Infratil 2018 Annual Meeting Presentation

•Chairman’s Introduction
•Chief Executive’s Review
•Presentation of the Annual Report for the year
ended 31 March 2018 and the report of the auditor
•Questions from Shareholders
•Resolutions
•Close and Afternoon Tea
Infratil Annual Meeting
Agenda
InterContinental Hotel, 2 Grey Street, Wellington, on Friday 24 August 2018 commencing at 2.30pm
2InfratilAnnual Meeting 2018

Mark Tume
Chair
InfratilAnnual Meeting 2018
•Independent Director since 2007 and Chair since 2013
•Member of the Audit and Risk Committee
•Chair of Manager Engagement Committee
•Chair of the Nomination and Remuneration Committee
•Chair of RetireAustralia
•Up for re-election
3

Marko Bogoievski
Director
InfratilAnnual Meeting 2018
•Chief Executive of Infratil and on the Board since 2009
•Chief Executive of the H.R.L. Morrison & Co Group
•Chair of Longroad Energy
•Not up for re-election
4

Alison Gerry
Director
InfratilAnnual Meeting 2018
•Independent Director since 2014
•Chair of the Audit and Risk Committee
•Member of Manager Engagement Committee
•Member of the Nomination and Remuneration Committee
•Director of Wellington International Airport
•Not up for re-election
5

Paul Gough
Director
InfratilAnnual Meeting 2018
•Independent Director since 2012
•Member of Manager Engagement Committee
•Member of the Nomination and Remuneration Committee
•Up for re-election
6

Humphry Rolleston
Director
InfratilAnnual Meeting 2018
•Independent Director since 2006
•Member of Manager Engagement Committee
•Not up for re-election
7

Peter Springford
Director
InfratilAnnual Meeting 2018
•Independent Director since 2016
•Member of Audit and Risk Committee
•Member of Manager Engagement Committee
•Not up for re-election
8

Chief Executive’s Review

2017/18 Year in review
New platforms gathering momentum while core businesses deliver strong results
10
•Underlying EBITDAF of $552.4 million, up $32.9 million (6.3%)
on the prior year of $519.5 million
•Proprietary sector platforms now in place and are an
important indicator of future success
-New renewables and data infrastructure platforms firmly
established and delivering
-Eldercare platform development pipeline repositioned to include
care apartments and an integrated continuum of care offering
-Core platforms likely to generate in excess of $1 billion of capital
deployment opportunities over the next three years
•$533 million of cash and undrawn bank facilities on hand at
31 March 2018
•Final dividend of 10.75cps, up 7.5% on the prior year
•Total shareholder return for the year was 13.2%
Infratil Annual Meeting 2018

Investing in “Ideas that Matter”
The cornerstone of Infratil’s approach to investment
Infratil Annual Meeting 201811
•Infratil invests in critical infrastructure and essential
services for countries, communities and individuals
•Since 1994 Infratil has consistently sought to invest:
-Where demographic or core societal trends are driving
long-term demand
-Where Infratil has capability and operational expertise
-Where there is opportunity for further re-investment
•What constitutes “infrastructure” continues to evolve as
technology and business models change
•Current key areas of focus include decarbonisation,
global mobility, data and an aging population
Salt Creek Wind Farm, Victoria

12
•Infratil’s goal is to provide
shareholders good risk-adjusted
returns across a diversified
infrastructure portfolio:
-Since its inception Infratil has returned
16.6% p.a. over 24 years
-Returns over the 3 years to
31 March 2018 were muted at 4.4% p.a.
as Infratil positioned itself for, and
executed, investment in new platforms
-Valuation discounts have narrowed
financial year to date as key platforms
have demonstrated tangible progress,
with returns to 23 August of 14.6%
1
Returns for shareholders matter
Infratil is positioned for further growth in net asset values
(20,000)
(10,000)
-
10,000
20,000
30,000
40,000
50,000
-40%
-20%
0%
20%
40%
60%
80%
100%
1994199619982000200220042006200820102012201420162018
Infratil Track Record
Dividend ReturnCapital ReturnAccumulation Index
Infratil Annual Meeting 2018
1
Based on a closing share price of $3.445

Heading to a low emissions future
Building a global renewables platform
13
•Infratil has made a long-term commitment to renewables
•Energy markets constantly face short-term political
uncertainty, highlighting the benefits of market
diversification
•Infratil has developed a high quality development pipeline in
NZ, Australia and the US, with flexibility to reprioritise
projects
•The NZ government is consulting on its Zero Carbon Bill with
the aim of having the legislation in place by mid 2019
-There is widespread acknowledgement of the need to balance the three
goals of price, reliability, and emissions
-Infratil’s primary submission point is that emission reductions will require
substantial capital investment and that NZ should exercise caution to
ensure that investment is encouraged
-At least $200 billion is required over the next three decades to electrify
NZ and meet objectives
Infratil Annual Meeting 2018
Infratil’s current
renewable development
options:
Australia: 3,046MW
United States: 6,000MW
New Zealand: 540MW

Trustpower
Well placed to capitalise on a renewable future
14
•Trustpower provides Infratil with strong cashflows,
supporting growth platforms and broader
development opportunities
•Trustpower has a diverse and flexible portfolio of
hydro generation assets, and a unique multi-product
retail offering that is delivering customer and earnings
growth
•Following the sale of its Australian hydro assets and
the full takeover of King Country Energy, Trustpower
is well positioned to participate in further industry
consolidation
•Current strong capital position offers an opportunity
for a capital return to shareholders
Infratil Annual Meeting 2018
WaiporiHydro, Lake Mahinerangi

Australasian Renewables
Tilt Renewables -a breath of fresh air
•Tilt’s pipeline of wind, solar and storage development
options provides Infratil with significant investment
opportunities in both Australia and New Zealand
•Infratil remains positive around the long-term
development opportunity despite significant policy
uncertainty in Australia
•In the three months to 30 June 2018 Tilt’s total energy
production was 50% above the comparative quarter in
2017 and 7% ahead of long-term expectations
illustrating the significant volatility of wind resources
•Dundonnell wind farm development project bid into the
Victorian Renewable Energy Auction Scheme, with an
expected total cost of approximately A$600 million,
including $A300 million from Tilt shareholders
15Infratil Annual Meeting 2018
Salt Creek Wind Farm, Victoria

Australasian Renewables
Tilt Renewables -Infratil and Mercury’s announced intention to make a takeover
offer
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•On 15 August Infratil and Mercury announced their
intention to make a full takeover offer for Tilt Renewables
•Infratil and Mercury already respectively hold or control
51.04% and 19.99% of the Tilt shares
•The offer price of NZ$2.30 represents a 24.3% premium
to Tilt’s closing share price on 11 May 2018, being the
last trading day before Mercury acquired its 19.99%
stake
•If fully successful, the takeover offer will result in Infratil
increasing its holding in Tilt to 80.01%, at a cost of
NZ$208.54 million, with Mercury remaining at 19.99%
•The only substantive condition of the offer is approval
under the Australian Foreign Investment regime
•The offer is expected to close in October
Infratil Annual Meeting 2018
Salt Creek Wind Farm, Victoria

US Renewables
Opportunities reflect the dynamic character of the US electricity generation market
17
•Longroad provides Infratil with extensive investment
opportunities across the renewable energy sector in a
rapidly changing US market
•Longroad recently confirmed the sale of its Phoebe
solar generation project in Texas and expects to
distribute approximately US$30 million to Infratil this
financial quarter
•Longroad is also progressing the Rio Bravo 238MW
wind project in Texas, with completion expected in
mid-2019
•Longroad remains well positioned for continued growth
through its significant wind and solar development
pipeline and its growing third-party services business
Infratil Annual Meeting 2018
Milford Wind and Solar, Utah

Australasian data and connectivity -Canberra Data Centres
Telco infrastructure is increasingly in the cross-hairs of infrastructure investors
18
•The data centre & telecommunications sectors continue
to be driven by improved access and connectivity to high-
speed broadband, and the growth in cloud-based services
•In 2018 CDC delivered a contracted EBITDAF run rate of
A$69 million and remains on track for 20% year-on-year
EBITDAF run rate growth in FY19
•Scheduled completion of the Fyshwick 2 data centre
(21MW) this calendar year, will be followed by
commencement of the first phase of CDC’s new ~50MW
campus at Hume next year
•The development of 5G wireless technology and ongoing
regulatory and policy developments should create further
opportunities for infrastructure investors within the future
telecommunications sector
Infratil Annual Meeting 2018
Canberra Data Centres, ACT

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Wellington Airport
$300 million five-year capital programme to be completed in FY2019
•Wellington Airport delivers strong cashflows while
continuing to grow faster than underlying GDP
•Continuing traffic increases and increased aircraft
size are expected to require additional investment
over the next five years
-Upgrade of the taxiway is now complete and the
transport hub and hotel are scheduled for
completion later this calendar year
-The project to extend the runway has resumed after
two years of frustrating court processes and a
commissioning date in 2022 is plausible
•User ratings of the Airport’s services and facilities
are at an all-time high and the Airport continues
to engage positively with the community
Infratil Annual Meeting 2018
Wellington Airport International Terminal

20
•NZ Bus provides reliable cashflows to Infratil, within a
contract setting that has shifted risk away from bus
operators and allowed the re-sizing of the business
-NZ Bus has secured geographically diversified, long-term
revenues across Auckland, Wellington and the Bay of Plenty
-Strong organic growth is expected, particularly in the
Auckland market but also in Wellington as GWRC looks to
phase in some route adjustments
-NZ Bus has a relatively young fleet of ~710 contracted
buses, and a network of 13 depots
•The TEV prototype electric bus has operated more than
6,000 kilometres in Wellington, with no reliability issues
•Infratil continues to evaluate future ownership options to
maximise value and stakeholder outcomes
NZ Bus
Long-term scale and stability secured for Auckland, Wellington and Tauranga
Infratil Annual Meeting 2018
TEV Prototype Electric Bus, Wellington

Australian Eldercare Services -RetireAustralia
Pursuing a strategythat will deliver contemporary, high-quality retirement living
21
•Investment rationale remains compelling as Australia’s
aged population grows while investment in specialist
accommodation and care is lagging
•RetireAustraliais transitioning to an Australian version of
the “continuum-of-care” model but its development
rate has moderated while that transition occurs:
-Implementation of the integrated care model in Australia
has been challenging and will require patience
•2 medium density urban villages under construction,
with a further 260 new dwellings in the planning phase,
and a total development pipeline of ~1,100 dwellings
•Staged rollout of the home care offering has
commenced with services now accessible to more than
1,500 residents
Infratil Annual Meeting 2018
FancuttsRetirement Living (Pre-construction), Queensland

Perth Energy and Infratil Infrastructure Property
Addressing performance, maximisingvalue
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Perth Energy
•Significant progress in stemming retail losses with a positive earnings contribution
expected in FY19
•Generation continues to provide valuable peaking capacity to the Perth market and will
benefit from the recently announced removal of some coal-fired generation plant
•Medium term wholesale supply arrangements have been agreed
Infratil Annual Meeting 2018
Infratil Infrastructure Property
•IIPL has committed to the redevelopment of the Halsey Street bus depot site
-Stage 1 is forecast to cost $65 million and will provide carparking, a 154
room hotel and ground floor retail, with scheduled completion in 2020
-The development will allow NZ Bus to remain on site, while also maximising
value
•IIPL is also reviewing options for the Kilbirnie site

2018/2019 Outlook
Near term guidance maintained
23
Key Assumptions:
•Trustpower FY19 EBITDAF guidance of
$205-$225 million
•Tilt Renewables FY19 EBITDAF guidance of
A$120-A$127 million
•WIAL FY19 EBITDAF guidance of $100 million
•CDC 20% year-on-year EBITDAF run rate
growth (excl. revaluations)
•Completion of one Longroad project
•Long run average weather conditions and
house price inflation
•Forecast capex excludes the development of
the Dundonnell Wind Farm and the impact of
Infratil and Mercury’s intention to make a
takeover offer for Tilt Renewables
FY2019 Guidance$M
Normalised Underlying EBITDAF
500-540
Operatingcashflow
210-250
Netinterest
155-165
Depreciation& amortisation
200-210
Capital expenditure
415-455
Infratil Annual Meeting 2018
BALANCE SHEET AND CAPITAL POSITION
-Cash position of $182.5 million and wholly owned subsidiaries bank
facilities drawn of $37.3 million as at 31 July 2018
-$111.4 million of Infrastructure Bonds maturing in November 2018
are likely to replaced by a new/rollover offer

Infratil –platform set for the next phase of capital growth
Pressure now on capital allocation and setting priorities across multiple opportunities
24
Converting the near-term pipeline into cash or tangible net
assets:
•Have worked hard to establish multiple accretive options
•Investment is expected to be focused on renewables,
telecommunications, and retirement services:
-Valuation discounts are likely to narrow as current platforms
achieve independent scale
-Infratil has the benefit of working with supportive and
sophisticated shareholders in various JVs
Tightening the portfolio and reducing complexity:
•Review the long-term position of peripheral assets in the
portfolio and close out several lower-value options
•Ongoing performance management of key assets and capital
management
Infratil Annual Meeting 2018

Presentation of the
Annual Report for the year
ended 31 March 2018 and
the report of the auditor

Questions from
Shareholders?

Resolutions

Resolution 1
Re-election of Mr Mark Tume
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Re-election of Mr Mark Tume: That Mark Tumebe re-elected as a director of the Company.
For Against Discretionary
181,914,812 (89.22%)18,585,757 (9.12%)3,393,442 (1.66%)
Infratil Annual Meeting 2018

Resolution 2
Re-election of Mr Paul Gough
29
Re-election of Mr Paul Gough: That Paul Gough be re-elected as a director of the
Company.
For Against Discretionary
200,819,298 (98.27%)124,178 (0.06%)3,408,250 (1.67%)
Infratil Annual Meeting 2018

Resolution 3
Directors’ remuneration
30
Directors’ remuneration: That the aggregate maximum remuneration payable to all
Directors (in their capacity as a director of the Company or any of its subsidiaries) be
increased by $59,046 from $940,923 to $999,969 per annum (plus GST or VAT, as
appropriate).
For Against Discretionary
194,723,560 (97.38%)3,252,713 (1.63%)1,986,375 (0.99%)
Infratil Annual Meeting 2018

Resolution 4
Auditor’s remuneration
31
Auditor’s remuneration: That the Board be authorised to fix the auditor’s remuneration.
For Against Discretionary
193,235,588 (94.57%)7,683,822 (3.76%)3,412,962 (1.67%)
Infratil Annual Meeting 2018

24 August 2018

For more information
www.Infratil.com
33Infratil Annual Meeting 2018