1.2 Market Inclusion Criteria

Only 'principal markets' (IFRS 13) are included in the Universe.

Principal markets have the most active secondary markets.

Financial information availability can limit the inclusion of certain principal markets in the universe.

National markets that are principal markets and can be included in the broad market universe should they exhibit a minimum level of activity in terms of number of transactions, contribution to the global market, and level of ongoing secondary market activity. Measurement of this activity must also be possible, hence a minimum level of transaction information should be available lest this market be completely opaque. Inclusion criteria for individual national markets include:

A minimum number or volume of primary or secondary market trades, indicating that more than a few isolated transactions took place on each measurement date;
A minimum size (expressed in book value) relative to the existing broad market universe, suggesting that the addition of the market in question would increase the information content of a broad market index; and
A minimum level of audited financial information about the relevant investable infrastructure companies in the market.

The minimum thresholds used by Scientific Infra & Private Assets are reported in the table below. These criteria are based on Scientific Infra & Private Assets’s comprehensive study of the global investable infrastructure market, which includes 107 countries. Market selection is dependent on a turnover ratio, defined as the ratio of secondary to primary market activity. A high turnover ratio indicates that a market is active and that primary investments are not only held to maturity (primarily by construction companies and banks) but also actively traded and priced by the range of investors active in the sector.

_Table:_{Minimum National Market Inclusion Criteria}
_Criteria	_{Minimum Threshold (on measurement date)}
_Size	_{Cumulative primary and secondary dealflow since 2000 represents at least 0.5% of the total value of all identified markets}_AND
_{Market Activity}	_{Market turnover ratio}	_{- at least 20% by number of transactions}_OR
		_{- at least 20% by transaction volume}_OR
		_{- the country is part of the European Union**}
_{Financial Information}	_{Availability of basic procurement and financial information including incorporation and financial close dates, book values, etc.}
_Note:_{**The European Union is a homogeneous procurement market and can be considered a single market compared with other parts of the global marketplace.}

The markets that meet these criteria include, for the most part, a majority of OECD countries and a few so-called emerging markets. Infrastructure markets are national markets by nature. However, we treat the European Union as one unified market, given its level of regulatory and market integration. The table below lists the 25 markets that can be included in the Scientific Infra & Private Assets Universe.

_Table:_{25 National Markets Meeting the 'Principal Market' Inclusion Criteria}
_Country	_{Turnover (Number)}	_{Turnover (Volume)}	_{Share of Global Dealflow}	_{Financial Data Availability}	_{Inclusion in Universe}
_Australia	_>60%	_>70%	_>5%	_Fair
_Austria	_>55%	_>70%	_<1%	_Good
_Belgium	_~60%	_>40%	_<1%	_Good
_Brazil	_>55%	_>60%	_>2.5%	_Fair
_Canada	_>55%	_>60%	_<5%	_{Very poor}
_Chile	_~50%	_>55%	_>1%	_Good
_Denmark	_~65%	_>70%	_<1%	_Good
_Germany	_>60%	_>80%	_>3.5%	_Good
_Spain	_>55%	_~75%	_>3%	_Good
_Finland	_>50%	_>80%	_<1%	_Good
_France	_>55%	_>70%	_>3%	_Good
_{United Kingdom}	_~60%	_>65%	_>10%	_Good
_Hungary	_>55%	_<1%	_<1%	_{Very poor}
_Ireland	_>60%	_>65%	_<1%	_Good
_Italy	_>65%	_>80%	_>2.5%	_Good
_Malaysia	_>40%	_>45%	_<1%	_Good
_Netherlands	_~60%	_>65%	_<1%	_Fair
_Norway	_~55%	_>60%	_<1%	_Good
_{New Zealand}	_~75%	_>80%	_<1%	_Good
_Philippines	_>65%	_>50%	_<1%	_Fair
_Poland	_~35%	_>60%	_<1%	_Fair
_Portugal	_>60%	_>60%	_<1%	_Good
_Russia	_~50%	_>35%	_<1%	_{Very poor}
_Singapore	_>75%	_>85%	_<1%	_Good
_Slovakia	_>65%	_>55%	_<1%	_Fair
_Sweden	_~55%	_>55%	_<1%	_Good
_USA	_>70%	_>80%	_>25%	_{Very poor}
_Note: _{Included in the universe} _{Not included in the universe} _{Included but limited data (not representative)} _{Data as of March 2025}