Rest's Infrastructure Investments

Infrastructure assets tend to be very large, long life assets. An investment in infrastructure can be made via:

• Direct ownership of an asset;
• Pooled funds managed by third party Fund Managers;
• Co-investments associated with third party Fund Managers;
• Through listed market shareholding

• The long-term investment horizon of infrastructure assets may align to the long term investment objectives of members;

• Infrastructure assets can produce long-term income streams (stable dividend yield with moderate capital growth);

• For some assets, the revenues can be stable, regulated income streams pegged to inflation;
• Infrastructure can add diversification benefits to a portfolio invested in other asset classes - although it can become more correlated in extreme markets (like the Global Financial Crisis).

Here are some of the infrastructure assets that Rest invests in (directly or indirectly) for our members, as at 30 June 2021:

• Melbourne and Launceston airports (VIC, TAS);
• Endeavour Energy (NSW), the electricity distribution company servicing 2.4 million people in households and businesses across Sydney’s Greater West, the Blue Mountains, Southern Highlands, the Illawarra and the South Coast;
• Powerco (NZ), New Zealand’s second largest gas and electricity distribution company;
• Gatwick Airport (London, UK);
• We fully own Collgar Wind Farm (WA), which generated over 25% of WA’s wholesale renewable power in FY2020, enough to power 130,000 average WA homes for a year;
• Long Beach Container Terminal, located California, is one of the greenest port terminals in the world. They use electricity to power their operations instead of diesel, which avoids polluting emissions
• Reliance Rail (NSW), the business is responsible for the delivery and maintenance of the Waratahs trains operated by Sydney Trains.

Rest’s infrastructure asset class has the ability to invest in listed infrastructure investments, where compelling opportunities are identified.