Terms and Conditions - TFI Infrastructure Report 2026

Last updated: 29 May 2026

These Terms and Conditions (the Terms) govern the supply by TFI Investments B.V. (TFI, we, us, or our) of digital research reports, related written materials and content, paid follow-on discussion sessions, and any related services made available through our website, checkout pages, email, invoice, order form, or other agreed sales channels (together, the Services).

These Terms apply in particular to the following current products:

·  Purchase the full report - EUR 999: includes electronic delivery of the TFI Infrastructure Report 2026: Growth, Defensive, or Both?

·  Full report + 90-minute discussion - EUR 2,499: includes electronic delivery of the full report and one 90-minute discussion with TFI on the report's findings, sector implications, portfolio considerations, or other matters related to infrastructure.

Prices may be updated from time to time. The price shown at checkout, in an order confirmation, invoice, or written agreement applies to the relevant order.

By purchasing, accessing, downloading, or using any of our Services, you agree to be bound by these Terms. If you do not agree to these Terms, you must not purchase or use our Services.

For the avoidance of doubt, these Terms apply to all Services and Research Content made available by TFI, whether provided on a paid, complimentary, trial, promotional, evaluation or other free-of-charge basis, including where Research Content is provided by email, download link, data room, invoice, order form or any other agreed delivery channel. Any access to, download, receipt or use of Research Content is conditional upon acceptance of these Terms.

The Services are provided by TFI Investments B.V.

Chamber of Commerce (KVK) number: 42032447

VAT number: NL869395622B01

Email: info@tfi-investments.com

Website: https://tfi-investments.com

·  Report: the TFI Infrastructure Report 2026: Growth, Defensive, or Both? and any associated exhibits, graphics, data, text, methodology, benchmarks, frameworks, and supporting materials delivered in PDF, electronic, or similar format.

·  Discussion Session: a 90-minute online or remote discussion session with TFI relating to the Report, its findings, sector implications, portfolio considerations, or other agreed infrastructure-related matters.

·  Order: the online checkout, invoice, order confirmation, or other ordering document specifying the product, fees, billing details, and any agreed schedule.

·  Confidential Information: the Report, pricing, non-public information disclosed by either party, client inputs shared for a Discussion Session, and any information identified as confidential or which a reasonable person would understand to be confidential.

You may only purchase or use our Services if you have legal capacity to enter into a binding contract.

If you purchase on behalf of a company, partnership, fund, or other organization, you confirm that you have authority to bind that entity to these Terms.

You are responsible for ensuring that your purchase and use of our Services complies with all laws, regulations, sanctions regimes, internal policies, investment mandates, and other requirements applicable to you.

Our research reports are informational materials only. They may include market commentary, industry observations, analysis, models, opinions, estimates, forecasts, scenarios, and other research content.

Discussion Sessions are limited discussion sessions relating to topics covered in our research or otherwise agreed in advance. They are educational and informational only. Unless we expressly agree otherwise in writing, Discussion Sessions are delivered remotely by phone, video conference, or email.

Unless expressly stated in a separate written agreement, any purchase of a report or Discussion Session is a one-off purchase and does not create an ongoing consulting, fiduciary, agency, partnership, retainer, portfolio management, or regulated advisory relationship.

All Services are provided for general informational purposes only.

Nothing in our Services constitutes or is intended to constitute:

·  investment advice, regulated investment research, or a personal recommendation;

·  a financial promotion or marketing communication unless expressly stated;

·  legal, tax, accounting, regulatory, or other professional advice;

·  portfolio management, due diligence, fiduciary advice, or suitability assessment; or

·  an offer, solicitation, endorsement, or recommendation to buy, sell, hold, commit to, redeem from, or otherwise transact in any security, investment, product, fund, asset, or strategy.

You remain solely responsible for your own decisions, including any investment, business, legal, tax, strategic, or policy decisions you make. You should obtain independent professional advice from appropriately qualified advisers before acting on any information provided by us.

We do not assess suitability, appropriateness, or your individual circumstances unless we explicitly agree to do so in a separate written contract.

A contract is formed when we accept your order and receive valid payment, unless we expressly agree otherwise in writing.

We reserve the right to refuse, reject, or cancel any order at our discretion, including where:

·  the Service is unavailable;

·  pricing or content information was incorrect;

·  we suspect fraud, misuse, unauthorized resale, unauthorized sharing, sanctions concerns, or unlawful activity; or

·  supplying the Service may expose us to legal, regulatory, technical, reputational, or commercial risk.

If we cancel an order after payment has been received and no Service has been supplied, we will refund the amount paid for that order.

All prices are as stated at the point of sale unless obvious error applies.

For the current report products, the prices listed in Section 1 apply unless a different price is shown at checkout or agreed in writing.

Unless stated otherwise, prices are exclusive of taxes, duties, levies, bank charges, payment processing fees, and withholding taxes. You are responsible for any applicable taxes, including VAT, sales tax, withholding tax, or similar charges.

Payment must be made in full and in cleared funds before delivery of any report or Discussion Session, unless we have agreed invoicing terms in writing.

If any payment is overdue, we may suspend access to Services, withhold delivery, cancel bookings, or charge interest and reasonable recovery costs to the extent permitted by law.

Research reports are delivered electronically, including by email, secure download link, client portal, or other digital method chosen by us. No physical copy will be shipped unless expressly agreed in writing.

Delivery is deemed completed when the report is first sent, made available for download, or otherwise made accessible to the email address, account, or delivery method provided by you.

TFI may deliver the Report as a watermarked PDF or use reasonable technical measures, including watermarks, unique identifiers, access controls, or digital rights management, to help prevent unauthorized sharing. You must not remove, obscure, or circumvent any watermark, proprietary notice, identifier, access control, or other technical measure.

You are responsible for:

·  providing accurate contact and delivery details;

·  ensuring your systems can receive the report;

·  checking spam or junk folders;

·  maintaining compatible software, hardware, and internet access; and

·  implementing reasonable safeguards to prevent unauthorized access, copying, disclosure, or use.

We are not responsible for delays or failures caused by your systems, internet issues, spam filtering, firewall restrictions, incompatible software, or incorrect information supplied by you.

Discussion Sessions will be scheduled at a mutually agreed time, subject to availability. Unless otherwise agreed in writing, the included Discussion Session for the report + discussion product should be scheduled within six months of purchase.

Discussion Sessions are informational discussion sessions and do not include bespoke investment advice, regulated advice, portfolio management, due diligence, legal, tax, accounting, or regulatory advice unless separately agreed in writing.

Unless we agree otherwise in writing:

·  each Discussion Session is limited to the duration booked;

·  the report + discussion product includes one 90-minute Discussion Session;

·  sessions cover only the agreed subject matter;

·  unused time does not roll over;

·  we are not required to provide written follow-up, additional calls, additional analysis, or extra deliverables after the session; and

·  any materials shared during or after the session remain subject to these Terms.

Any time beyond the included 90-minute Discussion Session may be agreed separately and may be charged at TFI’s then-current rates.

You are responsible for attending on time and for ensuring that you have suitable equipment, connectivity, and a private and lawful setting for the session. If you are late, the session may still end at the originally scheduled time.

You may request to reschedule a Discussion Session by giving at least 48 hours' prior written notice.

If you cancel with less than 48 hours' notice, fail to attend, or are materially unprepared such that the session cannot reasonably proceed, we may treat the session as delivered and retain the applicable fee.

We may reschedule a Discussion Session where reasonably necessary due to illness, emergency, technical issues, or circumstances outside our reasonable control. If we cannot provide the session within a reasonable time, our liability will be limited to refunding the fee paid for the affected session.

All intellectual property rights in the Services, including all reports, text, graphics, charts, data presentation, branding, methodology, models, frameworks, benchmarks, recordings, and supporting materials, are owned by or licensed to TFI Investments. No ownership rights transfer to you.

Subject to your compliance with these Terms, we grant you a limited, non-exclusive, non-transferable, non-sublicensable licence to use the purchased report or materials for your own internal, lawful, non-public use.

For business purchasers, the licence applies only to the single legal entity identified at checkout, on the invoice, in an order confirmation, or in the applicable written agreement, unless broader rights are expressly agreed in writing. For individual purchasers, the licence is for that individual purchaser only.

Unless we expressly permit it in writing, you must not:

·  copy, reproduce, republish, upload, post, transmit, distribute, or commercially exploit any part of the Services;

·  modify, adapt, translate, reverse engineer, decompile, or create derivative works from the Services;

·  share, resell, sublicense, rent, assign, or transfer any report or discussion output to any third party;

·  remove, obscure, or alter proprietary notices, watermarks, identifiers, or attribution;

·  use our content to build, train, or support a competing product or service; or

·  use our name, logo, branding, or materials in a way that implies endorsement, partnership, or approval.

If you require broader internal distribution rights, affiliate access, external sharing rights, or enterprise licensing, this must be separately agreed in writing.

If the purchaser is a business entity, the purchased report may be shared internally only with the purchaser's directors, officers, employees, and professional advisers who reasonably need access for the purchaser's internal business purposes and who are bound by confidentiality and use restrictions no less protective than these Terms.

You remain responsible for all acts and omissions of any person to whom you provide access.

You may quote short extracts internally, provided that the extract is not misleading, remains within the permitted internal-use scope, does not disclose confidential information to unauthorized persons, and includes attribution to "Copyright TFI Investments B.V., 2026" or such other attribution as TFI may specify.

External quotation, publication, public posting, inclusion in third-party materials, use in external presentations, use in marketing materials, or sharing with affiliates, LPs, GPs, managers, portfolio companies, media, regulators, or other external parties (other than permitted professional advisers under this Section) requires TFI’s prior written consent unless permitted by mandatory law or separately agreed in writing.

TFI may, at its discretion, agree add-ons such as external-share rights, multi-entity licences, custom application packs, or additional discussion time. Any such add-ons must be agreed separately in writing and may be subject to additional fees and restrictions.

Each party must use the other party’s Confidential Information solely for the purposes of performing, receiving, or using the Services under these Terms. Each party must protect Confidential Information using at least reasonable care and must not disclose it to any third party except as permitted by these Terms or required by law.

This clause does not apply to information that:

·  is or becomes public other than through your breach;

·  was lawfully known to the receiving party without confidentiality restriction before disclosure;

·  is lawfully received from a third party without breach of duty; or

·  is independently developed without reference to the Confidential Information.

If disclosure is required by law, regulation, court order, or a competent authority, the receiving party must disclose only the minimum required and, where legally permitted, give prompt notice to the disclosing party.

Our Services may rely on third-party information, public sources, market data, assumptions, estimates, models, and subjective judgment.

While we aim to provide thoughtful and well-researched content, we do not guarantee that any information is accurate, complete, current, error-free, independently verified, or fit for any particular purpose.

Past performance is not indicative of future results. Any forecasts, estimates, scenarios, views, or forward-looking statements are inherently uncertain and may differ materially from actual outcomes.

If you provide information for a Discussion Session, including portfolio, allocation, holdings, manager, fund, strategy, operational, financial, or other information, you confirm that you have the right to share that information with TFI.

You grant TFI a limited right to use that information solely to prepare for, conduct, document, and administer the relevant Discussion Session and related Services, unless otherwise agreed in writing.

You should avoid sharing personal data, confidential third-party information, material non-public information, or information subject to contractual restrictions unless you have a lawful basis and the necessary rights and consents to do so.

Unless expressly agreed in writing, TFI has no obligation to retain, return, update, verify, or monitor Client inputs after the Discussion Session.

You agree that you will:

·  use the Services only for lawful purposes;

·  provide complete and accurate information where requested;

·  not rely on the Services as a substitute for independent professional advice;

·  not misuse, copy, scrape, systematically extract, or data-mine content from the Services;

·  not use the Services in breach of any applicable law, regulation, sanctions regime, export control, internal policy, or third-party right;

·  keep any account credentials, download links, or access methods secure and confidential; and

·  promptly notify us if you become aware of any unauthorized access, use, copying, or disclosure.

You represent that you are not subject to applicable sanctions, owned or controlled by sanctioned persons, or located in a comprehensively sanctioned jurisdiction. You agree to comply with applicable sanctions, export control, anti-bribery, anti-money laundering, and anti-corruption laws.

To the fullest extent permitted by law, sales are final once digital delivery has begun or the relevant Service has been provided. TFI Investments does not offer refunds, returns, credits, or exchanges for purchased Services where:

·  you change your mind;

·  you decide not to use the Service;

·  you purchased by mistake;

·  you do not achieve your desired outcome;

·  your circumstances change after purchase; or

·  you fail to attend, prepare for, or make use of a Discussion Session.

Research reports and related materials are digital products. Once a report has been delivered, emailed, made available for download, or otherwise made accessible to you, the sale is final and non-refundable, except where required by applicable law.

Where applicable law permits, by purchasing a digital report for immediate delivery you:

·  expressly request and consent to immediate supply of the digital content before the end of any statutory cancellation period; and

·  acknowledge that, once supply begins, you may lose any statutory right to cancel in relation to that digital content.

You are responsible for reviewing the product description before purchase and for ensuring that the report is suitable for your intended use.

Discussion Session fees are non-refundable once the session has been delivered or treated as delivered under these Terms.

If you cancel, do not attend, arrive late, fail to provide requested information, or otherwise prevent the session from proceeding, you will not be entitled to any refund except where required by applicable law.

Notwithstanding the above, if we expressly agree in writing to a refund, if we are unable to provide the purchased Service and do not provide a reasonable substitute or rescheduled session, or if applicable law gives you a non-excludable right to a refund, repair, replacement, price reduction, repeat performance, or cancellation, then we will provide the remedy required by the applicable agreement or law, and only to that extent.

Nothing in these Terms excludes, restricts, or limits any rights or remedies that cannot lawfully be excluded or limited under applicable consumer law or other mandatory law.

You may not record any Discussion Session, whether by audio, video, screen capture, transcription tool, artificial intelligence tool, or otherwise, without our prior written consent.

We may make internal notes for quality, compliance, training, administration, and record-keeping purposes.

If we agree that a Discussion Session may be recorded, the recording and any transcript may be used only for the purpose expressly agreed in writing. All intellectual property rights in any recording, transcript, or session output remain with TFI unless expressly agreed otherwise in writing.

Neither party may use the other party’s name, logo, branding, or trade marks for marketing, publicity, client lists, testimonials, endorsements, or announcements without the other party’s prior written consent.

If you provide feedback, suggestions, comments, or ideas relating to our Services, you grant us a worldwide, perpetual, irrevocable, royalty-free right to use and incorporate them without compensation or restriction, provided that we will not publicly identify you as the source without your consent unless otherwise permitted by law.

To the maximum extent permitted by law, the Services are provided on an "as is" and "as available" basis.

We disclaim all warranties, representations, conditions, and other terms, whether express, implied, statutory, or otherwise, including implied warranties of merchantability, fitness for a particular purpose, non-infringement, satisfactory quality, timeliness, or accuracy, except to the extent such disclaimers are prohibited by law.

We do not warrant that:

·  the Services will meet your requirements or expectations;

·  the Services will be uninterrupted, secure, or error-free;

·  any third-party sources or datasets used in the Services are accurate, complete, current, or independently verified; or

·  any particular commercial, investment, financial, strategic, operational, legal, tax, or other outcome will be achieved.

Nothing in these Terms excludes or limits liability for:

·  death or personal injury caused by negligence;

·  fraud, fraudulent misrepresentation, or wilful misconduct; or

·  any other liability that cannot lawfully be excluded or limited.

Subject to the paragraph above, to the fullest extent permitted by law:

·  we shall not be liable for any indirect, incidental, special, consequential, exemplary, or punitive loss or damage;

·  we shall not be liable for loss of profit, revenue, business, opportunity, goodwill, anticipated savings, data, reputation, or business interruption;

·  we shall not be liable for any investment loss, allocation decision, transaction outcome, or decision made in reliance on the Services; and

·  our total aggregate liability arising out of or in connection with the Services shall not exceed the total amount paid by you for the specific Service giving rise to the claim.

You acknowledge that the pricing of the Services reflects this allocation of risk.

To the extent permitted by law, you agree to indemnify and hold harmless TFI Investments and its officers, directors, employees, contractors, and agents from and against losses, liabilities, costs, claims, demands, and expenses arising out of or in connection with:

·  your misuse of the Services;

·  your breach of these Terms;

·  your unauthorized sharing, reproduction, distribution, or publication of the Report or other materials;

·  your infringement of any third-party rights; or

·  information you provide to us without the necessary rights, consents, or permissions.

We may suspend or terminate your access to any Service immediately if we reasonably believe that you have:

·  breached these Terms;

·  engaged in fraud, abuse, unlawful conduct, unauthorized sharing, or attempted resale;

·  created legal, regulatory, sanctions, technical, security, or reputational risk for us; or

·  failed to pay amounts due.

Upon termination or expiry of any licence, you must cease use of the relevant materials and delete or return copies where reasonably requested, except for reasonable archival copies required by law, regulation, internal compliance, or automatic backup processes.

Termination or suspension does not affect any accrued rights, payment obligations, confidentiality obligations, intellectual property rights, liability limitations, or provisions that are intended to survive termination.

We may process personal data in connection with orders, delivery, communications, payment administration, scheduling, invoicing, compliance, and provision of the Services.

Our handling of personal data is described in our Privacy Policy ( https://tfi-investments.com/privacy-policy). 

You warrant that any personal data you provide to us has been collected and disclosed lawfully.

Where personal data is shared for scheduling, invoicing, or administration, each party generally acts as an independent controller for its own processing activities and will comply with applicable data protection laws, including providing required notices and lawful bases for processing.

We are not liable for delay, failure, or interruption in performance caused by events beyond our reasonable control, including acts of God, natural disasters, epidemic or pandemic events, war, terrorism, civil unrest, labor disputes, internet or telecom failures, power outages, cyber incidents, sanctions, supply chain issues, governmental actions, or failures by third-party service providers.

Where reasonably practicable, the affected party will use reasonable efforts to mitigate the effect of the force majeure event.

We may update or modify these Terms from time to time.

The version in force at the time of purchase will generally apply to that purchase, unless a change is required by law or expressly agreed otherwise.

We may also modify, suspend, or discontinue any Service at any time, provided that this will not affect Services already paid for except where reasonably necessary.

These Terms, together with any order confirmation, invoice, scope document, schedule, and any other document expressly incorporated by reference, form the entire agreement between you and us in relation to the relevant 

Services and supersede prior discussions, correspondence, and understandings relating to them.

You acknowledge that you have not relied on any statement, representation, assurance, or warranty other than those expressly set out in the applicable agreement, except where liability for such reliance cannot lawfully be excluded.

If any provision of these Terms is held to be invalid, illegal, or unenforceable, the remaining provisions will continue in full force and effect to the extent permitted by law.

Any failure or delay by us to exercise a right or remedy does not waive that right or remedy.

You may not assign, transfer, subcontract, or otherwise dispose of your rights or obligations under these Terms without our prior written consent.

We may assign or transfer our rights and obligations under these Terms to a group company, successor, purchaser of the business, or other relevant transferee.

A person who is not a party to these Terms has no right to enforce them, except where applicable law provides otherwise.

Notices relating to these Terms may be sent by email to the contact details provided in the relevant Order or to such other email address as a party may notify in writing.

For notices to TFI, please use info@tfi-investments.com unless another address is specified in the relevant Order or written agreement.

These Terms and any dispute or claim arising out of or in connection with them, including any non-contractual obligations, shall be governed by the laws of the Netherlands, without regard to conflict-of-law principles.

The courts of Amsterdam, the Netherlands shall have exclusive jurisdiction, except where mandatory consumer law gives you the right to bring proceedings in another forum or otherwise requires a different jurisdiction.

For questions, support, notices, or complaints, please contact:

TFI Investments B.V.

Email: info@tfi-investments.com

Website: https://tfi-investments.com