Top 10 Holdings at 28 February 2010

% of Gross Assets

1

Malaysia Airports Holdings Berhad (Malaysia)

11.9%

website

Airports Operator

2

Ocean Wilsons Holdings Limited (Brazil)

8.3%

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Ports operator and provider of shipping services

3

International Container Termnal Services Inc (Philippines)

4.8%

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Water and sewerage

4

Eastern Water Resources Development & Management PCL (Thailand)

4.6%

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Water Supply

5

AES Tiete SA (Brazil)

4.4%

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Electricity generator

6

Puncak Niaga Holdings Berhad (Malaysia)

4.4%

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Water treatment and distribution

7

Companhia de Saneamento de Minas Gerais (COPASA) (Brazil)

4.1%

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Water and Sewerage

8

Companhia de Concessoes Rodoviarias (CCR) (Brazil)

3.7%

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Toll Roads

9

Sichuan Expressway (China)

2.7%

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Toll road operator

10

Xinao Gas Holdings (China)

2.5%

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Gas distribution