opportunities the AMP Capital team has developed a template
nstallations per month. - South Africa EBITDA performance has tracked our acquisition case assumptions for 2020, with year-to-date EBITD
will be take-up (subscribers) and ensuring the appropriate pricing strategy is established. Several near-term passive and active opportunitie
pact of the pandemic on global habits (social distancing and working from home), this trend is expected be even more pronounced. House
d outage at Grays Harbour earlier in this year.
ser degree, St. Clair and Nelson. Ector benefited from strong market conditions from the Moss-Switch to Odessa line outage in February.

n additional hedges at Nelson, Lackawanna and Grays Harbor whenever possible; Monitoring and maintaining all equipment to ensure min
e continue to monitor commercial power demand as markets around the US re-open. Under normal circumstances, these low natural gas
nesses based on these solutions.
2021, Skillsoft successfully merged with Churchill Capital II, becoming a publicly-traded company. As part of the transaction, Prosus (one o

with the Conseil Européen de Remanufacture (European Remanufacturing Council) and the Reverse Logistics Association for 2021.

te production. Their Sustainability Policy which lays out how companies in the Visma Group shall contribute to minimising energy and was
 US, Japan and UK due to COVID-19 related restrictions. Actual sales, taking into account negative FX translation and retail store closures,
y covenant until end of 2021. EQT has agreed to sell 4% of its shareholding in WSA to the T&W families (closing expected in Q2/Q3 2021)
y digitally. WSA is the leader in remote fitting and COVID-19 can potentially accelerate the remote fitting trend and benefit WSA in the long

growth. EBITDA increased compared to previous year mainly driven by sales growth and positive mix effect.
ot disrupted) and supply chain (ensure activated carbon supply is not impacted). No disruptions occurred in 2020. Actively contributing to
ew furnace, mobile filter fleet, and hub network) to support growth plans.

afety comes first, and all clinics that remain open work on a reduced regime respecting social distancing. Curaeos has pursued all options
er, Curaeos completed a balance sheet restructuring with all stakeholders on a fully consensual basis. The transaction results in a fundame
or as long as uncertainty remains - Continue operational excellence journey to drive best-in-class dental practice management and to deliv

ince November. In 2020, the number of applicants declined by 76% compared to last year. Given financial deterioration from COVID-19,
21. New contract wins: - VFS won almost every new visa tender in year-to-date, for example new routes for Germany, France, Italy, Czech
s - Continuous liquidity preservation measures. - Keeping VFS ready for post-crisis pick-up in volumes- Lay foundation for significant mid_x

s. This was driven by the transition of Apleona to a pure play integrated FM company, whose business model is based on technical FM wh
EUR 67 million volume over five and a half years - ABB five year extension of EUR 227 million IFM contract across EMEA - DZ Bank early six
expected. Second pandemic wave in the fourth quarter of 2020 with limited impact on sales. EBITDA in line with prior year despite tempo
d_x0002_on acquisitions in Europe and North America signed and closed in the fourth quarter of 2019 and the first quarter of 2020; resurg
proliferation of diabetic diseases) which will support the rebound after the crisis. Support Ottobock’s management in managing the impact

y impacted in the fourth quarter of 2020 by tightened restrictions across geographies. Own channels represented 38% of sales in 2020, of
mmitted credit facility backed by an Equity Commitment Letter from EQT VII of SEK 87.5 million. Product range selectively expanded to in
several wholesale customers (mainly smaller) not expected to survive the crisis and (iii) certain brands will not survive this crisis, which can

iving continued high quality of revenue with the share of recurring revenue being well above 80%. Sales for the first half of the financial y
an 25 years of financial and strategy experience in high-growth technology businesses, including an extensive history scaling global operati
been limited with bookings seeing continued good growth throughout the pandemic. Priority areas going forward will include further inve
d R&D benefit). During the conversion to a subscription pricing model, certain financial metrics are temporarily distorted / negatively affec

tfolio would be in line with the expectations on a constant currency basis. Year-to-date, net interest income is in line with previous year, b
, marking an important milestone in pursuing a more diversified and cost efficient funding strategy. In October, a second 1.0 billion SEK co
del and clarify the brand positioning both to fuel growth and communicate and the benefits to society – Deliver high new lending growth a

ported stable revenue compared to last year. Quick reaction of management and cost saving measures mitigated the impact on profitabil
Board Member. In October 2020, the construction of the 3D Printing Facility in New York was completed. In November 2020, the Should
ajor markets. However, during the course of 2021, the market is expected to resume its growth trajectory, driven by a rebound in postpon

g agreements of enlarged group, improved operational efficiencies and scale benefits on overheads. Several efficiency programs and strate
opportunities
nal improvement in an industryunderway.
initiatives where theFinancial
positive Year
underlying trends have
2021 expected beenset
EBITDA further accelerate
well ahead by the pandemic.
of acquisition Pace of
plan. Medium value
term theaccretive
COVID-1
onsolidation of the highly fragmented European veterinary services market. Strong pipeline of practices under Letter of Intent, correspond

incremental business opportunities related to therapeutics, including a partnership with the COVID-19 Therapeutics Accelerator funded b
tential Plan initiatives, including reorganization of corporate structure and launch of QSP Immuno-oncology consortium; development of v
 latory acceptance of model-based drug development techniques. Growth in the Regulatory Sciences market is driven by increased outsou

f COVID-19) and strong performance during the remainder of the year.

t offering. The acquisition announced at the 2020 Acumatica Annual Summit, receiving very strong industry feedback. The transaction was

d to last year.

in the US, due to COVID-19 related restrictions. Actual sales, taking into account negative FX translation and retail store closures, increase
sures have been executed and continuing to bear fruit WS Audiology announced it has appointed Malou Aamund and Adam Westermann
ing position in digital by launching remote fitting in the US through TruHearing, and hear.com serving clients fully digitally. WSA is the lead

margin expansion driven by value-based pricing, operational leverage, and positive mix effect

al functions optimization). Curaeos has pursued all options to manage costs and cash flow throughout 2020 and continues to do so in 2021

dental practice management and to deliver high quality dental care - Resume clinic roll-up efforts, following improved M&A approach

though. In year-to-date 2021, the number of applicants declined by 65% compared to 2019. Given financial deterioration from COVID-19,
4% of its Visa Application Centers and is experiencing significant pent-up demand upon reopening of certain travel routes. This is expected

the transition of Apleona to a pure play integrated facility management (FM) company, whose business model is based on technical FM w
ding, expected for early April. Closed the sale to PAI Partners in the end of April 2021.

e sales development across all geographies and product lines. Profitability similarly ahead of prior year driven by top-line growth as well as
kets expertise.
seases) Continued
which will supportfocus on acceleration
the rebound after theofcrisis.
digital and sustainability
Support agendas within
Ottobock’s management in Ottobock
managingwith active sparring
the impact and support
of COVID-19 from
and continu

iving continued high quality of revenue with the share of recurring revenue being well above 80%. Sales for the first half of the financial y
tomer data platform headquartered in Dublin, Ireland with 74 employees. On 31 March 2021, Sitecore completed its acquisition of Four51
been limited with bookings seeing continued good growth throughout the pandemic. Priority areas going forward will include further inve
d R&D benefit). During the conversion to a subscription pricing model, certain financial metrics are temporarily distorted / negatively affec

the Personal Loans portfolio disposal and slightly lower gross interest margins. Following the strategic decision to temporarily increase liq
OK 200m issued end of March at a margin of 65bps (SE) and 70bps (NO); important strategic step as it will further diversify funding and has
tgage products in Sweden and Norway, as well as newly launched products in 2020 (60plusbanken and Finland). Execute on operational e

March 2020. Structural cost improvements and efficiency gains continue to mitigate on profitability, resulting in year-to_x0002_date EBITD
wing the partnership started in 2016
ajor markets. However, during the course of 2021, the market is expected to resume its growth trajectory, driven by a rebound in postpon

oved operational efficiencies and scale benefits on overheads. Several efficiency programs and strategic initiatives accelerated in the last q
ty continues to be high in both the UK and in Rest of Europe, with over 130 practices added year_x0002_to-date and very strong pipeline

enefited from incremental business opportunities related to therapeutics, including a partnership with the COVID-19 Therapeutics Acceler
of Full Potential Plan initiatives, including reorganization of corporate structure and launch of QSP Immuno-oncology consortium; develop
atory acceptance of model-based drug development techniques. Growth in the Regulatory Sciences market is driven by increased outsour
which included 77 vehicles, of which 6 buses from Umove whose operations will end in August 2021.Management is continuously monitor

Company will be leading, together with MIT and Portuguese Universities, the K2D project which aims at using telecommunication (submar
en km, (ii) reduction of fixed and administrative costs and (iii) implementation of temporary leave measures which has been to a large ext
duration of 1 year which was supposed to end in August 2021 has been extended until August 2022.M&A CFTR continues to opportunistic
tion of the proposed HSE policy, implementation of the ISO 14001 standard’s practices, etc. Sufficient measures are in place to manage th

from MEO
19 and the(dark fibre of
limitation service withmeetings
physical lower ARPU), while
but the connectivity
availabilities from Vodafonehave
of subcontractors has increased.
been goodBesides,
overall. the
As asurge in traffic due
consequence, to CovidC
the Project
ontracts for the deployment of mobile backhaul services for all three operators, both to tower sites (Base Transceiver Stations) and profess

t) capitalized and installation and voucher incomes deferred. The practice is standard across the Internet service and infrastructure provid
ol rights to CUBE II and USS and exit rights for CUBE II were secured. From a debt perspective, GBP 229 million were committed (incl. GBP

has been
arted themostly in line with
establishment the
of its acquisition
operations inBase Case signing
Slovenia, with noamajor deviation tocontract
first nation-wide date, once
for adjusted
towers tofor theitslater
host completion
antennas. date
Similar compa
arrangem

nues described above and partially offset by a reduction in personnel cost.

completed in the first half of 2021. CogenInfra is also in advanced discussion for the purchase of an Italian leading players operating inthe
020.pdf. Following the recent development of Via Novus (Metropolis) a proper ESG strategy is being implemented at the level of SIIT and w
ed,
tilla+y25.5% above
Leon and budget).
of two The regulatory
mini-hydro plants inrevenues represented
Asturias region 49.3% of
(7.8 MW)36. PFPthe
II iscompany’s total revenues
currently negotiating during the year
an agreement withof 2020.
the Given th
developer o

observed relatively high temperatures in Norway which reduced the electricity demand. On the other hand, the weather has provided a lo

se.
the Greater Paris metropolitan area, 9 had already agreed to join the Via Novus (Metropolis) network, 9 others were at an advanced stag
0). As of writing of this report, the UK is on its way to easing the third lockdown measures that entered into force in January 2021. Neverth
to COVID-19, cost management and unutilised contingency. YTD capex was £67.4m lower than budget largely caused by challenges in deli
rall performance of water and wastewater remains stable. Most teams are still seeing low levels of absence, with no areas of concern. QIC
udget of 282, which will be difficult to achieve. There have been 13-15 serious pollutionsCYTD.23 Thames’ EPA rating will be downgraded
isting bank facilities should there be a Trigger Event. Over the December quarter, Thames’ liquidity position was strengthened through the
rs as at 30 November 2020. Operationally, Powerco has continued to deliver better-than-expected performance, with both planned and u
c review): Powerco’s shareholders continue to consider the long-term strategic options for its regulated gas business, including a potentia
ontractor misjudging the proximity of oncoming traffic and turning an Elevated Work Platform vehicle on a highway, causing a public vehic
ther Revenue category which includes lower marine work (down vs. budget by A$1.3m), poor BMT volumes (down vs. budget A$0.4m) and
ard and Executive experience to the Group. This includes current Chairperson positions at Queensland Sugar, Winson Group and Buderim
recorded during the December quarter. • Sustainability-linked strategies / workstreams continue to progress. Sustainability to be a key pi

in the new school year continued to trend below the same period last year with fewer students buying permits due to the hybrid nature o
been between 2% and 3% as of the end of December. As COVID-19 cases continued to increase during the recent weeks, OSU has opted t
ues were recorded during Q4 2020. Community & Stakeholder Engagement • CampusParc continues to focus on engagement with the OS
vel (1.25x). There are no immediate liquidity concerns and CampusParc is expected to meet its debt obligations in each quarter in 2021 wi

Johnson Controls) has put in place protective barriers and markings. • (Non-Availability Payment Revenues): Consists of rent from retail te
ogram in 2021 • LBCH is Leadership in Energy and Environmental Design (LEED) Gold certified, which exceeds the contractual requirement

ted with a PPP project.

al Budget Outperformance): SPV costs continue to track below budget (which was revised down in 2018), primarily due to timing of the ad
pain share / gain share mechanism in January 2017, the upside / risk associated with energy consumption is shared between Honeywell a

m fix of the engineering design issues. • Site audits will be increased shortly now that the COVID-19 situation in Victoria has stabilised. • R

ave agreed to appoint the Honourable Wayne Martin AC QC to act as mediator. The trial remains scheduled to commence on 10 May 2021

s high risk actions identified. Bid evaluation for a third study is nearing completion. All studies are expected to be complete by end of Marc
ain 2 capacity returned to full capacity. Customer contractual performance remained at 100% for the quarter.
he port (specifically around the Webb Dock area). This matter is being managed with the utmost priority and a monitoring program is curr
(with limited air capacity). Further, strong rains have contributed to a return of agricultural exports relative to the drought experienced in
quiry, including to increase transparency around PoM's Port Concession Deed obligations and the rent setting and review process. PoM ha
y at SWF or CGWF YTD 30 September 2020. Environmental Performance • No reportable environmental incidents occurred during the qua
xtension terms and lower FCAS charges. Energy production from Solar Flagships for YTD 31 December 2020 was 3.6% below budget, drive
pacity of 453MW. Further increases to energy export are subject to proven connection compliance and completed analysis by the TNSP an
Risk Review. Community & Stakeholder Engagement • MasParc continued to work with university stakeholders in Q4 to develop and mark
ember, permit and transient sales continue to track negatively compared to 2019 figures. Many faculty members cite the rising number of
es. Due to the second pandemic wave, NU has extended its hybrid teaching mode to Spring semester 2021 and possibly beyond. It is expec
round border re-opening, support packages, the trans-Tasman bubble, freight and defence opportunities.
t Management team assisted with the pre-emptive covenant waiver process, which also highlights the strong financier support for the asse
esulted in under-performance to budget for both FYTD aeronautical and concession revenue, with lower passenger volumes flowing throu
e services at the airport and an in-principle agreement reached with Air New Zealand on commercial pricing. As part of this the QIC Asset
minor back strain for a Duty Engineer who has since made a full recovery. • QIC undertook a cultural review of Sea Swift which included se
dget mainly due to improved general cargo volumes. This outperformance combined with operating expenses broadly in-line with budget
me executive search. Board members have met with several potential candidates which includes existing executives. QIC is targeting an ap
• Review of high-risk incidents during the quarter found that each incident was being managed appropriately and that no trends were iden

d by Bondi Junction Private Hospital) of +A$1.5m, and Tennyson Centre Day Hospital outperformance of +A$0.3m. This is offsetting YTD un
21. QIC continues to provide ongoing transactional support to the Management team, noting that this facility is significant in the context o
Community & Stakeholder Engagement • Transition plan includes further development of a branding, communications and stakeholder e

erformance driven by higher power generation across a number of sites and the continuation of the Red October power station (which had
icated gas. Mine life expected to extend beyond the 4-year extension term. o Altura Mining | Pilgangoora: Altura placed into voluntary ad
me of staff working from home). • All incidents continue to be systematically investigated by management. Environmental Performance •
he latter half of August in line with the renewed rise in COVID-19 cases across Europe and the consequent reinstatement of travel restrictio
onships with development partners who share similar values, including building a more sustainable future, and also engages with its comm
ities. Deployment activity largely recovered during the second half of 2020 with full year deployment expected to be in line with the pre C
d towards
ng the fourth
its inaugural quarter.
ESG report, To reflect
slated to the ongoing robustness of underlying deployment activity, the board approved budget and Annua

ge inexisting
with 2020. Notwithstanding theefforts
customers through challenges, EagleClaw
around continued
extending term andtostrategic
grow itsdedications
operationalsuch
footprint through
as AMIs. new,
This is long-term
most recently acreage dedica
evidenced thro

to 10% discounts); (iv) reducing overtime; and (v) reducing executive pay. EagleClaw continues to maintain strict oversight on capital expe
ound pipes that could leak if not properly operated and maintained. The company has developed and implemented robust maintenance an
ontractors to assess, evaluate, quantify, and incorporate the known impacts from Covid-19, Hurricane Laura, Tropical Storm Beta, and Hur
er of termination rights allowing for the counterparty to terminate the SPA due to certain force majeure events, delays in commencement
ty. Nevertheless, during the second half of 2020, there was a positive correction in international prices of crude oil which was driven by th
nally, in 2021 the new development of Coveñas Solar Park will contribute to OCENSA’s decarbonization plan by replacing current energy so
ets and an economical component focused on understanding and benchmarking the Company’s profitability vis-à-vis other pipeline compa
ely secure new volumes. 250 thousand barrels of additional storage capacity was realized in the Coveñas port through operational synerg
nting an austerity plan aimed at saving over $50 million per year. In addition, OCENSA’s strategic relationships and positioning proved valu
ng the second quarter, which has now fully recovered to levels above pre-crises, with utilization standing at 91 percent at the end of Dece
dy areas of deficiency, and reinforces this initiative through regular training, monitoring and periodic audits. To ensure employee awarene
percent at I Squared’s acquisition to close to 17 percent in 2020. TIP evaluates its capital structure on an ongoing basis and closely monito
ring the fourth quarter TIP continues to see an increase in utilization rate (from 86 percent in September to 91 percent in December). Cred
y stages of an economic cycle. As a result of its size and scale, TIP mitigates part of this risk by transferring trailers across countries and tak
d recycling, and responsible suppliers’ choice. Domidep is seen as an operator with ESG high standards, as highlighted by its awarded ESG l
ans of group wide frame agreements and reduction of SG&A. French market continues to be fragmented and there are further consolidatio
erational optimization initiatives have been carried out in this quarter, although some of them were postponed due to the pandemic outb
r masks and protective clothing, but also access to tests and treatments. However, the company has since engaged in large scale screening
of social charges and corporate tax. There is a risk that the Covid-19 pandemic leaves a prolonged negative impact on the occupancy rate
report to maintain consistently high standards, particularly across emissions, water and energy usage, and hazardous waste. This is supple
d the RT2 Ph2 capex project in Rotterdam, adding 31.5 thousand cubic meters of new capacity to the terminal which will be used for chem
o lower overall traffic through the terminals (primarily in France) and, hence, lower service (i.e., variable) revenue. All of the company’s te
gic stocks to the French state. While we believe that Rubis Terminal’s petroleum product business is very well positioned relative to both te
ubic meters across four countries, Rubis Terminal provides critical bulk-liquid storage infra_x0002_structure to a diversified base of industr
ve to the grid, Conrad is an alternative to large-scale, centralized generation projects. The distributed nature of Conrad’s assets also create
Vir_x0002_idis portfolio comprises newly built, highly efficient gas re_x0002_ciprocating engines with an average age of three years and b
d Renewables
mum in parallel.
capacity from The value
next quarter. proposition
Conrad forare
II engines thebelow
Customer Solutions
the 20 segment
megawatts thermalis toinput
turnlevel,
the internal cost
enabling functionsfrom
exemption required to ETS
the EU deliv(

onable pipelines of sites with a short construction period of 9 months. The U.K. power market is in transition, as older trans[1]mission-netw
mental protection. HGC has offered meaningful assistance to the community by being the first telecom operator in Hong Kong to distribut
nt to $178 million (HK$ 1,382 million) com_x0002_pared to same period last year, underpinned by momentum of local business segments
ttractive projects in Asia to further grow the business. Both I Squared and HGC management have been working closely on assessing in-cou
021, targeting a year-on-year Revenue and Normalized EBITDA growth of HK$ 293 million (5.6%) and HK$ 61 million (4.7%), respectively. D
ercent as compared to 2019 – the biggest annual contrac_x0002_tion on record as the pandemic hammered key drivers or growth such a
captive
owth naturalatgas
forecast 5.7engines
percentasyear-on-year,
the primary power source
based on for the facility. BDx
expecta_x0002_tions willthe
that continue to explore
progressive rolloutcreative power
of Covid-19 solutions
vaccines to create
during 2021 gr
w
of SG$44.7 million and SG$2.5 million; respectively, by March 2021. With the two cloud migration services providers acquired in Singapore
ers, typically telecom carriers or domestic promoters and to further optimize these assets by operational improvements on account of pro
es. BDx is targeting to reduce operating costs for the remainder of 2020 and 2021 through centralized and automated processes. A central
ndian CGD industry. Towards this, it has built a leading HSSE team led by professionals with extensive experience from global O&G compa
 across 6 concessions in India, covering an area of approximately 34,000 sq. kms with a population of 21 mil[1]lion. These assets primarily
nsport through judicial rulings. This is reflected in the materially high demand seen in the CNG operations in the geographical area. PNGRB
tting up CNG stations which are fed by mobile gas cascades. This enables an early penetration of the market and a better planning of netw
orquarter
construction andand
of 2021); operations. THINK
3) five hybrid Gas has
annuity established
assets a NOC
from Dilip (Network
Buildcon Operations
(expected closingCentre)
by firstatquarter
the Corporate
of 2022).Headquarter to are
These 9 roads remotely
curren

and IT encroachment
tailed integration. Thesurvey
operational takeover
was carried was smoothly
out along implemented
the corridor, andonwithout
(b) workers delay.
the ground Cube
were Highwaystoteam
sensitized is taking numerous
Environment, Health andnew
Saf

f Agra; and (ii) nine toll road projects under the TOT3 bundle with an aggregate length of 566 kilometers spread across the states of Tamil
ment, Cube Highways has been able to moni_x0002_tor and reduce major maintenance expenses and extend pavement lifecycles. Cube H
has already secured for SmartNet anchor customer contracts of 1Tbps of metro bandwidth from Tencent and 200Gbps of intercity bandw
ptive fiber assets with low utilization, facilitating Lightstorm’s new market entry and helping local telecoms to monetize the assets. Besides
x0002_tivities. Besides, the tension between India and China has been escalating due to border clash. As a side effect, India permanently b
er enhanced returns in the current competitive environment. The team has also been engaged in bilateral discussions with high credit qua
lture land in land scarce Taiwan, lower the operating cost of the local fishery operators (given the dual-purpose usage of the land) and fur
ent
omeplan andisolated
to ten outflowcommunities.
control management.
The socialLastly, tensions
programs between
include Taiwan
training and China
and technical have recently
assistance been largely
in agriculture stable and are
and commerce, expected
educational
s include carbon reduction and resource conservation with set targets and timeline for 2025 and 2030.
development projects and is also pursuing several opportunistic and strategic acquisitions. Management is also planning various operation
eaning protocols. To date these measures have been successful and there have been no material operational issues related to Covid-19. Co
redness of the management team and the resilience of the overall portfolio. Beginning in March, most of the countries where Inkia operat
ncrease of two percent. While the majority of Inkia’s capacity benefits from long-term PPAs, the re-contracting price of these agreements
ficant upside potential across all verticals

from delivery delays in the Mobile vertical related to third party wayleaves to access Three mobile sites. The EBITDA outperformance is m
getlitoffibre
ral 0.8mtohomes ready
the office for service
(FTTO) in 2021 (1.3m
for international andcumulatively).
national carriers Strategically allow longer payback periods to support growth initiativ

lays (partly Covid-19 related). FY revenue was 44.8% above prior year and 3.7% below budget. Q4 2020 EBITDA was 45.3% above prior yea
wins to provide entry into strategic enterprise markets. Expansion of network into attractive new markets via anchor enterprise tenant bu

inor shortfall caused by delayed installations. Q4 2020 Adjusted EBITDA stands at 17.1% above prior year and 3.8% above reforecast budg
brownfield EfW plants to be tendered. Few renewals within IDEX’s portfolio, enabling IDEX to focus on winning new contracts vs. competi

e underperformance of the international division: The District Heating & Cooling (“DHC”) division is in line with budget, which took into ac
s after 6 years in post. Mark is a former KPMG Partner and CEO of UK Government Investments (UKGI) and his current roles include Chair
g period in 2019. As previously noted, this outperformance is driven largely by timing delays in budgeted heavy maintenance expenditure,
e EMRAs are expected to be finalised and executed by January 2021. Given this continuing government financial support for the TOCs, the
ffic remains extremely low, at circa 10% of pre-COVID-19 levels. The trajectory for eventual recovery of rail passenger demand will depend

y very positive. Management have also introduced a more informal communication platform, Yammer, which allows staff to message soci
Angel Trains'
EBITDA (andmillion
of A$34.8 other) was
ageing diesel
89.5% fleets
below with
the new
prior technology,
year and 32.8%asabove
well as
theearly stage consideration
reforecast. of other
Total revenues potential
(A$89.8 million)diversification
were 79.8% low o
tivated after it was shut down in July 2020. Quarantine-free travel bubbles with New Zealand and select Pacific Islands are forecast to com
tems of note during the quarter were:Singapore Airlines has indicated that it will continue to prioritise Melbourne Airport during a recove
rming in the outer southern suburb of Black Rock. The Black Rock cluster was directly linked to the earlier COVID-19 outbreak in NSW’s No
mbers and minimising further injuries. There was also one additional LTI in October and one LTI in November with both injuries recorded b
trategies beyond 30 June 2021, the last debt covenant waiver secured with financiers.
 greement in the US.Construction of a new wind vessel has been completed and the vessel was delivered to the client at the beginning of J
esulted in lower earnings from vessels working in the spot market, with revenue from the ERRV segment decreasing 13.1% from the corre
ed discussions with its existing client in Denmark around a new setup, which involves the opportunity to secure several new long-term con
argets to increase Europe's offshore wind capacity from 12GW currently to 300GW by 2050. The stated EU and country goals for clean ene
ered wind vessel as well as the remaining two wind vessels under construction.

ment – ITSC negotiated rate increases with several significant depot clients which have increased revenue by circa US$1.5 million per annum
storage levels and handling revenues, have tracked 2% above 2019.AAW – Automotive Services ─ Cars per hour (“CPH”) productivity track
d services functions (e.g. Environmental, Health & Safety), buying-out hostler leases (already completed as noted in Financial KPI section ab
d GDP growth had declined by -31.4%, which subsequently recovered by +33.4% in Q3 2020. Although Q4 2020 rail traffic is exhibiting sign
al and commercial impacts.Supplies have been sent to all terminals (disinfectant wipes, soap, gloves); currently stress testing all critical sys

s around the second round of waivers, the GIF I Investment Committee has approved a £10 million equity commitment to support the bus
e recovery. Passenger volumes in December were circa 16,000 (circa 6% of prior year) which were above management’s December foreca
s who are willing to pay for the tests. This could potentially support flying in the recovery period and provide a modest commercial upside
eeing to establish a specialised committee on aviation safety. Following the UK’s exit from the EU on 1 January 2021, the UK Government
hose roles were made redundant, find new roles at the airport.Trade unions and MPs are positive about the way both redundancy phases

FO,
89%designing
and circaand
56%implementing a new
in April versus priormanagement incentive
year respectively, withplan,
April to align with our
representing thepost COVID-19 recovery
low point.MPG phase
experienced steady, but slow, volum
again as cold weather and increased restrictions caused people to stay at home. November transient volumes are 30% below the Septemb
cession agreement. MPG signed a lease with LSC Development in August 2018 and there is a pending request for location approval to the
e in order to stifle the pandemic spread. Despite the near-term headwinds, the management team is creating a marketing plan to capitalis
GRESB in addition to consulting with other asset managers to develop an improvement plan and push MPG to the top-quartile (in addition

h testing provider NPH (on Gov.UK approved list for inbound testing). Bookings can be taken by both passengers and non-passengers, with
cash inflows from the business rates grant, corporation tax refund and insurance claims.The second round of lender waivers were finalised
is and a proposal for Newcastle based aircraft in 2021. WIZZ is one of the only airlines with plans for significant fleet growth and UK invest
nd agreeing to establish a specialised committee on aviation safety.Following the UK’s exit from the EU on 1 January 2021,the UK Governm

f additional personal protective equipment (PPE) and employees required in the homes to deal with COVID-19.Occupancy of 6,862 beds re
me and what it is that Opal strives to achieve.The brand launch coincided with a refresh of Opal’s digital engagement through its website a

iesallow
to and friends ─ Allowing
portfolio companyfor allied health(including
management services to be available
Opal) teams toto people
focus in aged care
on managing by including
COVID-19. AMPthe necessary
Capital items ontothe
is committed ESGMedicare
perform

l will also be working to enhance board reporting as well as assisting Opal management to source and conduct due diligence on acquisitio
mptoms. Achieve Together has over 5,000 employees, of which one staff member has sadly passed away due to COVID-19, who was shield
he Infection Control Fund. As a result, Achieve Together has had to date approximately £5.2 million of additional funding committed to com
er the last few months, with the business completing two deals since February and expecting to close two more in the next few months. M
her average weekly fees. Operating expenses are 5.1% over the prior year as a result of more staff needed to care for the increase in servi

e (for the eleven months to November 2020) EBITDA was £13.3 million, 83.7% lower than the prior year. This has been due to a material r
hird country. There are also measures for aviation safety, with both sides recognising each other’s certificates and licenses and agreeing to
o the long term growth aspirations for LLA. - LLA has elected over the quarter that Drop Off Zone charges will increase from 5 January 202
fee amount
ration payable aspandemic
of the COVID-19 a result ofinthe
thelower passenger
US and volumes,
its negative as well
impacts asbroader
to the cost savings acrossEverstream
economy, the business.
has experienced minimal operati

et in expansion
facility markets. million to US$427.5 million (US$85.0 million of incremental commitments) to fund the Uniti transaction discussed
from US$342.5
d schools are also driving significant growth within the sector.

e lockdown and not indicative of underlying demand. The investment team expects the current revenue growth trends to continue in 2021
o the previously won University of Phoenix (“UoP”) contract.In Q1 2020, Expedient launched a cost-cutting initiative to reduce licensing co
the number people physically accessing the data centre during the pandemic, Expedient has adjusted its capital expenditure schedule to p
esent a strong anchor tenant in a fast growing MSA. Furthermore, Expedient could potentially serve the fast-growing Dallas, Austin, Housto
7 to 2021. Aside from the introduction of 5G, there is growing momentum in establishing a ubiquitous Internet of Things with interconnect

c buses to the public transit system in Bogota, Colombia (“Transmilenio”). On 5 January 2021, it was announced that the tender offer was

Transportation produces 15% of the world’s greenhouse gas (GHC) emissions and electrification of the sector is critical to meeting climate
port the shift to electric vehicles. In addition, state governments within the US have already passed policy mandates to support vehicle elec

as developed a template financial model for management to use for its financial analysis of risk-adjusted returns and other relevant invest
with year-to-date EBITDA of SEK 170.7 million (GBP 15.2 million). - In Q4, VX Fiber was carrying out two projects in Stoke-on-Trent; 1) the
e and active opportunities have been identified across Europe (UK, Germany, Austria and Germany). A key focus in January 2021 will be pri
more pronounced. Household broadband usage is a major component of this bandwidth demand growth, with music, video, gaming, and t

ne outage in February.

quipment to ensure minimal forced outages.In mid-April 2020, the Grays Harbor facility returned to service following an extended forced
es, these low natural gas prices drive additional development of gasfired generation and flat power pricing. Increased outflows of natural g
ansaction, Prosus (one of the largest technology investors in world) became a 38% shareholder in company. Shortly afterwards, the compa

ociation for 2021.

nimising energy and waste, supporting human rights, was launched in April 2021 and will be implemented across the organisation during 2
 nd retail store closures, increased 3% compared to the same period last year. Note that last year sales were impacted negatively by the cy
xpected in Q2/Q3 2021) at a valuation 51% above the EQT VII and EQT VIII closing price in February 2019. The shares are held by EQT VI, th
d benefit WSA in the long-term. Long-term outlook for WSA, remains positive thanks to a healthy underlying market and good company fu

Actively contributing to the fight against COVID-19 by supporting an initiative aimed at purifying bio-ethanol so that it can be used to prod

has pursued all options to manage costs and cash flow throughout the COVID-19 pandemic. Management has also realized sustainable co
tion results in a fundamental debt and equity restructuring, which provides Curaeos a more sustainable capital structure going forward. Th
management and to deliver high quality dental care - Resume clinic roll-up efforts, following improved M&A approach.

oration from COVID-19, the net leverage springing covenant has been replaced by a simple liquidity covenant (minimum liquidity of CHF 4
any, France, Italy, Czech Republic and Singapore - VFS continues to explore additional revenue streams in order to decrease dependency o
tion for significant mid_x0002_term profitability improvements, strengthen non-travel dependent and adjacent businesses and restart wo

sed on technical FM which is kept up also in closed buildings. Overall, Apleona demonstrated the ability to quickly react and adapt to the g
EMEA - DZ Bank early six year renewal with total contract value of base services of EUR 70 million+ - IBM five year extension of total volum
 rior year despite temporary sales impact from lockdown and increase in stock levels. Series of cost reduction measures across the organiz
t quarter of 2020; resurgence of M&A momentum in the second half of 2020 with one sizeable add-on in North America as well as four ad
in managing the impact of COVID-19 and continued focus on operational excellence and efficiency. Engrain Full Potential Plan mindset in

38% of sales in 2020, of which own e-commerce sales through etonshirts.com was 26%.
lectively expanded to include casual shirts, such as linen, polo and terry shirts. New e-commerce platform launched with a mobile-first re
vive this crisis, which can present opportunities for Eton. COVID-19 accelerates market shift from offline to online, and Eton is rightsizing th

rst half of the financial year came out ahead of expectations and showed decent growth compared to last year with continued strong dou
ory scaling global operations at SaaS_x0002_based companies, joined Sitecore as new CFO. In December 2020, Sitecore was named amon
d will include further investments - organic and inorganic - in Sitecore’s leading technology and further improvements to Sitecore’s sales ex
storted / negatively affected Note: 2020 financials have been adjusted to show audited or reviewed numbers

ne with previous year, but 9% below expectations mainly due to negative FX effect, lower new lending in second quarter, slightly softer gro
second 1.0 billion SEK covered bond was successfully issued. Equity Release brand ”60plusbanken” and mortgage lending in Finland was s
gh new lending growth across both established mortgage products in Sweden and Norway, as well as newly launched products in 2020 (60

the impact on profitability, resulting in lower EBITDA for 2020 compared to 2019.
ember 2020, the Shoulder SMR TT Augmented 360 line extension was approved by the FDA. In addition, the 3D Printed Tibial TT Cones rec
by a rebound in postponed elective surgeries and its robust long-term fundamentals, such as global population growth, ageing society and

ncy programs and strategic initiatives accelerated in the last quarters which is expected to further improve margins over time. Net Debt/P
Pace of
edium value
term theaccretive
COVID-19add-on activity continues to be high in both the UK and Rest of Europe with approximately 250 practices added in
er of Intent, corresponding to approximately GBP 30 million of EBITDA- Lead industry digitalization by driving the customer’s digital journe

cs Accelerator funded by the Bill & Melinda Gates Foundation, Wellcome Trust, Mastercard and others.
rtium; development of virtual bio_x0002_equivalence offerings. In August, Matt Walsh (CFO of Organon, part of Merck) was added to the
ven by increased outsourcing of regulatory writing and the increased complexity of the regulatory approval process.

ack. The transaction was entirely debt_x0002_funded, and will enable significant royalty savings. In February 2020, Acumatica fully establi

store closures, increased 3% compared to the same period last year. Note that last year sales were impacted negatively by the cyber attac
and Adam Westermann to its Board of Directors, effective 1 March 2021. Springing covenant on the RCF has been amended from a leverag
digitally. WSA is the leader in remote fitting and COVID-19 can potentially accelerate the remote fitting trend and benefit WSA in the long-

ntinues to do so in 2021 given remaining uncertainty due to the COVID-19 pandemic. All clinics are open and operational with a continued

ved M&A approach

ioration from COVID-19, the net leverage springing covenant has been replaced by a simple liquidity covenant (minimum liquidity of CHF 4
l routes. This is expected to lead to an accelerated recovery of travel volumes during the second half of 2021. However, uncertainty in the

ased on technical FM which is fairly resilient to the lockdown in the ongoing pandemic

op-line growth as well as cost reduction measures implemented in 2020 and favorable accounting impact from IFRS conversion. Increased
parring and support
f COVID-19 from EQT
and continued Digital
focus and sustainability
on operational teams.
excellence and efficiency. Engrain Full Potential Plan mindset in the organization. Opportu

rst half of the financial year came out ahead of expectations and showed decent growth compared to last year with continued strong dou
its acquisition of Four51, a modern multi-tenant SaaS ecommerce software provider, headquartered in Minneapolis, USA with 53 employ
d will include further investments - organic and inorganic - in Sitecore’s leading technology and further improvements to Sitecore’s sales ex
storted / negatively affected Debt Maturity Profile: Chart does not include RCF (€40m total facility size of which €25m is currently drawn).

temporarily increase liquidity in 2020 due to COVID, excess liquidity has been significantly reduced during the first quarter (20% excess liq
diversify funding and has enabled further reductions on deposit back-book of 10bps. Various operational efficiency initiatives successfully k
xecute on operational efficiency and re-organization program to ensure scalability of platform and enable profitable growth. Continue to

ar-to_x0002_date EBITDA 3% lower compared to prior year with particularly strong margin in March (29%)

by a rebound in postponed elective surgeries and its robust long-term fundamentals, such as global population growth, ageing society and

accelerated in the last quarters, which is expected to further improve margins over time. As a result of strong performance, the company
nd very strong pipeline continuing in the second quarter of the Financial Year 2021

-19 Therapeutics Accelerator funded by the Bill & Melinda Gates Foundation, Wellcome Trust, Mastercard and others.
ogy consortium; development of virtual bioequivalence offerings. In August 2020, Matt Walsh (CFO of Organon, part of Merck) was added
en by increased outsourcing of regulatory writing and the increased complexity of the regulatory approval process
 is continuously monitoring upcoming tender opportunities and has identified several offensive tenders in which it intends to participate in

communication (submarine cables, nano-satellites) to monitor oceans.

h has been to a large extent financed by the French state.
ntinues to opportunistically explore add-on acquisitions in France.
re in place to manage the risk of COVID-19 and to provide a safe and healthy working environment for both home-based workers and thos

ge in traffic due
nsequence, to Covid-19
the Project CC isfavourably impacted
expected to the ARPU
be finalized of NOS project
in H1 2021.A and Vodafone through
to Expand the sale of(“E&R”)
and Reinforce additional bundles.
the Norte andNon-recurring
A&A’s existingrev
n
ver Stations) and professional sites.

nd infrastructure providers’ sector.

re committed (incl. GBP 220 million senior capex facility and GBP 9 million RCF) with an uncommitted accordion up to GBP 525 million. Tot

completion
ennas. date
Similar compared toare
arrangements the Investment
being Committee
signed with forecasts. or renegotiated at better terms with existing ones in other geograp
new counterparties

g players operating inthe field of Energy Infrastructure, Energy Services and other complementary activities.
at the level of SIIT and will promptly be completed by a full audit led by PWC.
he
ntyear
withof 2020.
the Given the
developer of a2020 actual
50 MW solarpool prices were
PV project below
located government
in Spain. PFP II isforecasts, PFP II is discussions
also in advanced expected towith
be compensated
the seller of ainportfolio
terms ofofinc
2

eather has provided a lot of rain and snowfall which translated into a high-water level in the reservoirs, increasing electricity production fr

ere at an advanced stage of negotiation and discussions were ongoing with another 56.
in January 2021. Nevertheless, Via Novus (Osprey) was able to manage well its human resources with the team being able to work remote
sed by challenges in delivery associated with COVID-19 including procurement issues, restricted access to highways and customer premise
no areas of concern. QIC, through the shareholder working group, has been closely monitoring Thames’ operational and financial performa
ting will be downgraded from ‘good company’ to ‘requires improvement’if this figure exceeds 15.Community & Stakeholder Engagement •
rengthened through the issuance of a £250m public bond at the HoldCo level (5.5- year maturity with 4.625% coupon with the proceeds u
with both planned and unplanned SAIDI and SAIFI metrics trailing their respective YTD budgets.
ess, including a potential divestment. A shareholder-level strategic review has commenced to understand potential value and capital struc
y, causing a public vehicle to swerve off road, whilst both LTIs were back strain events arising from lifting and rotational movement. • In Ja
n vs. budget A$0.4m) and security revenue (down vs. budget by A$0.4m). A highlight on a YTD basis has been the demonstrated resilience
son Group and Buderim Group, as well as a non-executive director role at Santos. Mr Cowan’s background prior to taking up a number of E
tainability to be a key pillar of 5-year strategy refresh. • SAI Global audit completed on Environmental Systems; ISO accreditation maintain

ue to the hybrid nature of classes, and faculty and staff permits being down due to remote teaching and working policies. Garage transient
weeks, OSU has opted to move to remote learning for the end of Fall semester and start of Spring semester. Wexner Medical Center (“WM
engagement with the OSU stakeholders through SWG and OSU senior leadership to further develop a mobility vision and address various
each quarter in 2021 without using funds in the Debt Service Reserve Account.

sts of rent from retail tenants in the food court, payments from the parking operator, and rent from office space leased to Congressman A
ontractual requirement. Community & Stakeholder Engagement • Recent courthouse user surveys remain very positive. • LBCH is in the

y due to timing of the administrative and legal fees. • (LEED Accreditation): CRCHUM has started a new committee to ensure that LEED (“L
ed between Honeywell and the hospital counterparty. This has been effective in reducing energy consumption, with Honeywell on track to

ctoria has stabilised. • Return to office for staff working from home since March 2020 will likely commence in February 2021. • The online

mmence on 10 May 2021 with an estimate of 10-13 weeks. Expansion projects: Final Investment Decision was reached on Phase 4 expansio

complete by end of March 2021. Updates to the baseline cost forecast for Iona operating costs and maintenance capex will occur in the co

nitoring program is currently in place to identify the source and consider the appropriate mitigation strategy. PoM is also working closely
drought experienced in FY20. On non-containerised trade, motor vehicles and liquid bulk continue to underperform given the impact of lo
review process. PoM has engaged extensively with relevant government stakeholders on the matter to ensure alignment in approach. Po
occurred during the quarter. Community & Stakeholder Engagement • PowAR, working closely with QIC, continues to actively engage wit
6% below budget, driven primarily by lower output from BHSF due to the network outages. As a result of these factors, offset by the abse
analysis by the TNSP and AEMO. Several defects across the fleet are being addressed progressively and specifically one wind turbine is to
Q4 to develop and market alternative parking products that catered to their needs.
ite the rising number of COVID-19 cases, health risks of virus exposure and lack of childcare (most schools remain closed in Boston area) a
ssibly beyond. It is expected that campus activity in Q1 and Q2 2021 will be similar to Fall 2020. In December, NU became one of the first U

ncier support for the asset.

r volumes flowing through to reduced retail, ground transport and car rental activity. FYTD property revenue was also 5.5% unfavourable t
art of this the QIC Asset Management team supported HIA in considering its strategy and developing a viable business case. Notwithstand
a Swift which included several representatives facilitating one-on-one interviews with Sea Swift Executives and staff members. The findings
adly in-line with budget expectations and lower cost of goods sold (i.e. higher Gross Margin Revenue) has resulted in an EBITDA outperfor
s. QIC is targeting an appointment and onboarding of a new CEO within the next 2-3 months but also recognises the business is in a strong
that no trends were identified. Environmental performance • Proenergy (an LED lighting specialist) are replacing halogen lighting with LED

. This is offsetting YTD underperformance at Victorian sites of -A$1.1m (impacted by COVID-19 related restrictions in the first months of th
nificant in the context of the Nexus Group (sustainable EBITDA >A$4m for the period to LTM Mar20). o (Queensland-based brownfield hos
ations and stakeholder engagement plan. L.E.K. Consulting has been appointed to lead the integration of the various business units.

ower station (which had been expected to close at 30 June 2020 but has continued into FY21 – c.+A$40k per month). • Contract Power Gr
placed into voluntary administration, Pilgangoora mine expected to stay in Care & Maintenance (“C&M”) until Jul-21 (C&M fee of 42k per
nmental Performance • No significant environmental incidents over the quarter. Community & Stakeholder Engagement • Strong stakehol
ement of travel restrictions between countries. The reintroduction of lockdowns in numerous countries from late October / early Novemb
 o engages with its community via monthly scheduled meetings or events with members of local communities.
be in line with the pre COVID-19 deployment budget of US$600m. EBITDA is expected to be below budget for full year 2020 given the bac
oved budget and Annual Investment Plan for 2021-22 incorporates a substantially increased deployment target; from c.US$800m per ann

ong-term
recently acreage dedications
evidenced through awhile
term expanding its customer
extension and base through aReWard
AMI on Diamondback’s strong business
acreage development program.has
position. Construction As an example,
been through
completed on

versight on capital expenditures and has implemented a new capital deployment strategy, working closely with producers and deferring a
d robust maintenance and monitoring systems to transport the commodities in a safe and environmentally conscious manner. In the late fi
ical Storm Beta, and Hurricane Delta into a revised site plan to either minimize the unavoidable impacts or allay potential im_x0002_pacts
elays in commencement of commercial operations, failure to make available scheduled cargo quantities, among other rights. As such, pote
l which was driven by the OPEC production cutoff agreement and the reactivation of economic activities in several countries, which in turn
placing current energy sources with solar electricity. Furthermore, the on-going RECVA project, which contemplates the installation of a tu
vis other pipeline companies globally. The final report will be completed by the end of the first quarter of 2021. The company is advancing
ough operational synergies with the ODC pipeline and company is assessing its longterm feasibility in order to commercialize this spare cap
positioning proved valuable as volumetric recovery since mid-year lows were faster than anticipated, also fueled by oil demand recovery d
rcent at the end of December. Bad debt level continues to be minimal at less than 0.5 percent of revenue. The pandemic has led to no ma
sure employee awareness and participation, TIP Trailer Services conducts biannual employee surveys to test EHS knowledge and perceptio
basis and closely monitors the debt market for opportunities to further optimize its financing terms. In particular, TIP has secured the com
rcent in December). Credit losses has also remained stable as a percentage of revenue thanks to the high quality of TIP’s customers and hi
across countries and taking advantage of demand and pricing conditions. TIP’s markets are fragmented and competitive, with competitors
ted by its awarded ESG label “Lucie: Engagement Development Durable”. EHPAD Labeling campaign (Quality and Care Label) has from the
e are further consolidation opportunities within private for-profit and private non-profit segments. In 2020 Domidep added 284 beds in Fra
ue to the pandemic outbreak. Quality of service is a key pillar of Domidep’s operational excellence. Management team is proud of superior
d in large scale screenings which has allowed early implementation of necessary mitigants and yielded good results. At the peak of the cris
t on the occupancy rate at some of Domidep’s homes. However, Domidep has been keeping in close contact with national and local autho
ous waste. This is supplemented with internal and external audits at every level to limit risks and ensure compliance across all of the comp
ch will be used for chemical products such as Benzene and ethanol. The company entered the ethanol market less than 12 months ago and
All of the company’s terminals remained open through confinement, and on-site operations are now being carried out in line with govern
tioned relative to both terminal competitors and domestic sources of pro_x0002_duction (refiners), I Squared will nonetheless seek to con
versified base of industrial customers and across a broad range of petroleum, chemical and agri-food products. The partnership will accele
nrad’s assets also creates embedded benefits for the grid due to the avoidance of network charges.
age of three years and benefits from long-term, inflation-linked capacity market contracts to ensure the security of the electricity supply.
nctionsfrom
mption required to ETS
the EU deliver Flexible
(Emission Generation
Trading intocharge.
Scheme) prospective profit centres.
This creates This includes
an approximately 50 providing route-to-market
percent saving for other
on carbon costs independ
relative to a CC

der trans[1]mission-network connected coal and nuclear plants are removed from the system due to emissions compliance or old age. The
n Hong Kong to distribute free medical masks to the public. This includes the onsite delivery of masks to elderly citizens living alone and dis
local business segments and management’s commitment in driving operational efficiencies across all business seg_x0002_ments. The Loca
osely on assessing in-country projects in the region with attractive ROIC such as Indonesia and Philippines. On top of this, the management
on (4.7%), respectively. During this quarter, HGC management has also stated developing the 3-Year Business Plan for all Business Units. Se
drivers or growth such as tourism and consumption. In 2020, China has passed a plan to impose national security laws on Hong Kong. The p
er solutions
vaccines to create
during 2021 greener
will helpand
the more energy
gradual efficient
recovery data centers.
of economic In addition,
activity BDx pandemic
in APAC. The is developing
has its corporatethe
highlighted governance framework,
critical importance of
ers acquired in Singapore,BDX wishes to differentiate its co-location capabilities and uniqueness with the acquired cloud capabilities and st
ments on account of pro-active investments, improving PUE, cross-selling cloud solutions & managed services and increasing utilizations by
ted processes. A centralized customer service team based in Mumbai, India will be responsible for taking over the customer service functi
from global O&G companies. THINK Gas is implementing Environmental and Social Management System (ESMS) and related Standard Ope
 . These assets primarily include low pressure gas pipelines and Compressed Natural Gas (CNG) stations to supply gas to domestic, transpor
eographical area. PNGRB (regulator) is preparing to launch the 11th Round of CGD bids. To this end, it has published a tentative list of geog
better planning of network roll out; thereby progressively minimizing the market risks. THINK Gas started its first CNG sales within 10mont
eadquarter
These to are
9 roads remotely monitor
currently CNGclosure
awaiting opera_x0002_tions. THINK Gas
subject to completion of isvarious
currently implementing
Conditions Geographic
Precedent Information
and receipt System
of regulatory (GIS) whic
approvals. D

is taking numerous
ronment, Health andnew initiatives
Safety to further improve
(EHS) considerations,(c) processes
a plan and benefit
for annual trackingfrom the expanded
of ambient scalenoise
air quality, of thequality
Cube Highways.
and groundAswater
an exampl
quali

cross the states of Tamil Nadu, Jharkhand, Uttar Pradesh, and Bihar. In addition to the 12 roads currently owned, Cube Highways has anoth
ement lifecycles. Cube Highways’ revenues are linked to traffic vol_x0002_umes and toll rates, which are affected by GDP and infla_x0002_
Gbps of intercity bandwidth from Facebook. To fulfill the contracts, Lightstorm has launched the Mumbai metro network in September 20
etize the assets. Besides, I Squared has also introduced Lightstorm to HGC platform which I Squared currently owns to facilitate the poten
ect, India permanently banned 59 Chinese apps including TikTok and WeChat and temporarily banned another 161 apps for national secu
ons with high credit quality corporate off-takers as potential direct customers given the impending mandated renewable energy usage req
sage of the land) and further increase Taiwan’s renewable energy generation capacity to reach the Government’s announced target. In add
stable and are
commerce, expectedprojects
educational to remain so,local
with givenschools,
the election
healthofclinics
the Biden Administration
and medical which
assistance, is construction
and viewed as less
oflikely
roadstoand
escalate tensions
community cente

anning various operational initiatives over the next several quarters. Inkia will continue to monitor opportunities in the energy distribution
s related to Covid-19. Construction continued on the Las Flores combined cycle conversion and turbine upgrade project in Peru. The major
tries where Inkia operates took measures to mitigate the spread of the Covid-19 virus. Governments in the region have been implementin
ce of these agreements is uncertain. This risk is mitigated by a limited pipeline of new generation developments and low efficient reserve

DA outperformance is mainly driven by favorable variation of network, marketing and G&A cost dynamics. Overall, CityFibre’s performanc
support growth initiatives2. FTTH network rollout Rollout of wholesale Fibre to the Home (FTTH) in tier 2/3 cities Partnership with operato

as 45.3% above prior year and 6.1% below budget, corresponding to a FY EBITDA 49.7% above prior year and 4.4% below budget.In terms
hor enterprise tenant builds. Strategically allow longer pay back periods to support growth.3. M&A and growth (upside potential) Reinforc

% above reforecast budget (12.9% below pre-Covid-19 budget). The gap between revenue and EBITDA was narrowed partially as a result o
w contracts vs. competitors.3. Grow Energy Services division Grow ES business in IDEX core markets (public, collective residential), and im

dget, which took into account the expected impact of Covid-19 on cold volumes in the Paris CBD area in particular (offices closed);The Ene
rent roles include Chair of DE&S, the procurement organisation of the Ministry of Defence, Vice Chair of UKGI and non-executive director
aintenance expenditure, although these cost reductions are partially offset by corresponding reductions in non-capital revenue.The liquidi
upport for the TOCs, there has been no impact on Angel Trains’ revenues thus far as a result of the COVID-19 pandemic, with Angel Trains
ger demand will depend on the longevity of the modal shift to home working and reduced commuting, and to what extent morning and e

ws staff to message socially and to form groups. This has also been well received by staff.
otential
million)diversification opportunities.
were 79.8% lower than the prior year while operating expenses were 51.9% lower than the prior year.Launceston Airport’s YTD p
nds are forecast to commence in the first quarter of 2021. The recent COVID-19 outbreaks in NSW and Victoria in December 2020 may im
Airport during a recovery period for international travel. The Singapore Airline Group (Singapore Airlines and Scoot) currently has combin
19 outbreak in NSW’s Northern Beaches region. As at 12 January 2021, there were 22 active local cases of COVID-19 in Victoria and 200 ac
both injuries recorded by maintenance workers clearing blocked pipe and tree lopping respectively. As a result of the increase in LTIs reco
ent at the beginning of January 2021.Shareholders, AMP Capital and 3i Infrastructure, jointly made an additional investment of DKK 250 m
ng 13.1% from the corresponding period last year.YTD 2020 EBITDA of DKK 300.6 million is only 8.4% below the corresponding period last
veral new long-term contracts.SOV: ─ Construction of a new wind vessel has been completed and the vessel was delivered to the client at
untry goals for clean energy underpin continued and accelerated growth during the next five years and beyond. This is driving substantial

US$1.5 million per annum and flowed directly to the bottom line Commercial development - ITSC is actively engaging with customers for n
“CPH”) productivity tracked meaningfully above budget with November YTD CPH tracking at 4.82 versus 2019 of 4.30. The uplift in producti
n Financial KPI section above), and conducting business process reviews to identify cost-out opportunities.Expanding existing service offer
l traffic is exhibiting signs of rapid recovery, YTD carload and intermodal unit volumes remain subdued through December 2020 from a YoY
ress testing all critical systems and purchased laptops for employees in central office for business continuity.As part of Mr. Ring’s compreh

ment to support the business. £5 million through the Coronavirus Business Interruption Loan Scheme (“CBILS”) is also being sought to furt
ment’s December forecast of 5,000 (2% versus prior year) for the month. The outperformance was helped by a strong performance in the
odest commercial upside.
21, the UK Government announced that from this date, all UK airports will reinstate duty free sales to EU passengers. The positive impact f
both redundancy phases have been handled.

steady, but slow, volume increases following the April trough as essential workers started to return to work; volumes plateaued in Q3 but
30% below the September peak. While transient volumes have improved month-over-month, they were 38% and 56% below the prior yea
ocation approval to the City; and Last-mile hub, which may require extensive internal modifications, but will provide the highest yield (i.e.
arketing plan to capitalise on new business development opportunities once the COVID-19 situation improves, including capturing returnin
e top-quartile (in addition to other major ESG initiatives).─ In January 2017, the company introduced the Park4Purpose program, under wh

nd non-passengers, with total bookings in the first few weeks of December totalling approximately £0.6 million.The airfield operating hour
er waivers were finalised and signed just before Christmas. Key terms of the amended agreement include; a further six-month extension o
et growth and UK investment.A deal with Ryanair has been agreed to restore Summer 2019 passenger levels in Summer 2021.Discussions
ry 2021,the UK Government announced that from that date, all UK airports will reinstate duty free sales to EU passengers. The positive im

cupancy of 6,862 beds represents an increase of 115 occupied beds on November 2019. This figure is behind budget due to delays in proje
ent through its website and digital platforms. The data to date between August and November 2020 shows a two-fold increase in the enga

ry items ontothe
ommitted ESGMedicare Benefits
performance andSchedule ─ Establishing
GRESB and a national
will participate again inaged care plan for COVID-19, including the creation of a national aged
2021.

e diligence on acquisitions of new homes where they meet Opal’s investment criteria. AMP Capital will also be working towards finalising a
OVID-19, who was shielding at the time. To date, 631 staff have tested positive, with 440 having since returned to work. A further 1999 hav
unding committed to compensate higher costs relating to COVID-19, of which approximately £4.0 million has already been received.
the next few months. Management’s five-year strategic plan was approved by the board in September 2020. The key focus of the strateg
for the increase in service users and higher per-staff cost (linked to national minimum wages increases). The net impact of these variance

been due to a material reduction in revenues across all categories as a result of the very low passenger volumes; however, these has been
licenses and agreeing to establish a specialised committee on aviation safety. COVID-19 continues to have an enormous financial impact o
ease from 5 January 2021 from £4 to £5. It is envisaged that in the short term, raising the cost of the drop off zone charge will help aid the
erienced minimal operational disruption during the fourth quarter and demand for connectivity and reliable internet has only increased sin

iti transaction discussed above.

ends to continue in 2021, driven by continued demand for Expedient’s enterprise cloud product and newly developed dedicated enterpris
ve to reduce licensing costs to Microsoft by systematically segregating workloads (current monthly expenditure of circa US$630k). This initi
xpenditure schedule to prioritise success-based outlays / absolutely necessary upgrades. Any non-essential / discretionary capital expendit
ng Dallas, Austin, Houston markets from the San Antonio facility.
Things with interconnected devices and more universal information sharing. In the event autonomous vehicles enter the market en-masse

hat the tender offer was successful, and the JV will be supplying 401 electric buses across two zones in the Transmilenio network.

- Thethe
ritical to meeting climate goals, - Latin American countries have JV continues
highest pertocapita
advance theof
usage development
bus servicespipeline
globally,across Chile,cities
andMajor Colombia
in So
es to support vehicle electrification. In 2020, California mandated that all commercial trucks and vans sold in the state by 2045 must be zer

nd other relevant investment metrics on a project by project basis. Several new investment opportunities in the UK and Germany were re
n Stoke-on-Trent; 1) the construction of a metro network, that is financed through a combination of government grant and council investm
January 2021 will be prioritising these opportunities and ranking them based size as well as risk-adjusted returns basis. - GIF II committed
sic, video, gaming, and telecommuting all growing rapidly. FTTP offers the highest bandwidths and lowest latency with which serve the req

ing an extended forced outage for a gas turbine failure; the outage/repair was an insurable event. The other gas turbine and the steam tu
ed outflows of natural gas via liquefied natural gas (LNG) exports and pipelines to Mexico are factors that will influence this dynamic, but
y afterwards, the company announced a refinancing, reducing net debt to 2.2x and repaying a significant portion of the Fund’s position.

he organisation during 2021.

ted negatively by the cyber attack that the Company suffered in October 2019. Total liquidity of EUR 309 million in December (including t
es are held by EQT VI, the fund that made the original investment in Sivantos. The transaction was contemplated at merger between Sivan
et and good company fundamentals, especially in winning channels Online (audibene) and Managed Care (TruHearing). Focus on integrati

hat it can be used to produce hand sanitizers for hospitals at large scale. Launched sustainability website, explaining sustainability mission

o realized sustainable cost savings and efficiency gains, including significant procurement savings and central functions optimization.
ucture going forward. The restructuring marks a new opening for Curaeos and its Management who will now have the opportunity to fully

imum liquidity of CHF 40 million). As of December 2020, VFS had CHF 119 million of liquidity buffer above this minimum threshold (post a
decrease dependency on traveller volumes, such as passport services (several new launches include Ireland, Lithuania and Poland) and CO
usinesses and restart work on M&A targets. When travel resumes as a vital part of the global economy, VFS Global will continue to benefit

react and adapt to the global COVID-19 pandemic. EBITDA increased compared to last year and expectations driven by, in addition to the
extension of total volume EUR 335 million including newly added EUR 55 million per annum. New key account wins Deutsche Milchkonto
asures across the organization successfully implemented to counterbalance COVID-19 effect and safeguard against potential further reperc
merica as well as four additional tuck-in acquisitions. Review of digital and sustainability initiatives within Ottobock, including increased foc
otential Plan mindset in the organization. Opportunistically evaluate upcoming M&A opportunities and review portfolio. Focus on post-me

ed with a mobile-first responsive design, to be able to handle larger volumes, reach a broader customer base and to offer more flexible pu
and Eton is rightsizing the cost base and directing resources towards digital sales. Further strategic focus areas for the business include:-

th continued strong double-digit growth in annual recurring revenue. Cash EBITDAC came out significantly above expectations and signific
ecore was named among the Top 50 Best Companies for Women to Work by Comparably in a survey spanning 60,000 US companies.
nts to Sitecore’s sales execution and processes while cautiously monitoring the evolution of the COVID-19 pandemic.

uarter, slightly softer growth in Norway than expected and higher cost of debt relating to strategic decision to temporarily increase excess
lending in Finland was successfully launched in the second quarter. Large operational efficiency and re_x0002_organization program was
hed products in 2020 (60plusbanken and Finland) – Execute on operational efficiency and re-organization program to ensure scalability of

inted Tibial TT Cones received CEE mark, following FDA approval in May 2020. In December 2020, Lima received FDA approval for the Sm
owth, ageing society and increasingly active lifestyles. The organization continues to be focused on measures to mitigate the impact from

ns over time. Net Debt/Pro Forma LTM EBITDA, as per the Senior Facilities Agreement definition, was 4.9x as of December 2020 and 6.8x a
y 250 practices added in the last twelve months and very strong pipeline in the first quarter of the Financial Year 2021.
customer’s digital journey and engagement through powerful digital infrastructure and applications.

Merck) was added to the Board. In December 2020, Certara completed its Initial Public Offering. Certara now trades on the Nasdaq under
 , Acumatica fully established the Board of Directors, with the additions of Franck Cohen (ex SAP President), Peter Daffern (ex NetSuite EM

atively by the cyber attack that the Company suffered in October 2019 and second half of March 2020 was impacted by COVID-19. Total li
amended from a leverage covenant to a minimum liquidity covenant until end of 2021. In March 2021, EQT closed the sale of 4% of its sha
benefit WSA in the long-term. Long-term outlook for WSA, remains positive thanks to a healthy underlying market and good company fund

ational with a continued focus on patient and staff safety measures

nimum liquidity of CHF 40 million). As of March 2021, VFS had CHF 136 million of liquidity buffer above this minimum threshold (post a sig
wever, uncertainty in the market remains high. VFS therefore also continues to explore additional revenue streams in order to decrease de

S conversion. Increased Net Debt levels due to high add-on 2020 M&A activity.
he organization. Opportunistically evaluate upcoming M&A opportunities and review portfolio. Focus on post-merger integration and perfo

th continued strong double-digit growth in annual recurring revenue. Cash EBITDAC came out significantly above expectations and signific
olis, USA with 53 employees. In January 2021, Sitecore announced its new strategic plan which foresees significant organic and inorganic in
nts to Sitecore’s sales execution and processes while cautiously monitoring the evolution of the COVID-19 pandemic.
5m is currently drawn). Repayment in 2026 includes acquisition facility of €200m which is currently not fully drawn yet but expected to be

t quarter (20% excess liquidity compared to 19% target end of March), which has improved the funding cost. Year-to-date adjusted operati
initiatives successfully kicked off during the first quarter, including reduction of overhead cost, centralization into one Nordic backoffice, r
ble growth. Continue to optimize funding and liquidity position through additional covered bond launches and repricing of deposit produc

owth, ageing society and increasingly active lifestyles. The organization continues to be focused on measures to mitigate the impact from

ormance, the company has de-levered considerably from last year.

art of Merck) was added to the Board In December 2020, Certara completed its Initial Public Offering. Certara now trades on the Nasdaq u
 intends to participate in the coming months. Operations: The increase in Covid-19 cases led the Danish government to introduce a second

-based workers and those working on site. Mental Health First Aid Training and Awareness Training is also ongoing.

ndles.
orte andNon-recurring
A&A’s existingrevenues were
networks has 1% above
been budget mostly
progressing driven
as planned. by higher sales.
Construction works Total costs
for the were € 0.8
expansion million
project belowinbudget
started (- 7%)
Q2 2020 andmit

p to GBP 525 million. Total financing would go up to GBP 745 million subject to establishment conditions (i.e. achievement of defined mile

ng ones in other geographies, notably Germany, taking advantage of HELIoT’s stronger bargaining power as a group. The Covid-19 crisis ha

pensated
seller of ainportfolio
terms ofofincreased regulatory
22 mini-hydro plantsrevenues in the next
with a combined regulatory
installed period
capacity of after
29 MW 2022. 2020inEBITDA
located amounted
the center regionstoof€ Spain.
0.9 million, - 2.2
The trans

electricity production from hydro plants which are main source of production in Norway (95% of generation capacity). All these factors inc

ing able to work remotely. The team invested significantefforts in streamlining its activities across critical and strategic areas of installation
ys and customer premises, and timing delays in progressing projects due to the lockdown.
al and financial performance during the current coronavirus crisis. Operations: the business generally continues to perform well although t
keholder Engagement •Thames recently submitted a Green Recovery proposal covering four key areas: measures toprotect chalk streams
pon with the proceeds used to refinance upcoming maturities of HoldCo debt).

al value and capital structure implications, with final recommendations expected to be delivered to the Board in 1QCY2021. • (Strategy Da
tional movement. • In January 2021, a house fire occurred in New Plymouth and there has been some suggestion that fugitive gas from a m
demonstrated resilience of Trade Revenue, which has been driven by exceptionally strong container volumes and motor vehicle imports, o
taking up a number of Executive/Board roles was in corporate finance and strategy, which is expected to strongly complement the compe
O accreditation maintained. Community & Stakeholder Engagement ⚫• No stakeholder complaints or incidents were recorded over the p

olicies. Garage transient revenues also continued to underperform compared to budget, however garage transient sales saw strong recov
 ner Medical Center (“WMC”) continues to allow elective procedures but have reinstated visitation restrictions as of 18 November in respo
on and address various developments on campus.

eased to Congressman Alan Lowenthal. Due to COVID-19 the retail tenants have been provided rental relief. As the rent is immaterial in th
ositive. • LBCH is in the process of reviewing the allocation of funding across its community initiatives, to ensure the allocation of these so

to ensure that LEED (“Leadership in Energy and Environmental Design”) building certification requirements will be met. The accreditation
h Honeywell on track to receive a small gain share (1-2%). Community & Stakeholder Engagement • CRCHUM participated in the COVID-1

uary 2021. • The online Lochard Learning Week occurred in late November 2020 and was received well by staff. Environmental Performan

hed on Phase 4 expansion works which includes drilling of a new well (Seamer) and other plant upgrades. Total approved budget is A$53m

apex will occur in the coming months.

M is also working closely with its tenants on the issue and has prepared a communication strategy with the community on the matter. • Go
m given the impact of lockdown in Victoria. Separately, property revenues are largely in line with budget. The overall EBITDA outcome refl
gnment in approach. PoM is targeting finalisation of the charter early in CY2021. o Tariff rebalancing: the tariff rebalancing application wa
es to actively engage with key stakeholders as the energy market regulatory framework continues to evolve, including on such matters as
ctors, offset by the absence of a West Murray constraint, output from SFS was 1.4% lower than the prior corresponding period. Operation
y one wind turbine is to be removed and replaced in the new year due to a structural defect making the wind turbine inoperable. QIC conti

closed in Boston area) as primary reasons to continue teaching remotely. Class density restrictions and lack of meeting and activity spaces
became one of the first U.S. universities to begin COVID-19 vaccinations to its communities, with an on-campus testing location selected a

also 5.5% unfavourable to budget due to lower than expected collection of contracted tenant revenue, noting that rental deferral and aba
ness case. Notwithstanding delays to the anticipated completion timeline as a result of COVID-19 outbreaks around the country, the proje
ff members. The findings are being assessed and the Board is currently working through an implementation plan to enhance Sea Swift cult
in an EBITDA outperformance of A$1.3m (+12.0%) relative to budget. Vessel Charter continues to be the major underperformer, tracking
he business is in a strong position whilst Lino Bruno acts as an interim CEO. QIC’s Senior Asset Management Adviser, Shirley Robertson, is
halogen lighting with LED lighting across all Nexus facilities. This work is expected to be completed in early CY 2021. Community & stakeho

in the first months of the financial year), and Sundew Day Surgery -A$0.3m (impacted by slower onboarding of surgeons than forecast). C
nd-based brownfield hospital acquisition): Nexus are progressing discussions with the vendors of a threetheatre hospital based in South Ea
us business units.

th). • Contract Power Group (“CPA”): Remains ahead of budget YTD in terms of revenue and EBITDA with positive performance driven by
21 (C&M fee of 42k per month). Pilbara Minerals (another PE customer) has received approval from Altura’s creditors to proceed with the
ement • Strong stakeholder engagement continues with regular dialogue taking place between the Airport, the Minister of Mobility, the a
October / early November has reduced traffic to very low levels for the first part of Winter. Most airlines are now running skeleton progra
year 2020 given the back-ended deployment activity during the year. Despite the challenges from COVID-19, Generate’s year-to-date perf
rom c.US$800m per annum to c.US$1.5bn per annum. • (2021 Capital Raising): Equity capital commitments from the 2019 capital raising a

.has
As an example,
been throughout
completed the year,Highway
on the Permian EagleClaw continued
Pipeline to astrengthen
(PHP), the overall
430-mile, 42-inch counterparty
interstate naturalquality / customer
gas pipeline whichmix
willwith 58 percent
connect Permia

oducers and deferring all spending associated with the new well connections until the first flow date has been determined. As a result of t
ous manner. In the late first quarter and early second quarter of 2020, oil prices fell drastically due to weak demand globally driven by Cov
otential im_x0002_pacts on the project schedule. Despite multiple Gulf Coast hurricanes and the global pandemic, Calcasieu Pass LNG rem
ther rights. As such, potential construction delays and adverse impacts to operations may result in termination of one or more SPAs and m
countries, which in turn led to increased demand. As a result, volume throughput in OCENSA recovered during this period. The current lo
s the installation of a turbine to convert hydraulic power into energy in the Vasconia station, is in validation phase and should be fully ope
he company is advancing with a contractual scheme for its offshore and port infrastructure maintenance programs that will allow multiple
mercialize this spare capacity. OCENSA was recognized with a first-place award during Ecopetrol Excellency Awards of 2020 for its mainten
by oil demand recovery during the fourth quarter of 2020. To strengthen its commercial relationships and encourage throughput, the com
ndemic has led to no material impact at TIP thanks to the large geographic diversification of TIP’s portfolio (with selected markets includin
nowledge and perception of the program. “TIP University” offers the latest technical training directly from trailer manufacturers and ensu
TIP has secured the commercial terms in relation to the upsizing of the existing conduit ABS (Asset-backed securitization) program by inco
f TIP’s customers and high exposure to protected end-markets. In 2020, capital expenditure was below budget, driven primarily by lower d
etitive, with competitors often pursuing aggressive strategies to increase market share. TIP differentiates itself from the competition and p
Care Label) has from the end of September 2020 to the end of the 1st quarter of 2021, nearly 50 residences will be labeled (label granted b
ep added 284 beds in France and Belgium through M&A. Two acquisitions in Belgium (152 beds) have been integrated since July with a YTD
eam is proud of superior quality of care and accommodation services provided within its facilities. High quality of care is combined with att
s. At the peak of the crisis, strict measures were taken such as testing procedure being applied to all entries and exits into the EHPAD inclu
national and local authorities where the sentiment is that the government will continue to be supportive of the sector and not rule out the
ce across all of the company’s sites, as well as the issuance of a document to all subsidiaries setting out “the principles of the Rubis Termin
than 12 months ago and has already won customers from the incumbent player and built up a sustainable business at premium rates. Thi
d out in line with government guidelines. Rubis Terminal closed the acquisition of TEPSA in the fourth quarter. Integration work is ongoing
nonetheless seek to con_x0002_tinue to mitigate this risk via: (i) diversification into new products consistent with energy transition trends
he partnership will accelerate Rubis Terminal’s strategic plan to strengthen its position within its current footprint, diversify its product offe

of the electricity supply. In 2021 Conrad II will progress with the integration of Viridis Power into Conrad’s system and materialize the un_x
rketcosts
bon for other independent
relative to a CCGTflexible andUK
plant. The renewable
ETS rulesgenerations via to
are confirmed PPAs,
be inbehind-the-meter (BTM) post
line with EU guidelines generation, and electricity
Brexit meaning and gas supp
the exemption will

mpliance or old age. These are being replaced by a mix of embedded, intermittent renewable energy plants, and a small number of new g
tizens living alone and distribution of free refurbished computers to schools and students so to support e-learning. HGC has also delivered
_x0002_ments. The Local Corporate, Enterprise and Consumer segments continue to demonstrate healthy growth during fourth quarter, w
of this, the management has started putting together an OTT strategy with main focus on Chinese OTTs go overseas from Hong Kong. Thes
for all Business Units. Several projects have been shortlisted as initiatives that will delivery incremental growth above the baseline busine
aws on Hong Kong. The proposed national se_x0002_curity law may affect HGC from both sides. Positively it may contribute to stabilize th
governance
he framework,
critical importance of including board
data centers structure,
to the digital reporting
economy cadence, delegations,
as professionals policies,
in many and have
countries processes. The BDx from
been working general
homecounsel
sinceisthe
reso
cloud capabilities and strategic partnerships with the public cloud players
increasing utilizations by bringing existing customers from other facilities. Going forward, I Squared will look to expand the data center pla
customer service function for the Singapore facility which is currently being supported by Telstra through a transition services agreement
nd related Standard Operating Procedures as per IFC Performance Standards, which exceed the local regulatory requirements. It has intro
 as to domestic, transport and commercial/industrial customers. In addition to developing CGD network via physical pipelines, I Squared ha
d a tentative list of geographical areas. THINK Gas is reviewing these areas and formulating a strategy that will be accretive to its current p
CNG sales within 10months of final award of the concessions. As of December 2020, 31 CNG stations are operational, with 20 under variou
mation System
regulatory (GIS) which
approvals. will the
During be integrated withHighways
quarter, Cube the Supervisory Control and
also commenced Data Acquisition
operations (SCADA)
of its first system.
Wayside Management
Amenity is monitorin
facility at Chinnar, Hos

Highways.
and groundAswater
an example, savings
quality was in budgeted
prepared, amongmajor maintenance
others. expenditure
Similar to FRHL, an E&S isAction
expected
Plan going forward
have also beenwith
put internalized
into place forprocurement
WVEPL and

Cube Highways has another 9 roads under signed binding agreements, currently awaiting closure subject to completion of various Conditio
by GDP and infla_x0002_tion, among other factors. As a result of the recent surge of Covid-19 cases in the country , some downside may b
etwork in September 2020 and Delhi-Mumbai intra-city route for the trial network by December 2020. Going forward, I Squared will look t
ns to facilitate the potential collaboration across platforms such as cross-selling, cost synergies and market expertise sharing.
1 apps for national security and sovereignty concerns. The political risk has reduced Lightstorm’s potential to tap into Chinese OTT custom
ewable energy usage requirement for large corporate users. This provides alternatives to Feed-in-Tariff from TaiPower and alleviate the co
announced target. In addition, HEXA is also collaborating with the BDx platform to provide a holistic solution to data center customers suc
dstoand
escalate tensions
community centers. I Squared and Inkia take an active approach to reduce short and long-term CO2 and other emissions by adding

n the energy distribution sector to leverage from its existing management team. In the generation sector, Inkia will seek to invest in renew
roject in Peru. The majority of the engineering and procurement is now complete with most of the major equipment now on site. Site con
have been implementing staged reopening that has led to an increase in activity for all key sectors of the economy. For example, in Peru c
nd low efficient reserve margins that could support higher power prices in the future. Nevertheless, Inkia recently extended over 270 meg

, CityFibre’s performance continued to show no adverse impact due to the Covid-19 outbreak and the company managed to accelerate an
Partnership with operators to optimise deployment costs and mutualise the network.3. M&A and other upsides Consolidation of other da

below budget.In terms of FTTH expansion strategy, Lyntia progressed strongly as of Q4 2020. As a reminder, Lyntia had a limited FTTH foo
pside potential) Reinforce leading regional position with additional bolt-on acquisitions. Capture incremental demand from next generatio

ed partially as a result of continued COGS savings to remove the third-party costs from the network and by achieving synergies with recen
ctive residential), and improve operational performance and margins, as well as small M&A to selectively strengthen local presence.4. Mul

(offices closed);The Energy From Waste (“EFW”) division stands in line with budget despite the underperformance of the largest EfW plan
non-executive director of DP World. Mark’s practical experience of Whitehall and strong connections into Treasury as well as the DfT at S
pital revenue.The liquidity position of the business remains very strong. Both out of financial prudence and caution from a reputational pe
emic, with Angel Trains continuing to receive all monthly rental payments in advance and in full since the outbreak. In any event, it is impo
at extent morning and evening travel peaks return. Both the contents and timing for publication of the Williams Review remain uncertain,

unceston Airport’s YTD passenger volumes were approximately 92.2% below the prior year and YTD EBITDA was 91.6% below the prior ye
December 2020 may impact this timing although considerable uncertainty remains.Capacity was down approximately 95% relative to the
ot) currently has combined capacity of two daily flights. Melbourne Airport’s business development team continues to engage in positive c
19 in Victoria and 200 active local cases of COVID-19 in NSW. Both NSW and Victorian residents are now subject to mandatory mask wearin
the increase in LTIs recorded over the most recent three months, Melbourne Airport’s People Lost Time Injury Frequency Rate (LTIFR) of 9
nvestment of DKK 250 million in September 2020 to support immediate funding requirements and future offshore wind growth.
orresponding period last year. This reflects the resilience of the business as vessels on longer-term contracts remain unaffected. This is also
delivered to the client at the beginning of January 2021. Work on the two remaining new-build vessels was delayed due to COVID-19 cases
his is driving substantial demand for SOVs to provide long-term operations and maintenance (O&M) services to new offshore wind farms.

ng with customers for new contract wins, pricing increases, and accretive commercial partnerships to boost top-line revenue growth.Corp
30. The uplift in productivity and EBITDA were driven by improved labour hour management.Financial KPIs ─ YTD revenues are 3.2% below
ng existing service offering. Identified rail opportunities include expanding switching offering, facilities maintenance and repair and checkp
cember 2020 from a YoY basis. US carload and intermodal units in YTD December 2020 were 25.2 million, down 7.2% compared to last ye
t of Mr. Ring’s comprehensive review of ITSC’s operations, following his recent appointment as the new CEO, ITSC is planning to conduct a

also being sought to further improve the liquidity position of the business. Consultation period for phase 2 of the redundancy programme
ong performance in the first three weeks of December, which saw passenger levels reach circa 17% versus the prior year.With incentivised

ers. The positive impact from this move will be offset by the UK government’s decision to also remove the VAT exemption for all passenger

mes plateaued in Q3 but have fallen again due to the cold weather and increased virus cases. Transient parking volume increased by 246%
56% below the prior year in October and November, respectively. Revenues were also 55% and 63% below the prior year for October and
de the highest yield (i.e. dollarper square foot) under long-term contract (at least 10 years).
uding capturing returning commuters who prefer to avoid mass transit. Tourism volumes hit a historic high in 2018 with 58 million visitors
pose program, under which a portion of weekend parking revenue generated on the company website will be donated to support local cha

e airfield operating hours were reduced to less than 12 hours a day during the November national lockdown. Management has successful
r six-month extension of the waiver period to December 2021, a modified annualized and seasonally-adjusted first covenant test in June 2
mmer 2021.Discussions with the new operators of Flybe have been initiated over its restart strategy.With reduced demand expected for t
sengers. The positive impact from this move will be offset by the UK Government’s decision to also remove the VAT exemption for all pass

et due to delays in projects reaching completion or becoming fully operational.Capital expenditure was down year-on-year; driven by timi
old increase in the engagement of users of these platforms.Developments: Wallarah Point Care Community – this 123-bed development o

eation of a national aged care advisory body, which among other things will establish protocols for who decides whether a COVID- 19 posi

rking towards finalising a new long-term incentive plan for key management personnel.
work. A further 1999 have self-isolated and since returned to work. Head office and regional offices were shut down again in September w
dy been received.
key focus of the strategy is to improve the quality of the business and services provided. Through higher quality, the business can achieve
mpact of these variances leads to an increase in EBITDA year on year of £0.2 million. - In relation to COVID-19, there has so far been appro

however, these has been partially offset by operating cost savings.

rmous financial impact on the aviation industry with constantly changing travel restrictions making the trading environment for airports an
charge will help aid the airport in its recovery from the impact of the pandemic. In the longer term, we hope it will encourage more peopl
et has only increased since the pandemic.

ped dedicated enterprise sales team. November 2020 YTD EBITDA was US$57.0 million, representing a 33.7% YoY increase. The strong EBI
circa US$630k). This initiative was completed in H2 2020, reflected in the impressive EBITDA performance (versus acquisition case) achiev
etionary capital expenditures have been pushed to future quarters.

er the market en-masse, there will also be a greater requirement for information sharing among vehicles and central data hubs. Ahead of

lenio network.

e across
ly, Chile,
andMajor Colombia,
cities Brazil
in South and other
America regions:
have some On 18
of the December
worst 2020,
air quality a tender
in the offer
Western was submitted
Hemisphere. LatintoAmerica
provide municipalities
up to 401 newand
electric
gove
ate by 2045 must be zero-emission vehicles.

K and Germany were reviewed and approved in the quarter. Most notably the board has approved approximately £20 million worth of fo
rant and council investment, and deployment of a FTTP network covering approximately 65,000 premises funded by VX Fiber. - In Q4, VX F
basis. - GIF II committed a total of US$133 million (£100 million) of follow-on capital to VX Fiber, of which US$43.2 million (£32.9 million) h
with which serve the requirements of consumers in this evolving digital landscape. FTTP is the superior, future-proof connectivity allowing

urbine and the steam turbine located at the facility continued to run normally, supporting the HRCO contracts. The property damage and
uence this dynamic, but the US market is oversupplied at the current time. The next 2022/2023 and 2023/2024 PJM auctions are now sche
of the Fund’s position.
n December (including trapped cash), significantly above cash covenant of EUR 50 million. WSA EBITDA margin was higher for the first qu
at merger between Sivantos and Widex and does not have any implications on governance rights.
ring). Focus on integration after merger and driving top-line growth while realizing synergies. Re-accelerate Retail and secure attractive p

ng sustainability mission statement (including link to SDGs) and highlighting positive impact on environment and society.

tions optimization.
the opportunity to fully focus on strategic value creation levers.

nimum threshold (post a significant capital injection from existing shareholders and a group of relationship banks). Pro-forma leverage sto
ania and Poland) and COVID-19 testing.
l will continue to benefit from strong demand for visas related to leisure, education, family, business and work travel as the clear market le

ven by, in addition to the immediate crisis management, operational improvement measures implemented in 2019 now fully ramping up (e
ns Deutsche Milchkontor (IFM in Germany and the Netherlands at approximately EUR 70 million total volume over five years) and Knorr (IF
 potential further repercussions from pandemic. Net Debt increase due to add-on M&A activity.
k, including increased focus and formulated transformation roadmap. Continued sparring and dialogue with EQT Digital team, including de
rtfolio. Focus on post-merger integration and performance of completed add-ons.

to offer more flexible purchase options ■New warehouse in Atlanta to support future growth in North America ■New photo studio launc
r the business include:- Clarifying and communicating brand story- Digital sales and strategic relationships

expectations and significantly higher than last year mainly driven by strong billings and bookings growth, favorable timing on renewals, an
000 US companies.

mporarily increase excess liquidity (due to uncertainty around development of COVID-19). Year-to-date adjusted operating profit has decre
ganization program was initiated in the fourth quarter, including consolidation of IT platform, creation of one Nordic back-office, revised cr
to ensure scalability of platform and enable profitable growth – Optimize funding and liquidity position through preparation of additional

DA approval for the Smart SPACE Shoulder Humerus Guide.

mitigate the impact from COVID-19. Lima will continue to drive the penetration in the US market as the US represents a substantial expans

ecember 2020 and 6.8x as of December 2019

es on the Nasdaq under the ticker “CERT”. EQT maintains significant ownership of Certara, and will remain an active investor and work wi
Daffern (ex NetSuite EMEA President) and Kim Clarke (MYOB Head of Enterprise). In December 2020, Acumatica strengthened the manag

ed by COVID-19. Total liquidity of EUR 269 million in March (including trapped cash), significantly above cash covenant of EUR 50 million.
d the sale of 4% of its shareholding in WSA to the T&W families at a valuation 51% above the EQT VII and EQT VIII closing price in February
and good company fundamentals, especially in winning channels Online (hear.com) and Managed Care (TruHearing). Continue investing s

um threshold (post a significant capital injection from existing shareholders and a group of relationship banks). Changes in debt maturity p
in order to decrease dependency on traveller volumes, such as passport services (several new launches include Ireland, Lithuania and Pol
ger integration and performance of completed add-ons

expectations and significantly higher than last year mainly driven by strong billings and bookings growth, favorable timing on renewals, an
organic and inorganic investments to further accelerate growth. In March 2021, Sitecore successfully completed a refinancing to repay its

n yet but expected to be fully drawn. PIK Interest on the debt for the first 24 months has been added to the repayment in 2026

-to-date adjusted operating profit has increased by 23% year-on-year, which is 9% above expectations. Despite the lower net interest inco
one Nordic backoffice, revised credit processes and roll-out of SMART IT platform. New CFO is signed and will startlatest in September
ricing of deposit products.

mitigate the impact from COVID-19. Lima will continue to drive the penetration in the US market as the US represents a substantial expans

trades on the Nasdaq under the ticker “CERT”. On March 24, 2021, EQT completed its first follow-on offering of Certara shares. EQT main
 nt to introduce a second lock-down period from mid-December 2020 until February 7th, 2021, during which restrictions on shopping cent

ntarted
belowinbudget (- 7%)
Q2 2020 andmainly due to lower
it is expected subcontracts
to be completed bycosts,
end ofmaintenance and
2021 covering c. personnel expenses.
56k additional homes2020 EBITDA
passed, 14k was € 18.4
homes havemillion, € 1.1
been cove

vement of defined milestones). Natwest and Investec serve as underwriters of the debt financing and Santander and Kommunalkredit as t

p. The Covid-19 crisis has delayed the roll-out of fleet of devices for certain projects and made it more difficult to engage with early-stage

ed toof€ Spain.
ions 0.9 million, - 2.2% below
The transaction budget and
is expected -6.8%
to be lower than
completed last2021.Financing
in Q2 year. The absence
PFP IIofisbudgeted development
in advanced discussionscosts
withand planned
Spanish repair
lenders for&

city). All these factors including also the effect of the Covid-19 pandemic, had a substantial negative impact on price levels. Average annua

tegic areas of installation, sales, customer operations and technical infrastructure development and management ensuring minimum adve

perform well although there has been some disruption as a result of movement restrictions imposed during the UK’s second national lock
toprotect chalk streams, enhancements to river water quality, increases in smart metering andexpansion of renewable energy generation

QCY2021. • (Strategy Day): Powerco held its annual strategy day in late November 2020. Whilst endorsing the FY21 business plan, the boa
that fugitive gas from a medium pressure 50mm mains pipeline located in a street close to the house may have impacted on the fire. Powe
motor vehicle imports, offset by poorer performance in dry, wet and break bulk categories which are broadly linked to QLD investment acti
complement the competency of the existing Board. Mr Cowan is expected to formally join the Board in early February. • (Half-year budge
ere recorded over the past quarter. • Management has increased its engagement with stakeholders due to COVID-19.

t sales saw strong recovery in Fall 2020 as the campus reopened and select COVID-19 containment measures were removed at the Wexne
f 18 November in response to the growing number of COVID-19 cases and hospitalisations. Additionally, WMC is among the first US hospit

e rent is immaterial in the context of the overall project (c.US$9k per month) the Board agreed to waive tenant rents since April and we ex
he allocation of these social benefits is optimised. US$4.5k of ESG budget that was allocated to in-school programs has been reallocated to

e met. The accreditation process is ongoing; an estimated completion date has been set for January 2021. The attainment of this accredita
ticipated in the COVID-19 response with research, 3D printing of medical equipment, and testing of doctors / nurses in the adjacent hospi

nvironmental Performance • No environmental incidents occurred during the quarter. • Management’s carbon abatement strategy was e

proved budget is A$53m and is expected to be completed late 2022. Existing expansion works including Phase 3A (plant upgrades) and Ph

nity on the matter. • Government engagement: A comprehensive government stakeholder engagement strategy was finalised in the quar
rall EBITDA outcome reflects trade out-performance as well as timing of opex spend and unbudgeted one-off stamp duty charges.
balancing application was finalised and submitted at the end of December 2020. The application proposes to introduce a new, higher impo
ding on such matters as Nyngan DLF methodology, Post 2025 Electricity Market Design Project, etc. • CGWF Mobile telecommunication to
nding period. Operational performance in 2Q FY20 has normalised compared to 1Q FY20, with higher levels of production throughout and
ine inoperable. QIC continues to work closely with the PowAR management team, suppliers, asset manager and others to ensure remedia

eting and activity spaces on campus also hinders students’ ability to come to NU. Additionally, while a new short-term faculty permit progr
sting location selected as the vaccination site. Under Massachusetts guidelines, healthcare workers and susceptible individuals are schedu

t rental deferral and abatement arrangements remain in place with select key tenants. The positive variance in operating expenses is pred
d the country, the project continues to move forward expeditiously with a focus on ensuring there is a streamlined border force process th
o enhance Sea Swift culture and risk frameworks. • The COVID-19 Management Plan developed and approved by State and Federal level h
nderperformer, tracking below budget by A$1.2m (-24.5%) which is a result of muted government and mining expenditure across Norther
er, Shirley Robertson, is intimately involved in the recruitment process. • (FY21 budget and business plan update): Management, with the
. Community & stakeholder engagement • Andrew Petering (CEO) and Scott Bell (COO) are meeting the President and CEO of the Australi

rgeons than forecast). COVID-19 impacted revenue in Q1, as well as higher costs due to social distancing, have driven EBITDA margins low
ospital based in South East Queensland (EBITDA of c. A$0.7m, with strong growth potential). o (Manningham theatre expansion): The Nex

performance driven by higher than budgeted generation at Pilgangoora (as a result of higher lithium demand) and the continued operatio
tors to proceed with the acquisition of Altura and restart of the mine is being discussed. o Fortescue Metals (“FMG”) | Pilbara Generation
inister of Mobility, the airlines (especially Brussels Airlines), the Unions and the employees.
running skeleton programmes until the end of Q1 2021. It is worth noting that traffic (as a % of 2019) at Brussels Airport is in line with traffi
erate’s year-to-date performance relative to the prior year is strong, with revenues and corporate adjusted EBITDA up 72.6% and 58.0% ye
he 2019 capital raising are expected to be fully drawn down during the first half of 2021. Combined with the increased deployment projec

mer
hichmix
willwith 58 percent
connect PermianofBasin
the Company’s revenuesdemand
supply to multiple now derived from
markets oninvestment grade
the Gulf Coast. counterparties,
This vs. 12
pipeline provides percent at
additional ICOMM. EagleC
downstream mark

ermined. As a result of these cost reductions and enhanced capital discipline, EagleClaw was free cash flow positive in the third quarter w
nd globally driven by Covid-19 and a supply glut caused by a Saudi-Russian crude price war. The resulting supply demand imbalance pushed
Calcasieu Pass LNG remains resilient and has achieved milestones including the arrival and installation of the cold boxes and first set of liq
one or more SPAs and may adversely impact revenues. LNG liquification facilities are subject to several federal, state, and local governmen
is period. The current lower oil price environment has fueled lobbying efforts backed by some private oil producers in Colombia which hav
and should be fully operational during the second half of 2021. Finally, OCENSA donated equipment and furniture to build 230 school din
that will allow multiple pipeline and ports operators to negotiate such contracts as a consortium, allowing for increased synergies and cos
ds of 2020 for its maintenance project related to the submarine pipeline and installation of marine geotubes. Additionally, in 2020 OCENSA
ge throughput, the company offered payment flexibility to its clients. After the results shown by OCENSA’s bond refinancing transaction in
elected markets including Canada and Germany less impacted than Mediterranean regions such as France, Spain and Italy) complemented
manufacturers and ensure mechanics develop skills on a continuous basis and are certified from welding, to brake system repairs and bod
zation) program by incorporating units acquired in the PEMA transaction. This transaction is expected to be fully completed by June 2021
iven primarily by lower demand from customers, OEC and timing delays in relation of the Covid-19 pandemic. As part of management’s pl
m the competition and provides barriers to entry through experienced personnel, a broad network, comprehensive service offerings, a wid
e labeled (label granted by SGS).
ated since July with a YTD €0.5 million impact on EBITDA and 2 acquisitions in France (132 beds) have been integrated in September and N
care is combined with attractive living environment, which translates into high level of satisfaction among residents and their families (Rec
xits into the EHPAD including external suppliers, sec_x0002_torization of residents in terms of meals and activities and highly supervised vi
ctor and not rule out the possibility of providing additional financial aid over the course of 2021. In comparison with its peers Domidep ha
ples of the Rubis Terminal safety culture” to uphold a standardized set of safety rules across the company.
ss at premium rates. This is thanks to the company’s modern and superior infrastructure and strong technical capabilities. In the fourth qu
egration work is ongoing in relation to IT, HR and Finance functions. TEPSA has been outperforming underwritten forecasts since closing. R
energy transition trends (e.g. bio_x0002_and waste-based fuels, chemicals, fertilisers and specialized petroleum products) and (ii) the pot
diversify its product offerings to adapt to energy transition trends, and explore expansion outside of its core markets in Europe. The Covid

and materialize the un_x0002_derwritten synergies. Conard II is also assessing various new opportunities including battery storage, behind
electricity
ning and gas supply
the exemption to commercial
will continue to applycustomers. Conrad
for the Conrad also plans
portfolio until to leverage
2026 when its
theresources, network
scheme will and knowledge
be revisited. of the
Post-merger UK planniw
integration

a small number of new gas plants and flexible generators. Regulation for the sector is evolving, with Ofgem (U.K. Office of Gas and Electric
HGC has also delivered free unified communications and cloud connect services offer to corporate customers to deal with extreme urgenc
during fourth quarter, with Reported YTD EBITDA growing by 3.2 percent, 6.1 percent, and 9.4 percent year-on-year, respectively. Manag
as from Hong Kong. These projects only require small incremental capex to HGC’s existing network and therefore can produce excellent re
ove the baseline business plan, such as in-country fiber, local FTTx roll-out, OTT investment, productivity improvement etc. Covid-19 start
contribute to stabilize the social unrest since 2019 in Hong Kong which may help to revive the weak economy upon the pandemic situation
Dx general
g from homecounsel
sinceisthe
responsible forCovid-19.
outbreak of the company’s compliance
The public companyprogram andofhas
valuation been
data working
centers has with
risenthe compliance
throughout theteam of HGCdemonstr
pandemic, and I Squ

pand the data center platform through M&A of captive data centers or stranded assets from individual promoters at attractive valuations.
tion services agreement (TSA). 2. Increasing capacity in existing assets: The second key value driver for the platform is increasing capacity i
equirements. It has introduced a number of industry first initiatives which include mobile toilet and hygienic living quarters for third party c
 al pipelines, I Squared has built a LCNG (liquefied to compressed natural gas) station in one of its assets in the central part of the country. T
accretive to its current portfolio. THINK Gas will continue to evaluate acquisition opportunities to augment the portfolio. These are mostly
al, with 20 under various stages of execution. Progress has been made on laying the steel pipeline network as well. As of 31 December 20
yanagement is monitoring
facility at Chinnar, Hosur,and actively
Tamil Nadu.working to 18
A further manage construction
wayside effortsacross
facilities, spread in lightIndia,
of theare
recent
undersurge of Covid-19
various stages ofcases in the country
development, all ex

ernalized
to place forprocurement of bitumen
WVEPL and TOT-3 andAlso,
bundle. related
withadditives. Cube
acquisition Highways
of DATRPL has also an
complete, now putAction
E&S together
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forin-house
DATRPLsoftware development
will also be te
prepared ove

etion of various Conditions Precedent. Post closure of these assets, Cube Highways, under Fund 2, will own and operate a portfolio of 21 a
, some downside may be expected. Based on last years' experience, a sharp V-shape recovery can be expected once the cases subside. W
ard, I Squared will look to further expand the Lightstorm platform through a combination of organic rollouts, strategic partnership with loc
se sharing.
nto Chinese OTT customers which currently comprise of a significant portion of global data traffic consumption.
wer and alleviate the concerns of reducing FIT over time. In addition to floating solar, I Squared Capital and HEXA are evaluating multiple g
ta center customers such as Microsoft, AWS, etc. as an attractive package on both sustainable green power and data center needs.
her emissions by adding renewable sources and low-carbon intensity technologies to its generation portfolio. For example, in 2019 we sta

l seek to invest in renewables opportunities, with a special focus on greenfield development in certain geographies.
nt now on site. Site construction resumed in June as the government began to ease restrictions. The project is currently 58.4 percent com
y. For example, in Peru construction continues on schedule at our Las Flores expansion project with all major equipment on site and const
extended over 270 megawatts of PPAs at attractive energy prices, which resulted in an additional 7-to-10-year term in the contracts, signi

managed to accelerate and overachieve its delivery targets.Fibre To The Home (“FTTH”) As of Q4 2020, CityFibre had started construction in
onsolidation of other dark and lit fibre players and networks in Spain Capture incremental demand from next generation of technologies w

tia had a limited FTTH footprint at acquisition, consisting of 146k homes passed in 11 cities with 10% penetration. Today, Lyntia’s footprint
and from next generation of technologies.

ing synergies with recently acquired add-ons. On a FY basis, revenue was 10.3% above prior year and 3.2% below reforecast budget. LQA a
en local presence.4. Multiple organic / inorganic upsides to base case Benefit from stronger DHC market growth, to achieve a higher marke

e of the largest EfW plant in the portfolio, which is partly offset thanks to one-off settlement proceeds in relation to one contract in anothe
ry as well as the DfT at Senior Official level will be invaluable for the board and the management team as the business navigates the regula
n from a reputational perspective, given the difficulties facing the wider UK rail industry, Angel Trains’ Board deferred payment of the prop
k. In any event, it is important to note that all its leases operate on a ‘hell or highwater’ basis, meaning Angel Trains has no exposure to pa
eview remain uncertain, and with it the implications for the rail franchising model. Decarbonisation remains a key government target and

1.6% below the prior year.

ately 95% relative to the prior year, while average load factors remained low at 34.9%. The easing of COVID-19 movement restrictions in V
es to engage in positive communications with representatives of Chinese airlines and stakeholders in the wake of the escalating political te
mandatory mask wearing in indoor areas such as shops, public transports, hairdressers and cinemas.Several Australian states and territor
quency Rate (LTIFR) of 9.0 as at 30 November 2020 was higher than the benchmark of 6.0. APAC reported greenhouse gas emissions (scop
 wind growth.
n unaffected. This is also supported by the increasing transition to offshore wind end clients, which made up 51% of total contribution in Y
d due to COVID-19 cases detected at the shipyard and measures were put in place; however, progress has since improved, and contingenc
w offshore wind farms. ESVAGT pioneered the SOV solution, which has been proven to improve efficiency by avoiding the need to transfe

ne revenue growth.Corporate overhead reduction – ITSC has realised circa US$1.6 million of run-rate corporate overhead savings by re-or
revenues are 3.2% below prior year driven by lower intermodal volumes experienced in H1 2020 due to COVID.YTD EBITDA continues to e
ce and repair and checkpoint services. For depot, opportunities include expanding on-rail depot services and entering new markets in Ame
.2% compared to last year.Unemployment claims remain high, with overall unemployment rate hovering at 6.7% as of November 2020 (a
is planning to conduct a comprehensive review of its welfare, health and safety (WH&S) framework in Q1 2021.

edundancy programme ended on 4 December 2020. Of the 107 roles that were at risk, only 40 were made redundant, with the remaining
or year.With incentivised free flying provided to airlines through the quarter, aero revenues were still close to zero, with general aviation b

mption for all passengers and will remove VAT returns for overseas visitors purchasing goods in British high-street stores. The net impact f

ume increased by 246% from the April trough to November, although transient volumes were still down by 56% versus November 2019. M
ior year for October and November, respectively, driven by lower parking rates set to incentivise additional parking volumes.To offset decl

8 with 58 million visitors, and in contrast to other major metropolitan areas in the US, most tourists are regional visitors who travel to Chic
ated to support local charities and community organisations. The company intends to utilise this program to more effectively market to ma

agement has successfully influenced airlines to make programme shifts to accommodate night-time closures to reduce costs. In October, t
t covenant test in June 2022, a coupon delay for the Metlife tranche only (i.e. for the institutional loan) for a six-month period (extends for
d demand expected for the near future, it will be necessary to negotiate with our partners to agree commercial terms in order to sustain o
T exemption for all passengers and will remove VAT returns for overseas visitors purchasing goods in British high-street stores. The net im

r-on-year; driven by timing of acquisitions, construction projects and homes opening for operation. Opal has a strong pipeline of capital pr
123-bed development opened to residents on 16 November 2020. It features single en-suite or companion rooms, many with water and d

hether a COVID- 19 positive resident is transferred to hospital ─ Residential aged care homes should have one or more staff trained as infe
wn again in September with staff working from home. All nonessential visits to homes have also been cancelled to reduce exposure and cro

the business can achieve the following: Become a provider of choice, this will increase referral rates, which will improve occupancy and gr
re has so far been approximately £3.8 million of exceptional cost. The business to date has received approximately £4.0 million of governm

ironment for airports and airlines very challenging. Most recently, the November UK national lockdown, as well as the global border closu
l encourage more people to travel to the airport using public transport. To further encourage passengers to travel to the airport more sus

increase. The strong EBITDA performance was driven by reduced travel, marketing, and sales-associated expenses due to continued prolif
acquisition case) achieved to date. The company estimates almost US$1.3 million for the full-year cost saving potential (not factored into

Build-out of Enterprise Team: Expedient will continue the strategic initiative to bolster the exis
ral data hubs. Ahead of these industry transformations, fibre networks are densifying, with higher fibre strand installations occurring over

up to 401 newand
municipalities electric buses to the
governments haveTransmilenio publicand
adopted policies transit system in
regulations to Bogota,
supportColombia. Onelectrification
accelerated 5 January 2021, it wastransportation
of public announced that th
and

£20 million worth of follow-on investments which will be committed to FTTP rollout in Stoke and Colchester.
by VX Fiber. - In Q4, VX Fiber was carrying out two projects in Stoke-on-Trent; 1) the construction of a metro network, that is financed thro
million (£32.9 million) has already been deployed.
of connectivity allowing symmetric download/upload speeds of 1Gbps which will replace legacy copper networks. VX Fiber’s open access

e property damage and business interruption claim is complete, having received 100% of the filed claim proceeds (i.e. net of deductibles).
M auctions are now scheduled for May and December 2021 respectively, providing greater cash flow certainty to generators in the region.
as higher for the first quarter compared to the same period last year, driven by higher profitability from all divisions, successful synergy re

l and secure attractive product launches to drive further Wholesale growth. Continue investing significantly in R&D to entrench WSA as th

Pro-forma leverage stood at 4.3x as of 31 December 2019 (3.6x without deferred payments for Burj minority buyout).

vel as the clear market leader. VFS’ overall key priorities continue to be:- Defending core business with very high tender success and contr

9 now fully ramping up (e.g., new management set up). CAPEX includes non-organic GVA related income in January 2019. Organically CAPE
r five years) and Knorr (IFM Europe at approximately EUR 90 million total volume over five years). Sale of non-core event services division
igital team, including dedicated workshops on Customer Centricity and Digital Maturity.

■
New photo studio launched during the summer to enable faster and higher quality content across digital channels

e timing on renewals, and positive impact from precautionary cost saving initiatives put into place in response to COVID-19.

perating profit has decreased by 8% year-on-year, which is 23% below expectations. In addition to the lower net interest income, this is m
dic back-office, revised credit processes and additional cost savings. Göran Bronner has left the board and Suzan Hourieh Lindberg (CEO, T
reparation of additional covered bond launches and repricing of deposit products

nts a substantial expansion opportunity. Moreover, the company will continue to capitalize on its industry-leading additive manufacturing

ve investor and work with management to accelerate growth.

trengthened the management team with Sanket Akerkar as Chief Revenue Officer who have previous experience from Microsoft.

nant of EUR 50 million. WSA EBITDA was EUR 47 million higher in the first half compared to the same period last year, and EUR 18 million
closing price in February 2019. The shares are held by EQT VI, the fund that made the original investment in Sivantos. The transaction was
ng). Continue investing significantly in R&D to entrench WSA as the industry innovator with a unique digital ecosystem and business mode

anges in debt maturity profile driven by partial repayment of previously drawn RCFs as well as FX rate changes on GBP and CHF denomina
eland, Lithuania and Poland), COVID 19 testing and general health related offerings. Martin Fritsch (ex. DHL, Forto) hired as new CFO with
e timing on renewals, and positive impact from precautionary cost saving initiatives put into place in response to COVID-19.
a refinancing to repay its outstanding debt and to fund envisaged add-on acquisitions. On 15 March, Sitecore closed its acquisition of Boxe

ment in 2026

e lower net interest income, cost savings initiated in January 2021 have given a positive impact, combined with lower than expected credit
rtlatest in September

nts a substantial expansion opportunity. Moreover, the company will continue to capitalize on its industry-leading additive manufacturing

ertara shares. EQT maintains significant ownership of Certara, and will remain an active investor and work with management to accelerat
ctions on shopping centers, shops, schools, restaurants and bars were applied. Bus lines were operated full scale throughout this period. T

was € 18.4
homes havemillion, € 1.1 million
been covered (+ 6.1%)
to date. above
On the budget. front, c. 39k homes out of the c.59k total perimeter have already been reinforce
reinforcement

and Kommunalkredit as take-and-holders. The syndication process is ongoing.

engage with early-stage prospective clients due to sanitary measures and lockdowns. However, the Company has achieved continuous gro

osts
withand planned
Spanish repair
lenders for&a maintenance
potential costs (combined savings of c. € 0.2 million) as well as delay in advisory costs budgeted for refinanc

e levels. Average annual spot electricity prices captured by Varanger Kraftvind amounted to NOK 95/MWh, - 74.1% below budget. In addi

ensuring minimum adverse impact on the short to medium term operations of the Company. The team also took advantage of the genera

K’s second national lockdown in November and the system of tiered regional restrictions in force during the remainder of December. Leak
wable energy generation. After discussion with Ofwat, it has been agreed thatThames will follow a two-phased approach with some initial

1 business plan, the board and management explored four key focus areas for 2021: (i) regulatory strategy, (ii) NZ gas market dynamics an
pacted on the fire. Powerco’s incident response team members are assisting investigators from Fire and Emergency NZ and Energy Safety
d to QLD investment activity and/or weather conditions. QIC is monitoring the timing of potential recovery in these latter categories closel
ruary. • (Half-year budget refresh): Management and Shareholders completed a comprehensive half-year budget refresh prior to the conc

e removed at the Wexner Medical Center. Management continued to follow an ‘essential only’ cost policy. All non-critical capex projects a
 mong the first US hospitals to participate in the FDA-approved vaccination programs with over 400,000 additional Pfizer and Moderna vac

nts since April and we expect rent will continue to be waived until full re-opening of the courthouse to the public. The carpark operator (St
s has been reallocated to purchase materials for at-home learning.

inment of this accreditation is not an equity risk item as this requirement has been fully passed down to the operations and maintenance
es in the adjacent hospital. • CRCHUM continues to donate directly to the hospital counterparty’s foundations.

batement strategy was endorsed by the Board with further details and actions to be presented to the Board in the coming months. Comm

(plant upgrades) and Phase 3C (remote field upgrades) remain on track for completion by May-21 and remain on budget. Phase 3C tie-ins

was finalised in the quarter; this is becoming an increasingly important priority with master planning strategy execution and various regula
mp duty charges.
duce a new, higher import wharfage tariff on big ships, along with a decrease in export wharfage. The rebalancing will assist in funding con
e telecommunication tower is expected to be constructed during 2021 as part of undertakings to the community during project developm
duction throughout and following September 2020.
thers to ensure remedial works are appropriately engineered and implemented and appropriate stakeholder communications are in place

erm faculty permit program has garnered significant number of signups, its usage was not enough to offset the lowered permit sales in the
e individuals are scheduled to be vaccinated first, followed by children/students and the elderly, with vaccination available to the general

erating expenses is predominantly driven by a reduction in staff costs from organisational initiatives in response to COVID-19, and deferral
d border force process that can be established within the footprint of the terminal and therefore ensuring that any capital expenditure and
State and Federal level health authorities remains in place and ensures Sea Swift can continue to operate relatively unobstructed. Environm
enditure across Northern Australia. Management is in close contact with key stakeholders across Northern Australia but feedback suggest
Management, with the assistance of QIC, undertook an FY21 budget reforecast with the benefit of 6-months of operating data following B
and CEO of the Australian Orthopaedic Association (“AOA”) to discuss benefits of the short stay model for joint replacement. This will fee

ven EBITDA margins lower than the prior year period (16.2% versus 20.9% respectively). • Operational performance, as measured by sepa
tre expansion): The Nexus Board have approved a business case for a two-theatre expansion of Manningham Private Hospital (currently th

d the continued operation of the Doral power station, which has continued into FY21 (c.+A$60k per month). • Hybrid Systems (“Hybrid”): R
G”) | Pilbara Generation Project (“PGG”) EPC: Remains on track and budget, continued focus on procurement, engineering and design, mo

irport is in line with traffic at its European peers.

 up 72.6% and 58.0% year-over-year, respectively.
ased deployment projections, this has necessitated an acceleration of Generate’s corporate equity financing plans from 2022 to 2021. Gen

rcent at
tional ICOMM. EagleClaw
downstream also focused
market optionality andonimproved
optimizing costs
price and capital
realizations toefficiency. Thecustomers.
its producer Company The
reduced its operating
pipeline expenseswith
is fully subscribed and long
G&A

ve in the third quarter while paying down $19 million of revolver borrowings. EagleClaw installed hydrogen sulfide (“H2S”) treating system
mand imbalance pushed WTI below $30 per barrel. This supply/demand imbalance has also driven significant refinery cuts and consumed
boxes and first set of liquefaction trains from Avenza, Italy, delivery of all major power island equipment and first pretreatment modules
ate, and local governmental, environmental, and regulatory agencies. Failure to obtain and/or maintain the proper permits and approvals
s in Colombia which have resulted in further regulatory scrutiny and discussion around the tariff regulatory scheme and prices. OCENSA, t
e to build 230 school dining halls serving 25 thousand students in four municipalities along the pipeline’s area of influence.
reased synergies and cost management. Under such scheme, OCENSA would be leading at least half of the negotiations while actively parti
tionally, in 2020 OCENSA started with the replacement of one of its [single buoy mooring] in Coveñas port, which is expected to be fully op
efinancing transaction in the second quarter, I Squared decided to tap the markets for the reopening of AI Candelaria’s international bond
nd Italy) complemented by the diversifi_x0002_cation in both assets (where reefers in particular are in high demand to transport perishab
system repairs and bodywork renovation. TIP has a group-wide integrity policy and whistle-blowing arrangements, a parallel reporting sys
ompleted by June 2021 and will reduce the company’s overall cost of funding. Over time, TIP is ambitious to replace the conduit ABS with
part of management’s plan to shift its fleet inventory into higher yielding service lines, TIP continues to expand its purchase of specialized t
e service offerings, a wide range of trailers, and industry-leading IT. TIP is exposed to credit risk if its customers are not able to pay debts o

ted in September and November respectively with a YTD €0.3 million impact on EBITDA. Performance for the newly acquired homes is in l
s and their families (Recommendation Index and Global Satisfaction Index are at 93 percent each). Main findings from a July Covid-19 surv
and highly supervised visits of families. Over the year 2020, the company has been in direct and constant contact with both regional and n
th its peers Domidep has healthy and strong margins thanks to efficient operations and real estate ownership. It is therefore logical to bel

abilities. In the fourth quarter of 2020, Rubis Terminal closed the acquisition of TEPSA, the largest chemical storage provider in Spain and a
orecasts since closing. Rubis Terminal has more than 477 employees and an experienced management team.
products) and (ii) the potential entrance into new markets outside of Europe. Additionally, the minority nature of I Squared’s in_x0002_ves
ets in Europe. The Covid-19 crisis has further demon_x0002_strated the critical role of storage assets in the global supply chain, with occu

g battery storage, behind-the-meter solutions as well as renewables. The assets of Conrad II are managed by the Conrad I management tea
wledge of the
ost-merger UK planning
integration withregime
Viridis to develop
Power utility good
is making scale progress.
renewableAllassets in particular
ex-Viridis employeessolar PV projects.
have joined theDevelopment of renewable
Conrad structure asse
with various

ffice of Gas and Electricity Markets) undertaking further reviews on grid access and embedded benefits. Conrad believes its assets have an
eal with extreme urgencies in response to the development of the Covid-19 outbreak.
ear, respectively. Management continues to foresee a positive im_x0002_pact to these segments as Covid-19 has accelerated the digi_x00
an produce excellent returns. I Squared Capital and HGC have been continuing the assessment of divestiture of the HGC data center asset
ment etc. Covid-19 started to impact China/Hong Kong beginning in late January 2020 and the situation has been gradually improving sinc
n the pandemic situation. HGC may benefit from this as businesses return to their normal operations and con_x0002_tribute to the local c
ce
heteam of HGCdemonstrating
pandemic, and I Squaredthe
as well as external
resilience of thecounsel
sector. to
Thebuild
salesa pipeline
robust program.
continues to improve with 700 kilowatts of orders booked in N

at attractive valuations. The team will supplement the M&A with select greenfield development of data centers in markets with attractive
m is increasing capacity in existing assets. In the fourth quarter of 2020, the team has signed with AWS a work order of 4 megawatt IT capa
quarters for third party contract workers and better safety equipment. Safety is of paramount importance to the company. In this context
 ral part of the country. Transported over roads, LNG will be used to charge the pipeline network and supply gas to consumers. I Squared in
rtfolio. These are mostly bilateral discussions. It is currently evaluating three such opportunities having a portfolio of 21 concessions. In fou
l. As of 31 December 2020, 1,537 inch-kms of steel pipeline had been welded, out of which 1,294 inchkms of steel pipeline had been lowe
-19ofcases
es in the country.
development, THINK Gas
all expected employs
to achieve several measures
completion in 2021. (including Journey Management System, driver screening and mon_x0002_

oftware
will development
also be team
prepared over tocourse
the build various customized applications, work-flow tools, analytical engines and business intelligence to delive
of Q1CY21.

erate a portfolio of 21 assets spanning 6,000 lane kms, making it one of the largest owner-operator of toll roads in India and across the glo
nce the cases subside. While chances of national lockdown as seen in 2020 are very low, our concession agreements provide extension of c
egic partnership with local strategics, and bolt-on acquisitions. As of 31 December 2020, the Fund has committed capital of $19 million an

are evaluating multiple growth opportunities across renewable energy technologies in Taiwan, including segments such as aquaculture so
ata center needs.
example, in 2019 we started with the operations of our 50MW wind farm in Dominican Republic (Agua Clara), with an expansion project to

rently 58.4 percent complete versus a budget of 52.1 percent. The 162-megawatt project is expected to be completed in 2022. The total im
pment on site and construction activities continue with additional Covid-19 safety precautions, the project is on schedule for completion in
m in the contracts, significantly reducing the re-contracting risk of the portfolio. Due to the completion of various power plants in Peru in

d started construction in 39 cities, of which 27 were already in production (delivering homes ready for service), representing an increase o
ration of technologies with increasing data usage.

Today, Lyntia’s footprint has grown to c.1.2m homes passed with 25% penetration. Following the closing of Fund III-B in November 2020, L

reforecast budget. LQA adjusted EBITDA (incl. backlog) was 5.0% above prior year and 3.4% above reforecast budget.2020 bookings were
o achieve a higher market share in DHC and EfW sectors. Strengthen presence of IDEX Energy Services with specific client segments (e.g. in

o one contract in another EfW plant;The Energy Services (“ES”) business stands above budget due to timing effects on repair works (to be
ness navigates the regulatory industry uncertainty and post COVID-19 challenges ahead.There has been no impact on capital revenues thu
red payment of the proposed H2 2020 dividend, with the position to be reviewed again in Q1 2021.
ns has no exposure to passenger volume revenue risk. This is however against a backdrop of continuing extremely low passenger traffic (no
government target and this will also likely impact the profile of future rolling stock fleets. Angel Trains is well placed to benefit from this p

vement restrictions in Victoria and the reopening of domestic borders to NSW, the Australian Capital Territory (ACT) and Tasmania in the l
he escalating political tensions between Australia and China.Victoria is part of a one-way travel bubble with New Zealand, with daily inbou
ralian states and territories responded swiftly to the third wave of COVID-19 cases in NSW. The ACT, Queensland, South Australia, Tasman
ouse gas emissions (scope 1 and scope 2) of 56,133 metric tons of carbon dioxide equivalent (tCO2-e) for the financial year ended 30 June
of total contribution in YTD 2020 versus 41% in YTD 2019.
proved, and contingency plans have been agreed with the client.AMP Capital is working closely with management on bid strategy and fina
ding the need to transfer technicians to and from shore, and to maximise operational uptime. Macro trends and the quest for continued e

erhead savings by re-organising headcount in Human Resources, Commercial and Finance functions.Despite a strong YTD performance, re
D EBITDA continues to exceed prior year (+17.3%), driven by improved productivity and new management's execution of a series of cost-c
ing new markets in Americas via organic expansion/development or through acquisitions.Investing in technology to improve productivity
as of November 2020 (a significant decline from the 14.7% peak in April). Note, that a low unemployment rate, while positive to the US eco

dant, with the remaining either put on furlough or provided new roles at the airports. Trade unions and MPs were positive about the way t
, with general aviation being the only contributor to aero revenues. On the non-aero side, the airport has performed very well on a yield b

stores. The net impact from this move will likely be positive for smaller regional airports with a predominantly European passenger base.

ersus November 2019. Management, supported by AMPCI and co-shareholder Northleaf, has sought to mitigate the decline in revenue by
g volumes.To offset declining revenues, the management team has identified and implemented operating expense savings (operating cost

sitors who travel to Chicago by car. New cultural attractions are located at nearby Millennium Park, such as the Aon Center Observation D
effectively market to major event participants in and around the park area.The company actively monitors structural improvements acros

duce costs. In October, the business completed its second round of carefully targeted redundancies and has utilised the UK Government f
onth period (extends for a further six months if the first test is passed only as a result of the annualisation and seasonality adjustment).
rms in order to sustain operations particularly in food and beverage and speciality retail.
street stores. The net impact from this move will likely be positive for smaller regional airports with a predominantly European passenger

ng pipeline of capital projects with over 20 at various stages of progression.

, many with water and district views. The home has been designed with an outdoor kitchen and BBQ area, a sensory garden and a café. N

more staff trained as infection control officers, which should be a condition of accreditation as a provider of aged care services ─ In respons
reduce exposure and cross contamination. The business has faced some increase in costs relating to COVID-19, including additional staffin

prove occupancy and growth rates. This will also allow the business to justify higher fees for both existing and new service users. Lower em
y £4.0 million of government emergency and infection control funds with a further £1.2 million committed to compensate for the higher c

s the global border closure for people flying into and out of the UK over the Christmas period, have had a severe impact on the aviation ind
to the airport more sustainably, we have also halved the cost for electric vehicles from £2 to £1. Given the subdued outlook over the wint

s due to continued proliferation of COVID-19, and completion of the Microsoft licensing cost reduction initiative discussed further below. B
ential (not factored into the acquisition case). Management is also continuing dialogue with a number of corporations that are looking to e

tiative to bolster the existing sales team by hiring dedicated sales reps specifically targeting large nationwide enterprise accounts, similar t
tallations occurring over much shorter routes (deep fibre being the infrastructure closest to the end customer). Previous generations of wi

was transportation
ublic announced thatand
thedecarbonisation
tender offer wasofsuccessful, and the JV
the transportation will be
sector. supplying
The Chilean 401 electric buses
government across two
has pledged thatzones in vehicles
electric the Transmilenio
will acco

ork, that is financed through a combination of government grant and council investment, and deployment of a FTTP network covering app

VX Fiber’s open access business model exhibits strong regulatory tail winds as EU and UK governments are very supportive of open acces

(i.e. net of deductibles).- In August 2020, an air permit amendment request for additional operating hours was granted at the Ector facility
generators in the region.Coal-fired generation retirements are expected to continue across the US, mainly due to economic rather than en
ns, successful synergy realization and cost control. WSA continues to promote the use of tele-audiology, allowing for zero_x0002_visit hea

D to entrench WSA as the industry innovator with a unique digital ecosystem and business model, including tools such as remote fitting an

ender success and contract retention rates while focussing on profitability improvements- Driving innovation and digitization to ensure co

y 2019. Organically CAPEX was EUR 2.9 million / 17% below the same period last year.
e event services division to Wisag (approximately EUR 10 million sales in 2019). Acquisition of Wölpper, allowing Apleona to complement
nterest income, this is mainly due to higher investments in marketing, higher credit losses (mainly in personal loans portfolio, for which the
ourieh Lindberg (CEO, The Social Few, ex-Diversity Head, Volvo M) to formally join the board in first quarter 2021, but has taken part in bo

additive manufacturing capabilities with its Trabecular Titanium™ technology, especially in its partnership with HSS, and drive the digitiza
from Microsoft.

year, and EUR 18 million above expectations, driven by higher profitability in Wholesale and Retail, while Online and Managed Care were s
os. The transaction was contemplated at merger between Sivantos and Widex and does not have any implications on governance rights
tem and business model, including tools such as remote fitting and tablet based hearing tests

GBP and CHF denominated term loans

) hired as new CFO with effective starting date as of May 1st, 2021.
d its acquisition of Boxever, a leading customer data platform headquartered in Dublin, Ireland with 74 employees. On 31 March 2021, Sit

wer than expected credit losses

additive manufacturing capabilities with its Trabecular Titanium™ technology, especially in its partnership with HSS, and drive the digitiza

anagement to accelerate growth

throughout this period. The second lock-down significantly brought down the number of Covid-19 infections in Denmark. At the time of w

ve already been reinforced. Another expansion Project, A4F, was approved in July 2020 and is expected to cover c. 230k additional primary

achieved continuous growth in activated devices on its networks and no project has been cancelled, with some clients even leveraging on

s budgeted for refinancing has offset the impact of reduction in merchant electricity revenues during 2020.

% below budget. In addition, average annual El-certificates prices dropped to NOK 11/MWh, -79.4% below budget. These negative develop

advantage of the general slow-down of economic activity to improve its internal efficiency, commercial and marketing position and visibili

inder of December. Leakage reduction from find & fix activity is c. 5% behind forecast on a YTD basis due to ongoing COVID-19 impacts. Th
proach with some initial pilot schemes and the potential toexpand these next year when the existing programme is underway. DEFRA has

gas market dynamics and gas business review, (iii) unregulated opportunities across digital infrastructure and contracted telecommunicati
cy NZ and Energy Safety (a part of WorkSafe NZ) to determine the cause.Environmental Performance • No significant environmental issue
e latter categories closely.
refresh prior to the conclusion of the December quarter. The purpose of the refresh was to consider an additional 6-months of trading and

-critical capex projects are deferred to 2021. Due to the prolonged COVID-19 outbreak, management has revised its revenue outlook for 2
 Pfizer and Moderna vaccines scheduled to arrive before the end of 2020. It is expected that vaccines will be available to the general publi

The carpark operator (Standard Parking) obligation was contractually reduced from a fixed monthly payment of US$45k to 50% of revenue

ations and maintenance subcontractor, Honeywell.

coming months. Community & Stakeholder Engagement • Dialogue continues on the regulatory approvals with the DJPR for Phase 4 expa

budget. Phase 3C tie-ins were completed in December and focus is now turning to Phase 3A completion with key works to occur during th

ution and various regulatory matters on the horizon.

will assist in funding continued investment in big ship capacity as well as support PoM’s export competitiveness. The application was upda
during project development. • Media strategy /communication plans continue to be updated and implemented in response to key events t

munications are in place. The EPC contractor GE CATCON has submitted delay and cost claims against PowAR. PowAR has retained legal co

wered permit sales in the Fall semester. Transient demand saw a boost in Q3 as the NU campus reopened, recovering to about 65.3% of 20
available to the general public by April 2021. For most in the NU community, vaccination availability will be weeks away. In the nearby Lon

COVID-19, and deferral of non-essential maintenance and general administration expenses (travel, marketing). The HIA management tea
y capital expenditure and terminal works is efficient and cost-effective. As part of this the Tasmanian government has also agreed to partia
y unobstructed. Environmental Performance • Sea Swift continues to review its current data collection practice, where it is seeking to iden
ia but feedback suggests activity will remain low for at least 6 months. Management and the Board remain cautiously optimistic about the
perating data following Board approval of the initial FY21 budget and business plan in May 2020. The initial budget, which was set at a tim
placement. This will feed into the Commonwealth Department of Health’s Private Hospitals Consultation Forum, for which Scott Bell has b

ce, as measured by separation volumes and revenue per separation, is ahead of budget in the YTD period. Direct staff costs per separation
ate Hospital (currently three theatres). The expansion will utilise vacant floorspace adjacent to the current facility and allow for the introdu

rid Systems (“Hybrid”): Remains behind budget YTD due to later than anticipated commencement dates for several projects, including We
neering and design, mobilisation to site scheduled for c.Feb-21. o Horizon Power| Esperance Power Project (“EPP”): Remains on track and
s from 2022 to 2021. Generate is currently expected to undertake a private equity raising of c.US$600m-$1bn in early 2021. QIC is evaluati

ating
ully expenses with
subscribed and G&A through
long-term a leasedcontracts
fee-based compression optimization
and was program, overtime
placed commercially reduction
in service and1st,
on January contract
2021.labor reductions.
The project EagleCla
was complete

(“H2S”) treating systems to support treatment of customer volumes with off spec gas that caused shut-ins at Kinder Morgan sales gas del
nery cuts and consumed available storage capacity, driving basis differentials that result in lower realizations for producers. The combinati
pretreatment modules and advancements in storage tanks and TransCameron pipeline construction
permits and approvals from these agencies as they relate to the construction and operation of the facilities and supporting infrastructure
e and prices. OCENSA, together with its main competitors, continues to bridge these efforts from producers to ensure the regulatory entiti

tions while actively participating in the remaining.

s expected to be fully operational during the first half of 2021.
aria’s international bond. The reopening resulted in a demand with approximately 8 times oversubscription and an effective secondary ma
nd to transport perishable goods) and underlying sec_x0002_tors (high performance in sectors such as food and phar_x0002_maceutical p
s, a parallel reporting system (“Ombuds”) designed to provide employees with a secure way to report possible non-compliance with intern
ce the conduit ABS with a sizable term securitization program which gives TIP further access to the institutional lending market and theref
purchase of specialized trailers and adopts a disciplined, strategic approach towards capex spend, further impacting the speed of capex de
e not able to pay debts owed under a contract or for a delivery of a service. This could result in a write-off of the debt as well as the loss of

ly acquired homes is in line with the acquisition cases except for Acacias in Belgium where synergies are taking more time to deliver than a
rom a July Covid-19 survey of families about the Covid-19 crisis management came out at 97.1% of families are satisfied with the managem
with both regional and national healthcare authorities in France and Belgium and continued to adapt on a very fluid basis to a constantly c
s therefore logical to believe that a situation sufficiently adverse to put material stress on Domidep’s financials would have rendered many

e provider in Spain and a leader in biofuels. This transaction enables Rubis Terminal to increase its exposure to non-petroleum products to

Squared’s in_x0002_vestment in Rubis Terminal represents a risk to liquidity. We believe this risk is mitigated by the strong, co-control go
supply chain, with occupancy levels at nearly 100 percent follow_x0002_ing a surge in global demand for storage capacity. In the fourth q

onrad I management team.

pment of renewable
d structure assets
with various follows
training a similar
and process
HR related to flexible
programs generation
ongoing. assets
IT systems and
and therefore
reporting can be executed
automation by being
work are the existing Conrad
finalized. tea
Integrati

elieves its assets have an important role in providing system security of supply and therefore should not be at risk of regulatory redundanc

accelerated the digi_x0002_tal transformation of enterprises to enable remote working and expansion of online sales capabilities. After se
e HGC data center assets into a dedicated platform, BDx, in exchange for shares in that platform. It has not yet been approved or signed b
gradually improving since second quarter of 2020. The situation was worsened in second half of 2020 and Hong Kong government has imp
02_tribute to the local corporate businesses. On the flip side, it also raises public concern over privacy and security which may impact con
tts of orders booked in Nanjing prior to RFS (ready for service) date and the team has signed with AWS a work order of 4 megawatt IT capa

n markets with attractive macro trends and undersupply of quality data center assets. The current late-stage pipeline includes data center
er of 4 megawatt IT capacity on 2nd and 3rd floor of Singapore asset. The construction team is commencing the work for the extra 4 mega
ompany. In this context, THINK Gas follows a rigorous set of Standard Operating Procedures (SOP) before CNG stations commence operati
o consumers. I Squared intends to supply LNG by road to other industrial users in future. During the quarter, I Squared expanded the THINK
of 21 concessions. In fourth quarter of 2020, I Squared expanded the THINK Energy platform to Australia through the acquisition of CEFA.
pipeline had been lowered. In addition, by the end of December 2020, material for approximately 4,110 inch-kms of steel pipeline had be
eening and mon_x0002_itoring, Geofencing) to ensure safe operations. Integrated with the NOC, these measures will enhance the remote

ess intelligence to deliver efficiency and increased scalability of operations and asset management. For FRHL, immediate pavement rectifi

n India and across the globe. Traffic volume across all the road corridors recovered to pre-Covid-19 levels during the fourth quarter of 2020
ts provide extension of conces_x0002_sion period or reimbursement of operating expenses and interest payments in case such an event o
capital of $19 million and has funded capital of $16.8 million to the platform.

s such as aquaculture solar, rooftop solar, etc. The HEXA team is currently developing a pipeline of approximately 200 megawatts in interti

h an expansion project to potentially add 50MW more. Likewise, since acquisition, I Squared has decreased CO2 emissions by divesting an

eted in 2022. The total impact of the delays related to the Covid-19 is expected to be 55 days. This delay is not expected to have a materia
hedule for completion in the second quarter of 2021. In the fourth quarter of 2020 energy demand in Peru recovered above 2019 levels. A
power plants in Peru in recent years, the generation capacity in Peru increased faster than the demand for electricity, resulting in a tempo

presenting an increase of five cities compared to Q3 2020(1). This represents a significant step forward in deploying across the targeted fo

I-B in November 2020, Lyntia has already spent 73% of the additional funds allocated to the business as part of this transaction. The footp

get.2020 bookings were 32.1% below reforecast budget as a result of the underperformance from prolonged Covid-19 market conditions.
c client segments (e.g. industry). Larger M&A deals across IDEX’s three key markets,and International expansion.

s on repair works (to be reversed over FY21). Excluding these timing effects, the division is still on budget, showing the resilience of the bu
on capital revenues thus far as a result of the COVID-19 pandemic, with Angel Trains continuing to receive all monthly rental payments in

low passenger traffic (now circa 10% of pre-COVID-19 levels) which has put TOCs themselves under significant financial strain.Angel Trains
ed to benefit from this period of uncertainty and transition, through investment in various decarbonisation initiatives such as electrificatio

CT) and Tasmania in the last week of November contributed to an uptick in flights and domestic passenger volumes (73% of domestic pass
Zealand, with daily inbound passenger flights having recommenced on 16 November 2020. Outbound travel by Australians still requires an
South Australia, Tasmania, Western Australia and Victoria all reimposed border restrictions with NSW, with NSW residents unable to trave
ncial year ended 30 June 2020. 23,970 metric tons was related to the use of natural gas and various fuels (scope 1) while the remaining 32
t on bid strategy and financing for a live tender for up to two new build SOVs in the North Sea. ESVAGT has submitted an updated offer an
he quest for continued efficiency gains has led to wind farms moving further from shore and turbine sizes are increasing, favouring the SOV

ong YTD performance, revenue and Adjusted EBITDA both suffered a decline from a Q4 2020 versus Q4 2019 perspective. Q4 revenues and
tion of a series of cost-cutting initiatives, such as reducing direct workforce, overtime hours and corporate headcount.YTD capex is trackin
to improve productivity & differentiate ITSC from competitors. Initiatives include (1) a potential investment and strategic partnership with
ile positive to the US economy generally, proved challenging for ITSC given it constrained the overall available labour pool. Intermodal log

positive about the way the consultation process was conducted, as LBA has done all it could to minimise job losses. Total redundancies sin
ed very well on a yield basis, with total non-aero aero yield up by approximately 30% compared to last year.Year-to-date, total costs are d

ropean passenger base. However, hub airports with a significant international passenger base will likely be impacted through reduced spe

he decline in revenue by reducing operating expenses and freezing discretionary capex; operating expenses have remained suppressed an
e savings (operating costs were reduced by circa 10% and 18% in October and November 2020 respectively, relative to the prior year).All d

on Center Observation Deck (expected to open 2021), will continue to drive parking needs.Chicago is also experiencing an increase in supe
ural improvements across the garages, in coordination with city agencies, to ensure a safe operating environment for customers. Security

ed the UK Government furlough scheme to minimise staff costs. Overall, since March the workforce has been reduced from circa 480 to 27
sonality adjustment).

tly European passenger base. However, hub airports with a significant international passenger base will likely be impacted through reduce

ory garden and a café. Narrabeen Glades Care Community – an extension to this Care Community, with 51 new beds, opened on 30 Novem

are services ─ In response to this special report, the Australian Government accepted all the proposed recommendations in the special rep
 luding additional staffing costs, and a higher level of personal protective equipment (PPE) and cleaning costs; however, through emergenc

w service users. Lower employee turnover, which will reduce costs and further improve quality. Higher growth rates, as local authorities wi
pensate for the higher costs relating to COVID-19.

mpact on the aviation industry recovery and people’s propensity to fly. The roll-out of the COVID-19 vaccine in the UK and internationally c
ed outlook over the winter months as a result of further restrictions as part of the national lockdown, LLA has worked on prioritising key co

scussed further below. Bookings had been sluggish between Q2 and Q3 2020, as IT managers were hesitant to initiate discussions on switc
ons that are looking to exit their owned, purpose-built data centres, and potentially transition as an anchor tenant with Expedient being th

prise accounts, similar to the previously won University of Phoenix (“UoP”) contract.
evious generations of wireless technology (e.g. 3G and 4G) relied on broader blocks of spectrum and improved spectral efficiency to gener

ones invehicles
ectric the Transmilenio network.
will account for 100% of public transit by 2040. The Santiago public transportation system currently consists of 7,000 diesel

TP network covering approximately 65,000 premises funded by VX Fiber. Metro network – By end of December 2020, VX Fiber had comple

upportive of open access networks to enhance competition.

nted at the Ector facility in Texas. Annual operating hour limits have increased from 2,500 to 4,000 hours per turbine. Construction Projec
conomic rather than environmental reasons: Cost pressure on older nuclear generation units is also increasing, precipitating further retire
 or zero_x0002_visit hearing aid purchases and fittings. Tele-audiology has been implemented in key geographies (for example US) with po

such as remote fitting and tablet based hearing tests.

digitization to ensure continued IT / digital market leadership- Expanding in high-growth adjacent and non-travel-dependent fields (e.g. e-

Apleona to complement the regional coverage of Building Technology services in Germany. Walter Gehl appointed ESG_x0002_responsibl
s portfolio, for which the sale was closed in January 2021), partly offset by costsavings initiatives.
but has taken part in board meetings during fourth quarter. Several measures has been taken to mitigate negative impact from COVID-19

SS, and drive the digitization of the industry following the acquisition of TechMah Medical (Smart SPACE solutions).
nd Managed Care were slightly below expectations. Continued successful synergy realization and cost control impacting EBITDA positively
on governance rights
s. On 31 March 2021, Sitecore completed its acquisition of Four51, a modern multi-tenant SaaS ecommerce software provider, headquarte

SS, and drive the digitization of the industry following the acquisition of TechMah Medical (Smart SPACE solutions). In March 2021, Lima a
nmark. At the time of writing this Report, Covid-19 cases in Denmark remain below the levels of most European countries. Note that drive

230k additional primary homes (c. 350k additional total homes22) in the next 3 years. It includes the most attractive areas with limited ex

ents even leveraging on their operations being suspended to accelerate devices roll-out. Moreover, the disruption of supply chains has hig

. These negative developments in power prices and elcerts prices were partially offset by increased electricity production in 2020 (195 GW

ting position and visibility on the market. However, the main reasons behind the delays in site installation and commissioning - Covid-19 in

ng COVID-19 impacts. Thames’ metering programme has also been disrupted by an inability to carry out installations, resulting in a £13.4m
s underway. DEFRA has been supportiveof the plans.

tracted telecommunication assets, and (iv) ESG and sustainability strategy development. Powerco intends to utilise the remaining two yea
ant environmental issues. The nature of the assets presents limited environmental risk, and strong containment systems are in place for th

6-months of trading and operating data following the impacts COVID-19 had across global supply chains and consumer confidence. On an

ts revenue outlook for 2021, with slower and gradual recovery expected from Q1 to Q4 2021, and full recovery expected in 2022.
able to the general public between late spring and mid-summer. • (Growth and Development Activities): Short and medium-term parking

S$45k to 50% of revenue at the carpark which is resulting in monthly receipts of approximately US$30k; again noting that carparking reven

he DJPR for Phase 4 expansion works. • Detailed reviews to commence shortly to determine impact of new payment reporting and Federa

works to occur during the Apr-21 planned shutdown. •Casino disconnection: Discussions remain ongoing with the Cooper Henry Joint Ven

he application was updated following extensive stakeholder engagement with shipping lines, industry, stevedores as well as the ESC. ESC
response to key events that may attract community and media attention. • Both SWF and CGWF have active Community Consultative Com

AR has retained legal counsel and is engaged in an active consultation with GE CATCON with the focus being on any solutions which also a

ing to about 65.3% of 2019 levels in August, but reverted towards a downward trend in Q4 as virus cases increased in the Boston region. T
away. In the nearby Longwood Medical Area (“LMA”), elective procedures have resumed in Q3. However, overall activity remains lower th

he HIA management team continues to monitor the latest NSW, QLD and VIC COVID-19 developments and any further implications this ma
has also agreed to partially fund the capital expenditure required. The service will capitalise on the continued restrictions around internati
here it is seeking to identify any existing data gaps which will assist in informing an enhanced sustainability strategy and customer offering
usly optimistic about the positive momentum observed across the business and YTD financial performance. Government and private secto
t, which was set at a time of great uncertainty, was approved on the basis that Management undertook a review at the conclusion of the fi
or which Scott Bell has been appointed one of nine industry representatives. The forum is seeking to positively reform the private healthc

aff costs per separation are higher than budget and prior year, largely as a result of COVID-19 driven social distancing requirements which
and allow for the introduction of new specialties (e.g. gastroenterology and vascular). • (Balanced scorecard): The Nexus Board has approv

al projects, including Western Power’s Community Batteries Project, Horizon Power’s Carnarvon Mungullah BESS Project and Horizon Pow
”): Remains on track and on budget. Approval has been granted for the renewables site, and final design review has been completed with
arly 2021. QIC is evaluating its participation in the capital raise. • (Strategic Growth): Generate has announced two new strategic growth se

bor reductions.
he project EagleClaw also
was completed reduced
on budget. or deferred
EagleClaw 2020 capital
continues expenditures
to engage by approximately
in discussions $160
with customers ofmillion compared
distressed to itscompetitors.
midstream previous bud

er Morgan sales gas delivery points that began in June and carried into the third quarter. To mitigate these challenges, the Company insta
roducers. The combination of these events resulted in materially reduced activity across all US basins. Over the second half of the year, co

upporting infrastructure could result in an impact to operations, delay in construction, or financial penalties. Should the global pandemic c
sure the regulatory entities assess the situation correctly, in line with the established regulation and international standards.

effective secondary market re-pricing of the bonds. Altogether, these results supported OCENSA’s strong credit and outlook. Further, dur
har_x0002_maceutical partially compensate for lower performances in the industrial and automotive sectors for instance). TIP continued
n-compliance with internal rules and external regulations. The company seeks to keep improving the environmental performance of its op
nding market and therefore diversify away from the current funding structure which is predominantly focused on the banking market. On
ng the speed of capex deployment. However, returns on capex deals have been continuously increasing since the acquisition by I Squared,
ebt as well as the loss of future revenues and profits associated with the equipment or service provided. TIP uses numerous resources to e

ore time to deliver than anticipated. In 2020 Domidep also closed the acquisition of 15 homes in Germany totaling 1,420 beds. This marks a
tisfied with the management of the Covid-19 crisis and 99% of families trust us for the management of new waves (c. 2,000 responses).
id basis to a constantly changing environment. The company is actively participating in the roll-out of vaccination for both residents and em
uld have rendered many other operators in much worse conditions and/or the entire sector at risk – it is unlikely for the government to to

n-petroleum products to almost 50 percent. Moreover, there are opportunities for cross-selling to the company’s existing customer base in

he strong, co-control governance rights I Squared enjoys under the shareholders agreements with Rubis. Further, we believe that there is
capacity. In the fourth quarter of 2020, Rubis Terminal closed the acquisition of TEPSA, the largest chemical storage pro_x0002_vider in S

ybeing
the existing Conrad
finalized. team with
Integration low incremental
synergies costs. Conrad
are being progressed is progressing
in line with thearound
with expectations financing
bothofquantum
the Viridisand
assets during
timing. 2021 to the o
In addition

of regulatory redundancy. Conrad’s plants are designed to fall under the 20MWth threshold for inclusion in the EU-ETS scheme which re[1

ales capabilities. After several months of discussions and detailed analyses, I Squared and HGC have jointly agreed to a 2021 Business Unit
en approved or signed by the shareholders.
ng government has imposed the strictest social distancing measures the city has yet seen in Q4 to combat the troubling surge in Covid-19
y which may impact consumer confidence. HGC business is generally resilient due to its contract_x0002_ed nature, with overall weighted a
er of 4 megawatt IT capacity on 2nd and 3rd floor of Singapore asset. The construction team is commencing the work for the 4 megawatts

ne includes data center opportunities in Jakarta and Mumbai. In addition, BDX, in fourth quarter of 2020, has completed the acquisition o
ork for the extra 4 megawatts of extra capacity. Expanding the IT capacity in existing facilities is IRR accretive as a large portion of the data
tions commence operation. These include HAZOP (Hazard & Operability Studies), Pre-Start Up Safety (PSSR) Review, Quantitative Risk Ass
 red expanded the THINK Energy platform to Australia through the acquisition of Clean Energy Fuels Australia (CEFA). CEFA will displace die
the acquisition of CEFA. The company will displace diesel used for power generation and heavy mine haul locomotion in remote mines in W
of steel pipeline had been ordered out of which material for approximately 2,955 inch-kms had been received on site. Further, 90 km of M
will enhance the remote risk management capability at THINK Gas. In addition, THINK Gas conducts regular safety drills and audits to ensu

mediate pavement rectification was carried out successfully post takeover of the asset. In addition, major maintenance on the stretch is du

e fourth quarter of 2020. As a result of the recent surge of Covid-19 cases in the country, some downside may be expected. While chance
s in case such an event occurs. This surge is expected to be short lived as the government is better prepared than last time and vaccination

200 megawatts in intertidal solar alone. Going forward, I Squared will look to further expand the HEXA platform through a combination of

missions by divesting and disconnecting coal and HFO thermoelectric power plants from the grid. For example, during 2018 and 2019, we s

pected to have a material effect on the long-term economics of the project. The contract with Siemens for the Las Flores project also includ
red above 2019 levels. At Energuate, the energy demand reduction for April through August was approximately 2 percent below 2019 lev
city, resulting in a temporary oversupply and corresponding downward pressure on energy and capacity prices. Before the pandemic, Inkia

ng across the targeted footprint of up to 8m homes passed. In terms of KPIs, in-year homes passed (total number of homes for which trenc

s transaction. The footprint is now forecasted to grow to c.1.85m homes passed by mid-2021 based on the current M&A pipeline and rem

d-19 market conditions. Customers continued to delay purchases into 2021 while the economy remains partially closed. Carrier bookings w

g the resilience of the business; and competition in the monthly heat sale auctions which has put pressure on prices in particular.The Intern
nthly rental payments in advance and in full under its lease agreements.

ncial strain.Angel Trains has accepted into service a further two units on the Bombardier Aventras East Anglia new build project, bringing
ves such as electrification, hydrogen infrastructure, rapid battery charging, and other technologies, as well as through identifying other opp

s (73% of domestic passenger volumes during November were recorded in the last week of November). At the time of writing, Victoria has
stralians still requires an exemption from the Australian Government and 14 days of quarantine on arrival in New Zealand.Treasury activiti
esidents unable to travel unless granted an exemption. Those that are permitted to travel are required to complete a mandatory 14 days o
while the remaining 32,163 (scope 2) was related to grid electricity to power the airports during the year. Melbourne Airport’s new solar
tted an updated offer and expects to be in a strong position given its track record and expertise.AMP Capital is supporting management wi
asing, favouring the SOV concept versus alternative vessel types. The identifiable offshore wind pipeline in the North Sea remains strong w

pective. Q4 revenues and Adjusted EBITDA were US$75.5 million and US$4.0 million, representing a 0.3% and 27.7% year-over-year (YoY) d
unt.YTD capex is tracking slightly higher than prior year, primarily driven by US$6.3 million of early operating lease buyouts (not originally
rategic partnership with Phantom Auto, and (2) the development of an Advanced Gate Operations (AGO) system.Phantom Auto is a ventu
our pool. Intermodal logistics sector was overall negatively impacted by COVID in Q4 via a combination of continued high volumes and a sp

s. Total redundancies since start of the pandemic are now at 140, representing circa 30% of pre-COVID-19 workforce. PwC has been select
o-date, total costs are down by around 23% versus last year. This is driven by very good cost management through the reduction of utility

ed through reduced spending in speciality retail (i.e. luxury goods).COVID-19 continues to have an enormous financial impact on the aviati

emained suppressed and were reduced by circa 10% and 18% in October and November 2020 respectively, relative to the prior year.The S
e to the prior year).All discretionary capex projects for FY2020 have been frozen.To preserve liquidity, distributions were withheld for the

cing an increase in super-tall residential buildings, with major developments in the South Loop and Lakeside East Park area (both within a
for customers. Security personnel are additionally employed to maximize customers’ personal safety at all times of the day and night. AMP

ced from circa 480 to 271 FTE.

mpacted through reduced spending in speciality retail (i.e. luxury goods). COVID-19 continues to have an enormous financial impact on the

ds, opened on 30 November 2020. The home has spacious and light-filled rooms, an in-home Treetops Café, bushland views and state of t

dations in the special report and announced a further A$132.2 million as part of its response to the Royal Commission’s overall recommen
ever, through emergency and infection control funds granted from the government to care providers, Achieve Together has received £4.0

s, as local authorities will look to partner with AT to deliver new homes and more providers will be willing to sell to AT. This will also allow

UK and internationally could provide the whole industry a much-needed boost in 2021. However, significant hurdles are still required to re
ked on prioritising key commercial and other actions which ultimately see to maximise cash preservation. These have included; engaging w

tiate discussions on switching colocation / cloud infrastructure providers during the COVID-19 lockdown. However, weak bookings growth
t with Expedient being the operator.These transactions provide highly accretive returns given the minimal upfront capital required, immed

Active asse
ectral efficiency to generate higher speeds and increased capacity. Increased speed and capacity from 5G will rely more heavily on the use

y consists of 7,000 diesel buses which must be replaced in the coming years. In 2018, Sao Paulo set emissions limits for the city’s- public
The JVbus
is

20, VX Fiber had completed approximately 186,200 meters of digging and ducting. Cabling has commenced and is scheduled to be comple

ine. Construction Projects: Construction of Los Ramones, Altamira, and Gondi is complete; Nelson Expansion construction is ongoing:The
ecipitating further retirements and/or subsidy policies in various states;Prior to COVID-19, with some exceptions, such as the Texas marke
(for example US) with positive result.

dependent fields (e.g. e-visa or consular services).

d ESG_x0002_responsible Advisory Committee member to drive ESG-agenda including for example transition to renewable electricity in DA
e impact from COVID-19, including temporarily stricter credit underwriting to ensure sound credit (back to normal as of June), organizatio
acting EBITDA positively
are provider, headquartered in Minneapolis, USA with 53 employees.

. In March 2021, Lima and HSS inaugurated the world’s first hospital-based design and 3D printing facility for custom complex joint replac
ountries. Note that drivers and passengers are still obliged to wear masks onboard public transport.

ve areas with limited existing FttH or cable infrastructure coverage. Site surveys started in October 2020 and they are currently ahead of p

of supply chains has highlighted the benefits of IoT, leading to existing customers willing to accelerate on-going projects as well as to enga

duction in 2020 (195 GWh actual vs. 183 GWh budgeted), 6.5% above budget as well as the sale of electricity partially at fixed prices under

mmissioning - Covid-19 induced restrictions and the availability of the Distribution Network Operator (DNO) - were out of the team’s contro

ns, resulting in a £13.4m capex underspend. Thames management has also identified an increased number of customers cancelling payme

e the remaining two years of the current Customised Price Path (“CPP”) underpinning its Electricity business to focus on consolidation of in
ystems are in place for those assets that do feature materials hazardous to the environment (predominantly coolant oil and insulating gas)

umer confidence. On an EBITDA basis, Management expect performance to be approximately A$16m lower (4.5%) than the budget set pri

pected in 2022.
d medium-term parking developments on campus and the respective funding options for three new med center garages continue to be on

ng that carparking revenues are immaterial in the context of the overall project. • (US Tax Reform): In 2018, the US Treasury Department a

nt reporting and Federal Critical Infrastructure regulations on Lochard’s business and reporting requirements. • Landowner discussions re

Cooper Henry Joint Venture to consider delaying cut-over until after winter 2021 (consistent with management’s expectation last quarter)

as well as the ESC. ESC approval is required prior to implementation, with preliminary feedback expected from the ESC in March 2021. o T
munity Consultative Committees (“CCCs”) set up, with AGL (PowAR’s Asset Manager) leading these meetings and quarterly reports being p

ny solutions which also address the various non-minor defects identified in the final phases of construction. The engagement has been con

d in the Boston region. The extension of remote working policies and restrictions of events and other campus activities continue to depres
activity remains lower than previous years, and visitor access is still restricted. Management continues to operate remotely, but operation

ther implications this may have for achieving budgeted traffic volumes for FY21.
rictions around international travel and pent up travel demand to create a Trans-Tasman tourism bubble with Hobart and kick-start the Ta
gy and customer offering. QIC is actively involved in this process, working closely with Management. • A sustainability working group has b
nment and private sector investment remain critical components of a recovery to pre-COVID-19 levels,and in particular, targeted measure
t the conclusion of the first half of the financial year. Positively, with the benefit of additional data, it is expected Sea Swift will outperform
orm the private healthcare system, improve patient care and alleviate pressure on the public system.

cing requirements which have negatively impacted staffing efficiencies.

Nexus Board has approved the form of the inaugural Balanced Scorecard for the group, which will become the primary evaluation tool use

Project and Horizon Power’s Hydrogen Power Station. Management remain confident that this variance will be unwound over time. As a re
as been completed with Juwi mobilised to site during Jan-21. o Brownfield expansions: A number of expansions are being considered at Th
 new strategic growth segments of focus: EuropeCo and CreditCo. For EuropeCo, Generate will follow its customers and partners into the

pared to itscompetitors.
midstream previous budget
If anyfor
ofthe year.
these Thesefile
parties initiatives enhanced
for bankruptcy andliquidity and drove
the customer a moreof
is released efficient cost structure
its dedications for the Company
or obligations al
as a result,

nges, the Company installed sulfur scavenger media in the regeneration gas piping on all major cryo trains. The installations were complete
cond half of the year, commodity prices recovered significantly to over $55 per barrel due to global demand recovery and production cuts

ld the global pandemic continue for a prolonged period of time, it may ultimately result in force majeure on existing SPAs and as well as a
standards.

nd outlook. Further, during the quarter OCENSA made $15 million in distributions to the Fund with a total of $69 million in cash distributio
nstance). TIP continued to progress with the post-merger inte_x0002_gration with PEMA and Trailer Wizards, both acquired by TIP in Dece
al performance of its operations through the efficient use of resources, and by applying the most environmentally friendly technologies, su
the banking market. One other strategic consideration is the potential reorganization of the M&R (Maintenance and Repair) division. Stro
cquisition by I Squared, from 12 percent in 2018 to 17 percent in 2020. PP&E capex was also below budget due to delays in the UK, Germa
numerous resources to evaluate customers, including local credit rating agencies, credit software and predictive credit ratings based on cu

1,420 beds. This marks a transformational deal for Domidep and yet again proves Domidep management’s capability of executing M&A d
(c. 2,000 responses).
or both residents and employees. By early February 2021, over 70 percent of all residents in France had had their first injection and over 3
or the government to tolerate this situation without providing necessary support given the criticality of the sector.

existing customer base in France and ARA – both chemicals and fuels – at attractive rates. The company is progressing with a number of gr

we believe that there is a highly liquid market for minority stakes in the European tank storage sector - since 2014, there has been over 50
ge pro_x0002_vider in Spain and a leader in biofuels, with 912,000 cubic meters of capacity across four coastal terminals in Barcelona, Bilb

s during
ming. 2021 to the operational assets, Conrad II has an additional 40 gas and storage projects totaling 295 mega-watts in the pipeline.
In addition

U-ETS scheme which re[1]duces carbon costs. If such exemptions are lost, Conrad risks facing reduced run hours and lower margins. Conra

to a 2021 Business Unit by Business Unit investment and business plan for execution at the beginning of 2021. HGC management remains

ubling surge in Covid-19 cases in the city. Most of HGC employees have been working remotely during this quarter. Despite working under
, with overall weighted average contract duration of 4 years, and a retention rate of 80+ percent historical_x0002_ly across all segments.
ork for the 4 megawatts of extra capacity, which is planned for the second quarter of 2021. The BDx team continues to explore projects in

pleted the acquisition of Cloud Kinetics and Infofabrica, two cloud managed services providers in Singapore, to enhance the BDx enterpris
arge portion of the data center infrastructure and fixed cost base is shared. 3. Greenfield development in attractive markets with undersu
w, Quantitative Risk Assessment (QRA) and Engineering Audit and Journey Risk Assessment of the routes to be followed by Heavy Comme
 A). CEFA will displace diesel used for power generation and heavy mine haul locomotion in remote mines in Western Australia. THINK Gas
tion in remote mines in Western Australia with LNG distributed by efficient road trains. In CEFA, I Squared is currently developing only Pha
site. Further, 90 km of MDPE pipelines have been laid. The establishment of household connections is a key focus area for THINK Gas. In o
drills and audits to ensure optimal safety compliance. The anchor customer contract that CEFA has is based on a single part tariff. To proa

nce on the stretch is due to start May 2021 and needs to be completed before October 2022. In addition to major maintenance activities,

expected. While chances of national lockdown as seen in 2020 are very low, our concession agreements provide extension of concession p
last time and vaccination is being extended to all individuals above the age of 18 starting from May 2021. Senior management remains vig

rough a combination of organic project development, strategic partnership with local developers, and bolt-on acquisitions. As of 31 Decem

ing 2018 and 2019, we sold JPPC in Jamaica (HFO), the CEPP barge in the Dominican Republic (HFO), and PQP in Guatemala (HFO) and hav

Flores project also includes upgrades to the three gas turbines at the adjacent Kalapa facility. These upgrades, when completed in 2021 an
percent below 2019 levels but has recovered in the fourth quarter of 2020 finishing the year with total sales above 2019 levels. The mana
fore the pandemic, Inkia anticipated energy prices to recover over the next few years as system energy demand increases. In light of the p

of homes for which trenching and cabling are completed) and homes ready for service stand at 19% and 21% above budget. Finally, the ov

t M&A pipeline and remaining funding available from Fund III and Fund III-B.

osed. Carrier bookings were 48% below reforecast budget, though major 2020 opportunities remain in the pipeline as carriers wait until 2

s in particular.The International business stands below budget, mainly due to Baltic operations impacted in Lithuania as a result of Further

w build project, bringing the current total to eight. Management continue to work very closely with Bombardier to navigate this project to
ugh identifying other opportunities to demonstrate Angel Trains’ ‘value-add’ to the rail industry.Angel Trains’ management remain in regul

e of writing, Victoria has closed its borders with NSW to contain the COVID-19 outbreak that started in the Northern Beaches and Berala r
Zealand.Treasury activities─ Melbourne Airport remains well-capitalised with approximately A$1.5 billion of undrawn debt facilities and ca
e a mandatory 14 days of quarantine upon arrival. COVID-19 vaccines have commenced rolling out to health care workers and vulnerable
urne Airport’s new solar farm has been constructed with practical completion expected by February 2021. Once operational, the new solar
porting management with its efforts to finalise a joint venture agreement with its selected US partner ahead of tenders expected to come
rth Sea remains strong with an additional 20 SOVs expected to come to market over the next five years. Plans for offshore wind outside Eu

% year-over-year (YoY) decrease in revenue and EBITDA, respectively.Q4 2020 was particularly challenged by COVID-19 via a combination
e buyouts (not originally included in 2020 plan) and incremental expenditure on deferred capex incurred during the onset of the COVID-19
Phantom Auto is a venture capital backed emerging software company focussed on tele-operated, semiautonomous industrial equipment.
d high volumes and a spike in employees going out of service which resulted in the incurrence of extraordinary operating costs; an unprec

ce. PwC has been selected and engaged to perform a cost review. Work began in the final weeks of November, with completion expected
h the reduction of utility bills, renegotiations of key supplier contracts, efficient use of the furlough scheme and two phases of redundancie

ncial impact on the aviation industry, with constantly changing travel restrictions making the trading environment for airports and airlines v

e to the prior year.The State of Illinois imposed new restrictions on 20 November 2020, which included the closure of indoor restaurants &
ns were withheld for the balance of 2020 following the pandemic onset in Q1 2020.

Park area (both within a 10-minute walk from the Millennium Garages). Some of these towers are replacing old surface parking lots and w
f the day and night. AMP Capital plays an active role on the board with key control over key decisions through a 50.0% shareholding in the

s financial impact on the aviation industry with constantly changing travel restrictions making the trading environment for airports and air

and views and state of the art technology. Warrnambool Riverside Care Community – 38 additional beds were added and opened during.N

ion’s overall recommendations on COVID-19. Royal Commission into Aged Care Quality and Safety ─ Counsel Assisting provided 124 recom
gether has received £4.0 million and an additional £1.2 million has been committed to compensate for these higher costs. The business ha

o AT. This will also allow for better integration of these acquisition. The above will be achieved through investing in our employees, portfol

es are still required to reach widespread commercialisation and any commensurate lifting of restrictions. COVID-19 testing at UK airports,
ave included; engaging with airlines on the visibility of their scheduling plans and the possibility of exploring incremental traffic opportuniti

, weak bookings growth was largely offset by minimal churn during the same period.
capital required, immediate occupancy of a long-term tenant, and ability to lease out the remaining capacity at minimal additional cost.

Active asset management: The investment team remains actively engaged with Expedient management to assist in the grow
more heavily on the use of higher frequencies and densification. Transmission at higher frequencies exhibits more limited propagation cha

s for the city’s- public

The JV buses
is actively
whichassessing two
gradually additional
decrease electric
to zero overbus
theinvestment opportunities
next 20 years. in portion
A significant Chile. of the bus fleet will need to be e

scheduled to be completed by the end of February 2021, two months ahead of original schedule. FTTP – VX Fiber had passed approximate

truction is ongoing:The 605 MW Los Ramones project received COD approval in December 2020.The Gondi (Phase I) steam plant reached
such as the Texas market, demand growth for electricity remained relatively flat across the US, in part due to increased efficiency, especia
newable electricity in DACH in 2020 and roll-out of energy efficiency product by Recogizer.
l as of June), organizational changes and initiatives to take out cost.
om complex joint replacement solutions, following the partnership started in 2016.
 are currently ahead of plan.Commercial developments DST Telecom is progressing on the implementation of its multi-operator Sales Platf

rojects as well as to engage in new ones.HELIoT is also progressing with the network roll out, which had experienced

ally at fixed prices under long-term PPA with an investment grade European utility. 2020 EBITDA amounted to NOK 11.6 million, - 66.0% b

out of the team’s control and hence prevented the full roll-out to occur as expected.Due to the Covid-19 related situation, the company s

tomers cancelling payment via direct debit (likely due to the financial impact of COVID-19) although cash collection rates remain broadly o

us on consolidation of internal systems and processes, capex and opex efficiencies, before transitioning to a short 2-year Default Price Pat
nt oil and insulating gas). Community & Stakeholder Engagement • Powerco delivered its inaugural Sustainability at Powerco report in De

) than the budget set prior to 30 June 2020. The major driver of this downward revision can be attributed to Cruise with the expectation b
arages continue to be one of the key focus areas for CampusParc’s management and QIC. o Progress: The QIC asset management team led

S Treasury Department and IRS released detailed guidance on some of the more complex and ambiguous interest deductibility clauses of t

ndowner discussions regarding recent remote works were held as part of ongoing community liaison. • Modern slavery assessment team

expectation last quarter). • Rehabilitation costs: Delta Engineering (“Delta”) have completed the review of the revised rehabilitation costs

e ESC in March 2021. o Tariff Compliance Statement (“TCS”): the ESC published its Interim Commentary on PoM’s FY21 TCS in December.
quarterly reports being provided to ensure continued engagement.

ngagement has been constructive and QIC is directly working with management on the issue. An update will be provided in due course. Fa

vities continue to depress transient parking demand. Hospital and lease revenue were more resilient but remain slightly lower than budge
remotely, but operational staff are back in the field and following safety protocols. Staff are tested regularly along with general NU comm

art and kick-start the Tasmanian economy post-COVID-19. Work on the terminal development strategy has also continued to progress wit
ility working group has been established with several key focus areas, these include climate change preparedness and resilience, prelimina
cular, targeted measures to revive tourism industries in Northern Australia.
Sea Swift will outperform the budget set in May by approximately 3.0%. Management expect to see a degree of moderation in General Car

mary evaluation tool used to measure performance at both the corporate and hospital levels. The scorecard was developed by Nexus and

wound over time. As a result, Hybrid is currently the main contributor to the negative YTD revenue variance, however this is offset by lowe
e being considered at Thunderbox, Garden Well and Sandstone. o Mine re-starts: Mines expected to re-start at Central Norseman (Oct-21)
rs and partners into the European market under a similar operating model to that which has been proven to date in the US. Erich Becker h

rture for the Company

obligations allowing
as a result, the gathering
the Company will be and
wellprocessing
positioned business to additional
to capture generate positive
volume free cashInflow,
growth. in both
addition, the thirdisand
EagleClaw fourth qua
continuing to

tallations were completed by October 30th and there was no downtime at any of the plants associated with the installations. Additionally
ery and production cuts at OPEC+. As a result of the stabilization in commodity prices, North American producers have begun to increase a

ng SPAs and as well as a reduction in the company’s ability to secure additional contracts and as a result may adversely impact revenues.

million in cash distributions during 2020.

h acquired by TIP in December 2019, and has achieved more than 70 percent of the total synergies identified at acquisition by the end of 2
friendly technologies, such as “silent” refrigerated trailers and low emission tractor units. TIP has also organized various other regional pro
nd Repair) division. Strong M&R capabilities and broad workshop network is one of the key strengths that differentiates TIP from its comp
delays in the UK, Germany, Sweden, the Netherlands and France projects. On the other hand, fleet sales volume was higher than budget
edit ratings based on customer behavior, as well as preapproved lines based on ratings from international credit rating agencies. On the o

lity of executing M&A deals, not only in the home country but also internationally. The German transaction does not make contribution to

first injection and over 30 percenthad had two injections completed. Progress in Belgium is even fast_x0002_er with over 80 percent of re

sing with a number of greenfield and brownfield business development projects with a view to expand both within the existing regions and

4, there has been over 50 transactions in the space and, importantly, at least 20 have been for minority or co control stakes
minals in Barcelona, Bilbao, Tarragona, and Valencia under the new partnership, the acquisition is a milestone in expanding Rubis Termina

ga-watts in the pipeline. Out of this, 115 megawatts is expected to reach COD during the first half of 2020.

nd lower margins. Conrad is confident that this is a low-probability event as the UK government has recently confirmed an equivalent UK-E

GC management remains fo_x0002_cused on identifying operational improvement opportunities to uplift HGC’s performance, such as in-co

r. Despite working under such a challenging economic environment, HGC continued to deliver a solid set of operational and financial result
_ly across all segments. However, if the situation persists it may begin to negatively affect the local business. At the same time, HGC is also
es to explore projects in Asia, fo_x0002_cusing on a combination of M&A and greenfield development to rapidly gain scale. The SEA data c

hance the BDx enterprise services offering.

e markets with undersupply of quality assets: Selective greenfield opportunities can be highly IRR accretive as capex / run-rate EBITDA is 6
lowed by Heavy Commercial Vehicles (HCV) carrying the cylinder cascades. In addition, THINK Gas continuously monitors the operations to
ern Australia. THINK Gas is currently largely in its construction phase, with limited operations initiated from the sale of CNG to automotive
ntly developing only Phase I of the Mid-West LNG hub at Mount Magnet with an annual capacity of approximately 17,500 tonnes which wi
area for THINK Gas. In order to provide optimum customer service and minimize operating costs, THINK Gas will install smart meters in its
ingle part tariff. To proactively manage commodity risk, CEFA is entering into back-to-back gas supply con_x0002_tracts with 80 percent s

maintenance activities, FRHL, on closing, also required completion of certain balance works for obtaining final Commercial Operation Dat

xtension of concession period or reimbursement of operating expenses and interest payments in case such an event occurs. This surge is e
management remains vigilant and continues to encourage Covid preventive measures including social distancing, use of masks and frequen

uisitions. As of 31 December 2020, the Fund has committed capital of $11 million and has funded capital of $10.8 million to the platform.

uatemala (HFO) and have decommissioned a number of HFO and coal plants, including Kenko in Bolivia (HFO) and Las Palmas II in Guatem

en completed in 2021 and 2022, will increase the overall plant capacity by 37 megawatts, increase the plant efficiency by 1.1 percent and r
e 2019 levels. The management team continues to operate the business in a safe manner and has implemented business continuity proce
ncreases. In light of the pandemic, Inkia is monitoring the impact to energy demand in Peru (in addition to operations in other locations) an

e budget. Finally, the overall trajectory of penetration continues to be positive across the cities in production.Metro Q4 2020 Metro perfor

e as carriers wait until 2021 to award RFPs. Enterprise bookings finished 8% above the prior year, but 14% below the reforecast budget as

nia as a result of Furthermore, the quarter was very busy in terms of business development with significant ongoing activity:Several DHC a

navigate this project to a successful conclusion during 2021.

agement remain in regular and pro-active contact with the DfT, and continue to explore avenues through which ROSCOs could assist the r

rn Beaches and Berala regions of Sydney.On a YTD basis: ─ EBITDA was 89.5% below the prior year and 32.8% above the reforecast. Total
wn debt facilities and cashas at 30 November 2020. The airport previously secured debt covenant waivers from its financiers for the six m
workers and vulnerable residents in countries such as the US, the UK and Canada, as these countries attempt to contain the wide spread o
perational, the new solar farm will generate up to 15% of Melbourne Airport’s total energy consumption and contribute to a material redu
nders expected to come to market in the near-term.Other: ─ ESVAGT continues to explore the use of drone technology from its vessels to
offshore wind outside Europe are likewise accelerating, with the US having high potential. Joe Biden, as US president-elect, is expected to

ID-19 via a combination of continued high volumes and a spike in employees not being able to work for pandemic and other reasons, whic
e onset of the COVID-19 outbreak in Q1 & Q2 2020.
us industrial equipment. This technology would enable ITSC to remove certain on-site labour (e.g. hostler and lift equipment operators) w
perating costs; an unprecedented surge in trade flows and challenging market dynamics led to an exceptional increase in intermodal volum

ith completion expected by the end of January. Preliminary assessment of the airport’s cost base has highlighted that management has do
wo phases of redundancies which reduced the workforce by circa 140 employees.Debt & Liquidity.As at the start of December, LBA’s cash p

for airports and airlines very challenging. Most recently, the November UK national lockdown as well as the global border closure for peop

e of indoor restaurants & bars, movie theatres, and other public venues, in addition to increased capacity restrictions on retail stores, groc

rface parking lots and will result in thousands of new luxury residential units. Combined with the pressure on developers to reduce the am
0.0% shareholding in the company.

ment for airports and airlines very challenging. Most recently, the November UK national lockdown as well as the global border closure for

ded and opened during.November 2020. The home is located in coastal Victoria. COVID-19 ─ An outbreak at Altona Gardens Care Commu

ting provided 124 recommendations to the Aged Care Royal Commission in October 2020. The Commission’s final report is due by 26 Febr
er costs. The business has completed two acquisitions this year and expects to close a further two in the next three months. Overall, these

n our employees, portfolio of properties and in digital transformation. The transformation will significantly improve the quality of the servi

9 testing at UK airports, if implemented efficiently, could lead to further reduction of self-isolation periods upon return to the UK and likel
mental traffic opportunities, a further review of all capital expenditure programs, maximisation of the furlough scheme and other cost sav

inimal additional cost.

ent to assist in the growth of the business. Notable initiatives led by the investment team includes: Origination of larger scale M&A opport
limited propagation characteristics than transmission at lower frequencies. The signals cannot reach as far and have more difficulty penet

us fleet will need to be electric to meet those emissions requirements and the transit authority in Sao Paulo is planning to deploy up to 10,

had passed approximately 18,200 premises in Stoke, which is 9000 homes ahead of the acquisition case. Of total premises passed, approx

e I) steam plant reached nominal COD on 26 June 2020 and immediately began receiving cash flows under the steam supply agreement; G
ased efficiency, especially at the industrial level. As a result of COVID-19, we are observing reduced commercial and industrial demand, pa
multi-operator Sales Platform, which would allow end-customers to choose more easily their fibre connectivity amongst the operators alre

K 11.6 million, - 66.0% below budget as result of reduction in revenues explained above, and - 75.3% lower than last year. The revenue un

situation, the company suffered some delays between the award of the Métropolis contract by MGP in May 2020 and the actual setting up

n rates remain broadly on track and are ahead of Thames’ Q1 forecasts (mainly non-household (“NHH”) which is c. £34m favourable to for

2-year Default Price Path (“DPP”) for the FY2024-26 period. This approach will allow Powerco to retain the flexibility to respond to near-to
at Powerco report in December 2020, which lays out Powerco’s sustainability goals, materiality assessment and achievements. Critically, t

e with the expectation being that no Cruise revenue will be recorded in FY21 reducing EBITDA by A$8.1m (50% of the total reduction). Both
t management team led a successful negotiation between CampusParc and OSU on a memorandum of understanding (“MoU”) framework

deductibility clauses of the new legislation, which may be relevant to LBCH. The IRS guidance identified certain types of PPPs that would q

avery assessment team was formed internally for the purpose of creating Lochard’s FY20 statement and undertaking further assessments

sed rehabilitation costs and submitted a proposal to the Department of Jobs, Precincts and Regions (“DJPR”) in December. The Delta estim

FY21 TCS in December. The ESC’s feedback maintained its previous positions from prior years, with the key point of contention being WAC

ovided in due course. Facility Practical Completion (FPC) is currently forecast end of August 2021. • (Silverton Wind Farm Update): Silverto

ightly lower than budget due to patient visitation restrictions and support staff remote working policies. Planned revenue enhancement o
with general NU community. There were two isolated incidents of staff contracting the virus in Q4, and both have since recovered. • (Nea

ontinued to progress with regular shareholder working group discussions being held. Revised analysis is being undertaken around peak ho
and resilience, preliminary discussions around a Net Zero Emissions strategy and several other important considerations. • A number of po

oderation in General Cargo out-performance through to the final quarter of FY21 as the benefit of government stimulus measures abate (p

developed by Nexus and QIC. • (Efficiency initiatives): Nexus are undertaking several initiatives aimed at improving efficiencies in the busin

ver this is offset by lower construction costs as a result of the delays; meaning that the EBITDA variance is very small and not a material de
ntral Norseman (Oct-21), Nullagine (Jul-21), and Pilgangoora (Jul-21). • New contract wins: PE secured the following contracts during the q
 n the US. Erich Becker has joined Generate as Head of Europe to spearhead this strategy. For CreditCo, Generate aims to significantly expa

he thirdisand
gleClaw fourth quarters
continuing of 2020.
to monitor EagleClaw
potential also took
acquisition steps related
opportunities to ESG
of their over 2020
distressed as they
peers. signedfrom
Pressures a deal to source
Covid-19 and100 percent
a lack of th
of capital

stallations. Additionally, H2S analyzers were installed at key points in the process and operations developed procedures to avoid shut-ins.
have begun to increase activity, with the North American land rig count increasing by 161 rigs to 377 rigs as of February 5th, 2021 since th

rsely impact revenues.

quisition by the end of 2020. In addition, TIP is progressing with a number of initiatives to optimize its back-office functions and has identifi
arious other regional projects across Europe to improve recycling and reduce lighting and water consumption.
tiates TIP from its competitors and gives TIP the sticky customer base it currently owns. I Squared believes that there is yet further potenti
was higher than budget despite the Covid-19 crisis with sales margins outperforming the budget. Overall, lower capex in conjunction with
ating agencies. On the one hand, TIP is exposed to potential decline in demand as customers tend to purchase trailers instead of leasing th

not make contribution to the company’s 2020 EBITDA due to closing in December. Management will continue to assess a number of acquis

ith over 80 percent of residents and over 60 percent of employees vaccinated with two injections. The French government has been supp

n the existing regions and beyond, and gain exposure to new products such as LNG (Liquefied Natural Gas).

ol stakes
expanding Rubis Terminal’s European footprint and underlines the commitment to growing the business, diversifying activities, and expand

rmed an equivalent UK-ETS post Brexit with the same thresholds as the EU-ETS and the next full review of the scheme is scheduled for 202

erformance, such as in-country fiber investment, OTT investment, local FTTx roll-out and 5G strategy. Apart from that, HGC has also achiev

tional and financial results for this quarter. During this quarter, HGC has achieved several milestones. Firstly, International Business team h
e same time, HGC is also growing its in-country fiber busi_x0002_ness in other developing markets to diversify its geographic coverage. I S
ain scale. The SEA data center sector in particular benefits from attractive macroeconomic factors, including high GDP growth rates, lower

ex / run-rate EBITDA is 6-7x; presenting value arbitrage compared to acquired assets. The BDX management team has worked through the
onitors the operations to ensure safety norms are followed appropriately. LNG has approximately 27 percent less CO2 emission and appro
e of CNG to automotive customers. During the fourth quarter of 2020, THINK Gas expanded its CNG station footprint to 31 stations (comp
17,500 tonnes which will help CEFA in marketing its bespoke LNG solution. On the back of a larger customer demand, CEFA will look to ex
nstall smart meters in its GAs. THINK Gas has commenced the supply of gas to residential customers in Raikot, Ludhiana. However, due to
tracts with 80 percent sourced firm and up to 20 percent sourced from spot markets. Sourcing spot gas for up to 20 percent of its require

mmercial Operation Date (CoD) (the asset is provisionally operational and collecting toll fees). The balance of works included completion o

nt occurs. This surge is expected to be short lived as the government is better prepared than last time and vaccination is being extended t
se of masks and frequent hand sanitization in office and on-site.

million to the platform.

Las Palmas II in Guatemala (coal). Inkia has also entered into a contract to sell the Kanan diesel fuel barge in Panama, that transaction is e

ncy by 1.1 percent and reduce the variable operating cost by 25 percent.
usiness continuity procedures. These include extending the duration of shifts in remote areas, minimizing the overlap between the teams
ons in other locations) and working to manage the situation. Inkia has approximately 1,700 MW or 90 percent of its firm energy contracted

ro Q4 2020 Metro performance was strong. The (on-net) business sector was 32% above budget on Initial Contract Value (“ICV”), with Talk

he reforecast budget as Covid-19 recurrence remains a point of uncertainty for customers. In terms of M&A, FirstLight continued to progr

ng activity:Several DHC and EFW tenders advanced with short to medium term pipeline of opportunities remaining strong;Strong Industria

OSCOs could assist the rail industry to scale up capacity for a ‘return to work’ of the UK workforce, while maintaining ongoing social distan

ve the reforecast. Total revenues were 79.8% below the prior year but 10.1% above the reforecast, while operating expenses were 51.9%
s financiers for the six month periods ending 31 December 2020 and 30 June 2021. RBC has been engaged by APAC to explore various strat
ontain the wide spread of the virus. The vaccine roll-out in Australia is still subject to approval by the Therapeutic Goods Administration (T
ibute to a material reduction in APAC’s environmental impact.
ology from its vessels to inspect wind turbine blades and offshore installations; testing for several potential clients is ongoing, with the aim
ent-elect, is expected to be hugely positive for the nascent offshore wind industry given his climate action plans and pledge to spend US$2

and other reasons, which resulted in the incurrence of extraordinary operating costs.An unprecedented surge in trade flows and challeng

quipment operators) which would be replaced with remote operations at a centralized command centre. Successful application of Phanto
ase in intermodal volumes which, in turn, created capacity constraints and challenged productivity throughout the supply chain.

hat management has done a very good job in cost cutting and cost management throughout the pandemic. Several other cost cutting initi
December, LBA’s cash position was circa £8 million and management expects a liquidity shortfall of up to £7 million in next fiscal year end

border closure for people flying into and out of the UK, over the Christmas period, have had severe impacts on the aviation industry recov

ons on retail stores, grocery stores, and places of worship.MPG is strategically reviewing its rates and customer growth segments in the wa

elopers to reduce the amount of new parking added with their projects, these developments will likely result in an increased demand for p

global border closure for people flying into and out of the UK, over the Christmas period, have had a severe impact on the aviation industry

a Gardens Care Community in Victoria was still active during Q3, with the last positive case of COVID-19 at this home identified on 29 Sept

report is due by 26 February 2021 ─ Key priorities of Counsel Assisting recommendations include: ─ Placing the customer at the centre of
e months. Overall, these acquisitions would add 334 beds and run rate EBITDA of £4.2 million. These acquisitions are being completed at a

e the quality of the services provided and the operational efficiency of the business. It is expected to take up to three years to complete.

eturn to the UK and likely encourage people to travel in 2021. For example, the introduction of the Test to Release scheme which, from 15
heme and other cost saving opportunities, areas of the terminal building are in the process of being secured and mothballed. November a

arger scale M&A opportunities to drive inorganic growth initiatives – the team continues to actively monitor potential tuck-in acquisition o
ave more difficulty penetrating walls or other barriers; therefore, network densification becomes an even greater imperative. Rather than

ning to deploy up to 10,000 electric buses over the next 10 years. - The North American market is more nascent as the US is in the early st

premises passed, approximately 2,900 are ready to be connected. The current build rate is approximately 10km per week. In Q4, VX Fiber g

m supply agreement; Gondi is now supplying steam to the host. Construction continues on the Nelson Expansion facility, a low-cost peaki
nd industrial demand, partially offset by increased residential demand.Deployment of renewables, namely wind and solar, is expected to c
ongst the operators already present on the network.

st year. The revenue underperformance was partially offset by lower grid charges (savings of NOK 10.3 million) incurred over the period a

and the actual setting up and start of deployment of the project towards the end of the year. The main cause was the postponement of th

£34m favourable to forecast). Supply Chain: whilst the supply chain has generally continued to perform well over the last quarter there h

ity to respond to near-to-medium term market dynamics and regulatory pressures, whilst strengthening its position for future network gro
chievements. Critically, the Report details the short, medium and long-term pathway, metrics and investment goals Powerco expects to un

he total reduction). Both Trade and Property were also revised down by A$4.6m and A$4.8m, respectively. Positively, with the benefit of 6
ding (“MoU”) framework for CampusParc to operate the first of the three new garages scheduled to open prior to financial close, with OSU

pes of PPPs that would quality for exemption from the interest deductibility limitation, but courthouses have not been specifically identifie

ing further assessments for the FY21 year.

cember. The Delta estimate of total rehabilitation costs of c.$50m is lower than previous internal Lochard estimates. Other related workst

of contention being WACC. Preparation has commenced to consider PoM’s FY22 TCS strategy and having regard to the upcoming 5-year Pr

d Farm Update): Silverton wind farm has continued to operate to its full potential since March with availability exceeding guaranteed level

evenue enhancement opportunities were paused as well and are not expected to recover until 2022. YTD operations costs are trending c.
e since recovered. • (Near-term Strategic Initiatives): in Q4 2020, QIC and MasParc management actively engaged NU stakeholders to enac

ertaken around peak hour traffic forecasts and various options are being explored to deliver a cost-efficient terminal expansion, having reg
ations. • A number of positive engagements with hydrogen-related industry leaders were held over the December quarter. QIC believes a

mulus measures abate (predominately JobKeeper and JobSeeker have been drivers of continued demand with the additional early redemp

efficiencies in the business: o (Budgeting software): PwC has been engaged by Nexus to assist in the implementation of new budgeting so

all and not a material detractor to overall group performance.

ng contracts during the quarter with 2020 representing a record year for tendering: o FMG | PGG: 42MW BESS installation which strengthe
aims to significantly expand its existing Credit business to focus on providing non-equity capital to high volume, flow finance opportunities

source
-19 and100 percent
a lack of their
of capital electricity
market from
activity has renewable energyconsolidation
driven significant sources and appointed their first
of the Permian Basin,independent board member.ofThe
with the announcements Permian
Chevron pur

edures to avoid shut-ins. Since installation and new procedures were implemented, EagleClaw has experienced a drastic reduction in H2S-r
ruary 5th, 2021 since the low in early September of 216 rigs. Given the positive macro trends for the broader U.S. E&P space, midstream c

functions and has identified a cost saving potential of up to €10 mil_x0002_lion to be achieved in the course of the next 5 years

ere is yet further potential within the M&R division for TIP to increase profitability and efficiency. M&R profitability will be one key strateg
pex in conjunction with higher fleet sales has led to a slight reduction in fleet size in 2020, which explains the majority of the leasing and r
lers instead of leasing them in a low interest rate environment. On the other hand, TIP benefits from the low borrowing cost as TIP funds i

ssess a number of acquisition targets in 2021 and has built a deep pipeline of projects in both France and Germany. Domidep is also evalua

ernment has been supportive of the healthcare sector and as a result Domidep benefited from a number of relief measures, including gov

ng activities, and expanding into new markets. In connection with I Squared’s acquisition, Rubis Ter_x0002_minal issued a €410 million hig

eme is scheduled for 2026. Conrad believes that there is unlikely to be a change to the scheme before 2026; beyond 2026 Conrad has built

hat, HGC has also achieved several mile_x0002_stones during the fourth quarter. International Business team has successfully expanded t

ational Business team has successfully expanded the bandwidth-on-demand (BoD) capability from Hong Kong to Big Data Exchange’s (BDx
geographic coverage. I Squared Capital and HGC management team are closely monitoring the situation. HGC is regulated by the Hong Ko
GDP growth rates, lower broadband, and smartphone penetration rates, and reduced 3G and 4G coverage. The M&A strategy for the platf

has worked through the delays due to COVID-19 in Nanjing construction. The project has scheduled to start phase 1 operation (1,000 rack
CO2 emission and approximately 85 percent less N2O emissions compared to diesel. CEFA intends to supply up to 180,000 tonnes per ann
 int to 31 stations (compared to 24 as of September 2020). Execution of steel pipeline installation progressed with 308 inch-kms and 396 in
and, CEFA will look to expand its capacity to over 100,000 tonnes at Mount Magnet and commence its second LNG plant at Port Hedland.
hiana. However, due to Covid-19 related restrictions, households may be reluctant to provide access to technicians within the house whic
20 percent of its requirement will help CEFA manage custom_x0002_er volumes (which typically have 90 percent take or pay commitment

ks included completion of a bypass (Malda bypass) as well as a section of the stretch (‘Sujapur’ section). The construction of bypass was co

ation is being extended to all individuals above the age of 18 starting from May 2021. Senior management remains vigilant and continues t

ma, that transaction is expected to close in early 2021. Inkia is continuously assessing its environmental sustainability objectives to establi

lap between the teams and social distancing and cleaning protocols. As part of an ongoing effort to divest non-core assets, Inkia entered i
s firm energy contracted with longterm PPAs in Peru. Over 60 percent of these PPAs are with regulated clients (Luz del Sur and Enel)

t Value (“ICV”), with Talk Talk dark fibre orders into new FEXs contributing to the good sales performance and also stronger post-Covid-19

Light continued to progress with bolt-on acquisitions and closed the acquisition of BestWeb in Q4 2020, a leading bandwidth provider in th

g strong;Strong Industrial Utilities’ pipeline of more than 20 prospects, whereby IDEX is discussing with industrial clients seeking to decarbo

ng ongoing social distancing requirements (such as air filtration systems), as well as early stage exploration of potential diversification into

g expenses were 51.9% below the prior year and 0.6% below the reforecast.Aeronautical revenues (including security charges) were 87.5%
C to explore various strategies in preparation for the period beyond 30 June 2021; however, the recent management forecasts indicated A
Goods Administration (TGA) which is currently scheduled to commence in mid-February 2021. Subject to TGA approval being granted, the
is ongoing, with the aim to establish a new future revenue stream.Shareholders, AMP Capital and 3i Infrastructure, jointly made an additio
d pledge to spend US$2 trillion on infrastructure and clean energy. There are already 30GW in offshore wind capacity commitments from

rade flows and challenging market dynamics led to an exceptional increase in intermodal volumes which, in turn, created capacity constra

ful application of Phantom Auto's software to ITSC's equipment is expected to increase labour cost savings, improve safety and enhance p
e supply chain.

al other cost cutting initiatives have also been identified.

on in next fiscal year ending in March 2022.The GIF I Investment Committee has approved a £10 million equity commitment to support the

e aviation industry recovery and people’s propensity to fly.The COVID-19 vaccine roll-out in the UK and internationally could provide the w

owth segments in the wake of COVID-19. It has decreased rates year-over-year to attract transient volumes and is marketing to new corpo

increased demand for parking in the downtown Chicago area.

on the aviation industry recovery and people’s propensity to fly. The COVID-19 vaccine roll-out in the UK and internationally could provid

me identified on 29 September 2020. The outbreak was officially cleared on 1 November 2020. In total, 22 residents and 16 team member

stomer at the centre of the aged care experience ─ Improved access to quality & safe care through an integrated aged care system. Impro
are being completed at an average EV/EBITDA multiple of 6.3x.

ree years to complete.

scheme which, from 15 December following a private coronavirus test, means travellers will be able to end self-isolation after five days ra
othballed. November also saw the airport named among the UK’s top airports by Conde Nast Traveller, as well as being shortlisted in the

ntial tuck-in acquisition opportunities. - Engagement with Expedient’s lenders to fund the acquisition of bolt-on opportunities as noted ab
mperative. Rather than building macro towers with mid or low-band spectrum, carriers will deploy lower powered small cells and rely on h

s the US is in the early stages of embracing electrification. The election of Joe Biden in 2020 is expected to accelerate decarbonisation in th

r week. In Q4, VX Fiber generated revenue from two contracts in the UK with Grosvenor Estate and Stokeon-Trent Council for the metro n

facility, a low-cost peaking facility located at the Nelson CCGT site; COD is expected in late 2022. Development Projects: The company con
nd solar, is expected to continue with or without subsidies across North America:Further renewables penetration is increasing the need for
curred over the period as a result of lower power prices and reduced marginal loss rate incurred by Statnett, the transmission system oper

the postponement of the municipal elections in the context of the nationwide lockdown and delays in the adoption of the project by the fi

the last quarter there have been some specific challenges resulting from government-imposed movement restrictions. For instance, Ford

on for future network growth and evolution.

s Powerco expects to undertake, including the additional network investment and improved network and control automation required to

ely, with the benefit of 6-weeks since the finalisation of this budget, Trade performance has been substantially stronger than expected bu
 financial close, with OSU agreeing to the terms on 4 Dec. During the MoU term, the new garage will be included in the CampusParc parkin

een specifically identified and therefore LBCH’s eligibility remains unclear even following final regulations from the IRS in late 2020. We ha

es. Other related workstreams remain ongoing, including lender engagements for bond requirements and the appointment of a specialist

the upcoming 5-year Pricing Order compliance review which is expected to be completed by the ESC at the end of CY2021. • (Master plan

eeding guaranteed levels of 95%. Three key positive developments occurred during the quarter these being: Provisional facility Practical C

ons costs are trending c.5.7% below budget, largely driven by cost cutting measures implemented in response to lowered demand, partiall
NU stakeholders to enact initiatives to offset COVID-19 related loss of demand. Management introduced several new parking products (su

nal expansion, having regard to the linkage with aero negotiations. • (Aeronautical Negotiations): Following agreements to extend HIA’s ex
r quarter. QIC believes a significant opportunity exists for Sea Swift to assist its customers in decarbonising their supply chains. Community

additional early redemptions of superannuation savings also boosting expenditure). Management has maintained a cautious view with re

tion of new budgeting software, aimed at making the budgeting process more efficient and user-friendly. PwC are working with QIC to dete

tallation which strengthens PE’s relationship with FMG and our credentials in large scale BESS (ahead of potentially significant market dem
 w finance opportunities within lower middle market sustainable infrastructure. The CreditCo strategy aims to broaden the scale and scope

d member.ofThe
ncements Permian
Chevron HighwayNoble
purchasing Pipeline (“PHP”)
Energy, was mechanically
ConocoPhillips completed
purchasing in December
Concho. Resources 2020 and wasacquiring
and Pioneer placed commercially inwith
Parsley, along service
va

rastic reduction in H2S-related disruptions. The Company has begun generating incremental treating revenue from Diamondback and Colg
E&P space, midstream companies have traded up meaningfully ahead of third quarter earnings season with the Alerian index up over 40 p

e next 5 years

y will be one key strategic development area for TIP in the coming years.
ority of the leasing and rental revenue shortfall compared to budget. On the operations, TIP is progressing with a number of initiatives to o
owing cost as TIP funds its capital expenditure partially using its Re[1]volving Credit Facility which has a floating rate element. TIP managem

y. Domidep is also evaluating options to optimize its real estate portfolio. This involves a strategic discussion around the various advantage

measures, including government funding of temporary staff leave, partial compensation for accom_x0002_modation revenue loss, delay i

issued a €410 million high yield bond at 5.625 per_x0002_cent coupon rate. The deal was printed and over-subscribed at the peak of the C

nd 2026 Conrad has built in assumptions on the reduction of run hours in their business model which are more conservative relative to com

successfully expanded the bandwidth-on-demand (BoD) capability from Hong Kong to Big Data Exchange’s (BDx) Paya Lebar data center in

Big Data Exchange’s (BDx) Paya Lebar data center in Singapore for customers such as MNCs, Internet service providers (ISPs) and over-the-
gulated by the Hong Kong Communica_x0002_tions Authority, which has taken steps to liberalize the telecommunication sector. Although
&A strategy for the platform is to acquire under-managedor under-performing data centers from legacy owners, typical_x0002_ly telecom

e 1 operation (1,000 racks) during 2021 and scheduled its phase 2 operation (2,300 racks) in late 2021. The project team has secured the fi
180,000 tonnes per annum of LNG across multiple LNG Hubs. Over 25 years, this is projected to displace approximately 6.1 bn billion liters
 308 inch-kms and 396 inch-kms of steel pipelines welded and lowered in the quarter. In addition, by end of December 2020, construction
G plant at Port Hedland.
ns within the house which may hinder the paceof execution. THINK Gas has adopted several smart solutions in its development and operati
ake or pay commitment) better and opportunistically benefit from low spot gas prices.

uction of bypass was completed in January 2021 and will result in increase in toll rates. The balance of works on ‘Sujapur’ section is expec

vigilant and continues to encourage Covid preventive measures including social distancing, use of masks and frequent hand sanitization in

lity objectives to establish new actions to reduce CO2 emissions, water consumption, internal energy consumption,

e assets, Inkia entered into an agreement to sell the Kanan diesel-fueled barge in Panama for approximately $10 million. The power purch
z del Sur and Enel)

stronger post-Covid-19 performance than expected earlier in the year. Public Sector ICV is performing strongly at 71% above budget than

bandwidth provider in the lower New York with focus on education customers. Additionally, FirstLight closed the acquisition of a fibre rout

lients seeking to decarbonise their production facilities due to regulatory constraints and incentives;ES division currently setting up a key a

ential diversification into adjacent assets where, given the significant financial constraints on the government balance sheet, there could b

urity charges) were 87.5% lower than the prior year and 6.2% below the reforecast. Retail revenues were 92.1% below the prior year but s
ent forecasts indicated APAC would be able to meet its debt obligations from 1 July 2021 with the expected rebound in operational perform
roval being granted, the Australian Federal Government expects to be able to vaccinate every citizen that wants the vaccination by late-20
e, jointly made an additional investment of DKK 250 million in September 2020 to support immediate funding requirements and future off
city commitments from East Coast states and the planned wind farms favour the SOV solution, with 65% of the pipeline located over 50km

created capacity constraints and challenged productivity throughout the supply chain; Intermodal lift volumes surged by 18% in H2 2020 v

ve safety and enhance productivity over a five-year period. The AGO system has cameras installed at intermodal terminals and depots loca

mmitment to support the business and £5 million is being sought through CBILS to further improve the liquidity position of the business.Th

nally could provide the whole industry a much-needed boost in 2021. However, significant hurdles are still required to be overcome to rea

marketing to new corporate accounts as employees plan to return to work. MPG and the sponsors continue to monitor the liquidity of the

ernationally could provide the whole industry a much-needed boost in 2021. However, significant hurdles are still required to reach widesp

ts and 16 team members contracted COVID-19 at Altona Gardens and sadly nine of these residents passed away.On 17 December 2020, n

aged care system. Improvements to governance, workforce sustainability, transparency & training ─ Long-term sector viability ─ While som
 olation after five days rather than the 14 currently required.
being shortlisted in the UKCXA Customer Service Awards 2020. It comes as the majority of passengers using the airport rate it outstanding

pportunities as noted above.

small cells and rely on homespots and hotspots each with a coverage radius measured in metres versus kilometres. Densification of acces

ate decarbonisation in the US. Mr. Biden’s US$2 trillion climate change plan includes the goal of achieving net zero emissions in the US by 2

t Council for the metro network. Total year-to-date revenue generated in the UK as at end of November was SEK 90.3 million (GBP 7.9 mill

ojects: The company continues to advance the development pipeline and is exploring a variety of off-take arrangements: Invenergy is activ
s increasing the need for firm capacity; quick-ramping gas-fired generation still offers the lowest cost solution at scale, though battery cost
ansmission system operator.

n of the project by the first municipalities. The significant interest expressed by severalmunicipalities over the last months of 2020, leads

tions. For instance, Ford’s closure of its UK factories has resulted in a delay in the delivery of new vehicles for Thames’ fleet, now expected

automation required to deliver reliable, resilient and sustainable energy networks for its stakeholders.

onger than expected but it remains unclear whether current volumes can be maintained through to the end of the financial year. • (GRES
n the CampusParc parking system where CampusParc will operate and collect the parking revenues, but OSU will be granted certain usage

e IRS in late 2020. We have discussed this with KPMG and now expect a revision to the regulation to clarify this point in early 2021. It is un

pointment of a specialist engagement adviser for government affairs advice. • Project Beyond 2020: To date, the project has defined and p

f CY2021. • (Master planning – Webb Dock Container Development): The SWG convened in the quarter to discuss and provide feedback in

sional facility Practical Completion (“PFPC”) awarded to GE CATCON 27 October 2020; In December, formal confirmation from AEMO and

owered demand, partially offset by unexpected maintenance expenses and additional legal costs associated with obtaining the covenant w
ew parking products (such as discounted Fall semester permits for faculty and students, evening parking permits, and discounted annual f

ments to extend HIA’s existing Aeronautical Services Agreements (“ASA”) with Virgin and Qantas until 30 June 2021, focus continues to be
upply chains. Community & Stakeholder Engagement • Sea Swift continues its program of community engagement across its operational fo

d a cautious view with regard to Vessel Charter as it isn’t clear when government / major miner expenditure will return to underpin revenu

working with QIC to determine the best software solution for the business now, and over time as the portfolio grows. o (Facilities manage

y significant market demand arising). ABB and Solar Edge have provided fixed prices for their work (comprising c.77% of cost) and a risk rev
 aden the scale and scope of Generate’s financing capabilities for its fast maturing customers and partners. • (Enhancement of Corporate G

gcommercially
Parsley, alonginwith
service on January
various 1st, 2021.
other rumored The pipeline was completed
acquisitions/mergers. onof
As a result time
thisand ahead of budget,
consolidation the six resulting in expected
largest producers nowincrementa
account f

m Diamondback and Colgate and is in discussions with multiple other customers to include this service. EagleClaw has agreed terms with C
lerian index up over 40 percent since the beginning of the fourth quarter. EagleClaw continually monitors the eco[1]nomic environment an

umber of initiatives to optimize back-office functions and improve efficiency. The integration work of Pema and Trailer Wizards has shown
te element. TIP management has hedged approximately two-thirds of the floating rate. I Squared Capital has evaluated the potential impa

d the various advantages of real estate ownership such as downside protection and margin enhancement, as well as the gain that could p

tion revenue loss, delay in payment of social charges and corporate tax. Furthermore, care budgets are set a year in advance and have not

ribed at the peak of the COVID crisis when the debt market was heavily dislocated. Rubis Terminal tapped €150 million on the high yield bo

nservative relative to commercial consultant inputs.

Paya Lebar data center in Singapore. On the 5G roll-out, HGC has exceeded its 10G lines roll-out delivery milestone for 3HK and SmarTone

ders (ISPs) and over-the-top services (OTTs). This is the second HGC SDN-enabled PoP established in Singapore that allows the company to
nication sector. Although it operates in a lightly regulated industry, HGC believes the competitive environ_x0002_ment for fixed-line servic
ypical_x0002_ly telecom carriers or domestic promoters and to further op_x0002_timize these assets by operational improvements on acc

team has secured the first 7 customer orders for 230 racks and 700 kilowatts of power and remain focused on securing additional anchor
mately 6.1 bn billion liters of diesel corresponding to approximately 4.4 million tonnes of CO2 emission reduction. CEFA is currently constru
mber 2020, construction work was ongoing across 20 additional CNG Stations. THINK Gas reached a critical milestone in October 2020 with

development and operations, many of which are “industry-first” in the Indian CGD sector. Examples include a Quality Construction Manage

Sujapur’ section is expected to be completed by March 2021 and result in final CoD and an additional increase in toll rates. The new toll rat

uent hand sanitization in office and on-site. On the operational front, within a span of four months, Cube Highways has assumed control, w

million. The power purchase agreement for the power barge ended in December of 2020. The transaction was completed in March 2021

71% above budget thanks to major wins materializing in Glasgow and Sunderland in Q4 2020. The Public Sector deals won are located in t

cquisition of a fibre route from DFT Communications in February 2021. This makes a total of seven transactions completed to date, with o

rrently setting up a key accounts team at HQ level to better address large, multi-site clients; and IDEX also progressed on the M&A front, w

nce sheet, there could be opportunities for the private sector to play a role.

elow the prior year but six times the level anticipated in the reforecast. The positive variance to reforecast was attributable to a rent relief
nd in operational performance. This will continue to be monitored however, particularly in light of the recent COVID-19 outbreaks in NSW
e vaccination by late-2021.Qantas Group ─ Qantas Group (Qantas or the Group) has commenced repairing its balance sheet during the se
 irements and future offshore wind growth.
peline located over 50km away from shore. ESVAGT and its JV partner are expected to be well positioned to bid for the upcoming pipeline

ged by 18% in H2 2020 versus H1 2020.COVID-19 reduced ITSC’s labour supply as staff called in sick or were required to quarantine in acco

erminals and depots located at the entry gates which replace manual labour with automated technology. AGOs have the benefit of (1) red

sition of the business.The AMP Capital Debt Advisory team is currently focussed on progressing the second-round waivers in light of the in

d to be overcome to reach widespread commercialisation and any commensurate lifting of restrictions.COVID-19 testing at UK airports, if i

onitor the liquidity of the business, having established a US$10 million liquidity facility at Holdco in June.Looking forward, due the extended

equired to reach widespread commercialisation and any commensurate lifting of restrictions.COVID testing at UK airports, if implemented

On 17 December 2020, new COVID-19 cases were reported in a new cluster in Avalon on Sydney’s Northern Beaches. The outbreak prompt

ctor viability ─ While some recommendations have been publicly supported, it is understood that the Commissioners are not entirely align
irport rate it outstanding or good according to industry regulator CAA (Civil Aviation Authority).

es. Densification of access points with small coverage areas imply that fewer users share the network capacity produced by 4G or 5G small

emissions in the US by 2050. As 30% of the nation’s GHG emissions come fro

0.3 million (GBP 7.9 million).

ments: Invenergy is actively seeking additional contractsfor both energy and incremental capacity for theRamones facility. Discussions are
cale, though battery costs continue to decline; The most recent stimulus package passed by US lawmakers included new and extended tax
 months of 2020, leads Management to anticipate a strong development in 2021.

mes’ fleet, now expected CQ1 2021. Manufacturers have also reduced activity with some of Thames’ tier 2 and tier 3 suppliers furloughing

e financial year. • (GRESB Infrastructure Survey result): POB recorded an excellent result in the GRESB Infrastructure Survey, ranking it as t
e granted certain usage privileges and will be responsible for any operating cost overruns. On 21 December, the new medical center garag

int in early 2021. It is unclear whether the recent elections with Democrats controlling the White House and both houses of Congress will

roject has defined and planned more than 1,000 work orders for backlog maintenance works. They have been risk ranked with execution o

and provide feedback into the Webb Dock Container Development Project. PoM has continued to assess the optimal timing of the develo

mation from AEMO and TNSP that the wind farm has completed all its compliance testing and as such the wind farm is considered accepte

btaining the covenant waiver in Q4. Based on latest management projections, MasParc may breach its Debt Service Coverage Ratio (“DSC
and discounted annual faculty permits) and new marketing schemes (community mailers, early-bird specials for Spring 2021 faculty and st

1, focus continues to be on key commercial levers that can be incorporated in the next round of ASA negotiations with both Virgin and Qan
across its operational footprint. • Monitoring and developing appropriate responses to inbound queries from unions continues. • Manage

turn to underpin revenues, and it has further reduced expectations around fuel sales as both tourism and commercial fishing activities rem

ws. o (Facilities management): Universal FM have conducted a further three site visits and collated floor plans across the remaining hospit

7% of cost) and a risk review has been performed with legal and project risk registers in place. o Horizon Power | Denham Hydrogen Proje
ncement of Corporate Governance): QIC continues to work with Generate management to progress several initiatives to enhance key gov

in expected
producers nowincremental
account forannual EBITDA
more than 50 of approximately
percent $85 million.
of production The Company
in the Permian, completed
compared the integration
to 35 percent early in of the this
2020; Pinnacle
is theand Capro
highest le

has agreed terms with Cimarex to restructure its contract on the legacy Resolute acreage in a comprehensive manner that is beneficial for
1]nomic environment and adjusts its capital expenditures and operational plans accordingly

railer Wizards has shown good progress with more than 70 percent of the identified synergies achieved and the remaining expected to be
uated the potential impact of Brexit on TIP. As the company has limited operations in the U.K., it should be largely isolated from the impac

as the gain that could potentially be achieved by selling certain pieces of real estate in the portfolio in the current favorable market enviro

n advance and have not been revised downwards and de_x0002_pendency budgets may be partially sustained. The compa_x0002_ny’s 20

llion on the high yield bond shortly after as part of the TEPSA transaction. The tap was launched and priced as part of an intra-day executi

for 3HK and SmarTone respectively. In Dec-2020, HGC has completed its network interconnection with TKO Express, the first submarine c

t allows the company to provide enterprises across a wide range of verticals including the financial service industry (FSI), manufacturing an
ment for fixed-line services will remain stable because of the significant upfront capital and time required to repli_x0002_cate its network
nal improvements on account of pro-active investments, improving PUE, cross-selling cloud solutions & managed services and increasing u

curing additional anchor customers before the COD date.

CEFA is currently constructing the Mid-West LNG Hub in phases. The first modular phase of approximately 17,500 tonnes per annum of LNG
 ne in October 2020 with the commissioning of the first City Gate Station (CGS) in Raikot (Ludhiana) and the first LCNG station in Bagroda (B

ity Construction Management (QCM) system using real-time data collection and safe refueling of CNG stations using Radio Frequency Iden

oll rates. The new toll rates on account of completion of both Malda bypass and Sujapur section will be c. 60 percent higher than current to

s has assumed control, without any interruptions, of twelve toll assets, an extensive project which involved preparing for and putting to e

mpleted in March 2021

eals won are located in towns targeted by CityFibre for FTTH roll-out and thus further improve network densification synergies. Finally, Mo

ompleted to date, with one additional signed add-on expected to close in 2021. These acquisitions serve to densify FirstLight’s fibre netwo

sed on the M&A front, with several live opportunities in France and the Baltics. In terms of operations and performance, IDEX currently foc

ibutable to a rent relief claw back payment from the duty free operator in November 2020.Landside Access revenues were 94.6% below t
D-19 outbreaks in NSW and Victoria and uncertain outlook for state and territory borders. AMP Capital has been engaging regularly with R
nce sheet during the second half of (FY20) as domestic borders re-opened (prior to the emergence of the third wave of COVID-19 infectio
r the upcoming pipeline which includes around six SOVs over the next five years and significantly more over 2025-30.The market for wind

ed to quarantine in accordance with CDC guidelines.The focus going into Q1 2021 is on returning to a “business-as-usual” cost base after n

ve the benefit of (1) reducing labour cost, (2) better recording of damages (camera recording versus human review), and (3) increasing pro

waivers in light of the increased risk of a delayed recovery in the performance, which may lead to a breach of financial covenants in June 2

esting at UK airports, if implemented efficiently, could lead to further reduction of self-isolation periods upon return to the UK and likely e

rward, due the extended nature of the pandemic, we believe H1 2021 will remain challenging but H2 will begin the transition back to norm

airports, if implemented efficiently, could lead to further reduction of self-isolation periods upon return to the UK and is likely to encourag

es. The outbreak prompted strict lockdowns over the Christmas period and the outbreak was largely contained to the area, with minor clus

ers are not entirely aligned on all of the proposed recommendations. It is expected that some of the final recommendations will differ from
duced by 4G or 5G small cells, generating enormous performance gains. Small cells need connections to fibre / cable backhaul to realise ca

facility. Discussions are in process with a variety of wholesale and retail counterparties; Continued discussions with commercial and indus
d new and extended tax benefits for on-shore and off-shore wind, solar, and carbon capture technology.The Mexican power market is slow
3 suppliers furloughing staff. Thames’ management team has taken measures to mitigate the risks, including bulk stock procurement, rev

re Survey, ranking it as the number 1 port across all ports that undertook the survey. POB received a score of 87/100 which results in a “5-
ew medical center garage opened to the public successfully. o Timing: Financial close of the transaction is now targeted for mid to late 20

houses of Congress will make any modifications to this measure and this will be closely monitored.

ranked with execution of the work orders underway. Advisian has been appointed to assess workflow management process and mainten

mal timing of the development and associated property strategy. Another key component to the project has been to work with relevant st

m is considered accepted by these entities; Also in December, confirmation from the TNSP that the Synchronous Condenser (“SynCon”) is

ce Coverage Ratio (“DSCR”) covenants in Q1 or Q2 2021. MasParc and QIC are working to extend MasParc’s covenant waiver amendment
pring 2021 faculty and student permits) to increase parking demand. Other efforts include offering daily parking options for part-time LMA

with both Virgin and Qantas. As part of this, QIC has been closely engaging with the management team on a review of the appropriateness
ons continues. • Management is developing a broader community stakeholder engagement plan to proactively address concern

rcial fishing activities remain below normal activity levels. From an operating expenditure perspective, Management continue to demonstr

oss the remaining hospitals with a view to bringing together a facilities management proposal. Further, a heating, ventilation, and air cond

Denham Hydrogen Project: Australia’s first renewable hydrogen demonstration plant to be built in Denham, WA. Construction to start in A
tives to enhance key governance processes. These include refining key corporate policies, updating corporate KPIs, enhancing the corporat

the this
020; Pinnacle
is theand Caprock
highest levelsystems into the existing
of concentration EagleClaw
of production system.
in the basin This
sinceintegration,
2002. Givencoupled with downstream
the Company’s development
advantaged of PHP,
position in the is
Delaw

ner that is beneficial for both parties. The contract was renegotiated in order to high-grade the acreage by lowering Cimarex’s lease opera

maining expected to be achieved in 2021. TIP also carried out a back-office cost benchmarking analysis which identified a cost saving pote
isolated from the impact, other than a potential general economic downturn in greater Europe due to the United Kingdom leaving the Eur

favorable market environment. The evaluation will be carried out on a site-by-site basis and takes various factors into account including r

e compa_x0002_ny’s 2020 financial performance is right on budget despite the COVID disruption, thanks to the government support as w

t of an intra-day execution, with strong investor demand leading to a yield-to-maturity of approximately 100 basis points be_x0002_low th

ess, the first submarine cable to directly link Chai Wan and the Tseung Kwan O Industrial Estate (TKOIE), which will allow HGC to provide se

y (FSI), manufacturing and logistics, with a more flexible, localized way to manage their multi-region connectivity and multi-cloud direct co
x0002_cate its network. On a semi-annual basis, the fund performs a review of the risk factors of its portfolio companies. Since incep_x00
ervices and increasing utilizations by

onnes per annum of LNG will result in lowering CO2 emission by approximately 0.4 million tonnes over 25 years.
CNG station in Bagroda (Bhopal). CGS is the tap off point for a CGD from the trunk gas pipeline and is a key element of the CGD infrastructu

ng Radio Frequency Identification (RFID) tags.

nt higher than current toll rates. On the TOT-3 bundle of 9 assets, Cube Highways is required to execute certain capital expenditure works

ring for and putting to effect tolling operations; traffic monitoring; a ‘ready to go’ team of subcontractors and on-roll personnel; routine an

on synergies. Finally, Mobile ICV was strong at £56m and secured to back the 5G roll-out of Three to mobile sites. However, number of con

FirstLight’s fibre network and expand FirstLight’s product set. Additionally, FirstLight increased the capacity of its revolving credit facility b

mance, IDEX currently focuses on a shortlist of ten value creation levers through monthly tracking of KPIs, while reshaping its regional organ

ues were 94.6% below the prior year and 20.3% above the reforecast. The positive result relative to reforecast was due to the earlier com
engaging regularly with RBC during this process.CSL warehouse development─ Melbourne Airport announced in November 2020 that a vac
ave of COVID-19 infections), further cost reductions and the continued strong performance of the Loyalty (partnerships with financial servi
 30.The market for wind turbine inspection services using drone technology is expected to grow with the growth in the number of offshore

-usual” cost base after normalising operation─ In Q3 2020, AMP Capital and the ITSC Board completed a Strategic Plan review, led by the n

w), and (3) increasing productivity times at gates leading to increased lifts via faster gate processing. Successful development of a superior

ncial covenants in June 2021. AMP Capital’s equity commitment will help in those discussions.

rn to the UK and likely encourage people to travel in 2021.

e transition back to normal with increased access to vaccines.The sponsors are evaluating a small equity infusion in Q1 2021 to provide ad

and is likely to encourage people to travel in 2021.

the area, with minor clusters presenting themselves across other areas of the city. The City of Sydney and the state of New South Wales re

endations will differ from those presented in October 2020. ─ The Federal Government response to the Final Report is expected on or arou
ble backhaul to realise capacity and speed potential. In addition to fibre providing back-haul data transmission for increased mobile traffic

h commercial and industrial customers for on-site, behind-themeter co-generation arrangements, particularly in Mexico; Analysis of powe
can power market is slowing, a trend which was exacerbated by COVID-19. Further reform of the broader energy market there is likely to b
stock procurement, reviewing standards to enable alternative products and sourcing from different providers when required. Non-House

00 which results in a “5-star GRESB rating” which is +20 points on the rating received in 2019. The result also ranks POB 43rd across all sub
geted for mid to late 2021 and is subject to recovery timeline of COVID-19’s impact. • (Campus Transportation and Parking Plan): With ass

nt process and maintenance cost benchmarks. Two Formal Safety Assessment studies are underway to address high risk actions identified

to work with relevant stakeholders in protecting a corridor for the Webb Dock Freight Link (which involves the development of a rail conn

Condenser (“SynCon”) is no longer needed by the project or as part of final acceptance of the wind farm. Facility Practical Completion (“FP

ant waiver amendment for the near-term periods.

ptions for part-time LMA staff members. Additionally, management continues to engage with MasParc’s USPP and Credit lenders during th

w of the appropriateness of the current pricing approach, including finalisation of an updated capex profile and building block model, and t
dress concern

nt continue to demonstrate strong cost control measures, carefully matching expenditure with forecast/actual volumes. • (Growth initiati

ventilation, and air conditioning (“HVAC”) audit has been undertaken to review adequacy of current maintenance and proactively manage

onstruction to start in Aug-21 with commissioning in Dec-21. o Galena Mining | Abra Base Metals Project: 17MW hybrid power station inc
 enhancing the corporate scorecard, and developing a monthly performance report to the Board. QIC has also been assisting Generate in t

development
ged of PHP,
position in the is a keyBasin,
Delaware milestone in EagleClaw’s
EagleClaw longer-term
is well positioned goalcontinued
for the to build an operationally
consolidation of efficient,
the basin.integrated
This trendsupersystem with
represents the furc

ng Cimarex’s lease operating expenses and to improve underlying well economics and encourage increased production levels. In exchange

tified a cost saving potential of up to €10 million above and beyond Pema/Trailer Wizards synergies. A lot of the cost savings will be achie
Kingdom leaving the European Union. Management is monitoring this situation closely and will take appropriate mitigation steps as neces

into account including rent, location, strategic positioning, tax impact, etc.

overnment support as well as the company’s cost management efforts. Progress has been made on various efficiency optimiza_x0002_tion

points be_x0002_low the coupon and a minimal new issue premium

allow HGC to provide services for customers who are requesting high performance, high reliable connectivity and depending heavily on co

nd multi-cloud direct connect with a secure and efficient software-defined network topology. Secondly, HGC continues developing its solu
mpanies. Since incep_x0002_tion, the risk of HGC has increased to reflect challenges by management in gaining market share for certain bu
t of the CGD infrastructure. Going forward, Raikot CGS will act as the source for natural gas to Ludhiana and Jalandhar Geographical Areas

pital expenditure works within 18 months of acquisition which means these works need to be completed by April 2022. The expenditure i

oll personnel; routine and major maintenance schedules and IT integration. The operational takeover was implemented smoothly and wit

However, number of connections was 8% below budget as many connections are being delayed due to need of wayleaves signed off.

revolving credit facility by $20m in December 2020 and subsequently completed a $39m upsize of its term loan facility in February 2021. T

haping its regional organisation by merging regions to strengthen the commercial taskforce and create cost synergies.Finally on the HR fro

s due to the earlier commencement of parking charges from 1 November 2020, a month earlier than envisaged. Property revenues were 1
ovember 2020 that a vaccine manufacturing facility operated by Seqirus (a subsidiary of ASX-listed company CSL) will be built in the Melbo
ships with financial services and retail partners) and Freight (large spike in e-commerce volumes) divisions. Prior to the recent COVID-19 ou
n the number of offshore wind turbines. In Europe, the number of offshore wind turbines is expected to reach 6,000 and continue to grow

Plan review, led by the newly appointed CEO, and are now actively executing the established long-term strategy and implementation road

elopment of a superior AGO system would allow ITSC to not only automate its own currently manual gate operations, but also provide a n

n Q1 2021 to provide additional support for liquidity and covenants, both of which will remain under pressure during 2021. MPG and self-

e of New South Wales remain on high alert with a range of elevated restrictions. Victoria and Queensland have both also had new COVID-1

rt is expected on or around the May 2021 budget. AMP Capital Global Infrastructure Fund | Quarterly Report 46 National Budget ─ On 6 O
 ncreased mobile traffic via fibre to the terminal (FttT) contracts, enterprise customers are continually valuing high speed, reliable connecti

Mexico; Analysis of power market conditions and opportunities across the US and Mexico, and evaluation of select opportunities in other p
market there is likely to be on hold for now, based on actions from the Obrador Administration:In Q4, Mexico’s Energy Regulatory Commis
en required. Non-Household Retail: the performance of the NHH segment continues to improve, with vacancy rates down to 16.5% in Nov

s POB 43rd across all submissions and is a tangible data point that shows the progress POB has achieved on its sustainability journey to da
d Parking Plan): With assistance from the QIC asset management team, CampusParc management and key OSU stakeholders progressed th

gh risk actions identified. Bid evaluation for a third study is nearing completion. All studies are expected to be complete by end of March 2

velopment of a rail connection from Swanson Dock to Webb Dock) and consider various funding options. Further consideration of the med

ractical Completion (“FPC”) is forecast to be achieved May 2021 following resolution of several defects and final technical reports being ac

Credit lenders during the covenant waiver period and provided monthly demand and liquidity updates. With the surge of the second wav

ilding block model, and the short and long-term implications of incorporating alternate pricing models given the impacts of COVID19. QIC

umes. • (Growth initiatives): o Pilbara direct service: Following Board approval in July 2020, the Singapore to Dampier international shippi

and proactively manage potential risks to air conditioning units ahead of the summer season.

hybrid power station including gas, solar and BESS (16-year contract with 2 x 2-5-year extension options). o Strandline Resources | Coburn
en assisting Generate in the review and enhancement of its enterprise risk management framework.

ated
trendsupersystem with
represents the crucialhigh-grading
further connectivityofand optionalitycustomer
EagleClaw’s for its customers. Commodity
base and enables prices stabilized
producers to expandinproduction
the third quarter of 2020 aswith
while remaining a

ction levels. In exchange for the reduction in the lease operating expenses, EagleClaw will receive significant additional volumes for proces

ost savings will be achieved by improving the company’s IT infrastructure and through digitalization/automation of the day-to-day operati
mitigation steps as necessary. Overall operations have not been materially impacted as a result of the current pandemic given increases in

ncy optimiza_x0002_tion initiatives at Domidep. The company targets to reduce marketing costs via a reduction in dependency in paid pre

depending heavily on connections to data centers. As for the business outlook, although management expects Covid-19 will structurally s

tinues developing its solutions and offers for the rollout of 5G in Hong Kong. In 2020, the 10G lines roll-out for 3HK and SmarTone respectiv
rket share for certain business units and a shift in market dynamics which has seen smaller competitors entering the 5G market. If the Cov
dhar Geographical Areas (GAs) and will help in improving operating margins. An LCNG station acts as an alternative to CGS and is fed by LN

2022. The expenditure is expected to be in line with the budgeted estimates. Over the quarter, the design and plan for the overlay works

ented smoothly and without delay. Cube Highways team is taking numerous new initiatives to further improve processes and benefit from

ayleaves signed off.

cility in February 2021. The proceeds from the term loan upsize were used to fully pay down the balance of the revolver and provide FirstL

gies.Finally on the HR front, IDEX has continued to reinforce the organisation with the recruitment of a new head of M&A and Strategy wh

roperty revenues were 12.8% below the prior year and 7.4% above the reforecast. The positive result relative to the reforecast was driven
will be built in the Melbourne Airport Business Park over the next three years. This is a great outcome for the airport as it secures a long-te
o the recent COVID-19 outbreaks in NSW and Victoria, Qantas’s domestic capacity was forecast to be approximately 68% of pre-COVID leve
0 and continue to grow exponentially, indicating a potential market size of around €15 million.Underlying oil and gas market:During 2020,

nd implementation road map.

ons, but also provide a new service offering to its customers and generate incremental revenue. Accretive M&A (with near-term focus on

ng 2021. MPG and self-storage counterparty LSC Development have extended key contract milestones as a result of city delays.

th also had new COVID-19 cases during December 2020 and January 2021, but the clusters so far remain under control.There were no out

ational Budget ─ On 6 October 2020 the Australian Government announced its national budget, delayed from May 2020 owing to the COV
 speed, reliable connectivity as a necessity to operate. As more companies outsource their IT needs to third party data centres, high speed

opportunities in other parts of Latin America; Tracking of active and imminent utility and municipal power authority request for proposals
ergy Regulatory Commission voted to remove regulations which required the country’s state-owned utility to procure power through publ
es down to 16.5% in November from a COVID-19 peak of c. 45%. This is in line with the pre-COVID-19 level of c. 17% and above Thames’ 26

tainability journey to date.

 akeholders progressed the long-term OSU campus transportation and parking plan, where both parties share a vision for a campus that wi

mplete by end of March 2021. Updates to the baseline cost forecast for Iona operating costs and maintenance capex will occur in the comin

consideration of the medium-longer term trade forecasting approach also progressed during the quarter (given interdependency with dev

chnical reports being accepted by the Independent Certifier (“IC”). QIC continues to work closely with all parties to close out the construc

surge of the second wave, near-term pressure persists on MasParc’s DSCR covenants in 2021, and management and the Board are proacti

mpacts of COVID19. QIC continues to work with management in ensuring a well-defined negotiation strategy is adhered to, and that appro

pier international shipping service development continues to progress. Management has nominated a late-January 2021 inaugural sailing

dline Resources | Coburn Heavy Mineral Sands Project: 34MW hybrid power station including gas, solar and BESS (15-year contract with 2
 rd quarter
tion of 2020 aswithin
while remaining a result
freeofcash
global demand recovering as economies began slowly reopening and OPEC+ production cuts took effect.
flow.

onal volumes for processing on high-quality acreage (Matterhorn and Cappletons) outside of its legacy Resolute acreage. In connection wi

f the day-to-day operations. As of the end of 2020, TIP has approximately 3,025 full-time employees.
emic given increases in shipped products for specific customers have offset weakness in utilization rates in particularly affected sectors. TI

dependency in paid pre_x0002_scribers, and percentage of newly acquired patients sourced through paid prescribers has decreased from

vid-19 will structurally slow down global busi_x0002_ness-as-usual economic activities, the fundamentals of re_x0002_gional data consum

and SmarTone respectively have exceeded project delivery milestones, i.e., total 1,136 lines have been completed as compared to target
he 5G market. If the Covid-19 sit_x0002_uation persists globally, we do expect that growth in 2020 will be limited given the changing buyi
 to CGS and is fed by LNG transported by road instead of gas transported by trunk pipelines. THINK Gas has commissioned two further CG

n for the overlay works was developed and submitted to the authority (NHAI). Contracts for overlay work have been awarded with the tar

ocesses and benefit from the expanded scale of the Cube Highways. As an example, savings in budgeted major maintenance expenditure i

volver and provide FirstLight with additional liquidity in 2021

of M&A and Strategy who joined in January 2021 and is currently finalising its search for a new CFO to strengthen the group's financial org

he reforecast was driven by a timing difference in recovery of rental relief previously provided to tenants.Operating expenses were 51.9%
rt as it secures a long-term deal (up to 40 years) with Australia’s largest vaccine manufacturer and further diversifies its non-aeronautical
y 68% of pre-COVID levels in December 2020 and forecast to increase to approximately 80% in the first quarter of 2021. Qantas has also r
gas market:During 2020, the oil price collapsed some 70% as a result of the fall in oil demand following the COVID-19 outbreak and the Sau

with near-term focus on depots).Michael Baldwin (former CEO of the CGI depot business unit prior to its sale to ITSC; currently Chairman o

of city delays.

ntrol.There were no outbreaks in Opal homes during this period. Royal Commission into Aged Care Quality and Safety. There were no subm

y 2020 owing to the COVID-19 pandemic. The October 2020 budget included several funding measures for the aged care sector. In particu
data centres, high speed internet connectivity becomes critical for everyday business functions. In addition to enterprise customers, fibre

ity request for proposals (RFPs). Development opportunities, especially with commercial rather than governmental counterparties, are stil
ure power through public tenders. Development opportunities, especially with commercial rather than governmental counterparties, are
 on for a campus that will allow for a sustainable, efficient, and effective transportation experience that provides a seamless and holistic ap

ex will occur in the coming months.

erdependency with development timing) with the approach to be finalised Q1 FY2021. • (Succession planning): PoM’s CEO is expected to

o close out the construction phase of the project. • (FY22 Preliminary MLFs): In late December 2020, AEMO published preliminary Margina

nd the Board are proactively reviewing and assessing mitigation measures, including a possible equity injection in 2021. • (2021 Budget an

hered to, and that appropriate return hurdles are met. • (Non-aeronautical, Organisational and Other Developments): During the quarter,

y 2021 inaugural sailing date despite several challenges that have arisen due to the impacts of COVID-19 across Asia. Fortunately, Manage

15-year contract with 2 x 5-year extension options). o Western Areas | Odysseus Nickel Project: 8MW dual fuel power station (2-year cont
 uction cuts took effect. As a result of limited completion activity during 2020, EagleClaw’s producers built up a backlog of drilled but unco

creage. In connection with the Cappleton volumes, Cimarex has agreed to a 15-year Minimum Volume Commitment. In late 2020, Exxon c

larly affected sectors. TIP management has been actively monitoring the deployment of its trailers to maximize utilization. I Squared Capit

bers has decreased from 23 percent in January to 15 percent in August. However, as occupancy rate declined in certain EHPADs due to CO

0002_gional data consumption growth is not expected to change. Management foresees large enterprises, public bodies, and the governm

d as compared to target of 900 lines. In addition, HGC has assisted MNOs to plan where their base stations – which create “cells” of covera
given the changing buying behaviours of clients and the overall consumer and business sentiment reducing their telecoms spending gener
issioned two further CGSs in 2021 in Gorakhpura (Bhopal) and Baghpat with 8 more CGSs (three in Ludhiana, three in Jalandhar, one in Be

en awarded with the target to complete these works by October 2021. Further, the team has also implemented Electronic Toll Collections

intenance expenditure is planned going forward with internalized procurement of bitumen and related additives. Cube Highways has also

the group's financial organisation.

g expenses were 51.9% below the prior year and 0.6% below the reforecast. Cost savings in services and utilities, and land taxes, due to te
fies its non-aeronautical revenue base. Melbourne Airport Rail Link ─ The Australian Federal Government and the Victorian State Governm
2021. Qantas has also reopened bookings for a range of international destinations including the UK and USA for flights from early July 202
-19 outbreak and the Saudi Arabia - Russia price disputes on the supply-side. The oil price has since partly recovered from its lows seen in

SC; currently Chairman of ITSCBoard of Directors) continues to play a valuable role in this regard; most specifically to the Depot business u

fety. There were no submissions made by Opal HealthCare to the Royal Commission during Q4 2020. The last formal submission was in Ju

ed care sector. In particular, there was a focus on increasing the number of home care packages provided to senior Australians, with a com
erprise customers, fibre connectivity demands from hospitals and schools are also driving significant growth within the sector. The signific

l counterparties, are still available in Mexico, and the joint venture remains active in this space.
ntal counterparties, are still available in Mexico, and the joint venture remains active in this space.
 seamless and holistic approach to parking and mobility. The final study and vision were circulated to key OSU committees in Q4, with a pr

oM’s CEO is expected to retire 2H CY2021. The process to bring onboard a new CEO has begun in order to ensure a smooth transition, with

hed preliminary Marginal Loss Factors for 2021-22. Draft MLFs for BHSF (+0.0329), NSF (+0.0334) and SWF (+0.0104) are higher than curre

2021. • (2021 Budget and Asset Risk Review): MasParc management and QIC worked together to complete MasParc’s 2021 Budget and Bu

nts): During the quarter, the QIC asset management team worked closely with HIA on the strategic and financial evaluation of new propert

ia. Fortunately, Management has been able to identify and acquire a suitable vessel which is currently in Batam, Indonesia, undergoing a m

wer station (2-year contract with potential to expand post initial term subject to Western Areas choosing not to connect to nearby BHP po
cklog of drilled but uncompleted wells (“DUCs”) that will drive highly visible growth in production over 2021 and the first half of 2022. Ther

nt. In late 2020, Exxon completed drilling the first round of 26 wells on the Saints II acreage. EagleClaw has worked closely in hand with Ex

tilization. I Squared Capital continues to monitor the asset and its operations and will be reassessing the components of the risk score as th

ertain EHPADs due to COVID, manage_x0002_ment decided in September to resume the use of the exter_x0002_nal network to bring in n

bodies, and the government to continue their digital transformation in orderto stay more competitive; and the business is flexible to captu

create “cells” of coverage to minimize the time taken between a signal leaving a mobile handset and the response in terms of data or voi
elecoms spending generally.
e in Jalandhar, one in Begusarai and one in Shivpuri) at various stages of development/ construction. Scheduled to be commissioned over

ectronic Toll Collections on the TOT-3 toll plazas and working to enhance ETC penetration for cost savings and collection efficiency. In 202

Cube Highways has also now put together an inhouse software development team to build various customized applications, work-flow too

and land taxes, due to tenant rental relief were partially offset by higher than forecast staff costs, higher than expected internal audit costs
Victorian State Government rejected the market led proposal put forward by the Air Rail Melbourne consortium in favour of a government
ights from early July 2021; however, this timeframe may be optimistic given the prevalence of COVID-19 overseas and the time required t
ed from its lows seen in April 2020; however, the oil price decline has led oil exploration companies to withdraw or postpone their short-to

to the Depot business unit given his deep and long-standing customer relationships. The investment team is currently pursuing an opportu

mal submission was in July 2020 with an appearance in August 2020, related to the handling of COVID-19 outbreaks.

Australians, with a commitment to delaying their entry into a residential aged care home. These announcements included: ─ A further A$
n the sector. The significant impacts across the market due to COVID-19 have had minimal impacts on the telecom space. The demand for
mmittees in Q4, with a presentation scheduled in front of the OSU Board of Trustees in Feb 2021. Key next steps of the plan include additio

a smooth transition, with QIC taking a lead role via the People and Culture Committee. A specialist recruitment agency has been appointed

4) are higher than current forecasts, whilst CGWF (-0.0043) is marginally lower. A net positive impact to FY22 revenue (c. A$1.4m) will be

rc’s 2021 Budget and Business plan, which was approved by the Board in November. Due to the recent COVID-19 developments and NU p

aluation of new property opportunities at the airport, including progressing prospects for the development of a site plan and mixed-use p

ndonesia, undergoing a major refit in preparation for international survey. Simultaneously, the customer book build process is progressing

onnect to nearby BHP powerline infrastructure). • Other activities completed during quarter: A$5.0m distribution paid for the Sep-20 quar
he first half of 2022. There are over 3,500 DUCs across the entire Permian Basin, more than the total DUCs from all other Lower 48 crude s

d closely in hand with Exxon’s Operations team to delay capital spend in coordination with first flow of the wells. The Company is anticipati

nts of the risk score as the situation around the pandemic evolves, and in particular in the con[1]text of a potential 3rd wave

nal network to bring in new entries. Food costs per bed are trending downwards with savings of approximately €250 thousand per year th

siness is flexible to capture the business opportunities in different markets as the environment evolves. I Squared Capital has been working

e in terms of data or voice. HGC’s fibre-based connectivity between base stations and land-based operations has been upgraded from 1GB
 be commissioned over the first half of 2021, these CGSs will ensure efficient transportation of gas through the pipeline network to indust

ection efficiency. In 2021, the team will also install stationary and in-motion weighing bridges to be able to collect overloading penalty fro

plications, work-flow tools, analytical engines and business intelligence to deliver efficiency and increased scalability of operations and ass

ected internal audit costs and other miscellaneous costs.

favour of a government led project. While Melbourne Airport was disappointed by this, CEO Lyell Strambi said he is “looking forward with
and the time required to roll-out an effective vaccination program.As at 30 November 2020, Qantas had A$3.6 billion of available liquidity
 postpone their short-to-medium term drilling programs -- an estimated US$22 billion of capex has already been deferred in the North Sea

ntly pursuing an opportunity to acquire a portfolio of complementary depot facilities located in the Midwest US.

included: ─ A further A$850 million to fund 10,000 home care packages. This follows a previous commitment to fund 23,000 places at a co
m space. The demand for bandwidth and cloud connectivity has only increased as remote working becomes the new reality for many organ
 the plan include additional research and data gathering to establish the framework for a zone-based permit system that will enhance futu

ency has been appointed to undertake a global search, with QIC also putting forward a number of candidates for consideration based on re

enue (c. A$1.4m) will be reflected in the March 2021 quarterly Independent Valuation. • (PowAR Strategy): During the quarter the QIC team

developments and NU policies, MasParc expects a slower and gradual recovery in parking demand in Q1-Q3 of 2021, with near full recove

te plan and mixed-use precinct for a major retail tenant and a new facility in HIA’s freight and logistics precinct for Toll Logistics and Virgin

d process is progressing positively with Management reporting significant interest for start-up and additional customers have come forwa

paid for the Sep-20 quarter, successful completion of the Esperance funding optimisation process with lenders (detailed below), insurance
 other Lower 48 crude shale basins. During the fourth quarter of the year, the debt capital markets experienced a significant increase in ac

he Company is anticipating first flow beginning in the third quarter of 2021 and has procured 70% of ROW. EagleClaw will begin constructi

3rd wave

50 thousand per year thanks to a coaching program from food suppliers to EHPAD chefs. M&A activity has been somewhat postponed in 2

Capital has been working closely with HGC management to perform the downside planning and analysis, and identify areas of cost optimiz

been upgraded from 1GBps to 10GBps – which could be imagined as a much “fatter pipe” through which to carry communications and con
peline network to industrial, commercial, transport and residential customers. In the fourth quarter of 2020, THINK Gas also commenced s

overloading penalty from non-compliant vehicles which is expected to add ~ 3 percent over regular toll revenues. Earlier, for the TOT-3 b

ty of operations and asset management. During the quarter, for WVEPL, Cube Highways re[1]financed outstanding debt at a lower interes

is “looking forward with the Victorian and Commonwealth governments to ensure the design of the airport end serves the needs of our g
llion of available liquidity, comprised of A$2.6 billion of cash andA$1.0 billion of undrawn debt facilities which was expected to be increase
w reality for many organisations.
m that will enhance future parking and mobility programs at OSU. • (2021 Budget and Operating Plan): With assistance from the QIC asse

onsideration based on recent experience. A shortlist has been socialised with the People and Culture Committee with interviews to be sch

the quarter the QIC team continued to work closely with PowAR management on a refresh of the corporate strategy. A Board Strategy Da

21, with near full recovery starting in Q4 as vaccinations become widely available. Management was also able to identify a number of oper

Toll Logistics and Virgin Cargo. Development cost assessments and commercial discussions will continue during Q1 2021, noting that secu

omers have come forward expressing interest following a number of local marketing efforts (one of which included a function with the Ka

tailed below), insurance programme successfully renewed in Nov-20, FY20 annual financial statements completed, sale of land at 338 Gna
significant increase in activity, as yields across the entire midstream and E&P space com[1]pressed significantly. As it looked to capture on

law will begin construction of compressor stations and pipelines five months before first production. EagleClaw completed a Residue Head

omewhat postponed in 2020 due to the pandemic but Domidep was still able to execute 4 acquisitions in France and Belgium adding c.280

tify areas of cost optimizations, capex savings, net working capital enhancements, and finance/accounting action items that can mitigate th

ommunications and content. Thirdly, HGC has completed its network interconnection with TKO Express to provide a more direct and resili
K Gas also commenced supply of PNG (piped natural gas) to industrial customers in Bagroda and residential customers in in Raikot, Ludhian

Earlier, for the TOT-3 bundle, Cube Highways secured a term loan facility of INR 35,000 million (or USD 477 million ) at very attractive term

g debt at a lower interest rate (lower by c.130 bps) and with a longer maturity (longer by 3.25 years). For the FRHL project, the team is, sim

erves the needs of our guests and the wider Victorian community”. Melbourne Airport will be working closely with the Victorian Governme
expected to be increased by an additional A$500 million before 31 December 2020. Since 30 June 2020, Qantas’ net debt has risen from A
 tance from the QIC asset management team, the CampusParc Board reviewed and approved the final 2021 Budget and Operating Plan in D

with interviews to be scheduled with the directors/shareholders early CY2021. Succession planning for the broader executive leadership gro

egy. A Board Strategy Day on 3 December 2020 saw endorsement of a renewed growth ambition for PowAR, and refinement of target grow

dentify a number of operating and capital expenditure cost-saving measures in 2021 to mitigate the lowered outlook. Additionally, QIC com

1 2021, noting that securing an anchor tenant on HIA’s premises would potentially provide significant future activation value from surroun

d a function with the Karratha Mayor and 100+ customers with the Pilbara Chamber of Commerce). Contractual arrangements with partne

d, sale of land at 338 Gnangara Rd for net proceeds of A$10m, corporate model build process commenced and well-progressed, integration
s it looked to capture on the momentum of the broader market, EagleClaw successfully completed the extension of the BCP I revolver unti

ompleted a Residue Header Maximum Allowable Operating Pressure (“MAOP”) upgrade at the East Toyah plant that enables Toyah Cryo 2

nd Belgium adding c.280 beds. Additionally, and impor_x0002_tantly, Domidep entered the German market in 2020 with the acquisition o

tems that can mitigate the negative impact and contin_x0002_ues to be confident the business is being well managed during this time.

a more direct and resilient path between Hong Kong’s major financial hub and technology center. TKO Express is the first submarinecable
mers in in Raikot, Ludhiana. Nation-wide lockdown in India started from 25 March 2020 and was relaxed in phases only from 17 May 2020

n ) at very attractive terms. The facility was assigned a credit rating of AA by India Ratings (Fitch India). During the quarter, for WVEPL, Cub

project, the team is, similarly, in the process of refinancing existing loan with an expected re[1]duction in interest rate by more than 200 b

the Victorian Government on the details of the project to better understand how the project will deliver against the three core principles
net debt has risen from A$4.7 billion to A$5.9 billion as at 30 November 2020. The airline has no material debt maturities until April 2022 a
t and Operating Plan in December. The budget and operating plan outlined the revised revenue and operating expense outlook for 2021, r

executive leadership group was also a key focus with regards to the continuity required for key business priorities in the coming year.

efinement of target growth opportunities and objectives. QIC has worked with PowAR management to lead the strategic analysis and rene

ok. Additionally, QIC completed MasParc’s initial Asset Risk Review in Q4. Topics covered include governance, risk management, workplac

ation value from surrounding activity at the airport. From an organisational perspective, following an extensive search process led by Heid

rrangements with partners, QUBE and GAC (shipping agency) have been finalised with relationships between key representatives continuin

l-progressed, integration planning process completed and presented to PE board.

of the BCP I revolver until November 2023 (coterminous with the BCP II revolver). Over the course of 2021, EagleClaw will remain proactive

at enables Toyah Cryo 2 to discharge directly into high-pressure residue markets (ONEOK Roadrunner and Energy Transfer Comanche Trail

20 with the acquisition of a portfolio of 15 care homes totaling 1,420 beds. This marks the start of Domidep’s expansion in Germany, the la

ged during this time.

the first submarinecable to directly link Chai Wan and the Tseung Kwan OIndustrial Estate (TKOIE), a strategically important telecommunic
only from 17 May 2020 with construction activity suspended during the nation-wide lockdown. During the work suspension, THINK Gas to

quarter, for WVEPL, Cube Highways refinanced outstanding debt at a lower interest rate (lower by c.130 bps) and with a longer maturity (

rate by more than 200 bps. During the quarter, Cube Highways also commenced operations of its first Wayside Amenity facility at Chinna

the three core principles of speed, frequency and reliability.

turities until April 2022 and no financial covenants on the Group’s debt.Virgin Australia Group Bain Capital completed its acquisition of Vir
pense outlook for 2021, reflecting the continued expected impact of COVID-19 and respective mitigation measures. After an extensive revi

in the coming year.

rategic analysis and renewed positioning of the business. QIC was deeply involved in all preparatory work including providing expertise an

management, workplace health and safety, assurance and controls, finance and treasury, operational and legal risks, and more. The initial

arch process led by Heidrick & Struggles, and numerous interviews by the RemCo, the CEO recruitment process has been finalised with No

epresentatives continuing to strengthen. The initiative is expected to add c. A$3m EBITDA on an annualised basis to Sea Swift’s P&L and re
aw will remain proactive in its dialogue with its producers and key market participants as it looks to continue to profitably grow EBITDA. T

Transfer Comanche Trail on a separate basis, previously common connection) without additional leased booster compression resulting in ~

nsion in Germany, the largest elderly care market in Europe with supporting demographical trends and potential for further M&A and con

mportant telecommunications and media hub for Hong Kong. HGC further provides a direct path to TKO Express to link the data center hu
. After an extensive review, management also presented a revised capital expenditure plan for 2021 that allowed for additional cost savin

g providing expertise and research support, identifying discrete growth opportunities, and conducting briefings with shareholders, industr

ks, and more. The initial findings and recommendations will be presented to the Board in January 2021, with a timeline to resolution expe

s been finalised with Norris Carter confirmed to commence from March 2021. Norris is a highly experienced airport professional having m

to Sea Swift’s P&L and remains a key focus of Management and the Board. o Defence: The Defence Marine Support Services (“DMSS”) ten
ofitably grow EBITDA. The Company expects its growth through 2021 and beyond to be driven by its larger, typically investment grade, pr

ompression resulting in ~$60K/ month of savings. Additionally, EagleClaw is in process of installing electric residue compression for both Ea

or further M&A and consolidation

o link the data center hub in Chai Wan and TKOIE. This ensures continuity of HGC’s telecom services to the technology center for compani
 for additional cost savings. Additionally, the General Manager of LAZ (who had been playing a meaningful role in overseeing the LAZ servic

th shareholders, industry experts and Board members. QIC has led the origination of three new investment opportunities for PowAR, one

meline to resolution expected to be established in first half of 2021.

rt professional having most recently been the CEO of North Queensland Airports group where he oversaw a A$55 million transformation o

rt Services (“DMSS”) tender process saw the contract being awarded to the incumbent contractor despite market intelligence suggesting D