T he foundation of our strategy is a disciplined investment focus and a strong, stable team that brings a diverse range of hands-on industry experience to each investment. “Having team members with successful backgrounds as developers, builders, owner-op- erators and managers gives us significant advantages in so many areas,” says strategy CEO Pat Molony. “Particularly in identifying and implementing value-add initiatives at portfolio assets during an investment’s hold period — which can have a substantial impact on market returns.” Just as importantly, our team members routinely draw on their industry expertise in serving as active managers — providing the resources (and, when applicable, the support and guidance) necessary to ensure that our assets maintain absolute best practices at all times. “With everything from safety and efficiency to our role as good neighbors in the community, our mindset is not to cut costs,” Molony explains, “but rather to uphold the highest standards for good operations. Nothing is more important to generating long-term returns than consistently meeting customer needs.” Allofwhichiswhy,sinceourinitialfundwaslaunched in 1996, the Infrastructure strategy has enjoyed a loyal and growing core of investors — who’ve come to count on our team for sound underwriting and attractive risk-adjusted returns, which can provide current income, downside protection, opportunities for capital gains and inflation protection. HMC’s investment success in power and infrastructure dates back more than three decades. During that time, the industry has undergone profound changes — both market and regulatory — virtually all of which have afforded us opportunities to create value for our investors. REAL ASSETS Infrastructure $1.9 Billion Power and Infrastructure Assets Under Management Across Three Active Funds, Including a Managed Account 19.6% Net Internal Rate of Return Across Five Funds “HMC’s team is the reason we’ve been participants in four straight Power and Infrastructure funds. In a world, and a market, of continuous change, they’ve consistently delivered solid, stable returns for us.” Rich Bielen President / CEO, Protective Life Corporation 13