Updated CDC Date Centres Valuation 31 December 2019

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

6 January 2020


Updated CDC Date Centres Valuation 31 December 2019
As part of its 31 March 2019 full year results announcement released on 17 May 2019, Infratil provided an
updated independent valuation of its investment in CDC Data Centres (‘CDC’). As at 31 March 2019,
Infratil’s investment in CDC was valued at between NZ$841 million to NZ$942 million.
CDC is required to be independently valued periodically and such a valuation was undertaken as at
31 December 2019. Infratil advises that it has received the 31 December 2019 CDC independent valuation
which indicates that there have been significant shareholder gains since 31 March 2019, with Infratil’s
investment in CDC now valued at between A$1,274 million to A$1,604 million (NZ$1,326 million to
NZ$1,668 million). The updated valuation reflects the completion and delivery of the initial customer
capacity in the Hume 4 data centre in December 2019 (a ~28MW Canberra facility when fully fitted out).
CDC also completed a refinancing in November 2019 which increased available development debt facilities
and ensures that CDC has sufficient funding to complete the development of Eastern Creek 3 (Sydney)
and to commence the developments of Eastern Creek 4, 5 & 6, Hume 5 and Fyshwick 3 (Canberra),
representing a total of 150 megawatts of development over the medium-term. CDC management continue
to experience strong customer interest in CDC’s services, and this is providing strong confidence in the
medium-term growth outlook. CDC’s run-rate EBITDAF as at 31 March 2020 is forecast as A$135 million to
A$145 million per annum (which is substantially contracted), up from A$90 million per annum as at 31
March 2019.

Updated Estimate of FY2020 International Incentive Fee

On 13 December 2019, Infratil provided an update on its estimated FY2020 International Portfolio Incentive
Fee accrual. Based on the latest independent valuation of CDC as at 31 December 2019, Infratil advises
that the estimated International Portfolio Incentive Fee is now $125 million, an increase of $85 million since
the 13 December 2019 update.
Infratil notes that the actual International Portfolio Incentive Fee as at 31 March 2020 will be determined
based on independent valuations of each of the relevant investments. If an International Portfolio Incentive
Fee is ultimately determined to be payable at 31 March 2020, the fee will be payable in three equal
tranches (currently estimated as ~$41.7 million each) over the period to 31 March 2022, with the payment
of the latter two tranches only being payable if the total valuation of the relevant investments as at 31
March 2021 and 31 March 2022 respectively, is no less than the total valuations determined as at 31 March
2020.

Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited Mark.Flesher@hrlmorrison.com