Mr. Jeff Mouland reports

FAIR MARKET VALUE CAPITAL PARTNERS AND TD ASSET MANAGEMENT JOINTLY ACQUIRE A MINORITY INTEREST IN PSA ITALY FROM PSA INTERNATIONAL

The FMV Industrial Infrastructure Fund I SCSp, advised by Fair Market Value Capital Partners (FMV), and the TD Greystone Infrastructure Fund (Global Master) SCSp (TDGIF), advised by Toronto-Dominion Bank's TD Asset Management Inc. (TDAM), have jointly acquired a 28-per-cent interest in PSA Italy from PSA International, a leading global port operator.

PSA Italy operates three container terminals in the port of Genoa and port of Venice that are the premier gateway terminals serving the Northern Italian hinterland, handling a total of two million TEUs (20-foot equivalent units) in 2023.

Through its investment in PSA Italy, FMV and TDGIF will continue to support PSA Italy's strategy to grow both within the local Italian market as well as the expansion of its hinterland into neighbouring markets, including Switzerland and southern Germany.

Frederic Michel-Verdier, founding partner and chief executive officer of FMV, said: "This investment in PSA Italy is the culmination of a decade-long professional relationship with PSA. We are delighted to be partnering yet again with PSA, a truly global leader in the ports and terminal business, on investing in this prime asset. We are impressed by the world-class operation run by PSA Italy's management and employees. PSA Italy is the leading portfolio of gateway terminals in Italy and is uniquely positioned to provide green logistics services to its highly industrious customer base in northern Italy and beyond. We look forward to building on the strong relationship we have with both PSA and TDAM, through this investment in PSA Italy."

Jeff Mouland, managing director and head of global infrastructure investments for TDAM, said: "TDAM is thrilled to be partnering with PSA and FMV in this transaction. The port sector is a strategic focus of our fund's global diversification and the ability to further expand our European port portfolio represents a unique opportunity for our strategy. We look forward to building on our investment in PSA Italy and expanding our ongoing co-operation globally."

The transaction has received unconditional clearance from the Italian government under the Golden Power regime. Additional details of the transaction are not disclosed.

FMV and TDAM were advised by Santander CIB, Ashurst, Moffatt & Nichol, KPMG, McCarthy Tetrault, Cappelli RCCD, and Gallagher.

About TD Asset Management Inc.

TDAM, a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost two million retail investors and offers a broadly diversified suite of investment solutions, including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $437-billion in assets. TDAM has a 30-year history of investing in alternatives and approaching 10 years of investing in infrastructure, globally. Aggregate statistics are as of Dec. 31, 2023, for TDAM and Epoch Investment Partners Inc. TDAM operates in Canada and Epoch Investment Partners operates in the United States. Both entities are affiliates and are wholly owned subsidiaries of Toronto-Dominion Bank.