Infratil Market Update

Infratil
Market Update
8 April 2020

Disclaimer
Disclaimer
This presentation has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT)
(Company).
To the maximum extent permitted by law, the Company, its affiliates and each of their respective
affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable
(whether in tort (including negligence) or otherwise) to you or any other person in relation to this
presentation.
Information
This presentation contains summary information about the Company and its activities which is current as
at the date of this presentation. The information in this presentation is of a general nature and does not
purport to be complete nor does it contain all the information which a prospective investor may require
in evaluating a possible investment in the Company or that would be required in a product disclosure
statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Interim Report for the 6 months to
30 September 2019, market releases and other periodic and continuous disclosure announcements,
which are available at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other
advice or a recommendation to acquire the Company’s securities, and has been prepared without taking
into account the objectives, financial situation or needs of prospective investors.
2

Disclaimer
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in
which the Company operates, such as indications of, and guidance on, future earnings, financial position and
performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the
Company’s control, and the Company gives no representation, warranty or assurance that actual outcomes or
performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information”
under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS financial information"
under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities
and Investments Commission (ASIC) and are not recognised under New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial
Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Underlying
EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a
standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not
be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS,
and therefore, may not be comparable to similarly titled measures presented by other entities. Although Infratil
believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in
measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on
any non-IFRS/GAAP financial information or financial measures included in this presentation.
Further information on how Infratil calculates Underlying EBITDAF can be found at Appendix I of Infratil’s Interim
Results Presentation for the period to 30 September 2019.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.
3

Renewable
energy and data
infrastructure
assets should
drive relative
outperformance
Diversified
portfolio with
good access to
capital and
discretionary
levers
Overview
•Diversified portfolio with overweight position in renewable energy generation and data infrastructure is well
positioned to outperform during a sustainedslowdown in economic activity.
•All portfolio entities are preparing for extended restrictions and actively managing cashflows and
discretionary operating expenses and capital expenditure:
‐CDC Data Centres, Tilt Renewables and Longroad Energy are on track to continue strong growth.
‐Trustpower and Vodafone NZ have a strong defensive core with exposure to retail customer bases that will
be affected by an economic downturn.
‐Retirement assets such as RetireAustralia are particularly exposed to the effects of an ongoing pandemic.
‐Wellington Airport is expecting limited revenue for FY2021 financial year and adjusting cost base
accordingly.
•Strong capital position and flexibility across thegroup with ability to deferdiscretionary capitalinvestment or
re-prioritise cashflows if required:
‐Capital return of approximately A$169 million(Infratil’s share) from Tilt Renewables scheduled to be
received in the first half of FY2021.
‐Liquidity at theInfratilparent company levelavailabletosupportassets with more direct exposure
totheconsequences of COVID-19.
•Significant capital investment already undertaken in CDC Data Centres, Tilt Renewables and Longroad Energy
is on track to be income generating in FY2021.
•Reported FY2020 EBITDAF will be slightly below the guidance range,driven by the structure and accounting
treatment of Longroad Energy project sales.
Infratil Market Update –April 20204

Portfolio
resilience and
composition
Investment over
the last 24
months has
focused on high
conviction
platforms with
defensive
characteristics
and ongoing
demand growth
5
Tilt Renewables​
•336MW (A$560 million) Dundonnell wind farm under construction​
•133MW (NZ$277 million) Waipipi wind farm under construction
Longroad Energy​
•594MW of utility scale solar under construction in (Texas​ & Minnesota)
•551MW of utility scale wind under construction (California & Texas)
Galileo Green Energy
•Newly established development vehicle based inEurope
•Pace of development will reflect COVID-19 realities
CDC Data Centres
•105MW of installed Data Centre Capacity with a further ​25MW under construction
•Roadmap to over 230MW of Data Centre capacity
Vodafone
•$3.4 billion acquisition of Vodafone NZ​
•Launch of 5G network in December 2019 and business transformation program
underway
•Infratil is well positioned in scalable high growth sectors with good jurisdictional diversification.
•Investment over the last 24 months has been focused on Infratil’s Renewable Energy and Data &
Connectivity platforms:
Infratil Market Update –April 2020

Portfolio
resilience and
composition
Infratil’s
portfolio is well
positioned to
weather the
COVID-19 crisis
and cushioned
from extended
economic
downturns
6
16%
17%
25%
17%
13%
6%
3%
3%
Investments
TrustpowerTilt Renewables
CDCVodafone
Wellington AirportRetireAustralia
LongroadOther
36%
42%
13%
6%
3%
Sector
Renewable EnergyConnectivity & Data
AirportsRetirement
Other
Infratil Market Update –April 2020

Access to
liquidity and
credit
Duration
extended over
last 6 months
through new
retail bond
issues and
renewed bank
facilities
7
Access to liquidity and credit
•The Wholly Owned Group’s liquidity position is strong with a number of bank re-financings executed in the
last 3 months. The net impact of these changes is that total Wholly Owned Group bank facilities have
increased by $75 million to $748 million.
•As at 31 March 2020 Wholly Owned Group drawn bank debt is $480 million with $268 million of undrawn
bank facilities.
•Tilt Renewables has today announced a capital return of approximately A$260 million (Infratil’s share A$169
million) by way of aCourt approved scheme of arrangement which is expected to be completed in the first
half of FY2021.
•Infratil’s next bank maturity is $53 million in July 2020 and given recent facility extensions,Infratil
isassessing whether arefinancing is required.
•Infratil’s next two bond maturities are:
•$93.9 million of IFT220 bonds which mature in June 2021.
•$93.7 million of IFT190 bonds which mature in June 2022.
Maturities to 31 March ($Millions)TotalFY21FY22FY23FY24FY25-31>FY31
Bonds1,303.8 -93.9 193.7 122.1 662.2 231.9
Wholly-owned bank facilities748.0 85.0 115.0 350.0 148.0 50.0 -
Infratil Market Update –April 2020

Assessing and
responding to
the impact of
COVID-19
Strong platforms
that can sustain
growth in
challenging
economic
conditions
8
CDC Data Centres
•Minimal forecast volume or profitability impact
with core rental revenues underpinned by long
term lease agreements with high creditworthy
counterparties (government and enterprise).
•Potential slowdown in medium term sales as
Government and Commercial clients are
impacted by a broader economic slowdown and
budget constraints, offset by favourable short-
term outlook with these customers likely to
recalibrate and increase deployments.
•Current capital projects remain on track
(principally Eastern Creek 3), with
developmentprojects not currently significantly
impacted by COVID-19 work restrictions.
•Significant refinancing completed in November
2019 with no maturities until November 2022.
Tilt Renewables
•Production from operating assetsis largely covered
by long term offtakeagreements with strong well
capitalisedcounterparties, producing predictable
cashflowsthat are resilient to short term
marketfluctuations.
•Following the completion of the capital return
announced today, Tilt will retain a significant cash
positionand has a strongbalance sheet to support
its medium term development pipeline.
•Tilt has been working closely with its project
partners, Vestas for the Dundonnell Wind Farm in
Victoria, Australia and Siemens Gamesa for the
WaipipiWind Farm in Taranaki, New Zealand, to
proactively manage the impacts of COVID-19 across
the international supply chain, construction
activities and movements of key personnel.
•For more information:
https://www.nzx.com/companies/TLT/announcements
Infratil Market Update –April 2020

Assessing and
responding to
the impact of
COVID-19
Operations
witha strong
defensive core
but exposure to
retail in an
extended
economic
downturn
9
Trustpower
•National demand for electricity is down about
~15% on pre-COVID-19 levels, with higher Mass
Market demand (Retail) more than offset by
lower Commercial and Industrial demand.
•Data demand is setting new records, but
Trustpower networks are coping well.
•Wholesale electricity prices are softer, but the
impact on Trustpower is not expected to be
material.
•Currently $135 million of bank facility head
room. Upcoming maturities are in July 2020 ($25
million) and October 2020 ($55 million), with
work underway to proactively extend these
lines.
•Trustpower has not yet observed any material
impacts on cash collection and credit, but notes
this risk factor in a prolonged shutdown and
consequent economic downturn.
Vodafone
•Announcement of consumer and business
support programs (disconnection and late fee
policy, unlimited fixed data, mobile data
certainty).
•Significant impact on roaming and service
revenues through extended travel restrictions,
prolonged lockdown, and wind down of retail
activity.
•All uncommitted and discretionary operating
and capital expenditure currently under review
and focus is on FY2021 cash flow and review of
ongoing cost structures.
•Potential for impact on cash collection and
credit issues in a prolonged economic
downturn.
•No long-term debt refinancing required until
July 2022 and significant facility headroom.
Infratil Market Update –April 2020

Assessing and
responding to
the impact of
COVID-19
Airport and
retirement assets
more directly
affected by a
prolonged crisis
10
Wellington Airport
•Government measures to control COVID-19 are
having a direct and dramatic impact on the
operations of Wellington Airport. All international
and approximately 95% of domestic services have
been curtailed.
•Operational staff are reduced to the minimum
required for the airport to operate safely. Capital
investment plans have been frozen with only
critical work now expected to occur during FY2021.
•Current expectations are that both international
and domestic traffic will be running at ~66% of
pre-crisis levels by April 2021, rising to ~85% a
year later.The ongoing reduction in traffic and the
curtailment of investment initiatives, will reduce
the operational and development resources
required by the Airport.
•Discussions progressing well with WIAL’s lenders
and shareholders about the funding required to
enable the Airport to maintain operations,
undertake necessary investment, and repay
upcoming financing maturities.
RetireAustralia
•RetireAustralia’s response to COVID-19 is focussed
on resident wellbeing and prevention of cases
within villages.
•Management is closely monitoring and responding
to the evolving situationin line with advice from
the Australian Government.
•While RetireAustralia’s emphasis is on resident
safety, Infratil has also been working with
management to model base-case and downside
scenarios in light of COVID-19, particularly a
slowdown in resales.
•RetireAustralia is reassessing its FY2021
development commitments and discretionary
capex has been suspended.
•Refinancing was completed in Q2 2019, however
RetireAustralia is working with its banking group to
re-purpose existing facilities for working capital
requirements.
•Infratil will continue to assess whether shareholder
support is required.
Infratil Market Update –April 2020

Longroad
Energy
Continued
momentum and
execution with
an extensive
development
pipeline
11
Longroad Energy
•Longroad Energy has announced the financial close and start of construction of Little Bear Solar (215MW of
Solar in California).
•Separately, Longroad Energy announced the sale of 50 percent equity interests in both Little Bear Solar and
Prospero I Solar, (379MW of Solar Texas). Closure in the current environment is testament to the quality of the
projects and defensive characteristics of contracted renewables in the current environment.
•Construction of El Campo, Minnesota Wind and Prospero I currently remain on schedule and on budget. All
construction contractors continue to perform in the field consistent with public health guidelines and all have
contracted revenue or Power Purchase Agreements in place for the projects’ power offtake.
•Electricity infrastructure (including equipment manufacturing) currently considered an ‘essential service’ in the
U.S.
•The Impact of COVID-19 on future development activity is unclear. It is reasonable to expect a slowdown and
pipeline development will in part depend the rate of recovery in corporates and utilities signing new Power
Purchase Agreements, as well as liquidity in the bank and tax equity markets.
•Conversely, COVID-19 recovery legislation is being discussed in the US Congress which may include provisions
for the renewable energy industry.
Infratil Market Update –April 2020
Little Bear solar (215MW in California)
Prospero I solar (379MW in Texas),
MN Wind (70MW, Minnesota)
El Campo wind (243MW in Texas)
Longroad's Construction Portfolio

Longroad
Energy
Development
gains and project
outcomes have
exceeded
expectations,
however the
nature of retained
interests
precludes some
development
gains from being
recognised
12Infratil Market Update –April 2020
ProjectCapacityStatus
Project Rio Bravo
Texas Wind
US$300 million
238MW•100% of the equitysold December 2018
•Development gain recognised on completion of
construction in June 2019
El Campo
Texas Wind
US$335 million
243MW•50% of the equity sold June 2019, remaining 50%
consolidated by LEH, thereforeno development gain
recognised for accounting
Prospero I
Texas Solar
US$416 million
379MW•50% of equity sold 1 April 2020, remaining 50%
consolidated by LEH, thereforeno development gain
recognised for accounting
Little Bear
California Solar
US$346 million
215MW•50% of equity sold 31 March 2020
•Remaining 50% consolidated by LEH, therefore no
development gain recognised for accounting
Minnesota Wind
(Wind repowering)
US$ 77 million
70MW•Binding agreement to sell 100% of the equity at Commercial
Operation Date (‘COD’), expected ~ late 2020 calendar year
•Development gain will be recognised for accounting
purposes at COD
Total Net Economic Development gains –FY2020
1
US$74 million to US$107 million
Infratil’s ShareUS$30 million to US$43 million
FY2020 Cash Dividends to InfratilUS$18.5 million
FY2020 Capital returns to InfratilUS$2.8 million
FY2020 Development Summary
1
Excludes the value of Longroad’s retained interest in projects that have been partially sold

FY2020 Underlying EBITDAF Guidance revised to $550 million -$560 million
•Infratil notes the following in relation to this updated FY2020 earnings guidance:
•Infratil’s previous earnings guidance was $575 million to $615 million.
•Infratil had previously forecast a Longroad reported contribution to Underlying EBITDAF of NZ$38.5
million. As a result of the accounting treatment for the 50% partial sales of the El Campo, Prospero I and
Little Bear projects, Infratil’s share of the economic development gains (US$30 million to US$43 million)
will not be recognised for accounting purposes in FY2020. Infratil now expects Longroad’s reported
contribution to Underlying EBITDAF to be NZ$5.0 million.
•On 17 February 2020 Trustpower updated its FY2020 earnings guidance to $185 million to $195 million
(previously $200 million to $215 million). Infratil’s updated guidance also reflects the Trustpower update.
•Vodafone New Zealand’s (VFNZ) forecast full year EBITDA is expected to be towards the lower-end of its
guidance range of $460-$490 million (excluding transaction and one-off costs and non-cash IFRS 15 and
IFRS 16 adjustments). Infratil has included VFNZ in its earnings guidance on the basis of its 49.9% share of
VFNZ, for its 8 months of ownership.
•Infratil expects the contribution from Wellington Airport to be negatively impacted byup to$2 million,
largelyas a result of theCOVID-19impact on passenger numbers forthe month of March2020.
Incentive fees and valuations
•Infratil’sFY2020 Underlying EBITDAF guidance excludes any Incentive fees that may become payable in relation
to thatperiod. The incentive fee accrual remains unchanged ($125 million, payable in three annual instalments
of ~$41.7 million each) since the update provided on 6 January 2020.
•Investments included in the incentive fee calculation are CDC Data Centres, Tilt Renewables, Longroad and
RetireAustralia.The actual FY2020 incentive fee calculation will be based on independent valuations as at 31
March 2020, which are ongoing.
Earnings
Update
Gap to previous
guidance reflects
accounting
treatment of
partial Longroad
sales. Realised
development
gains have
exceeded
previous
expectations
Infratil Market Update –April 202013

Outlook
Fundamental
uncertainty over
the duration and
impact of the
COVID-19 crisis.
Data and
renewable
energy platforms
expected to
drive portfolio
returns
2021 Guidance
•Given fundamental uncertainty over the duration and scale of the COVID-19 outbreak Infratil will not
be providing full year 2021 earnings or dividend guidance at this stage.
•Infratil expects to provide a further update as part of its FY2020 results announcement in May.
Reporting date
•Infratil will release its audited financial statements and Annual Report for the year ended
31 March 2020 on 29 May 2020.
Dividend Outlook
•Final FY2020 dividend will be announced on 29 May 2020.
•The current expectation is for the final dividend to bemoderated from previous guidance (11cps)
given the uncertaintysurrounding the duration and impact of the COVID-19 crisis.
Infratil Market Update –April 202014

15
Outlook
Infratil is well
positioned in
scalable high
growth sectors,
supported by
jurisdictional
diversification
•Strong capital position and
flexibility across thegroup with
ability to deferdiscretionary
capitalinvestment or re-
prioritise cashflows if required.
•Overweight positions in
renewable energy generation
and data infrastructure are well
positioned to outperform
during a sustainedslowdown
in economic activity.
•Infratil is committed to
supporting the actions of
various governments in all
geographies to restrict the
spread of COVID-19.
•The infrastructure sector will be
essential to the pace and
shape of the global economic
recovery. Infratil is well placed
to support and contribute to
the eventual recovery in each
key market.
Infratil Market Update –April 202015

For further information:
www.infratil.com