PATRIZIA Low Carbon Core Infrastructure Fund 
2023 Sustainability Reporting Pack

PATRIZIA | © 2024 
 
 
CONTENTS 
Pack Highlights___________________________________________________________________________________________3 
 
Sustainability Report______________________________________________________________________________________4  
The Patrizia Approach to Sustainability 
 
 
 5  
The Fund’s Approach to Sustainability 
 
 
 7 
Overview of Fund Holdings 
 
 
 
 
 9 
Compliance with Global Conventions and Norms 
 
11 
Global Warming and Energy Transition 
 
 
12 
Sustainable Development Goals 
 
 
 
14 
Governance 
 
 
 
 
 
 
16 
Sustainability Outlook 
 
 
 
 
19 
 
Climate Risk and TCFD Report____________________________________________________________________________21 
TCFD Reporting 
 
 
 
 
 
23 
Greenhouse Gas Emissions Intensity  
 
 
31 
Physical Climate Change Risk Analysis 
 
 
36  
 
EU Taxonomy and SFDR Disclosures Report______________________________________________________________41 
EU Taxonomy Alignment 
 
 
 
 
42 
SFDR: Principle Adverse Impact Statement  
 
48 
SFDR Article 8 On-Going Disclosures (Annex IV) 
 
62 
 
Stewardship Report_______________________________________________________________________________________74 
Proxy Voting  
 
 
 
 
 
75 
Engagement 
 
 
 
 
 
 
80 
Appendix: Full Proxy Vote Record 
 
 
 
88

2 
PATRIZIA | © 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
These reports cover the 2023 calendar year and apply to the PATRIZIA Low Carbon Core 
Infrastructure Fund, formerly named the Whitehelm Listed Core Infrastructure Fund, a sub-fund 
of the Fidante Partners Liquid Strategies ICAV, an open-ended investment company, with 
segregated liability between sub-funds, established under the laws of Ireland and authorised by 
the Central Bank of Ireland as a UCITS.  
 
The PATRIZIA Low Carbon Core Infrastructure Fund is classified as an Article 8 fund under the 
EU’s Sustainable Finance Disclosure Regulation (SFDR). 
April 2024

PATRIZIA | © 2024 
Pack Highlights 
Sustainability Report 
 
Sustainability at PATRIZIA 
 
 
Net Zero Strategy: PATRIZIA’s 2030 
and 2040 targets  
 
 
UN PRI Scores: 5 stars for 
Infrastructure (Infrastructure Listed 
Equity, Direct and Debt) 
 
 
Overview of all Fund holdings 
 
 
Compliance with Global Conventions 
and Norms: Zero red flags 
 
 
 
 
 
 
 
 
 
 
 
Climate Risk and 
TCFD Report 
Carbon Emissions Data: 
 
Carbon Footprint 
513 tCO2e  
SFDR defined: EUR enterprise value 
 
 
Carbon Intensity 
Tons CO2e per $US Revenue:  
Scope 1&2: 334 
Total incl scope 3: 1,624 
 
 
70% to 80% lower than listed 
infrastructure indices 
 
 
How a science-based pathway is 
applied 
 
 
TCFD Reporting 
 
 
 
 
 
 
 
 
EU Taxonomy and 
SFDR Disclosures 
The PATRIZIA LCCIF is an Article 8 
Fund 
 
Minimum: 25% alignment with EU 
Taxonomy based on revenues 
 
Actual: 37% alignment of revenues 
with Taxonomy as of 31 December 
2023 
 
 
Minimum: 90% sustainable 
investments, defined as complying 
with a well below a 2°C warming 
pathway 
 
Actual: 97% sustainable investments 
 
 
Statements on principal adverse 
impacts on sustainability factors: 
Table 1 
Table 2 
Table 3 
 
 
SFDR Article 8 On-Going Disclosures 
(Annex IV) 
 
 
 
Stewardship Report 
 
 
100% of eligible proxies voted 
 
 
In total, 583 proxies were voted 
across 41 annual and special 
meetings 
 
 
88 proposals (15%) were voted 
against management 
recommendation 
 
 
Voted against executive 
remuneration plans for 11 
companies 
 
 
PATRIZIA’s engagements with 
investee companies on sustainability 
issues 
 
 
Thematic engagements: on climate 
change risk reporting and 
decarbonising gas infrastructure

4 
2023 SUSTAINABILITY REPORT  
PATR IZIA Lo w Ca rbo n  Co re Inf ra st ru ct ure Fu n d

5 
SUSTAINABILIT Y REPORT  
PATRIZIA | © 2024 
1. The PATRIZIA Infrastructure Approach to Sustainability  
About PATRIZIA Infrastructure  
PATRIZIA Infrastructure is a division of PATRIZIA SE, and is the investment 
manager of the Fund. PATRIZIA SE is a leading global real asset investment 
manager with over EUR 57 billion in assets under management. PATRIZIA 
Infrastructure is formerly Whitehelm Capital and was formed with PATRIZIA SE’s 
acquisition of Whitehelm Capital in 2022.      
PATRIZIA’s Corporate Sustainability  
At PATRIZIA Infrastructure we believe that we should hold ourselves to a high 
ethical standard and walk the talk.  PATRIZIA Infrastructure’s progress is 
documented within the PATRIZIA SE annual Sustainability Report available on our 
website here.  
Group level policies are available on our website at the following locations:  
• 
PATRIZIA Responsible Investment Policy 
• 
PATRIZIA Screening Ethical Exclusion Policy 
• 
PATRIZIA Supplier Code of Conduct 
• 
PATRIZIA Net Zero Strategy 
Net Zero Carbon Goal 
In 2022 we launched our Net Zero Carbon Strategy for the PATRIZIA SE company 
as a whole: to reduce our carbon intensity by 50% by 2030 on a base year of 
2019, across our operational assets, and achieve net zero status by 2040. By 
2030 we aim to achieve net zero carbon status for our own business operations. 
In 2023 we made good progress toward the 2030 targets. This included 
developing a granular net zero plan for corporate operations which incorporates 
an electric vehicle policy to phase out fossil fuelled vehicles within 3 years. For 
the assets we manage, we launched Sustainability Roadmaps across 
discretionary infrastructure equity portfolio companies.  
Net Zero Asset Managers Initiative: Since 2022 PATRIZIA Infrastructure has 
been a member of the Net Zero Asset Managers initiative, committing to the goal 
of net zero greenhouse gas emissions by 2050 or sooner, in line with global 
efforts to limit warming to 1.5°C.  We have committed to reducing the carbon 
intensity of our portfolio by 49% by 2030.  This commitment is derived from the 
IPCC 1.5°C scenario (that requires 43% reduction by 2030). We included 100% of 
our listed and direct infrastructure equity assets under management in the scope 
of our commitment. Our commitment also includes engagement and financing 
transition targets in line with the Net Zero Asset Owner Alliance Target Setting 
Protocol methodology. Our public disclosure can be found here. 
Diversity and Inclusion  
The PATRIZIA Infrastructure investment team includes 15 different nationalities 
and 19 spoken languages.  PATRIZIA Infrastructure’s targets for diversity, against 
which we measure progress annually, include achieving at least 30% female 
representation at Senior Investment Director and above (23% as at June 2023), 
maintaining equal gender balance at Investment Director and below (47% as at 
June 2023), and maintaining a high level of cultural diversity (49%, as measured 
by the number of PATRIZIA Infrastructure employees that are working in a 
country different to their birth country and the number of employees who speak 
English as a second language). The percentage of investment staff that are 
female is 32%.

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PATRIZIA | © 2024 
Membership of External Organisations 
Recognising that measurement of extra-financial factors like ESG is not always 
straightforward, PATRIZIA Infrastructure has early on acknowledged the 
importance of participating in industry benchmarking.  Hence it remains a 
signatory and member of UNPRI and GRESB which provide good benchmarking 
for corporate implementation of ESG as well as fund and asset performance 
respectively.   
PATRIZIA Infrastructure is proud to be a signatory of the United Nations 
Principles for Responsible Investing (“UNPRI”) since 2017.  Our score remains 
5 stars, which is the highest achievable score for overall implementation of ESG 
in its Strategy and Governance activities, and in listed infrastructure specifically.    
 
In 2021 PATRIZIA Infrastructure also formalised its support for the Task Force on 
Climate-related Financial Disclosures (TCFD.  The TCFD's objective is to enhance 
climate-related disclosures and market transparency to promote more informed 
investment decisions.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets under management 
committed to Net Zero by 
2040  
100%  
100% of infrastructure equity 
committed to 49% reduction in 
carbon intensity by 2030 
under our NZAM commitment 19  
languages spoken by 
PATRIZIA Infrastructure 
employees 
First  
in peer group for 
both our European 
and Smart City 
infrastructure 
funds and five 
stars for both, as 
rated by GRESB 
Infrastructure  
40%  
of PATRIZIA Infrastructure 
employees are female.

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2. The Fund’s Approach to Sustainability 
 
The PATRIZIA Low Carbon Core Infrastructure Fund holds the stock of 38 core 
infrastructure companies, listed around the world in developed markets. 
Holdings are selected based on their ‘core’ infrastructure attributes, and their 
quality.  Long-term sustainability is key in this assessment of quality. The 
primary approach we employ is to exclude investments we consider to be 
unsustainable.  
With long useful lives, large physical footprints and high amounts of debt, 
infrastructure assets can have elevated ESG risk profiles relative to other 
sectors.  Assets in sectors such as technology, retail, and manufacturing have 
shorter useful lives, and may be able to rapidly adapt to longer-term risks, but 
this is not the case with most infrastructure assets.  Long-term risks can have a 
large impact on asset values.  These risks must be assessed, appropriately 
priced, and carefully managed.  
The Fund has in place a robust policy framework which guides the 
implementation of ESG analysis and management.  The Sustainable Investment 
Framework consists of: 
• The overarching PATRIZIA SE Responsible Investment Policy 
• The PATRIZIA Low Carbon Core Infrastructure Fund Sustainability Code 
• The PATRIZIA Low Carbon Core Infrastructure Fund Screens and Blacklist 
• The PATRIZIA Low Carbon Core Infrastructure Fund Proxy Voting and 
Engagement Policy 
 
PATRIZIA Infrastructure conducts analysis on each investee company’s 
adherence to global norms and maintains a blacklist of countries where for 
ethical and ESG reasons we will not invest.  This list includes all sanctioned 
regimes identified in EU, UK, and Australian sanction lists.   
The Fund has no exposure to tobacco, alcohol, pornography, or weapons 
production.  
Global Warming and Energy Transition Risks 
We consider global warming and energy transition to be some of the largest risks 
to infrastructure assets.  This can be both positive and negative risk. Power and 
heat generation is responsible for nearly 60% of all global greenhouse gas (GHG) 
emissions, so energy infrastructure is already undergoing significant structural 
changes.  Similarly, transportation contributes over 20% of all GHG emissions, 
and is also facing major structural change.  We are continually building on the 
research and tools we use in this area as data and company reporting improves, 
and new technologies reach scale. 
The Fund takes a well-below 2°C warming pathway compliance approach.  This 
approach recognises that companies that can adjust over time to the policy and 
market changes necessary to meet the maximum 2°C warming target will be less 
subject to stranded asset risk and the destruction of investor capital.  We look 
not only at direct emissions, but also at facilitated (Scope 3) emissions, which 
captures the embedded emissions carried by pipelines storage and 
transportation assets, and more accurately reflects the scale of climate change 
risks. 
Carbon intensity data is used as a quantitative input in our stock selection 
process, and we also look qualitatively at the underlying climate change risks. 
‘Norms-Based’ Analysis 
PATRIZIA Infrastructure undertakes “norm-based” analysis and screening, 
assessing each company’s adherence to global norms on environmental 
protection, human rights, labour standards, and anti‐corruption.  To supplement 
our own research, we subscribe to qualitative research from ISS ESG.  The global 
norms and frameworks which ISS use to assess company behaviour include the 
UN Global Compact, OECD Guidelines for Multinational Enterprises, ILO Tripartite 
Declaration of Principles, UN Draft Human Rights Norms for Business, UN

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PATRIZIA | © 2024 
Guiding Principles on Business and Human Rights, and other sector or theme 
specific standards.  
Any company found to be violation of global norms would not be considered for 
investment and would be divested if already held. 
Stewardship, Proxy Voting and Engagement  
PATRIZIA Infrastructure considers active ownership to be integral to creating 
long-term value for Fund investors.  Proxy voting is a key element of company 
engagement and our approach to being a responsible asset manager.  We review 
every resolution put to shareholders, and where possible, all proxies are voted.  
In 2019, PATRIZIA Infrastructure joined the collaborative engagement platform of 
the Principles of Responsible Investment (PRI), and in 2020 joined the ISS 
pooled engagement service. 
PATRIZIA Infrastructure engages directly with investee companies on a range of 
issues, including ESG issues.  In 2023 we continued to engage directly with 
investee companies, undertaking thematic engagement programmes and 
engagements on company and asset specific issues. Details of engagements are 
contained in the Stewardship Report from page 74.  
Disclosures  
This reporting pack also includes important disclosures on how the Fund is 
positioned in the context of the EU Sustainable Finance Taxonomy (page 42) and 
the Sustainable Finance Disclosure Reporting (SFDR) frameworks (page 48). 
The EU Taxonomy is a classification system that establishes a list of 
environmentally sustainable economic activities. We conservatively estimate that 
37% of the revenues of Fund holdings are fully aligned with the Taxonomy, and 
53% of capital expenditure. 
 
 
 
So, what does this mean? 
At a day-to-day level, the Responsible Investment Framework translates to: 
 
• 
Monitoring the ESG risks of the stocks currently held in the portfolio.  
• 
Selling out of a stock if the risks rise to an unacceptable level. 
• 
Undertaking additional research and risk analysis when selecting a new 
stock for the portfolio 
• 
Actively voting proxies and actively engaging with investee companies on 
ESG issues. 
• 
Being transparent with fund investors.  
 
The Sustainable Investment Framework is not designed to be static.  As 
sustainability issues continue to evolve and data availability improves, PATRIZIA 
Infrastructure will continue to refine its approach to responsible investment and 
its reporting to investors.

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3. Overview of Fund Holdings  
Table 1: Overview of Fund Holdings as at 31 December 2023  
Name 
Sub-Sector 
Weight 
Global 
Norms-
Based 
Assessment  
ISS 
Governance 
Score 
Production: 
tobacco, 
alcohol, 
armaments 
>10% Revenue 
from fossil fuel 
extraction 
Power 
Generation 
Exposure 
2°C max 
warming 
pathway 
alignment 
Physical 
Climate Risk 
Assessment 
A2A SpA 
Multi-Utilities 
2.50% 
Green 
4 - Moderate 
No 
No 
Yes 
Yes 
Moderate 
Aena SME SA 
Airports 
2.59% 
Green 
4 - Moderate 
No 
No 
No 
Yes 
Moderate 
Aeroports de Paris 
Airports 
2.61% 
Green 
7 - Moderate 
No 
No 
No 
Yes 
Moderate 
American Tower Corp 
Communications 
2.64% 
Green 
1 - High 
No 
No 
No 
Yes 
Low 
Atlas Arteria Limited 
Tollroads 
2.65% 
Green 
2 - High 
No 
No 
No 
Yes 
Low 
Avangrid Inc 
Electric Utilities 
2.57% 
Green 
3 - High 
No 
No 
Yes 
Yes 
Moderate 
Avista Corp 
Multi-Utilities 
2.56% 
Green 
1 - High 
No 
No 
Yes 
Yes 
High 
Canadian Nat Railway  
Railroads 
2.70% 
Green 
1 - High 
No 
No 
No 
Yes 
Moderate 
Central Japan Railway  
Railroads 
2.57% 
Green 
9 - Low 
No 
No 
No 
Yes 
Moderate 
Consolidated Edison  
Multi-Utilities 
2.50% 
Amber 
4 - Moderate 
No 
No 
Yes 
Yes 
Moderate 
Crown Castle  
Communications 
2.54% 
Green 
2 - High 
No 
No 
No 
Yes 
Low 
E.ON SE 
Multi-Utilities 
2.54% 
Green 
1 - High 
No 
No 
Yes 
Yes 
Moderate 
East Japan Railway  
Railroads 
2.63% 
Green 
6 - Moderate 
No 
No 
No 
Yes 
Moderate 
Elia Group  
Electric Utilities 
2.74% 
Green 
7 - Moderate 
No 
No 
No 
Yes 
Moderate 
Enav SpA 
Air Traffic Control 
2.62% 
Green 
2 - High 
No 
No 
No 
Yes 
Low 
Endesa SA 
Electric Utilities 
2.44% 
Green 
1 - High 
No 
No 
Yes 
Yes 
Moderate 
Eversource Energy 
Electric Utilities 
2.57% 
Green 
5 - Moderate 
No 
No 
No 
Yes 
Moderate 
Flughafen Zurich AG 
Airports 
2.50% 
Green 
4 - Moderate 
No 
No 
No 
Yes 
Low 
Fortis Inc 
Electric Utilities 
2.61% 
Green 
1 - High 
No 
No 
Yes 
Yes 
High 
Getlink 
Road & Railtrack 
2.51% 
Green 
4 - Moderate 
No 
No 
No 
Yes 
Low 
Hera SpA 
Multi-Utilities 
2.64% 
Green 
9 - Low 
No 
No 
Yes 
Yes 
Moderate 
Hydro One Ltd 
Electric Utilities 
2.67% 
Green 
2 - High 
No 
No 
No 
Yes 
Moderate 
INWIT Italiane  
Communications 
2.57% 
Green 
7 - Moderate 
No 
No 
No 
Yes 
Low 
Italgas SpA 
Gas Utilities 
2.57% 
Green 
2 - High 
No 
No 
No 
Yes 
Moderate 
National Grid PLC 
Multi-Utilities 
2.57% 
Green 
6 - Moderate 
No 
No 
Yes 
Yes 
Moderate 
NetLink NBN Trust 
Communications 
2.55% 
Green 
1 - High 
No 
No 
No 
Yes 
Low 
Pennon Group PLC 
Water Utilities 
2.61% 
Green 
5 - Moderate 
No 
No 
No 
Yes 
Moderate

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PATRIZIA | © 2024 
Name 
Sub-Sector 
Weight 
Global 
Norms-
Based 
Assessment  
ISS 
Governance 
Score 
Production: 
tobacco, 
alcohol, 
armaments 
>10% Revenue 
from fossil fuel 
extraction 
Power 
Generation 
Exposure 
2°C max 
warming 
pathway 
alignment 
Physical 
Climate Risk 
Assessment 
Pinnacle West Capital  
Electric Utilities 
2.58% 
Green 
5 - Moderate 
No 
No 
Yes 
Yes 
High 
Portland Gen Electric 
Electric Utilities 
2.70% 
Green 
1 - High 
No 
No 
Yes 
Yes 
Moderate 
Public Service Ent. Group  
Multi-Utilities 
2.44% 
Green 
5 - Moderate 
No 
No 
Yes 
Yes 
High 
Redeia Corp 
Electric Utilities 
2.48% 
Green 
4 - Moderate 
No 
No 
No 
Yes 
Moderate 
SJW Group 
Water Utilities 
2.52% 
Green 
2 - High 
No 
No 
No 
Yes 
Moderate 
Snam SpA 
Gas Utilities 
2.43% 
Green 
1 - High 
No 
No 
No 
Yes 
Moderate 
SSE PLC 
Electric Utilities 
2.40% 
Green 
1 - High 
No 
No 
Yes 
Yes 
Moderate 
Terna SpA 
Electric Utilities 
2.50% 
Green 
3 - High 
No 
No 
No 
Yes 
Moderate 
Union Pacific Corp 
Railroads 
2.60% 
Green 
1 - High 
No 
No 
No 
Yes 
Moderate 
United Utilities Group  
Water Utilities 
2.62% 
Green 
1 - High 
No 
No 
No 
Yes 
Moderate 
West Japan Railway 
Railroads 
2.48% 
Green 
7 - Moderate 
No 
No 
No 
Yes 
Moderate 
Source: PATRIZIA Infrastructure, ISS ESG, Bloomberg.

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4. Compliance with Global Conventions and Norms  
PATRIZIA Infrastructure undertakes ‘norm-based’ analysis (or ‘controversy’ 
analysis), assessing each company’s adherence to global norms on 
environmental protection, human rights, labour standards, and anti‐corruption. 
To supplement our own research, we subscribe to research from ISS ESG.  
ISS ESG provides daily updates which cover all stocks in the core infrastructure 
investment universe.  The research is in-depth, and ISS engages directly with 
companies if an allegation of violation arises. The global norms and frameworks 
used to assess company behaviour include the UN Global Compact, OECD 
Guidelines for Multinational Enterprises, ILO Tripartite Declaration of Principles, 
UN Draft Human Rights Norms for Business, UN Guiding Principles on Business 
and Human Rights, and other sector or theme specific standards. 
ISS categorises each company as green, amber or red. Companies categorised as 
red have verified violations of global conventions. Companies categorised as 
amber have unverified breaches or previous beaches undergoing remediation, 
and companies categorised as green have no alleged controversies or breaches 
of global norms.  
The Fund has no exposure to any companies with verified violations. The Fund 
holds one amber rated company: Consolidated Eddison (2.5%). 
Chart 1: Global Norms Based Violations Exposure 
 
Source: ISS ESG, Patrizia Infrastructure 
 
Based on the ISS research and our own analysis, we are comfortable that 
divestment of Consolidated Edison is not warranted at this time. 
Consolidated Edison 
Consolidated Edison has been flagged as amber by ISS ESG due to alleged failure 
to assess environmental impact at the Mountain Valley Pipeline project in the 
United States. This is the fifth year that this flag has remained in place.  The 
Mountain Valley Pipeline, LLC (MVP), a joint venture between EQM Midstream 
Partners LP (47% ownership), NextEra Energy (32%), Consolidated Edison (10%), 
WGL Holdings (10%), and RGC Resources (1%), is a partly completed natural gas 
pipeline system spanning north-western West Virginia to southern Virginia.   
Since its initial proposal in 2014 and permitting in 2017, the project has faced 
significant opposition and several lawsuits on environmental grounds, some of 
which have led to a revocation of its permits leading to the suspension of 
construction activities on affected sections of the pipeline. Construction 
resumed in mid-2022 following legislation clearing the way, passed as part of a 
compromise on the US federal debt ceiling legislation. The project is 94% 
complete. 
In March 2023, the U.S Fish and Wildlife Service found that five federally 
protected species of bats, fish and a plant are not likely to be jeopardized by 
running a large natural gas pipeline through their habitats. In August 2023, the 
U.S.4th Circuit Court of Appeals dismissed the lawsuit pertaining to the FWS 
permit. In June 2023, MVP received all 401 water crossing permits for both WV 
and VA, and in July 2023 the U.S. Supreme Court agreed to lift lower court 
orders that froze construction of the project while the remaining legal challenges 
play out. Construction continues and the project is forecast to be completed in 
mid to late 2024. Consolidated Edison retains a 10% interest in the JV.  
  
Amber
Green
Red

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5. Global Warming and Energy Transition
For a more detailed overview of the Funds’ approach to incorporating climate 
change risks, please see the Climate Risk and TCFD Report, from page 21, and in 
Table 4 on page 25, which describes how the well-below 2°C warming pathway is 
applied by sub-sector. 
Given the long lives and often large physical footprints of many infrastructure 
assets, we consider global warming and energy transition to be some of the 
largest risks to the sector.  This can be both positive and negative risk. 
A Science-Based Pathway 
The Fund takes a science-based pathway approach to climate transition risks and 
applies a well-below 2°C warming pathway.  This approach recognises that 
companies that can adjust over time to the policy and market changes necessary 
to meet the maximum 2°C warming target will be less subject to stranded asset 
risk and the destruction of investor capital.   
Several international organisations provide sector by sector pathways for the 
greenhouse gas emissions reductions required to limit global warming to well 
below 2°C.  Largely based on the detailed data models used by the IPCC, these 
science-based scenarios provide a road map for the energy transition. 
The sector specific pathways we currently apply are based on: 
- 
 the International Energy Agency’s (IEA) Net Zero Emissions (NZE) 
pathway, a below 1.5°C warming pathway with a 50% probability and limited 
overshoot. 
- 
The IEA’s Announced Pledges Scenario (APS) (from 2023 onwards, 
equivalent to the IEA pre-2023 Sustainable Development Scenario (SDS)). This is 
a well below 2°C pathway; holding the temperature rise to 1.7°C with a 50% 
probability without reliance on global net-negative CO2 emissions.  
 
 
The IEA pathways are a used as a source by both the Transition Pathway 
Initiative (TPI) and the Science Based Targets project (SBTi), and we also use 
both the TPI and the SBTi tools in mapping investee companies historic and 
forecast carbon intensities against sector decarbonisation requirements.   
We have applied the sector specific pathways for: 
- 
Aviation 
- 
Power generation 
- 
Natural gas  
- 
Road transport 
For other sectors such as rail and communications, a non-sector specific 
economy wide emission reduction pathway is applied, and for these we rely to a 
greater extent on the TPI and SBTi tools.  
The choice in pathways used is not static. Over the years, as data and modelling 
has improved, pathways and scenarios are modified and renamed. PATRIZIA will 
endeavour to use the most appropriate pathway that is available, and may adopt 
a different pathway in the future, or different pathways for different sectors.  
Portfolio Impact 
The application of this emissions reduction pathway and the exclusion of assets 
we consider not to be sustainable over the long term, has a material impact on 
the investible universe of the Fund. Over 30% of the core infrastructure universe 
is excluded from the Fund on this basis.  This demonstrates that this approach 
meaningfully impacts stock selection, and will drive differentiated performance, 
and we expect a lower risk performance profile as a result.

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Carbon Intensity 
As a result of applying a science-based pathway approach to energy transition 
risk, the Fund has significantly lower greenhouse gas emissions intensity and 
carbon footprint than listed infrastructure indices. 
Table 2: GHG Emissions Intensity of Holdings as of 31 December 2023 
Tonnes of CO2 equivalent per $mil 
revenue 
SCOPE 1&2 
EMISSIONS 
 
SCOPE 3 & 
FACILITATED 
EMISSIONS  
TOTAL & 
FACILITATED 
EMISSIONS  
PATRIZIA LCCIF 
334 
1,289 
1,624 
FTSE Developed Core Infra Index 
1,159 
7,506 
8,665 
S&P Global Infra Index 
709 
9,385 
10,091 
DJ Brookfield Global Infra Index 
356 
10,894 
11,250 
 
Fund holdings as at 31 December 2023, with latest available emissions data (CY2022).  
Source: PATRIZIA Infrastructure, ISS ESG, Bloomberg 
 
 
 
 
 
 
 
 
 
Renewable Energy 
Most Fund holdings are contributing positively to the energy transition and will 
benefit from the increased penetration of renewable energy.  For example, the 
majority of the Fund’s electric utility exposure is via regulated grid operators, 
which will grow revenues at a higher rate as grids expand to incorporate a 
greater diversity of power generation sites. These are the assets that enable the 
world to electrify and decarbonise.  By gaining exposure to renewable energy 
growth through predominantly regulated assets, the boom-and-bust cycle of 
renewables development and component manufacture are avoided.  
Other sectors such as toll roads require very limited adaptation as electric cars 
replace internal combustion cars and may also evolve to provide driverless car 
infrastructure.

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6. Sustainable Development Goals  
PATRIZIA considers infrastructure investments to be critical enablers to achieve 
the United Nations 17 Sustainable Development Goals (SDGs).  However, the 
SDGs were not designed to be investment reporting tools, and we find that 
mapping portfolio holdings against the SDGs has limited utility, particularly as 
the Fund invests in publicly listed companies in developed markets only, and 
many SDGs are more impactful in the context of developing countries.  In terms 
of practical outcomes for the Fund, we consider that it is more important for the 
Fund to avoid investment in companies not acting in alignment with the SDGs 
than it is to draw links between the Fund’s investments and each of the SDGs.  
However, there are several of the SDGs that core infrastructure assets do 
directly aid in addressing.  Below we highlight the six main ones: 
 
 
 
 
 
 
 
 
 
1. 
https://www.equilar.com/reports/101-equilar-associated-press-ceo-pay-study-2023,  
and https://www.fwcook.com/Blog/CEO-Pay-Ratios-Among-SP-500-Companies/ 
The Fund’s investments in water utilities directly contribute to this goal, providing clean and affordable water to the commu nities they 
serve.  
Example: United Utilities Group Plc is a regulated water utility servicing the north-west of England.  Water quality is regulated, and the company 
has set quantitative KPIs for resource efficiency, natural capital preservation, customer service quality, and defined method s to support 
vulnerable customers. 
The Fund’s holdings in electric utilities are building and facilitating the expansion of clean and affordable energy. 
Example: Electricity grids are an integral part of expanding clean energy sources at reasonable cost. Belgian electricity gri d operator Elia is 
working to develop technical solutions for a successful energy transition and build the energy grids of the future, enabled to reliably supply 100% 
renewable power. 
The Fund’s infrastructure investments are a direct contributor and facilitator of economic activity.  Communication, transpor t, water, and 
energy provision are basic requirements of economic growth, and decent work.  
Example: In the US and the UK, where disclosure of executive pay compared with median worker pay is mandated, the utility sector has some of 
the lowest multiples of any sector, indicating that workers are relatively high ly skilled, unionised, and well paid1.

SUSTAINABILIT Y REPORT  
 
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PATRIZIA | © 2024 
 
 
 
 
 
 
 
 
 
 
 
 
Infrastructure provides the underpinning of all industry and innovation.  
Example: The development of affordable green hydrogen will be critical to reach ing net zero emissions by 2050.  Italian natural gas transmission 
company Snam is working with governments and industry on a long-term strategy, undertaking critical pilot programmes, and planning to invest 
€3 billion in the first stage of developing a new European green hydrogen backbone. 
The Fund’s investments in electricity, water and gas utilities all play a vital role in improving energy efficiency at a comm unity level, as do 
public transit systems. 
Example: West Japan Railway operates shinkansen lines and metro rail lines in Osaka, Kobe, and Kyoto. As COVID restrictions eased, the 
company has increased the focus on social and economic development of regional areas, through engagement with local communiti es, and 
facilitating a decentralised society by enhancing local railway networks. 
The Fund’s investments are directly contributing to the transition to net zero emissions, through the build out of renewable energy and 
energy storage capacity and enabling the growth in renewables through the electricity grids. 
Example: Avangrid is the third largest wind and solar power operator in the US, with over 70 renewable energy projects across  22 states.  The 
company is at the forefront of offshore wind development in the US, with plans to invest $10  billion to build over 2.4 GW of capacity.

SUSTAINABILIT Y REPORT  
 
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PATRIZIA | © 2024 
7. Governance 
Table 3 overpage summarises governance items currently being tracked and 
provides an overall governance score for each holding. The main source for the 
governance score is ISS ESG.  The scores range from 1 (good governance and 
disclosures) to 10 (poor governance and disclosures). 
Chart 2 below shows the percentage breakdown of the Fund into high (good), 
moderate, and low (poor) governance scores.  
Chart 2: Fund Holdings Categorised by Governance Score 
 
 
  Source: ISS ESG 
 
 
While there has been some improvement in guidelines over recent years, 
Japanese companies generally have poorer corporate governance than 
companies from other western countries.  Two of the Fund’s Japanese holdings 
fall into the bottom three of low scoring companies, which is driven by a lack of 
independent board members and a lack of board diversity.  This is particularly 
the case for assets which are formerly government-owned, which is the case for 
the railway companies.  In 2023 we engaged with Central Japan Railway 
specifically on this issue, and note the company’s plan to increase diversity both 
at board level and at the whole-of-company level. 
Board independence is also reduced for some European assets due to 
government retained share holdings.  This is the case for Hera SpA (Italian multi-
utility, with local municipalities holding 34%), Groupe ADP (Paris Airport Group, 
50.6% owned by the French government), Flughafen Zurich (33.3% owned by the 
Canton of Zurich), and Italian air traffic control company ENAV (53.4% owned by 
the Italian Ministry of Economy and Finance).  Italian communication towers 
company INWIT also has two large commercial shareholders which control the 
board. 
For Hera SpA, Elia Group, and INWIT, scores are also lowered due to the lack of 
disclosure on the remuneration policy. However we consider this is low risk, as 
total executive remuneration is relatively low.  
 
 
 
 
 
51%
30%
16%
High
Moderate
Low

SUSTAINABILIT Y REPORT  
 
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PATRIZIA | © 2024 
Table 3: Summary of Other Governance Items 
Name 
Sub-Sector 
Country 
Governance Score 
% of Women 
on Board 
Governance Issues 
American Tower Corp 
Communications 
US 
1 - High 
42% 
Excessive executive pay 
Avista Corp 
Multi-Utilities 
US 
1 - High 
40% 
Lack of racial or ethnic diversity on the board 
Canadian Nat. Railway 
Railroads 
Canada 
1 - High 
55% 
Excessive executive pay 
E.ON SE 
Multi-Utilities 
German 
1 - High 
38% 
 
Endesa SA 
Electric Utilities 
Spain 
1 - High 
56% 
 
Fortis Inc 
Electric Utilities 
Canada 
1 - High 
58% 
Excessive executive pay. Lack of racial or ethnic diversity on the board 
NetLink NBN Trust 
Communications 
Singapore 
1 - High 
25% 
 
Portland General Electric 
Electric Utilities 
US 
1 - High 
50% 
 
Snam SpA 
Gas Utilities 
Italy 
1 - High 
44% 
 
SSE PLC 
Electric Utilities 
UK 
1 - High 
50% 
 
Union Pacific Corp 
Railroads 
US 
1 - High 
50% 
Excessive executive pay 
United Utilities Group  
Water Utilities 
UK 
1 - High 
44% 
 
Atlas Arteria  
Tollroads 
Australia 
2 - High 
40% 
 
Crown Castle  
Communications 
US 
2 - High 
38% 
Excessive executive pay and lack of diversity on the board 
Enav SpA 
Airports 
Italy 
2 - High 
44% 
 
Hydro One Ltd 
Electric Utilities 
Canada 
2 - High 
45% 
Lack of racial or ethnic diversity on the board 
Italgas SpA 
Gas Utilities 
Italy 
2 - High 
44% 
 
SJW Group 
Water Utilities 
US 
2 - High 
50% 
 
Avangrid Inc 
Electric Utilities 
US 
3 - High 
29% 
Poor board structure, due to control by parent company (Iberdrola) 
Terna Rete SpA 
Electric Utilities 
Italy 
3 - High 
50% 
 
A2A SpA 
Multi-Utilities 
Italy 
4 - Moderate  
42% 
 
Aena  
Airports 
Spain 
4 - Moderate  
42% 
 
Consolidated Edison 
Multi-Utilities 
US 
4 - Moderate  
42% 
 
Flughafen Zurich  
Airports 
Switzerland 
4 - Moderate  
50% 
 
Getlink 
Road & Rail 
France 
4 - Moderate  
33% 
 
Redeia Corporation  
Electric Utilities 
Spain 
4 - Moderate 
50% 
 
Eversource Energy 
Electric Utilities 
US 
5 - Moderate  
36% 
Lack of racial or ethnic diversity on the board 
Pennon Group PLC 
Water Utilities 
UK 
5 - Moderate 
44%

SUSTAINABILIT Y REPORT  
 
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PATRIZIA | © 2024 
Name 
Sub-Sector 
Country 
Governance Score 
% of Women 
on Board 
Governance Issues 
Pinnacle West Capital 
Electric Utilities 
US 
5 - Moderate 
40% 
Lack of racial or ethnic diversity on the board 
Public Service Ent Group  Multi-Utilities 
US 
5 - Moderate 
40% 
Excessive executive pay. 
East Japan Railway Co 
Railroads 
Japan 
6 - Moderate  
20% 
 
National Grid PLC 
Multi-Utilities 
UK 
6 - Moderate  
42% 
Executive pay outcomes have not been well aligned to performance relative to 
peer group. 
Aeroports de Paris 
Airports 
France 
7 - Low 
44% 
Poor board structure due to government ownership share. Insufficient disclosure 
of compensation policy. 
Elia Group  
Electric Utilities 
Belgium 
7 - Low  
33% 
Insufficient disclosure of compensation policy and alignment with shareholder 
rights.  
INWIT Wireless Italiane  
Communications 
Italy 
7 - Low  
45% 
Insufficient disclosure of compensation policy. Poor board structure. 
West Japan Railway  
Railroads 
Japan 
7 - Low  
18% 
Insufficient disclosure of compensation policy. Poor board structure. 
Hera SpA 
Multi-Utilities 
Italy 
9 - Low  
43% 
Poor board structure. Insufficient disclosure of compensation policy.  
Central Japan Railway 
Railroads 
Japan 
9 - Low  
8% 
Only 8% female board membership. Poor board structure. Insufficient disclosure 
of compensation policy.

SUSTAINABILIT Y REPORT  
 
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PATRIZIA | © 2024 
8. Sustainability Outlook 
At the start of 2024, the global outlook for the environment and sustainability is 
a patchwork of good and bad news, a rapidly evolving global regulatory 
landscape and deeply unsettling projections about the state of the climate.  
Infrastructure investors continue to have a key role in determining how good or 
bad this outlook becomes, most notably in relation to energy assets and the 
decarbonisation of high emitting operations but more generally in making 
infrastructure more sustainable across E, S and the G.     
Starting with the bad news and global fossil emissions were once again at a 
record high in 2023 and the future trajectory remains upward, according to the 
Global Carbon Budget.  There is significant variation between regions with 
emissions from China and India both projected to increase but those from the 
European Union, the United States and the rest of the world forecast to decline.  
In terms of remaining global carbon budget, there is an estimated 50% chance 
that in seven years, global warming will consistently exceed 1.5°C, underscoring 
that time is fast running out.   
COP29 will be held in Baku, Azerbaijan in November 2024 and the following year 
the COP will be held in Brazil where countries will be required to update their 
nationally determined contributions, or climate targets.  In the lead up to these 
global summits, there will be a focus on finance in the shift away from fossil 
fuels and how developing countries will finance their domestic energy transition.  
Private capital is desperately needed in emerging markets, for energy transition 
as well as climate change adaptation and economic development more generally.  
As to whether this capital flows soon, this will depend on transaction structuring, 
the risk appetite of investors and the ability of supranational actors to 
successfully blend finance from different sources.  
Energy assets are key to the infrastructure asset class and investment in 
renewable capacity is set to continue its rapid rise in 2024, spurred on by the 
Biden Administration’s Inflation Reduction Act (IRA) and its contagion effects 
around the globe.  Greenfield renewable deals were up 14% globally in 2023 and 
in the United States grid scale battery investment has taken off with the IRA tax 
credits providing significant tailwinds for these types of deals and funds with an 
energy storage thematic.  
Moving to the outlook for social aspects, and human rights remains a critical 
element.  We note the updated data from the Global Slavery Index that estimates 
close to 50 million people around the globe living in modern slavery in 2021.  
Asia Pacific hosts the largest number of people in modern slavery with an 
estimated 15 million people in forced labour and incidences in every country, a 
number that is likely to have been worsened by the effects of climate change and 
the pandemic.  The Global Slavery Index data shines a light on specific risks 
investors should remain alert to, including in the garment industry, forced labour 
in fisheries, and in construction projects in places where the kafala system is in 
place, and via exposures to labour agencies in higher risk industries such as 
catering and cleaning services.  
Sustainability regulation continues to evolve at a rapid rate, with the European 
Union’s Sustainable Finance Disclosure Regime (SFDR) effectively operating as a 
global benchmark.  Late last year, the Financial Conduct Authority (FCA) in the 
UK released its Sustainability Disclosure Requirements (SDR) with the objective 
of combatting greenwashing and ensuring financial products are true to any ESG 
label.  And the United States Securities and Exchange Commission (SEC) 
adopted climate-related risk disclosure rules on 6 March 2024, requiring 
companies to publish mandated information in annual reports and registration 
statements for the year ending 31 December 2025.   
Also in the United States, the ongoing ESG wars are likely to gather pace in the 
lead up to the Presidential election set for November.  Investment managers 
including BlackRock, Goldman Sachs and State Street have all been barred from 
investing on behalf of so-called ‘red’ states that now have laws in place that ban 
or limit the consideration of sustainability factors in investment decisions.  There 
is a growing trend of ‘greenhushing’ ESG credentials with initiatives including the 
NZAM (of which PATRIZIA Infrastructure is a member) reporting the quiet 
withdrawal of some US based asset managers that had previously made net zero

20 
PATRIZIA | © 2024 
pledges.  This ESG backlash stands in stark contrast to what is happening in 
Europe, where the momentum on responsible investment appears unstoppable.     
On governance, and health and safety topics remain a critical topic amongst 
infrastructure company boards.  We note that in Australia, this topic has recently 
focussed in on so-called ‘psychosocial’ risks whereby some employers now have 
an obligation to protect their workforce from hazards that might result in 
psychological harm.  More generally, mental health is a growing issue for 
company boards.   
Artificial intelligence trends in 2024 as either a once-in-a-lifetime opportunity or 
an existential threat – or perhaps both.  For infrastructure investors, this 
underlines the criticality of data protection and cybersecurity in portfolio 
companies, for both boards and management.  Infrastructure assets provide 
essential services and reliable operations underpin the efficient functioning of 
day-to-day life – think power, water, waste, transport, and internet connection.  
As infrastructure is increasingly digitised and assets become ‘smart’, strong 
governance only escalates in importance.   
And so our 2024 Sustainability Outlook underscores that across environmental, 
social and governance aspects, significant forces are at play and the landscape 
remains dynamic.  In this environment, infrastructure investors continue to 
provide long-term capital to build and operate assets that are the cornerstones 
of everyday life.  Building resilience in these assets, ensuring strong worker and 
supply chain protections and robust governance is an everyday job that works to 
protect investment and ensure social license to operate remains in place.

PATR IZIA Lo w Ca rbo n  Co re Inf ra st ru ct ure Fund  
Fo r t he 202 3 ca lend ar y ea r  
CLIMATE RISK AND TCFD 
REPORT

22 
CLIMATE RISK REPORT  
PATRIZIA | © 2024 
Introduction  
PATRIZIA Infrastructure regards global warming as one of the most significant 
risks to the valuation of many infrastructure assets and aims to reduce these 
risks by assessing carbon emission exposure, physical risks, and transition risk 
in the investment process. 
This includes but is not limited to: (i) measuring and assessing the carbon 
emissions generated by or facilitated by each potential investment, (ii) assessing 
the viability of potential investments under a transition to net-zero emission 
pathway by 2050, (iii) assessing the potential physical risks of climate change, 
and (iv) assessing the risk mitigants and actions taken by company management 
to limit these risks.  PATRIZIA Infrastructure intends that this should result in the 
Fund’s holdings in aggregate having a low exposure to carbon emissions.  
A science-based well below 2°C warming pathway approach is applied to the 
Fund.  This approach recognises that companies that can adjust over time to 
regulatory policies and market changes necessary to meet targets designed to 
limit global warming to well below 2°C will be less subject to stranded asset risk 
and the loss of investor capital.  This assessment is made from a quantitative 
assessment of asset carbon intensity, and a qualitative assessment of the likely 
utilisation of infrastructure assets under the scenario that global carbon 
emissions are progressively reduced to net zero by 2050. 
The Fund will not invest in companies that we consider will not be able to 
maintain earnings as economies transition to net zero carbon emissions.  This 
includes the exclusion of companies which derive 10% or greater revenue from 
the extraction and processing of fossil fuels including coal, oil, and gas.  
  
 
This Climate Risk Report is broken into three parts:  
• 
Section 1 addresses the TCFD disclosure guidelines across: Governance, Strategy, Risk Management, and Metrics & Targets  
• 
Section 2 provides greater detail on the carbon intensity of the Fund 
• 
Section 3 provides greater detail on the physical climate change risk assessment of the Fund’s holdings

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
1. TCFD Reporting  
In 2017, following commissioning by the G20 Financial Sustainability Board, the 
Task Force on Climate-related Financial Disclosures (TCFD) released its 
recommendations for improved transparency by companies, asset managers, 
asset owners, banks, and insurance companies with respect to how climate-
related risks and opportunities are being managed. The reporting below follows 
the TCFD recommended format and is specific to the Fund. TCFD reporting for 
the company as a whole is also available in the PATRIZIA SE Annual Report, 
available here: PATRIZIA FY 2023 Annual Report    
Governance 
a. Board Oversight  
The Board of Directors (the Board) of PATRIZIA SE defines the Company’s 
business strategy, supervises its implementation, and reviews management’s 
performance in delivering on PATRIZIA’s framework for long-term value creation. 
Sustainability, including climate-related issues, is central to the Company’s 
business strategy and is embedded in the objectives of senior management 
through Board oversight. 
The Board has delegated overarching responsibility of implementing the 
Company’s strategy to the Executive Directors who have then further delegated 
responsibility of specific elements of the strategy to different committees, 
mainly the ESG Committee to implement climate risk assessments and other 
aspects of the PATRIZIA sustainability agenda. This framework allows the Board 
to have oversight of the climate related risks and opportunities which are 
impacting the business. Climate related risks are presented and discussed in 
detail across several Executive Committee meetings during the year. 
Additionally, sustainability and climate change topics are discussed frequently at 
board meetings. 
b. Role of Management 
PATRIZIA’s ESG Committee serves as a central forum for governance and 
integration of ESG across the business. The Committee is headed by a rotating 
member of the Executive Committee, which ensures oversight of climate related 
risks and opportunities by the Executive Committee and thus the Board. To 
ensure strong alignment between sustainability implementation at the strategic 
group level and the operational investment level, the ESG Committee includes 
leaders from asset and development management, fund management, 
transactions and capital markets, alongside corporate functions, such as Human 
Resources, Procurement & Services and Legal & Compliance.  
PATRIZIA Infrastructure is represented on the ESG Committee by Aaron Scott, 
Head of Sustainable Transformation - Infrastructure. 
The primary role of the ESG Committee is to govern a cascading KPI framework 
which sets and tracks annual targets per department, which are derived from 
PATRIZIAs overarching long-term sustainability goals. This includes PATRIZIA’s 
commitment to decarbonisation, which is discussed in every session and 
includes the monitoring and management of climate related risks across all 
assets. The ESG Committee meets quarterly and reports regularly to the 
Executive Committee on climate related issues. 
Given the specialised nature of infrastructure assets and the climate risks and 
opportunities they face, the PATRIZIA Infrastructure division also maintains 
dedicated sustainability staff, with whom the Head of Listed Infrastructure 
Strategies (the Fund portfolio manager) works with closely.  
Climate change risk analysis is embedded into the investment process applied to 
the Fund. The Head of Listed Infrastructure Strategies and portfolio manager, 
Ursula Tonkin, is responsible for the development and application of this 
process. Ursula has extensive experience in ESG investing and climate risk 
analysis.

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
Immediate oversight of the Fund’s investment process and risk management is 
undertaken by the PATRIZIA Listed Strategies Investment Committee. The 
Committee receives regular reporting on the carbon intensity of the Fund, and 
actively discusses the climate risks embedded in individual assets and the Fund 
as a whole. 
Climate-related issues are monitored by the Head of Listed Infrastructure 
Strategies and the investment team and reported to the PATRIZIA Listed 
Infrastructure Strategies Investment Committee. 
Strategy 
a. Climate Related Risks and Opportunities 
PATRIZIA Infrastructure considers climate change to be the largest risk to many 
infrastructure sectors over the long term.  This can be both a positive risk – for 
example, in the growth of various types of infrastructure required by the energy 
transition - and negative. Negative risks include both physical risks and 
transition risks.  
As infrastructure assets are typically physically large and long-lived, physical 
risks are both acute (for example, storm and flood risks) and chronic (for 
example, water scarcity and sea level rise).  Physical climate change risk 
exposures are discussed in more detail in Section 3. 
The transition to net zero emissions required between now and 2050 raises risks 
for several core infrastructure sectors, notably those associated with fossil fuels, 
including conventional power generation, oil and gas pipelines, and gas utilities.  
The major risk is that these assets become stranded before the end of their 
useful lives resulting in the loss of investor capital.  For coal-related 
infrastructure assets, this risk exists now, so is a short- to medium-term risk, 
and is being accelerated by rising financing and insurance costs.  For oil and gas 
infrastructure, this is a medium-term risk, with demand reductions forecast to 
accelerate from 2030.  For natural gas, demand under 1.5°C and 2°C warming 
scenarios is forecast to decrease more gradually until 2030 and then accelerate. 
However, the risk to investment returns to all fossil fuel related assets, 
regardless of when volumes start to materially decline, is in the short to medium 
term, as stock prices are sensitive to small changes in long-term assumptions 
and terminal values. 
The energy transition also offers substantial investment opportunities, notably in 
the expansion of renewable power generation and the associate storage, 
transmission, and distribution infrastructure.  Most Fund holdings are 
contributing positively to the energy transition and will benefit from the 
increased penetration of renewable energy.  For example, the Fund’s electric 
utility exposure is largely via regulated grid operators which will grow revenues 
at a higher rate as grids expand to incorporate a greater diversity of power 
generation sites.  Other sectors such as toll roads require very limited 
adaptation as electric cars replace internal combustion cars but may also evolve 
to provide driverless car infrastructure.  
A summary of the risk assessment (of negative risks only) of climate-related 
risks to core infrastructure sectors is provided in the table below.

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
Table 4: Global Warming Risks and Approach by Sector  
Industry 
Exposure  
Risk  
Major risks 
Approach 
Non-renewable Power 
Generation  
0% 
Extreme 
Stranded asset risk.  
Physical risks.  
Regulatory risk. 
Reputational risk.  
Legal risk. 
Financing risk. 
• 
Do not invest 
Oil & Unconventional 
Gas Pipelines 
0% 
Extreme 
Stranded asset risk. 
Regulatory risk.  
Reputational risk. 
Physical risks. 
Financing risk.  
Legal risk. 
• 
Do not invest 
Storage Tank Terminals 
0% 
High 
(depending on 
commodity) 
Stranded asset risk. 
Physical risks. 
Regulatory risk. 
Volume risk. 
• 
Measure and assess physical risks and total emissions including scope 3. 
• 
Assess exposure per commodity under a well below 2°C pathway scenario. 
Gas Utilities 
10.3% 
High 
Stranded asset risk. 
Regulatory risk.  
Physical risks. 
Financing risk. 
• 
Measure and assess physical risks and total emissions including scope 3. 
• 
Apply scenario analysis on a stock-by-stock basis. 
• 
Monitor stock and industry progress and capex on ‘green’ gases and green hydrogen. 
• 
Only invest in stocks with a zero terminal value for conventional gas assets and a below 2°C 
pathway compliant strategy, using the IEA APS gas demand assumptions. 
Integrated Utilities  
25.9% 
Moderate  
Stranded asset risk. 
Regulatory risk.  
Physical risks. 
• 
Measure and assess physical risks and total emissions including scope 3. 
• 
Apply CO2e/KwH scenario analysis on a stock-by-stock basis. 
• 
Only invest in utilities with predominantly rate regulated power generation. 
• 
Only invest in stocks with a below 2°C pathway compliant strategy, i.e. CO2e/kWh below the 
IEA APS pathway. 
Airports 
9.9% 
Moderate 
Physical risks. 
Volume risk. 
Regulatory risk. 
• 
Measure and assess physical risks and total emissions including scope 3  
• 
Monitor airline industry progress to net-zero emissions flight (SAF’s and biofuels, fuel cells, 
electrification), using max 2°C pathway (IEA APS) assumptions for aviation (as applies the

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
Industry 
Exposure  
Risk  
Major risks 
Approach 
airport operator scope 3 emissions): fuel intensity reduced by around 3% per year; scale up of 
biofuels reduces CO2 emissions by 50% below 2005 levels by 2050. 
• 
Assess substitution risks (e.g., high speed rail) on an asset by asset basis.  
Tollroads 
2.5% 
Low 
Physical risk.  
Volume risk. 
• 
Measure and assess physical risks and total emissions including scope 3. 
• 
Monitor vehicle industry progress to net-zero emissions, and the long-term risks posed by 
TAAS. 
• 
Monitor scope 3 emissions against max 2°C pathway scenario: on-road vehicle emissions 
intensity limited to 50 g CO2/km in countries with net zero pledges and 130 g CO2/km 
elsewhere by 2040. 
Rail (freight) 
5.0% 
Low 
Physical risk.  
Volume risks  
Substitution risk  
• 
Measure and assess physical risks and total emissions including scope 3, and 
progress toward net zero targets. 
• 
Monitor industry progress to zero emissions locomotives (biofuels, electrification etc). 
• 
Undertake additional analysis of shipment volumes of coal, oil, and fracking materials. 
• 
Do not hold if coal or oil haulage contributes more than 10% of revenue. 
Electricity Transmission 
& Distribution 
18.2% 
Low 
Physical risks.  
Stranded asset risk  
Regulatory & political 
risk. 
• 
Measure and assess physical risks and total emissions including scope 3, and progress toward 
net zero targets. 
• 
Undertake additional analysis on emissions outliers. 
• 
Only invest in rate regulated assets 
Rail (mass transit) 
7.9% 
Low 
Physical risks. 
• 
Measure and assess physical risks and total emissions including scope 3, and progress toward 
net zero targets. 
Water Utilities 
7.8% 
Low 
Physical risks. 
Supply risk. 
• 
Measure and assess physical risks and total emissions including scope 3, and progress toward 
net zero targets. 
• 
Monitor physical risks. Storm and flooding event risks are material but mitigated by regulation 
regimes. 
Communications 
Infrastructure 
10.3% 
Low 
Physical risks. 
• 
Measure and assess physical risks and total emissions including scope 3, and progress toward 
net zero targets.

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
b. Impacts of Climate-Related Risks on Strategy 
Infrastructure assets facing elevated physical climate change and transition risks 
may be subject to increased costs, revenue and earnings volatility, and stranded 
asset risk.  The increased risk of capital loss could result in potentially lower 
returns for Fund investors.    
The Fund therefore incorporates climate-related risks directly into the 
investment process.  The Fund is designed to provide a defensive return profile 
and a moderate yield.  With the objective of minimising risk of loss, a cautionary 
approach to climate change risk is taken.  Assets with elevated physical climate 
change and transition risks are excluded from the Fund. 
The positive risks associated with the energy transition are also captured in the 
Fund’s investment strategy through the stock selection process.  While the Fund 
does not invest in higher-risk, non-core renewable energy companies, the Fund 
seeks exposure to companies that will steadily benefit from the energy 
transition, such as regulated electricity networks, which will expand to include 
energy storage and to integrate new power sources.    
 
c. Strategy Resilience 
Climate risk and scenario analysis form a core part of the investment process.  
By directly incorporating climate change risks, both positive and negative, into 
the investment process, PATRIZIA Infrastructure aims to make the Fund resilient 
against negative risks, and to generate investment returns from exposure to 
positive risks. 
To address transition risks, a science-based well-below 2°C warming pathway 
approach is applied to the Fund.  Assets not compatible with this scenario are 
not held.  This approach recognises that companies that can adjust over time to 
the policy and market changes necessary to meet the below 2°C warming target 
will be less subject to stranded asset risk and the destruction of investor capital.  
The sector specific pathways we apply are based on: 
- 
The International Energy Agency’s (IEA) Net Zero Emissions (NZE) pathway, 
a below 1.5°C warming pathway with a 50% probability and limited 
overshoot. 
- 
The IEA’s Announced Pledges Scenario (APS) (from 2023 onwards, 
equivalent to the IEA pre-2023 Sustainable Development Scenario (SDS)). 
This is a well below 2°C pathway; holding the temperature rise to 1.7°C 
with a 50% probability without reliance on global net-negative CO2 
emissions.  
The IEA pathways are a used as a source by both the Transition Pathway 
Initiative (TPI) and the Science Based Targets project (SBTi), and we also use 
both the TPI and the SBTi tools in mapping investee companies historic and 
forecast carbon intensities against sector decarbonisation requirements. 
The IEA scenarios include specific pathways for the carbon intensity of power 
generation, measured as CO2 equivalent grams per kilowatt hour of power 
produced (CO2e/kWh).  This has been applied as a threshold for the companies 
in the Fund with power generation operations and is shown in Chart 3 below.  
The APS also includes a natural gas demand scenario, which has been applied to 
the Fund’s exposures to gas infrastructure.

CLIMATE RISK REPORT  
 
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PATRIZIA | © 2024 
 
 
Chart 3: Emissions Intensity Reduction Pathways and Median Emissions Intensity of Coal, Gas and Renewable Power Generation 1 
 
Source: IEA, Transition Pathway Initiative, Science Based Targets Initiative, IPCC, PATRIZIA 
 
Physical climate change risks are discussed in more detail in Section 3. 
 
 
 
1 The emissions intensity figures for coal, natural gas and renewables is based on the medians published by the IPCC: https://www.ipcc.ch/site/assets/uploads/2018/02/ipcc_wg3_ar5_annex-iii.pdf#page=7 
 
0
100
200
300
400
500
600
700
800
900
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
Emissions Intensity (gCO2e/kWh)
TPI Sector Pathway (World)
SBTi B2DS (World)
IEA SDS
Coal
Natural Gas
Renewables

29 
CLIMATE RISK REPORT  
PATRIZIA | © 2024 
Risk Management 
a. Processes for identifying and assessing climate related risk 
Climate risks are assessed as part of the investment process, with fundamental 
bottom-up research undertaken on stocks held in the Fund and potential 
investments. Given the scale of climate risks and opportunities for most 
infrastructure sectors, these risks and opportunities are relatively easily 
identified, and form a significant part of the investment analysis.  
PATRIZIA Infrastructure undertakes internal research, scenario analysis and 
forecasting, assessing these risks using a variety of sources including: 
• 
Company disclosures 
• 
Direct engagement with companies, regulators, and industry participants  
• 
Industry data and publications 
• 
Carbon intensity data 
• 
External research and data providers 
b. Processes for managing climate related risks 
The main tool for managing climate transition related risks is the application of a 
well below 2°C warming scenario, and not holding assets deemed not able to 
meet this threshold. 
PATRIZIA Infrastructure considers that an exclusionary strategy is appropriate 
(as opposed to a best-in-class, risk-weighting or other alternative strategies) 
given the size of the risks, and the sensitivity of asset values to small changes in 
long-term assumptions. These risks are monitored on a continuous basis as part 
of the investment process. 
c. How processes for identifying, assessing and managing climate 
related risks are integrated into the organization’s overall risk 
management 
PATRIZIA SE has integrated ESG risks – including climate-related risk - in the 
Company’s risk management policy and risk framework as well as internal 
reporting. Climate risk will be included on the agenda for the Board of Directors’ 
meetings from 2023 onwards. A Group-wide risk management system ensures 
that risks are systematically identified, recorded, managed and communicated 
both internally and externally when deemed necessary. 
Overall responsibility for risk management lies with the Board of Directors of 
PATRIZIA SE. The monitoring and ongoing development of the risk management 
system is the responsibility of the Risk Management function. 
Metrics and Targets 
a. Metrics used to assess climate-related risks 
For energy transition risks, PATRIZIA Infrastructure conducts fundamental 
analysis of asset resilience under a maximum (or ‘well below’) 2°C warming 
pathway, with a focus on the potential impact on asset cash flows and cash flow 
stability. 
For example, for assets with power generation exposures, the IEA SDS is applied, 
as described in Table 4.  The sources of power generation are also monitored.  
For assets with gas transmission and distribution exposure we model the IEA 
SDS natural gas demand forecasts by region and are monitoring the development 
of biogas and green hydrogen substitutes.  
In addition to qualitative research, PATRIZIA Infrastructure sources carbon 
emissions data on each stock in our core infrastructure universe and uses this 
data in the stock selection process.  Carbon emissions data is sourced from ISS, 
the Carbon Disclosure Project (CDP) and company reports, and we assess all 
facilitated emissions, not just direct emissions.  
Facilitated emissions and Scope 3 emissions are particularly important for 
infrastructure assets that transport fossil fuels, such as oil and gas pipelines.  
For most companies, Scope 3 emissions relate to ancillary activities such as 
business travel and waste, but for transport and pipeline sectors, which for 
example, carry gas to the power station where it will be burnt, or facilitate air 
travel (a Boeing 747 burns approximately 240 litres of fuel per minute), Scope 3

CLIMATE RISK REPORT  
 
30 
PATRIZIA | © 2024 
emissions can be multiples larger than Scope 1 and 2 emissions, and more 
accurately reflect the climate change risk and size of the transition faced by 
these sectors. 
b. Greenhouse gas emissions data 
The emissions intensity data of the Fund is provided in Section 2 below. 
c. Targets used to manage risks 
Sector-specific maximum, or ‘well below’, 2°C warming pathways are applied 
both qualitatively and quantitatively (if available).  The sector specific pathways 
are sourced from the International Energy Agency (IEA) and based on their 
Sustainable Development Scenario (SDS) models, the Science Based Targets 
Initiative and the Transition Pathways Initiative.   
For example, for assets with power generation exposures, the IEA SDS (2021) 
pathway for CO2/kWh reduction was applied, and companies operating with 
emissions intensity above this level are excluded from the Fund.  The scenario 
presents the following reduction of emissions intensity over time: 
Table 5: Power Generation Carbon Intensity Targets – Well Below 2°C Scenario 
Max CO2/KwH  
2022 
2023 
2024 
2025 
2026 
2027 
IEA SDS 
401 
383 
364 
346 
324 
302 
IEA NZE 
378 
348 
318 
288 
258 
228 
Source: IEA 
The IEA SDS scenario has recently been superseded by the Approved Policies 
Scenario (APS) in the IEA’s World Energy Outlook report released in August 
2023, and this scenario along with the Net Zero Emissions (NZE) scenario will be 
applied going forward. 
The assessment of Fund holdings against this threshold, and the slightly tighter 
thresholds used by the is provided in Section 2 below. 
For other sectors, targets include total GHG emission and emissions intensity 
reduction required by the well below 2°C warming pathway, as discussed in   
Table 4.

CLIMATE RISK REPORT  
 
31 
PATRIZIA | © 2024 
2. GHG Emissions Intensity 
 
TCFD Defined Carbon Footprint 
 
 
The carbon footprint of the LCCIF is 906 tons per $ invested. This is measured in 
USD and is based on investee company market capitalisation. The carbon 
footprint is less than one quarter of the FTSE Developed Core Infrastructure 
Index. 
 
SFDR Defined Carbon Footprint 
The carbon footprint as defined by SFRD is: 513 tCO2e.  
This is based on investee company enterprise value (as opposed to market 
capitalisation) and is measured in EUR.   
 
Weighted Average Carbon Intensity  
As recommended by TCFD, PATRIZIA Infrastructure has calculated the weighted 
average carbon intensity for the Fund: 
Weighted Average Carbon Intensity = ∑(current value of investment𝑖
current portfolio value
× issuer's GHG emissions𝑖
issuer's $M revenue𝑖
)
𝑖
𝑛
 
Where GHG emissions are classified by the Greenhouse Gas (GHG) Protocol 
Corporate Standard’s three ‘scopes’: 
 
• 
Scope 1 emissions are direct emissions from owned or controlled 
sources; 
• 
Scope 2 emissions are indirect emissions from the generation of 
purchased energy; and 
• 
Scope 3 emissions are all indirect emissions (not included in scope 2) 
that occur in the value chain of the reporting company, including both 
upstream and downstream emissions. 
Table 6 also includes the emissions intensity of three comparison indices, the 
FTSE Developed Core Infrastructure Index, the S&P Global Infrastructure Index, 
and the Dow Jones Brookfield Global Infrastructure Index. 
Table 6: Emissions Intensity of Holdings as of 31 December 2023 
Tonnes of CO2 equivalent per $mil 
revenue 
SCOPE 1&2
EMISSIONS
 
SCOPE 3 & 
FACILITATED 
EMISSIONS  
TOTAL & 
FACILITATED 
EMISSIONS  
PATRIZIA LCCIF 
334 
1,289 
1,624 
FTSE Developed Core Infra Index 
1,159 
7,506 
8,665 
S&P Global Infra Index 
709 
9,385 
10,091 
DJ Brookfield Global Infra Index 
356 
10,894 
11,250 
Fund vs FTSE Dev Core Infra Index 
-71% 
-83% 
-81% 
 
Fund holdings as at 31 December 2023, with latest available emissions data (CY2022). Source: 
PATRIZIA Infrastructure, ISS ESG, Bloomberg 
 
Disclosure of scope 3 emissions by companies is improving, but still limited, 
particularly for the industries that have very high scope 3 emissions.  Where a 
company has not reported this data, PATRIZIA Infrastructure has used the 
estimate provided by ISS ESG, and where this is not available, has calculated an 
906 tCO2e 
Carbon Footprint Per $US Invested 
FTSE Developed Core 
Infrastructure  
Index: 3,807 tCO2e

CLIMATE RISK REPORT  
 
32 
PATRIZIA | © 2024 
estimate based on asset capacity, fuel use or fuel throughput, and embedded 
emissions factors as published by the US Environmental Protection Agency and 
the Australian Government National Greenhouse Accounts.   
Under Carbon Disclosure Project (CDP) reporting guidelines there is ambiguity on 
the definition of scope 3 emissions relating to oil and gas pipelines, which adds 
additional complexity. Companies are guided to report the embedded emissions 
of “sold products”, so where a pipeline company does not own the oil or gas tha t 
is transported, most do not disclose the embedded or facilitated emissions at all.  
As a result, we find that most scope 3 data is significantly underestimating 
facilitated emissions for companies with pipeline assets.  The Fund does not hold 
oil pipeline assets, but they do make up a material portion of each of the 
comparison indices in Table 6.  Consequently, PATRIZIA Infrastructure has 
calculated and included estimates of the facilitated emissions for four of the 
largest north American oil and gas pipelines.  
Chart 4: Scope 1&2 Emissions Intensity by Sector - Fund vs FTSE DCII 
 
 Source: ISS ESG, Bloomberg, PATRIZIA Infrastructure 
The Fund is materially less carbon intensive across all emissions scopes than 
listed infrastructure indices.  This is largely due to the Fund excluding US mid-
stream and oil pipeline stocks, and only holding low carbon intensity integrated 
electric utilities in the US.  Illustrating this, the following charts show the scope 
1 and 2 emissions intensity compared against the FTSE Developed Core 
Infrastructure Index. As this index (and other listed infrastructure indices) ha s a 
very large exposure to the US and Canada, this regional exposure drives most of 
the difference. 
Chart 5: Scope 1&2 Emissions Intensity by Region - Fund vs FTSE DCII 
 
Source: ISS ESG, Bloomberg, PATRIZIA Infrastructure 
 
 
-700
-600
-500
-400
-300
-200
-100
0
100
Water Utilities
Tollroads
Railroads
Oil&Gas Pipelines
Multi-Utilities
 Gas Utilities
 Electric Utilities
 Communications
 Airports
LCCIF & FTSE DCII difference in S1&2 emissions (tCO2e) per revenue
(USD millions)
-700
-600
-500
-400
-300
-200
-100
0
100
Japan
Asia ex Japan
North America
Europe ex UK
UK
LCCIF & FTSE DCII difference in S1&2 emissions (tCO2e) per revenue 
(USD millions)

CLIMATE RISK REPORT  
 
33 
PATRIZIA | © 2024 
Chart 6: Top 10 Scope 1 & 2 Carbon Intensity - Fund vs FTSE DCII 
 
Source: ISS, Bloomberg, PATRIZIA Infrastructure 
 
The Fund does not hold any stocks with Scope 1&2 emissions more than 3,000 
tCO2e per million US dollars of revenue.  The FTSE Developed Core 
Infrastructure Index holds ten stocks with Scope 1&2 emissions per million US 
dollars revenue over 3,000 tCO2e.     
Chart 7: Historical Scope 1&2 Carbon Intensity 
 
Source: ISS, Bloomberg, PATRIZIA Infrastructure 
 
Since the Fund’s inception in 2016, the Fund has remained less carbon intensive 
than the FTSE Developed Core Infrastructure Index and other listed 
infrastructure indices.  
 
 
A2A SPA
UNION PACIFIC
ENDESA SA
SNAM SPA
CANADIAN NATL
SSE PLC
FORTIS INC
AVISTA CORP
PORTLAND GENERAL
PINNACLE WEST
CHUBU ELECTRIC
AMEREN
ALLIANT ENERGY
OKINAWA ELECTRIC
PPL CORP
CLP HOLDINGS LTD
HOKURIKU ELECTRIC POWER CO
EVERGY INC
CK INFRASTRUCTURE 
POWER ASSETS HOLDINGS LTD
20,000
10,000
0
10,000
20,000
30,000
40,000
50,000
Scope 1&2 emissions (tCO2e) per revenue (USD millions)
LCCIF
FTSE
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
2016
2017
2018
2019
2020
2021
2022
2023
S1&2 emissions (tCO2e) per
revenue (USD millions)
PATRIZIA LCCIF
FTSE Developed Core Infrastructure Index

CLIMATE RISK REPORT  
 
34 
PATRIZIA | © 2024 
Power Generation Exposure 
13 stocks held in the Fund, totalling 33% of holdings, have some power 
generation exposure.  These range from Avangrid, a transmission and distribution 
network owner which also owns a renewable energy business providing up to 
21% of the company’s operating earnings, through to fully integrated electric 
utilities which do not break out what percentage of earnings is generated from 
power production versus distribution and retail. 
German utility E.ON, Italian multi-utility Hera and UK utility National Grid have 
minimal exposure to power generation activity, which contributes less than 5% of 
their total revenue and earnings.  
It is important to note that the Fund has immaterial exposure to merchant power 
plants and excludes all independent power producers with fossil fuel power 
generation, as well as companies with more than 10% of revenues generated 
from coal fired power generation or coal transportation, shipping and handling. 
Table 7 below shows a summary of the 13 stocks with power generation 
exposure, including emissions intensity and fuel sources.  As with measuring 
carbon intensity, this is a simplistic analysis, and does not sufficiently capture 
the underlying risk.  Direct emissions from power generation are only one part of 
the picture.   
Other factors in determining a climate change risk profile include: 
• 
regulation and pricing power;  
• 
substitutable technologies; and 
• 
future capex and R&D plans.  
In the Fund, most carbon emissions are generated from regulated utilities.  In 
nearly all cases, the climate change and stranded asset risk is mitigated by the 
regulatory environment which allows for a fully funded transition from fossil fuel 
to renewable power generation sources. 
For integrated US and Canadian utilities, carbon intensity is measured for 
combined own generation and purchased power. Typically, these utilities have 
long term power purchase agreements with other power generators to source 
power that cannot be met from their own capacity.  The regulatory framework 
allows them to meet their clean energy targets by sourcing power from 
purchased sources that is less carbon intensive as they transition.

CLIMATE RISK REPORT  
 
35 
PATRIZIA | © 2024 
Table 7: Fund Holdings with Power Generation Capacity 
Name 
Country 
% Revenue from 
power generation 
activity2 
Carbon intensity of 
electricity: 
gCO2/kWh 
Max 2°C 
Pathway 
Compliance 
Power Fuel Mix % 
 
 
 
 
 
Coal 
Gas & Oil 
Nuclear 
Renewables 
Other 
Avangrid Inc 
US 
14% 
46 
Yes 
0% 
11% 
0% 
89% 
0% 
Endesa SA 
Spain 
56% 
205 
Yes 
2% 
39% 
41% 
19% 
0% 
Fortis Inc 
Canada 
13% 
293 
Yes 
13% 
22% 
7% 
43% 
15% 
Pinnacle West Capital 
US 
Not disclosed 
324 
Yes 
25% 
24% 
26% 
8% 
17% 
Portland General 
US 
Not disclosed 
297 
Yes 
6% 
34% 
0% 
39% 
21% 
SSE PLC 
UK 
16% 
259 
Yes 
0% 
64% 
0% 
36% 
0% 
A2A SpA 
Italy 
Not disclosed 
386 
Yes 
3% 
79% 
0% 
18% 
0% 
Avista Corp 
US 
Not disclosed 
263 
Yes 
12% 
28% 
0% 
48% 
12% 
Consolidated Edison  
US 
5% 
265 
Yes 
0% 
20% 
0% 
55% 
24% 
E.ON SE 
Germany 
0.9%3 
NA 
Yes 
9% 
24% 
54% 
12% 
0% 
Hera SpA 
Italy 
0.5% 
NA4 
Yes 
0% 
36% 
0% 
35% 
29% 
National Grid PLC 
UK 
2% 
NA 
Yes 
0% 
77% 
0% 
23% 
0% 
Public Service Enterprise Group 
US 
22% 
37 
Yes 
0% 
8% 
91% 
1% 
0% 
2022 hurdle to meet max. 2°C warming scenario: 
401 
 
 
 
 
 
 
Source: Company reports 
 
 
 
2 For Avangrid and Consolidated Edison, revenue provided is for the renewables power generation business.  They also have power generation within their integrated el ectric utility operations but do not 
disclose % of revenue sourced from power generation for these segments. For integrated US and Canadian utilities, carbon intensity is measured for combined own generation and purchased power. Typically, 
they have long term power purchase agreements with power generators to source power that cannot be met from their own capacit y. In most cases, they are able to pass through the cost of power to end 
customers and earn a regulated return for power transmission and distribution services provided.  The regulatory framework al lows them to meet their clean energy targets by sourcing power from purchased 
sources that is less carbon intensive as they transition from fossil fuel to renewable power generation . 
3 Power generation is not a core business for E.ON. In FY 2022, it earned less than 1% of its total revenue from power generation assets. Post April 2023, EON’s power generation exposure is limited to its 
equity interest in the Turkish electric utility Enerji Üretim which has power generation assets.  E.ON’s investment in Enerji  Üretim is equity accounted and contributes less than 1% to operating earnings.

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36 
PATRIZIA | © 2024 
3. Physical Climate Change Risk Analysis 
Physical assets may be damaged by acute climate events (for example, 
hurricanes or floods) as well as worn down by chronic climate risks like changes 
in temperature or precipitation, land degradation and sea level rise.  These 
climate risks will have valuation impacts over the medium and longer term.   
The Fund invests in infrastructure companies that have locations around the 
world, and the physical assets of these investee companies can be spatially 
complex – for example, electricity grids, railway networks, pipelines, and towers.  
To understand how exposed the portfolio is to physical climate risks, we have 
collected data for all portfolio companies. We then used internal research, 
external data providers and the significant work undertaken by the investee 
companies themselves in identifying physical climate risks and the mitigation 
and/or adaption strategies in place.  This approach complements our risk 
assessment of higher risk countries and cities as well as corporate scores for the 
LCCIF’s investee companies.  
Importantly, we note that overwhelmingly, the Fund’s key mitigant against 
physical climate risk is the nature of its investments.  Around two thirds of the 
portfolio is invested in fully regulated companies that can pass through cost 
increases to the customer base, including costs and capital expenditure relating 
to asset hardening, disaster recovery and insurance.   
 
The Fund invests in locations in North America, Europe, Singapore, Japan, and Australia

CLIMATE RISK REPORT  
 
37 
PATRIZIA | © 2024 
 
Scenario Analysis 
For an initial assessment, we source data on each Fund holding from ISS ESG.  
This data can be summarised by a range of risk indicators, under current 
conditions and two future scenarios. Each holding is assessed on the current risk 
level, and the two scenarios for 2050, which correspond to the International 
Panel on Climate Change (IPCC) 5th Assessment Report (AR5) Representative 
Concentration Pathway (RCP) 4.5 and RCP 8.5, which forecast:  
 
Likely Scenario: predicts a 1.7-3.2 °C temperature rise by 2100. 
 
Worst Case Scenario: predicts a 3.2-5.4 °C temperature rise by 2100. 
 
When simulating hazards, ISS ESG uses the same climate-model outputs as the 
IPCC used in AR5. These models forecast and map the intensity and impacts of 
six hazards that are the costliest in terms of past damage and which are 
expected to continue to cause substantial financial damages on both business 
and civil society. ISS ESG then overlays the location of company assets onto 
these current and forecast hazard maps.  
For example, for tropical cyclone risk, ISS uses the European Environment 
Agency’s Climate-ADAPT database, in which extreme winds are modelled on a 
grid (100 km by 100 km) based on 1.2 million simulated cyclone trajectories, to 
calculate expected average annual damages at each location in the map grid. 
A summary of the data is provided in the table overpage. The potential financial 
impacts are summarised as risk categories: for current conditions, under the 
Likely scenario in 2050, and under the Worst Case scenario in 2050. For the two 
future scenarios, we have also included the potential negative impact on 
company revenues.  
This figure should only be used as an indicator of relative risk between the 
companies, not an actual revenue forecast. 
 
The data indicates that: 
• 
The regions currently suffering the worst effects of climate change will 
continue to be the worst effected under both 2050 scenarios. 
• 
Of the exposures in the Fund, Singapore and Japan will continue to be 
impacted the most. This is not surprising given they are both made up of 
islands. 
• 
Coastal flooding (sea level rise) and increasing storm intensity are the two 
major risks for the geographies the Fund invests in, particularly applying 
to the Asian and US coasts.  (Heat stress and drought, even though 
forecast to impact all continents, appear as major risks predominantly for 
Africa and the Middle East, which the Fund does not have exposure to). 
• 
Overall, the US is more exposed than Europe. The UK, Italy, Belgium, 
France, and Germany are at relatively low risk.   
 
While this data is useful at the top-down geographic level, it does not capture 
asset specific risks, and should be interpreted with care. For example, Netlink 
NBN Trust in Singapore is identified as the asset at highest risk, from coastal 
flooding and cyclones. However, most of Netlink’s assets are underground, and 
the company’s fibre cables, ducts and manholes are not damaged by water 
exposure or wind. In contrast, the UK water utilities Pennon Group and United 
Utilities are much more sensitive to flood events, and to water stress, due to the 
nature of their operations, but are classified as low risk. In our stock selection 
and stock analysis process, PATRIZIA focuses on the asset specific physical 
climate change risks.  In the example of the UK water utilities, we have assessed 
the ability of the companies to pass through the costs of adaptation and asset 
hardening into the regulated asset base, with this identified as the major risk 
mitigant.

38 
CLIMATE RISK REPORT  
PATRIZIA | © 2024 
Table 8: Summary of ISS Physical Risk Scenarios 
Company 
Domicile 
Current 
Likely Scenario 
Worst Scenario 
Worst Scenario 
 
Total Risk 
Level 
Impact: % 
Revenue 
reduction 
Total Risk 
Level 
Impact: % 
Revenue 
reduction 
Total Risk 
Level 
Coastal 
Flood 
Drought 
River 
flood 
Heat stress 
Cyclone 
Wildfire 
NetLink NBN Trust 
Singapore 
High  
2.64% 
High  
3.61% 
High  
Moderate 
Low 
Moderate 
Very Low 
High 
Low 
American Tower 
USA 
Moderate 
0.94% 
Moderate 
1.31% 
High  
Moderate 
Very Low 
Moderate 
Very Low 
Moderate 
Low 
Crown Castle Inc. 
USA 
Moderate 
0.84% 
Moderate 
1.20% 
High  
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Consolidated Edison 
USA 
Moderate 
0.70% 
Moderate 
1.00% 
High  
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Eversource Energy 
USA 
Moderate 
0.81% 
Moderate 
0.98% 
High  
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
SJW Group 
USA 
Moderate 
0.47% 
Moderate 
0.68% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Avangrid, Inc. 
USA 
Moderate 
0.45% 
Moderate 
0.65% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
National Grid Plc 
UK 
Moderate 
0.45% 
Moderate 
0.53% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Very Low 
Central Japan Rail 
Japan 
Moderate 
0.34% 
Moderate 
0.47% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Moderate 
Very Low 
Fortis Inc. 
Canada 
Moderate 
0.37% 
Moderate 
0.45% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Avista Corporation 
USA 
Moderate 
0.30% 
Moderate 
0.42% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
East Japan Railway 
Japan 
Moderate 
0.30% 
Moderate 
0.42% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Moderate 
Very Low 
Pub. Service Ent. Grp 
USA 
Moderate 
0.30% 
Moderate 
0.41% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Pinnacle West Cap. 
USA 
Moderate 
0.30% 
Moderate 
0.41% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Redeia Corp SA 
Spain 
Moderate 
0.29% 
Moderate 
0.38% 
Moderate 
Moderate 
Low 
Low 
Very Low 
Low 
Moderate 
Portland Gen Electric 
USA 
Moderate 
0.26% 
Moderate 
0.36% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
West Japan Rail 
Japan 
Moderate 
0.25% 
Moderate 
0.36% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Moderate 
Very Low 
Aena 
Spain 
Moderate 
0.26% 
Moderate 
0.35% 
Moderate 
Moderate 
Low 
Low 
Very Low 
Very Low 
Moderate 
Union Pacific Corp 
USA 
Moderate 
0.23% 
Moderate 
0.33% 
Moderate 
Moderate 
Very Low 
Low 
Very Low 
Moderate 
Low 
Flughafen Zuerich 
Switzerland 
Moderate 
0.23% 
Moderate 
0.25% 
Moderate 
Low 
Low 
Low 
Very Low 
Low 
Low 
Canadian Nat. Rail 
Canada 
Moderate 
0.16% 
Moderate 
0.19% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Low 
Very Low 
SNAM SpA 
Italy 
Low 
0.10% 
Moderate 
0.18% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Very Low 
Low 
TERNA Rete SpA 
Italy 
Low 
0.09% 
Moderate 
0.17% 
Moderate 
Low 
Very Low 
Low 
Very Low 
Very Low 
Low 
Hydro One 
Canada 
Moderate 
0.14% 
Moderate 
0.13% 
Moderate 
Very Low 
Very Low 
Moderate 
Very Low 
Very Low 
Very Low

CLIMATE RISK REPORT  
 
39 
PATRIZIA | © 2024 
Company 
Domicile 
Current 
Likely Scenario 
Worst Scenario 
Worst Scenario 
 
Total Risk 
Level 
% of 
Revenue 
Impact 
Total Risk 
Level 
% of 
Revenue 
Impact 
Total Risk 
Level 
Coastal 
Flood 
Drought 
River 
flood 
Heat stress 
Cyclone 
Wildfire 
Endesa SA 
Spain 
Low 
0.08% 
Low 
0.11% 
Moderate 
Low 
Low 
Very Low 
Very Low 
Very Low 
Low 
INWIT SpA 
Italy 
Low 
0.04% 
Low 
0.08% 
Low 
Low 
Very Low 
Low 
Very Low 
Very Low 
Low 
ENAV SpA 
Italy 
Low 
0.04% 
Low 
0.08% 
Low 
Low 
Very Low 
Low 
Very Low 
Very Low 
Low 
Aeroports de Paris 
France 
Low 
0.07% 
Low 
0.07% 
Low 
Very Low 
Low 
Low 
Very Low 
Very Low 
Low 
Elia Group 
Belgium 
Low 
0.04% 
Low 
0.06% 
Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Getlink SE 
France 
Low 
0.07% 
Low 
0.05% 
Low 
Very Low 
Very Low 
Low 
Very Low 
Very Low 
Low 
United Utilities 
UK 
Low 
0.06% 
Low 
0.05% 
Low 
Very Low 
Very Low 
Low 
Very Low 
Low 
Very Low 
Pennon Group 
UK 
Low 
0.05% 
Low 
0.05% 
Low 
Very Low 
Very Low 
Low 
Very Low 
Low 
Very Low 
A2A SpA 
Italy 
Low 
0.02% 
Low 
0.03% 
Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
SSE Plc 
UK 
Low 
0.02% 
Low 
0.02% 
Low 
Very Low 
Very Low 
Very Low 
Very Low 
Low 
Very Low 
Italgas SpA 
Italy 
Low 
0.01% 
Low 
0.02% 
Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Hera SpA 
Italy 
Low 
0.01% 
Low 
0.02% 
Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Atlas Arteria Ltd. 
Australia 
Very Low 
0.01% 
Very Low 
0.01% 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
E.ON SE 
Germany 
Very Low 
0.01% 
Very Low 
0.01% 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Very Low 
Source: ISS ESG 
 
PATRIZIA Assessment 
The level of physical risk from climate change for each holding is summarised in 
Table 1 of the Sustainability Report on page 9. There is significant overlap with 
the ISS ESG ratings, but the assets at highest risk are identified as the US 
utilities with electricity in high fire risk areas. Unlike the ISS modelling, this 
assessment is also based on the severe financial and legal risks should electrical 
equipment be found to have caused of a damaging wildfire. In 2023 we saw this 
impact clearly on Hawaiian Electric, which was a Fund holding, but was sold 
following the August 2023 Lahaina wildfire. While Hawaii was considered as 
‘Low’ risk for wildfires, the fires on Maui showed that a confluence of factors can 
result in unpredictable outcomes as the planet heats up. 
These utilities rated as ‘High’ risk in the portfolio are:  
1. 
Pinnacle West Capital,  
2. 
Avista Corporation, 
3. 
Fortis Inc 
4. 
Public Service Enterprise Group 
These US utilities are at elevated risk from wildfires, increased storm intensity, 
sea level rise or heat stress. In making this assessment, we overlaid the utility 
service areas against fire risk and population density maps.   
The major mitigant against these risks is the regulated nature of these 
companies. The regulatory framework allows these companies to pass through 
cost increases directly to the rate base, including costs and capital expenditure 
relating to asset hardening, disaster recovery and insurance.

40 
CLIMATE RISK REPORT  
PATRIZIA | © 2024 
Additional Corporate Analysis 
Prior to adding a new company to the Fund, we also assessed the asset specific 
physical climate risk.  Fund’s three new investee companies for 2023 were 
Public Service Enterprise Group, Eversource Energy and Getlink, and these were 
scored against six climate attributes.  For these companies, the heatmap below 
shows the proportion of assets that were assessed as high risk or red flag. We 
also reviewed their risk mitigation policies.   
Table 9: New Investee Companies with Facilities at Risk 
  
Floods 
Heat 
Stress 
Hurricane 
/Cyclone 
Sea Lvl 
Rise 
Water 
Stress 
Wildfires 
Eversource 
Energy 
 
 
 
 
 
 
Public 
Service 
Enterprise 
Group 
 
 
 
 
 
 
Getlink 
 
 
 
 
 
 
Source: PATRIZIA Infrastructure, Moodys ESG Solutions 
 
 
• Overall Risk Assessment: Moderate 
• Eversource is a regulated transmission and distribution utility (predominantly 
electric) servicing Connecticut, Massachusetts, and New Hampshire.  
• While its service territories are at lower risk of wildfires, being along the US 
north east coast, they are exposed to likely increased coastal flooding and 
hurricane risk, and also longer term, sea level rises.  
• Eversource has a detailed Climate Adaptation and Mitigation Plan in place and 
works with regulators to gain approval for new programs that will help 
improve system resiliency in response to climate change, including vegetation 
management, pole and wire strengthening, flood proofing, and other system-
hardening measures. 
 
• Overall Risk Assessment: High 
• Public Service Enterprise Group (PSEG) is a predominantly regulated 
electricity and gas T&D company, the largest utility in New Jersey. In addition 
to the regulated utilities, PSEG manages 3.8 GW of nuclear power.  
• Storm severity and flooding is likely to increase for New Jersey, and this is a 
key physical risk for PSEG’s operations. PSEG’s interest in five nuclear power 
stations introduces additional risk, with these assets potentially impacted by 
both flooding and drought. Combined with the concentration of PSEG’s 
operations in a single state, the risk assessment for PSEG is ‘High’. 
• Like other regulated utilities, a key mitigant is the regulatory environment, 
allowing the pass through of capital expenditure costs relating to asset 
hardening, disaster recovery and insurance.     
 
• Overall Risk Assessment: Low 
• Getlink is the operator of the Eurotunnel, the Channel Tunnel between France 
and the UK. Getlink also operates a 1GW HVDC electricity interconnector 
between France and the UK. 
• Physical risks are limited, due to most of the assets being underground. 
However, Getlink has identified facility flooding and high temperatures as the 
major risks, and have instituted mitigation plans and asset hardening.

41 
 
 
EU Taxonomy Alignment and SFDR 
Disclosures 
PATR IZIA Lo w Ca rbo n  Co re I nf ra st ru ct ure Fund  
2 023

EU TAXONOMY ALIGNMENT  
 
42 
PATRIZIA | © 2024 
1. EU Taxonomy Alignment 
PATRIZIA supports the objectives of EU Taxonomy and integrates various 
environmental, social and governance considerations in investment decision 
making.  
 
• 
The Fund has set a minimum EU Taxonomy alignment of 25% 
• 
Alignment as of 31 December 2023 was 37% (of revenue) 
The EU Taxonomy is a framework that translates the European Union’s climate 
and environmental objectives into transparent criteria for economic activities, to 
determine which activities are environmentally sustainable.  The result is a list of 
what is considered environmentally sustainable economic activities.  
 
In previous years, the EU had published the technical standards for the first two 
of its six environmental objectives, which are climate change mitigation and 
climate change adaptation. In 2023, the EU also published the technical 
standards for limited economic activities contributing to the other four 
environmental objectives, which included 6 activities that are qualified to 
contribute towards the Taxonomy’s objective of ‘Sustainable use and protection 
of water and marine resources’, 21 activities to ‘Transition to a circular 
economy’, 6 activities to ‘Pollution prevention and control’, and just 2 activities 
can contribute to ‘Protection and restoration of biodiversity and ecosystems’. 
The lists of economic activities are still not complete, with the EU yet to release 
the full list of activities or the technical screening criteria for the remaining four 
objectives. The following analysis applies to the standards released thus far. 
 
To qualify as environmentally sustainable and Taxonomy aligned, an activity must 
pass the following four steps or conditions defined by the Taxonomy regulation.  
1. Sustainable Contribution 
A determination of whether the business activity contributes substantially to at 
least one of the six EU Taxonomy’s environmental objectives. These are: 
• 
Climate change mitigation 
• 
Climate change adaption 
• 
Sustainable use and protection of water and marine resources 
• 
Transition to a circular economy 
• 
Pollution prevention and control 
• 
Protection and restoration of biodiversity and ecosystems 
In 2023, the Taxonomy assessment made for the PATRIZIA Low Carbon Core 
Infrastructure Fund (LCCIF) is based on the alignment of Fund’s portfolio 
companies with the ‘climate change mitigation’ objective of the EU Taxonomy. 
For the remaining five objectives, there was not enough information available 
from the portfolio companies to make assessments on the technical standards 
applicable to the economic activities that are eligible to contribute towards 
their achievement. This is in line with the Taxonomy reporting adopted by the 
Fund’s European holdings, with none of them claiming alignment for the 
‘climate change adaptation’ objective. Similarly, portfolio companies are yet to 
report on the remaining four objectives. 
Our Approach 
For our assessment of the Fund, this means identifying which activities of 
portfolio investee companies are eligible to be assessed.  We refer to these 
activities as ‘eligible activities’.  For example, the EU Taxonomy classification 
system identifies ‘Transmission and distribution of electricity’ as an activity that 
could contribute substantially to the ‘Climate change mitigation’ objective.  
Therefore, the revenue sourced by a company from electricity transmission or 
distribution networks will be considered as ‘eligible’.

EU TAXONOMY ALIGNMENT  
 
43 
PATRIZIA | © 2024 
2. Technical Screening Criteria 
Once eligible activities have been identified, these are then assessed against a 
further set of more granular technical screening criteria. As of 31 December 
2023, the Taxonomy regulation has provided technical screening criteria for 101 
economic activities for the climate mitigation objective, specifically addressing 
each activity in various industries such as forestry, manufacturing, energy, water 
cycle, waste management, transport, construction, real estate, and information 
and communication. For example, revenues from the wastewater processing 
done by water utilities is eligible in step 1, but to be considered “aligned” with 
the step 2, the regulation specifies the benchmark for water use efficiency and 
reuse that must be met.  
In 2023, the EU approved 7 new economic activities to be added to the list of 
eligible sustainable activities for the climate mitigation objective. The new 
activities comprised of manufacturing of automotive and mobility components, 
aircrafts, electrical equipment, and rail constituents, and within the transport 
sector (aircraft leasing activities and air transport fleet and ground handling 
operations). None of the portfolio companies held in the PATRIZIA LCCIF 
engaged in the newly added activities, so there was no change for the Fund from 
the previous year. 
Moreover, in 2022, the EU had added nuclear power generation and fossil gas 
fuelled power generation as transitional activities. In our assessment, we have 
considered these activities to be ‘eligible’ as they were in the list of allowed 
sustainable activities. However, the technical screening criteria determined for 
these activities to be considered ‘aligned’ were quite strict and we did not have 
enough information to make those assessments for the underlying assets that 
were owned or operated by the portfolio companies. Therefore, like previous 
years, we have excluded these activities and do not consider them to be ‘aligned’ 
with the Taxonomy. This is line with the conservative approach we have generally 
employed in our Taxonomy assessment. 
 
 
Our Approach 
The eligible activities of the Fund’s holdings, as identified in step 1, are assessed 
against the technical criteria. Activities meeting the technical criteria are 
assessed as ‘aligned’.  
However, it is important to note that the Taxonomy does not cover all economic 
and financial activities, including activities or sectors that have limited direct 
impact on climate change or environment, and may be excluded at step 1 for not 
substantially contributing towards the Taxonomy’s objectives.  We refer to these 
activities as ‘neutral activities’, to distinguish between these activities and those 
that function against the environmental objectives and are therefore not aligned 
with the taxonomy. 
An example of neutral activities not captured by the regulation is reven ue from 
retail electricity sales and communications towers (discussed further below).  
3. Do No Significant Harm (DNSH) 
This step intends to ensure that an activity that substantially contributes towards 
one of the objectives (and also meets the technical screening criteria) does not 
achieve that at the expense of other environmental objectives of the EU 
Taxonomy.  For an economic activity to be aligned to one of the environmental 
objectives, it should not detrimentally affect the other five environmental 
objectives. 
Our Approach 
The Taxonomy Regulation has provided the general DNSH criteria for each of the 
objectives.  These criteria relate to assessing companies on the basis of their 
response to physical climate risks, water, marine resources, responsible waste 
management and recycling, pollution and biodiversity. We have based our 
assessment on a combined use of ISS ESG norms-based screening, DNSH 
evaluations provided in Bloomberg’s ESG EUTAXO tool, and a deeper cross-check 
of any flagged areas or items.  
Like previous years, we have remained conservative in reviewing this information 
and consider that our assessments are robust.  Notwithstanding the above, we

EU TAXONOMY ALIGNMENT  
 
44 
PATRIZIA | © 2024 
acknowledge the difficulties in assessing this data and the challenge of lack of 
disclosures, particularly for non-EU companies. However, it has improved from 
the last year as the Fund’s UK listed companies started reporting in 2023 on 
economic activities that are eligible and aligned with the EU Taxonomy, including 
the DNSH assessments. We expect this to improve further in coming years. It is 
worth mentioning that third party evaluations can reflect the levels of disclosure 
provided by the companies, rather than their actual performance on these 
issues.  
4. Minimum Social Safeguards (MSS) 
The final step requires that the company also pass the “minimum social 
safeguards” test for it to be considered a Taxonomy-aligned investment.  This is 
to ensure that investee companies that engage in eligible sustainable activities 
also operate in a responsible way and perform well on meeting the global 
standards for responsible business, including the UN’s Global Compact 
Principles, labour rights conventions, and the OECD’s Guidelines for 
Multinationals. 
Our Approach 
Like for DNSH, we have based our assessment of minimum social safeguards on 
a norms-based assessment of each stock, Bloomberg evaluations, and cross-
checked them against company reporting and with our own research.  
SFDR Taxonomy Disclosure 
The EU Taxonomy is interrelated with the EU’s Sustainable Finance Disclosure 
Regulation (SFDR). The SFDR aims to make ESG outcomes across financial 
products more comparable and transparent, and SFDR-scoped entities are 
required to disclose information on the Taxonomy-alignment of their products. As 
the Fund is classified as an Article 8 product (that is: it promotes environmental 
or social characteristics), we include in this report the extent to which the Fund 
invests in economic activities that qualify as environmentally sustainable under 
the Taxonomy Regulation.   
Further SDFR reporting for the Fund including the Principle Adverse Impacts 
disclosures are provided in section 2. 
PATRIZIA LCCIF Assessment 
Table 10: PATRIZIA LCCIF – Estimated EU Taxonomy Alignment 
 
Revenues 
Operating Earnings 
Capital Expenditures 
37% 
39% 
53% 
Source: PATRIZIA Infrastructure  
For each company, we have identified the list of business activities that are 
eligible to be assessed under the Climate Change Mitigation criteria and applied 
technical screening criteria to determine what percentage of their revenue, 
operating earnings and capital expenditures meets the taxonomy regulations.  
They are then assessed on the DNSH and ‘Minimum Social Safeguards’ tests.    
 
We have been conservative in our approach in determining the eligibility and 
estimating alignment of investee companies’ business operations.  Where there 
was not enough information from the company, the activities were deemed 
ineligible for assessment or not considered ‘aligned’ with the technical criteria.  
We have erred on the side of excluding activities where they didn’t meet the 
criteria clearly.   
 
Using this approach, we estimate that 37% of revenues of the stocks held in the 
Fund as of 31 December 2023 are aligned with the EU Taxonomy.  We also

EU TAXONOMY ALIGNMENT  
 
45 
PATRIZIA | © 2024 
assessed operating earnings5 and capital expenditures (capex) 6 of the investee 
companies and find that at least 39% of their operating earnings and 53% of their 
capex was aligned with the EU Taxonomy. 
 
At the total Fund level, 51% revenue was considered eligible to be assessed, 32% 
revenue was from neutral activities, and the remaining 17% of revenue was 
ineligible and excluded due to exposure to unsupported activities.  This 17% 
included revenues earned by freight railroads from transporting fossil fuel 
related products, and for utility companies, revenues from transmission and 
distribution of natural gas, and any exposure to non-renewable fossil fuel power 
generation (excluding from natural gas and nuclear sources, which were included 
in the Taxonomy’s list of sustainable economic activities by the EU). However, 
none of the revenue from natural gas and nuclear power generation was aligned.  
 
Of the 51% of revenues eligible for further assessment, 14% failed to pass the 
technical criteria.  These included UK water utilities not meeting the criteria for 
their wastewater operations, freight railroad holdings not meeting criteria for the 
revenue generated from transporting other commodities (unrelated to fossil 
fuels), and revenues for electric and multi utility holdings from natural gas and 
nuclear power generation, that were considered eligible but not aligned.  
 
Revenue from the US water utility stock SJW Group met the technical screening 
criteria for its water supply operations, however, it was deemed not ‘aligned’ 
with the Taxonomy due to company failing the ‘DNSH’ assessment. However, this 
was due to lack of policy disclosure, and was not due to any serious 
environmental violation or unremediated breach of global norms.  
 
 
5 EBIT measure is used to assess operating earnings’ alignment.  Where EBIT by activity or business segment 
was not disclosed, the EBITDA measure was used (1 out of 38 holdings).  For freight rail stocks and airport 
companies Aena and Aeroports de Paris, eligibility and alignment of earnings is based on their revenue 
assessment. 
Table 11: EU Taxonomy Revenue Assessment for PATRIZIA LCCIF by Sector  
Fund 
Neutral 
Revenues /Not 
Covered  
Revenues 
Excluded 
Revenues 
Eligible 
 
Revenues 
Aligned 
Total Fund 
32% 
17% 
51% 
→ 
37% 
Utilities 
13% 
22% 
65% 
→ 
47% 
Railroads 
21% 
8% 
70% 
→ 
48% 
Airports 
84% 
0% 
16% 
→ 
10% 
Toll Roads 
51% 
0% 
48% 
→ 
45% 
Communications 
100% 
0% 
0% 
→ 
0% 
Source : PATRIZIA Infrastructure  
 
Non-Utility Holdings 
For the Fund’s non-utility holdings, which include communications infrastructure 
companies and transport infrastructure stocks such as toll roads, airports and 
railways, 63% of their revenues were assessed as coming from neutral activities.  
3% of revenues were ineligible and excluded due to exposure to unsupported 
activities, and of the remaining 34% revenue that was eligible, 25% was assessed 
as aligned. 
 
Revenue from neutral activities includes 100% revenue for communication 
infrastructure stocks and the Australian toll road stock Atlas Arteria, as well as 
6 Where provided, company’s guidance of future capital expenditures as per their business plan was used to 
assess their alignment.  If there was no guidance provided, actual capital expenditures for the past financial 
year were used.

EU TAXONOMY ALIGNMENT  
 
46 
PATRIZIA | © 2024 
on-average 84% of revenue from airport infrastructure sector companies and 36% 
of revenue for Japanese passenger railway companies that comes from non-rail 
business operations including station retail and leasing operations.  As of 31 
December 2023, the Fund held four communication stocks, the US tower 
companies American Towers Corp and Crown Castle International, the Italian 
tower stock Inwit and the Singaporean fibre network company Netlink NBN Trust.  
We find that the EU Taxonomy objectives does not encompass 
telecommunications infrastructure owners or operators. Likewise, the revenue 
from Fund’s holding in the Italian air traffic controller ENAV was not considered 
as none of the Taxonomy eligible activities included this type of operation.  
Utilities 
For utility stocks, 65% of revenue was eligible for assessment, 22% estimated to 
be from activities that are excluded, and 13% was from neutral activities.  Of the 
65% of eligible revenues, we assessed that 47% was from EU Taxonomy aligned 
activities.   
Neutral activities for utility stocks mainly included revenue from supply of 
electricity of Spanish electric utility Endesa, and energy sales businesses of UK 
electric utility SSE, German multi-utility E.ON, and Italian companies A2A and 
Hera. It also included revenue from non-energy and non-utility business 
operations for Red Electrica, as well as revenue attributed to new low carbon 
technology investments made by the Italian electric transmission company 
Terna. 
Like previous years, we were prudent in our assessments in 2023, and were very 
strict on fossil fuel and nuclear power generation exposure, not including any 
revenue, earnings or capex where there was any evidence of fossil fuel power 
generation in a business segment, but insufficient disclosure of contribution. For 
example, where vertically integrated electric utilities in US and Canada have not 
provided revenue and earnings breakdown by each activity, their revenue and 
earnings were excluded in proportion to their non-renewable fuel mix of total 
power delivered by them.  This is despite these companies sourcing a large part 
of their revenues and earnings from regulated transmission and distribution 
rather than power generation.  For Pinnacle West Capital, we excluded 66% of its 
revenues on this basis. Overall, for US and Canadian utilities with integrated 
electric operations, we excluded 38% of their revenues on average. 
The regulated gas distribution operations of North American utilities were also 
excluded as they do not disclose the amount of revenues sourced from 
transporting renewable or low carbon gases in their networks, and there was not 
enough information available on the readiness of their infrastructure to handle 
these ‘green’ gases. Therefore, all revenues from gas distribution operations 
were excluded from further assessment. In Europe, the gas transmission and 
distribution stocks Snam and Italgas reported that 79% and 67% of their 
revenues were not eligible and ruled out accordingly. For the UK multi-utility, 
29% of its revenue was excluded on this basis. 
Example 1: Avista Corporation 
Avista Corporation is a regulated multi utility providing essential electric and gas 
utility services in four states in the rocky mountains region of the United States. 
The company also operates an integrated electric utility in the state of Alaska. 
Avista generates 100% revenues from regulated utilities (67% electric utilities 
and 33% gas distribution). 
Avista’s electric utility operations are vertically integrated with the company 
involved in generation, transmission, distribution and supply of electricity to 
households and businesses. Like most US and Canadian electric utilities with 
integrated operations, Avista does not break out its revenue between T&D and 
generation at segment level, there is a limited basis on which to make 
assumptions about Taxonomy alignment.  While pure-play T&D is considered 
aligned, for vertically integrated utilities, any exposure to fossil fuel power 
generation we have chosen to exclude, even where the bulk of revenues are 
likely to come from T&D. This will understate the level of alignment, however, we 
prefer to be conservative, and under- rather than over-estimate on Fund’s 
alignment with EU Taxonomy. 
For Avista, we made the assessment that 32% of company’s total revenue was 
Taxonomy ‘aligned’. The remaining 68% revenues were ruled out due to being 
either ‘not eligible’ or ‘not aligned’ as they were sourced from gas distribution 
operations or non-renewable power generation that was present in the integrated

EU TAXONOMY ALIGNMENT  
 
47 
PATRIZIA | © 2024 
electric utility operations. This highlights the data constraints faced in the 
assessment of such stocks, particularly for the US and Canadian utility holdings 
with integrated electric operations.  
Table 12: EU Taxonomy Revenue Assessment for Avista Corp 
Operating 
Segment 
Nature of 
Operations 
Power 
Generation 
Share of 
Total 
Revenues 
Revenues 
Eligible 
Revenues 
Aligned 
Total Fortis Inc 
 
 
100% 
58% 
32% 
Avista Utilities - 
Electric 
Integrated 
Electric 
Yes 
64% 
57% 
31% 
Alaska Electric Light 
and Power Co 
Integrated 
Electric 
Yes 
3% 
1% 
1% 
Avista Utilities - Gas 
Gas 
Distribution 
No 
33% 
0% 
0% 
Other Activities 
Non-
Regulated  
No 
< 0.5% 
0% 
0% 
Source: Company reports, PATRIZIA Infrastructure 
Example 2: Inwit 
Infrastrutture Wireless Italiane (Inwit) is the largest tower company in Italy with a 
network of more than 24,000 communication sites and tower structures in the 
country.  The company owns and operates multi-tenant communications sites 
and generates 100% of its revenue from leasing its communication sites to 
telecommunication companies and television and radio broadcasters. 
 
All revenues for communication infrastructure stocks including Inwit were 
considered ineligible for the EU Taxonomy assessment.  This was a problem 
encountered by most of the Fund’s non-utility companies which earn a large 
majority of their revenues from owning or operating essential infrastructure 
assets such as communication towers and data infrastructure assets that are not 
in the list of eligible ‘sustainable’ activities for the Taxonomy.  We consider that 
these activities are neutral overall and consequently should not be categorised 
together with excluded activities like those related to fossil fuels.

48 
SFDR: PAI STATEME NT  
2. SFDR: Principle Adverse Impact Statement  
Table 1 
Statement on principal adverse impacts of investment decisions on sustainability factors 
 
Financial market participant:  
PATRIZIA Low Carbon Core Infrastructure Fund (LEI: 549300ZPQGAUSI1BZD30) 
Summary  
The PATRIZIA Low Carbon Core Infrastructure Fund (LEI: 549300ZPQGAUSI1BZD30) considers impacts of its investment decisions on  sustainability factors, including 
the impact on environmental, societal and governance factors. The present statement is the consolidated statement on principal adverse impacts on sustainability 
factors of the PATRIZIA Low Carbon Core Infrastructure Fund. 
This statement on principal adverse impacts on sustainability factors covers the reference period from 1 January 2023 to 31 December 2023.

SFDR: PAI STATEME NT  
 
49 
PATRIZIA | © 2024 
Description of principal adverse sustainability impacts 
Adverse sustainability indicator 
Metric 
Impact 
2023 
Impact 
2022 
Explanation 
Actions taken 
CLIMATE AND OTHER ENVIRONMENT-RELATED INDICATORS 
Greenhouse 
gas 
emissions   
1. GHG emissions   
Scope 1 & 2 GHG emissions  
23,783 
42,637 
GHG Emissions and 
Carbon footprint 
improved in 2023 
as the Fund 
replaced Japanese 
gas stocks with US 
electric and multi-
utilities. 
The Fund applies a 
science-based 
emissions reduction 
pathway to net zero 
emissions by 2050 
when undertaking stock 
selection and has 
significantly lower 
emissions intensity 
compared to listed 
infrastructure indices 
Scope 3 GHG emissions  
71,920 
141,905 
Total GHG emissions  
95,703 
184,542 
2. Carbon footprint 
Carbon footprint  
513 
752 
3. GHG intensity of investee 
companies   
GHG intensity of investee 
companies 
1,741 
2,853 
Scope 1,2&3 
emissions (tCO2e) 
per revenue 
(EUR millions) 
4. Exposure to companies 
active in the fossil fuel 
sector 
Share of investments in 
companies active in the fossil 
fuel sector   
18.7% 
25.5% 
Based on % 
revenue 
sourced by 
investee 
companies from 
natural gas 
transmission 
and distribution, 
regulated fossil 
fuel power 
generation, and 
transportation 
of fossil fuels 
by freight rail 
stocks.  
The Fund applies 
exclusions to fossil 
fuel activities. The 
Fund has minimal 
exposure to 
companies involved 
in the activities 
related to 
exploration, 
extraction, mining, 
and production of 
fossil fuels.  
5. Share of non-renewable 
energy consumption and 
production 
Share of non-renewable 
energy consumption and 
non-renewable energy 
production of investee 
companies from non-
renewable energy sources 
71.6% 
69.1% 
Based on data 
available for 36 
of 38 investee 
companies.

SFDR: PAI STATEME NT  
 
50 
PATRIZIA | © 2024 
compared to renewable 
energy sources, expressed 
as a percentage  
6. Energy consumption 
intensity per high 
impact climate sector 
Energy consumption in GWh 
per million EUR of revenue 
of investee companies, per 
high impact climate sector 
0.75 
0.52 
Based on energy 
consumption data 
reported by 32 of 
38 investee 
companies. 
Increase in 2023 
due to data 
available for more 
investee 
companies 
compared to last 
year.  
 
 
a. NACE A - Agriculture, forestry and fishing 
0.00 
0.00 
 
The Fund applies a 
science-based 
emissions reduction 
pathway to net zero 
emissions by 2050 
when undertaking stock 
selection. 
For a description of the 
actions taken with 
regards to investments 
with power generation 
and other sectors, see 
Table 4: Global Warming 
Risks and Approach by 
Sector  
  
 
b. NACE B - Mining and quarrying 
0.00 
0.00 
 
 
c. NACE C - Manufacturing 
0.00 
0.00 
 
 
d. NACE D - Electricity, gas, steam and air conditioning 
supply 
0.53 
0.41 
 
 
e. NACE E - Water supply; sewerage; waste 
management and remediation activities 
0.02 
0.03 
 
 
f. 
NACE F - Construction 
0.02 
0.02 
 
 
g. NACE G - Wholesale and retail trade; repair of motor 
vehicles and motorcycles 
0.00 
0.00 
 
 
h. NACE H - Transporting and storage 
0.17 
0.17 
 
 
i. 
NACE L - Real estate activities 
0.01 
0.00 
 
Biodiversity 
7. Activities negatively 
affecting biodiversity 
sensitive areas 
Share of investments in 
investee companies with 
sites/operations located in 
or near to biodiversity 
sensitive areas where 
activities of those investee 
0% 
0% 
Based on data 
available for 35 of 
38 investee 
companies. 
Impacts on biodiversity, 
and negative impacts of 
water usage and 
pollution, and hazardous 
wastes are monitored

SFDR: PAI STATEME NT  
 
51 
PATRIZIA | © 2024 
companies negatively affect 
those areas 
and considered in the 
investment process. 
Monitoring focuses on 
outliers and is 
conducted in-house.  
Water 
8. Emissions to water 
Tonnes of emissions to 
water generated by investee 
companies per million EUR 
invested, expressed as a 
weighted average  
0.0001 
0.0001 
Based on 1 
investee company 
that has reported 
this metric. 
Waste 
9. Hazardous waste ratio 
 
Tonnes of hazardous waste 
generated by investee 
companies per million EUR 
invested, expressed as a 
weighted average  
0.62 
1.65 
Based on data 
reported by 27 of 
38 investee 
companies. 
Social and employee, respect for human rights, anti-corruption and anti-bribery matters 
Adverse sustainability indicator 
Metric 
Impact 
2023 
Impact 
2022 
Explanation 
Actions taken 
Social and 
employee 
matters 
10. Violations of UN Global 
Compact principles and 
Organisation for 
Economic Cooperation 
and Development (OECD) 
Guidelines for 
Multinational Enterprises   
Share of investments in 
investee companies that 
have been involved in 
violations of the UNGC 
principles or OECD 
Guidelines for Multinational 
Enterprises   
0% 
0% 
 
PATRIZIA Infrastructure 
is a supporter of the UN 
Global Compact. 
  
The Fund applies 
norms-based analysis 
and controversy 
screening (applied 
daily), which includes 
the UNGC and the 
OECD Guidelines for 
Multinational 
Enterprises. The Fund 
will exclude any 
company found to be in 
unremediated breach of 
these standards. 
11. Lack of processes and 
compliance mechanisms 
to monitor compliance 
with UN Global Compact 
principles and OECD 
Guidelines for 
Multinational Enterprises  
 
Share of investments in 
investee companies without 
policies to monitor 
compliance with the UNGC 
principles or OECD 
Guidelines for Multinational 
Enterprises or grievance 
/complaints handling 
mechanisms to address 
violations of the UNGC 
principles or OECD 
Guidelines for Multinational 
Enterprises  
0% 
0% 
 
12. Unadjusted gender pay 
gap  
Average unadjusted gender pay 
gap of investee companies 
3.1% 
2.4% 
Based on data 
reported by 16 of 
The Fund monitors 
gender pay gap data,

SFDR: PAI STATEME NT  
 
52 
PATRIZIA | © 2024 
38 investee 
companies. 
where available, and will 
consider this in the 
investment process, and 
will use the data to 
inform our engagement 
with investee 
companies, and how we 
vote proxies. 
13. Board gender diversity   
Average ratio of female to male 
board members in investee 
companies  
37.0% 
36.9% 
 
The Fund monitors 
board gender diversity, 
and will consider this in 
the investment process, 
and will use the data to 
inform engagement with 
investee companies and 
how we vote proxies. 
14. Exposure to controversial 
weapons (antipersonnel 
mines, cluster munitions, 
chemical weapons and 
biological weapons)   
Share of investments in 
investee companies 
involved in the manufacture 
or selling of controversial 
weapons   
0% 
0% 
 
The Fund excludes 
companies involved in 
the manufacture or 
selling of controversial 
weapons.  
Indicators applicable to investments in sovereigns and supranationals: Not Applicable 
Indicators applicable to investments in real estate assets: Not Applicable 
Other indicators for principal adverse impacts on sustainability factors

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Description of policies to identify and prioritise principal adverse sustainability impacts  
The Fund is subject to a robust Responsible Investment Framework that includes an overarching Responsible Investment Policy a nd Code, blacklists and negative and 
positive screens, and the Proxy Voting and Engagement Policy. 
The Framework is available here: https://www.fidante.com/investment-managers/ucits/united-kingdom-patrizia-low-carbon-core-infrastructure-fund 
As the Fund takes an exclusionary approach to sustainability related risks, the negative screens play an important role in th e investment strategy.  
These include: 
Negative Impacts on Society  
The PATRIZIA LCCIF will NOT knowingly invest in a company which derives 5% or more of revenue from the production, wholesale trading or provision of dedicated 
equipment or services related to goods or services that PATRIZIA considers likely to have a material negative impact on society, including, but not limited to:  
- 
tobacco,  
- 
gambling,  
- 
illegal drugs,  
- 
sex-related industries, and  
- 
all armaments including tailor-made components 
- 
forward contracts on agricultural commodities 
 
The PATRIZIA LCCIF will NOT knowingly invest in a company which derives any revenue from the production, distribution, transp ortation, storage, import, export and 
sale of controversial or indiscriminate weapons, including but not limited to anti-personnel mines, submunitions, inert ammunition and armour containing uranium, 
weapons containing white phosphorus, biological, chemical or nuclear weapons. 
 
Negative Impacts on the Environment  
The PATRIZIA LCCIF will NOT knowingly invest in a company that it considers likely to have a material negative impact on the environment unless it is assessed the 
company can reasonably transition away from such negative impacts. This includes, but is not limited to, companies which:  
 
Thermal Coal 
- 
derive 5% or greater revenue from the exploration, mining, extraction, transportation, distribution or refining of thermal co al or provision of dedicated 
equipment or services related to thermal coal. 
- 
For freight railroad companies that may be involved in the transport by rail of thermal coal, the 5% of revenue threshold may  be raised to 10% if the company 
has committed to a science based emission reduction target that is set at well below a 2 °C maximum warming pathway.    
Oil 
- 
derive 5% or greater revenue from the exploration, extraction, refining and transportation or provision of dedicated equipmen t or services related to 
conventional oil or unconventional oil, including but not limited to shale oil, tar, oil sands, and arctic drilling. 
- 
For freight railroad companies that may be involved in the transport by rail of conventional or unconventional oil, the 5% of  revenue threshold may be raised 
to 20%, if the company has committed to a science-based emission reduction target that is set at well below a 2°C maximum warming pathway.

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Natural Gas 
- 
derive 5% or greater revenue from the exploration, extraction, refining and provision of dedicated equipment or services (exc luding transmission and 
distribution) related to conventional or unconventional natural gas (including but not limited to shale gas , tar sands gas and arctic drilling).  
- 
For companies that derive more than 5% of revenue from the transmission and distribution of natural gas, these may be conside red if the company has either: 
• 
committed to a science based emission reduction target that is set at well below a 2°C maximum warming pathway, or 
• 
has more than 15% of capital expenditure dedicated to contributing activities as defined by the EU Taxonomy, or activities th at clearly 
contribute to environmental or social objectives or the Sustainable Development Goals (SDGs). 
Uranium 
- 
derive 30% or more of revenues from the exploration, extraction, refining and provision of dedicated equipment related to ura nium, including nuclear power 
generation. 
With regard to global warming, the PATRIZIA LCCIF will NOT knowingly invest in companies which generate or facilitate greenhouse gas emissions it considers a re not 
compatible with a maximum 2°C warming pathway, or which have plans to increase greenhouse gas emission int ensity.  
- 
For companies which operate power generation facilities, this includes an emissions intensity per unit of output that remains  below credible maximum 2°C 
warming pathways for power generation, such as published by the Science Based Targets Initiative (SBTi), or the company has c ommitted to a science-based 
emission reduction target that is set at well below a 2°C maximum warming pathway. 
Engagement policies  
As part of the Proxy Voting and Engagement Policy, PATRIZIA Infrastructure undertakes to engage, either directly or via colla borative platforms, with investee 
companies on issues which represent a material risk to shareholders, including but not limited  to governance, transparency, sustainability, and corporate behaviour. 
References to international standards  
100% of Fund holdings are screened for any breaches of global standards, conventions, and norms. These include the UN Global Compact, OECD Guidelines for 
Multinational Enterprises, ILO Tripartite Declaration of Principles, UN Draft Human Rights Norms for Business, UN Guiding Pri nciples on Business and Human Rights, 
and other sector or theme specific standards.

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Historical comparison  
 
Historical Total Emission Intensity - Scope 1,2&3 emissions (tCO2e) per revenue (USD millions) 
 
 
2016 
2017 
2018 
2019 
2020 
2021 
2022 
2023 
PATRIZIA LCCIF 
3,637 
2,671 
3,059 
3,007 
2,129 
1,824 
1,775 
1,624 
FTSE DCII 
7,411 
5,727 
4,170 
4,270 
8,851 
7,221 
9,037 
8,665 
S&P GL Infra Index 
6,102 
5,880 
3,434 
3,640 
12,353 
9,772 
11,056 
10,091 
DJ Brookfield GL Infra Index 
7,494 
7,921 
3,582 
3,204 
11,943 
9,206 
12,006 
11,250 
Fund vs FTSE DCII 
-51% 
-53% 
-27% 
-30% 
-76% 
-75% 
-80% 
-81% 
Sources: ISS ESG, Company Reports, Bloomberg

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Table 2 
Additional climate and other environmental-related indicators 
 
Adverse sustainability 
impact 
Adverse impact on sustainability 
factors (qualitative or quantitative) 
Metric 
Impact 
2023 
Explanation 
Indicators applicable to investments in investee companies 
CLIMATE AND OTHER ENVIRONMENT-RELATED INDICATORS 
Emissions 
1. Emissions of inorganic pollutants 
Tonnes of inorganic pollutants 
equivalent per million EUR invested, 
expressed as a weighted average 
0.00 
Based on data available 
for 7 of 38 investee 
companies 
 
2. Emissions of air pollutants 
Tonnes of air pollutants equivalent per 
million EUR invested, expressed as a 
weighted average 
3.73 
Based on data available 
for 24 of 38 investee 
companies 
 
3. Emissions of ozone-depleting 
substances 
Tonnes of ozone-depleting substances 
equivalent per million EUR invested, 
expressed as a weighted average 
0.00 
Based on data available 
for 2 of 38 investee 
companies 
 
4. Investments in companies without 
carbon emission reduction initiatives 
Share of investments in investee 
companies without carbon emission 
reduction initiatives aimed at aligning 
with the Paris Agreement 
0% 
Based on reporting of 
all 38 investee 
companies held in the 
Fund 
Energy Performance 
5. Breakdown of energy consumption 
by type of non-renewable sources of 
energy 
Share of energy from non-renewable 
sources used by investee companies 
broken down by each non-renewable 
energy source 
74.8% 
Based on 31 of 38 
investee companies 
that have provided this 
breakdown. 
 
a. Oil/Diesel 
 
16.2% 
 
 
b. Natural Gas 
 
15.4% 
 
 
c. Coal 
 
0.2% 
 
 
d. Uranium 
 
3.5% 
 
 
e. Other Non-Renewable Sources 
 
39.4%

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f. 
Renewable Sources 
 
25.2% 
 
Water, waste and 
mineral emissions 
6. Water usage and recycling 
1. Average amount of water consumed 
by the investee companies (in cubic 
meters) per million EUR of revenue of 
investee companies 
67,651 
Based on data available 
for 27 of 38 investee 
companies 
 
 
2. Weighted average percentage of 
water recycled and reused by investee 
companies 
0.8% 
Based on data available 
for 5 of 38 investee 
companies 
 
7. Investments in companies without 
water management policies 
Share of investments in investee 
companies without water management 
policies 
0% 
Based on data available 
for 33 of 38 investee 
companies 
 
8. Exposure to areas of high water 
stress 
Share of investments in investee 
companies with sites located in areas 
of high water stress without a water 
management policy 
0% 
Based on data available 
for all 38 investee 
companies held in the 
Fund 
 
9. Investments in companies producing 
chemicals 
Share of investments in investee 
companies the activities of which fall 
under Division 20.2 of Annex I to 
Regulation (EC) No 1893/2006 
0% 
Based on data available 
for all 38 investee 
companies held in the 
Fund 
 
10.Land degradation, desertification, 
soil sealing 
Share of investments in investee 
companies the activities of which cause 
land degradation, desertification or soil 
sealing 
Data not 
available 
 
 
11.Investments in companies without 
sustainable land/agricultural practices 
Share of investments in investee 
companies without sustainable 
land/agriculture practices or policies 
Data not 
available 
 
 
12.Investments in companies without 
sustainable oceans/seas practices 
Share of investments in investee 
companies without sustainable 
oceans/seas practices or policies 
0% 
Based on data available 
for 1 of 38 investee 
companies 
 
13.Non-recycled waste ratio 
Tonnes of non-recycled waste 
generated by investee companies per 
million EUR invested, expressed as a 
weighted average 
6.76 
Based on data available 
for 27 of 38 investee 
companies 
 
14.Natural species and protected areas 
1. Share of investments in investee 
companies whose operations affect 
threatened species 
0% 
Based on data available 
for 35 of 38 investee 
companies

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2. Share of investments in investee 
companies without a biodiversity 
protection policy covering operational 
sites owned, leased, managed in, or 
adjacent to, a protected area or an 
area of high biodiversity value outside 
protected areas 
0% 
Based on data available 
for 35 of 38 investee 
companies 
 
15.Deforestation 
Share of investments in companies 
without a policy to address 
deforestation 
Data not 
available 
 
Green Securities 
16.Share of securities not issued under 
Union legislation on environmentally 
sustainable bonds 
Share of securities in investments not 
issued under Union legislation on 
environmentally sustainable bonds 
Data not 
available 
 
Indicators applicable to investments in sovereigns and supranationals: Not Applicable 
Indicators applicable to investments in real estate assets: Not Applicable

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Table 3 
Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery 
matters 
 
Adverse sustainability 
impact 
Adverse impact on sustainability 
factors (qualitative or quantitative) 
Metric 
Impact 
2022 
Explanation 
Indicators applicable to investments in investee companies 
Social and employee 
matters 
1. Investments in companies without 
workplace accident prevention policies 
Share of investments in investee 
companies without a workplace 
accident prevention policy 
0% 
Based on data available 
for all 38 investee 
companies 
 
2. Rate of accidents 
Rate of accidents in investee 
companies expressed as a weighted 
average 
1.02 
Based on data available 
for 28 of 38 investee 
companies 
 
3. Number of days lost to injuries, 
accidents, fatalities or illness 
Number of workdays lost to injuries, 
accidents, fatalities or illness of 
investee companies expressed as a 
weighted average 
0.72 
Based on data available 
for 25 of 38 investee 
companies 
 
4. Lack of a supplier code of conduct 
Share of investments in investee 
companies without any supplier code of 
conduct (against unsafe working 
conditions, precarious work, child 
labour and forced labour) 
0% 
Based on data available 
for all 38 investee 
companies 
 
5. Lack of grievance/complaints 
handling mechanism related to 
employee matters 
Share of investments in investee 
companies without any 
grievance/complaints handling 
mechanism related to employee 
matters 
0% 
Based on data available 
for all 38 investee 
companies 
 
6. Insufficient whistleblower protection 
Share of investments in investee 
companies without any 
grievance/complaints handling 
mechanism related to employee 
matters 
0% 
Based on data available 
for all 38 investee 
companies

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7. Incidents of discrimination 
1. Number of incidents of 
discrimination reported in investee 
companies expressed as a weighted 
average 
0 
Based on data available 
for all 38 investee 
companies 
 
 
2. Number of incidents of 
discrimination leading to sanctions in 
investee companies expressed as a 
weighted average 
0 
Based on data available 
for all 38 investee 
companies 
 
8. Excessive CEO pay ratio 
Average ratio within investee 
companies of the annual total 
compensation for the highest 
compensated individual to the median 
annual total compensation for all 
employees (excluding the highest-
compensated individual) 
43.2 
Based on data available 
for 25 of 38 investee 
companies 
Human Rights 
9. Lack of a human rights policy 
Share of investments in entities 
without a human rights policy 
0% 
Based on data available 
for all 38 investee 
companies 
 
10.Lack of due diligence  
Share of investments in entities 
without a due diligence process to 
identify, prevent, mitigate and address 
adverse human rights impacts 
0% 
Based on data available 
for 36 of 38 investee 
companies 
 
11.Lack of processes and measures for 
preventing trafficking in human beings  
Share of investments in investee 
companies without policies against 
trafficking in human beings 
0% 
Based on data available 
for all 38 investee 
companies 
 
12.Operations and suppliers at 
significant risk of incidents of child 
labour  
Share of investments in investee 
companies exposed to operations and 
suppliers at significant risk of incidents 
of child labour in terms of geographic 
areas or type of operation 
0% 
Based on data available 
for 36 of 38 investee 
companies 
 
13.Operations and suppliers at 
significant risk of incidents of forced or 
compulsory labour 
Share of the investments in investee 
companies exposed to operations and 
suppliers at significant risk of incidents 
of forced or compulsory labour in terms 
in terms of geographic areas and/or 
the type of operation 
0% 
Based on data available 
for 36 of 38 investee 
companies

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14.Number of identified cases of severe 
human rights issues and incidents 
Number of cases of severe human 
rights issues and incidents connected 
to investee companies on a weighted 
average basis 
0 
Based on ISS norms-
based screening and 
research 
Anti-corruption and 
anti-bribery 
15.Lack of anti-corruption and anti-
bribery policies 
Share of investments in entities 
without policies on anti-corruption and 
anti-bribery consistent with the United 
Nations Convention against Corruption 
0% 
Based on reporting of 
all 38 investee 
companies 
 
16.Cases of insufficient action taken to 
address breaches of standards of anti-
corruption and anti-bribery 
Share of investments in investee 
companies with identified 
insufficiencies in actions taken to 
address breaches in procedures and 
standards of anti-corruption and anti-
bribery 
0% 
Based on ISS norms-
based screening and 
research 
 
17.Number of convictions and amount 
of fines for violation of anti-corruption 
and anti-bribery laws 
Numbers of convictions and amount of 
fines for violations of anti-corruption 
and anti-bribery laws by investee 
companies 
0 
Based on data available 
for 12 of 38 investee 
companies & ISS 
norms-based screening 
Indicators applicable to investments in sovereigns and supranationals: Not Applicable

SFDR ANNE X IV  
 
62 
 
SFDR Article 8 Disclosure 
Annex IV: Ongoing Disclosure 
ANNEX IV 
Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 
2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 
Product name: PATRIZIA Low Carbon Core Infrastructure Fund Legal entity identifier: 549300ZPQGAUSI1BZD30 
 
Environmental and/or social characteristics 
  
 
 
To what extent were the environmental and/or social characteristics promoted 
by this financial product met?  
The PATRIZIA Low Carbon Core Infrastructure Fund (the "Fund") promotes the following environmental 
and/or social characteristics: 
 
• 
Low relative exposure to carbon emissions in investee companies, achieved through the application of a 
well-below 2°C warming pathway. 
 
 
 
Did this financial product have a sustainable investment objective? [tick and fill in as relevant, the 
percentage figure represents sustainable investments] 
Yes 
No 
It made sustainable investments 
with an environmental objective:  
 
in economic activities that 
qualify as environmentally 
sustainable under the EU 
Taxonomy 
in economic activities that do 
not qualify as environmentally 
sustainable under the EU 
Taxonomy 
It promoted Environmental/Social (E/S) 
characteristics and 
while it did not have as its objective a sustainable 
investment, it had a proportion of 37% & 97% of 
sustainable investments 
  
with an environmental objective in economic 
activities that qualify as environmentally 
sustainable under the EU Taxonomy 
with an environmental objective in 
economic activities that do not qualify as 
environmentally sustainable under the EU 
Taxonomy 
 
with a social objective 
 
It made sustainable investments 
with a social objective: ___%  
It promoted E/S characteristics, but did not make 
any sustainable investments  
 
The EU Taxonomy  is 
a classification 
system laid down in 
Regulation (EU) 
2020/852, 
establishing a list of 
environmentally 
sustainable 
economic activities. 
That Regulation does 
not include a list of 
socially sustainable 
economic activities.  
Sustainable 
investments with an 
environmental 
objective might be 
aligned with the 
Taxonomy or not.   
Sustainability 
indicators measure 
how the 
environmental or 
social characteristics 
promoted by the 
financial product are 
attained. 
Sustainable 
investment means an 
investment in an 
economic activity that 
contributes to an 
environmental or 
social objective, 
provided that the 
investment does not 
significantly harm any 
environmental or 
social objective and 
that the investee 
companies follow good 
governance practices.

SFDR ANNE X IV  
 
63 
 
 
 
The Investment Manager assessed each investee company against an emissions reduction pathway 
required to limit global warming to less than 2°C. For the period 31 December 2022 to 
31 December 2023, an average of 97% of the Fund’s holdings were aligned with the well-below (or 
‘maximum’) 2°C warming pathway.  The remaining 3% of the Fund’s holdings comprised cash or 
other holdings retained for liquidity, hedging and/or cash management purposes.  
 
 How did the sustainability indicators perform? 
The following sustainability indicators were considered in determining whether the Fund 
is attaining the environmental characteristics it promotes: 
(i) 
Low exposure to carbon emissions: an assessment of whether the Fund's holdings 
in aggregate have consistently achieved low exposure to carbon emissions;  
As at 31 December 2023, the Fund is significantly less carbon intensive than the listed 
infrastructure indexes.  
Carbon Intensity as at 31 December 2023 
In USD 
Scope 1&2 Emissions 
per $Revenue 
Scope 3 and Facilitated 
Emissions per $Revenue 
Total Emissions 
per $Revenue 
PATRIZIA Low Carbon Core 
Infrastructure Fund 
334 
1,289 
1,624 
FTSE Developed Core 
Infrastructure Index 
1,159 
7,506 
8,665 
S&P Global Infrastructure Index 
709 
8,385 
10,091 
Dow Jones Brookfield Global 
Infrastructure Index 
356 
10,894 
11,250 
Source: PATRIZIA Infrastructure, ISS ESG, Bloomberg. 
(ii) 
Alignment with the well below 2°C warming pathway: an assessment of whether 
the Fund’s holdings align with a well-below  2°C warming pathway. 
For the period 31 December 2022 to 31 December 2023, an average of 97% of the Fund’s holdings 
aligned with the well-below 2°C warming pathway.  The remaining 3% of the Fund’s holdings 
comprise cash or other holdings retained for liquidity, hedging and/or cash management purposes, 
which is used for the purpose of managing the liquidity needs of the Fund.  
 In assessing this, the following metrics were measured;  
a. 
Current and forecast greenhouse gas ("GHG") emissions (scope 1, 2 &3) of investee 
companies; 
b. 
Current and forecast GHG intensity of investee companies; 
c. 
Current and forecast alignment of investee company GHG emissions reductions with 
sector based well-below 2°C warming GHG emissions reduction pathways; 
d. 
Exposure to companies active in the fossil fuel sector; and 
e. 
Share of non-renewable energy consumption and production. 
The science-based pathways currently applied are the International Energy Agency’s Net Zero 
Emissions (NZE) pathway, a below 1.5°C warming pathway with a 50% probability, and the IEA’s 
Announced Pledges Scenario (APS), a well below 2°C pathway; holding the temperature rise to 1.7°C 
with a 50% probability without reliance on global net-negative CO2 emissions  These scenarios lay 
out a pathway for the decarbonisation of several sectors, in line with the Paris Agreement objective

SFDR ANNE X IV  
 
64 
 
of “holding the increase in the global average temperature to well below 2°C above pre-industrial 
levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels”.  
 
Portfolio holdings were assessed against the IEA sector specific pathways for power generation, 
natural gas, road transportation and aviation sectors as appropriate.   
 
(iii) 
Integration of sustainability risks: climate change scenario modelling of the 
physical risks to the investment universe.  
Assessment of physical risks arising from climate change was undertaken. While risk to the portfolio 
have been identified, sufficient mitigants remain in place such that this scenarios analysis did not 
result in any changes to the portfolio. For further information please see the Fund’s annual 
sustainability and climate risk reporting.  
…and compared to previous periods?  
The Investment Manager considers that similar to 2022, for the 2023 year, all holdings 
are able to align to a science-based emissions reduction pathway to achieve a well-below 
2°C warming outcome, and net zero emissions by 2050.  
 
The carbon emissions intensity of the Fund decreased from 427 tons of scope 1 and 2 
CO2e emissions per USD $ of revenue as of 31 December 2022, to 334 as of 31 December 
2023, a reduction of 21.8%. 
 
What were the objectives of the sustainable investments that the 
financial product partially made and how did the sustainable investment 
contribute to such objectives? 
In order for an investee company to be considered a sustainable investment, the investee company 
must: (i) contribute to the environmental objective; (ii) do no significant harm ("DNSH") to any other 
environmental and/or social objective; and (iii) follow good governance practices.  
The environmental objective of the sustainable investments that the financial product made are that 
they contribute to the environmental objective of climate change mitigation as they comply with a 
maximum 2°C warming pathway to limit global warming. 
Prior to acquisition, the Investment Manager assessed each investee company against an emissions 
reduction pathway required to limit global warming to less than 2°C, and re-assessessed the 
alignment of all Fund holdings annually.  
The pathways currently applied are the International Energy Agency’s Net Zero Emissions (NZE) 
pathway, a below 1.5°C warming pathway with a 50% probability, and the IEA’s Announced Pledges 
Scenario (APS), a well below 2°C pathway; holding the temperature rise to 1.7°C with a 50% 
probability without reliance on global net-negative CO2 emissions. These scenarios lay out a 
pathway for the decarbonisation of several sectors, in line with the Paris Agreement objective of 
“holding the increase in the global average temperature to well below 2°C above pre-industrial 
levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels”.  
The IEA sector specific pathways include carbon intensity of power generation, measured as CO 2 
equivalent grams per kilowatt hour of power produced (CO2e/kWh). This has been applied as a 
threshold for the companies in the Fund with power generation operations. The pathways also 
include a natural gas demand scenario, which has been applied to the Fund’s exposures to gas 
infrastructure, and transportation sector scenarios.

SFDR ANNE X IV  
 
65 
 
How did the sustainable investments that the financial product partially 
made not cause significant harm to any environmental or social 
sustainable investment objective?  
Assessments of investments against the "Do No Significant Harm" (or "DNSH") requirements were 
conducted with global norms-based assessment of each stock, which includes environmental 
breaches and controversies.  
As of 31 December 2023, one stock held was flagged for further investigation on the basis of 
environmental controversies, however was not found to be in serious or unremediated breach of 
global norms. One other stock was flagged for failing the DNSH assessment, however this was due 
to lack of policy disclosure, and was also not found to be in serious or unremediated breach of global 
norms. 
DNSH evaluations were also cross-checked against other independent data and research providers 
such as Bloomberg.   
How were the indicators for adverse impacts on sustainability factors 
taken into account?  
Sustainability factors, including the indicators for adverse impacts in Annex I, were taken into 
account through the stock selection process. This is primarily an exclusion process, with stocks found 
not to be compliant with a maximum 2°C warming pathway or found to be in an unremedied breach 
of global norms, being excluded from the Fund.  Indicators are also used in engaging with investee 
companies.  Indicators are monitored as at 31 December 2023.  Any material change to an indicator 
was investigated with further action taken if appropriate. 
 
The primary indicators for adverse impacts on sustainability that the Fund consider ed relating to 
the maximum 2°C warming pathway compliance were: 
 
1. GHG emissions (scope 1,2 &3) 
2. Carbon footprint 
3. GHG intensity of investee companies 
4. Exposure to companies active in the fossil fuel sector 
5. Share of non-renewable energy consumption and production 
6. Energy consumption intensity per high impact climate sector 
 
The Fund also considered other indicators for adverse impacts on sustainability factors included in 
Annex 1 (Tables 1, 2, and 3) such as human rights, anti-corruption and anti-bribery indicators.  These 
metrics and any related controversy were assessed as part of the stock selection process. These 
indicators were also used in engagements with investee companies. Further information on principal 
adverse impacts on sustainability factors is available in the Fund's annual sustainability and climate 
reporting.  
 
The availability of data on some indicators is limited due to a lack of reporting of metrics by investee 
companies. Accordingly, the integration of principle adverse impact indicators is conducted on a 
best-efforts basis. 
 
 
Principal adverse 
impacts are the 
most significant 
negative impacts 
of investment 
decisions on 
sustainability 
factors relating to 
environmental, 
social and 
employee 
matters, respect 
for human rights, 
anti‐corruption 
and anti‐bribery 
matters.

SFDR ANNE X IV  
 
66 
 
 
Were sustainable investments aligned with the OECD Guidelines for 
Multinational Enterprises and the UN Guiding Principles on Business 
and Human Rights? Details:  
Yes. The Fund did not invest in any company that has been involved in violations of the UNGC 
principles or OECD Guidelines for Multinational Enterprises. Daily screening and controversy 
reporting was received from a third-party research provider, and proprietary research was also 
undertaken.   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
How did this financial product consider principal adverse impacts on 
sustainability factors?  
 
The Fund considered principal adverse impacts of its investment decisions on environmental, 
societal and governance factors.  The indicators for adverse impacts in Table 1 of Annex I were 
monitored as at 31 December 2023.  Any material change to an indicator was investigated with 
further action taken, such as divestment or engagement, if appropriate.   
The indicators for adverse impacts on sustainability that the Fund considers relating to GHG 
emissions and the maximum 2°C warming pathway compliance were: 
1. GHG emissions (scope 1,2 &3) 
2. Carbon footprint 
3. GHG intensity of investee companies 
4. Exposure to companies active in the fossil fuel sector 
5. Share of non-renewable energy consumption and production 
6. Energy consumption intensity per high impact climate sector 
Following this assessment, if an investee company was found to be unaligned with maximum 
2°C warming pathway, the holding would be divested. 
 
 
The EU Taxonomy sets out a “do not significant harm” principle by which 
Taxonomy-aligned investments should not significantly harm EU Taxonomy 
objectives and is accompanied by specific Union criteria.  
 
The “do no significant harm” principle applies only to those investments 
underlying the financial product that take into account the EU criteria for 
environmentally 
sustainable 
economic 
activities. 
The 
investments 
underlying the remaining portion of this financial product do not take into 
account the EU criteria for environmentally sustainable economic 
activities. 
 
 Any other sustainable investments must also not significantly harm any 
environmental or social objectives.

SFDR ANNE X IV  
 
67 
 
The Fund also considered other indicators for adverse impacts on sustainability factors 
included in Annex 1 Table 1, such as human rights, anti-corruption and anti-bribery indicators.  
These metrics and any related controversy are assessed as part of the stock selection process. 
These indicators were also used in engagements with investee companies. 
Further information on principal adverse impacts on sustainability factors is available in the 
Fund's annual sustainability and climate reporting.   
The availability of data on some indicators is limited due to a lack of reporting of metrics by 
investee companies. Accordingly, the integration of principle adverse impact indicators is 
conducted on a best-efforts basis.   
 
What were the top investments of this financial product? 
 
Top 10 Holdings in 2023 
 
What was the proportion of sustainability-related investments? 
For the period 31 December 2022 to 31 December 2023, an average of 97% of the Fund was 
aligned the environmental or social characteristics promoted by the financial product.  
 
Largest investments 
Sector 
% Average Weight 
Country 
Aena SME SA 
Airport Services 
2.6% 
ES 
A2A SpA 
Multi Utilities 
2.6% 
IT 
E.ON SE 
Multi Utilities 
2.6% 
GR 
SSE PLC 
Electric Utilities 
2.6% 
UK 
Flughafen Zurich AG 
Airport Services 
2.6% 
SW 
National Grid PLC 
Multi Utilities 
2.6% 
UK 
United Utilities PLC 
Water Utilities 
2.6% 
UK 
Union Pacific Corp 
Railways 
2.6% 
US 
Hera SpA 
Multi Utilities 
2.6% 
IT 
Infrastrutture Wireless Italiane 
Towers 
2.6% 
IT 
The list includes 
the investments 
constituting the 
greatest 
proportion of 
investments of 
the financial 
product during the 
reference period 
which is the 
calendar year 
ending 31 
December 2023. 
Asset 
allocation 
describes the 
share of 
investments in 
specific assets.

SFDR ANNE X IV  
 
68 
 
What was the asset allocation?  
 
In which economic sectors were the investments made?  
Sector 
Average Weight 2023 
Water Utilities 
7.7% 
Multi Utilities 
16.0% 
Electric Utilities 
27.9% 
Gas Utilities 
8.5% 
Railways 
12.9% 
Tollroads 
3.6% 
Airport Infrastructure 
10.3% 
Communications Infrastructure 
10.2% 
Cash 
2.9% 
 
To what extent were the sustainable investments with an 
environmental objective aligned with the EU Taxonomy?  
 
Sustainable investments aligned with the EU Taxonomy total 37%, as measured by 
turnover/revenue alignment. 
 
 
 
 
 
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain 
the environmental or social characteristics promoted by the financial product.  
 
#2Other includes the remaining investments of the financial product which are neither aligned with 
the environmental or social characteristics, nor are qualified as sustainable investments.  
 
The category #1 Aligned with E/S characteristics covers: 
- The sub-category #1A Sustainable covers environmentally and socially sustainable investments. 
Investments
#1 Aligned with E/S 
characteristics
97%
#1A Sustainable
97%  
Taxonomy-aligned
37%
Other environmental
60%
#2 Other
3%
To comply with 
the EU Taxonomy, 
the 
criteria 
for 
fossil gas include 
limitations 
on 
emissions 
and 
switching to fully 
renewable power 
or 
low-carbon 
fuels by the end of 
2035. For nuclear 
energy, 
the 
criteria 
include 
comprehensive 
safety and waste 
management 
rules. 
 
Enabling 
activities directly 
enable 
other 
activities to make 
a 
substantial 
contribution to an 
environmental 
objective. 
 
Transitional 
activities 
are 
activities 
for 
which low-carbon 
alternatives 
are 
not yet available 
and among others 
have greenhouse 
gas 
emission 
levels 
corresponding to 
the 
best 
performance.

SFDR ANNE X IV  
 
69 
 
Did the financial product invest in fossil gas and/or nuclear energy related 
activities complying with the EU Taxonomy7? 
 
 
Yes:   
In 
fossil 
gas In nuclear energy  
No  
 
 
What was the share of investments made in transitional and enabling 
activities?   
 
• 
0% share of investments in transitional activities 
• 
30% share of investments in enabling activites 
 
 
 
7 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to 
limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy 
objective - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy 
economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation 
(EU) 2022/1214. 
The graphs below show in green the percentage of investments that were aligned with the EU 
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of 
sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the 
investments of the financial product including sovereign bonds, while the second graph shows 
the Taxonomy alignment only in relation to the investments of the financial product other than 
sovereign bonds. 
 
 
*   For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures. 
19%
53%
37%
81%
47%
63%
OpEx
CapEx
Turnover
0%
50%
100%
1. Taxonomy-alignment of investments 
including sovereign bonds* 
Taxonomy-aligned (no gas and nuclear)
Non Taxonomy-aligned
37%
53%
19%
19%
53%
37%
81%
47%
63%
OpEx
CapEx
Turnover
0%
50%
100%
2. Taxonomy-alignment of investments 
excluding sovereign bonds* 
Taxonomy-aligned (no gas and nuclear)
Non Taxonomy-aligned
37%
53%
19
%
Taxonomy-aligned 
activities are 
expressed as a 
share of: 
-  turnover 
reflecting the 
share of revenue 
from green 
activities of 
investee 
companies. 
- capital 
expenditure 
(CapEx) showing 
the green 
investments 
made by 
investee 
companies, e.g. 
for a transition 
to a green 
economy. 
- operational 
expenditure 
(OpEx) reflecting 
green 
operational 
activities of 
investee 
companies. 
  
 are 
sustainable 
investments with 
an environmental 
objective that do 
not take into 
account the 
criteria for 
environmentally 
sustainable 
economic 
activities under 
Regulation (EU) 
2020/852.

SFDR ANNE X IV  
 
70 
 
How did the percentage of investments that were aligned with the EU 
Taxonomy compare with previous reference periods?   
 
The percentage of investments aligned with the EU Taxonomy increased from 35% as of 
31 December 2022, to 37% as of 31 December 2023. 
 
 
What was the share of sustainable investments with an environmental 
objective not aligned with the EU Taxonomy?  
 
On average, 97% of the Fund’s holdings aligned with the well-below 2°C warming pathway.  The 
remaining 3% of the Fund’s holdings comprise cash [or other holdings retained for example for 
liquidity, hedging and/or cash management purposes], which is used for the purpose of managing 
the liquidity needs of the Fund.  
 
What was the share of socially sustainable investments?  
 
N/A 
 
The financial product does not include sustainable investments with a social objective.  
 
What investments were included under “other”, what was their purpose and 
were there any minimum environmental or social safeguards? 
Investments which are included under “other” comprise cash [or other holdings retained for 
example for liquidity, hedging and/or cash management purposes], which is used for the purpose of 
managing the liquidity needs of the Fund. No minimum environmental or social safeguards will be 
in place with respect to such holdings. 
 
What actions have been taken to meet the environmental and/or social 
characteristics during the reference period?  
The following tools and analysis have been undertaken on an ongoing basis to ensure that 
sustainability characteristics are met. 
▪ 
Assessment of asset cash flow forecasts assuming a maximum 2°C warming pathway  
▪ 
Analysis of carbon emission intensity data per unit of company revenue and earnings 
▪ 
For assets with power generation capacity, analysis of the emissions intensity of generation 
per kWh 
▪ 
Global norms-based analysis to ensure that investee companies are complying with the 
UN Global Compact and other norms and conventions 
▪ 
Fundamental stock analysis and thematic analysis of investee company activities and reporting  
▪ 
Assessments of physical climate change impacts on assets, and asset valuations 
In addition to the stock selection process, the Investment Manager also engages with investee 
companies on sustainability, and votes 100% of eligible proxies. 
In 2023, the Investment Manager engaged with 21 portfolio companies, which included direct 
engagement with 19, and engaging with two more investee companies via ISS ESG's pooled 
engagement platform. The Investment Manager engaged on climate risk with nine portfolio 
companies which included Italian gas distribution utility Italgas, Italian multi-utility Hera, Spanish 
airport company Aena, Canadian electric transmission and distribution company Hydro One, and

SFDR ANNE X IV  
 
71 
 
North American electric utilty holdings Fortis Inc in Canada and Pinnacle West Capital Corp in the 
US (to discuss their coal power generaton exposure and coal exit strategies). We also engaged 
with the Italian natural gas system operator and transmission company Snam and with the Italian 
energy regulator ARERA to discuss the decarbonisation progress in the natural gas pipelines 
sector, and potential regulatory outcomes for the use of their pipeline network to exclusively 
transport green hydrogen and biogas. 
In 2023 the Investment Manager reviewed the sustainability reporting by all companies held in the 
PATRIZIA Low Carbon Core Infrastructure Fund (PATRIZIA LCCIF), and identified those that were 
not reporting to the Carbon Disclosure Project (CDP) or where reporting was not in line with the 
Task Force on Climate-related Financial Disclosure (TCFD) guidelines, or to an equivalent level of 
detail. We engaged with with six investee companies in 2023 to encourage them to adopt the Task 
Force on Climate-related Financial Disclosure (TCFD) and make full periodic disclosures to the 
Carbon Disclosure Project (CDP). We also encouraged them to improve their disclosures on 
biodiversity, water consumption and intensity, pollution and waste management to assist 
investors in their reporting related to EU taxonomy and Principal Adverse Impact (PAI) under the 
Sustainable Finance Disclosure Regulation (SFDR). 
The following table summarised engagement action undertaken in 2023: 
Major Sustainability Engagement Items 
Company 
Issues Raised  
E.ON  
E.ON’s current ownership stake and its future plans in the Turkish utility 
company Enerji Üretim, which holds a lignite-fired power generation plant and 
onsite mine.   
PATRIZIA encouraged E.ON to report pro-rata emissions from Enerji Üretim to 
the CDP and in their annual sustainability report. 
Fortis Inc and Pinnacle 
West Capital Corporation 
Inclusion in the Global Coal Exit List (GCEL), exposure to coal fired power 
generation, timeline to exit the GCEL, retirement plans of existing coal power 
generation units, and expected compliance with the science based ‘well below 
2°C warming’ pathways. 
ENAV SpA  
1. Adoption of TCFD guidelines and reporting, 2. PAI (SFDR) disclosures, 3. 
Changes to the company’s regulatory framework and recovery of regulatory 
balance accumulated during COVID, 4. Traffic trends in Italy and Europe, and 5. 
Business and operational update. 
Elia Group, Netlink NBN 
Trust, Zurich Airport, 
SJW Group, and 
Aeroports de Paris 
PATRIZIA engaged with these investee companies in 2023 to encourage them to 
support the TCFD guidelines and report the sustainability and climate change 
risk related metrics investors, including the PAI indicators under the SFDR.   
Central Japan Railway 
1. Gender diversity on the board and management, 2. Post-covid traffic and 
business update, 3. Regulatory framework to set fares and recovery of costs, 4. 
Update on construction of the Chuo Shinkansen and increase in costs and new 
timeline. 5. Capex on increasing reliability of services during extreme weather 
events. 
AENA SA 
Role of sustainable aviation fuels and airport infrastructure’s readiness to 
facilitate airlines.   
Renewal of contracts for commercial services at Spanish airports, update to 
regulatory returns and cost recovery, traffic recovery and outlook, and planned 
capex.  
Energy consumption and company’s use of renewable energy within airport 
premises and its operations. 
Hydro One Limited 
1. Decarbonisation of power generation in Ontario and Canada, 2. Investment 
plan and financing needs of Hydro One, 3. Potential M&A opportunities 
domestically and internationally, 4. Relationship with the regulator and role of 
the government in the regulatory body, 5. Latest results and company’s

SFDR ANNE X IV  
 
72 
 
Company 
Issues Raised  
business plan, 6. Risk of wildfires in Hydro One’s jurisdictions and wildfire risk 
mitigation, and 7. Sustainability Disclosures (Scope 3 and other environmental 
and climate change risk disclosures). 
The Regulatory Authority 
for Energy, Networks and 
the Environment (ARERA) 
1. Decarbonisation of the gas pipeline infrastructure in Italy, 2. Expected 
regulatory outcomes for green hydrogen and biogas in Italy, 3. Continuing of 
current regulatory models for existing gas and electricity networks, 4. Role of 
the regulator to consolidate the water distribution companies and driving the 
required investment to address the issues related to leakage and ageing 
infrastructure, 5. Scope of activities regulated in the waste management sector, 
6. Coordination with other European energy regulators to create a Europe wide 
hub for green hydrogen and renewable gases. 
Snam SpA, Italgas SpA 
and Hera SpA 
Snam: We met with Snam for the first time and used it as an opportunity to 
engage with them on the decarbonisation of their natural gas infrastructure in 
Italy, and understand the readiness of its pipeline and storage assets to 
transport or handle biomethane and hydrogen in pure form as well as ratio of 
blended green gases currently transported in the system. 
Italgas: 1. Validation of Italgas’s target or commitment with SBTi, 2. Progress 
made by Italgas to handle green hydrogen and renewable gases in their 
network, 3. Expected changes to the current regulation, rates of return and 
inflation recovery mechanism, 4. Integration of new acquisition made in Greece 
and regulatory model of that asset, 5. M&A opportunities and new gas tenders 
in Italy, 6. EU Taxonomy and PAI (SFDR) reporting. 
Hera: 1. Update on Hera’s decarbonisation plans and emissions reduction 
targets, 2. Features of the new business plan and capex needs, 3. Understanding 
waste management business and revenues covered under the regulated model, 
and 4. PAI (SFDR) reporting. 
 
 
How did this financial product perform compared to the reference 
benchmark?  
No index has been designated as a reference benchmark for the purpose of attaining the 
environmental or social characteristics promoted by the financial product. 
How does the reference benchmark differ from a broad market index? 
N/A 
 
How did this financial product perform with regard to the sustainability 
indicators to determine the alignment of the reference benchmark with 
the environmental or social characteristics promoted? 
N/A 
 
How did this financial product perform compared with the reference 
benchmark?  
N/A 
 
 
Reference 
benchmarks are 
indexes to 
measure 
whether the 
financial product 
attains the 
environmental or 
social 
characteristics 
that they 
promote.

SFDR ANNE X IV  
 
73 
 
How did this financial product perform compared with the broad market 
index?` 
As at 31 December 2023, the Fund’s Class A USD share class has generated the following net of 
fee returns: 
Fund Performance as at 31 December 2023, Net of Fees 
In USD 
1 Year 
3 Year 
Since Inception 
31 May 2016 
PATRIZIA LCCIF 
5.3% 
2.4% p.a. 
7.0% p.a. 
FTSE Developed Core 
Infrastructure Index 
1.0% 
4.2% p.a. 
7.4% p.a. 
S&P Global Infrastructure Index 
6.8% 
6.1% p.a. 
6.2% p.a. 
Dow Jones Brookfield Global 
Infrastructure Index 
4.5% 
5.4% p.a. 
5.7% p.a. 
MSCI World Index 
24.4% 
7.8% p.a. 
11.2% p.a. 
Source: PATRIZIA Pty Ltd, Bloomberg 
For the performance of the other share classes, please see the website for the Fund.  
As at 31 December 2023, the Fund is significantly less carbon intensive than the listed 
infrastructure indexes. 
Carbon Intensity as at 31 December 2023 
In USD 
Scope 1&2 Emissions 
per $Revenue 
Scope 3 and Facilitated 
Emissions per $Revenue 
Total Emissions 
per $Revenue 
PATRIZIA LCCIF 
334 
1,289 
1,624 
FTSE Developed Core 
Infrastructure Index 
1,159 
7,506 
8,665 
S&P Global Infrastructure Index 
709 
9,385 
10,091 
Dow Jones Brookfield Global 
Infrastructure Index 
356 
10,894 
11,250 
Source: PATRIZIA Pty Ltd, ISS ESG, Bloomberg

74 
PATRIZIA | © 2024 
PATR IZIA Lo w Ca rbo n  Co re Inf ra st ru ct ure Fund  
2 023 
Stewardship Report

75 
STEWARDSHI P RE PORT  
PATRIZIA | © 2024 
1. Proxy Voting 
Proxy voting is a key element of company engagement and PATRIZIA’s approach 
to being a responsible asset manager.  PATRIZIA reviews every proposal put to 
shareholders and where possible, all proxies are voted.   
In deciding how to vote on behalf of the Fund investors, PATRIZIA forms its own 
views, using both research and the ISS Socially Responsible Investment (SRI) 
guidelines.  These SRI guidelines provide research and voting recommendations 
which directly incorporate ESG factors.  As part of our proxy voting policy, 
PATRIZIA will support all proposals, including shareholder-led proposals, which 
are aimed at appropriately increasing transparency and improving management 
of environmental, social and governance issues.  
For PATRIZIA’s exercise of voting rights for the PATRIZIA Low Carbon Core 
Infrastructure Fund during the 12 months from 31 December 2022 to 
31 December 2023:   
• 
100% of eligible proxies were voted. In total, 583 proxies were voted across 
41 annual and special meetings;  
 
• 
Out of 583 proposals, 547 proposals (94%) came from management and 36 
proposals (6%) were shareholders’ proposals;  
 
• 
88 proposals (15%) were voted against management recommendation.  The 
majority of the proposals which were voted against management 
recommendation related to board member re-elections, diversity and 
independence of the nominees and executive remuneration.   
 
• 
9 proposals (2%) were voted against ISS SRI policy recommendation. Seven 
of these related to executive CEO renumeration, and one was against the 
election of the Union Pacific CEO to the position of Board Chair, on the basis 
that the CEO and board chair should be separate roles.  
 
Executive Remuneration Proposals 
PATRIZIA instructed votes against the executive remuneration policies, or 
elements of the policy, of eleven companies. In five cases this was due to a lack 
of transparency, inadequate disclosures, poor alignment with shareholder 
outcomes, or poor market practices including uncapped bonuses. These were for 
Atlas Arteria, Avangrid, Elia Group, Hera Group, and Infrastrutture Wireless 
Italiane. 
Table 13: Votes Against Poorly Aligned Remuneration Proposals 
Company 
Resolutions 
Vote Instruction 
Atlas Arteria 
1. Approve Remuneration Report 
2. Approve Grant of Additional 2022 
Performance Rights to CEO 
3. Approve Grant of 2023 Performance Rights 
to CEO 
Against 
Avangrid 
1. Ratify Named Executive Officers 
Compensation 
Against 
Hera SpA 
1. Approved Remuneration Policy 
Against 
Infrastrutture 
Wireless Italiane 
1. Approve Second Section of the 
Remuneration Report 
2. Approve Long-Term Incentive Plan 2023-
2027 
 
Elia Group 
1. Approve Remuneration Report 
2. Approve Amended Remuneration Policy 
Against 
Source: ISS, PATRIZIA Infrastructure.

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76 
PATRIZIA | © 2024 
Of these resolutions, all were passed with the exception of the resolution to 
approve the remuneration report for Australian toll road operator Atlas Arteria. It 
received only 42% of votes in favour and 58% of votes against. The vote was 
widely viewed as a protest by shareholders (including the largest shareholder 
IFM at 22% of the register) against the decision to acquire the Chicago Skyway 
concession in 2022. Although two of the four large proxy vote advisors in 
Australia also recommended voting against it on the grounds of poor alignment 
with shareholders. Under the Australian listing rules, although the vote is non-
binding, a vote against a remuneration report greater than 25% is a ‘strike’, and 
should there be a second strike at next AGM, the company must immediately put 
the shareholders a vote on whether to spill the entire board.     
Excessive Remuneration 
For the remaining six of the eleven companies, PATRIZIA instructed votes against 
remuneration proposals on the basis of absolute pay excess. When assessing 
whether remuneration is excessive, we consider the following factors: pay in 
excess of USD 10 million per annum; pay making up an excessive share of net 
profit; unreasonable golden parachutes; and explicit linkages to peer company 
medians or averages.  
These votes were not binding, being advisory votes only.  The PATRIZIA ‘Against’ 
votes were placed despite ‘For’ recommendations from ISS.  In assessing 
executive remuneration, ISS does not address absolute pay levels, generally 
assessing the structure and shareholder alignment of remuneration on a peer 
relative basis.   
For these companies, the average votes against the executive remuneration 
proposals rose compared to the prior year, at 6.0%, up from 4.0% in 2022 and 
4.6% in 2021.  Against votes of less than 10% are not surprising given that the 
large proxy advisers supported the proposals.  Three of the six companies 
reported an increase in CEO total compensation for 2022, while three companies 
reported declines.   
 
 
According to ISS, in the US shareholder dissatisfaction on compensation 
remained high in 2023, although was slightly lower than the record percentage of 
‘no’ votes on compensation in 2022. Median CEO pay in the S&P 500 was 
$14.3 million.   
PATRIZIA Infrastructure instructed votes against the ratification of executive 
compensation on the basis that the absolute level of CEO remuneration was 
excessive for the following companies: 
Table 14: Votes Against Excessive Executive Remuneration Plans 
Company 
CEO Total 
Compensation 
Granted 
ISS SRI 
Policy 
Rec 
Ratio of CEO and 
Median Employee 
Earnings 
Vote 
Result: % 
support 
American Tower 
USD18.3m 
(2021 = USD16.1m) 
For 
374 
96% 
Canadian National 
Railway 
CAD13.7m 
(2021 = CAD13.6 m) 
For 
Not disclosed 
93% 
Fortis Inc 
CAD11.6m 
(2021 = CAD9.1m) 
For 
Not disclosed 
93% 
Consolidated 
Edison 
USD9.4m 
(2021 = USD10.5m) 
For 
70 
91% 
Crown Castle 
USD15.6m 
(2021 = USD16.5m) 
For 
96 
96% 
Union Pacific 
USD16.0m 
(2021 = USD16.4m) 
For 
153 
90% 
Source: ISS, PATRIZIA Infrastructure, SEC filings.

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PATRIZIA | © 2024 
Climate Change Related Proposals 
There were three votable proposals related to climate change, all proposed by 
management. These were from: Pennon Plc (UK water utility), to approve the 
2022 climate-related disclosures; Aena (Spanish airport operator), to approve a 
report on the climate action plan; and Canadian National Railway, an advisory 
vote on the climate change plan. PATRIZIA voted in favour of these three 
proposals, finding each to have a robust plan, including science-based net-zero 
targets, incorporating scope 3 emissions, and a high standard of disclosure.   
Shareholders’ Proposals 
It was another quiet year for shareholder proposals, with 36 shareholders’ 
proposals in total, and 31 being either procedural in nature or related to Italian 
shareholder ‘slates’.   
The five non-procedural shareholder resolutions were one resolution to Pinnacle 
West Capital shareholders, three to Union Pacific Corporation shareholders, and 
one to the Aeroports de Paris (noting this was a worker’s representative 
proposal, not a shareholders proposal): 
 
Pinnacle West Capital Corporation and Union Pacific: Require Independent 
Board Chair 
Shareholder John Chevedden submitted the same proposal for both Pinnacle 
West Corp and Union Pacific. The proposal was: “Shareholders request that the 
Board of Directors adopt an enduring policy, and amend the governing 
documents as necessary in order that 2 separate people hold the office of the 
Chairman and the office of the CEO. Whenever possible, the Chairman of the 
Board shall be an Independent Director. The Board has the discretion to select a 
Temporary Chairman of the Board who is not an Independent Director to serve 
while the Board is seeking an Independent Chairman of the Board on an 
accelerated basis. Although it is a best practice to adopt this policy soon this 
policy could be phased in when there is a contract renewal for our current CEO 
or for the next CEO transition.” 
PATRIZIA agrees with the resolution, and voted ‘For’ in both cases. The proposals 
did not pass, however Union Pacific had already committed to a separation of 
these roles, which was made effective when the incumbent CEO stepped down in 
the second half of 2023. 
Union Pacific Corporation: Amend Bylaws 
Shareholder James McRitchie submitted the following proposal: That directors of 
Union Pacific amend its bylaws to include the following language:  
Shareholder approval is required for any advance notice bylaw amendments that:  
1. require nomination of candidates more than 90 days before the annual 
meeting, 
2. impose new disclosure requirements for director nominees, including 
disclosures related to past and future plans, or 
3. require nominating shareholders to disclose limited partners or business 
associates, except to the extent such investors own more than 5% of the 
Company shares. 
The purpose of these amendments would be to prevent the board from 
undertaking bylaw amendments that deter legitimate efforts by shareholders to 
submit nominees.  
The ISS analysis found that the shareholder proposal appears to be a well-
intentioned effort to prevent the board from unilaterally adopting restrictive 
advance notice provisions, but also found that there were several problematic 
aspects of the proposal as presented, and the Union Pacific’s governing policies 
were sufficient for the time being. Based on this, PATRIZIA chose to vote against 
this proposal. The proposal did not pass. 
Union Pacific Corporation: Adopt a Sick Leave Policy 
Trillium Asset Management and co-filers have submitted a proposal requesting 
the company to adopt and publicly disclose a policy to grant sick leave to all 
employees.

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78 
PATRIZIA | © 2024 
Union Pacific currently does not provide paid sick leave to all employees. 
PATRIZIA strongly agreed with the resolution. We found it surprising that the 
resolution only garnered 11.5% support.  
Aeroports de Paris: Approve Resolution on Social Policy and Revision of the 
Hiring Plan  
The Social and Economic Committee (a representative body for staff in the 
company put forward a proposal to increase the total number of staff and to 
increase in wages. PATRIZIA voted against this proposal, agreeing with the ISS 
SRI analysis that found that although this proposal is not without merit, it lacked 
detail, and that it was not the role of the AGM to set HR policies.  
Board Member Elections - Diversity and Independence 
PATRIZIA Infrastructure instructed 57 votes against management regarding new 
board member elections and existing members’ re-elections for 16 companies. 
These are detailed in  
Table 15: 
 
Table 15: Board member election proposals 
Company 
No. of 
Votes 
Mgmt. 
Recommendation 
ISS SRI 
Recommendation 
Vote 
Instructed 
Reason 
Aeroports de Paris ADP 
3 
For 
Against 
Against 
Lack of clarity on Censor nominee role 
Atlas Arteria 
3 
For 
Against 
Against 
Lack of diversity on the board. 
Avangrid, Inc. 
3 
For 
Against 
Against 
Failure to establish independence on committees. 
Avista Corporation 
3 
For 
Against 
Against 
Lack of diversity on the board. 
Canadian National Railway  
4 
For 
Withhold 
Withhold 
Lack of diversity on the board. 
Central Japan Railway Co. 
1 
For 
Withhold 
Withhold 
Lack of nominee independence. 
Consolidated Edison, Inc. 
5 
For 
Against 
Against 
Lack of diversity on the board. 
Crown Castle Inc. 
5 
For 
Against 
Against 
Lack of diversity on the board. 
E.ON SE 
1 
For 
Against 
Against 
Lack of diversity on the board. 
East Japan Railway Co. 
1 
For 
Against 
Against 
Insufficient nominee independence. 
Elia Group SA/NV 
5 
For 
Against 
Against 
Lack of diversity on the board. 
Flughafen Zuerich AG 
2 
For 
Withhold 
Withhold 
Lack of diversity on the board. 
National Grid Plc 
5 
For 
Withhold 
Withhold 
Lack of diversity on the board. 
SSE Plc 
8 
For 
Withhold 
Withhold 
Lack of diversity on the board. 
Union Pacific Corp 
1 
For 
For 
Against 
Failure to separate CEO and chairman positions. 
United Utilities Group Plc 
6 
For 
Against 
Against 
Lack of diversity on the board. 
Source: ISS, PATRIZIA Infrastructure.

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The PATRIZIA Infrastructure Proxy Voting and Engagement Policy 
1. 
PATRIZIA will vote or instruct the custodian to vote on all matters brought before 
Shareholders, whether of routine nature or of special consideration. 
2. 
Recommendations in respect to all matters and matters of special consideration will 
be approved by the portfolio management team, with the voting record to be reviewed 
by the PATRIZIA Listed Strategies Investment Committee on a regular basis. The 
portfolio management team will monitor relevant corporate events and ensure that 
the exercise of voting rights is in accordance with the investment objectives of the 
Fund, and that voting rights are exercised for the exclusive benefit of the Fund 
investors. 
3. 
Where practicable, all approved voting recommendations will be actioned by PATRIZIA 
or transmitted to the custodian or client, as relevant, in sufficient time for the vote to 
be duly registered.  
4. 
All voting recommendations will be based on the commercial interests of the Fund 
shareholders, which includes environmental, social and governance considerations. 
5. 
PATRIZIA will support resolutions which are aimed at appropriately increasing 
transparency and improving management of environmental, social and governance 
issues. 
6. 
PATRIZIA will engage, either directly or via collaborative platforms, with investee 
companies on issues which represent a material risk to shareholders, including but 
not limited to governance, transparency, sustainability, and corporate behaviour. 
7. 
A record of voting shall be maintained, and PATRIZIA will periodically report to 
investors on proxy voting and engagement activities.

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2. Engagement 
PATRIZIA engages with investee companies on a range of issues, particularly on 
the environmental, social and governance issues.  In 2023, we built on our 
engagement initiatives undertaken in 2022, and conducted stock specific 
engagements, two thematic engagement projects, and joined two collaborative 
engagements with other shareholders.  
The thematic engagement programmes were on environmental and climate 
change risk disclosures, and on transition of portfolio companies from fossil 
fuels to align with net-zero target and their compliance with Fund’s well-below 
2°C approach.  In 2023, we also leveraged on the ISS pooled engagement 
platform to participate in engagement activities in collaboration with other 
investors. In 2024, we will continue to follow up with the investee companies on 
the issues raised with them over the past two years, and plan to further expand 
our engagement efforts, including increasing direct engagement, and continuing 
to participate in pooled engagement platforms. 
Like previous years, in 2023, we engaged directly with companies via email and 
letter or by meeting with their top management on a one-to one basis or in a 
small group setting.  PATRIZIA focused on the environmental and climate change 
related issues this year that included recommendations to the portfolio 
companies to improve on their environmental and climate change related 
disclosures as well as encourage them to share with investors the progress made 
in decarbonising their business and industry, and ambition of their plan to 
successfully transition from fossil fuels. 
Major issues raised during the year included climate change related risks and 
disclosures including reporting in line with Task Force on Climate-related 
Financial Disclosures (TCFD), Carbon Disclosure Project (CDP), EU Taxonomy 
reporting and assessment, and the Principal Adverse Indicators (PAI) reporting 
under the Sustainable Finance Disclosure Regulation (SFDR) including requesting 
them to improve their disclosures on biodiversity, water consumption and 
efficiency, pollution and waste management. Moreover, PATRIZIA also engaged 
with the portfolio companies that have exposure to fossil fuels including gas 
transmission and distribution companies to discuss their corporate and financial 
strategy and long-term investment and business plan to upgrade and transform 
their existing infrastructure networks to transition from fossil fuels. 
Collaborative Engagement 
In addition to our direct engagement with investee companies, PATRIZIA also 
participates in the collaborative engagement platform of the UN-backed 
Principles of Responsible Investment (PRI) and the collaborative norm-based 
engagement programme run by ISS ESG.  By collaborating with other investors, 
the interests of Fund investors can be given greater weight by communicating 
with investee companies alongside greater collective assets under management.  
In 2023, PATRIZIA participated in the ISS ESG’s pooled engagement platform to 
engage with two investee companies: Japanese gas company Tokyo Gas Company 
Limited and US multi-utility Consolidated Edison Inc. Both Tokyo Gas and 
Consolidated Edison were flagged 'Amber’ under the ISS norms-based screening 
and were selected by the ISS ESG’s pooled engagement platform to engage with 
them on outstanding issues for which they were flagged. 
- 
Tokyo Gas Co was categorised as ‘Amber’ by the ISS ESG’s norm-based 
research for its 5% interest in the Pluto LNG joint venture, and the alleged 
failure of the JV to mitigate climate change impacts at the Pluto LNG project 
in Australia. PATRIZIA participated in the engagement and signed the ISS 
ESG’s pooled engagement letter to the company on 15 February 2023. ISS 
ESG have reported that there has been no response received from the 
company so far. ISS ESG sent a reminder to the company on 19 June 2023. 
In September 2023, PATRIZIA made the decision to sell the Japanese gas 
holdings Tokyo Gas Co and Osaka Gas Co due to their increasing exposure 
to unregulated utility operations domestically, and with both companies 
forecasting that they will make further investments in the carbon intensive 
upstream and midstream gas sector in the United States. The categorisation 
as ‘Amber’ by the ISS ESG’s norm-based research also contributed to the 
decision. 
- 
Consolidated Edison was also categorised as ‘Amber’ under the ISS ESG’s 
norm-based reporting for its 10% interest in the Mountain Valley Pipeline 
joint venture in the United States, and the alleged failure of the JV to assess 
environmental impacts. We participated in the engagement and signed the

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pooled engagement letter to Consolidated Edison on 17 April 2023. ISS ESG 
have reported that there has been no response received from the Company 
as yet. ISS ESG sent a reminder to the company on 19 June 2023. 
Direct Engagement 
In 2023 we conducted stock specific engagements, and two thematic 
engagement projects. The thematic engagement programmes were on 
environmental and climate change risk disclosures, and on transition of portfolio 
companies from fossil fuels to align with net-zero target and their compliance 
with Fund’s maximum 2°C approach. The stock specific engagements included 
German multi utility holding E.ON SE, Canadian electric utility Fortis Inc, US 
electric utility company Pinnacle West Capital Corporation, and Central Japan 
Railway. 
1. E.ON SE 
An example of our stock-specific engagement process is the ongoing 
correspondence with German grid utility company E.ON regarding the reporting 
of greenhouse gas emissions. E.ON holds a 50% interest in Turkish utility 
Enerjisa Üretim, held via a joint venture structure. The contribution of this 
investment to the overall business is very small, at 2% of earnings. As the 
investment is equity accounted, and not consolidated, E.ON does not include the 
associated greenhouse gas emissions in its reporting to shareholders.  
Our representation to the company is that it should include its share of the joint 
venture emissions in its reporting and provide investors with a plan for 
decarbonisation of Enerji Üretim in line with a well-below 2°C warming pathway, 
and that the emissions should be reported to the CDP. The company responded 
to our queries promptly, but has rebuffed this suggestion so far, on the basis 
that E.ON did not have majority control of Enerji Üretim. 
However, after engaging with the company in 2021 and 2022, Enerjisa Üretim 
initiated reporting of the climate change related disclosures in 2022, including 
Scope 1, 2 and 3 emissions data to the CDP, which was a significant 
improvement, and will allow us to take account of E.ON’s full emissions in the 
company’s carbon analysis.  
We again raised this issue with E.ON in February 2023 and intend to continue 
engagement with the company to fully disclose and integrate these emissions 
into its reporting, as well as share a transition plan with the investors to reduce 
E.ON’s exposure to the Tufanbeyli lignite fired power station that is owned and 
operated by Enerjisa Üretim. In its 2023 CDP submission, Enerjisa Üretim notes 
that it does not have a long-term transition plan yet but a net-zero transition 
action plan is under development, and the company pledged to be entirely net 
zero carbon by 2045. 
In 2024 we will take the same approach that we have adopted previously which 
is to: 1. continue to raise this in meetings or correspondence with the company, 
and with other industry participants and E.ON shareholders. 2. Review the 
company disclosures for 2023 when available. 3. If no further information is 
provided and it remains unclear that Enerji Üretim is adequately decarbonising, 
consider altering our proxy vote support for existing board members, executive 
remuneration, or any climate risk-related resolutions. 
2. Fortis Inc and Pinnacle West Capital Corporation 
In February 2023 we commenced correspondence with the Canadian electric 
utility holding Fortis Inc (Fortis) and the US vertically integrated electric utility 
company Pinnacle West Capital Corporation (PNW), engaging with them on their 
inclusion in the Global Coal Exit List (GCEL). Fortis and PNW were named in the 
latest update of the Global Coal Exit List (GCEL) based on the coal share of total 
power production (CSPP) of more than 20%.  
We engaged with both companies to get an update on their exposure to coal 
fired power generation, and to ascertain when they expect their CSPP to drop 
below 20%, in order to exit the GCEL. We also requested them to provide a clear 
timeline of when they will completely retire all their coal fired power generation 
units, and their compliance with the well below 2°C warming pathways. 
We received a detailed, satisfactory response from both investee companies 
confirming their intention and ability to fully decarbonise their business 
(including all power generation capacity) in line with a science-based 2°C 
warming pathway.   
Fortis noted that in 2022, the company sourced 4% of its total revenues from 
activities related to coal-fired power generation, and it had 3% of its regulated

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asset base and just 1% of its total capital expenditures in coal-fired generation 
assets. The company has made a consistent progress over the past four years to 
reduce their CSPP by progressively retiring its existing coal-fired generation and 
sourcing more power from renewables. Moreover, Tucson Electric Power (TEP), 
which is the only utility owned by Fortis with coal-fired power generation, plans 
to completely retire their remaining coal-fired power generation capacity with 
the approval of regulators as it will add 3,400 MW of wind, solar and storage 
through 2035.  
Pinnacle West Capital Corporation also continues to comply with the below 2°C 
warming pathways. PNW guided that the company will be below 20% coal share 
of power production in 2023. This will further improve as the company plans to 
retire the 387 MW coal-fired power generation at the Cholla Power Plant in early 
2025, in addition to more than 1,000 MW of coal-fired generation that has been 
retired already and replaced with 2,115 MW of clean energy since 2020. 
Furthermore, PNW plans to exit from all coal-fired generation by 2031. 
3. Central Japan Railway  
In December 2023, we met with senior executives of Central Japan Railway, 
Japan’s largest passenger rail network operator, servicing Nagoya and Shizuoka 
and operator of the Tokaido Shinkansen. In 2021 we engaged with several 
Japanese companies including Central Japan Railway regarding gender diversity, 
at board level and more broadly within the company. In 2023 we raised this issue 
again directly with the company and discussed their gender diversity targets for 
the board, for all new employees, and for management levels. While the company 
does have formal goals in place, and we acknowledge that the historical context 
for Japanese corporations, particularly ex-government owned assets, is quite 
different from other developed markets, we reiterated that performance in this 
area was below peers. We advised the company that we would vote against the 
re-election of the board in 2024 if there was not visible improvement.  
We also discussed with the company the physical impacts of climate change on 
their operations, including the expected increase in storm related network 
disruption, and whether the company was committing appropriate capital to 
asset hardening and resilience.      
Thematic Engagement 
In addition to company specific issues, during 2023 we continued to make 
progress on the two thematic engagement projects undertaken in 2022, 
including writing letters to the selected investee companies to encourage them 
to improve their disclosures related to environmental and climate change risk 
metrics. The thematic topics focused on: 1) transition of gas transportation and 
distribution companies in Europe, and 2) environmental and climate change risk 
disclosures made by investee companies. 
Well Below 2°C Approach:  Science-Based Transition from Fossil Fuels 
PATRIZIA Infrastructure only invests in companies it considers can sustainably 
transition away from fossil fuels to become net zero companies with sustainable 
business strategies. All holdings are assessed at least annually to monitor their 
compliance with a well-below 2°C warming pathway. As a result, we track all 
companies’ net zero ambition and their decarbonisation targets and pathways. To 
further support this process, we also engage with companies to understand the 
progress made by them on their emissions reduction targets and advancement 
made in this sector within their territories.  
In 2023, we engaged on this topic with four portfolio companies which included 
Italian gas system operator and transmission company Snam, Italian gas 
distribution utility Italgas, Italian multi-utility Hera and Spanish airport company 
Aena. This year PATRIZIA also engaged with the Italian energy, water, and waste 
regulator ARERA for the first time. In our one-on-one meeting with them, among 
other topics we discussed the vision and support of the regulator in 
decarbonisation of the gas pipeline infrastructure, water distribution and waste 
management operations in Italy. The regulator discussed potential regulatory 
outcomes for green hydrogen and biogas in Italy, as well as its ongoing 
consultations with other European energy regulators to coordinate their efforts 
on creating a Europe wide hub for green hydrogen. 
We continued our dialogue with gas utility holdings into 2023, discussing the 
transition of natural gas sector and ascertain their compliance with a science-
based below 2°C warming pathway. In this effort, we engaged with Snam, Italgas 
and Hera to discuss decarbonisation of natural gas sector in Italy and broader 
European market as well as progress on preparedness of their gas pipeline

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infrastructure to handle green hydrogen, biogas and other renewable gases in 
their network. Moreover, we continued our discussion with Hera regarding 
emissions reduction strategies and decarbonisation of their landfill assets within 
their integrated waste management business. In our meeting with Snam, we also 
discussed the strategic importance of their LNG regasification infrastructure and 
decarbonisation of these assets, reiterating our assumption that there is zero 
value by 2050 in conventional gas assets. 
In addition to gas companies, we continued our engagement with the Spanish 
airport company Aena to discuss the progress on use of the sustainable aviation 
fuels and alternate fuels, and the role of airport operators to facilitate airlines in 
their decarbonisation efforts. Like gas utilities, we talk to airport infrastructure 
companies about their role in the aviation sector meeting the maximum 2°C 
warming pathway.  
Environmental and Climate Change Related Disclosures 
PATRIZIA Infrastructure is a supporter of the Taskforce for Climate Related 
Financial Disclosures (TCFD), and believes that robust environmental and climate 
risk reporting including emissions data and decarbonisation planning is critical 
to the long-term viability of infrastructure assets.  
PATRIZIA Infrastructure initiated the review of sustainability reporting provided 
by all holdings in 2022, and identified portfolio companies that were not 
reporting to the Carbon Disclosure Project (CDP) and where reporting was not in 
line with the TCFD guidelines, or to an equivalent level of detail. In 2023, we 
continued the engagement with investee companies on these disclosures, this 
time engaging with six investee companies to encourage them to adopt the Task 
Force on Climate-related Financial Disclosure (TCFD) and make full periodic 
disclosures to the Carbon Disclosure Project (CDP). We also encouraged them to 
improve their disclosures on biodiversity, water consumption and intensity, 
pollution and waste management to assist investors in their reporting related to 
EU taxonomy and Principal Adverse Impact (PAI) under the Sustainable Finance 
Disclosure Regulation (SFDR).  
In 2023 we received a positive response from five out of six companies. Three of 
them have already addressed the shortfall in their reporting by adopting TCFD 
reporting and providing full disclosure to the CDP. These include: Italian air 
traffic controller ENAV, Singaporean fibre network company Netlink and Belgian 
electric transmission utility Elia Group as they formally adopted TCFD reporting 
in 2023. Swiss airport company Flughafen Zuerich confirmed that they will 
initiate formal TCFD reporting in 2024. We also received a response from the US 
water utility SJW Group, and while they did not provide a clear timeframe of when 
CDP and TCFD reporting will be provided, they confirmed that they have initiated 
reporting Scope 3 emissions, which we have engaged with them previously on. 
Out of six companies approached, PATRIZIA did not receive a response from the 
French airport group Aeroports de Paris.  
PATRIZIA raised the issue of PAI and SFDR reporting with four other Italian 
companies that are held in the Fund including multi utility Hera, gas utility 
Italgas, electric utility Terna, and telecommunication tower company Inwit. All 
four companies committed to improve their reporting on PAI indicators related to 
biodiversity, water consumption and intensity, pollution and waste management.

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Table 16: Major Sustainability Engagement Items 
Company 
Country 
Issues Raised  
Response and Follow Ups 
E.ON SE 
Germany 
E.ON’s current ownership stake and its future plans in 
the Turkish utility company Enerji Üretim, which holds 
a lignite-fired power generation plant and onsite mine.  
PATRIZIA 
encouraged 
E.ON 
to 
report 
pro-rata 
emissions from Enerji Üretim to the CDP and in their 
annual sustainability report. 
Since our initial engagement with the company on this issue, 
Enerji Üretim has produced its own sustainability and GHG 
emission reporting and has consistently submitted responses 
to the CDP for Climate Change and Water Security, which we 
view as a big step forward. In 2023 E.ON responded promptly 
and clearly to our query, however they will not be acting on 
the request to include the Turkish emissions pro-rata in its 
own sustainability and emissions reporting. 
This issue was raised with E.ON in 2023, and we will continue 
to monitor it in 2024 with a possibility to engage with the 
company again, if required. 
Fortis Inc (Canada) and Pinnacle 
West Capital Corporation (US) 
Canada and 
United 
States 
Inclusion in the Global Coal Exit List (GCEL), exposure 
to coal fired power generation, timeline to exit the 
GCEL, retirement plans of existing coal power 
generation units, and expected compliance with the 
science based ‘well below 2°C warming’ pathways. 
Both companies responded promptly to confirm their 
intention and ability to completely exit the coal power 
generation and fully decarbonise their business (including all 
power generation capacity) in line with a science-based 2°C 
warming pathway.   
The Regulatory Authority for 
Energy, Networks and the 
Environment (ARERA) 
Italy 
1. Decarbonisation of the gas pipeline infrastructure in 
Italy, 2. Expected regulatory outcomes for green 
hydrogen and biogas in Italy, 3. Continuing of current 
regulatory models for existing gas and electricity 
networks, 4. Role of the regulator to consolidate the 
water distribution companies and driving the required 
investment to address the issues related to leakage 
and ageing infrastructure, 5. Scope of activities 
regulated in the waste management sector, 6. 
Coordination with other European energy regulators to 
create a Europe wide hub for green hydrogen and 
renewable gases. 
There was no follow up required. The engagement with ARERA 
was a one-off opportunity to meet with a major European 
regulatory body with a vast mandate covering multiple areas. 
ARERA regulates both electricity and gas segments in the 
energy sector in Italy, as well as water, integrated waste 
management and environmental sectors. The meeting went 
well providing useful insights into the regulatory view of the 
current and future changes in the energy and other sectors, 
as well as a direct account of regulatory resources available 
and challenges faced by the regulator.

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Company 
Country 
Issues Raised  
Response and Follow Ups 
Snam SpA, Italgas SpA and Hera 
SpA 
Italy 
PATRIZIA engaged with Snam, Italgas and Hera to 
discuss below issues: 
Snam: We met with Snam for the first time and used it 
as an opportunity to engage with them on the 
decarbonisation of their natural gas infrastructure in 
Italy, and understand the readiness of its pipeline and 
storage assets to transport or handle biomethane and 
hydrogen in pure form as well as ratio of blended green 
gases currently transported in the system. 
Italgas: 1. Validation of Italgas’s target or commitment 
with SBTi, 2. Progress made by Italgas to handle green 
hydrogen and renewable gases in their network, 3. 
Expected changes to the current regulation, rates of 
return 
and 
inflation 
recovery 
mechanism, 
4. 
Integration of new acquisition made in Greece and 
regulatory model of that asset, 5. M&A opportunities 
and new gas tenders in Italy, 6. EU Taxonomy and PAI 
(SFDR) reporting. 
Hera: 1. Update on Hera’s decarbonisation plans and 
emissions reduction targets, 2. Features of the new 
business plan and capex needs, 3. Understanding 
waste management business and revenues covered 
under the regulated model, and 4. PAI (SFDR) 
reporting. 
In 2023, we continued to engage with gas companies and 
utilities to discuss the transition of their natural gas pipeline 
infrastructure under a maximum 2°C warming pathway.  
This was done with the intention to reinforce with company 
management our assumption that there is zero value by 2050 
in conventional gas assets, and the Fund’s investments are 
based on adequate return of cash to shareholders over this 
period, and our expectations for capex to shift to long term 
sustainable assets. We also engaged with the companies to 
understand the potential for green gases and the ability of 
their existing pipelines to blend or transport green hydrogen 
and biomethane. 
ENAV SpA  
Italy 
PATRIZIA successfully engaged with ENAV to discuss 
below items with them: 
1. Adoption of TCFD guidelines and reporting, 2. PAI 
(SFDR) disclosures, 3. Changes to the company’s 
regulatory framework and recovery of regulatory 
balance accumulated during COVID, 4. Traffic trends 
After confirming last year that the company supports TCFD 
guidelines, ENAV formally adopted the TCFD reporting and 
provided the report to investors in 2023. ENAV also noted that 
they will look into any disclosures required to support PAI 
reporting under the SFDR, and will consider expanding their 
reporting to cover topics related to biodiversity, circular 
economy, pollution and water uses.

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Company 
Country 
Issues Raised  
Response and Follow Ups 
in Italy and Europe, and 5. Business and operational 
update. 
Central Japan Railway 
Japan 
1. Gender diversity on the board and management, 2. 
Post-covid traffic and business update, 3. Regulatory 
framework to set fares and recovery of costs, 4. 
Update on construction of the Chuo Shinkansen and 
increase in costs and new timeline. 5. Capex on 
increasing reliability of services during extreme 
weather events. 
In 2023, we continued our engagement with the Japanese rail 
company Central Japan Railway Co to follow up on gender 
diversity on the company board and encourage them towards 
better representation at the board and management level. 
Follow up: assess improvement in 2024, and reflect this in our 
voting for board member re-elections (the company does not 
disclose Nomination Committee membership).  
AENA SA 
Spain 
Role of sustainable aviation fuels and airport 
infrastructure’s readiness to facilitate airlines.   
Renewal of contracts for commercial services at 
Spanish airports, update to regulatory returns and cost 
recovery, traffic recovery and outlook, and planned 
capex.  
Energy consumption and company’s use of renewable 
energy within airport premises and its operations. 
We have an ongoing discussion with the airport operators that 
are held in the Fund regarding their readiness to support the 
use of SAFs and decarbonising the aviation industry. Aena 
remains positive on increasing the use of SAFs but also aware 
of the challenges faced by the broader sector. 
Hydro One Limited 
Canada 
1. Decarbonisation of power generation in Ontario and 
Canada, 2. Investment plan and financing needs of 
Hydro 
One, 
3. 
Potential 
M&A 
opportunities 
domestically and internationally, 4. Relationship with 
the regulator and role of the government in the 
regulatory body, 5. Latest results and company’s 
business plan, 6. Risk of wildfires in Hydro One’s 
jurisdictions and wildfire risk mitigation, and 7. 
Sustainability 
Disclosures 
(Scope 
3 
and 
other 
environmental and climate change risk disclosures). 
We engaged with Hydro One which is a pure electric 
transmission and distribution company in Ontario, Canada. 
The meeting went well with the management agreeing to 
improve their sustainability reporting soon. 
Elia Group (Belgium), Netlink NBN 
Trust (Singapore), Zurich Airport 
Belgium, 
Singapore, 
PATRIZIA engaged with these investee companies in 
2023 to encourage them to support the TCFD 
Four of these companies responded promptly with the 
Singaporean fibre network company Netlink and Belgian

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Company 
Country 
Issues Raised  
Response and Follow Ups 
(Switzerland), SJW Group (US), 
and Aeroports de Paris 
Switzerland, 
United 
States and 
France 
guidelines and report the sustainability and climate 
change risk related metrics investors, including the 
PAI indicators under the SFDR.   
electric transmission utility Elia Group initiating TCFD 
reporting soon after. The Zurich airport company confirmed 
that they will initiate formal TCFD reporting in 2024.  
We also received a response from the US water utility SJW 
Group though they did not provide a clear timeframe of when 
CDP and TCFD reporting will be provided. 
We did not receive a response from the French airport group 
Aeroports de Paris. We will follow up with them again in 2024.

88 
APPENDIX  
PATRIZIA | © 2024 
Appendix 1: Proxy Vote Instructions 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
Ordinary Business 
Mgmt 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   3 
Approve Remuneration Policy 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   4 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
Against 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   5 
Approve Long-Term Incentive Plan 2023-2027 
Mgmt 
For 
Against 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   6 
Approve Employees Share Ownership Plan 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   7 
Authorize Share Repurchase Program and Reissuance 
of Repurchased Shares 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   8 
Adjust Remuneration of External Auditors 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
 
Extraordinary Business 
Mgmt 
 
 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   1 
Authorize Cancellation of Treasury Shares without 
Reduction of Share Capital; Amend Article 5 
Mgmt 
For 
For 
Infrastrutture Wireless 
Italiane SpA 
INW 
Italy 
18/04/2023 
Annual/Special 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   1 
Approve Standalone Financial Statements 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   2 
Approve Consolidated Financial Statements 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   3 
Approve Allocation of Income and Dividends 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   4 
Approve Offset of Accumulated Losses Against 
Voluntary Reserves 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   5 
Approve Non-Financial Information Statement 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   6 
Approve Discharge of Board 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   7 
Appoint KPMG Auditores as Auditor 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.1 
Ratify Appointment of and Elect Maria del Coriseo 
Gonzalez-Izquierdo Revilla as Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.2 
Ratify Appointment of and Elect Tomas Varela Muina as 
Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.3 
Elect Maria Carmen Corral Escribano as Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.4 
Reelect Angelica Martinez Ortega as Director 
Mgmt 
For 
For

89 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.5 
Reelect Juan Ignacio Diaz Bidart as Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.6 
Reelect Pilar Arranz Notario as Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   8.7 
Reelect Leticia Iglesias Herraiz as Director 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   9.1 
Amend Article 31 Re: Board Competences 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   9.2 
Amend Article 36 Re: Board Meetings 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   10 
Advisory Vote on Remuneration Report 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   11 
Advisory Vote on Company's 2022 Updated Report on 
Climate Action Plan 
Mgmt 
For 
For 
Aena S.M.E. SA 
AENA 
Spain 
20/04/2023 
Annual 
   12 
Authorize Board to Ratify and Execute Approved 
Resolutions 
Mgmt 
For 
For 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
 
Ordinary Business 
Mgmt 
 
 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
   3 
Approve Remuneration Policy 
Mgmt 
For 
For 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
   4 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For 
Italgas SpA 
IG 
Italy 
20/04/2023 
Annual 
   5 
Approve 2023-2025 Long-term Incentive Plan 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1a 
Elect Director Dawn Farrell 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1b 
Elect Director Mark Ganz 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1c 
Elect Director Marie Oh Huber 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1d 
Elect Director Kathryn Jackson 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1e 
Elect Director Michael Lewis 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1f 
Elect Director Michael Millegan 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1g 
Elect Director Lee Pelton 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1h 
Elect Director Patricia Salas Pineda 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1i 
Elect Director Maria Pope 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   1j 
Elect Director James Torgerson 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   2 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   3 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For

90 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   4 
Amend Omnibus Stock Plan 
Mgmt 
For 
For 
Portland General Electric 
Company 
POR 
USA 
21/04/2023 
Annual 
   5 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   1 
Receive Financial Statements and Statutory Reports 
(Non-Voting) 
Mgmt 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   2 
Receive Auditor's Report (Non-Voting) 
Mgmt 
 
 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   3 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   4 
Approve Remuneration Report (Non-Binding) 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   5 
Approve Discharge of Board of Directors 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   6.1 
Approve Allocation of Income and Dividends of CHF 
2.40 per Share 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   6.2 
Approve Dividends of CHF 1.10 per Share from Capital 
Contribution Reserves 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   7.1 
Approve Remuneration of Directors in the Amount of 
CHF 1.9 Million 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   7.2 
Approve Remuneration of Executive Committee in the 
Amount of CHF 6.2 Million 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.1.1 
Reelect Guglielmo Brentel as Director 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.1.2 
Reelect Josef Felder as Director 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.1.3 
Reelect Stephan Gemkow as Director 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.1.4 
Reelect Corine Mauch as Director 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.1.5 
Elect Claudia Pletscher as Director 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.2 
Elect Josef Felder as Board Chair 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.3.1 
Reappoint Vincent Albers as Member of the Nomination 
and Compensation Committee 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.3.2 
Reappoint Guglielmo Brentel as Member of the 
Nomination and Compensation Committee 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.3.3 
Appoint Josef Felder as Non-Voting Member of the 
Nomination and Compensation Committee 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.3.4 
Appoint Claudia Pletscher as Member of the 
Nomination and Compensation Committee 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.4 
Designate Marianne Sieger as Independent Proxy 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   8.5 
Ratify Ernst & Young AG as Auditors 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   9.1 
Amend Articles Re: Shares and Share Register 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   9.2 
Amend Articles Re: General Meetings 
Mgmt 
For 
Against 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   9.3 
Approve Virtual-Only Shareholder Meetings 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   9.4 
Amend Articles Re: Compensation of Board and Senior 
Management 
Mgmt 
For 
For 
Flughafen Zuerich AG 
FHZN 
Switzerland 
24/04/2023 
Annual 
   10 
Transact Other Business (Voting) 
Mgmt 
For 
Against

91 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1A 
Elect Director Shauneen Bruder 
Mgmt 
For 
Against 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1B 
Elect Director Jo-ann dePass Olsovsky 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1C 
Elect Director David Freeman 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1D 
Elect Director Denise Gray 
Mgmt 
For 
Against 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1E 
Elect Director Justin M. Howell 
Mgmt 
For 
Against 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1F 
Elect Director Susan C. Jones 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1G 
Elect Director Robert Knight 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1H 
Elect Director Michel Letellier 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1I 
Elect Director Margaret A. McKenzie 
Mgmt 
For 
Against 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1J 
Elect Director Al Monaco 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   1K 
Elect Director Tracy Robinson 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   2 
Ratify KPMG LLP as Auditors 
Mgmt 
For 
For 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   3 
Advisory Vote on Executive Compensation Approach 
Mgmt 
For 
Against 
Canadian National Railway  
CNR 
Canada 
25/04/2023 
Annual 
   4 
Management Advisory Vote on Climate Change 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1a 
Elect Director Carl Guardino 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1b 
Elect Director Mary Ann Hanley 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1c 
Elect Director Heather Hunt 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1d 
Elect Director Rebecca A. Klein 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1e 
Elect Director Gregory P. Landis 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1f 
Elect Director Daniel B. More 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1g 
Elect Director Eric W. Thornburg 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   1h 
Elect Director Carol P. Wallace 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   2 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   3 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   4 
Approve Omnibus Stock Plan 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   5 
Approve Qualified Employee Stock Purchase Plan 
Mgmt 
For 
For 
SJW Group 
SJW 
USA 
26/04/2023 
Annual 
   6 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
Ordinary Business 
Mgmt 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   3 
Approve Remuneration Policy 
Mgmt 
For 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   4 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For

92 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   5 
Authorize Share Repurchase Program and Reissuance 
of Repurchased Shares 
Mgmt 
For 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
Appoint Directors (Slate Election) - Choose One of the 
Following Slates 
Mgmt 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   6.1 
Slate 1 Submitted by the Shareholder Agreement 
(40.99 Percent of the Share Capital) 
SH 
None 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   6.2 
Slate 2 Submitted by Gruppo Societa Gas Rimini SpA 
SH 
None 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   6.3 
Slate 
3 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   7 
Approve Remuneration of Directors 
Mgmt 
For 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
Appoint Internal Statutory Auditors (Slate Election) - 
Choose One of the Following Slates 
Mgmt 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   8.1 
Slate 1 Submitted by the Shareholder Agreement 
(40.99 Percent of the Share Capital) 
SH 
None 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   8.2 
Slate 2 Submitted by Gruppo Societa Gas Rimini SpA 
SH 
None 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   8.3 
Slate 
3 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   9 
Approve Internal Auditors' Remuneration 
Mgmt 
For 
Against 
Hera SpA 
HER 
Italy 
27/04/2023 
Annual 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Ordinary Business 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Management Proposals 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   3 
Approve Remuneration Policy 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   4 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   5 
Authorize Share Repurchase Program and Reissuance 
of Repurchased Shares 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   6 
Approve KPMG SpA as Auditors and Authorize Board to 
Fix Their Remuneration 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Appoint Directors (Slate Election) - Choose One of the 
Following Slates 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   7.1 
Slate Submitted by Municipalities of Brescia and Milan 
SH 
None 
Against 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   7.2 
Slate Submitted by Azienda Energetica Municipale SpA, 
COGEME - Servizi Pubblici Locali SpA, Inarcassa, and 
ENPAM Foundation 
SH 
None 
Against 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   7.3 
Slate 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Shareholder Proposal Submitted by Municipalities of 
Brescia and Milan 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   8 
Approve Remuneration of Directors 
SH 
None 
For

93 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Appoint Internal Statutory Auditors (Slate Election) - 
Choose One of the Following Slates 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   9.1 
Slate Submitted by Municipalities of Brescia and Milan 
SH 
None 
Against 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   9.2 
Slate Submitted by Azienda Energetica Municipale SpA, 
COGEME - Servizi Pubblici Locali SpA, Inarcassa, and 
ENPAM Foundation 
SH 
None 
Against 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   9.3 
Slate 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
Shareholder Proposal Submitted by Municipalities of 
Brescia and Milan 
Mgmt 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   10 
Approve Internal Auditors' Remuneration 
SH 
None 
For 
A2A SpA 
A2A 
Italy 
28/04/2023 
Annual 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
Ordinary Business 
Mgmt 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
Management Proposals 
Mgmt 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   3 
Approve Remuneration Policy 
Mgmt 
For 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   4 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   5 
Approve Long Term Incentive Plan 
Mgmt 
For 
Against 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
Shareholder Proposals Submitted by Ministry of 
Economy and Finance 
Mgmt 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   6 
Fix Number of Directors 
SH 
None 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   7 
Fix Board Terms for Directors 
SH 
None 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
 
Appoint Directors (Slate Election) - Choose One of the 
Following Slates 
Mgmt 
 
 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   8.1 
Slate 1 Submitted by Ministry of Economy and Finance 
SH 
None 
Against 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   8.2 
Slate 
2 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   8.3 
Slate 3 Submitted by INARCASSA and Fondazione 
ENPAM 
SH 
None 
Against 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
Shareholder Proposals Submitted by Ministry of 
Economy and Finance 
Mgmt 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   9 
Elect Alessandra Bruni as Board Chair 
SH 
None 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   10 
Approve Remuneration of Directors 
SH 
None 
For 
ENAV SpA 
ENAV 
Italy 
28/04/2023 
Annual 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   1 
Approve Consolidated and Standalone Financial 
Statements 
Mgmt 
For 
For

94 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   2 
Approve Consolidated and Standalone Management 
Reports 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   3 
Approve Non-Financial Information Statement 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   4 
Approve Discharge of Board 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   5 
Approve Allocation of Income and Dividends 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   6 
Reelect Juan Sanchez-Calero Guilarte as Director 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   7 
Reelect Ignacio Garralda Ruiz de Velasco as Director 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   8 
Reelect Francisco de Lacerda as Director 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   9 
Reelect Alberto de Paoli as Director 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   10 
Approve Remuneration Report 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   11 
Approve Strategic Incentive Plan 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.1 
Approve Execution of Financial Transactions, in the 
Form of a Credit Facility and a Loan, between Enel 
Finance International NV and Endesa SA 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.2 
Approve Contracting of Corporate Services Provided by 
Endesa Group Companies to Gridspertise Iberia SL 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.3 
Approve Contracting of Technical Resources by Enel 
Green Power Espana SLU from Enel Green Power SpA 
Related to Engineering Services for the Development of 
Projects of Renewable Energies 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.4 
Approve Reinvoicing of the Expatriate Costs between 
Endesa Group Companies and Enel Group Companies 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.5 
Approve License Agreement for the Use of Platforms 
and Related Services as a "Software as a Service" 
Solution, between Enel X SRL and Endesa X Servicios 
SL 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.6 
Approve Contracts for the Supply of Electric Charging 
Solutions and the Provision of Services between Endesa 
X Way SL and Endesa X Servicios SL, Endesa Energia 
SAU,Endesa Medios y Sistemas SL and Asociacion 
Nuclear Asco - Vandellos II AIE 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.7 
Approve Contracting of Logistics Services Provided by 
Endesa Generacion SAU to Enel Produzione SpA in the 
Ports of Carboneras and Ferrol 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.8 
Approve Purchases of Liquefied Natural Gas (LNG) for 
2023, in a Maximum Volume of 4.5TWh, between 
Endesa Energia SA and Enel Global Trading SpA 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.9 
Approve Contract for the Provision of Dielectric Fluid 
Analysis Services in Power Transformers by Endesa 
Ingenieria SL to E-Distribuzione SRL 
Mgmt 
For 
For

95 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   12.10 
Approve 
Contracting 
of 
Gridspertise 
SRL 
by 
Edistribucion Redes Digitales SLU forthe Supply of LVM 
Hubs and Other Assets 
Mgmt 
For 
For 
Endesa SA 
ELE 
Spain 
28/04/2023 
Annual 
   13 
Authorize Board to Ratify and Execute Approved 
Resolutions 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.1 
Elect Director Tracey C. Ball 
Mgmt 
For 
Withhold 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.2 
Elect Director Pierre J. Blouin 
Mgmt 
For 
Withhold 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.3 
Elect Director Lawrence T. Borgard 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.4 
Elect Director Maura J. Clark 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.5 
Elect Director Lisa Crutchfield 
Mgmt 
For 
Withhold 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.6 
Elect Director Margarita K. Dilley 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.7 
Elect Director Julie A. Dobson 
Mgmt 
For 
Withhold 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.8 
Elect Director Lisa L. Durocher 
Mgmt 
For 
Withhold 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.9 
Elect Director David G. Hutchens 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.10 
Elect Director Gianna M. Manes 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.11 
Elect Director Donald R. Marchand 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   1.12 
Elect Director Jo Mark Zurel 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   2 
Approve Deloitte LLP as Auditors and Authorize Board 
to Fix Their Remuneration 
Mgmt 
For 
For 
Fortis Inc. 
FTS 
Canada 
04/05/2023 
Annual 
   3 
Advisory Vote on Executive Compensation Approach 
Mgmt 
For 
Against 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
Ordinary Business 
Mgmt 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   3 
Authorize Share Repurchase Program and Reissuance 
of Repurchased Shares 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   4 
Approve the 2023-2025 Long Term Share Incentive 
Plan 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   5.1 
Approve Remuneration Policy 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   5.2 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For 
SNAM SpA 
SRG 
Italy 
04/05/2023 
Annual 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
Hawaiian Electric Industries, 
Inc. 
HE 
USA 
05/05/2023 
Annual 
   1a 
Elect Director Thomas B. Fargo 
Mgmt 
For 
For 
Hawaiian Electric Industries, 
Inc. 
HE 
USA 
05/05/2023 
Annual 
   1b 
Elect Director Celeste A. Connors 
Mgmt 
For 
For 
Hawaiian Electric Industries, 
Inc. 
HE 
USA 
05/05/2023 
Annual 
   1c 
Elect Director Richard J. Dahl 
Mgmt 
For 
For 
Hawaiian Electric Industries, 
Inc. 
HE 
USA 
05/05/2023 
Annual 
   1d 
Elect Director Elisia K. Flores 
Mgmt 
For 
For

96 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1e 
Elect Director Peggy Y. Fowler 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1f 
Elect Director Micah A. Kane 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1g 
Elect Director Michael J. Kennedy 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1h 
Elect Director Yoko Otani 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1i 
Elect Director William James Scilacci, Jr. 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   1j 
Elect Director Scott W. H. Seu 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   2 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
For 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   3 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Hawaiian Electric Industries 
HE 
USA 
05/05/2023 
Annual 
   4 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Ordinary Business 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Management Proposals 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   2 
Approve Allocation of Income 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Shareholder Proposals Submitted by CDP Reti SpA 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   3 
Fix Number of Directors 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   4 
Fix Board Terms for Directors 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Appoint Directors (Slate Election) - Choose One of the 
Following Slates 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   5.1 
Slate 1 Submitted by CDP Reti SpA 
SH 
None 
Against 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   5.2 
Slate 
2 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Shareholder Proposals Submitted by CDP Reti SpA 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   6 
Elect Igor De Biasio as Board Chair 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   7 
Approve Remuneration of Directors 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
 
Appoint Internal Statutory Auditors (Slate Election) - 
Choose One of the Following Slates 
Mgmt 
 
 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   8.1 
Slate 1 Submitted by CDP Reti SpA 
SH 
None 
For

97 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   8.2 
Slate 
2 
Submitted 
by 
Institutional 
Investors 
(Assogestioni) 
SH 
None 
Against 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
Shareholder Proposal Submitted by CDP Reti SpA 
Mgmt 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   9 
Approve Internal Auditors' Remuneration 
SH 
None 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
 
Management Proposals 
Mgmt 
 
 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   10 
Approve Long-Term Incentive Plan 2023-2027 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   11 
Authorize Share Repurchase Program and Reissuance 
of Repurchased Shares 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   12.1 
Approve Remuneration Policy 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   12.2 
Approve Second Section of the Remuneration Report 
Mgmt 
For 
For 
TERNA Rete Elettrica 
Nazionale SpA 
TRN 
Italy 
09/05/2023 
Annual 
   A 
Deliberations on Possible Legal Action Against 
Directors if Presented by Shareholders 
Mgmt 
None 
Against 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1a 
Elect Director Julie A. Bentz 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1b 
Elect Director Donald C. Burke 
Mgmt 
For 
Against 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1c 
Elect Director Kevin B. Jacobsen 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1d 
Elect Director Rebecca A. Klein 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1e 
Elect Director Sena M. Kwawu 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1f 
Elect Director Scott H. Maw 
Mgmt 
For 
Against 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1g 
Elect Director Scott L. Morris 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1h 
Elect Director Jeffry L. Philipps 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1i 
Elect Director Heidi B. Stanley 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1j 
Elect Director Dennis P. Vermillion 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   1k 
Elect Director Janet D. Widmann 
Mgmt 
For 
Against 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   2 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
For 
Avista Corporation 
AVA 
USA 
11/05/2023 
Annual 
   4 
Advisory Vote on Say on Pay Frequency Every Year 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.1 
Elect Director Timothy P. Cawley 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.2 
Elect Director Ellen V. Futter 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.3 
Elect Director John F. Killian 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.4 
Elect Director Karol V. Mason 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.5 
Elect Director Dwight A. McBride 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.6 
Elect Director William J. Mulrow 
Mgmt 
For 
For

98 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.7 
Elect Director Armando J. Olivera 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.8 
Elect Director Michael W. Ranger 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.9 
Elect Director Linda S. Sanford 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.10 
Elect Director Deirdre Stanley 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   1.11 
Elect Director L. Frederick Sutherland 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   2 
Ratify PricewaterhouseCoopers LLP as Auditors 
Mgmt 
For 
For 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
Against 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   4 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Consolidated Edison, Inc. 
ED 
USA 
15/05/2023 
Annual 
   5 
Approve Omnibus Stock Plan 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
Ordinary Business 
Mgmt 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   1 
Approve Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   2 
Approve Consolidated Financial Statements and 
Statutory Reports 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   3 
Approve Allocation of Income and Dividends of EUR 
3.13 per Share 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   4 
Approve Transaction with the French State 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   5 
Approve Transaction with Gestionnaire d'Infrastructure 
CDG Express 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   6 
Approve Transaction with Gestionnaire d'Infrastructure 
CDG Express and SNCF Reseau 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   7 
Approve Transaction with SNCF Reseau, la Caisse des 
Depots et Consignations, Gestionnaire d'Infrastructure 
CDG Express and BNP Paribas 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   8 
Approve Transaction with Ecole Nationale de l'Aviation 
Civile and Airbus 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   9 
Authorize Repurchase of Up to 10 Percent of Issued 
Share Capital 
Mgmt 
For 
Against 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   10 
Approve Compensation Report of Corporate Officers 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   11 
Approve Compensation of Augustin de Romanet, 
Chairman and CEO 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   12 
Approve Remuneration Policy of Directors 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   13 
Approve Remuneration Policy of Chairman and CEO 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   14 
Ratify Appointment of Didier Martin as Censor 
Mgmt 
For 
Against 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   15 
Ratify Appointment of Stephane Raison as Director 
Mgmt 
For 
Against 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
Extraordinary Business 
Mgmt 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   16 
Authorize up to 0.1 Percent of Issued Capital for Use in 
Restricted Stock Plans 
Mgmt 
For 
For

99 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
Ordinary Business 
Mgmt 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   17 
Authorize 
Filing 
of 
Required 
Documents/Other 
Formalities 
Mgmt 
For 
For 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
Proposal Submitted by Comite Social et Economique 
Mgmt 
Aeroports de Paris ADP 
ADP 
France 
16/05/2023 
Annual/Special 
   A 
Approve Resolution on Social Policy and Revision of the 
Hiring Plan 
SH 
None 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
 
Annual General Meeting Agenda 
Mgmt 
 
 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   1 
Receive Directors' Reports (Non-Voting) 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   2 
Receive Auditors' Reports (Non-Voting) 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   3 
Approve Financial Statements and Allocation of Income 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   4 
Approve Amended Remuneration Policy 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   5 
Approve Remuneration Report 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   6 
Receive Directors' Reports on the Consolidated Annual 
Accounts (IFRS) (Non-Voting) 
Mgmt 
 
 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   7 
Receive Auditors' Reports on the Consolidated Annual 
Accounts (IFRS) (Non-Voting) 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   8 
Receive Consolidated Financial Statements and 
Statutory Reports (IFRS) (Non-Voting) 
Mgmt 
 
 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   9 
Approve Discharge of Directors 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   10 
Approve Discharge of Auditors 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   11 
Reelect Bernard Gustin as Independent Director and 
Approve His Remuneration 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   12 
Reelect Roberte Kesteman as Independent Director and 
Approve Her Remuneration 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   13 
Reelect Dominique Offergeld as Director and Approve 
Remuneration 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   14 
Elect Eddy Vermoesen as Director and Approve 
Remuneration 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   15 
Elect Bernard Thiry as Director and Approve 
Remuneration 
Mgmt 
For 
Against 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   16 
Receive Information on Resignation of Luc De 
Temmerman as Independent Director and Cecile 
Flandre as Director 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   17 
Ratify EY and BDO as Auditors and Approve Auditors' 
Remuneration 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
16/05/2023 
Annual 
   18 
Transact Other Business 
Mgmt 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1a 
Elect Director P. Robert Bartolo 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1b 
Elect Director Jay A. Brown 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1c 
Elect Director Cindy Christy 
Mgmt 
For 
Against 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1d 
Elect Director Ari Q. Fitzgerald 
Mgmt 
For 
Against

100 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1e 
Elect Director Andrea J. Goldsmith 
Mgmt 
For 
Against 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1f 
Elect Director Tammy K. Jones 
Mgmt 
For 
Against 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1g 
Elect Director Anthony J. Melone 
Mgmt 
For 
Against 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1h 
Elect Director W. Benjamin Moreland 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1i 
Elect Director Kevin A. Stephens 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   1j 
Elect Director Matthew Thornton, III 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   2 
Ratify PricewaterhouseCoopers LLP as Auditors 
Mgmt 
For 
For 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
Against 
Crown Castle Inc. 
CCI 
USA 
17/05/2023 
Annual 
   4 
Amend Charter to Allow Exculpation of Certain Officers 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   1 
Receive Financial Statements and Statutory Reports for 
Fiscal Year 2022 (Non-Voting) 
Mgmt 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   2 
Approve Allocation of Income and Dividends of EUR 
0.51 per Share 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   3 
Approve Discharge of Management Board for Fiscal 
Year 2022 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   4 
Approve Discharge of Supervisory Board for Fiscal Year 
2022 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   5.1 
Ratify KPMG AG as Auditors for Fiscal Year 2023 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   5.2 
Ratify KPMG AG KPMG as Auditors for the Review of 
Interim Financial Statements for Fiscal Year 2023 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   5.3 
Ratify KPMG AG as Auditors for the Review of Interim 
Financial Statements for the First Quarter of Fiscal Year 
2024 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   6 
Approve Remuneration Report 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   7 
Approve Increase in Size of Board to 16 Members 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.1 
Elect Erich Clementi to the Supervisory Board 
Mgmt 
For 
Against 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.2 
Elect Andreas Schmitz to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.3 
Elect Nadege Petit to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.4 
Elect Ulrich Grillo to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.5 
Elect Deborah Wilkens to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.6 
Elect Rolf Schmitz to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.7 
Elect Klaus Froehlich to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   8.8 
Elect Anke Groth to the Supervisory Board 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   9 
Approve Virtual-Only Shareholder Meetings Until 2025 
Mgmt 
For 
For 
E.ON SE 
EOAN 
Germany 
17/05/2023 
Annual 
   10 
Amend Articles Re: Participation of Supervisory Board 
Members in the Virtual Annual General Meeting by 
Means of Audio and Video Transmission 
Mgmt 
For 
For

101 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.1 
Elect Director Glynis A. Bryan 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.2 
Elect Director Gonzalo A. de la Melena, Jr. 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.3 
Elect Director Richard P. Fox 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.4 
Elect Director Jeffrey B. Guldner 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.5 
Elect Director Kathryn L. Munro 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.6 
Elect Director Bruce J. Nordstrom 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.7 
Elect Director Paula J. Sims 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.8 
Elect Director William H. Spence 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.9 
Elect Director Kristine L. Svinicki 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.10 
Elect Director James E. Trevathan, Jr. 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   1.11 
Elect Director David P. Wagener - Withdrawn 
Mgmt 
 
 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   2 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   3 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   4 
Amend Omnibus Stock Plan 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   5 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
Pinnacle West Capital 
Corporation 
PNW 
USA 
17/05/2023 
Annual 
   6 
Require Independent Board Chair 
SH 
Against 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1a 
Elect Director William J. DeLaney 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1b 
Elect Director David B. Dillon 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1c 
Elect Director Sheri H. Edison 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1d 
Elect Director Teresa M. Finley 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1e 
Elect Director Lance M. Fritz 
Mgmt 
For 
Against 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1f 
Elect Director Deborah C. Hopkins 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1g 
Elect Director Jane H. Lute 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1h 
Elect Director Michael R. McCarthy 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1i 
Elect Director Jose H. Villarreal 
Mgmt 
For 
For

102 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   1j 
Elect Director Christopher J. Williams 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   2 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
Against 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   4 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   5 
Require Independent Board Chair 
SH 
Against 
For 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   6 
Amend Bylaws to Require Shareholder Approval of 
Certain Provisions Related to Director Nominations by 
Shareholders 
SH 
Against 
Against 
Union Pacific Corporation 
UNP 
USA 
18/05/2023 
Annual 
   7 
Adopt a Paid Sick Leave Policy 
SH 
Against 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1a 
Elect Director Thomas A. Bartlett 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1b 
Elect Director Kelly C. Chambliss 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1c 
Elect Director Teresa H. Clarke 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1d 
Elect Director Raymond P. Dolan 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1e 
Elect Director Kenneth R. Frank 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1f 
Elect Director Robert D. Hormats 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1g 
Elect Director Grace D. Lieblein 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1h 
Elect Director Craig Macnab 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1i 
Elect Director JoAnn A. Reed 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1j 
Elect Director Pamela D. A. Reeve 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1k 
Elect Director Bruce L. Tanner 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   1l 
Elect Director Samme L. Thompson 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   2 
Ratify Deloitte & Touche LLP as Auditors 
Mgmt 
For 
For 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
Against 
American Tower 
Corporation 
AMT 
USA 
24/05/2023 
Annual 
   4 
Advisory Vote on Say on Pay Frequency 
Mgmt 
One 
Year 
One 
Year 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
Annual Meeting Agenda of Atlas Arteria Limited (ATLAX) 
Mgmt 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   2 
Approve Remuneration Report 
Mgmt 
For 
Against

103 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   3 
Approve Grant of 2023 Performance Rights to Graeme 
Bevans 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   4 
Approve Grant of Restricted Securities to Graeme 
Bevans 
Mgmt 
For 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   5 
Approve Grant of Additional 2022 Performance Rights 
to Graeme Bevans 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   6 
Approve the Increase in the Maximum Number of 
Directors 
Mgmt 
For 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   7 
Approve 
the 
Increase 
in 
Maximum 
Aggregate 
Remuneration of Non-Executive Directors 
Mgmt 
None 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   8a 
Elect Debra Goodin as Director 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   8b 
Elect John Wigglesworth as Director 
Mgmt 
For 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   8c 
Elect Ken Daley as Director 
Mgmt 
For 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
Annual Meeting Agenda of Atlas Arteria International 
Limited (ATLIX) 
Mgmt 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   2 
Appoint PricewaterhouseCoopers as Auditor and 
Authorize Board to Fix Their Remuneration 
Mgmt 
For 
For 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   3 
Approve Reduction in the Maximum Number of 
Directors 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   4 
Approve the Reduction in Maximum Aggregate 
Remuneration of Non-Executive Directors 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   5a 
Elect Debra Goodin as Director 
Mgmt 
For 
Against 
Atlas Arteria 
ALX 
Australia 
30/05/2023 
Annual 
   5b 
Elect Andrew Cook as Director 
Mgmt 
For 
Against 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1A 
Elect Director Cherie Brant 
Mgmt 
For 
Withhold 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1B 
Elect Director David Hay 
Mgmt 
For 
Withhold 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1C 
Elect Director Timothy Hodgson 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1D 
Elect Director David Lebeter 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1E 
Elect Director Mitch Panciuk 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1F 
Elect Director Mark Podlasly 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1G 
Elect Director Stacey Mowbray 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1H 
Elect Director Helga Reidel 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1I 
Elect Director Melissa Sonberg 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1J 
Elect Director Brian Vaasjo 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   1K 
Elect Director Susan Wolburgh Jenah 
Mgmt 
For 
Withhold 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   2 
Approve KPMG LLP as Auditors and Authorize Board to 
Fix Their Remuneration 
Mgmt 
For 
For 
Hydro One Limited 
H 
Canada 
02/06/2023 
Annual 
   3 
Advisory Vote on Executive Compensation Approach 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   1 
Approve Standalone Financial Statements 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   2 
Approve Consolidated Financial Statements 
Mgmt 
For 
For

104 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   3 
Approve Allocation of Income and Dividends 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   4 
Approve Non-Financial Information Statement 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   5 
Approve Discharge of Board 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   6 
Change Company Name and Amend Article 1 
Accordingly 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   7.1 
Amend Articles of General Meeting Regulations Re: 
Purpose and Validity of the Regulations, Competences, 
Shareholders' Rights and Right to Attendance 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   7.2 
Amend Articles of General Meeting Regulations Re: 
Proxy, Issuance of Votes Via Telematic Means 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   7.3 
Amend Article 15 of General Meeting Regulations Re: 
Constitution, Deliberation and Adoption of Resolutions 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   8 
Reelect Jose Juan Ruiz Gomez as Director 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   9.1 
Approve Remuneration Report 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   9.2 
Approve Remuneration of Directors 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   10 
Authorize Board to Ratify and Execute Approved 
Resolutions 
Mgmt 
For 
For 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   11 
Receive Corporate Governance Report 
Mgmt 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   12 
Receive Sustainability Report for FY 2022 
Mgmt 
 
 
Red Electrica Corp. SA 
RED 
Spain 
05/06/2023 
Annual 
   13 
Receive Sustainability Plan for FY 2023-2025 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
21/06/2023 
Extraordinary 
Shareholders 
Extraordinary General Meeting Agenda 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
21/06/2023 
Extraordinary 
Shareholders 
   1 
Receive Special Board Report Re: 7:155 of the Code of 
companies and associations 
Mgmt 
Elia Group SA/NV 
ELI 
Belgium 
21/06/2023 
Extraordinary 
Shareholders 
   2 
Amend Articles Re: Governance Structure 
Mgmt 
For 
For 
Elia Group SA/NV 
ELI 
Belgium 
21/06/2023 
Extraordinary 
Shareholders 
   3 
Amend Articles Re: Merging of Nomination Committee 
and the Remuneration Committee 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   1 
Approve Allocation of Income, with a Final Dividend of 
JPY 50 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   2 
Amend Articles to Abolish Board Structure with 
Statutory Auditors - Adopt Board Structure with Audit 
Committee - Amend Provisions on Number of Directors 
- Authorize Directors to Execute Day to Day Operations 
without Full Board Approval 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.1 
Elect Director Tomita, Tetsuro 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.2 
Elect Director Fukasawa, Yuji 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.3 
Elect Director Kise, Yoichi 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.4 
Elect Director Ise, Katsumi 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.5 
Elect Director Watari, Chiharu 
Mgmt 
For 
For

105 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.6 
Elect Director Ito, Atsuko 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.7 
Elect Director Suzuki, Hitoshi 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.8 
Elect Director Ito, Motoshige 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.9 
Elect Director Amano, Reiko 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.10 
Elect Director Kawamoto, Hiroko 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   3.11 
Elect Director Iwamoto, Toshio 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   4.1 
Elect Director and Audit Committee Member Kinoshita, 
Takashi 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   4.2 
Elect Director and Audit Committee Member Ogata, 
Masaki 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   4.3 
Elect Director and Audit Committee Member Mori, 
Kimitaka 
Mgmt 
For 
Against 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   4.4 
Elect Director and Audit Committee Member Koike, 
Hiroshi 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   5 
Approve Compensation Ceiling for Directors Who Are 
Not Audit Committee Members 
Mgmt 
For 
For 
East Japan Railway Co. 
9020 
Japan 
22/06/2023 
Annual 
   6 
Approve Compensation Ceiling for Directors Who Are 
Audit Committee Members 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   1 
Approve Allocation of Income, With a Final Dividend of 
JPY 70 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.1 
Elect Director Kaneko, Shin 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.2 
Elect Director Niwa, Shunsuke 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.3 
Elect Director Takeda, Kentaro 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.4 
Elect Director Nakamura, Akihiko 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.5 
Elect Director Uno, Mamoru 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.6 
Elect Director Suzuki, Hiroshi 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.7 
Elect Director Mori, Atsuhito 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.8 
Elect Director Tsuge, Koei 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.9 
Elect Director Kasama, Haruo 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.10 
Elect Director Oshima, Taku 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.11 
Elect Director Nagano, Tsuyoshi 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.12 
Elect Director Kiba, Hiroko 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   2.13 
Elect Director Joseph Schmelzeis 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   3.1 
Appoint Statutory Auditor Yamada, Tatsuhiko 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   3.2 
Appoint Statutory Auditor Ishizu, Hajime 
Mgmt 
For 
Against 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   3.3 
Appoint Statutory Auditor Yamashita, Fumio 
Mgmt 
For 
For 
Central Japan Railway Co. 
9022 
Japan 
23/06/2023 
Annual 
   3.4 
Appoint Statutory Auditor Hayashi, Makoto 
Mgmt 
For 
For

106 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   1 
Approve Allocation of Income, with a Final Dividend of 
JPY 30 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.1 
Elect Director Honjo, Takehiro 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.2 
Elect Director Fujiwara, Masataka 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.3 
Elect Director Miyagawa, Tadashi 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.4 
Elect Director Matsui, Takeshi 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.5 
Elect Director Tasaka, Takayuki 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.6 
Elect Director Takeguchi, Fumitoshi 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.7 
Elect Director Murao, Kazutoshi 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.8 
Elect Director Kijima, Tatsuo 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.9 
Elect Director Sato, Yumiko 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   2.10 
Elect Director Niizeki, Mikiyo 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   3.1 
Appoint Statutory Auditor Hazama, Ichiro 
Mgmt 
For 
For 
Osaka Gas Co., Ltd. 
9532 
Japan 
23/06/2023 
Annual 
   3.2 
Appoint Statutory Auditor Minami, Chieko 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   1 
Approve Allocation of Income, With a Final Dividend of 
JPY 75 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.1 
Elect Director Hasegawa, Kazuaki 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.2 
Elect Director Takagi, Hikaru 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.3 
Elect Director Tsutsui, Yoshinobu 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.4 
Elect Director Nozaki, Haruko 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.5 
Elect Director Iino, Kenji 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.6 
Elect Director Miyabe, Yoshiyuki 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.7 
Elect Director Ogata, Fumito 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.8 
Elect Director Kurasaka, Shoji 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.9 
Elect Director Nakamura, Keijiro 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.10 
Elect Director Tsubone, Eiji 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.11 
Elect Director Maeda, Hiroaki 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.12 
Elect Director Miwa, Masatoshi 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   2.13 
Elect Director Okuda, Hideo 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   3 
Elect Director and Audit Committee Member Tada, 
Makiko 
Mgmt 
For 
For 
West Japan Railway Co. 
9021 
Japan 
23/06/2023 
Annual 
   4 
Elect Alternate Director and Audit Committee Member 
Takagi, Hikaru 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.1 
Elect Director Uchida, Takashi 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.2 
Elect Director Sasayama, Shinichi 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.3 
Elect Director Higo, Takashi 
Mgmt 
For 
For

107 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.4 
Elect Director Takami, Kazunori 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.5 
Elect Director Edahiro, Junko 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.6 
Elect Director Indo, Mami 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.7 
Elect Director Ono, Hiromichi 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.8 
Elect Director Sekiguchi, Hiroyuki 
Mgmt 
For 
For 
Tokyo Gas Co., Ltd. 
9531 
Japan 
29/06/2023 
Annual 
   1.9 
Elect Director Tannowa, Tsutomu 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   2 
Approve Final Dividend 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   3 
Re-elect Paula Reynolds as Director 
Mgmt 
For 
Against 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   4 
Re-elect John Pettigrew as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   5 
Re-elect Andy Agg as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   6 
Re-elect Therese Esperdy as Director 
Mgmt 
For 
Against 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   7 
Re-elect Liz Hewitt as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   8 
Re-elect Ian Livingston as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   9 
Re-elect Iain Mackay as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   10 
Re-elect Anne Robinson as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   11 
Re-elect Earl Shipp as Director 
Mgmt 
For 
Against 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   12 
Re-elect Jonathan Silver as Director 
Mgmt 
For 
Against 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   13 
Re-elect Tony Wood as Director 
Mgmt 
For 
Against 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   14 
Re-elect Martha Wyrsch as Director 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   15 
Reappoint Deloitte LLP as Auditors 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   16 
Authorise the Audit & Risk Committee to Fix 
Remuneration of Auditors 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   17 
Approve Remuneration Report 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   18 
Authorise UK Political Donations and Expenditure 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   19 
Authorise Issue of Equity 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   20 
Authorise Issue of Equity without Pre-emptive Rights 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   21 
Authorise Issue of Equity without Pre-emptive Rights in 
Connection with an Acquisition or Other Capital 
Investment 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   22 
Authorise Market Purchase of Ordinary Shares 
Mgmt 
For 
For 
National Grid Plc 
NG 
UK 
10/07/2023 
Annual 
   23 
Authorise the Company to Call General Meeting with 
Two Weeks' Notice 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.1 
Elect Director Ignacio S. Galan 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.2 
Elect Director John Baldacci 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.3 
Elect Director Pedro Azagra Blazquez 
Mgmt 
For 
For

108 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.4 
Elect Director Daniel Alcain Lopez 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.5 
Elect Director Maria Fatima Banez Garcia 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.6 
Elect Director Robert Duffy 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.7 
Elect Director Teresa Herbert 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.8 
Elect Director Patricia Jacobs 
Mgmt 
For 
Against 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.9 
Elect Director John Lahey 
Mgmt 
For 
Against 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.10 
Elect Director Agustin Delgado Martin 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.11 
Elect Director Santiago Martinez Garrido 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.12 
Elect Director Jose Sainz Armada 
Mgmt 
For 
Against 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.13 
Elect Director Alan Solomont 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   1.14 
Elect Director Camille Joseph Varlack 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   2 
Ratify KPMG LLP as Auditors 
Mgmt 
For 
For 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   3 
Advisory Vote to Ratify Named Executive Officers' 
Compensation 
Mgmt 
For 
Against 
Avangrid, Inc. 
AGR 
USA 
18/07/2023 
Annual 
   4 
Amend Bylaws Re: Committee Changes 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
 
MEETING FOR HOLDERS OF SINGAPORE NBN TRUST 
Mgmt 
 
 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   1 
Adopt 
Directors' 
Statement, 
Audited 
Financial 
Statements of the Trustee-Manager, and Independent 
Auditors' Reports 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   2 
Approve Directors' Fees 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   3 
Approve Deloitte & Touche LLP Auditors and Authorize 
Directors of the Trustee-Manager to Fix Their 
Remuneration 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   4 
Elect Chaly Mah Chee Kheong as Director of the 
Trustee-Manager 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   5 
Elect William Woo Siew Wing as Director of the Trustee-
Manager 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   6 
Elect Tong Yew Heng as Director of the Trustee-
Manager 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   7 
Elect Quah Kung Yang as Director of the Trustee-
Manager 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
MEETING FOR HOLDERS OF NETLINK NBN TRUST 
Mgmt 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   1 
Adopt Report of the Trustee-Manager, Statement by the 
Trustee-Manager, and Audited Financial Statements 
and Auditors' Report 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   2 
Approve Deloitte & Touche LLP Auditors and Authorize 
Directors of the Trustee-Manager to Fix Their 
Remuneration 
Mgmt 
For 
For 
NetLink NBN Trust 
CJLU 
Singapore 
19/07/2023 
Annual 
   3 
Approve Issuance of Equity or Equity-Linked Securities 
with or without Preemptive Rights 
Mgmt 
For 
For

109 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   2 
Approve Final Dividend 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   3 
Approve Remuneration Report 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   4 
Approve Remuneration Policy 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   5 
Elect Dorothy Burwell as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   6 
Elect Loraine Woodhouse as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   7 
Re-elect Gill Rider as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   8 
Re-elect Susan Davy as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   9 
Re-elect Paul Boote as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   10 
Re-elect Jon Butterworth as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   11 
Re-elect Neil Cooper as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   12 
Re-elect Iain Evans as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   13 
Re-elect Claire Ighodaro as Director 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   14 
Reappoint Ernst & Young LLP as Auditors 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   15 
Authorise the Audit Committee to Fix Remuneration of 
Auditors 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   16 
Authorise UK Political Donations and Expenditure 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   17 
Authorise Issue of Equity 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   18 
Approve Climate-Related Financial Disclosures 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   19 
Authorise Issue of Equity without Pre-emptive Rights 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   20 
Authorise Issue of Equity without Pre-emptive Rights in 
Connection with an Acquisition or Other Capital 
Investment 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   21 
Authorise Market Purchase of Ordinary Shares 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   22 
Authorise the Company to Call General Meeting with 
Two Weeks' Notice 
Mgmt 
For 
For 
Pennon Group Plc 
PNN 
UK 
20/07/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   2 
Approve Remuneration Report 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   3 
Approve Final Dividend 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   4 
Re-elect Gregor Alexander as Director 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   5 
Re-elect Lady Elish Angiolini as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   6 
Re-elect John Bason as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   7 
Re-elect Tony Cocker as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   8 
Re-elect Debbie Crosbie as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   9 
Re-elect Helen Mahy as Director 
Mgmt 
For 
Against

110 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   10 
Re-elect Sir John Manzoni as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   11 
Re-elect Alistair Phillips-Davies as Director 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   12 
Re-elect Martin Pibworth as Director 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   13 
Re-elect Melanie Smith as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   14 
Re-elect Dame Angela Strank as Director 
Mgmt 
For 
Against 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   15 
Reappoint Ernst & Young LLP as Auditors 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   16 
Authorise the Audit Committee to Fix Remuneration of 
Auditors 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   17 
Approve Net Zero Transition Report 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   18 
Authorise Issue of Equity 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   19 
Authorise Issue of Equity without Pre-emptive Rights 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   20 
Authorise Issue of Equity without Pre-emptive Rights in 
Connection with an Acquisition or Other Capital 
Investment 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   21 
Authorise Market Purchase of Ordinary Shares 
Mgmt 
For 
For 
SSE Plc 
SSE 
UK 
20/07/2023 
Annual 
   22 
Authorise the Company to Call General Meeting with 
Two Weeks' Notice 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   1 
Accept Financial Statements and Statutory Reports 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   2 
Approve Final Dividend 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   3 
Approve Remuneration Report 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   4 
Re-elect Sir David Higgins as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   5 
Re-elect Louise Beardmore as Director 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   6 
Re-elect Phil Aspin as Director 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   7 
Re-elect Liam Butterworth as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   8 
Re-elect Kath Cates as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   9 
Re-elect Alison Goligher as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   10 
Elect Michael Lewis as Director 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   11 
Re-elect Paulette Rowe as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   12 
Re-elect Doug Webb as Director 
Mgmt 
For 
Against 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   13 
Reappoint KPMG LLP as Auditors 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   14 
Authorise the Audit Committee to Fix Remuneration of 
Auditors 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   15 
Authorise Issue of Equity 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   16 
Authorise Issue of Equity without Pre-emptive Rights 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   17 
Authorise Issue of Equity without Pre-emptive Rights in 
Connection with an Acquisition or Other Capital 
Investment 
Mgmt 
For 
For

111 
PATRIZIA | © 2024 
Issuer Name 
Ticker 
Country 
Meeting Date 
Meeting Type 
Proposal 
Proposal Text 
Proponent 
Mgmt 
Rec 
Vote 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   18 
Authorise Market Purchase of Ordinary Shares 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   19 
Authorise the Company to Call General Meeting with 
Two Weeks' Notice 
Mgmt 
For 
For 
United Utilities Group Plc 
UU 
UK 
21/07/2023 
Annual 
   20 
Authorise UK Political Donations and Expenditure 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
 
Ordinary Business 
Mgmt 
 
 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
 
Shareholder Proposal Submitted by Municipalities of 
Brescia and Milan 
Mgmt 
 
 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
   1 
Elect Mario Gualtiero Francesco Motta as Director 
SH 
None 
For 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
 
Management Proposals 
Mgmt 
 
 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
   2 
Amend Remuneration Policy 
Mgmt 
For 
For 
A2A SpA 
A2A 
Italy 
29/11/2023 
Ordinary 
Shareholders 
   3 
Approve Long-Term Variable Incentive Plan 2023-2025 
Mgmt 
For 
For

112 
PATRIZIA | © 2024 
Disclaimer 
This document relates to the PATRIZIA Low Carbon Core Infrastructure Fund, which is a sub-fund of Fidante Partners Liquid Strategies ICAV, and associated strategies (the 
“Strategy”).  PATRIZIA Pty Limited (ACN 008 636 717, Australian Financial Services Licence 24434) is the investment manager o f the Strategy (the “Manager”) and has 
approved the contents of this document. In the United Kingdom this document is issued and approved by Fidante Partners Europe Limit ed (“Fidante Partners”). Fidante 
Partners is authorised and regulated by the Financial Conduct Authority in the conduct of investme nt business in the United Kingdom. In the Nordics this document is issued 
and approved by Fidante Partners AB ("Fidante Sweden").  Fidante Sweden is an investment firm authorised by the Swedish Finan cial Supervisory Authority 
(Finansinspektionen). Fidante Sweden is authorised to provide investment advice, reception and transmission of orders and execution of orders on behalf of customers. In 
Benelux, Austria, Germany, Ireland, Italy and France this document is issued by Dolphinvest Consulting GmbH (“Dolphin vest”). Dolphinvest is authorised by the Federal 
Financial Supervisory Authority of Germany (“BaFin”) on the basis of the accuracy of information provided by the Manager and Fidante Partners. Dolphinvest is a sub-
distributor of Fidante Partners in Benelux, Austria, Germany, Ireland, Italy and France.  Fidante Partners, Fidante Sweden and Dolphinvest are sub -distributors of the Strategy 
and are issuing in this capacity only. 
 
The information and opinions contained in this document are for background purposes  only and do not purport to be full or complete. No reliance may be placed for any 
purpose on the information contained in this document or their accuracy or completeness. No representation, warranty or under taking, express or implied, is given as to 
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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 purchase, any shares or any other interests nor 
shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Recipients of this document who intend to apply for shares 
or interests in the Strategy are reminded that any such application may be made solely on the basis of the information and op inions contained in the prospectus or other 
offering document relating thereto, as and when they become available, which may be different from the information and opinio ns contained in this document. 
Historical returns are no guarantee of future returns. The money invested in the fund can both increase and decrease in value and it is not certain that you get back all the 
invested capital. If you are in any doubt about the suitability of investing, you should seek independent advice. There are no entry or exit fees for the Strategy.  
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This information is strictly confidential and may not be reproduced or redistributed in whole or in part, nor may its contents be disc losed to any other person under any 
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UK INVESTORS 
This document is a financial promotion for the purposes of the Financial Services and Markets Act 2000 (FSMA) and has been issued for the sole purpose of providing 
information about the Strategy.  This document is issued in the United Kingdom only to and/or is directed only at persons who  are of a kind to whom the Strategy may 
lawfully be promoted by virtue of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (including aut horised persons, high net worth companies,

113 
PATRIZIA | © 2024 
high net worth unincorporated associations or partnerships, the trustees of high value trusts and certified sophisticated investors). This document is exempt from the 
general restriction in Section 21 of FSMA on the communication of invitations or inducements to participate in investment act ivity on the grounds that it is being issued to 
and/or directed at only the types of person referred to above. Shares or interests in the Strategy are only available to such  persons and this document must not be relied 
or acted upon by any other persons. 
 
US INVESTORS 
This document does not contain or constitute, and should not be construed as, an offer to sell or the solicitation of an offer to buy securities in the United States. The 
securities referred to herein have not been, and will not be, registered under the United States Securities Act of 193 3, as amended (the "Securities Act"), or any U.S. state 
securities law. The securities may not be offered or sold within the United States or to, or for the account or benefit of, a ny U.S. Person (as such terms are defined in 
Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Secu rities Act. Any 
failure to comply with these restrictions is a violation of U.S. federal or applicable state securities laws. The s ecurities have not been recommended by, and this document 
has not been filed or registered with, any United States federal or state securities commission, including, but not limited t o, the United States Securities and Exchange 
Commission or any United States or other statutory or regulatory authority. Furthermore, the foregoing authorities have not passed upon the merits, confi rmed the accuracy 
or determined the adequacy of this document or the information contained herein. Any representation to the contra ry is a criminal offence. 
 
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Authorised and regulated by the Financial Conduct Authority Fidante Partners Europe Limited trades as Fidante Partners and Fi dante Capital 
Registered Office: Bridge House, Level 3, 181 Queen Victoria Street LONDON EC4V 4EG Registered in England and Wales No. 4040660 
 
FIDANTE PARTNERS AB 
An investment firm authorised by the Finansinspektionen  
Kungsgatan 8, SE-111 43 Stockholm, Sweden. Registered in Sweden No 559327-5497 
 
The Fidante entities are wholly owned subsidiaries of Challenger Limited, a company listed on the Australian Securities Exchange Limited.

PATRIZIA | © 2023 
The information contained herein is directed only at professional clients and intended solely for use by the recipient. No part of this document or the informati on herein may be distributed, copied or reproduced in any manner, in 
whole or in part, without our prior written consent. This docu ment is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other 
interests, financial instruments or the underlying assets, nor does this document contain a ny commitment by PATRIZIA AG or any of its affiliates. Whilst prepared to the best of our knowledge, the information containe d in this 
document does not purport to be comprehensive. PATRIZIA AG and its affiliates provide no warranty or guarantee in relatio n to the information provided herein and accept no liability for any loss or damage of any kind whatsoever 
relating to this material. The information herein is subject to change without notice.