Title: PowerPoint Presentation URL Source: https://is.gd/fXcouc Published Time: Wed, 07 May 2025 14:13:35 GMT Markdown Content: Ecofin Global Utilities and # Infrastructure Trust plc (EGL) www.redwheel.com As of 28/02/2025 Performance (to 28 February 2025 ) *26 September 2016. Source: Morningstar. Performance is shown on a total return basis, i.e., assuming re investment of dividends. Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and in vestors may not get back the full amount invested. Yield, diversification, low volatility Ecofin Global Utilities and Infrastructure Trust plc (EGL) is a closed -end investment company domiciled in the UK whose shares are listed and traded on the London Stock Exchange. The Company carries on its business so that it qualifies as an authorised UK investment trust. EGL invests primarily in the equity and equity -related securities of utility and infrastructure companies which are listed on recognised stock exchanges in European countries, the United States and other developed, OECD countries although it may invest up to 10% of its assets in companies whose equity securities are listed on stock exchanges in non -OECD countries. It may also invest up to 10% of its assets in debt securities, which are typically traded on over -the -counter markets. Investment objective: The Company’s investment objectives are to achieve a high, secure dividend yield on its investment portfolio and to realise long - term growth in the value of the portfolio for the benefit of shareholders while taking care to preserve capital. Yield: The Company targets a dividend yield of 4% on net assets using gearing and, if necessary, reserves to augment the portfolio yield. Gearing: EGL may borrow up to 25% of its net assets to earn a higher level of dividend income and to offer shareholders a geared return on their investment. The Company pursues a flexible gearing policy, borrowing in major currencies at floating rates of interest under a facility which allows the Company to repay its borrowings at any time without penalty. As of 28 February 2025 Net assets £227,686,995 NAV per share 212.62p Share price 187.50p Premium/(Discount) (11.8)% Gearing 16.1% Yield* 4.4% Dividends With effect from the interim dividend paid in February 2025, the quarterly dividend rate will increase to 2.125p per share (8.50p per annum) from 2.05p per share. Quarterly payment dates fall on the last business day in February, May, August and November. *Yield is based on dividends paid (last 4 quarterly dividends) as a percent of the share price. Please also see ‘Dividends’ below. Geographical allocation (% of portfolio) 41% 40% 11% 8% North America Cont. Europe UK Rest of World (all total returns in £) 1 M % 3 M % 6 M % 1 Y % 3 Y % 5 Y % Since Admission* % Net Asset Value 0.8 -1.7 2.5 19.9 17.0 49.0 113.0 Share Price -0.3 -1.8 3.9 29.4 10.8 45.8 140.2 S&P Global Infrastructure Index -1.3 -1.4 7.9 21.2 28.5 40.2 68.0 MSCI World Utilities Index 0.7 -1.9 5.8 24.0 25.0 35.2 80.7 MSCI World Index -2.0 1.1 9.1 16.2 42.7 94.6 163.1 FTSE All -Share Index 1.3 5.7 5.2 18.4 27.7 53.4 73.3 FTSE ASX Utilities -1.6 -4.3 -3.5 6.5 10.8 40.2 45.4 Manager’s comments • With global equity markets approximately 2% weaker in February, listed infrastructure resisted better relatively and EGL’s NAV increased by 0.8%. The S&P Global Infrastructure Index declined by 1.3% and the MSCI World Utilities Index rose by 0.7% (all total returns in GBP). Geopolitical tensions intensified and US g rowth and inflation rate expectations were jostled (lower and higher, respectively) by President Trump’s proposed tariffs with uncertain timelines. With some weaker economic stats late in February, the US 10 -year yield moved 30bps lower to close at 4.25%. Pan -European 10 -year bond yields, in contrast, were unmoved or slightly higher, with implications for the relative performance of utilities in the two regions. • US utilities outperformed the S&P 500 ( -0.6%) but dispersion of returns within the sub -sector was high. As momentum faded for ma ny highly valued mega -cap US tech names, the nuclear power producers Vistra and Constellation – which have been associated with major datacentre announcements over the last 12 months and been outstanding performers – saw some swift profit -taking. Both companies presented strong earnings reports and guidance, as expected given the electricity demand upswing they are experiencing, but w ith a more defensive tone in markets, investor interest turned to regulated businesses and 2024’s underperformers. In the portfolio, we saw good NAV contributions from Exelon, DTE Energy, Southern, AEP and Xcel. Many reported solid earnings with an upward bias to long t erm earnings growth rates. China Water Affairs, the largest holding in the emerging markets segment, gained 32% in February and w as the month’s best NAV contributor. • European markets continued their strong start to 2025. Utilities and other infrastructure lagged broad index gains but portfo lio holdings E.ON (regulated), Vinci (transportation infra), Engie (integrated) and Veolia (environmental services) all performed well. In Eu rope too, earnings season was in full swing , and reports were at least in line with our expectations with several companies upgrading their financial targets (Engie, E.ON). • National Grid is now the portfolio’s largest holding. Despite apparent hostility to climate issues and renewables in the Whit e H ouse, an energy transition continues: For the first time last year, solar & wind generated more electricity in the US (17% of the tota l) than coal (15% of the mix), a dramatic change since 2017 when coal was generating twice as much electricity as solar & wind. Certain entitie s r emain keen to own these assets therefore, permitting National Grid to secure the sale of its US renewables business (mostly solar) to Brookfield Asset Management last month for an attractive valuation. This divestment is in line with NG’s strategy to streamline operations and focus its 5 -year capex investment plans around regulated energy networks. NG continues to deliver on our earnings and dividend growth targets and has a majority (c. 60%) of its earnings base in the US, a premium growth market for power demand, while its shares trade at the currently relatively low valuations attached to pan -European utilities. • Late February, Innergex Renewable Energy (not held) announced it had agreed to be acquired by The Caisse de dépôt et placement du Québec (CDPQ) for an enterprise value of C$10bn and a price c. 58% higher than the prevailing share price (80% premium to the 30 -day average). This is another example of private capital coming to the public market to take a renewables company private. Innergex had suffered from poor operational performance in the past 2 -3 years and had started to turn the corner with a much brighter outlook . In line with many transactions in the last 12 -18 months, private capital is recognizing the strengthening fundamentals for the sector in terms of power demand growth, capital discipline and attractive returns, and buying public companies at depressed valuations . • We continue to focus on company fundamental s and diversification of opportunity and risk in the portfolio. During the month, we added to Brookfield Renewable Partners (a new position started in January), Greencoat UK Wind and Engie (75% regulated/contracted earnings, 8x P/E, 9% dividend yield, healthy balance sheet and new guidance implies substantial EPS upgrades for the next 2 years), whi le taking profits in certain US holdings (Constellation, Xcel Energy and Ameren). Gearing was just over 16% at month -end. # Ecofin Global Utilities and Infrastructure Trust plc (EGL) Sector allocation % of Portfolio Regulated utilities 32 Integrated utilities 32 Renewables & nuclear 16 Environmental services 9 Transportation infrastructure 11 100 10 Largest holdings % of Portfolio Country National Grid 4.8 UK E.ON 4.4 Germany Vinci 4.3 France Vistra 4.0 US Enel 3.9 Italy NextEra Energy 3.9 US Exelon 3.7 US Veolia 3.6 France RWE 3.4 Germany SSE 3.3 UK Total (40 holdings) 39.3 > www.redwheel.com The information shown above is for illustrative purposes only and is not intended to be, and should not be > interpreted as, recommendations or advice. # Ecofin Global Utilities and Infrastructure Trust plc (EGL) Key risk factors All financial investments involve an element of risk. The value of your investment and the income derived from it will vary and there can be no assurance that the investment manager will be able to invest the Company’s assets on attractive terms, generate investment returns for investors or avoid investment losses. The Company focusses on investments in two sectors, the utilities and infrastructure sectors, and accordingly an investment in the Company’s shares may be regarded as representing a more concentrated risk than the investment in the shares of a broadly diversified, generalist investment trust or fund. The Company may employ gearing. Whilst the use of gearing should enhance the NAV per share when the value of the Company’s underlying assets is rising, it will have the opposite effect when the underlying asset values are falling. The Company invests to a considerable extent in securities which are not denominated or quoted in Sterling, the Company’s base currency. Movements in exchange rates will, therefore, have an effect, favourable or unfavourable , on the return on an investment in the Company’s shares. Company details Portfolio manager: Jean -Hugues de Lamaze Date of admission: 26 September 2016 Traded: London Stock Exchange Dealing currency: Sterling Issued share capital: 107,088,240 shares Investment management fee: 0.9% p.a. of NAV on first £200mn; 0.75% above £200mn up to £400mn; 0.6% thereafter Gearing The Company may make use of gearing to enable the Company to earn a high level of dividend income and to offer Shareholders a geared return on their investment. The Directors believe that the use of gearing is justified given the nature of most of the companies in which the Company invests; that is, companies which provide essential services, operate in regulated markets and within stable regulatory frameworks, and pay dividends. Whilst the use of gearing should enhance the net asset value (NAV) per share when the value of EGL’s underlying assets is rising, it will have the opposite effect when the value of its assets is falling. As a result, the volatility of the Company’s NAV will increase when gearing is being used which may also increase the volatility of the Company’s share price. The nature and term of any borrowings are the responsibility of the Directors, while the amount of any borrowings is at the discretion of the Investment Manager. EGL may borrow amounts equal to 25% of its net assets. Any borrowings will be flexible, short -term borrowings in major currencies at floating rates of interest under a Prime Brokerage facility with Citigroup which allows the Company to repay its borrowings at any time without penalty. Financial calendar Year -end: 30 September Results announced: May (half -year); December (final) AGM: 5 March 2025 Dividends paid: Last day of February, May, August & November NMPI status The Company conducts its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non -mainstream pooled investment products and intends to continue to do so. The Company’s securities are excluded from the FCA’s restrictions which apply to non -mainstream pooled investment products because they are shares in an investment trust. Individual Savings Account (“ISA”) The Company’s shares are eligible to be held in an ISA account subject to HM Revenue & Customs limits. Released: 7 March 2025 TICKER: EGL SEDOL: BD3V464 ISIN: GB00BD3V4641 > www.redwheel.com # Ecofin Global Utilities and Infrastructure Trust plc (EGL) # Disclaimer This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe o r p urchase, any shares in EGL. The information contained in this document is for background purposes only and does not purport to be full or complete. The Investment Manager believes that the source of the information disclosed in this document is reliable. However, no representation, warranty or undertaking, express or implied, is given as to the completeness of the information contained in thi s document by the Investment Manager, and no liability is accepted by the Investment Manager for the completeness of any such information. Redwheel ® and Ecofin ® are registered trademarks of RWC Partners Limited (“RWC”). The term “ Redwheel ” may include any one or more Redwheel branded regulated entities. This document is issued in relation to Ecofin Global Utilities and Infrastructure Trust plc (“EGL”) by RWC Asset Management L LP (“ Redwheel ”) which is authorised and regulated by the UK Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). Redwheel Group purchased the assets of Ecofin Advisors Limited in a transaction which completed on 1 October 2024. Any historical data or performance prior to this date is attributed to Ecofin Advisors Limited. Following the transaction there have been no material changes to the investment strategy or objectives of the product. EGL is an investment trust incorporated in the United Kingdom and whose shares are listed on the premium segment of the Official List and trade on the main market for liste d securities of the London Stock Exchange. The promotion of EGL and the distribution of this document inside and outside the Un ite d Kingdom is also restricted by law. This document contains views and opinions, which by their very nature are subject to uncertainty and involve inherent risks. Not hing in this document constitutes advice on the merits of buying or selling a particular investment, not it constitutes investment, l ega l or tax advice and expresses no views as to the suitability or appropriateness of the fund or any other investments described herein to the individual circumstances of any recipient. This document is provided for informational purposes only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any shares in EGL. The informa tio n contained in it is subject to updating, completion, modification and amendment. Redwheel Group does not accept any liability (whether direct or indirect) arising from the reliance on or other use of the information contained in it. The information set out in this docum ent is to the reasonable belief of Redwheel , reliable and accurate at the date hereof, but is subject to change without notice. In producing this document, Redwheel Group may have relied on information obtained from third parties and no representation or guarantee is made hereby with respect to the accuracy or completeness of such information.