CDC Data Centres 31 December 2020 Valuation

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

4 January 2021

CDC Data Centres 31 December 2020 Valuation - Increased Demand Driving Increase in Value
Infratil advises that an independent valuation of CDC Data Centres (‘CDC’) as at 31 December 2020
indicates a significant increase in the value of Infratil’s investment in CDC since 30 September 2020.
Infratil’s 48.1% investment in CDC is now valued at between A$2,039 million to A$2,334 million, up from
A$1,597 million to A$1,807 million at 30 September 2020. Based on the NZD/AUD exchange rate on
31 December 2020, the NZD valuation of Infratil’s investment in CDC was $2,164.3 million to $2,478.7
million (with a midpoint of $2,313.5 million).
This valuation increase reflects the acceleration in demand that CDC is experiencing from new and existing
customers across its portfolio, which is expected to result in its existing data centres reaching capacity
earlier than expected, with a consequential effect on forecast growth. Infratil will provide a further update
from CDC, including its growth plans, at Infratil’s Investor Day on 16 February 2021.
Impact on Estimated FY2021 International Portfolio Annual Incentive Fee
On 12 November 2020, as part of its interim results for the six months to 30 September 2020, Infratil
provided an estimate of its FY2021 International Portfolio Incentive Fee accrual. Based on the
31 December 2020 independent valuation of CDC, Infratil advises that the estimated International Portfolio
Annual Incentive Fee is now $147.6 million, an increase of $89.9 million since the 30 September 2020
accrual.
The assessment of the International Portfolio Annual Incentive Fee in relation to Tilt Renewables, Longroad
Energy, RetireAustralia and Australian Social Infrastructure Partners has not been updated since the
30 September 2020 estimate. As at 30 September 2020, the value of Infratil’s shareholding in Tilt
Renewables was the equivalent of $3.70 per Tilt Renewables share. On 7 December 2020, Infratil
announced that it is undertaking a strategic review of its investment in Tilt Renewables, which it expects to
conclude within six months. As the strategic review process is ongoing an updated assessment of the value
of Infratil’s shareholding was not undertaken, however we note that the price per Tilt Renewables share on
the NZX as at 31 December 2020 was $6.37. Infratil will continue to update the market of any material
developments in relation to the strategic review.
Infratil notes that the actual International Portfolio Annual Incentive Fee as at 31 March 2021 will be
determined based on independent valuations of each of the relevant investments. If an International
Portfolio Annual Incentive Fee is ultimately determined to be payable at 31 March 2021, the fee will be
payable in three equal tranches over the period to 31 March 2023, with the payment of the latter two
tranches only being payable if the total valuation of the relevant investments as at 31 March 2022 and
31 March 2023 respectively, is no less than the total valuations determined as at 31 March 2021.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited Mark.Flesher@hrlmorrison.com