Supporting the growth of the UK’s offshore wind sector

The name Macquarie in this document refers to the Macquarie Group which comprises Macquarie Group Limited ABN 94 122 169 279 and its worldwide affiliates. Macquarie Group comprises two separate sub groups, a banking group (including Macquarie Bank Limited ABN 46 008 583 542) and a non-banking group which includes Macquarie Asset Management (MAM), a full-service fund manager. Within MAM, MAM Real Assets provides fund management services in relation to real assets, including infrastructure and real estate. Macquarie Infrastructure and Real Assets (Europe) Limited (“MIRAEL”), the issuer of this document, is a member of the Macquarie Group within MAM and is authorised and regulated by the UK Financial Conduct Authority with registered address of Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD and with FCA Firm Reference Number: 195652. Unless otherwise noted, references to “we”, “us”, “our” and similar expressions are to MAM.

This document has been prepared for information purposes only and is being delivered on a confidential basis to a select number of institutional and sophisticated investors. Any recipient who is not eligible to receive this document should return it to MIRAEL immediately. Any reproduction or distribution of this document, in whole or in part, or the disclosure of its contents to any person other than to a recipient’s professional advisers, without the prior written consent of MIRAEL, is prohibited. All recipients agree they will keep confidential all information contained herein and not already in the public domain. By accepting this document, a recipient agrees to the foregoing.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia).  The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank.  Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities.  In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

This document does not constitute an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities and may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. The information contained in this document is subject to discussion, completion and amendment. This document does not contain all the information necessary to fully evaluate the potential of any investment and does not take into account the investment objectives or financial circumstances of the recipient and, as such, no reliance should be placed on its contents. No person is authorised to give any information or to make any representation not contained in this document in connection with the matters described in this document, and, if given or made, such information or representation may not be relied upon as having been authorised.

Nothing in this document constitutes a commitment from Macquarie to provide or arrange any facility or is otherwise imposing any obligation on Macquarie. Past performance is not an indication of future performance and Macquarie does not guarantee the performance of or return of capital from any investment.

No action has been or will be taken which would allow an offering of securities to the public. Accordingly, the securities referred to in this document may not be offered, sold or delivered, and neither this document nor any offering material may be distributed or made available to the public.

Macquarie has prepared this document on the basis of sources believed to be reliable. The accuracy of such information (including all assumptions) has been relied upon by Macquarie, and has not been independently verified by Macquarie.  Nothing in this document constitutes accounting, legal, regulatory, tax or other advice. Recipients should conduct their own independent investigation and assessment and should seek independent advice as to the validity of the information contained in this document, and the economic, financial, regulatory, legal, taxation, stamp duty and accounting implications of that information, including the merits of and any risks relating to any investment. Except as required by law, Macquarie and its respective directors, officers, employees, agents and consultants make no representation or warranty as to the accuracy or completeness of the information contained in this document, and take no responsibility under any circumstances for any loss or damage suffered as a result of any omission, inadequacy, or inaccuracy in this document.

The document contains selected information and does not purport to be all-inclusive or to contain all the information that may be relevant. The information in this document is presented as of its date. Recipients must rely on their own examination of the legal, tax, financial accounting and other consequences of any investment into a MAM Real Assets managed product, including the merits of investing and the risks involved. Recipients should not treat the contents of this document as advice relating to legal, tax, accounting or investment matters and are strongly advised to conduct their own due diligence including, without limitation, the legal, tax and accounting consequences to them, and to consult their own professional advisers accordingly.

This document may contain certain forward looking statements, forecasts, estimates, projections and opinions (Forward Statements). Any Forward Statements included in this document represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, and similar expressions. The Forward Statements reflect our views and assumptions with respect to future events as of the date of this document and are subject to risks and uncertainties. No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. A number of factors, in addition to any risk factors stated in this material, could cause actual future results and operations to vary materially from the Forward Statements. Given these uncertainties, undue reliance should not be placed on the Forward Statements. We do not undertake any obligation to update or revise any Forward Statements, whether as a result of new information, future events or otherwise. Similarly no representation is given that the assumptions disclosed in this document upon which Forward Statements may be based are reasonable. The recipient acknowledges that circumstances may change and the contents of this document may become outdated as a result. Any financial projections have been prepared and set out for illustrative purposes only and do not in any manner constitute a forecast. There can be no assurance that the investment strategy or objective of any investment will be achieved or that investors will receive a return of the amount invested. Investment is subject to significant risks of loss of income and capital.

Any specific investments, case studies or sectors identified in this document were selected for inclusion in this document on the basis of being representative of investments or commitments to investments that may be comparable to investments that third parties may seek to make. They do not represent all investments made, sold or recommended that would be comparable to the investment criteria of any MAM Real Assets product. These examples were also selected to show the nature of the investment process within the applicable industries. It should not be assumed that investments identified were or will be profitable or that decisions MAM Real Assets will make in the future will be profitable.