F2 will invest in businesses and assets that meet a social and economic need. Target Investments includeoperating companies with strong management teams and growth potential across the Asia-Pacific region, and suchother jurisdictions as determined by the Investment Manager, exercising its good faith judgment. Key opportunitysets that are expected to continue to provide potential Target Investments include:

Healthcare

• Facilities management businesses, such as hospitals and other tertiary care providers, dayclinics, speciality facilities and GP clinics
• Healthcare services businesses, with defensible barriers to entry
• Healthcare product businesses

Technology

• B2B and B2C businesses with large total addressable markets and strong points ofdifferentiation
• Technology-adjuncts to non-technology businesses

Care

• Social infrastructure including but not limited to childcare, housing for the disabled, socialand affordable housing, hospitals and healthcare facilities, aged care facilities, medicalcentres

Sustainability

• Renewable energy generation activities, including wind, solar and other renewabletechnologies, grid-scale, embedded, behind-the-meter
• Renewable energy storage activities, including chemical, hydrological, pneumatic and otheremerging storage technologies including hydrogen
• Sustainable infrastructure including but not limited to waste treatment, recycling, waste-to energy, and waste management facilities, desalination, water and or seweragetreatment/networks, telecommunications infrastructure

Education

• Operating businesses with regulatory support and demographic tailwinds
• Social infrastructure including but not limited to schools and educational facilities, conventioncentres, student accommodation, sports stadiums, and other educational/university facilities

Financial

• Credit businesses with large total addressable markets, strong underwriting policies andprocedures, and significant asset coverage

Specialist

• Opportunities for outsized return for a given level of risk in restructuring and turnaroundscenarios in sectors where the Federation team has a strong background

Federation seeks to invest in areas that positively select for responsible investment and has made the following undertakings to focus on;• Renewable energy generation activities, including wind, solar and other renewable technologies, grid-scale, embedded, behind-the meter; • Renewable energy storage activities, including chemical, hydrological, pneumatic and other emerging storage technologies including hydrogen;• Sustainable infrastructure including but not limited to waste treatment, recycling, waste-to-energy, and waste management facilities, desalination, water and or sewerage treatment/networks, telecommunications infrastructure;• Social infrastructure including but not limited to childcare, housing for the disabled, social and affordable housing, hospitals and healthcare facilities, aged care facilities, medical centres, schools and educational facilities, convention centres, sports stadiums, student accommodation and other educational/university facilities;• Property investments generally where there is a significant impact investing or environmental component; and embedded networks and micro-grid infrastructure where there is, or will be, significant use of renewable energy and/or efficiency gains; and• Operating businesses whose products and/or services provide a net societal benefitFederation is committed to responsible investment and endeavours to utilise negative screens that aim to exclude investments in companies that are materially involved in the following;• Fossil fuels, including any company that mines, burns or extracts fossil fuels or in companies that provide specific and significant services to fossil fuel industries; and• Gambling, tobacco and alcohol, armaments and militarism, live animal export and old growth logging.Federation's investment team consider ESG issues as critical to any investment made by Federation. This is implemented through positive screens, negative screens and an assessment of ESG factors at investment committee.