Ecofin Global Utilities and Infrastructure Trust plc

Ecofin Global Utilities and Infrastructure Trust plc is an investment company domiciled in the United Kingdom. Its ordinary shares are listed on the London Stock Exchange (EGL:LN). As an investment trust, the Company is exempt from capital gains tax and its shares are eligible for inclusion in an Individual Savings Account.

Fund Stats as of 29/11/2023:

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NAV per Share (pence)

187.90

Share Price (pence)

166.00

Premium/Discount

-11.66%

Dividend Yield

4.64%

Total Net Assets

£228,070,986

Gearing (% of net assets)

10.00%

Issued Share Capital

103,117,423

SEDOL

BD3V464

ISIN

GB00BD3V4641

EGL.LN

The ordinary shares of Ecofin Global Utilities and Infrastructure Trust plc (the ‘Company’ or ‘EGL’) began trading on the London Stock Exchange on 26 September 2016. The Company’s assets are primarily invested in equity and equity-related securities of utility and infrastructure companies in developed countries. These companies have a mix of regulated and growth-oriented business segments:

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2023 Ecofin Global Utilities and Infrastructure Trust plc Interim Report

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Sectors set for profitable growth

There is a requirement for substantially greater investment in economic infrastructure globally in order to support economic growth and to meet the UN’s Sustainable Development Goals. Corporate strategies are changing rapidly in the Company’s sectors to meet the urgent demands for more and cleaner electricity and for the mitigation of environmental risks. Capital spending requirements related to the modernisation of inadequate infrastructure and to the transition to low and zero carbon energies should support profitable growth for the Company’s investment universe and portfolio.

Investment objective and policy

Ecofin Global Utilities and Infrastructure Trust plc's investment objectives are to achieve a high, secure dividend yield on its investment portfolio and to realise long-term growth in the capital value of its portfolio for the benefit of shareholders, while taking care to preserve shareholders’ capital.

The Company may make use of gearing to enable it to earn a high level of dividend income and to offer shareholders a geared return on their investment. The Directors of the Company 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. The Company utilises a flexible gearing policy with the ability to borrow amounts up to 25% of net assets.

The Company is registered in England & Wales with Registered Number 10253041.

Ecofin Global Utilities and Infrastructure Trust plc EGL.LN

Performance Portfolio Update Annual Report Interim Report

KID Prospectus AIFMD Investor Disclosure Result of EGL General Meeting held on 22 September 2022

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Terms of Reference

Company	% of Total
NextEra Energy	6.1%	United States
American Electric Power	4.7%	United States
SSE	4.6%	United Kingdom
Exelon	4.5%	United States
Enel	4.4%	Italy

Company	% of Total
National Grid	4.3%	United Kingdom
Constellation Energy	3.9%	United States
RWE	3.3%	Germany
Edison Int'l	3.1%	United States
DTE	3.1%	United States

all total returns in £	1 Month	3 Month	6 Month	1 Year	3 Year	5 year	Since Inception ¹
Net Asset Value	0.2%	-9.6%	-13.2%	-9.5%	23.1%	57.1%	73.5%
Share Price	-5.5%	-17.8%	-28.5%	-21.9%	4.5%	49.3%	85.1%
S&P Global Infrastructure Index	-2.5%	-6.7%	-9.8%	-7.2%	26.0%	24.3%	29.9%
MSCI World Utilities Index	1.1%	-5.0%	-8.7%	-6.9%	9.2%	30.2%	43.9%
MSCI World Index	-2.4%	-3.9%	2.1%	4.8%	36.6%	60.1%	100.2%
FTSE All-Share Index	-4.1%	-4.9%	-6.1%	5.7%	38.9%	20.7%	35.4%
FTSE ASX Utilities	2.8%	-1.4%	-5.8%	15.1%	41.7%	61.2%	35.2%

26 September, 2016

Source: Bloomberg. Performance is shown on a total return basis, i.e., assuming reinvestment of dividends.

The Board of Directors are all non-executive and independent. The Directors, apart from Max King and Susannah Nicklin, were appointed at admission on 26 September, 2016. All Directors are members of the Audit Committee, Management Engagement Committee and Remuneration Committee.

David Simpson

Chairman

David Simpson, the chairman of the Company, is a qualified solicitor and was a partner at KPMG for 15 years until 2013, culminating as global head of M&A. Before that he spent 15 years in investment banking, latterly at Barclays de Zoete Wedd Ltd. He is chairman of M&G Credit Income Investment Trust plc, and a director of Aberdeen New India Investment Trust PLC and ITC Limited, a major listed Indian company.

Iain McLaren

Chairman of the Audit Committee and Senior Independent Director

Iain McLaren is a chartered accountant and was a partner at KPMG for 27 years, including senior partner in Scotland from 1999 to 2004, retiring from the firm in 2008. He is a director of Wentworth Resources plc and Jadestone Energy Inc. He is a past president of the Institute of Chartered Accountants of Scotland.

Malcolm (Max) King

Chairman of the Remuneration Committee

Max King is a chartered accountant and has over 30 years’ experience in fund management having worked at Finsbury Asset Management, J O Hambro Capital Management and Investec Asset Management. He is also a columnist for MoneyWeek magazine. Max is currently a director of Gore Street Energy Storage Fund plc. He was appointed as a director of the Company on 11 September 2017.

Susannah Nicklin

Chairman of the Management Engagement Committee

Susannah Nicklin is an experienced non-executive director and financial services professional with 25 years of experience in executive roles in investment banking, equity research and wealth management at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. Susannah is Chair of the Schroder BSC Social Impact Trust plc and a non-executive director of Baronsmead Venture Trust plc, The North American Income Trust plc and Frog Capital LLC. She was formerly senior independent director of Pantheon International plc. She holds the Chartered Financial Analyst qualification. She was appointed as a director of the Company on 9 September 2020.

Company Secretary and Registered Office

Company Secretary and Registered Office
Apex Fund Administration Services (UK) Limited
Hamilton Centre
Rodney Way
Chelmsford CM1 3BY

Tel: 01245 950317

Email: cosec@maitlandgroup.com

Administrator

BNP Paribas Securities Services S.C.A.

10 Harewood Avenue
London NW1 6AA
Broker

Stifel Nicolaus Europe Limited

150 Cheapside
London EC2V 6ET
Investment Manager

Ecofin Advisors Limited

Burdett House
15 Buckingham Street
London WC2N 6DU

info@ecofininvest.com
Banker, Custodian and Depositary

Citigroup

Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
Solicitor

Norton Rose Fulbright LLP

3 More London Riverside
London SE1 2AQ
Registered Auditor

BDO LLP

55 Baker Street
London W1U 7EU
Registrar

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The Pavilions, Bridgwater Road, Bristol
BS99 6ZZ, United Kingdom
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The share register for Ecofin Global Utilities and Infrastructure Trust plc is maintained by Computershare Investor Services. If you have a problem – such as a lost documentation or dividend cheque – please contact Computershare Investor Services directly. Your account details may also be accessed by using their website.

Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol
BS99 6ZZ, United Kingdom

Telephone for enquiries: +44 (0)370 703 6234

www.investorcentre.co.uk

WebCorres@computershare.co.uk