Insights

The pathway to net zero is not easy, nor is it linear, particularly for companies in parts of the world where conventional fossil fuels are still widely used for energy generation.

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Government spending earmarked to rescue and stimulate economies following the disruptions of COVID-19 related lockdowns and restrictions has been framed as a once in a lifetime opportunity to propel the world towards a greener and more sustainable future.

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The US’s largest state economy has forged ahead with ambitious goals to reduce greenhouse gas emissions across its heavily polluting sectors by 2045 through legislation and executive orders, targets that have already spawned programs favouring renewable power producers and waste to energy facilities in the state.

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Responsible investing as a core component within the decision making process has been almost universally embraced and is now mainstream. In fact, within the asset class, we believe it is a prerequisite to adding value and delivering the reliable returns investors seek.

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The problem with ESG becoming more fashionable in recent years is that frameworks used to prove ESG credentials can also serve to detract from the quality of the actual implementation.

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While the most recent United Nations climate change conference may not have produced the kind of headline-grabbing unified stance against climate change as COP21 where the Paris Agreement was ratified, COP26’s achievement on methane could turn out to be a significant turning point for the battle against global warming.

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Changing consumer preferences and the rise of so called ‘secondary cities’ has led to a reframing and in some cases rethinking of transport and logistics systems, a trend that continues to play out in line with new urbanisation dynamics and land use patterns.

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With US President Joe Biden’s infrastructure plan expected to fall well short of addressing the crisis facing America’s ailing water infrastructure, communities in the US will increasingly look to private enterprise to step in.

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The Edwards Sanborn solar power and battery storage facility in California is one of the largest solar PV plus battery storage projects in the US which also happens to be located at an area of rich cultural and environmental heritage. Both of these issues need to be dealt with sensitivity.

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Important information

It is important that you read this page. The use of www.igneoip.com.au (this “Website”) is subject to the following terms and conditions (the “Terms”). After you have read and understood these Terms, you may click “I Agree” to confirm that you agree to the Terms which create a binding legal agreement between us. If you do not agree to these Terms, please refrain from using this Website.

General terms and conditions:

All users of services accessible through this site agree to the terms and conditions set out below.

General

Information on this site is provided by First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc (“MUFG”). Igneo Infrastructure Partners (Igneo) is an unlisted infrastructure asset management business which forms part of the First Sentier Investors Group.

In Australia, Igneo provides services through First Sentier Investors (Australia) RE Ltd (ABN 13 006 464 428, AFSL 240550).

“MUFG Group” is a reference to MUFG and the group of companies that are subsidiaries of MUFG.

“First Sentier Investors” and “First Sentier Investors Group” refer to First Sentier Investors Holdings Pty Limited (“FSI HP”) and First Sentier Investors (US) LLC (“FSI US”) and the companies that are subsidiaries of FSI HP and FSI US.  

Information provided on, and available from, this site does not constitute financial or taxation advice. The information does not take into account the objectives and circumstances of the individual investor. You should obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision.

All currency references are references to Australian dollars (unless otherwise specified).

Unless otherwise specifically stated, the material on this site is for information purposes only and nothing on this site currently:

• constitutes an offer of a Financial Product (as defined in the Australian Corporations Act 2001) or an offer generally;

• constitutes an invitation to subscribe for a Financial Product, or

• amounts to a solicitation for any business either in Australia or in any place other than Australia.

Accuracy of information and limitation of liability

First Sentier Investors, Igneo, the MUFG Group or any of its subsidiaries do not warrant the accuracy, completeness or currency of information that is made available through this site. First Sentier Investors, the MUFG Group or any of its subsidiaries will not be liable for or in connection with any loss or damage arising from any inaccuracies, errors or omissions in information made available through this site. However, First Sentier Investors and Igneo will endeavour to ensure that information is updated as soon as practicable when it becomes aware that material changes have occurred.

The investment risk

Investments in the products contained on this website are not investments, deposits or liabilities of the MUFG Group and are subject to investment and other risks. First Sentier Investors, Igneo and the MUFG Group do not guarantee the repayment of capital or the performance of any of the funds or any particular rate of return from the fund, or any taxation consequences of, any investment in a fund which is made under the information available from this site.

Copyright

First Sentier Investors, Igneo and Igneo Infrastructure Partners and related logos are trademarks registered in Australia and various jurisdictions across the world. Unless otherwise stated, First Sentier Investors (Australia) Services Pty Ltd, which forms part of First Sentier Investors, is the owner or the licensee of all intellectual property rights in and to this Website, its content and the information, imagery and data published on it including but not limited to copyright and trade mark rights (whether registered or unregistered). Those works are protected by copyright laws and treaties around the world. All such rights, save as expressly granted, are reserved.

Copyright in the information provided on, and available from this site is owned by First Sentier Investors (Australia) Services Pty Ltd. You may not alter or modify this information in any way. This information may be viewed on-line and may be reproduced in hard copy only for your personal reference. You may only use the trademarks and copyright material at this site with First Sentier Investors (Australia) Services Pty Ltd 's express permission and in accordance with First Sentier Investors (Australia) Services Pty Ltd's directions from time to time. The use of, and creation of links to, this site are at the risk of the user and are subject to First Sentier Investors (Australia) Services Pty Ltd.'s rights and the user's general legal obligations. First Sentier Investors (Australia) Services Pty Ltd makes no warranty and accepts no liability in relation to use of the trademarks outside Australia. For further information about creating links to this site and about using the First Sentier Investors and Igneo material, see our guidelines below or please contact your local office from the Contact us page on this website.

Guidelines

If you wish to create a link from your site to this site, in addition to the general terms and conditions you have read and agreed to above, you acknowledge the following.

• You may link your site only to the home page of this site.

• You must display the First Sentier Investors and/or Igneo URLs and icons (as appropriate) clearly and prominently, without in any way damaging the reputation of the MUFG Group, First Sentier Investors, Igneo or goods and services the MUFG Group provides, or suggest any association between the MUFG Group or First Sentier Investors, Igneo and other persons, organisations, goods and services, unless approved by First Sentier Investors (Australia) Services Pty Ltd.

• If First Sentier Investors (Australia) Services Pty Ltd allows you to use its copyright material you may use it only in accordance with its directions from time to time, using only material supplied or approved by it, without any alteration and incorporating notices indicating First Sentier Investors (Australia) Services Pty Ltd ownership of copyright material.

• First Sentier Investors (Australia) Services Pty Ltd may take legal action in respect of any use of its name or copyright material, without its permission, other than in accordance with its directions or in breach of the MUFG Group's rights or your general legal obligations.

Privacy

At First Sentier Investors, the privacy of your personal information is important to us. Any personal information collected from this site will be handled in accordance with our Privacy Policy. Our Privacy Policy details how we comply with the requirements of the Privacy Act in the handling of your personal information.

Whistleblower statement

First Sentier Investors is committed to maintaining high standards of corporate governance, ethics and behaviour in all of its activities, as part of which First Sentier Investors requires that its employees display the highest levels of professionalism in all aspects of their work to facilitate compliance with its code of conduct and all applicable laws.

First Sentier Investors is also committed to providing a culture where all staff are encouraged to raise concerns about unacceptable practice and misconduct. This extends to others with a connection to First Sentier Investors such as directors, contractors, consultants, suppliers and service providers or a relative or dependent of these individuals or their spouse.

Individuals as noted above with information in relation to serious wrongdoing (including unethical, illegal, corrupt or other inappropriate conduct) are encouraged to contact the First Sentier Investors Whistleblowing Protection Officer via:

• The First Sentier Investors EthicsPoint website click here.

The global direct access telephone hotline on +1-844-319-1607, or a local toll free number in the following locations:

• Australia: 1-800-515-184

• Hong Kong: 800-93-3975

• United Kingdom: 0808-234-5817

• United States: (844) 319-1607

• Singapore: (StarHub) 800-001-0001 OR (SingTel) 800-011-1111 then 844-319-1607

By clicking “I Agree” you:

(1) represent, warrant and undertake to us that you are (1) either an Australian professional licensed financial advisor or an institutional/wholesale client (as defined in the Corporations Act), (2) that you will only access the information on this Website for professional use only and (3) that you will not provide any content on the Website to retail clients (as defined in the Corporations Act);

(2) confirm that you have read and understood the Terms and agree to abide by them on every occasion that you access this Website; and

(3) confirm that you are accessing this Website in compliance with the laws and regulations of Australia.

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information in certain jurisdictions. When you have read the information set out below, please click on the "I agree" button below to acknowledge that you have read and understood the information and accept the terms and conditions set out therein.

The information on the website you are about to enter is intended for Professional Investors and/or Institutional Investors resident in Hong Kong, Singapore and Japan ONLY.

The information contained on the following website should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein, or to execute any agreement for portfolio management or investment advisory by anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

The information on the website is being provided strictly for informational purposes only and does not constitute an advertisement and/or investment advice. The information and/or data herein has been obtained from sources that First Sentier Investors (“FSI”) believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. To the extent permitted by law, neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of the information contained in this website.

The commentaries and/or views expressed herein are the views of the writer at the time of issue and may change over time. Such commentaries and/or views: (i) are not a recommendation to hold, purchase or sell a particular financial product; (ii) may not include all of the information needed to make an investment decision in relation to a financial product; and (iii) may substantially differ from other individual authors within First Sentier Investors.  Analyses contained herein are based on numerous assumptions which may cease to be valid over time. Reference to any fund on this website does not imply and/or indicate that the relevant fund is authorized for distribution to any person in a particular jurisdiction. No person should rely on the content and/or act on the basis of any matter contained in this website without obtaining specific professional advice.

Investment involves risks, past performance is not necessarily a guide to future performance. Please note that the value of investments and the income from them may go down as well as up and that you may not get back your original investment. Please refer to the offering documents for details, including the risk factors. You should ensure you fully understand the risks associated with the investment and should also consider your own investment objective and risk tolerance level. If in doubt, please seek independent financial professional advice.

When using this website you must comply with all applicable local, national and international laws including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this website in certain countries and Igneo Infrastructure Partners, its affiliates and its and their directors, officers, employees and agents of it and of First Sentier Investors disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the country in which you reside.

This website is neither directed at nor intended to be accessed by persons resident in, or citizens of any country, or types or categories of individual where to allow such access would require any registration, filing, application for any licence or approval or other steps to be taken by First Sentier Investors in order to comply with local laws or regulatory requirements in such country.

By choosing to view or make use of this website and the materials on it you do so on the basis that you have informed yourself of any regulatory or other consequences of your doing so.

In Hong Kong, this website is communicated by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited.

In Singapore, this website is communicated by First Sentier Investors (Singapore) whose company registration number is 196900420D. Advertisements or publications on this website have not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number []) are business divisions of First Sentier Investors (Singapore).

In Japan, this website is communicated by First Sentier Investors (Japan) Limited.

In Hong Kong, “Professional Investor” is defined under the Securities and Futures Ordinance, Chapter 571 of the laws of Hong Kong as may be amended from time to time.

In Singapore, “Institutional Investor” is defined under the Securities and Futures Act, Chapter 289 of the laws of Singapore as may be amended from time to time.

In Japan, “Institutional Investor” shall refer to “Qualified Institutional Investor (tekikaku kikan toshika)” defined under Item 1, Paragraph 3, Article 2 of the FIEA and Paragraph 1, Article 10 of Cabinet Office Ordinance regarding Definitions Provided in Article 2 of the FIEA.

First Sentier Investors (Hong Kong) Limited, First Sentier Investors (Singapore) and First Sentier Investors (Japan) Limited are a part of the investment management business of First Sentier Investors, which ultimately is owned by Mitsubishi UFJ Financial Group, Inc. (“MUFG”), a global financial group. First Sentier Investors includes a number of entities in different jurisdictions.

MUFG and its subsidiaries are not responsible for any statement or information contained in this website. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment or entity referred to in this website or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.

Please read our Privacy Policy and Cookies Policy before submitting your personal data via the website to understand some important information about the website, what data we collect and how we use it.

Links to other web sites

Our web site may contain links to non- First Sentier Investors web sites. While such links are provided for your convenience, you should be aware that the information handling practices of the linked web sites might not be the same as ours. You should review any privacy policies on those linked websites. We are not responsible for any linked websites.

Whistleblower statement

First Sentier Investors (FSI) is committed to maintaining high standards of corporate governance, ethics and behaviour in all of its activities, as part of which FSI requires that its employees display the highest levels of professionalism in all aspects of their work to facilitate compliance with its code of conduct and all applicable laws.

FSI is also committed to providing a culture where all staff are encouraged to raise concerns about unacceptable practice and misconduct. This extends to others with a connection to FSI such as directors, contractors, consultants, suppliers and service providers or a relative or dependent of these individuals or their spouse.

Individuals as noted above with information in relation to serious wrongdoing (including unethical, illegal, corrupt or other inappropriate conduct) are encouraged to contact the FSI Whistleblowing Protection Officer via:

• The First Sentier Investors

EthicsPoint website

The global direct access telephone hotline on +1-844-319-1607, or a local toll free number in the following locations:

• Australia: 1-800-515-184

• Hong Kong: 800-93-3975

• United Kingdom: 0808-234-5817

• Singapore: (StarHub) 800-001-0001 OR (SingTel) 800-011-1111 then 844-319-1607                                    

In Hong Kong, this website is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong.

In Singapore, this website is issued by First Sentier Investors (Singapore) (Co. Reg No. 196900420D).  This website has not been reviewed by the Monetary Authority of Singapore.

In Japan, this website is issued by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611).

Please click the "I agree" button below if you have read and understood this page and confirm that you are an Institutional Investor (as defined in the relevant jurisdiction) and agree to abide by its contents, otherwise click "Cancel" to leave the website.

Terms and Conditions

Before you access the Igneo Infrastructure Partners website, we would like you to read and understand the website’s terms and conditions, the personal data we collect and how we use it. This information is set out in the terms and conditions below:

1. Terms and Conditions

2. Privacy Notice

3. Cookie Policy

Terms and Conditions

It is important that you read this page. The use of www.igneoip.com (this “Website”) is subject to the following terms and conditions (the “Terms”). If you do not agree to these Terms, please refrain from using this Website.

IMPORTANT INFORMATION ABOUT ACCESS TO THIS WEBSITE

In the UK and Switzerland this Website is operated and communicated by First Sentier Investors International IM Limited, registered office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB, which is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA reference number 122512).  Igneo Infrastructure Partners is a UK trading name of First Sentier Investors International IM Limited. In the EEA this website is operated and communicated by First Sentier Investors (Ireland) Limited, registered office 70 Sir John Rogerson’s Quay, Dublin 2, Ireland, (CBI registration number C182306).   The information on this Website constitutes a financial promotion and an invitation or inducement to engage in investment activity and/or a marketing communication.

This Website uses cookies as described in these Terms and by agreeing to these Terms you consent to the use of cookies as described below.

This Website (and the information on it) is not directed at or made available to Retail Clients and is directed only at persons who are Professional Clients or Eligible Counterparties for the purposes of UK law, the Markets in Financial Instruments Directive (“MiFID”) or as otherwise defined under applicable local regulations,  and at persons whom this Website (and any information on it) may lawfully be directed in any relevant jurisdiction. Access to this Website is not open to persons resident in, or citizens of any territory where, to allow such access would require any registration, filing, application for any licence or approval or other steps to be taken by Igneo Infrastructure Partners  in order to comply with local laws or other regulatory requirements in such overseas territory. The information on this Website should not be treated as an offer, invitation or inducement to distribute or purchase interests in funds or enter into an investment agreement to any person in any jurisdiction unless in the relevant jurisdiction such an offer, invitation or inducement could lawfully be made to them.

Telephone calls with Igneo Infrastructure Partners may be recorded.

The First Sentier Investors entities referred to on this Website are part of First Sentier Investors, a member of Mitsubishi UFJ Financial Group, Inc (MUFG), a global financial group. First Sentier Investors includes a number of entities in different jurisdictions. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to on this Website or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk including loss of income and capital invested.

Selling Restrictions: The distribution of the information on this Website may be restricted by law in certain countries. This Website, and the information on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. By choosing to view or make use of this Website you do so on the basis that you have informed yourself of any regulatory or other consequences of your doing so.

Igneo Infrastructure Partners and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation in the country of which you are a citizen or in which you are residing or domiciled. If your country of residence or domicile changes, you must access this Website selecting your new country of residence.

No Advice: The information on this Website is provided for information only and does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in any investment. The information on this Website is provided solely on the basis that you will make your own investment decisions and Igneo Infrastructure Partners has not taken any account of your particular investment objectives or financial situation in preparing the information on this Website. In addition, nothing in this Website shall, or is intended to, constitute financial, legal, accounting or tax advice. We strongly recommend that you seek professional investment advice before making any investment decision.   The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment.

Information on this Website: Igneo Infrastructure Partners has taken reasonable care to ensure that the information contained on this Website is accurate, current, complete, fit for its intended purpose and compliant with relevant legislation and regulations. However, errors or omissions may occur due to circumstances beyond Igneo Infrastructure Partners’ control and no warranty is given, or representation made, regarding the accuracy, validity or completeness of the information on this Website and no liability is accepted by such persons for the accuracy or completeness of such information. You must conduct your own due diligence and investigations rather than relying on any of the information in this Website. Any person who acts upon, or changes his or her investment position in reliance on, the information contained on this Website does so entirely at his or her own risk.

Information posted on this Website is current only as at the date it is first posted and may no longer be true or complete when viewed by you. Igneo Infrastructure Partners cannot guarantee that content will be accurate, complete and current at all times. To the extent that any information on this Website relates to a third party, such information has been provided by that third party and is the sole responsibility of such third party and Igneo Infrastructure Partners accepts no liability for such information. All content on the Website is subject to modification from time to time without notice. Please contact Igneo Infrastructure Partners for further information regarding the validity of any information contained on this Website.

To the extent that this Website contains any expression of opinion or forecast, such opinion or forecast is based on sources believed by Igneo Infrastructure Partners to be reliable, but is not guaranteed or warranted as to its current validity, accuracy or completeness. Opinions expressed represent the opinions of Igneo Infrastructure Partners at the date of publication only, reflecting prevailing market conditions and certain assumptions (which may not prove to be valid), are subject to change and should not be relied on by users of the Website.

Certain content (the “Restricted Content”) on this Website including, but not limited to, webcasts shall be made available only on the granting of permission by Igneo Infrastructure Partners or a third party appointed by Igneo Infrastructure Partners. Igneo Infrastructure Partners reserves the right, in its absolute discretion, not to grant access to such Restricted Content. Where you are granted access to such Restricted Content, such access is granted for your personal use only. You must treat this Restricted Content as confidential and you must not disclose it to any third party or allow any third party to access such Restricted Content. Igneo Infrastructure Partners may revoke access to the Restricted Content in its absolute discretion at any time without notice.

Linked Websites: Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them. Igneo Infrastructure Partners accepts no responsibility for information contained on any other sites which can be accessed by hypertext link from this Website or for these sites not being available at all times. Igneo Infrastructure Partners has not reviewed, and will not review or update, such websites or information and any use that you make of such websites and information is at your own risk. Please note that when you click on any external site hypertext link you will leave this Website.

Liability: No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis. Igneo Infrastructure Partners does not accept any liability for any damages or losses arising from changes or alterations made to this Website by unauthorised third parties.

The internet is not a completely reliable transmission medium and neither Igneo Infrastructure Partners nor any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from Igneo Infrastructure Partners or any of its affiliates. Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk.

The information on this Website is provided “as is”. To the extent permitted by law, Igneo Infrastructure Partners, its affiliates and its and their directors, officers, employees and agents expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity. Igneo Infrastructure Partners and its affiliates will only be liable to you in respect of any direct losses arising from your use of, or inability to use, this Website in the event of Igneo Infrastructure Partners’ gross negligence, wilful default or fraud. In no event will Igneo Infrastructure Partners or any of its affiliates be liable to any person for any indirect, special or consequential damages arising out of any use of, or inability to use, this Website or the information contained on it or on any other hyper-linked site including, without limitation, any lost profits, business interruption, loss of programs or data on your equipment or otherwise, even if Igneo Infrastructure Partners is expressly advised of the possibility or likelihood of such damages. This does not affect Igneo Infrastructure Partners’ liability for any loss or damage which cannot be excluded or limited under applicable law.

Nothing in these Terms is intended to exclude or restrict any duty or liability that Igneo Infrastructure Partners has to its clients under the "regulatory system" in the United Kingdom (as such term is defined in the Financial Conduct Authority Rules), under applicable local regulatory rules or which may not be excluded or restricted as a matter of applicable law.

Access: Igneo Infrastructure Partners reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.

Compliance with Law and Regulation: When using this Website you must comply with all applicable local, national and international laws including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this Website in certain countries and Igneo Infrastructure Partners, its affiliates and its and their directors, officers, employees and agents disclaim all responsibility if you download any information from this Website in breach of any law or regulation of the country in which you reside.

Intellectual Property:

(a) Unless otherwise specified, Igneo Infrastructure Partners is the owner or the licensee of all intellectual property rights in and to this Website, its content and the information, imagery and data published on it including but not limited to copyright and trade mark rights (whether registered or unregistered). Those works are protected by copyright laws and treaties around the world. All such rights, save as expressly granted, are reserved.

(b) Notwithstanding paragraph (a) above, no warranty or indemnity is given that the use of the Website, or any information or material taken or downloaded from the Website will not infringe the intellectual property rights of any third party.

(c) Reproduction in any form of any part of the content, information, imagery or data from, or underlying, this Website, save for in strict compliance with these Terms, is prohibited without the prior written consent of Igneo Infrastructure Partners. All such intellectual property rights shall continue to be held by Igneo Infrastructure Partners or its licensors and no rights of any kind in such rights shall pass to you.

(d) The information held on this Website is for your own personal use only. You may print off or download copies of, or extracts from, pages from this Website for your personal reference but you must not modify those copies or extracts in any way. Igneo Infrastructure Partners (and any identified contributors), as the authors of material on this Website, must always be acknowledged.

(e) Any unauthorised downloading, re-transmission or other copying or modification of any of the contents of the Website may be in breach of statutory or common law rights which could be the subject of legal action. Igneo Infrastructure Partners disclaims all liability which may result from any unauthorised reproduction or use of the information on the Website.

(f) All trade marks, service marks, company names or logos are the property of their respective holders. The display of any trade names or trade marks on the Website does not imply that any licence has been granted to any third party in respect of the same. Any use by you of these marks, names and/or logos may constitute an infringement of the holders’ rights.

The Internet: Please note that there is no guarantee that any e-mail sent by you will be received by us, or that the contents of any such e-mail will remain private during internet transmission. Any information is sent at your own personal risk.

Data Protection: Please see our Privacy Notice for information relating to how Igneo Infrastructure Partners and other companies associated with it protect your personal data. In agreeing to these Terms you agree to the terms of our Privacy Notice.

Cookies: click here to view our cookie policy

Amendment: Igneo Infrastructure Partners may delete or make changes to these Terms and to the information contained on this Website at any time. Where we make any changes to these Terms, you will be required to accept such changes in order to continue to use the Website. If you do not accept such revised Terms, you may no longer be able to access this Website.

If any provision of these Terms is found by any court or authority of competent jurisdiction to be illegal, void or invalid under the laws of any jurisdiction, the legality, validity or enforceability of the remainder of these Terms in that jurisdiction shall not be affected and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.

Third Parties: Igneo Infrastructure Partners’ affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.

Jurisdiction: You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of Igneo Infrastructure Partners and accordingly Igneo Infrastructure Partners shall be entitled to take Proceedings in any other court or courts having jurisdiction.

Contact Us: If you have any enquiries in relation to this Website or the information on it, please contact Igneo Infrastructure Partners at IR@igneoip.com

Important information about access to this website

GENERAL TERMS AND CONDITIONS OF THIS WEBSITE

All users of services accessible through this site acknowledge and agree to the terms and conditions set out below. If you do not accept the terms and conditions, you are not authorised to use this site.

GENERAL

Information on this site is provided by First Sentier Investors (US) LLC (“First Sentier Investors”), which is a member of MUFG, a global financial group (the “Group”). First Sentier Investors provides its services to or through wholly owned subsidiaries of the Group. Information provided on, and available from, this site does not constitute financial, insurance, legal, accounting or taxation advice, and shall not be relied upon by you in that regard. The information does not purport to be comprehensive, nor does it take into account the objectives and circumstances of the individual investor. You are responsible for ensuring that you are properly informed about any securities, taxation or other legislation or law that could affect your investment decision. You should obtain advice specific to your investment objectives, financial situation and particular needs before making any investment decision. This site shall not be used, or relied upon by you, as a substitute for your independent research or professional advice that may be provided to you in consultation with a First Sentier Investors representative and/or your other advisers.

You acknowledge and agree that past performance is not an indicator of future returns and that references to performance on this site are provided as historical benchmarks only.

First Sentier Investors’ products and services are available only in jurisdictions where they may be lawfully offered for sale or provided, and not all of First Sentier Investor’s products and services are available in all geographic regions. As such, certain products and services may not be available in your jurisdiction. You are responsible for complying with all relevant local, national and other laws. All First Sentier Investors’ products and services shall be subject to the terms and conditions of any applicable agreements. You agree that your use of this site shall be on an “as is” basis entirely at your risk. None of the Group, nor its affiliated companies, nor any officer, director, or employee thereof, nor any person associated with the creation of this site or its contents, shall be liable or responsible to any person for any harm, loss or damage that may arise in connection with your use of this site or the information contained thereon, including without limitation any direct, indirect, special, third party or consequential damages. Without limiting the foregoing, none of the Group, nor any of its affiliated companies shall be responsible for any detrimental reliance that you may place upon this site or its contents whatsoever.

Unless otherwise specifically stated, the material on this site is for information purposes only and nothing on this site:

- constitutes an offer of any financial product  or an offer generally;

- constitutes an invitation to subscribe for a financial product, or

- amounts to a solicitation for any business in Australia, the United States or in any other place.

ACCURACY OF INFORMATION AND LIMITATION OF LIABILITY

The information contained on this site is subject to modification and update from time to time without notice. None of the Group, nor any of its affiliated companies warrants as to the accuracy, completeness or currency of information that is made available on or through this site.

None of the Group, nor any of its affiliated companies will be liable for or in connection with any harm, loss or damage that may arise in connection with your use of this site or the information contained thereon, including without limitation any direct, indirect, special, third party or consequential damages, arising from any inaccuracies, errors or omissions in information made available through this site (whether arising in contract, from negligence or otherwise). However, First Sentier Investors will endeavour to update the information on this site as soon as practicable when it becomes aware that material changes have occurred.

THE INVESTMENT RISK

Investments in the products described on this site are not investments, protected accounts, deposits or liabilities of the Group or any of its affiliated companies for the purpose of the Banking Act of 1959 of Australia and are subject to investment and other risks. Furthermore, investments in the products described on this site are not insured or guaranteed by the United States Federal Deposit Insurance Corporation or any other governmental agency of the United States, Australia or any other jurisdiction. Neither the Group nor any of its affiliated companies guarantee the repayment of capital or the performance of any of the funds or any particular rate of return from the fund, or any taxation consequences of, any investment in a fund which is made under the information available from this site.

COPYRIGHT

First Sentier Investors and related logos are trademarks registered in United States. Copyright in the information provided on, and available from this site is owned by First Sentier Investors and its affiliates. You may not alter or modify this information in any way. This information may be viewed on-line and may be reproduced in hard copy only for your personal reference. You may only use the trademarks and copyright material at this site with First Sentier Investor’s express permission and in accordance with First Sentier Investor’s directions from time to time. The use of, and creation of links to, this site are at the risk of the user and are subject to First Sentier Investor’s rights and the user's general legal obligations. First Sentier Investor’s Limited makes no warranty and accepts no liability in relation to use of the trademarks outside Australia. For further information about creating links to this site and about using the First Sentier Investor’ material, see our guidelines below or contact our office on  +1 212 497 9980 or inquiries@firststateinvestments.com.

GUIDELINES

If you wish to create a link from your site to this site, in addition to the general terms and conditions you have read and agreed to above, you acknowledge and agree to the following.

If First Sentier Investor’s allows you to use its copyright material you may use it only in accordance with its directions from time to time, using only material supplied or approved by it, without any alteration and incorporating notices indicating First Sentier Investor’s ownership of copyright material.

First Sentier Investor’s may take legal action in respect of any use of the its name or copyright material, without the its permission, other than in accordance with the its directions or in breach of the Group 's rights or your general legal obligations.

PRIVACY

Hypertext links

Reference on this site to products or services of third parties does not mean that First Sentier Investors endorses or approves such products or services, and is provided only for convenience. First Sentier Investors neither endorses nor approves links to other web sites or third parties and their products or services, and is not responsible for any incompatibility, inconvenience, or contamination by computer viruses or worms, Trojan horses or any other destructive agent originating from these sites. Linking to other sites is at your own risk, and First Sentier Investors will not be held liable for any damage caused by such links.

Internet e-mails and other electronic communications

The confidentiality and security of transmission of e-mails and other electronic communications via the Internet are not guaranteed. E-mail and other electronic communications are not confidential and may be intercepted, lost, or even modified. First Sentier Investors is not responsible for any harm or damage that you or any other person may incur by transmitting via the Internet to First Sentier Investments e-mails or other electronic communications containing personal or confidential information, or by receiving from First Sentier Investors e-mails sent to you at your request. Please click the "I have read and agree to the above information" button below if you have read and understood this page and agree to abide by its contents, otherwise click "Cancel" to leave the website.

Privacy policy

First Sentier Investment (US) LLC, as a member of the Mitsubishi UFJ Financial Group (MUFG), a global financial group. MUFG Group respects your concerns about privacy. This Privacy Notice describes the types of personal information we obtain about users in connection with First Sentier Investments (US) LLC products and services that link to this Privacy Notice, how we may use the information, with whom we may share it, and the choices available to users regarding our use of the information. The Privacy Notice also describes the measures we take to safeguard the personal information and how individuals can contact us about our privacy practices. This Privacy Notice does not apply to other MUFG Group products and services that post separate privacy notices.

1. How is your personal data dealt with?

In the course of doing business we outsource certain tasks to third party administrators or agents. These third parties are bound by confidentiality arrangements when handling your personal data. Your personal data may also be used by us to:

establish your identity and assess applications for products and services

price and design our products and services

administer our products and services

manage our relationship with you

manage our risks and help identify and investigate illegal activity, such as fraud

contact you, for example if we suspect fraud on your account or need to tell you something important

conduct and improve our businesses and improve the customer experience

comply with our legal obligations and assist government and law enforcement agencies or regulators

identify and tell you about other products or services that we think may be of interest to you.

We may also collect, use, and exchange your information in other ways where permitted by law.

If you used a financial advisor in relation to your investment then details of your investments may also be provided to such financial advisor (or any replacement or additional advisor which you inform us of).

We aim to ensure that the personal information we retain about you is accurate, complete, and up to date. If you provide us with incomplete or inaccurate information, we may not be able to provide you with the products or services you are seeking.

2. What personal data do we collect?

First Sentier Investors (US) LLC collects personal data on investors, clients, intermediaries and business contacts via application forms, other First Sentier Investors (US) LLC forms, investment management agreements, correspondence, business cards, phone, fax, e-mail, and on-line. Personal data collected may include:

your name

your mailing address

your phone numbers

your e-mail address

your personal and financial information (e.g., income, net worth, marital status, etc.)

your social security or tax identification number

3. How we protect personal information

We maintain administrative, technical, and physical safeguards designed to protect personal information we obtain in connection with the Services against accidental, unlawful, or unauthorized destruction, loss, alteration, access, disclosure, or use.

4. Cookies

Cookies are small data files that are sent to and stored on your computer, smartphone or other device used to access the internet, whenever you visit a website. We use cookies to enable and improve certain functions on our website and gain feedback on how our website is used. If you choose to switch certain cookies off, it will affect how our website works.

Cookies are useful because they allow a website to recognize the device you are using. As First Sentier Investors (US) LLC and its associated companies are based in various jurisdictions and operate different websites for each regional business, we use cookies to store general information such as the region where you are based, the language in which the site is being viewed (for example English, Chinese), and the type of client you are. This helps us tailor our website to better suit your requirements. The cookies we use here are ‘session’ cookies and will be removed every time you leave our website.

We use analytics cookies to collect information on website activity (such as the number of users who visit our website, the date and time of visits, the number of pages viewed, navigation patterns, what country and what systems users have used to access the site and, when entering our website from another website, the address of that web site). This information on its own does not identify an individual but it does provide us with statistics that can be used to analyze and improve our website. These cookies are ‘session’ cookies.

The browsers of most computers, smartphones, and other web-enabled devices are usually set up to accept cookies. If your browser preferences allow it, you can configure your browser to accept all cookies, reject all cookies, or notify you when cookies are set. Each browser is different; check the "Help" menu of your browser to learn about how to change your cookie preferences.

Please remember that cookies are often used to enable and improve certain functions on our website. If you choose to switch certain cookies off, it will affect how our website works and certain functionality may not work. More information about cookies can be found on allaboutcookies.org.

5. Links to other web sites

Our web site may contain links to non-First Sentier Investors (US) LLC web sites. While such links are provided for your convenience, you should be aware that the information handling practices of the linked websites might not be the same as ours. You should review any privacy policies on those linked websites. We are not responsible for any linked websites.

6. Telephone services

We may monitor and record telephone calls for training and security purposes.

7. Data transfers

We may transfer the personal information we obtain about you to countries other than the country in which the personal information originally was collected, including the United States. Those countries may not have the same data protection laws as the country in which the information initially was provided. To the extent required by applicable law, when we transfer your personal information to recipients in other countries, we will take measures to protect that information.

8. Retention of personal information

To the extent permitted by applicable law, we retain personal information we obtain about you as long as (1) it is needed for the purposes for which we obtained it, in accordance with the provisions of this Privacy Notice or (2) we have another lawful basis for retaining that data beyond the period for which it is necessary to serve the original purpose for collecting the data.

9. Updating your information

It’s important that we have your correct details, such as your current address and telephone number. You can check or update your information by contacting your relationship manager. If the information we hold is inaccurate, incomplete or outdated, please inform us so that we can correct it. If we deny access to your personal information, we will, unless prevented by law or regulation, let you know why.

If you have any questions or would like further information on our privacy and information handling practices, please contact us.

10. Children’s personal information

We do not knowingly collect or solicit personal information from children under the age of 13. If you believe that a child under the age of 13 may have provided us with personal information, please contact us as specified in the How to Contact Us section of this Privacy Notice.

11. Updates to our Privacy Notice

This Privacy Notice may be updated periodically and without prior notice to you to reflect changes in our personal information practices. We will post or provide a notice to notify you of significant changes to our Privacy Notice and indicate at the top of the notice when it was most recently updated.

12. How to contact us

If you have any questions about this Privacy Notice, or if you would like us to update information we have about you or your preferences, please contact us by e-mail at inquiries@firststateinvestments.com, or by phone at (212) 497-9980.

You also may write to us at:

First Sentier Investors (US)

10 East 53rd Street, Floor 21

New York, NY 10022

United States of America