Infratil Investor Day 2017

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 Fax +64-4-473 2388 www.infratil.com





Infratil Investor Day
29 March 2017

Infratil has released the presentation material for its annual Investor Day attended by major
shareholders, fund managers, broker analysts, regulatory agencies, business partners and
commentators.
Infratil has a clear strategy for providing good risk-adjusted returns for its shareholders over
the long-term. It invests in sectors with powerful growth characteristics where there are
opportunities for expertise and excellent management to create shareholder value.
Air travel, decarbonisation of energy and transport, accommodation and care for the elderly,
electronic data storage, urban mobility, student accommodation, and residential utilities; are
all themes underlying Infratil investments.
The presentations highlight the focus on deploying capital in the newly established platforms
of renewables, eldercare and data infrastructure, alongside ongoing performance
improvements in Infratil’s core assets. Key presentations this year from Infratil’s newer
businesses; Longroad, Tilt, RetireAustralia and Canberra Data Centres; show how they are
taking advantage of their sector’s growth to create value. Also covered is how generation-
retailing in the New Zealand electricity market can deliver satisfactory returns given low
demand growth and regulatory interventions.
Each business will discuss its growth initiatives and areas of high confidence and relative
uncertainty. The management approach is illustrated by Longroad and Tilt. On the one hand
both the USA and Australia will continue to decarbonise their energy sectors with efficient
renewable capacity, on the other hand political and regulatory noise has reduced near-term
transparency. Longroad and Tilt’s response is logical and prudent; create options.
Canberra Data Centres was Infratil’s largest ever new investment, reflecting management’s
high conviction of the sector and CDC’s positioning. Even since Infratil agreed to acquire its
48% shareholding, the sector’s evolution seems to have accelerated. CDC offers its clients a
unique ecosystem and a differentiated package of data security, accessibility and reliability.
Infratil remains committed to its goal of increasing its dividends, which remains on track given
the outlook for the year ended 31 March 2017.
Preliminary guidance has also been provided for the 2018 financial year.
The 2018 guidance assumes EBITDAF contribution from existing businesses, which may
change over the year if further divestments or investments occur. Cash flow, interest and
non-cash costs are also predicated on the same status quo assumption.

2

2017 Outlook
$m
2018 Guidance
$m
Underlying EBITDAF 485-505
470-510
Operating Cashflow 215-235
210-250
Net interest 165-175
160-170
Depreciation & Amortisation 170-180
175-185

Guidance is based on management’s current expectations and assumptions about the trading performance of Infratil’s investments and is subject to risks and
uncertainties, is dependent on prevailing market conditions continuing throughout the outlook period and assumes no major changes in the composition of the
Infratil investment portfolio. Trading performance and market conditions can and will change, which may materially affect the guidance set out above.
Underlying EBITDAF is a non-GAAP measure of financial performance, presented to show management’s view of the underlying business performance.
Underlying EBITDAF represents consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements, revaluations, gains
or losses on the sales of investments, and includes Infratil’s share of Metlifecare’s and RetireAustralia underlying profits. Underlying profit for Metlifecare and
RetireAustralia removes the impact of unrealised fair value movements on investment properties, impairment of property, plant and equipment, excludes one-
off gains and deferred taxation, and includes realised resale gains and realised development margins.

Copies of the presentation material from the Investor Day are available on Infratil’s website,
Infratil.com


For information contact:
Tim Brown
Telephone: 04 473 2399

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Infratil
Future Directions
Investor Day
29 March 2017

INFRATILINVESTOR DAY 2017
Infratil focus is clear
•Active reset of the Infratil portfolio over the last
few years to exit long-term positions and create
new growth platforms
•Achieved equilibrium across core assets and
new platforms with long-term opportunities to
deploy capital likely to exceed our capital base
•Explicit shift in focus in 2017/18 towards
maximising the value of what we have:
–Address the performance of our core assets
–Get capital to work into our most accretive
development options
–Tighten the overall portfolio
•Recognition that valuation uncertainty is at its
highest at this stage of our investment cycle
Enhance the core while harvesting the new set of proprietary development options
2

INFRATILINVESTOR DAY 2017
Infratil idea generation and execution
Multiple work streams required to convert insights into superior returns
3
High
conviction
beliefs
Platform
Development
Proprietary
Options
Asset
Management
Research and
Market Scans
Shareholder
Returns
Capital
Management
Portfolio
Execution
Opportunistic
Activity
New Options
Option
Development
Origination
Market Events
Market Events

INFRATILINVESTOR DAY 2017
•Why focus on ideas that matter?
–Early exposure to long term trends implies a strong capital
requirement and potential for higher returns
–Growth infra is differentiated from ”bond-proxy” utility cash
flows that are exposed to rising interest rates
–Ability to influence development of industry structure and
future business models
–Asset management capability critical to delivering outcomes
and is a barrier to entry versus more passive capital
–Addressing social imperatives supports long-term “license to
operate” and changes relationship with regulators and
politicians
–Much more powerful purpose for our employees and
stakeholders
4
Committed to investing in ideas that matter
Willingness to invest early and redefine industries and customer experience
Examples of ideas that matter:
-Lowering the cost of energy
-Decarbonisation
-Allowing people to retire with dignity
-Managing growing health-care costs
-Improving capacity of key transport
gateways
-Repowering future public transport fleets
with EVs
-Improving access and connectivity to
high-speed broadband
-Protecting data with secure and private
networks

INFRATILINVESTOR DAY 2017
Valuation also matters
•The implied net asset value discount on
an Infratil share has widened as new
sector positions have been established
–Discount likely to narrow as platforms reach
independent scale
•Still plenty to do with our core assets:
–Extract value from remaining internal options
and position for end-game(s)
–Hit targets and assess opportunities for
consolidation or divestment
–Specific focus on TPW and NZ Bus in FY18
•Look to Tilt, Longroad, CDC and TPW for
near-term valuation catalysts:
–Clear greenfield development pipelines
–Market forces leading to some consolidation
Discount to NAV has widened while the new positions have been established
5

INFRATILINVESTOR DAY 2017
Proprietary platforms are a critical indicator of future success
•Important enabling initiatives have been
executed
–TPW separation and Tilt demerger
–Establishment of three core platforms; renewables,
eldercare, and data infrastructure
•Growth infrastructure is different from rate-
exposed bond-proxy utility cash flows
–Portfolio of development options supported by long
term secular trends (sustainable energy, contemporary
social infra, broader eldercare services, ubiquitous
broadband and global connectivity)
•Mid-risk alternatives not accessible to all
competitors
–Early stage investing requires operational capability,
access to capital, jurisdictional diversification, and
flexible mandates
Emphasis is shifting back to capital growth
6
Key Questions around IFT outlook:
-Investment thesis –supported by long term trends
in energy, demographics, and technology
-Capability to execute –strong starting points
supported by capable management teams and
active shareholder
-Funding –long duration debt, access to capital,
low stay-in-business capex, and capable JV
partners
-Risk management –strong financial and
operational controls, jurisdictional diversification,
gated optionality
-Track record –23 year TSR performance through
many market cycles
-Near term catalysts –Tilt Renewables, Longroad
and Canberra Data Centresall likely to deploy
capital in the near term

INFRATILINVESTOR DAY 2017
Our approach to capital management reflects a development bias
•Significant near-term capital deployment
opportunities in the renewable, eldercare and
data infrastructure sectors
•Flexible mandate enables Infratil to maximise
returns over the long-term
–Portfolio can accommodate development, growth
infrastructure and operational assets
–Patience to hold assets through full growth cycle
–Good alignment with capable JV partners who share
a sector vision
–Remain opportunistic for cash generative
businesses at attractive valuations
•We maintain multiple levers on capital
–Current settings (right) designed to maximise
flexibility in different jurisdictions and sectors
Maintain flexibility while reserving capital for proprietary pipelines
7
Current Settings
-$380m of cash and available facilities prior to any
potential divestments
-Reliable FCF from mature core assets
-Aligned JV partners with long term perspective
and access to capital
-Long average duration for retail bonds and
nominal senior bank debt
-Discretion/control over timing of major project
investment
-Major development options with low carry cost
and lengthy exercise periods
-Portfolio recycling potential
-Ability to raise debt at project level
-Sensible DPS and distribution strategy with
active buy-back programme

INFRATILINVESTOR DAY 2017
IFT Portfolio strategy on a page
High return development platforms supported by a cash-generating core
8
CORE CASH GENERATIVE ASSETS
Renewables
Platform
Emerging
Platforms
•Student
accommodation /
social
infrastructure
Eldercare
Platform
Data
Infrastructure
Platform
Although the focus
is on growth, it is
important to retain a
proportion of core
infra in the portfolio
to facilitate the
model
A balanced
approach remains
important, with
liquidity, yield and
DPS parameters
constantly reviewed
as we build out
growth platforms
All platforms
manufacture lower-
risk core assets
(and free cash flow
if we choose to
restrict future
investment)

INFRATILINVESTOR DAY 2017
IFT Portfolio strategy on a page
High return development platforms supported by a cash-generating core
9
CORE CASH GENERATIVE ASSETS
Renewables
Platform
Emerging
Platforms
•Student
accommodation /
social
infrastructure
Eldercare
Platform
Data
Infrastructure
Platform
Core portfolio
generates cash
to support IFT-
level debt and
dividends
Rotate out of
businesses with
declining outlooks
Incubate future
development
platforms that are
supported by long-
term growth drivers
Deliver
development
returns and build
scale to create
options as
platforms mature
Remain
opportunistic for
cash-generative
businesses at
attractive valuations

INFRATILINVESTOR DAY 2017
IFT Portfolio strategy on a page
High return development platforms supported by a cash-generating core
10
CORE CASH GENERATIVE ASSETS
Renewables
Platform
Emerging
Platforms
•Student
accommodation /
social
infrastructure
Eldercare
Platform
Data
Infrastructure
Platform
•Core, mature assets
with history of
generating ~10-12%
equity returns
•Allows overall
portfolio to achieve
higher blended
returns by supporting
debt and
reinvestment in high
conviction growth
platforms
•Reinvestment options with
stronger marginal returns
e.g., mid-teens for large
scale projects, under-
developed early-stage
investments with 20%+
outcomes
•Model supports
opportunistic allocation to
‘most attractive’ return
options, with discretion
over major project timing

INFRATILINVESTOR DAY 2017
Performing at the core
Positioning for model shifts, changing industries and more active politicians & regulators
•TRUSTPOWER
–Diverse and flexible renewable
generation plant throughout
New Zealand and Australia
–Embarked on a differentiated
multiservice retail strategy
–Well positioned as both the
generation and retail markets
decentralise and place more
power in the hands of consumers
–Proven capability to be
opportunistic and flexible
11
•WELLINGTON AIRPORT
–Part-way through a significant
capital expenditure program,
including car parking, terminal
expansion, apron facilities, and
hotel
–Incremental route development
gains across the Tasman with
Singapore Airlines, and
Qantas/Emirates
–Runway extension timing and
approach challenged by Court of
Appeal decision
•NZ BUS
–Mid-way through major re-
contracting activity in Wellington
and Auckland markets (PTOM)
–Expect future business to be
2/3rds of the current business
–Market share and margin
pressure likely to be offset by
productivity gains and potential to
repower the fleet

INFRATILINVESTOR DAY 2017
Focusing on what we have
Infratil has largely established the main areas of new growth for the medium term
•RENEWABLES
–Tilt ~2GW pipeline of
opportunities in Australia with
significant near-term development
opportunities
–Step-out options include
investments in Australian solar
and enabling tech –e.g. storage
–Longroad ~ 5GW wind and solar
pipeline under development with
significant additional opportunities
adjacent to the core pipeline
12
•DATA INFRASTRUCTURE
–CDC positioning for long term
growth and further momentum in
data centreout-sourcing and
cloud-based services
–Central vantage point for seeing
trends in fixed and wireless
access, IoT, growth of public and
private cloud-based services, and
latest developments in security
and privacy
–Focus on consolidating new
capacity
•ELDERCARE
–Our NZ & Australian retirement
businesses have enhanced their
development and care capability
and pipelines over the last 12
months
–Attractive industry consolidation
options are emerging in Australia
that could allow RetireAustraliato
build a market leading position
–Longer term extension to a full
eldercare services model

INFRATILINVESTOR DAY 2017
Guidance range reaffirmed at $485-$505 million for FY17
13
Infratil FY18 guidance and near term outlook
Guidanceisbasedonmanagement’scurrentexpectationsandassumptionsaboutthetrading
performanceofInfratil’sinvestmentsandissubjecttorisksanduncertainties,isdependenton
prevailingmarketconditionscontinuingthroughouttheoutlookperiodandassumesnomajorchanges
inthecompositionoftheInfratilinvestmentportfolio.Tradingperformanceandmarketconditionscan
andwillchange,whichmaymateriallyaffecttheguidancesetoutabove.
UnderlyingEBITDAFisanon-GAAPmeasureoffinancialperformance,presentedtoshow
management’sviewoftheunderlyingbusinessperformance.UnderlyingEBITDAFrepresents
consolidatednetearningsbeforeinterest,tax,depreciation,amortisation,financialderivative
movements,revaluations,gainsorlossesonthesalesofinvestments,andincludesInfratil’sshareof
Metlifecare’sandRetireAustraliaunderlyingprofits.UnderlyingprofitforMetlifecareand
RetireAustraliaremovestheimpactofunrealisedfairvaluemovementsoninvestmentproperties,
impairmentofproperty,plantandequipment,excludesone-offgainsanddeferredtaxation,and
includesrealisedresalegainsandrealiseddevelopmentmargins.
2017
Outlook
$m
2018
Outlook
$m
Underlying EBITDAF
485-505470-510
OperatingCashflow
215-235210-250
NetInterest
165-175160-170
Depreciation& Amortisation
170-180175-185
•FY17 underlying EBITDAF forecast
$485-$505 million
•Outlook for 2017/18 is flat year on
year, assuming:
–long run average hydrology and wind
volumes
–Roll-out of PTOM contract outcomes
for NZ Bus
–Revised development mix at Retire-
Australia to introduce higher yielding
care assets, but delaying the
completion of these units to FY19
–newplatforms take time for their
growth initiatives to unfold
•Capital structure and confidence in
outlook still positive for growth in
dividends per share

INFRATILINVESTOR DAY 2017
Focused on Ideas that Matter
•Infratil is poised to benefit from the establishment of high quality platforms in areas of high
conviction
–Targeting essential services supported by long-term secular trends, consumers, and regulators
–Secured high-calibremanagement teams with experience in key markets
–Developed extensive proprietary pipelines in several jurisdictions
–Joined with sophisticated equity partners for long-term support of key initiatives
•Long-term capital requirements of our platforms exceed our current capital base
–Capital will be prioritised based on an assessment of expected returns, execution risk, option duration,
and portfolio fit
–Discretion and multiple levers to manage future capital requirements
•Our flexible capital and operating capability is combining to create a differentiated vehicle in
a crowded infrastructure market
–Experience across multiple sectors with both early stage and late stage opportunities
–Strong asset management capability to drive performance and returns
–We will always remain opportunistic and vigilant in home markets
Execution priorities and deliverables are clear
14

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Macro Outlook and Implications for InfratilInvestment Strategy
Paul Newfield
InfratilInvestor Day 2017
Overall remaining to-dos:
•Charts and headings might need larger /
bolded font
•Speaking notes

•How has the macro environment changed since last year? (or “What does Trump mean for markets?”)
•What are the implications for infrastructure? (or “Is infra just a bond proxy?”)
•Where is Infratilfocusing its capital? (or “What do you mean by Growth Infra Platforms?”)
FAQs (and Alternative FAQs)
2

Last year we highlighted a multitude of risks on the horizon
3
Regulatory
frameworks
influenced by
partisan politics
8
Ultra low interest
rates
2
Modest developed
market inflation
3
Extreme
commodity price
volatility
4
Massive political
uncertainty
5
Global debt
burdens
6
Growing
infrastructure
allocations
7
Fragile economic
growth
1

The political risks have largely come to fruition
(An internal page from last February that I deemed unfit for public consumption)
4
USEuropeROW

The OECD has experienced a sustained downshift in growth
5
Source: Organization for Economic Co-operation & Development (OECD).
-6
-4
-2
0
2
4
6
Ѳ= 2.6%
Trend Q1 90 –Q3 08
Ѳ= 1.5%
Trend Q2 09 –Q4 16
OECD Real GDP Growth, % change from year earlier
90939699258111417

(f)
Nearing full employment in many developed economies
6
Source: United Nations Economic & Social Affairs Division, Population Branch, World Population Prospects –The 2015 Revision; Organization for Economic Co-operation & Development (OECD), Economic Outlook database.
OECD Population Growth, % change from year earlierOECD Unemployment Rate, % working age (15-64)
5.0
6.0
7.0
8.0
9.0
-0.5
0.0
0.5
1.0
1.5
Working AgeTotal Population
606570758090001085950515202590939699258111417

Labourproductivity is not filling the gap
7
Source: Organization for Economic Co-operation & Development (OECD).
OECD area LabourProductivity Growth, % pa
(f)
-2
0
2
4
6
Labour productivity growth5 year centred moving average
7075808590950005101520

The pressure cooker economy?
8
Infrastructure
Spend
Protectionism
Immigration
Restrictions
Fiscal Stimulus
Tax Cuts
Populist Politics
Aging Population
Stagnant Productivity
Defence
Spend

Early signs of inflation returning...
9
Source: Organization for Economic Co-operation & Development (OECD).
OECD CPI, % change from year earlier
-3.0
-1.5
0.0
1.5
3.0
4.5
6.0
FranceJapanUSGermanyUK
0103050709111315
17

...and interest rate expectations are rebounding (again)
10
US Federal Reserve Rate and Forward Curves, as at 1 Jan each year (2007-2017), %
0
1
2
3
4
5
6
Jan 2010Jan 2020Jan 2015Jan 2030Jan 2025Jan 2035
Actual fed rate
Forward curve at 1 Jan each year
Actual fed rate -LTM
Return to pre-QE world?
False dawn?
A new normal?

What does this mean for IFT investment strategy?
11
Focus on secular, not cyclical, growth
Weight investment to growth infra
Seek inflation protection
Drive cash generation from the core
Maintain balance sheet flex, stand ready
to capitalize on market events
•Near term stimulus?
•Rebound in interest rates and CPI?
•Longer term growth constraints
•Geopolitical risk
•Equity markets near all time high
Macro Context
Strategic Implications for IFT

Strategic priorities for the IFT portfolio
12
CORE CASH GENERATIVE PORTFOLIO
Renewables
Platform
Emerging
Platforms
•Student
accommodation
/ social
infrastructure
Eldercare
Platform
Data
Infrastructure
Platform
Rotate out of
businesses with
declining outlooks,
replace with
attractive cash
generators
Manage through periods
of higher risk and deliver
development returns
Drive operational
performance within
existing core portfolio
Prioritise capital and
execute on
reinvestment
options
Asset ManagementPortfolio Management
Manage debt levels and maturity profile,
assess capital management initiatives relative
to internal and external investment options
Balance Sheet
Management
Maintain flexibility to accelerate or defer
re-investment based on market conditions

What do we mean by Growth Infrastructure Platforms?
13
Competitive
Barriers
Operating
Leverage /
Proprietary
Pipeline
Secular
Growth
Growth
Infra
•Solving society’s long term challenges
•Demographic, economic &
technological megatrends
•Barriers to entry
•Contracted revenues
•Inflation protection
•High % of fixed costs
•Expansion options
•Development pipeline

Renewable Energy Growth Platform
14
•Long term contracts
•Advantaged options
•Merchant exposure?
•Decarbonisation
•Changing economics
•Political uncertainty
•Regulatory diversification
•Large and growing pipeline
•Low holding-cost options
•Complementary assets
Competitive
barriers
Operating
Leverage /
Proprietary
Pipeline
Secular
Growth
Growth
Infra

Eldercare Growth Platform
15
•Local competition is key
•Exposure to broader
housing markets
•Care services as a
differentiator and market
risk mitigant
•Demographic tail winds
•Need for private sector solutions
•Brownfield expansions
•Greenfield pipeline
•Scale advantages in
development and care
Competitive
barriers
Operating
Leverage /
Proprietary
Pipeline
Secular
Growth
Growth
Infra

Data Infrastructure Growth Platform
16
•Contracted revenues
•Co-location benefits
•Switching costs
•ICON-connection
•Exploding data demands
•Data security focus
•Infrastructure outsourcing
•Fill-out of new facilities
•Brownfield expansions
•Growing with customers
•Related data infra
Competitive
barriers
Operating
Leverage /
Proprietary
Pipeline
Secular
Growth
Growth
Infra

Can we build a Social Infra Growth Platform?
ANU investment fits in IFT’s cash generative core, potential for follow-on investments to
create a growth platform
17
•PBSA expansion rights
•Campus development
Competitive
barriers
Operating
Leverage /
Proprietary
Pipeline
Secular
Growth
Growth
Infra
•Growing EM middle class
•Competitive education market
•Need for private capital
•Latent demand
•Long-term concession
•Below-market rents
•On-campus, pastoral care
•CPI-linked cashflows

Private capital flows reinforce value of IFT Growth Platforms
18
Source: PreqinInvestor Outlook: Alternative Assets H1 2017.
Pension & SWF investors are increasing infra allocationsGrowing institutional appetite for “Growth Infra” assets
4.0
3.2
3.4
3.7
5.0
6.8
4.4
4.6
4.3
5.0
6.9
7.7
0
1
2
3
4
5
6
7
8
% of total portfolio
EndowmentPublic
Pension
InsuranceFoundationPrivate
Pension
Super Fund
Target AllocationCurrent Allocation
CPPIBforms JV to acquire US$555m Portfolio of Senior Housing:
“This portfolio is well-positioned to benefit from long-term demographic
trends and is an attractive entry into the US senior housing sector for CPPIB”
CPPIB announcement, February 2016
CPPIB's head of Asia-Pacific, says the fund is interested in a range of
infrastructure assets in Australia, from renewable energy to data centres.
Australian Financial Review, February 2017
Ajoint venture entity formed by sovereign wealth fund GIC, the Canada
Pension Plan Investment Board (CPPIB) and The Scion Group have acquired
three United States student housing portfolios for approximately US$1.6b.
The Strait Times, March 2017

1.We are increasingly cautious in our market outlook
2.In this uncertain environment our focus is on
•driving performance in the cash generating core
•exercising embedded options in our growth platforms
•maintaining balance sheet flexibility
3.We have confidence that, even in a low growth world, the platforms we’ve established will provide us with
high returning, proprietary growth options through exposure to
•Decarbonisation
•Aging
•Demand for secure data infrastructure
4.This implies a high bar for investments that fall outside our current growth platforms
•We will remain ready to act if market disruptions provide highly attractive opportunities
Takeaways for InfratilInvestors
19

The statements and opinions expressed in this presentation and any related discussion (the presentation) are based on the information available as at the date of the
presentation.Morrison & Co reserves the right, but will be under no obligation, to review or amend this presentation, if any additional information, which was in
existence on the date of this presentation was not brought to its attention, or subsequently comes to light.
In preparing this document, Morrison & Co has relied on forecasts and assumptions about future events which, by their nature arenot able to be verified.Inevitably
some assumptions may not materialise and unanticipated events and circumstances are likely to occur.Therefore, actual results in the future will vary from the forecasts
which Morrison and Co has relied.These variations may be material.
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Important Information

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Infratil Investor Day
March 29, 2017

Section 1.US Power and Renewables Markets
Section 2. Demand Drivers, Business Model, and Plan
Section 3.Progress Check-In, Opportunities, and Challenges
Topics
2

Infratil Investor Day 2017
•Strategy focused on the decarbonization of the US market by participating in the
development and services segments of the US utility scale wind and solar markets
•Rationale
–>100 GW market opportunity
–Long-term development cycle
–Growing presence of institutional investors
•Established in 2016 by the former First Wind management team
–Track record: 38 utility scale projects, ~4 GW, > $10 B total capital raised
–Principals together for nearly 10 years; nearly entire staff from First Wind
–The company is being re-established, with offices in Boston, San Francisco, and Portland, Maine
•Longroad is jointly owned by Infratil (45%), The New Zealand Superannuation Fund (45%),
and the Longroad management team (10%)
•Competitive advantages are broad and flexible mandate, track record, revolving capital, and
no forced exit/sale
Longroad Energy –Business Overview
3

Infratil Investor Day 2017
Key Personnel
4
Longroad is the core team that established and managed First Wind and sold it to SunEdison
and TerraFormPower in January 2015 for an enterprise value of $2.4 B
QualificationsJob Scope
Paul Gaynor -CEOSunEdison:EVP Global Utility Development
First Wind: ChiefExecutive Officer
Noble Power Assets: CFO
Singapore Power: CFO
PSG International: CFO
GE Capital: VP Underwriting
GE Power Systems: Sales Engineer
SunEdison: Delivered2.1 GW in 2015 development deals across the globe
First Wind: Co-Founder, focused on strategy, capital raising, capital allocation,
development, counterparty management, board member
Michael Alvarez -COOSunEdison:SVP Global EPC
First Wind:President, Chief Financial Officer
EIX: VP Strategic Planning
Nexant, Inc.: COO and CFO
PSG International: Project Director TransCaspianGas Pipeline
KenetechEnergy Systems: President
Thelen, Marrin, Johnson & Bridges: Partner
SunEdison:Responsible for oversight of all project construction globally (NA,
EMEA, China, India, LATAM) plus IT and Facilities
First Wind: Managing all Construction, Operations, HR, IT, Development, and
Financing for the Company
Pete Keel -CFO SunEdison: CFO, Global Utility Development
First Wind: SVP, Treasurer and Finance
GE Capital: AVP Underwriting
GE Power Systems: JMO Leadership Program
SunEdison: Ledglobal structured finance org, raised$2.5 B in financings to
support 3 GW plan
First Wind: Led financing, accounting, planning, treasury, tax and risk functions
Charles Spiliotis -CIOSunEdison:VP, Strategy and M&A
First Wind: VP,Corporate Development and Project Finance
State Street Corp: Associate, Institutional Asset Management and Services
SunEdison:LedM&A effort for high-growth global development platform,
including acquisition of more than 2 GW of operating and development assets
First Wind: Led corporate development and strategic planning, executed more
than $7 B in structured financing transactions across the capital structure

US Power and Renewables Markets
Section 1

Infratil Investor Day 2017
US Power Market Primer
6
>1,100 GW
installed
capacity
189
Investor
Owned
Utilities
>200 Power
Marketers
No federal energy policy
>4 million
MWh
annual
generation
7,658
power
plants >
1 MW
50
separately
regulated
states
10 Regional
Transmission
Organizations
Deregulated
(traded) and
vertically
integrated
regions
Nearly 3,000
Public Utilities
& Cooperatives

Infratil Investor Day 2017
US Power Generation
7

Infratil Investor Day 2017
US Power Generation: Winners and Losers
8
+385%
+116%
-35%
Renewables
Natural Gas
Coal

Infratil Investor Day 2017
US Renewables Generation
9
2016
•~9% share of
all generation
•~65% of all
new installed
capacity

Infratil Investor Day 2017
WhatWe Are Playing For...
10
•147 GW Wind and Solar Growth
–108 GW wind and utility solar
–22 GW distributed solar
–17 GW residential solar

Infratil Investor Day 2017
•In place since 1986, allows non-individual taxpayers to monetize tax benefits from wind and
solar projects against income tax
•Historically funded by financial institutions, corporates, and strategicswith large taxable
income; individual tax payers not eligible
•Benefits in the form of accelerated depreciation plus a production based credit for wind
(production tax credit) and an investment based credit for solar (investment tax credit)
•Historical depth of tax equity market
Tax Credits -Unique Feature of US Renewables
11
Depreciation
Cash Flow
Investment Tax
Credit
Depreciation
Cash
Flow
Production Tax
Credit

Demand Drivers, Business Model, and Plan
Section 2

Infratil Investor Day 2017
Demand Driver ①Renewable Portfolio Standards
13
•29 states
•Utilities’ obligations to
purchase defined
percentage of their load
from renewable resources
•State leadership holding
off negative momentum
emanating from DC
–Clean Power Plan
rollback
–Potential withdrawal
from Paris Climate
agreement
100% by
2045
80% by 2040
50% by
2030
100% by
TBD
90% by
2050
80% by
2050
40% by
2040
100% by
2035
1 GW by
2020
RPS Standard
RPS GoalProposed Increase

Infratil Investor Day 2017
Demand Driver ②Federal Tax Credits
14
•Expired and re-instated 8
times since inception
•Longest ever extension was
put in place at end of 2015
•Phase out of both ITC and PTC
•Renewal unlikely
•Tax reform could impact deals
and depth of market

Infratil Investor Day 2017
Demand Driver ③Cost
15
•Wind LCOE:
↓66% since
2009
•Solar LCOE:
↓85% since
2009

Infratil Investor Day 2017
Demand Driver ④Corporate PPAs
16
•Corporate PPAs
accounted for 50% of
announced wind PPAs
in 2016
•Active broker, bi-
lateral, and business to
business procurement
activity
•Longroad staff
experienced in
originating corporate
PPAs

Infratil Investor Day 2017
Attractive Asset Class for Long-Term Owners
17
Investment Feature
(Typical)
Wind Solar
Asset Life (years)
30+30-35+
Construction risk
NoNo
PPA term (years)
12-2515-25
Counterparty credit
At least investment gradeAt least investment grade
Operating costs
Highly predictable with turbine
vendors up to 10-15 years
20 year warranties (OEM credit
questionable
Operating and Resource risk
Yes, somewhat predictableYes, but highly predictable
Capital structure
35-40% equity20-30% equity

Infratil Investor Day 2017
Market Opportunity -Sizing the Business Plan
18
100 GWof development opportunities in attractive asset class
$45 Binvestment potential for permanent equity investors

Infratil Investor Day 2017
BusinessModel and Strategy
19
Initial Investment Capital
•Early to mid-stage
development spending on
organic development
•Acquisition of others’ projects
Monetize at
Financial
Closing
Late stage capital
•Continue greenfield investment
and M&A activity
•Project consolidation
•Wind turbines/panels
•PPA tenders
Recycle capital and profits into
more growth opportunities
ConstructionOperations
Late Stage
Development
Greenfield
Development
Maintain flexible approach to development and M&A, thereby
allowing the business model to adapt to market conditions
Development Co.
M&A
•Maintain flexible timing of sell downs, allowing the
business model to adapt to market conditions
•Value created when risk prudently removed from
projects and assets, and then monetized
Monetize at
Commencement
of Operations
Monetize
Post/During
Operations

Infratil Investor Day 2017
Operating and Asset Management Platform
Wind and Solar Site Operations
WTG and Solar
Panel/Inverter/
Tracker OEM
Management
Spare Part
Supply Chain
Management
Project Performance and
Commercial Asset Management
BOP
O&M
Data
Monitoring,
Collection, and
Analysis
Resource
Assessment and
Performance
Improvements
Enterprise Support
Environment
Health Safety
Project Level
Legal Services
Full Accounting
Services, Except
Audit
Host Utility, ISO,
and RTO
Interface
Management
Commercial
Asset & Risk
Management
Energy/REC
Trading and
Scheduling
Manage All
Project
Interfaces
Community/
Landowner
Relations
Financial
Analysis and
Reporting
Compliance Tax Reporting
Manage
Relationships
with Key
Financing Parties
Back Office
Internal Audit
End-to-end platform and internal capabilities designed to maximize
long-term asset performance and value to asset owners

Progress Check-In, Opportunities, and Challenges
Section 3

Infratil Investor Day 2017
•Team: 23 core members in place in development, origination, transmission and
interconnection, construction, permitting, solar resource, wind resource, project finance,
legal, and M&A. Additional resources to be added as milestones achieved, i.e. closed
projects
•Board: Fully in place with shareholder appointments and independent director, Ian Bowles,
an energy market regulator and former Secretary of Energy and Environment for
Commonwealth of Massachusetts and former Senior Director of Global Environmental Affairs
at the US National Security Council
•Solar Pipeline Acceleration: 7X Energy acquisition -3 GW of early to mid-stage development
projects in key markets
•PTC Component Qualification: Purchased ~600 MW of qualifying turbine components from
Vestas; allows 100% PTC value qualification so long as projects are operational by end of
2020
•Development Pipeline: ~7 GW in place to date, excluding M&A (see next page)
ProgressCheck-In
22

Infratil Investor Day 2017
Portfolio Map (excludes M&A)
23

Infratil Investor Day 2017
Opportunities to Leverage the Platform
24
•Growing and aging renewables fleet;
–> 120 GW installed capacity at end of 2016
–Ownership changes likely, tax investors not natural long-term owners after tax benefits expire
–Potential to acquire, optimize operations and capital structure, then monetize
•Developer roll-up
–Inability to access capital for projects or experience to get projects to financial closing/monetized
•Distributed solar
–> 20 GW market until 2025
–Returns typically higher than utility scale
–Fragmented market; consolidation likely
•Large-scale M&A and asset sales
–Examples: private equity backed platforms, financially strapped strategics
–Operating assets and development portfolios in some cases

Infratil Investor Day 2017
Opportunities to Leverage the Platform (cont’d)
25
•Storage
–Develop in connection with solar and wind opportunities
–Today economics and needs make Hawaii the only practical candidate
•Third party services
–Increasing participation in asset ownership by institutional investors
–Typically do not have dedicated asset management or operations teams
•Repowering
–80 GW wind farms installed before end of 2009
–Technology has advanced significantly in last 10-20 years
–Ability to safe harbor components to re-qualify sites for PTC

Infratil Investor Day 2017
Challenges
26
•PPA market competition
–Procurement process on nearly all PPAs, driven by corporate purchasing departments, public
utility commissions, and consumer advocates
–Sponsors aggressive on capex and opexassumptions
–Requires discipline in developing only the best sites and limiting development spend until
revenue contract in sight/in hand
•Wind site selection
–Sophisticated wind developers have been picking through the US for over 10 years
–Early stage development M&A very competitive
–Mitigate risk through our own greenfield activities
•Federal tax credits revoked
–Enacted end of 2015; reversing would be very disruptive given all the activity underway
–Prevailing view is that administration will leave alone
–Further mitigated by political support: significant jobs, projects, and investments in Republican
Congressional districts

Infratil Investor Day 2017
Challenges (cont’d)
27
•Federal tax reform
–To be undertaken immediately after health care reform
–New administration and Republicans pushing for corporate tax reform, which would very likely
include a lowering of the corporate tax rate, among other things
–Lower corporate tax rate would have a direct impact on the structure and size of tax equity
investments, requiring sponsors to invest greater percentage of equity in projects, and change the
percentage of cash sharing
–Other potential changes include changes in depreciation (100% of capex in year one), and interest
deductibility (reduced to nil)
–More investors in the market today than pre-GFC (2016: 54 active investors); potential for loss of
appetite for some tax equity investors

Thank you !!
28

---

Infratil Investor Day
29 March 2017

Introduction
Agenda
•Establishing a Growth Business
•Global Renewables Energy Trends
•Australian energy market dynamics
•Tilt Renewables’ strategy
•Growth opportunities
•What can investors expect in the next 12 months
02

Establishing a Growth
Business

Standing up the Business post de-merger
•De-merger completed 31 October 2016, Tilt Renewables operational on
standalone basis
•Melbourne office established, officially opened by the Victorian Energy Minister
Lily D’Ambrosio on 15 March 2017
•Board approved Establishment Plan well advanced
•‘Business as usual’ governance, policies and processes on track
•Transition services support from Trustpower in place until 30 June 2017
•Quality asset base with 95%+ day 1 contracted revenue position
Early wins
•Team assembled with Leadership Team and key direct reports in place
–Combined renewables experience of Management and Board in excess of
250+ years
•Financing conditions subsequent met
•Salt Creek Wind Farm progressing towards Final Investment Decision
•Development pipeline broadened with greenfield development and acquisition of
early stage solar sites in Queensland
04
Establishing a Growth Business
Previous employers of our experienced team
Victorian Energy Minister Lily D’Ambrosio
and Tilt Renewables CEO Robert Farron
opening the Melbourne office

Operating performance since de-merger
•YTD production to 31 December 2016 ahead of prior period
•Wind speeds in March quarter have been stronger in NZ, but
below long term average in Australia
•Underlying business continues to perform at or slightly below
expectations, with operational cashflows comfortably above
required debt servicing levels
•Full year results for FY17 (ending 31 March 2017) are
expected to be released to the market in mid May 2017
GWhQ3 FY17Q3 FY16

YTD FY17YTD FY16

Australia
3273028%1,00290111%
New Zealand
186214(13%)547567(4%)
Total
513516(1%)1,5491,4686%
05
December 2016 quarter production guidance
Operating highlights

Global decarbonisation trend
•Global trend of decarbonisation is starting to be implemented
as countries track towards their COP21 Paris emissions
reduction targets. High income G20 nations responsible for
the bulk of the “gap” to COP21 implied 2°limits per capita
Energy demand growth fuelled by renewables + gas
•IEA forecast major shift away from coal and oil in next 25yrs,
with renewable/low-carbon technologies supplying half of
demand growth.
•Major oil companies positioning for gas to play a major role
complementing renewable deployment.
Investment in clean energy
•2016 clean energy investment (US$288b) below record levels
driven by falling cost of PV and tapering of China/Japan
growth
•Offshore wind grew 40% on 2015 driving cost benefits and a
trend in Europe and China towards larger turbines
•M&A activity up on strong demand for clean energy projects.
Acquisitions surpassed US$100b for the first time in history.
06
Global renewable energy investment themes
0
5
10
15
20
G20 per capita
2030 emissions
vs COP21
implied 2°C
limits
Source: IEA, Climate
Institute, Aug 2016
Note: *Excludes LULUCF
High income nations
Middle to low income nations
Implied COP21 percapital emission limit
0
50
100
150
200
250
300
350
400
2004200620082010201220142016
Asia-Pacific
Americas
Europe-MidEast-Africa
0
500
1000
1500
2000
1990-20152015-2040
Coal
Oil
Gas
Renewable/
Low-carbon
Energy source
for primary
energy demand
growth (Mtoe)
Last v next 25 years
Source: IEA World Energy
Outlook 2016
Global clean
energy
investment
US$ bn
Source: Bloomberg
New Energy Finance,
Jan 2017

Australian energy market
dynamics

Australian energy and climate policy
•Australia has committed up to a 28% emissions reduction by 2030 which will require
significant changes to the generation mix.
•Intense debate around energy market reform to balance energy security,
affordability and emissions reduction objectives
•Politics and vested interest are clouding this debate, causing uncertainty for energy
users and infrastructure investors
•Further review of Federal Renewable Energy Target (RET) in it’s current pre-2030
form is not a feature of the debate, therefore our focus remains on participating in
the build-out requirements while the opportunity presents itself
•Labourstate governments have shown an intention to implement more aggressive
renewable targets (using the ACT 100% renewables target as precedent), however
it is unclear how these will be implemented / integrated with the federal RET
•Energy and climate policy is likely to remain uncertain in short-to-medium term as
government and industry grapple with a multitude of factors including:
08
Energy security
Emission
reductions
Energy
affordability
–constrained gas supply
–ageing thermal generation capacity
–distributed rooftop PV
–battery technology
–regulatory model not keeping pace with market
–grid stability and dispatchable capacity

09
Recent announcement by the South Australia state government and the Australian (federal)
Government highlights pressure to come up with solutions to “fix the energy crisis” and intervene
as both regulator of and investor in the energy sector
SA Government has announced a package of actions to improve security of supply and market stability
estimated at A$550M
•250MW gas fired peaker
•Tender for 100MW Battery Storage project
•State based energy security target
•Incentives to source gas for SA use
•Introduce local powers over NEM in emergency situations
Federal Government has announced a major expansion of Snowy Hydro scheme
•Add 2,000MW pump hydro storage capacity to existing 4,100MW scheme
•ARENA tasked to deliver feasibility report by end of CY2017
•Estimated at A$2 billion
•Four year estimated build time
While we are still digesting what all this means for Tilt Renewables, our initial view is these
proposed actions should be positive for SA and NEM market stability as well as renewables
investment in the medium to long term

Australian (Large-scale) Renewable Energy Target -LRET
•33,000 GWh annual target by 2020, current scheme ends in 2030
•Requires further ~3GW of renewable generation to be built by 2020
•Bipartisan political support, but major energy retailers are yet to
actively contract future renewable credit (LGC) obligations,
preferring to hedge through low-cost/opportunistic options
–AGL attracting low-cost capital through Powering Aust Renewable Fund
–EA contracting 500MW (including Bodangora wind, Ross River solar)
•Recent activity in LRET market
–ERM Power paid penalty ($65 non tax deductible to utilise tax loss position)
–Tier 1 retailer activity largely related-party and/or opportunistic projects
–Queensland-govt led activity to contract local solar projects
–Low bundled prices achieved in market appear to be linked to equity
investors with low return, low operational risk expectations. Headline “all-in”
PPA prices sub A$70 are clouded by asset management contracts,
development fees, government grants and concessional financing
–900MW+ of solar PPAs signed in Q1 CY17 across 11 projects
–Numerous other projects rumored to be close to FID
010
Source: Tilt Renewables, Green Energy Markets, Company announcements
-
5
10
15
20
25
30
35
40
'16'17'18'19'20'21'22'23'24'25
TWh
Existing and committedCommitted in 2017 Q1
Banked LGCs surrenderedLegislated target
Near-term build
opportunity
Estimated annual LRET demand and supply

Current Environment for renewables investment
•Australia’s COP21 emissions reduction commitment (26-28% by 2030) requires significant
changes to the generation mix.
•Ambitious state-based renewable targets have yet to trigger meaningful long-term demand
for renewables. ACT feed-in-tariff auctions in 2016, likely to be followed by VIC scheme in
CY2017 (~40% renewables target to support ~5GW new build by 2025).
•Ageing thermal generation capacity in the National Electricity Market needs to be
refreshed with 75% operating beyond its original design life.
•Lack of clear energy and climate policy puts Australia at risk as an investment destination.
Government’s fluid position on policy and technology (e.g. clean coal, gas, nuclear and
large hydro) is problematic for investor confidence.
•Falling cost curve for technology (solar, wind, storage, electric vehicles) has the potential
to reshape energy markets.
011

012
What market conditions would support greater levels of capital
deployment in Australia’s Clean Energy Transition by Tilt Renewables?
Key Ingredients
Durable long term energy and climate change policy preferably with bi-partisan political support
that enables greater renewables investment (current RET target is only to 2020). To date there
is almost no articulation of how Australia’s COP 21 commitments will be met by 2030.
Federal and State renewables schemes that operate in a complimentary manner.
Grid investment and market rules that support greater share of renewables in energy mix at
reasonable cost.
Well designed “Pull” (RET targets beyond 2020) and “Push” incentives (Emission Intensity
Scheme?) working in tandem should assist a smoother transition
Existing investor rights are respected if future policy amendments are required. Significant
reliance on foreign technology and capital will be required to successfully execute the transition
Policy settings that support investor confidence that LGCs can be priced and contracted
through to 2030 in a workable competitive market. Potential for wide LGC price range
dependent on short fall / over build assumptions for meeting RET target will likely lead to
investment boom / freeze cycles

013
Over time we would expect subsidisation of renewables to reduce as new
entrant solar and wind costs continue to fall but not before stronger
momentum in renewables investment is sustained
Our belief is that with whole of system thinking, Australia can be much
more ambitious on the level of renewables in its energy mix
0
50
100
150
200
250
WindCCGTSolarCoal
2017 Levelised cost of entry for new build technologies in Australia
Source: Bloomberg New Energy Finance (Feb 2017)

Tilt Renewables strategy
Goal
Focus
Strategy
•More than double current operating renewable generation capacity
over the next 5 years (to 1,500 MW) and
•Position beyond 2020 with further wind and solar build if policy
framework supportive
Australia
Complete
consenting
and
preparation of
best sites in
development
pipeline
Consider
further
acquisition of
consented
wind/solar
sites to
bolster
pipeline
Maintenance
of long dated
development
options as
appropriate
Salt Creek
FID* by Q2
CY2017
Position large
project for
FID by end of
CY2017
Determine
contracted
revenue
options post
maturity of
Snowtown 1
PPA** in Dec
2018
New Zealand
Consent
North Island
wind option,
maintain
existing
consented
options
New build if
competitive
with new
entrant
LRMC
#
and
offtake
agreements
available
* Financial Investment Decision** Power Purchase Agreement
#
Long-run Marginal Cost
014

015
Key projectsTechnologyLocationPotential Size (MW)
Salt CreekWindVIC53
DundonnellWindVIC300
Rye ParkWindNSW300
PalmerWindSA300
NSW ProjectWindNSW500
Waddi windWindWA105
Waddi solarSolarWA40
NeboSolarQLD50
DysartSolarQLD50
MahinerangiWindNZ160
Kaiwera DownsWindNZ240
WaverleyWindNZ130
Total 2,200+
Overview of key development projects
Waddi
Palmer
Salt Creek
Dundonnell
Rye Park
NSW project
Kaiwera Downs
Waverley
Dysart
Nebo
Well-positioned development pipeline
•Development pipeline of circa 1,700MW in Australia:
–450MW projects with environmental approvals, with a further 300MW subject
to appeal
•530MW New Zealand wind pipeline –400MW consented
•Development priorities:
–Taking Salt Creek Wind Farm through to financial investment decision –
target mid CY2017
–Rapid progression of key projects in pipeline to ‘shovel ready’ status
–Expanding portfolio of credible solar options in various states plus Snowtown
–Targeted acquisition opportunities -quality renewable projects to bolster
pipeline or operating base
•Evaluating ‘enabling’ technologies to assist with integration of
renewables e.g. storage technology

Growth opportunities

017
Salt Creek
wind farm
site boundary
Proposed
transmission
line corridor
Proposed
high voltage
connection point
Source: Tilt Renewables, Google Maps
Salt Creek Wind Farm -Overview
Minimal development risk
•Fully consented
•Supportive landowners, community and local council
•49km overhead connection into existing Terang substation
•Current approvals: construction completed before Sep 2019
•Development approval: 15 turbines, blade tip height 150m
Robust wind resource
•Indicative capacity from 15 x ~3.5MW turbines: ~53MW
•Indicative annual energy production (yield): 170+ GWh/yr
•Relatively simple site + 12 years of wind data
Small project allows for balance sheet funding, offtake flexibility
•FID subject to minimal lender consents and due diligence
•Business case based on fully merchant plant
•Potential to participate in proposed VRET scheme or
contract PPA at a later date

Salt Creek Wind Farm -Delivery
Key Activities –to achieve FID
-Close out procurement process:
-EPC and long-term O&M contract with preferred
wind turbine supplier
-Connection Services Agreement –construction of
connection assets and ongoing connection
services (AusNet Services)
-Secondary consents and approvals
-Network connection –agreements with AEMO and
finalisation of technical performance standards
-Working with debt financiers to optimise project
funding utilising existing committed facilities plus
internally generated cash
-Output is currently modelled on merchant basis,
modelling a number of market scenarios to ensure
risk adjusted returns compensate for price variability
018
Indicative timeline
Procurement
Mar-17Apr-17May-17Jun-17Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18
Due diligence
Construction (indicative)
Commissioning
(indicative)
Medium-term Energy and LGC market prices (A$/MWh)
0
50
100
150
200
250
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
LGC forward prices
VIC Baseload ASX
Futures
Development
Construction (12-15 months)
Operations
Source: Tilt Renewables. Indicative timing only
Source: ASX Futures prices, Mercari LGC forward prices
Investment
decision
Notice to
proceed

Dundonnell Wind Farm
•Dundonnell Wind Project (~300MW, VIC)
•Fully consented with minor approvals required for connection
•Supportive landowners, community and local council
•Proposed connection via Mortlake PS with new off-site substation
•Current approvals: Construction commencement before Jun 2021
•Development approval: 96 turbines, blade tip height 165m
•Progress development to investment ready status throughout CY2017
•Potential to participate in proposed VRET scheme or contract PPA at a
alter date
•Potential for synergies with construction of Salt Creek
019
Mortlake
gas power
station
Dundonnell
wind farm
site boundary
Proposed
transmission
line corridor
Proposed
off-site
substation
Source: Tilt Renewables, Google Maps

Other energy technology and commercial advances
•Tilt Renewables team maintains a watching brief on energy
technology advances including, but not limited to:
•Advances in wind energy technology
•Storage technologies –battery and pumped hydro
•Integration of battery storage with renewables to optimise
grid and manage market risks
•Innovative commercial and financing structures
020
Other wind development projects
•Consenting of the Waverley wind farm in NZ
•NSW development consents
•Reviewing development pipeline to position for growth and to
ensure focus on most competitive options
Solar development options
•Two solar development sites acquired in northern
Queensland with indicative capacity of ~100MW
•Greenfield development options being explored, focus on
NSW and QLD
•Waddi solar and wind options post WA market reform
•Co-location of solar with wind at Snowtown
Operational asset acquisitions
•Management observe a number of ageing wind assets held
by financial investors who may not be best placed to optimise
performance / continue ownership once PPA, operations &
maintenance agreements roll off
Future growth opportunities

Pathway #1 -Value add through unique delivery model
•Target “double digit” equity returns from new assets
•Target a material share of the required renewables build to
meet the RET through:
–Quality wind and solar development assets with
connection options
–Credibility and track record through development and
construction
–Leverage established relationships
–Innovative delivery, financing and commercial structures
–Leveraging a large portfolio with a mix of asset age,
long term PPA and geography provides flexibility for
offtake contracting options, including the ability to take
on a prudent level of merchant revenue exposure
•Solutions to manage intermittency of wind and solar
generation profile and support greater renewable penetration
Whole of life ownership and 100% access to free cash
flows
Pathway #2 –Partner with low cost capital providers
•Special Purpose Vehicle with own or institutional fund model
•Project specific capital structure and capital providers
•Need alignment of investment objectives and the right
partners
•More complicated and time consuming but Tilt Renewables
may need optionality to compete with low cost of capital in
state renewable energy auctions
021
Potential Capital Raising Pathways to fund growth
Control of development through construction and
ongoing O&M oversight
Development margin for risk taking
Reduced capital outlay and access to free cash flows

What can investors expect over next 12 months
Industry
•Finkel Review on Security of Supply –formal report due Q2 CY2017
•Federal (Aust) Government review of energy and climate policy –report due second half CY2017
•Victorian Renewable Energy Target legislation and first tranche auction in second half of CY2017
Tilt Renewables
•Salt Creek financial investment decision (FID) by mid CY17
•Further progress on development project consents
•More clarity on next investment opportunities and preferred capital raising approach
•Disciplined approach to investment while market and long term policy uncertainty remain in play
022

023
Thank youTilt Renewables

024
State
Energy (GWh) target
proposed
New capacity
excess of LRET
State energy fundamentalsTiltrenewables development options
Queensland
(QRET)
Earlydesign phase
50% by 2030
1.2GW by 2025
1.5GW by 2030
Short-termdemand growth (LNG). Govt
retailer support for new solar.
Nebo/ Dysart solar
Greenfield solar opportunities
NSW
NilLRET only
Capacity to absorbmore renewables. Flat
load growth.
Rye Park / NSW wind
Victoria
(VRET)
Finalising scheme
25% by 2020
40% by 2025
1.5GW by 2020
~ 5GW by 2025
Old,CO
2
-intensive brown coal fleet.
Marginal load growth.
Salt Creek wind (merchant)
Dundonnell wind positioned for VRET or
combination of merchant / contract
South Australia
Aspirational 50%
renewables by 2025
New policies to address
energy security & pricing
Largely achieved
Potential
Falling load. High wind penetration &
system volatility. Tighter technical
standards for new wind generation
proposedby AEMO.
Govtintervention to promote gas peaking /
storage capacity.
Snowtownsolar
Palmer wind
Tasmania
NilLRET onlySmall market.-
Western
Australia
NilLRET only
Reform needed, new Labour stateGovt
potentially a catalystfor change.
Waddi wind and solar
ACT
100% by 2020Metvia FiT auctionSmallmarket.-
APPENDIX 1 -Renewable energy targets across Australia
•State Labour/Green policies are targeting further decarbonisation (beyond LRET) through renewable energy targets

APPENDIX 2 -Overview of Tilt Renewables –582MW operational and
2200MW+ development
Operating assets
Development projects
KAIWERA DOWNS
Potential capacity (wind)
Up to 40MW (Stage 1)
Up to 200MW (Stage 2)
MAHINERANGI (STAGE II)
Potential capacity
Up to 160MW (wind)
MAHINERANGI (STAGE I)
Commissioned 2011
Max capacity 36MW
TARARUA (STAGE I & II)
Commissioned 1998, 2004
Max capacity 68MW
TARARUA (STAGE III)
Commissioned 2007
Max capacity 93MW
WAVERLEY
Potential capacity
Up to 130MW (wind)
BLAYNEY
Commissioned2000
Max capacity 10MW
CROOKWELL
Commissioned 1998
Max capacity 5MW
RYE PARK
Potential capacity
Up to 300MW (wind)
NSW PROJECT
Potential capacity
Up to 500MW (wind)
SALT CREEK
Potential capacity
Up to 53W (wind)
PALMER
Potential capacity
Up to 300MW (wind)
SNOWTOWN (STAGE I)
Commissioned 2008
Max capacity 101MW
SNOWTOWN (STAGE II)
Commissioned 2014
Max capacity 270MW
WADDI
Potential capacity
Up to 105MW (wind)
Up to 40MW (solar)
NEBO, DYSART PROJECTS
Potential capacity
Up to 100MW (solar)
DUNDONNELL
Potential capacity
Up to 300MW (wind)
•Tilt Renewables is a significant and established owner,
operator and developer of wind farm assets, with an operating
portfolio of 582MW of assets located in high wind resource
regions
–Tilt Renewables’ existing wind farms represents approximately
11% of market share by installed wind capacity in Australasia
•Tilt Renewables has a high level of contracted revenue, with
counterparties including Origin Energy and Trustpower
providing stable and predictable cashflows
•Tilt Renewables has a development pipeline of more than
2,200MW of wind and solar projects across Australia and NZ
•Tilt Renewables management team and Board has extensive
renewables energy development and operational expertise
•Existing shareholder base supportive of Tilt Renewables'
strategy and development plans
•Australia is an attractive long-term investment market for
renewable energy, with the 33,000GWh RET to be achieved
by 2020 requiring a further 3,000MW of new renewable
generation capacity to be built within the next four years
•Long-term expansion of Australia and New Zealand renewable
energy generation capacity is supported by global trends
toward decarbonisation, replacement of existing thermal
generation capacity and continue technology / cost advances
Investment highlights









Disclaimer
This presentation is issued by Tilt Renewables Limited. While all reasonable care has been taken in the preparation of this presentation, Tilt Renewables
Limited and its related entities, directors, officers and employees (collectively “Tilt Renewables”) do not accept, and expressly disclaim, any liability
whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or its contents. This presentation is not intended to
constitute legal, tax, investment or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy,
completeness or thoroughness of the content of the information. All information included in this presentation is provided as at the date of this presentation.
Except as required by law or NZX or ASX listing rules, Tilt Renewables is not obliged to update this presentation after its release, even if things change
materially. The reader should consult with its own legal, tax, investment or accounting advisers as to the accuracy and application of the information
contained herein and should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not
been independently verified by Tilt Renewables. Tilt Renewables disclaim any responsibility for any errors or omissions in the information contained in this
presentation, including market statistics, financial projections and forecasts. No representation or warranty is made by or on behalf of the Tilt Renewables
that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved. Any
forward-looking statements or projections are based upon current expectations and involve risks and uncertainties. Actual results may differ materially to
those stated in any forward-looking statement or projections based on a number of important factors and risks that are not all within the control of Tilt
Renewables and cannot be predicted by Tilt Renewables. This presentation may contain a number of non-GAAP financial measures. Because they are not
defined by GAAP or IFRS, they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in
accordance with GAAP. Although Tilt Renewables believes they provide useful information in measuring the financial performance of Tilt Renewables
Limited, readers are cautioned not to place undue reliance on anynon-GAAP financial measures. Tilt Renewables does not guarantee the performance of
Tilt Renewables Limited, the repayment of capital or a particular rate of return on Tilt Renewables Limited securities. Tilt Renewables is not a financial
adviser and is not licensed to provide investment advice. This presentation is for general information only and does not constitute investment advice or an
offer, inducement, invitation or recommendation in respect of Tilt Renewables Limited securities. The reader should note that, in providing this
presentation, Tilt Renewables has not considered the objectives, financial position or needs of the reader. The reader shouldobtain and rely on its own
professional advice from its legal, tax, investment, accounting and other professional advisers in respect of the reader’s objectives, financial position or
needs. The contents of this presentation may not be reproduced or republished in any manner without the prior written consentofTilt Renewables.
026
IMPORTANT NOTICE Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy Tilt RenewablesLimited securities
in the United States or any other jurisdiction. Securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term
is defined in Regulation S under the US Securities Act of 1933) unless they are registered under the Securities Act or exemptfrom registration.

---

Infratil Investor Day
2017

CDC provides highlysecure
outsourced data centre
services to the Australian
FederalGovernment
and their keymanaged
serviceproviders.
A datacentre houses an organisation’s computer systems and associatedequipment
for data storage andprocessing.
Canberra Data Centres (CDC) provides critical services by accommodating their IT infrastructurein
an organised, scalable environment with the followingfeatures:
› Electricalsupply
› Coolingcapacity
› Redundancy andresilience
Server
Fundamentalbuildingblock
whichprovidesdatastorage
andprocessingcapacity.
Rack/cabinet
Frame which housesservers
(and ancillaryhardware).
Pod
Cluster of racks/cabinetsgrouped
for operationalpurposes.
Canberra Data Centres is a collection of computing pods towhich
critical power and cooling infrastructure isconnected.
› DR/BCcapabilities
›Connectivity
› TechnicalServices
Overview
2

Fyshwick
Hume
FyshwickCampus
2 datacentres
Fyshwick 1 —operational2015
Fyshwick 2 —development
Total of 39 MW capacity
‘Secret’ securityaccreditation,
designed for ‘TopSecret’
100+Pods
2,300+Racks
HumeCampus
3 data centres; Hume 1,2 & 3
Total of 21 MW capacity
Operational 2007 -present
‘Secret’ Securityaccreditation,
designed for ‘TopSecret’
80+Pods
1,600+Racks
Brisbane
Sydney
Canberra
Melbourne
Capital city ofAustralia
Overview
3

The Federal Government
data centre marketis
a unique segment with
significant advantages
for incumbents with
closeproximity
andconnection
toGovernment.
There are three major growth drivers in CDC’s target market:
1. DataGrowth
•Move from analog todigital
•‘Data Explosion’ –hundredfold increase in the next decade(Data61)
•Big DataAnalytics
•Artificial Intelligence and cognitivecomputing
2. Governmentdigitisation
•Digitisation of the government –citizenrelationship
•Federal Government digitisation journey is wellunderway, pursuing efficiency
and costsavings
•Many departments are just starting the digitisationjourney
•Government stakeholders are not yet satisfied withprogress
•Digital Transformation Agency (DTA) has beencreated
•Mobility is key; access anytime,anyplace
•Simpler, faster interactions forcitizens
•National Security related ICTinvestment
3.Outsourcing
•Policy that is mandated by the GershonReport
•Government outsourced tenders increased fivefold since2008
•Harnessing thecloud
Trends in the addressablemarket
4

Trends in the addressablemarket
Globaltrend
in Data Centre
StorageCapacity
12%
18%
35%
45%
20%
70%
382
546
782
1,065
1,405
1,842
0
500
1,000
1,500
2,000
201520162017201820192020
I
n
s
tall
e
d
S
torage
C
a
p
a
c
ity
(
E
B
)
Traditional DataCentrePrivate Cloud DataCentre
Public Cloud DataCentre
Source: Cisco Global Cloud Index, 2015-2020
5

Trends in the addressablemarket
FederalGovernment predicted
'Cloud' solutions expected to
be $1.1Bn
per annum by2019
—John Sheridan (2016)
CTO Australian
Government
Federal Government Data
Centreoutsourcing has been
growing by c.25% p.a. over
thelast 3years
—L.E.K. Consulting(2016)
Overall ICT spend by Federal
Government =$9Bn (2016:$6Bn)
—DTA(2017)
CDC success rate —75% to
85% of the ACT outsourced
DataCentre market
—L.E.K. Consulting(2016)
6

› Cyber issues
› Election Cycle —Double Dissolution FederalElection
› Central review of all Government IT Projects >$10m
› Client projectdelays
› Whole of Government procurementinitiatives
› Procurement moving toDTA
› Governmentinitiatives
•Hyper scale, dedicated Governmentcloud
•New Governmentplatforms
•Border Securityinitiatives
•Big Dataprojects
•Security is driving Defencedecisions
› Institutional interest in the data centre sector isincreasing,
limited entrypoints
› Data Centre ownershipchanges
Temporary pause—
nowaccelerating
Current dynamics of Governmentprocurement
‘CENSUSFAIL: IBM AUSTRALIA APOLOGISES FOR
DEBACLE WHICH SAW CENSUS WEBSITE GOOFFLINE’
—TheAustralian,October25th2016
‘ATO’S ONLINE OUTAGE TO ENTER FIFTHDAY’
—IT News, 3 February2017
‘AUSTRALIAN BUREAU OF STATISTICS LAYS BLAME
FOR CENSUS BUNGLE ONIBM’
—The Guardian, 23 September2016
‘AMAZON S3 OUTAGE HAS BROKEN A LARGE
CHUNK OF THEINTERNET’
—Global Advisors, 28th February2017
7

› High success rate with
Federal Governmenttenders
› Contracts are long termand
performancebased
MustHave:
› PanelMembership
›Proximity
› Track record
› ICONConnectivity
UniqueAttributes
KeyFeatures:
›Security
› Specification andScalability
›Reliability
›Interconnectivity
›Capacity
›Price
›Service
AddedValue:
› Power efficiency —designed PUE <1.3
› Dual sites —2 sites < 15 kmsapart
› Speed to deploy —deploy in < 6weeks
› Added Security features —customfeatures
Why Government chooses (and stays at)CDC:
8

CDC has developed a
tailored premium offering
that serves specific
demands unique to
FederalGovernment.
UniqueAttributes
Competitive Advantages that give CDC a highly defensibleposition:
DESIGN +LEADERSHIP
› World Class adaptabledesign
› Modular, scalable, efficient and
future proofplatform
› Flexible commercialmodel
› 2 campus, full 2Nredundancy
› Marketleadership
› Qualityoffering
› Operationalleverage
CRITICAL
INFRASTRUCTURE &
SECURITY
› Government accredited andsecure
› ICON —unique dualpathway
› Co-location —Cheaper, more secure and
reliable, better performinginterconnects
› Modern facilities, latesttechnology
› Model being replicated in theUK
TRUSTEDPARTNER
› Valued advisor and solutionprovider
› Deep customerrelationships;
we understandGovernment
› Interconnectivity experience andexpertise
› Strong trackrecord
›Reference-ability
› Contractedrevenues
ECOSYSTEM +CONNECTIVITY
› Largest Federal Governmentagencies
areclients
› Ecosystem continues to getstronger
with eachclient
› Network cost savings forclients
› Speed of deployment less than 6weeks
› Critical mass of Government,
Cloud and MSPcustomers
9

Ecosystem
“Colocation is quickly becoming the nexus of
both cloud and enterpriseIT”
—James Bourne, CloudComputing
“The colocation market is serving as ‘datacentre
arms dealer’ to both enterprises and thecloud.
In this process, colocation is often becomingthe
strategic connection point between thetwo.”
—451 Consulting –Katie Broderick: ResearchDirector
10

The CDCEcosystem
is organicand
selfreinforcing.
CDC Design+
Leadership
CDC
Ecosystem
Critical
Infrastructure
Fyshwick
Hume
Trusted partner
withcriticalmass
of Government
customers
Connectivity
Security
Ecosystem
11

TheCDCEcosystem
isuniqueandgrows
strongerwithevery
clientthatjoinsit.
Ecosystem
IndividualAgencies
Contracted
(Onpremise
replacement)
Managed
ServiceProviders
CloudService
SharedServices
withinGovernment
TopSecret
Protected
Secr
e
t
U
nclassified
12

Growth
› Growth from existingcustomers
› Growth from new Governmentcustomers
› Opportunities in Hyperscale Cloudpartners
› Growth in specialised assured Cloudplatforms
› Growth in private/hybrid/cloudapproaches
Opportunities
Development
› Fyshwick2
› New facility in newgeography
› Expansion of serviceoffering
› Mergers &Acquisitions
› Whole of GovernmentInitiatives
Fyshwick 2
Design
13

KeyPoints
CDC has established a
clear market leadership
position in the provisionof
highly secure outsourced
co–location data centre
facilities for Government
endusers.
Marketleader
› CDC operates 2 scalable Data Centre
campuses in Canberra providing highlysecure
outsourced co-location Data Centre services to
Australian Government entities and third party
serviceproviders
› Available capacity of 39MW makes CDCorders
of magnitude larger than its directcompetitors
› Industry leading operatingmetrics
Operating in a sector withstrong
demandtailwinds
› CDC is benefiting from 3significant
sectortrends;
1)Massive data processing and storagegrowth
driven by increased computing power and
newapplications,
2)Government digitisation,and
3)Outsourcing of ICTservices.
› The business operates within the Government
procurement framework which has aninherently
long lead time and an inconsistent salescycle
CDC has an advantaged marketposition
› CDC is well positioned to capitalise onthe
expected strong marketgrowth
›CDCestablisheditsreputationbydevelopinga
worldclassadaptableDataCentredesignthat
fitsuniqueGovernmentrequirements
› Today CDC operates a powerful ecosystem with
dozens of Government agencies andthird
parties servicingGovernment
› The CDC Ecosystem deliversincremental
customer value with each additionalclient
Tangible growthpipeline
› Numerous growth opportunities are available
toCDC;
•Utilisation of existing capacity atFyshwick
and Hume requiring limited incremental
capital
•Development of new Data Centrecapacity
beginning with Fyshwick 2 (21MW)
•Expansion of service offerings tosupport
customer ICTobjectives
•SelectiveM&A
14

---

Infratil Investor Day | 29 March 2017

2. Infratil Investor Day
Positive record of identifying and
executing strategic opportunities
From 1994 -2013
•Listed in 1994 serving
40,000 customers
•High growth through acquisition,
regulation, new generation builds
•Australian Renewables
•First forays into telco
through Kinect
•Significant growth in
shareholder value
2013 to today
•Rebrand
•Focused growth in telco
including UFB
•Created platform for Tilt demerger
•Created additional shareholder
value through bolt on acquisitions
Looking to the future
•4th largest in energy and
growing multi product
•Strong position in telco
•Creates a platform for
optimisation, convergence
and growth
•Well positioned to create
new shareholder value

3. Infratil Investor Day
•Global trend towards industry convergence is increasing
•Single industry players face high competition from both
within and from outside the sector
•Consolidation –is occurring within industry segments
to achieve scale, and across industries to provide
customer solutions
•Easily restructured portfolio of generation assets
•Ability to grow in electricity, telco and adjacent markets
•Can seek convergence and growth through acquisition (King
Country Energy)
•New customer facing technology fits well at the junction of
energy and telecommunications business
Our world view
Trustpower is well positioned to capitalise
on emerging market opportunities
“Trustpower’s core strategic approach is to create executable options in this world of uncertainty”

4. Infratil Investor Day
The dynamics and potential of our markets
* Data from MBIE
Fibre opportunity growing fast
•Driven by data hungry customers
•Creates new opportunity for customer engagement
0
100
200
300
400
500
600
700
800
900
Dec-14Dec-17Dec-20
Actual and forecast fibre connections (000’s)
15
18
20
23
25
28
30
33
35
38
40
43
197419791984198919941999200420092014
NZ annual electricity consumption (000’s)*
Electricity demand largely flat
•Driven by beyond the grid efficiency and generation
•Thermal plant retirement will tighten supply moving price
towards LRMC

5. Infratil Investor Day
Generation portfolio –provides efficient,
flexible risk management
75% -80%
of Trustpower’s EBITDAF
is provided by the NZ
generation business
38
38 hydro power
stations across
21
schemes
436MW
total NZ installed
generation capacity
65%
shareholding in
King Country
Energy
Flexible and low
marginal cost
portfolio benefits from market
firming and ableto optimise
growth, hold or divest
20%
shareholding in Rangitata
Diversion Race Management
Limited (New Zealand’s largest
irrigation scheme)

6. Infratil Investor Day
Generation portfolio –provides efficient,
flexible risk management
3
Australian
schemes
6
generating
units
96MW
of AU generating
capacity
244GWh
typical annual production –
approximately 13% of TWP total

7. Infratil Investor Day
Transmission pricing & ACOT
Assessment of ongoing ACOT
(Avoided Cost of Transmission) payments
•Reduction in ACOT payments from April 2018
Ongoing TPM uncertainty:
•We remain highly engaged in the Electricity
Authority's TPM review
•We believe there are important precedents
being set
•We remain highly concerned about the quality
of the decision-making process
Our submission focused on two key themes:
•The EA's review and proposals are based on
fundamental errors of law and process
•The review and proposals are not based on
sound evidence
0
5
10
15
20
25
30
Apr-17Apr-18Apr-19Apr-20
Annualised $
(Millions)
UnlikelyPossibleProbableCurrent ACOT at FY17 rate
?
New
TPM
Current Trustpower estimate of future ACOT revenue

9. Infratil Investor Day
Multi-product loyalty benefits continue
Electricity only vs multi-product customer churn
“Intense competition continues, however bundling has maintained position in the face of heavy price discounting of electricity that is not
sustainable in the medium term”
0%
5%
10%
15%
20%
Dec-14Dec-15Dec-16
Electricity Only
Dual Fuel
Triple Play
Electricity and Telco
Linear (Electricity Only)
Linear (Dual Fuel)
Linear (Triple Play)
Linear (Electricity and Telco)
For example in Auckland the
NPV of a bundled acquisition
campaign with a median
customer tenure of 4.7 years
is more than 5 times that of
an electricity only campaign

10. Infratil Investor Day
We are focusing on growing our share
of the higher-value fibre market
980K households
where fibre is available
317K households that
have fibre today
Trustpower current
fibre market share
(6.8%)
1.4M households will
have access to fibre
by circa 2021
837K households
forecast to take fibre
by 2020
Trustpower target
share of market by
2022 (11%)
Trustpower is taking a growing share of a growing market as
customers of legacy copper services with incumbent providers
accelerate their migration to higher value, higher margin
fibre products
20172020

11. Infratil Investor Day
Customer acquisition is targeted at
higher value bundled customers
Targeted growth
•Focus is on managing Customer Lifetime Value
•Driving sustainable growth in the higher value segments
•Insight driven proposition development
050,000100,000150,000200,000250,000
Jan-2015
Jan-2016
Jan-2017
Electricity OnlyDual Fuel
Electricity TelcoElectricity+Gas & Telco
Mixed
Customer growth
90,000 customers have
more than one product
Current customers
275,000 electricity
32,000 gas
76,000 telco

12. Infratil Investor Day
Reshaping the customer experience
Keeping pace with changing customer
expectations and creating long-term,
mutual customer value
Net promoter score increases due to:
•Propensity models and proactive intervention
•Platform stability
•Process redesign
•Easier interaction for the customer
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
September 2016December 2016
DetractorsPassivesPromotersNPS
Net promoter score

13. Infratil Investor Day
Improving cost efficiency without compromising quality of
service through the leverage of digital and emerging technology
Interactions by channel
•We have focused on driving interactions to
lower cost channels where customer
preference allows us to do so
•Increased focus on digital channels has led to a
reduction in recruitment of 16 staff
•Future investment; apps, push notifications,
machine learning & greater use of robotics and
chatbots will see continued improvements
020406080100
Q1 2018
Q1 2017
Q1 2016
PhoneEmailVirtualWebchatChatbots

14. Infratil Investor Day
FutureCurrent
Investing in technology platforms that are fit for purpose,
secure, modern and customer centered
Keep it Simple, Scalable,
and Fit for Purpose
Rock Solid IT
& ISP
Digital &
Data First
Cloud
Agility
Build &
Leverage IP
Past
Foundational
Principles
Multi-product &
Customer Centric
Stable & Resilient
Speed & Scale
Modern
Workplace
Key focus areas

15. Infratil Investor Day
People capability –Trustpower
senior leadership team
Vince
Hawksworth
Stephen
Fraser
Kevin
Palmer
Peter
Calderwood
Melanie
Dyer
Simon
Clarke
Fiona
Smith
Craig
Neustroski

16. Infratil Investor Day
People capability to execute on future opportunities
Future organisational
capability
•Strengthen resiliency,
leadership, and
collaboration for better
business outcomes
•Fast business
improvement
•Attracting and retaining
new talent
Adaptability and
flexibility
•Activity based working
•Measuring
responsiveness to
customers and markets
as well as individual and
team measures
Changing nature of
the workforce
•Reward and recognition
approach
•Graduate program to
young professionals
•Increase gender and
cultural diversity
Keeping our workforce
safe and secure
•Focus on risk-based
assessment
•Reducing absenteeism
and staff turnover
Key focus areas

17. Infratil Investor Day
Key performance areas
A clear focus for ensuring a more valuable business in the future
Optimising performance of
the generation portfolio
•Asset management that is
value driven
•Operating cost flexible to
market conditions
•ACOT and TPM -continue to
work for sustainable solution
•Maximise value within overall
trading portfolio through
flexible contracting
Enhancing the multi-service offer
and customer experience
•Continue to lead the change to
value enhancing multi-service
offers
•Improve customer experience in
provisioning and customer
service
•Demonstrate efficiency from
scale and digital investment
•Align acquisition costs with the
lifetime value of a multi-service
customer
Improving long-term industry
structure
•Manage relative position given
inevitable changes in future
business models
•Execute accretive inorganic
growth options when available
•Major shareholder that
supports Trustpower to be
part of future industry
consolidation
Key focus areas

18. Infratil Investor Day
Trustpower is well positioned in a world that is decentralising
and converging at the customer premise
A proven ability to execute in our target markets
•We are not relying on our strong relative position in the traditional electricity industry to build our future business
•Trustpower has made a series of investments in the last few years to pre-position for the inevitable changes in the industry:
-diversified generation fleet, multi-service offer, flexible enterprise systems, online capability, improved work environment, and
extending the Trustpower brand
•The most obvious strategic shift has been towards multi-service retail –this is a high conviction and important strategy but only part
of the overall plan for preparing the business for major changes
•2017/18 Proof points:
-Customer retention post acquisition term
-Continued ability to execute targeted campaigns in high value segments
-Increased returns through cost optimisation and scale
Will create opportunities for growth in energy and other utility services, and a path to value through customer insight,
portfolio management, cost efficiency and targeted investment

Infratil Investor Day | 29 March 2017

---

Infratil Investor Day March 2017

RetireAustralia –Future (2021) consistent focus
6,300+

STRATEGIC
VISION
Core –Existing portfolio
Improve existing returns
Drive growth
Drive growth & safeguard DMF
Our vision is to be the recognisedleader in customer-centric retirement communities and care
services to make us the first choice of older Australians and their families.
The Immediate Future FY18 –FY21
Emerging –DevelopmentEmerging –Care

“I’ve worked hard my
whole life and I have
earned my right to be
safe, secure and
cared for in my
retirement.”
AGE:70 -78
CARE NEEDS:Independent
LOCATION:Regional areas, minor metro areas
MARITAL STATUS:Single / Widowed / Widower
HOUSING:Principal place of residence
TOTAL NET WORTH:$200,000 -$700,000
HEALTH:1 or 2 chronic illnesses
(some well managed)
Existing Regional and minor metro customer profile
Goals:
•Feel safe and secure
•Affordable retirement accommodation and care
•Have access to the help they need when they need
it
Frustrations / worries:
•Having enough money in retirement
•Feeling they have purpose and something
meaningful to do
•Being a burden to their family
Motivations:
SAFETY AND SECURITY: 90%
HEALTH / WELL-BEING: 50%
FINANCIAL: 75%
SOCIAL: 60%

RetireAustralia New pipeline customer profile
AGE:78 to 82
CARE NEEDS:Independent
LOCATION:Metropolitan areas, SE Australia
MARITAL STATUS:Single / Widowed / Widower
HOUSING:Principal place of residence
TOTAL NET WORTH:$1 to $2 million
HEALTH:1 or 2 chronic illnesses
(well managed)
Goals:
•To remain independent for as long as possible
•To feel safe and secure
•To have access to the help they need when
they need it
Frustrations / worries:
•Feeling they have purpose and something
meaningful to do
•Being a burden to their family
•Keeping on top of their household and chores
Motivations:
SAFETY AND SECURITY: 90%
HEALTH / WELL-BEING: 75%
FINANCIAL: 50%
SOCIAL: 60%
“My children are grown
up and married, and I
want them to be able to
live their own lives. They
know I could be
independent , safe and
have access to care
services when I need
them at a RetireAustralia
village.”

Core business –resales and operations
STRATEGY
Target care needs-based customers by adding
additional care services.
Reduce time on market via an expedited
refurbishment process and supporting marketing
strategy.
Improve village’s external appearance and resident
safety.
Continually innovate in how we sell to existing and
new residents.
PURPOSE
To improve the resident experience for our target
market, the 75+ year consumer who will have
increased care needs in the years ahead. This will
enable RetireAustraliato increase its market share
and lift industry penetration in the medium to long
term.
AIMS
Drive entry price growth
Increase average age
Speed to market
Financial innovation
Retirement Living –
the experience

Resales–New Standard Contract
When you buy
•Capped exit fee
•No stamp duty
While you live with us
•Fixed village fees
When you leave
•No sales and marketing fees
•No reinstatement or refurbishment fees
•Guaranteed buyback

Value generation
* Key investment property valuation assumptions have remained constant since acquisition. Greenfield sites valued at cost.
**Net debt forecast to be ~$220M at 31 March 2017. Net debt at acquisition was $210.7M.
•Growth in NTA since acquisition has been driven by increased unit prices, strong development
margins, improvements in contract terms and an increasing age of resident.
•Embedded collect growth points to strong future cash flow generation.
Embedded Collect per unitEmbedded Collect
$490-540M
Dec-14 FY17F
$406M
Capital
Gains
$366M
DMF
$523M
75
$99K
$134K
19
24
DMF
16
Capital
Gains
NTA
67
90
89
277
Dec-14 FY17FDec-14 FY17F
35.4%
+42.9%
367
156
94
40

Development acquisition filters

Development pipeline

DEVELOPMENT DELIVERY - FORECAST*^DEVELOPMENT DELIVERY - FORECAST*^
ProjectStatusState
Tea Tree GardensDelivered SA
Forresters Beach DA approvedNSW
Newling GardensDelivered NSW
GlengaraDA approvedNSW
Wood GlenDA submittedNSW
Glengara - CareDA preparationNSW
Forresters Beach- CareDA preparationNSW
Tarragal - CareDA preparationNSW
Tarragindi Bowls ClubDA submittedQLD
Lutwyche (Fancutts)DA preparationQLD
Ashgrove Golf Club
DA preparation
QLD
Burleigh Golf ClubDA preparationQLD
Greenfield**
Brownfield
FY16FY17FY18FY19FY20FY21
2
864110
936
5510
3035
65
70
20
90
12080
100
120
DELIVERY TRACK RECORD
Prospect 1 - GreenfieldUnder DDQLD
Prospect 2 - GreenfieldUnder DDQLD
Prospect 3 - BrownfieldUnder DDCC- NSW
TOTAL inc Pipeline Target
Pipeline Target
TOTAL 9713220185245300
60
60
60
9713220185245480
Delivered product
Future product
Target new sites
* Units March year end
^Yield forecasts as per current planning stage
**'Under DD' as at 12 months ago
Development pipeline

1.Ageless Program
2.Household support / home maintenance
3.Allied health
4.Personal care
5.Clinical care
Care Strategy –What is RA Care
10%30%35%40%50%

Care roll out
FY18
FY19
FY20
FY21+
Each financial year villages
with care apartments are
rolled out first followed by
Independent Living Units
only villages.

RetireAustralia –End FY18