Connor, Clark & Lunn Infrastructure

In implementing its strategy, CC&L Infrastructure follows a patient and disciplined investment approach that has delivered a stable track record. A number of distinct features provide competitive advantages, namely: 1. Direct Access to a Diversified Portfolio with a Demonstrated Track Record: CC&L Infrastructure’s open-ended structure allows investors to gain exposure to a known portfolio of high-quality infrastructure assets and also participate in new investments made. To date, since inception returns have met or exceeded the CC&L Infrastructure Strategy’s targeted returns of 8-11%, net of fees and expenses. 2. Experienced Team Focused on Active Management: CC&L Infrastructure has an accomplished, multi-faceted team with significant experience acquiring, constructing, financing and managing infrastructure assets. This expertise provides deep insight into projects during due diligence and the ability to increase returns during ownership through an active management approach. This team has been successful in implementing efforts to optimize returns through operating cost reductions, financing initiatives and securing other revenue sources, among other efforts. 3. Robust Pipeline with Proprietary Deal Flow: CC&L Infrastructure has established relationships within the industry and an extensive network of contacts which provides deal flow. In particular, the Firm benefits from formal partnerships with several project developers, construction firms and specialized operating teams that offer it exclusive or priority access to investment opportunities in return for providing a reliable pool of capital, certainty of deal execution, and management expertise. These relationships often allow CC&L Infrastructure to invest outside of broad auctions, providing opportunities to invest on attractive terms at risk-adjusted returns. 4. Strong Alignment of Interest: The President and Managing Directors of CC&L Infrastructure are partners in CC&L Infrastructure and own 100% of management’s interest in the firm’s equity, providing direct participation in fund economics. Other team members, typically at the Vice President level and above, are Principals in the business and receive profit participation in addition to their base salary and cash bonus. This structure, along with CC&L Financial Group’s significant principal investment in the infrastructure portfolio, aligns the interests of the investment team directly and significantly with those of investors. 5. Integration of Responsible Investment (RI) Factors: As long-term asset owners, CC&L Infrastructure has a significant focus on the longevity and sustainability of their projects. The firm has RI considerations embedded in its diligence process and in the ongoing active management of its assets. The integration of RI factors pre-acquisition and over the life of its assets has become increasingly important in protecting and maximizing the value of the firm’s assets.