Infrastructure Investment Portfolio

We have invested in Highreso Kagawa Co.,ltd ("Highreso Kagawa") alongside other investors, marking our initial entry into the rapidly growing data center market. We will continue to explore opportunities in Japan's telecommunications sector.

We have acquired stakes in N6 Concession and N6 Operations with Bestinver Infra FCR, a venture capital fund based in Madrid. These PPP project companies jointly operate and maintain the N6 toll road in Ireland, which is part of the main east-west route between Dublin and Galway, passing through several high-growth regions in West Ireland.

We have acquired a stake in Aurora Infrastructure Oy ("Aurora Infrastructure") through an investment with Equitix Limited. Aurora is a Finnish company that provides electricity network solutions where reliability is crucial to customer operations. The company currently operates at two industrial sites: the Kilpilahti industrial area near Porvoo, where it owns the AKO network, and Tornio, where it serves a stainless steel manufacturing facility with its ATO network.

We are delighted to announce our investment in Celtic Roads Group (Waterford) DAC ("Celtic Roads Group (Waterford)"), a PPP project company, alongside co-investor IST3 Investment Foundation and asset manager Real Assets Investment Management. The company operates the N25 Waterford Bypass, a toll road in Ireland.

Following our investment in Pentacom Investments, we have invested in Ucles Holdco ("Ucles"), another optical fiber business in Spain, with Macquarie Group Limited and Aberdeen Infrastructure. We will continue to explore opportunities to expand our investment in the telecom sector.

This is an investment in Infostellar Inc. ("Infostellar"), a provider of information and communication services for satellites and ground operators. Through this project, we aim to explore investment opportunities in ground stations and gain insights into space infrastructure investment.

As an investment in the steadily growing European telecom sector, we have invested in Pentacom Investments ("Pentacom"). We are collaborating on this project with Macquarie Group Limited and Aberdeen Infrastructure. Having taken this initial step, we will continue to explore opportunities to expand our investment in telecommunications.

All shares of Electricity North West Limited ("ENW"), a power distribution company operating in the Manchester and Cumbria regions of the United Kingdom, have been transferred from J.P. Morgan Asset Management and First State Investment to Equitix Limited, CNIC Corporation Limited, The Kansai Electric Power Company,Incorporated, Mitsubishi UFJ Lease & Finance Company Limited and us, Daiwa Energy & Infrastructure Co. Ltd.

We are engaged in the operating lease of aircraft and engines to airlines. Since aircraft are vital infrastructure that supports global transportation, we will continue to promote investment in this sector.