PALISADE INVESTMENT PARTNERS: PALISADE'S DIVERSIFIED INFRUSTRUCTURE FUND

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Palisade’s Diversified Infrastructure Fund

"The volatility experienced in the financial markets has increased
  the focus on unlisted infrastructure assets which can deliver real
  yields from secure operating cash flow. Risk is mitigated by
  diversifying the portfolio across sectors, geography and maturity.”

Palisade’s Managing Director, Ian Mitchell

Objective
Palisade’s Diversified Infrastructure Fund (PDIF) invests in infrastructure assets primarily in Australia and New Zealand and up to 20% of the Fund globally. Risk is minimised through construction of a portfolio of assets diversified by	sector, geography and maturity. PDIF aims to provide investors with long term capital growth and stable cash distributions.

Investment Approach

Infrastructure encapsulates a wide range of essential services and facilities that are fundamental to daily life and vital to every economy including water, gas, electricity, transport networks, air and sea ports, schools and hospitals.

Investments will exhibit one or more of the following characteristics:

	Strong operating cashflows
	Delivery of essential facilities, products and services
	Strong or preferred market positions
	Regulated or contracted revenues providing a hedge against inflation

The fund has invested in the following assets:

	Airport Development Group
	Northern Territory airports of Darwin International and Alice Springs
	99 year concession (88 years remaining) under lease from Commonwealth Government

	Hallet Windfarm
	100% ownership of Hallett I windfarm, located in South Australia
	94.5MW, comprising 45 x 2.1MW turbines
	Long-term offtake agreement with AGL over 25 years with options to renew subsequently
	Asset design life of 35 years+

	Taumata Plantations
	220,000 hectares of plantation estates in NZ’s North Island, 170,000 of which is planted
	Primarily radiata pine with more than 50% of estate is 2nd and 3rd rotation
	56% freehold land
	Owned in perpetuity

	Merredin Energy
	82MW peaking plant located in Merredin, 240 km east of Perth, WA
	2 Open cycle gas turbines connected to South West Interconnect System (South-West WA)

	Tasmanian Gas Pipeline
	A 734km subsea and onshore natural gas pipeline system, transporting gas from Victoria to Tasmania
	Constructed and commissioned by Duke Energy in 2002, with expected useful life 70 years
	Sole gas pipeline connections between Tasmania and the mainland

PDIF also has an interest in other Palisade managed funds:

Palisade's Regional Infrastructure Fund

Palisade's Australian Social Infrastructure Fund

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