Top 10 Holdings at 31 January 2010

% of Gross Assets

1

Malaysia Airports Holdings Berhad (Malaysia)

11.1%

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Airports Operator

2

Ocean Wilsons Holdings Limited (Brazil)

8.5%

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Ports operator and provider of shipping services

3

International Container Termnal Services Inc (Philippines)

4.7%

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Water and sewerage

4

Puncak Niaga Holdings Berhad (Malaysia)

4.6%

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Water treatment and distribution

5

Eastern Water Resources Development & Management PCL (Thailand)

4.3%

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Water Supply

6

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

4.1%

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Water and Sewerage

7

AES Tiete SA (Brazil)

4.1%

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Electricity generator

8

Companhia de Concessoes Rodoviarias (CCR) (Brazil)

3.8%

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Toll Roads

9

Companhia de Gas de Sao Paulo (COMGAS) (Brazil)

2.8%

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Gas distribution

10

Sichuan Expressway (China)

2.6%

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Toll road operator