The Northwoods Infrastructure Fund aims to achieve superior long term returns having a low correlation with and reliance on public securities markets and a lower risk profile than traditional private equity funds. Northwoods takes a value oriented approach in its investment process leveraging a broad array of skill sets to provide superior due diligence and financial structuring. The following factors are key cornerstones of Northwoods investment strategy:

Leading Investor Across North America
The Northwoods Infrastructure Fund aims to be a leading investor in infrastructure assets across North America. The mobilization of private capital to meet infrastructure needs is at its incipient stages in North America. Unlike the United Kingdom or Australia where approximately 20% of total infrastructure assets is privately funded, North American infrastructure assets are still almost all financed with public capital. It is estimated that over the next ten years, US$1 trillion of infrastructure assets will be privately financed across North America. As it seeks to be at the forefront in exploiting these opportunities, Northwoods will be opportunistic in its investments across Canada and the United States.

Focus On Small To Medium Sized Assets
The focus of the Northwoods Infrastructure Fund is to invest in small to medium sized assets across a select group of infrastructure sectors. Northwoods believes by focusing on small to medium sized assets it can take advantage of a larger pool of immediate investment opportunities. This asset size will also offer Northwoods a greater number of exclusive investment opportunities and facilitate more numerous exit opportunities. Northwoods also believes that it can provide greater value to this asset size, thereby increasing the probability of extraordinary returns.

Targeted Sectors Reflect Highest Growth Opportunities
Northwoods will focus its investments on infrastructure sectors where demographic, economic and political factors are favorable towards aggressive growth. Northwoods has identified these sectors to include Utilities (specifically Power, Renewable Energy, Water, Wastewater, Environment) and Transportation (specifically Roads, Rails, Airports and Ports). Opportunistic investments will be made in Waterfront Redevelopment and Olympic-related projects. By targeting small to medium size companies within these sectors Northwoods is also able to more effectively leverage the experience of its partners to provide added value to the portfolio companies.

Emphasis on Sustainable Competitive Advantage With Long-Term Customer Commitments
Extensive analysis will be conducted on the underlying drivers for revenue, with focus placed on understanding the behavior of revenue as economic and market conditions change. To reduce the variability of revenue, Northwoods will target assets that have a sustainable competitive advantage and distinctive market position with inflation linked revenue streams underpinned by long-term purchase agreements and other third party contracts.