Infratil 2021 Investor Day

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
16 February 2021



Infratil 2021 Investor Day

Infratil has released the presentation material for its annual Investor Day, which this year is fully
virtual. Presentations will be recorded during the day and will be available to view on www.infratil.com
after the event.

Infratil's objective is to keep its stakeholders well informed about how its businesses are performing
and how their delivery of strategic objectives is progressing.

Management will also give an update on Infratil's overall portfolio strategy, as well as providing views
on the near-term outlook.

Infratil has updated its FY2021 Proportionate EBITDAF
1
guidance range to $440 million to $470
million, which includes a three-month contribution from the recent acquisition of QScan Group.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com

1
Proportionate EBITDAF is an unaudited non-GAAP (‘Generally Accepted Accounting Principles’) measure. Proportionate
EBITDAF does not have a standardised meaning and should not be viewed in isolation, nor considered a substitute for
measures reported in accordance with NZ IFRS, as it may not be comparable to similar financial information presented by
other entities. A definition of Proportionate EBITDAF and reconciliation of Proportionate EBITDAF to Net profit after tax is
provided at Appendix I to the Infratil Interim Results Presentation for 30 September 2020.

---

Infratil Investor Day
Portfolio Update and Outlook
Marko Bogoievski,
Jason Boyes & Phillippa Harford
16 February 2021

InfratilInvestor Day –16 February 2021
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 only as at the date of thispresentation. 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, prospectus or other
disclosure document for the purposes ofthe Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).The Company is subject to a
disclosure obligation that requires it to notifycertain material information to NZX Limited (NZX) and ASX Limited (ASX) for the purpose of that information
being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/IFT and http://www.asx.com.au.
This presentation should be read in conjunction with Infratil’s other periodic and continuous disclosure announcements released to NZX and ASX.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, financial product or investment advice or arecommendation to acquire the
Company’s securities.This presentationhas been prepared without taking into account the objectives, financial situation or needs of prospective investors.
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 InternationalFinancial Reporting
Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information
and financial measures include EBITDAF, Proportionate 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 asanalternative 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 the Company believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in measuring
the financial performance and condition of the Company, you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or
financial measures included in this presentation.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.
2

InfratilInvestor Day –16 February 2021
Leadership
Long-term
stability
supported by
the depth and
capability of
Morrison & Co
Marko Bogoievski
•Infratil Chief Executive
Officer and a Director for
the last 12 years
•Marko will continue his
role as Chief Executive
Officer of Morrison & Co
and as Chair of Vodafone
New Zealand
Jason Boyes
•Infratil Chief Executive
Officer and a Director
effective from 1 April 2021
•Jason joined Morrison &
Co in 2011, after a 15 year
legal career in corporate
finance and M&A in
New Zealand and London
•Chair of Longroad Energy
and Galileo Green Energy
Phillippa Harford
•Infratil Chief Financial
Officer since May 2015 and
was previously Head of Tax
for Morrison & Co
•Phillippa also provided tax
advisory services at PwC for
several years in
New Zealand and offshore
•Director of Wellington
International Airport and
RetireAustralia
3

InfratilInvestor Day –16 February 2021
At Inception:
•Opportunity to invest in attractive
unlisted ventures which might not
otherwise be available to the individual
investor
•Signalled that investment opportunities
were being considered in sectors such
as electricity distribution and
generation, telecommunications and
airports
•Stated objective of maximising overall
after-tax returns from cash dividends
and capital growth and offering the
expertise of professional management
•$50 million of capital, with its first
investment a 20% minority stake in
Trustpower
InfratilModel
Established in
1994 to
“providea
portfolio of
utilities which
many investors
would find
difficult to
establish by
themselves”
Today:
•Over $8.0 billion invested in established
platforms across New Zealand, Australia,
the United States and Europe and an
equity market capitalisation of
$5.4 billion
•Operating thesis of investing wisely in
ideas that matter, through a flexible
mandate and a long-term approach to
investment
•Portfolio is focused on renewable
energy, digital infrastructure, social
infrastructure, and airports
•Compound after tax total return to
shareholders of 18.9% p.a. since 1994
•Employs over 3,500 staff across
10 operating businesses
4

InfratilInvestor Day –16 February 2021
Shareholder
returns
Translating
underlying value
creation into
total shareholder
returns
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
2011201220132014201520162017201820192020
Infratil Share Price
Total Shareholder Return
PeriodTSR
3 Year39.7%
5 Year23.3%
10 Year20.3%
Inception –27 years18.9%
5

InfratilInvestor Day –16 February 2021
•Portfolio targeting a balance of core, core+
and development returns across several
sectors and jurisdictions
•AustralianSupertakeover approach is a real-
time endorsement of the quality of our assets
and their attractiveness to sophisticated
investors
•Shareholders have benefitted from Infratil’s
ability to identify early-stage ideas and invest
ahead of mainstream investors
•Volume of capital pursuing exposure to
renewables, digital infrastructure and social
infrastructure is driving valuations globally
•The Board’s priority is to ensure that the value
of the portfolio entities is fully recognised by
the market, and that Infratil tests all
alternatives
InfratilValue
Unique portfolio
supported
byseveral high
conviction
platforms
delivering excess
returns
6

InfratilInvestor Day –16 February 2021
•Infratil is a modern infrastructure investor
targeting returns to shareholders of
11-15%p.a. over the long-term
•Investment activity is focused on finding
sectors and businesses with
✓strong defensive characteristics
✓exposure to growth, driven by
macroeconomic and industry tailwinds
✓opportunities to reinvest, and manufacture
infrastructure at scale
•Infratil invests ahead of the mainstream
infrastructure market and has the capabilityto
position our capital early in next generation
infrastructure
•Outperformance is driven by an active asset
and portfoliomanagement approach
•Balance sheet flexibility andactive risk
management are key to our high-conviction
investment approach
•Infratil has maintained a consistent approach
to investment over multiple market cycles
Infratil’s
Investment
Proposition
Infratilis well
positioned in
scalable high-
growth sectors
with jurisdictional
diversification
7

InfratilInvestor Day –16 February 2021
Infratil’s
Investment
Proposition
Infratilis well
positioned in
scalable high-
growth sectors
with jurisdictional
diversification
•Increasingly connected and
well-travelled world
•Rising middle class in Asia
and emergence of lower
cost carriers driving growth
in travel, tourism and
mobility
•City congestion
Investable Ideas
•Utility scale wind and solar
generation
•Battery storage
•Pumped storage
•Distributed generation
•Post war population bubble
reaching retirement age
•Less family and more
institutional care
•Rising ratio of
“dependents” to
“productive” society
members
•Climate change is an
established threat to
humanity
•Growing acceptance that
action must be taken
DecarbonisationGlobal MobilityAging Population
•Increasingly connected,
integrated world
•Explosion of data being
created and collected
•Perceived value of data and
security increasing
•Data Centres
•Mobile towers
•5G mobile and fixed
networks
•Subsea cables
•Airports
•Mobility as a service
•Public transport
•Smart cities
•Retirement villages
•Aged care
•Tech-enabled care
platforms
Connectivity
Infratil’s current exposure
8

InfratilInvestor Day –16 February 2021
Infratil’s
Investment
Proposition
Infratilcontinues
to scan other
sectors for
opportunities to
build new long-
term platforms
•Productivity is flat lining
and limiting future growth
•Advances in technology
have always been at the
forefront of driving the
next wave of productivity
enhancing infrastructure
Investable Ideas
•Industrial water
•Water processing
•Irrigation and water rights
•Strong healthcare systems
are required for societies to
function properly
•A value-based, shift
towards early diagnosis
and preventative care can
significantly reduce the
healthcare lifecycle for
patients and address
system inefficiencies
•Increasing water demand
globally
•Growing population and
rising protein consumption
•Massive inefficiencies in
water management today
Water ScarcityNext GenerationHealthcare
•Population & economic
growth drive increasing
waste output
•Increasing social awareness
of and demand for the
transition from a linear to a
circular economy
•Waste processing and
recycling infrastructure
•Waste to energy
•Artificial Intelligence &
robotics
•5G technology
•Sensors
•Smart cities
•Diagnostic Imaging
•Private healthcare
infrastructure
Waste & Recycling
Infratil’s current exposure
9

InfratilInvestor Day –16 February 2021
Portfolio
Composition
Infratilis a high
conviction
investor with
significant
positions in four
main sectors
41%
42%
8%
8%
Renewable Energy
Digital Infrastructure
Airports
Social Infrastructure
Other
18%
21%
29%
13%
8%
4%
4%
Trustpower
Tilt Renewables
CDC Data Centres
Vodafone New Zealand
Wellington Airport
Qscan Group
RetireAustralia
Longroad Energy
Other
10

InfratilInvestor Day –16 February 2021
Portfolio
Composition
Overall
exposures
arebalanced to
generate overall
target returns
and tooptimise
capital structure
46%
51%
New Zealand
Australia
USA
37%
40%
23%
Core
Core+
Development
8-10%
p.a.
10-15%
p.a.
15-20%
p.a.
11

InfratilInvestor Day –16 February 2021
COVID-19
Our response to
the pandemic has
demonstrated
the benefits of
sector and
jurisdictional
diversification
Wellington International Airport
•Forecast FY2021 forecast of $35 million (prior to
charges in alert levels on 14 February) severely
impacted by nationwide Level 4 lockdown, and later
Auckland Level 3
•Domestic capacity in December 2020 was back to
90% of pre-COVID-19 levels
•Passenger numbers are expected to recover to
pre-COVID-19 levels by FY2023-24​, although could
recover faster given domestic/short-haul prevalence
•Long-haul International will depend on avaccine
andwill take longer to recover, long-term growth
drivers (population, income)remain,however this
has less impact on WIA
•Deferral of Price Setting Event 4 (‘PSE4’) due to
COVID-19 with prices held in the interim​. Final
Pricing set for 1 April 2021​ with proposed
passenger reset for the impact ofCOVID-19 and
options preserved torecover PSE4 into future
•Essential capex in short-term with runway
overlaybrought forward to FY21 from FY2022/23
RetireAustralia
•Resident and employee safety remains the top
priority and to date no cases of COVID-19 have been
recorded in any of RetireAustralia’s 28 communities
•Resales recovered strongly after the initial period of
nation-wide lockdown in April, with 240 resale
settlements achieved up to 31 December 2020
•A strong finish to FY2021 is forecast, with total
resales of 300~320, up from 292 in the previous year
despite the COVID-19 restrictions
•New developments continue to move forward, with
practical completion of 24 new independent living
apartments on the NSW Central Coast achieved in
September 2020
•Work continues on stage one of The Verge, a
177 unit development co-located with Burleigh Golf
Club on the Gold Coast, forecast for completion in
Q1 FY2022
•New communities at Tarragindi and Yerongaare also
moving closer to investment decisions
12

InfratilInvestor Day –16 February 2021
FY2021
Guidance
EBITDAF range
hastightened as
we move
towards year-
end
Performance
•Forecast FY2021 Proportionate EBITDAF from continuing
operationsof $440 million -$470 million
1
•Proportionate EBITDAF includes the proportion of the EBITDAF
of each portfolio company based on Infratil’s level of beneficial
ownership interest and excludes incentive fees
•The Group result will include a 3-month contribution from
Qscan
Component Guidance (100%)
•Trustpower forecast FY2021 EBITDAF in the range of
$185 million -$205 million
•Tilt Renewables forecast FY2021 EBITDAF in the range of
A$65 million -A$80 million
•CDC Data Centres forecast FY2021 EBITDAF in the range of
A$145 million -A$155 million
•Vodafone NZ forecast FY2021 EBITDAF in the range of
$425 million -$455 million
•Wellington Airport forecast FY2021 EBITDAF in the range
of$30 million -$35 million
Notes:
1.GuidanceisbasedonInfratilmanagement’scurrentexpectationsandassumptions
aboutthetradingperformanceofInfratil’scontinuingoperationsandissubjecttorisks
anduncertainties,isdependentonprevailingmarketconditionscontinuingthroughout
theoutlookperiodandassumesnomajorchangesinthecompositionoftheInfratil
investmentportfolio.Tradingperformanceandmarketconditionscanandwillchange,
whichmaymateriallyaffecttheguidancesetoutabove
13

InfratilInvestor Day –16 February 2021
Incentive Fees
Reflection of
management’s
ability to
generate
outperformance
and value
accretion above
high absolute
hurdles
•Infratil’sinternational investments are eligible for incentive fees under the Management Agreement with
Morrison & Co
•The Agreement allows for incentives to be payable for outperformance in excess of a minimum hurdle of
12% p.a., if certain conditions are met
•As a result of the updated CDC Data Centres’ valuation as at 31 December 2020,the FY2021 Annual Incentive
Feewas updatedto $147.6 million
•As the Tilt Renewables’ strategic review will be ongoing, Infratilindependent directors and Morrison & Co will
agree an "undisturbed" valuation of Tilt Renewables for the purposes of the 31 March 2021 incentive fees
assessment
•Independent valuations of RetireAustralia, CDC Data Centres and Longroad Energy will be performed as at
31 March 2021
14

InfratilInvestor Day –16 February 2021
Debt Capacity
& Liquidity
Strong capital
position and
available
liquidity to
support
commitments to
existing and
newplatforms
•As at 31 January 2021, cash on hand
and undrawn debt facilities provide
Infratil with $338 million of available
liquidity
•$32 million bank facility that was
scheduledto mature in February
2021 has been refinanced. Infratil's
next bank maturity is $50 million in
June 2021
•IFT300 bonds with a face value of
$48.2 million were issued in
December 2020. The bond offer
remains open and is scheduled to
close on 10 March 2021
•Infratil's next two bond maturities are
$93.9 million of IFT220 bonds in June
2021 and $93.7 million of IFT190
bonds in June 2022
-
115
350
180
50
--
94
194
122
710
232
-
200
400
600
800
FY21FY22FY23FY24FY25-31>FY31
Wholly owned bank facilitiesBonds
(NZ$ Million)
As at
31 March
2020
As at
30 September
2020
As at
31 January
2021
Net bank debt471 86357
Infratil Infrastructure bonds1,072 1,072 1,120
Infratil Perpetual bonds232 232 232
Total net debt1,775 1,390 1,709
Market value of equity
1
2,579 4,0525,444
Total capital4,354 5,4427,153
Gearing
1
40.8%25.5%23.9%
Infratil undrawn bank
facilities
2
268 593 307
100% subsidiaries cash9 16 31
Liquidityavailable277 609 338
Debt Maturity Profile as at 31 January 2021 (NZ$ million)
1
Gearing at 31 January 2021 based on share price of NZ$7.53 as at 12 February 2021
2
Excludes Trustpower, Tilt Renewables, Wellington Airport, CDC Data Centres, RetireAustralia, Longroad Energy, Galileo Green Energy, Vodafone and Qscan
15

InfratilInvestor Day –16 February 2021
Infratil’s
Future
Outlook
Unique portfolio
well positioned
to redeploy
capital, deliver
growthand
consistent
returns
•Infratil’s focus remains on maintaining a balanced portfolio of scaled platforms that
can generateattractive non-correlated returns
•The model requires Infratil to identify the next generation of essential services and
assets andinvest ahead of the mainstream infrastructure market
•Global demand for renewables, digital infrastructure and social infrastructure, further
demonstrates Infratil’s ability to expose shareholders to earlyemerging trends
•The platform value of Infratil, and the long-term delivery of outperformance is starting
to be considered in target equity market valuations
•The global focus on infrastructure as an asset class has not diminished Infratil’s ability
to source and compete for high-quality assets, with an exciting set of investable
opportunities likely in 2021-22
16

Questions
Portfolio Update and Outlook

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Renewables Sector
Overview
Vimal Vallabh
16 February 2021

InfratilInvestor Day –16 February 2021
•Renewables represents one of the single largest
investment opportunities in history with over
US$4 trillion of investment in wind and solar assets
forecast over the next decade
•Infratil is one of the pioneers in renewables investment
with a 27-year track record of investment in the sector
•Morrison & Co’s experience in renewables and the
broader energy landscape, enables us to fully
understand the risks and returns of an investment in
this sector
•We operate multiple technologies, across all stages of
the renewables value chain and have dedicated
investments in both development platforms and
operating assets
•Our multi-jurisdictional development platforms
provide unique real-time insight into market activity
and the political environment
•Data infrastructure will become a major consumer of
energy over the next decade (by some estimates up to
8% of world energy demand)
Renewables
Sector
Overview
One of the
largest
infrastructure
investment
opportunities in
history

InfratilInvestor Day –16 February 2021
A Global Renewables Footprint
Infratil is one of the pioneers in renewables investment
North America
Australia & New Zealand
Europe
•Established February 2020
•Wind, Solar & Storage
•~1,000MW development pipeline
•16 Employees
•Established October 2016
•Wind, Solar & Storage
•1,241MW Operating assets
•625MW Under construction
•971MW Developed, constructed and sold
•3,400MW Operating assets under contract
•>6,000MW development pipeline
•126 Employees
•Acquired April 1994
•Hydro
•NZ$2.7 billion market cap (100%)
•487MW Operating Assets
New Zealand
•Established October 2016
•Wind, Solar & Storage
•NZ$2.5 billion market cap (100%)
•836MW Operating Assets
•~4,500MW development pipeline
WindSolarBattery StorageDistributed GenerationPumped StorageIrrigationEV Charging
Investable Ideas

Healthcare Sector
Overview
Paul Newfield
16 February 2021

InfratilInvestor Day –16 February 2021
Healthcare is an essential service globally
A clear path to building a scale healthcare infrastructure platform
Australia
•Invested in 2020
•Qscan is a comprehensive diagnostic
imaging business operating
predominantly on the eastern seaboard
of Australia
•Qscan is one of Australia’s largest
radiology providers, operating over
70 clinics across Australia, including a
network of 10 clinics offering PET
(Oncology)
Eldercare
Specialist Clinics
Private HealthcareOncologyDiagnostic ImagingPathology
Investable Ideas

InfratilInvestor Day –16 February 2021
198020202050
Total population 14.7m25.4m40.6m
% change-%+73%+60%
Over 651.4m4.0m7.6m
% change-%+186%+90%
We are getting older
Addressing the needs of a growingand ageing population
Source: Australian Bureau of Statistics
Age Structure in 1980Age Structure in 2020Age Structure in 2050
01002003000100200300
Male (population ’000)Female (population ’000)
0
20
40
60
80
100
01002003000100200300
Male (population ’000)Female (population ’000)
0
20
40
60
80
100
01002003000100200300
Male (population ’000)Female (population ’000)
0
20
40
60
80
100

InfratilInvestor Day –16 February 2021
Proportion of Persons with one or more chronic
diseases, 2017-18
As we get older, we get sicker
Aging population results in increasing prevalence of chronic disease
Source: Australian Bureau of Statistics, National Health Survey: First Results, 2017-18
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0-14
15-2425-3435-4445-5455-6465-74
75+
Age Group (years)
MalesFemales
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
–
4
5
–
9
10
–
14
15
–
19
20
–
24
25
–
29
30
–
34
35
–
39
40
–
44
45
–
49
50
–
54
55
–
59
60
–
64
65
–
69
70
–
74
75
–
79
80
–
84
85+
Rate (per 100,000)
Age Group (years)
MalesFemalesPersons
Estimated incidence rates of all cancers, by age at
diagnosis and sex, 2019
Source: Australian Institute of Health and Welfare (AIHW)

InfratilInvestor Day –16 February 2021
As we get older and sicker, we spend more on healthcare
Increasing the total healthcare system funding
Source: OECD Health Division Projections, 2019
37%
28%
25%
24%
24%
22%
21%
21%
21%
20%
20%
20%
19%
19%
19%
18%
17%
17%
16%
15%
15%
14%
13%
12%
12%
12%
11%
11%
11%
9%
8%
6%
3%
2%
2%
-2%
-3%
-4%
Ireland
Switzerland
Korea
Canada
Finland
Australia
Sweden
Iceland
Chile
Norway
New Zealand
Turkey
Colombia
United States
Austria
Israel
Luxembourg
Denmark
Mexico
United Kingdom
OECD36
Netherlands
Spain
France
Hungary
Czech Republic
Lithuania
Slovenia
Belgium
Germany
Japan
Italy
Poland
Estonia
Portugal
Greece
Latvia
Slovak Republic
% increase of Healthcare Expenditure as share of GDP (2015A-30F)
Forecast Growth in OECD Healthcare Expenditure

InfratilInvestor Day –16 February 2021
Making
Infratil part of
the solution
Our investment
criteria for the
healthcare sector
✓Addresses a large and growing need
✓Improves patient outcomes, increases system efficiency
✓Strong barriers to entry, scale/network benefits
✓Stable, supportive regulatory environment
✓Aligned and engaged medical professionals
Reliable cashflows
Top line growth
Re-investment options
We believe that the stability of patient long-term capital can prioritise long-term initiatives,
improve the quality of care received and enhance social outcomes

InfratilInvestor Day –16 February 2021
Managing
Healthcare
Sector risks
Bringing the
right operational
experience to
bear on a new
sector for Infratil
•Managing clinical risk &
governance
•Doctor recruitment & retention
•IT-enablement & integration
•Best practice transfer across
geographically dispersed clinic
network
Sector-Specific ChallengesExperienced Sector Specialists
John Livingston
Founder and Former CEO of Integral
Diagnostics (2002 –2017)
BAppSci(Med Rad), GradDipHSc(Edu),
GradCertBus(Mgt), GAICD
Andrew Harrison
Founder, former CEO & non-executive
Director of Capitol Health (2005 –June
2020)
B.Commerce, Double Major in Commercial
Law & Marketing
Willing to invest early in talent and technology to build a strong platform for growth

InfratilInvestor Day –16 February 2021
Growth
opportunities
for Infratilin
the healthcare
sector
Clear path to
building scale
through organic
growth,
developments
and M&A
✓Expansion within radiology
−Exposure to fast growing
catchments and high value
modalities
−Clinic expansion and greenfield
network growth
−Industry consolidation
−Geographic expansion &
teleradiology
✓Expansion into adjacent sectors
−Oncology
−Pathology
−Private hospitals
−Specialist clinics

Digital
Infrastructure
Overview
Will Smales
16 February 2021

InfratilInvestor Day –16 February 2021
•The sector came into the pandemic with positive
tailwinds around the exponential growth in data usage
and need for connectivity, fuelling requirements for
investment into data centres mobile towers and fibre
•Infratil exposed shareholders early to these trends as
global demand digital infrastructure surges
•There have been ~US$120 billion of reported deals
over the last 5 years with fibre, data centres and towers
the most popular investments spread across a wide
base of investors
•Connectivity is a lifeline for billions of people, and are a
fundamental requirement for societal development​
•Data centres are high margin, long-dated assets with
strong defensive characteristics
•The increasing volume of data usage and transmission
through 5G networks will increase demand in data
storage and drive further growth for data centres
•Morrison & Co has an experienced and expert team to
navigate this fast-growing sector, and manages a
strong portfolio of digital infrastructure assets
Digital
Infrastructure
Overview
Digital
Infrastructure
has emerged as
one of the most
sought-after
infrastructure
asset classes

InfratilInvestor Day –16 February 2021
Global demand for digital infrastructure is acceletrating
Infratil has exposed shareholders early to this emerging trend
North America
Australia and New Zealand
•Invested in 2016
•US$50 million commitment to
California based Clearvison
Ventures to gain exposure to start-
up ventures of relevance to
Infratil’s core sectors
New Zealand
•Invested in 2019
•Integrated telecommunications
company with strong presence
across all key product and
customer segments
•Extensive national network of
mobile towers, spectrum and fibre
assets
•Invested in 2016
•Australia’s most secure and resilient
data centre provider
•Recent expansion into New Zealand
•Revenues underpinned by long-term
contracts with high quality
counterparties
Data CentresIntegrated TelcoMobile TowersSmall Cell NetworksFixed Line NetworksSatellitesSubsea Cables
Investable Ideas

---

Galileo Green Energy | Infratil Investor Day | 16 February 2021Galileo Green Energy | Infratil Investor Day | 16 February 2021
Ingmar Wilhelm
Chief Executive
Infratil Investor Day
Investment Thesis
and
Development Perspectives

Galileo Green Energy | Infratil Investor Day | 16 February 2021
1.Renewable Energies in Europe
2.Galileo Green Energy Investment Thesis
3.After 1 year
4.Development Perspectives
Agenda

3
Infratil InvestorDay | 16 February 2021
Renewable Energies in Europe: the fundamentals
ACCEPTABLE
To localcitizensand
communities, to the
widerpublic and to
energy customers
Renewable Energies provide a positive response
to all 4 parameters of a good energy mix
SECURE
Better visibility on
supply over long time
horizons; lower risk of
conflictsasenergy
dependence
isreduced
AFFORDABLE
Efficient,
cost-competitive,
accessibleto all
SUSTAINABLE
Savingfinite
resources, reducing
emissions
Europe is a large and cohesive market with
internationally leading policies and commitment
│Europe
│Power market
│Customers
│Policy
│Energy
Regulation
│Performance
versus targets
➢c. 500 millionpeople
➢c. €15 trillionGDP in 2020
➢3,100 TWh in 2020
➢300 millionof which60 million
business
➢EU targets for emissionreductions
approved
➢Supportive policies agreed
➢Needsfurthergrip and
streamlining
➢Undersupplyof competitive projects
in manymarkets
1.

4
Infratil InvestorDay | 16 February 2021
Renewable Energies in Europe: outstanding growth trajectory
│Europe
represented as
EU-27 +
United Kingdom +
Switzerland +
Norway
│Share of Renewables
in the power mix
foreseen to increase
from 38% in 2019
to 63% in 2030
2,090
1,760
1,554
1,346
1,264
1,344
1,753
2,252
2019202020252030
TWh
Other sourcesRenewables
3.104
3.354
3.598
3.306
22
21
43
26
55
81
71
53
123
138
137
274
0
100
200
300
400
500
600
2020-252026-302020-2030
Other RenewablesOffshore WindOnshore WindPV
Source: IHS
+ 256 GW
+ 266 GW
+ 522 GW
│Main technologies:
Solar PV + c. 270GW
Onshore Wind + c. 120GW
Offshore Wind + c. 80GW
│Total + c. 470GW
│New investment:
Solar PV c. €120bn
Onshore Wind c. €120bn
Off-shore Wind c. €120bn
│Total c. €360bn
Source: IHS
1.
Renewable Energy is set to increase its share in Europe’s
power mix by c. 900TWh covering over 60% by 2030
Outstanding development and investment
opportunity in a very large market

5
Infratil InvestorDay | 16 February 2021
Galileo Green Energy: key competences and market strategy
Competitive Development
Commercialisation
Sell green power to energy consumers,
becoming their partners for the long-term
Energy Management
Optimise energy portfolios and risk
making full use of asset as well as off-take flexibility
Innovative Financing
Create and standardise
new financing solutions for assets and portfolios
Develop the most competitive projects in their
respective markets together with local partners
Our market strategy of combining 4 key competences enables an innovative and value-
increasing positioning in a dynamic market with many sector specialists and XXL players
2.
Differentiation through combination of 4 key
competences in this new era of renewables
Galileo Green Energy’s
Market Strategy

6
Infratil InvestorDay | 16 February 2021
Galileo Green Energy: Investment Thesis and Positioning
Value creation through
➢competence-driven and fast-moving development of flexibly financed projects,
➢predominantly green-field in an expanding market,
➢with risks mitigated through geographical and technological diversification as well as
flexible entry/exit strategies.
Investment Thesis
➢a pan-European, multi-technology renewable energy developer, owner and operator,
➢applying leading energy and investment competences,
➢delivering competitive green energy projects combined with suitable supply solutions
for large energy off-takers and the wholesale market,
➢realisingsuperior returns by bringing early to mid-stage projects to full market
appreciation over time.
Galileo Green Energy is on the way to becoming
2.

7
Infratil InvestorDay | 16 February 2021
At the start
Galileo Green Energy : 1 year after our start
│Created in
February 2020
│Capital commitment for
development of €220m
│Evergreen capital
supporting an open-ended
renewable energy
development and
investment business
│Headquarters in Zurich and
Milano
Today
│16 people
│4 Joint Development Agreements
│Total pipeline of ca. 1GW
│4 markets addressed:
Ireland, Italy, Sweden, United Kingdom
│Current origination markets:
France, Germany, Poland, Spain
│Technology mix: solar PV, wind
onshore, wind offshore, storage
3.

8
Infratil InvestorDay | 16 February 2021
Eduardo González Solá
Galileo Green Energy’s European Management Team
│Chief Executive Officer
│30 years of experience with E.ON, ENEL,
ENEL GREEN POWER, TERRA FIRMA, RTR
Ingmar Wilhelm
│Chief Commercial Officer
│30 years of experience with ENEL,
E.ON, BKW, RWE, INNOGY
Paolo GrossiNikolaus Mainka
│Chief Financial Officer
│12 years of experience with
ENERPARC, ADAPTURE RENEWABLES
│Director Business Development Iberia
& Power Origination Europe
│20 years of experience with ACCIONA,
EDF RENEWABLES, FOTOSOLAR
Filippo Chiesa
│Business Development Director
│11 years of experience withENEL
GREEN POWER, ENEL ENERGIA, ENEL X
│Head of M&A and Strategic Planning
│11 years of experience withAES SOLAR,
SILVER RIDGE POWER, RTR, EF Solare
3.

9
Infratil InvestorDay | 16 February 2021
Galileo Green Energy’s current portfolio of Joint Development Agreements
│c. 100MW solar PV pipeline
in Italy
│Partner is STAR ENERGY
(local entrepreneur and
renewables developer)
│Sites concentrate in the
Campania region
│Total development time
ca. 2 years
Star Energie
(GGE share 1000%)
│c. 300MW wind pipeline in
Southern Italy
│Partner is TEN PROJECT
(local entrepreneur and
renewables developer)
│Sites concentrated in the
4 regions of Southern Italy
│Total development time
ca. 3 to 4 years
TEN Project
(GGE share 100%)
│c. 400MW wind pipeline in Ireland
│Partners are EMP (local developer) and VESTAS
│Sites concentrate in the South-West
│Total development time ca. 3 to 4 years
EMP Energy
(GGE share 50%)
│c. 1,000MW wind pipeline in the UK and Sweden
│Partner is a NJORDIC (local developer)
│Sites concentrate in Scotland and mid-Sweden
│Total development time ca. 3 to 4 years
GGE Nordics
(GGE share 80%)
3.

10
Infratil InvestorDay | 16 February 2021
Galileo Green Energy’s current portfolio of JDAs: case study of GGE Nordics
│c. 1,000MW wind pipeline
│Markets: UK and Sweden
│Technology: wind onshore
│Joint Venture: 80% GGE and 20% highly
qualified Northern European developer
│Target pipeline of at least 5 onshore
wind projects in each market
│3 to 5 team members per country
│Forecast on total spend over first
development cycle c. €16m
│Based on 50% success rate assumption,
expected cash-on-cash multiple on
GGE’s development capital c. 4x
GGE Nordics
0
1
2
3
4
5
6
Project
Origination
Early-StageMid-StageLate-StageCommercial
Operation
Chart Title
Colonna1Colonna2Serie 3
Cash-on-Cash Multiple over Project DevelopmentCycle
3.

11
Infratil InvestorDay | 16 February 2021
Our Growth Plan: Quantitative Development Perspectives
TargetGrowthPlan of Galileo Green Energy
Pipeline
Investable projects
People and Partners
Investments
50 people at Galileo,
external partners and co-developers over 150 people
Geographies
10GW of qualityprojects by 2025
c. 5GW solar, 3GW wind onshore, 1.5GW offshore, 5% storage
Rampup to c.300 to 500MW per year
Investment potential of €300 to €500m per year,
with ample sell-down opportunities in an deep market
New projects in over 10 countries across Europe
4.

12
Infratil InvestorDay | 16 February 2021
Our Growth Plan: Qualitative Development Perspectives
Energy, development and investment experts
Create projects and implement
green energy solutions
What
we do
Passion for energy, ecology and efficiency
With key competences, and
with key partners
Responsible,
transparent, swift,
diverse,
united!
How we
do it
Shared
Principles
Who
we are
Why we
do it
4.

info@galileogreenenergy.com
Tel. +39 02 8904 1609
www.galileogreenenergy.com
Galileo Green Energy
GmbH
Usteristrasse12
CH-8001 Zurich
Galileo Green Energy
Management Services Srl
Bastioni di Porta Nuova 21
I-20121 Milano
Questions

---

Investor Day
February 16, 2021

CONFIDENTIALITY
Theinformationsetforthinthisdocument(includinganywrittenmaterialsprovidedherewith)isproprietaryandshall
bemaintainedinstrictconfidence.Eachrecipienthereofacknowledgesandagreesthatthecontentsofthispresentation
(i) constituteproprietaryandconfidentialinformationthatLongroadEnergyHoldings,LLCanditsaffiliates(collectively,
“Longroad”)deriveindependenteconomicvaluefromnotbeinggenerallyknownand(ii)arethesubjectofreasonable
effortstomaintaintheirsecrecy. Therecipientfurtheragreesthatthecontentsofthisdocumentarea tradesecret,the
disclosureofwhichislikelytocausesubstantialandirreparablecompetitiveharmtoLongroad.Anyreproductionor
distributionofthisdocument,inwholeorinpart,orthedisclosureofitscontents,withoutthepriorwrittenconsentof
Longroad,is prohibited.ThisdocumentshallbereturnedtoLongroaduponrequest.
Thisdocumentcontainsvariousestimatesoffinancialinformationandvaluationsofsecurities. Whileallsuch
informationispresentedbasedontheexerciseofLongroad’sreasonablejudgment,therecanbenoassurancethat
suchinformationwillprovetobeaccurateorthatsuchvaluationsreflectthetruefairmarketvalueofthesecurities
referenced.Inaddition,certainfactualstatementsmadehereinarebasedoninformationfromvarioussourcesprepared
byotherparties. WhilesuchsourcesarebelievedbyLongroadtobereliable,Longroaddoesnotassumeany
responsibilityfortheaccuracyorcompletenessofsuchinformation.
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
2

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3
Key Messages
Weaver
Solid 2020
in the
Face of
COVID-19
2021/22
Growth is
Identified
Upsized
Capital by
$100 mm
Climate
Push
Presents
Further
Upside

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
4
Business Overview (at 2/15/21)
Weaver
•1.6 GW total / 13
projects/portfolios
—0.5 GW wind / 4
projects
—1.1 GW solar / 9
projects/portfolios
—IncludesSun
Streams2
(announced
2/15/21)
—~$15mmplan
distributionfor
2021
Longroad Energy
Holdings, LLC
ServicescoDevco
LONGROAD ENERGY
PARTNERS, LLC
Opco
•2.0 GW developed
•0.9 GW acquired
•1.3 GW sold
•Total development
pipeline 6.3 GW
•33 personnel including
construction
management
•3.4 GW under contract
—1.6 GW / 13
projects/portfolios for
Longroad
—1.8 GW / 17
projects/portfolios for
third parties
•57 personnel including
control center, asset
management, and site
personnel
•> $1 mm plan net profit for
2021
•36 personnel, including corporate
services and management

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
5
Numbers
Weaver
2.0
0.9
(1.3)
1.6
Portfolio Since Inception (GW)
•4.5years since inception
•126 Employees
•0 Recordable Safety incidents in 2020
•3.4 GW under contract (services)
•$6.4 billion capital raised ITD
•$1.8 billion capital in 2020
•~60% IRR to investors (ITD)
•$173 million cash distributions (ITD)
Wind v. Solar (GW)
2.0
0.9
All $ are US$; ITD = Inception to Date

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
6
Opco 2020
Growth Through Efficient Capital Allocation
•Strategic goal to double 2019 Opco capacity (~1 GW)
—Provides ballast for the whole business:
distributions can help fund Devcogrowth;
overhead absorption
—Embedded option value to extract more value
with technology improvements, better
operations, financial engineering
•Opco growth through partial selldowns, e.g.AIP deal
with Prospero 1 and Little Bear
—Recycled all capital out of the investments
—Upfront profit
—Retained 50% interest
—Asset management and operations contracts
—Repeat of structure with El Campo completed in
2019 with AIP
Little Bear
Prospero 1
50%
50%
Total excludes SS2 as it closed in 2021
Opco
MW
12/31/2019995
Small MN Wind30
Little Bear108
Prospero 2331
MN Wind(80)
Total EOY 20201,383
Growth39%

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
7
Devco2020
840 MW Closed in Tough Market.
Portfolio Repositioned as Market Shifted
•840 MW across three deals in three different
regions
—California, Texas, Alabama
—Cross-section of power buyers:
Community Choice Aggregators, Data
Centers, and Corporates
—Tax equity from Wells Fargo and US
Bank
•COVID making construction effort challenging;
howeverLongroad track record remains intact
•Portfolio growth and re-shaping (20 months)
—58% increase
—ERCOT to 0 MW
—Southwest: +3.5x from 650 to 2,333 MW
—California: 0 to 750 MW
Devco
MW
12/31/20191,162
Little Bear215
Muscle Shoals294
Prospero 2331
Total EOY 20202,002
Growth72%

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8
Serviceco2020
Growing Relationships with
Handful of Key Institutions
Total excludes SS2 as it closed in 2021
Serviceco MW
12/31/20192,245
Small MN Wind30

Little Bear215
Prospero 2331
CPS Energy(54)
MN Wind(80)
Blackrock449
Total EOY 20203,136
Growth40%

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
9
Capital Base (US $ millions)
•Cash Commitment - $125 mm
—$203 mm capital called
—Turned over 1.6x
•LC Facility - $150 mm
—$546 mm issued
—Turned over 3.6x
Flexible Capital Remains Huge
Competitive Advantage
Greenfield
Development
Safe-Harbor
Early-Stage
Acquisitions
PPA Collateral
Interconnection
Collateral
Late-Stage
Acquisitions
Pre-
Construction
Project Equity
Capital Turns (inception to 12/31/20)Capital Increased
•Risk spectrum is wide and varied
•Longroad is investing at every pointalong this spectrum
More risk...Less risk...
(US $ millions)
@ 1/1/20@ 1/1/21
LEH Cash Facility125 175
LEH LC Facility150 150
LEH Revolver- 50
MSH Investment45 59
Total320 434
Note: excludes bonding facilities, pro forma for EPE closing

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10
2021/22 Identified Growth: 1.8 GW
Solid Near Term Growth Prospects
Utah Solar and Storage
260 MWdc+ storage
Umbriel Solar
197 MW
dc
Mahi Solar
160 MW
dc
+ storage
Foxhound Solar
108 MW
dc
Seven Bridges Solar
136 MW
dc
MaineEUtility Solar
140 MW
dc
Sun Streams 4
195 MW
dc
+ storage
CA Solar and Storage
260 MW
dc
+ storage
Maine DG Solar 1
27 MW
dc
Maine DG Solar 2
45 MW
dc
Sun Streams 2
199 MW
dc
PulehuSolar
52 MW
dc
+ storage
•Revenue committed for over 50% of the 21/22 portfolio; unlikely to do
100% of these deals
•Ranges for development margins remain generally consistent with
previous guidance, i.e.solar at $100-300/kWacand wind at $50-250/kWac

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
11
Sun Streams
Palo Verde Nuclear Plant
4 GW
Sun Streams Complex
•Acquired from First Solar
•SS2 – 200 MWdc(PPA with Microsoft)
•SS4/5 – 700 MWdc
•Access to CA and AZ markets
•Storage potential for SS4/5

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12
The “Energy Transition”

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13
The Energy Transition: 2020 to 2050 (units are Exajoules)
Source: America’s Zero Carbon Action Plan 2020
All figures are in exajoules
20202050% change
Solar + Wind1.740.8+2,300
Natural Gas31.48.3(73.6)
Petroleum39.04.4(88.7)
Electricity38.249.0+28.3
Hydrogen Production1.321.6+1,562
•Massive growth in
renewables
•Natural gas and petroleum
down
•World will be more
electrified
•Emerging technologies, e.g.
green hydrogen

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
14
2035 Net-Zero Carbon Electricity (for perspective)
•Rapid acceleration of clean energy buildout in order to meet 2035 net-zero carbon
electric sector target
•70-80 GW per year of wind and solar capacity additions, requiring > US$100 billion
private capital
•United States’ best everyear wind plus solar = 35 GW
Significant Growth in Market Demand

Thank you!!

---

Infratil Investor Day Presentation
16 February 2021
Chris Munday
Chief Executive

Introduction to Qscan
1

National network of 75+ radiology clinics diversified across
metropolitan, regional & super-regional geographic segments
Unique portfolio with strong competitive differentiation delivering catchment leadership and high barriers to scale
•National portfolio of 75+clinics
•36 clinics in metro locations
•36 clinics in non-metro locations
•10 clinics that offer PET
•7 core external reporting contracts with public
•health authorities, servicing 58 facilities
•Two centralised teleradiology reporting hubs –
one in Sydney and one in Brisbane
•Circa. 800 employees' group-wide
2
3
39
2
1
25
Nationalradiologynetwork...
Qscan clinic network as at30-Jun-21
3

100+ Highly SpecialisedRadiologists
Qscanisdifferentiatedfromitspeersbyhavingagroupofhighlyspecialisedradiologistsandstrong management
thatencourageandfacilitateearlyadoptionofleadinghealthcaretechnology
WhatWeExcelAt
Clear Differentiator to Market Competitors
Dr HalRiceDrLaetitia de VilliersDr JosephWongDr RohitSingh
Dr WarwickLeeDr TanyaWoodDr GaryShepherdDr JoannaSommerfeld
Dr SimonHughesDr PeterJacksonDr DalveerSinghDr RajeevJyoti
Dr DavidLeggettDr CameronNapperDr SusanLyDr AzizOsman
Market leaders in PET-CT, first operator with a dedicated strategy,
first mover in non-hospital and unique operational model
Established and defensive regional clusters leading to clear market
leadership in catchments with attractive demographics
Highly scalable Teleradiology capability –future of Radiology with
external remote reporting increasingly used
Highly specialised Radiologist workforce with focus on sub-speciality
and high-value modalities (CT/MRI/PET-CT) and complex procedures
4

Qscanspecialisesinhigh-valuemodalitiesandcomplexprocedures,inparticularPETandMRI,whichare criticalin
thediagnosisandtreatmentofcancerandheartdiseases
ModalityEquipment#MachinesStrategic Positioning
PET10+*
▪High marginmodality
▪High growthopportunities
▪Premium imaging forcancer
MRI20+
▪High marginmodality
▪Focused onprivate pay market
CT55+
▪Focusonthehighyieldbulk
billmarket
Ultrasound150+
▪Baseline service thatattracts
patients andreferrals
X-ray80+
▪Baseline service thatattracts
patients andreferrals
*Note: installed and orderedmachines
Service Offerings Focused on High-Value
Modalities
Comprehensive services covering
all modalities
Focus on complex and high-value
services such as PET-CT and MRI
Adoption of advanced technology
and cutting-edge equipment
Clearly defined strategy for each
of the modalities
5

•Qscan owns all the equipment, systems, contracts, and licences, and provides corporate support services
•Radiologists are independent medical practitioners, responsible for patient care
•Qscan collects billings and retains its service fee before remitting an agreed revenue share to radiologists
•Remuneration primarily based on revenue sharing, with limited fixed components, providing alignment
•Alignment reinforced through doctor equity ownership
Qscan’sBusiness Model
Qscan provides a complete infrastructure and services platform for doctors
Clinic NetworkEquipmentSystems Infrastructure
Corporate Services
Clinic Network
75+ clinics
Radiographers
Sonographers
Support staff
Aligned Partnership Model
High quality, hospital
grade equipment
Sophisticated teleradiology
capability through single
worklist and centralised
reporting hubs
Integrated and
comprehensive corporate
functions
6

Introduction to the Australian Diagnostic Imaging Sector
2

Australia Radiology IndustrySnapshot
RadiologyinAustraliahasexperiencedaconsistentindustrygrowthof6%p.a.
Predictable industrygrowth
Defensive
Revenue
High
barriers to
scale
Significant
benefits of
scale
•Radiology in an essential serviceand a key pillar in disease
identification, prevention and monitoring
•>85% Australian government funding delivers accessibility,
•with indexation providing further support
•Structural, volume-led growth
•Ongoing shift to high-value modalities
•Drivers include population, ageing and focus on preventative care
•Specialised service with limited radiologist supply
•Sticky, relationship-based referral networks
•Licences and requirements reinforce barriers
•No ability to discount –bulk-bill rate is floor
•Favours corporatised operators
•Investment in high value modalities
•Investment in technology and teleradiology
•Greater ability to win licences and contracts
•Employers and partners of choice
Value ofMBS-supported services($bn)
2.4
3.4
4.4
6.4
FY09 FY14 FY19FY25
Predictable, structural, long-term growth of ~6% p.a.
8

Radiology Key IndustryDrivers
Long term sustainable growth is underpinnedbyanumberoffavourableindustryconditions
DriverSummary
Population
•Industrydemandincreasesin-linewithpopulationgrowth
•Australia’spopulationisanticipatedtogrowsteadilyinthefutureat1.6%p.a.
Median age ofthe
population
•The general health of individuals tends to deteriorate with age
•Australian’s median age expected to increase, population over 65 has been growing at 3.3% p.a.
•As such an increasing share of the population will have greater demand for radiology services
Federalfundingfor
Medicare(universal
healthcare)
•Medicare (Government funding) provides rebates for most diagnostic imaging services
•The industry is highly sensitive to the structure of Medicare schedule fees and the proportion of
rebates available
•Indexation of rebates reintroduced Jun 20, providing support for stable, long term growth
Visits to ageneral
practitioner
•Most patients visit diagnostic imaging centres on referral from their general practitioners, as
diagnostic imaging is an auxiliary function that supports a diagnosis
•A rise in total visits to a general practitioner increases demand and revenue for the industry;
visits to general practitioners are anticipated to rise in the immediate term
Industry
consolidation
•High barriers to scale are driving consolidation with corporatisedoperators growing fastest
•Scale provides ability to adapt to technological change and radiologist preferences,
establishing competitive advantage
•Employers and partners of choice, aided by investment in training of radiologists and staff
9

6%
9%
(4%)
(21%)
(10%)
19%
13%
9%
18%
7%
14%
21%
Jan-20
Feb-20Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20Sep-20
Oct-20
Nov-20Dec-20
9
...Underpinnedbyanumberoffavourableindustryconditions
Qscan’srecovery was faster than the broader market, and, despite considerable COVID disruption, Qscan
delivered 6% growth in FY20 vs. FY19
Fully recovered from COVID, back to budget &
growth delivered vs. PCP
Notes:1.Excludesexternal reporting revenue, other revenueaccountedforinnetworkorcorporateoverheadsandJobKeepersubsidy.PCPreflectspro-formafinancials(i.e.inclusiveofacquisitions).
V-shaped recovery, now back to growth
Jan-20 to Dec-20 Clinic Billings v PCP
1
(%)
Significant growth delivered
vs. FY19 –despite disruption
from COVID (Mar–Jun20) and
bushfires/ floods(Dec19 –
Feb20)
Qscan traded strongly in
1H21andremainsabove
budget for both revenue and
EBITDA
Qscan recovered from COVID
at a faster rate thanthe
broader radiologyindustry
PET continues to exceed
expectations
10

How Qscan is set up to win
3

•7 core external reporting agreements with public health authorities,servicing 58 facilities through a mix
of on-site and teleradiology reporting
•Reporting predominantly undertaken remotely, incl. through Qscan’sreporting hubs in SYD and BNE –
highly profitable and scalable model
Qscan’sportfolio constitutes four growth pillars that provide competitive differentiation in metro areas, advantages of
incumbency in regional areas, market leading PET expertise, and a scalable external reporting capability
Underpinned by aligned corporate model with integrated operating platform
Marketleading
PETbusiness
•36 specialisedclinics in metro locations, with a focus on high valuemodalities and complex procedures
•First to provide hospital-grade care in the community
•Reputation for operational excellence and deep subspecialty expertise
•Network of 10 metro and regional clinics that offer PET, incl. 7 standalone PET clinics co-located with,
or in proximity to, Icon cancer centres
•First to take PET out of hospital settings & into standalone cancer centres
•Exclusive, perpetual right of first refusal with Icon for new cancer centres
•36 clinics with long-term market leadership positions and strong advantages of incumbency in
defensive clusters with attractive demographics
•Only networks of scale in northern NSW (9 clinics) and southern NSW (11clinics), and largest network
in super regional NSW and QLD (16 clinics)
Metro
1
reputationand
expertise
Established
2
and defensive
regionalclusters
3
Unique Qscan network with strategy built on four
key growth pillars
Built on 4 growth pillars, underpinned by corporate model and operating platform
Centralised corporate
functions
Systems, equipment and
services
Teleradiology
capability
Contractual
arrangements
Highly scalable
external
reporting
capability
4
12

ExperiencedMedicalandManagementTeam
Qscanisledbyagroupofhighlyexperiencedmedicalandbusinessexecutives
Chris Munday
CEO, Qscan Group
Key ManagementTeam
Dr MarkHansen
Qscan Group
Radiologist & Chair of
Innovation and
Technology Committee
Stephen Berry
CFO, Qscan Group
Dr Tanya Wood
Qscan Group
Radiologist & Chair of
Quality and Clinical
Governance
Committee
Matthew Bellairs
Metro General
Manager, Qscan
Group
Dr Gary Shepherd
Qscan Group
Radiologist & Director
DylanCampher
Group Executive,
Quality and Clinical
Governance
Michael Broadbent
Group Executive,
Commercial
Industry Spokespeople
Dr Tanya Wood
Member of the
RANZCR Professional
Practice Committee
Matthew Swain
Regional General Manager,
Qscan Group
Tuesday Cole
Group Executive,
Strategic Development
Matthew Swain
Vice President of
ADIA Committee
(“Australian Diagnostic
Imaging Association”)
13

Platformstrategyprovidesuniquep athtoongoingabove-marketgrowth
Business transformation unlocks access to high growth markets that Qscan is best-positioned to capture
Rollout of additional
PET-CT clinics
Grow existing share of
external reporting
teleradiology market
Defined set of M&A
targets where Qscan
has an advantage
Deep pipeline of low-
risk clinic expansions
& non-PET greenfields
Attractive
opportunities
identified through
local knowledge and
expertise
Fastest growing
operator and first-
mover innon-
hospital PET
Hub infrastructure
and AI-based
systems in place
Highly specialised
radiologist team
backed by MRI
licencesand PET-CT
network
Established
reputation and
referral networks
de-riskramp-up
Unique operational
model delivers
substantial growth
and highprofitability
Established expertise
–scaled portfolio of
teleradiology
contracts
Catchment
leadership positions
withmaterial
advantages of
incumbency
List ofactionable
targets with which
Qscanhas a
privilegedposition
Only operator with a
dedicated strategy
and model to remote
report in super
regionalareas
Exposure to fastest
growing catchments
and modalities
3
Platform strategy provides unique path to
ongoing above-market growth
2
1
4
5
14

Track record of 10%+ annual revenue growth tocontinue
Revenue($m)
Operating leverage & ramp-up deliver ongoing marginexpansion
EBITDA ($m) and EBITDA margin(%)
Strong embedded organic growth complemented by PET and non-PET clinic rollout
Predictable trend of above-market growth and
operating leverage
Notes:
Financial year reported is July to June. FY21PF YTD are proforma adjusted figures for July –December 2020.
Proforma figures exclude JobKeepersubsidy.
PF EBITDA reported excludes impacts of AASB16.
31
40
48
30.9
17%
19%
20%
23%
FY18PFFY19PFFY20PFFY21PF YTD
187
212
236
132
FY18PFFY19PFFY20PFFY21PF YTD
255-270
EBITDA Margin continues to improve
with FY21PF YTD at 23%
55-62
23%
Qscan has outperformed Revenue budget for 6 months to
December 2020 by 3.3% and EBITDA by 10.0%
15

The Next Phase....
4

Delivering on our Strategic Growth Plan
Qscan has a compelling growth platform with several levers to achieve above-market growth through capturing its
existing network growth, opening new clinics, executing strategic M&A, and enhancing its teleradiology capability
Continually
expanding
existing network
Continuing PET
rollout
Growing share of
external
reporting market
Capitalisingon
market growth
and shift to
highervalue
modalities
Executing
strategic metro
and regional
acquisitions
Market growth of
c.6% p.a., with
Qscan over-
weight fastest
growing
modalities
Track record of
non-PET
greenfield clinics
and expansions of
existing clinics
Deep pipeline of
rollout
opportunities
identified
Establishing a
scalable 24/7
teleradiology
capability
Defined set of
bolt-on and
transformative
targets
17

We have a multi-layered strategy to continue annual revenue growth of ~10% p.a. through
•Capitalisingon market growth and shift to high value modalities
•Continually expanding our existing network, within both metro and regional footprints
•Continuing our PET-CT clinic rollout to capitaliseon “first to market” status
•Growing our share of the Teleradiology market through strategic hospital contract pursuits and potential overflow/subspeciality
service demand
Our goal of continued Margin expansion (25+% by FY2025) is to be achieved through operating leverage and benefits of scale and
investment in the high value modalities.
Our Key Focus areas (managing risk):
✓Investment in IT infrastructure and finalise integration across national Clinic network, to generate full benefits of integratednetwork
✓Roll out of Intelerad/ InteleoneReporting Platform
✓Dr recruitment and Dr retention –continued focus on investing in and expanding Fellowships programme, which has proven the
most successful recruitment and retention tool
✓Flexible employment model –hours, locations (work from home)
✓FIFO for super regional sites –interventional days
✓Research with like-minded health care companies to drive deeper relationships with referrers
✓Implementation of ‘best in class’ operating systems across entire network, driving productivity and efficiency at clinic level to
maximise benefits of integration and scale
Our Key Objectives
18

Summary
•Diagnostic Imaging industry supported by predictable, stable market
growth which de-risks Qscan’s growth
•Organic growth supported by structural, macro-led long-term growth
•Qscan benefits from market under penetration of high-value modalities
(MRI,CT,PET-CT) and our experienced sub-specialist Radiologists
•We will continue to focus on expanding our existing, unique, market leading
PET-CT Clinic network, which will further drive revenue and margin growth
•Building a scalable, national 24/7 reporting platform, to access Teleradiology
growth will assist in mitigating challenges associated with shortage in radiologist
workforce
•Taking advantage of Strategic M&A –attractive bolt-onsand transformative
targets will drive additional long-term growth supported by an integrated
operating platform and aligned corporate model
•Attraction & retention of Radiologistsremains a priority to ensure we meet long
term growth objectives
19

Questions
5

---

CDC Data Centres
InfratilInvestorDayPresentation
16 February 2021
Greg Boorer
ChiefExecutive

1
This presentation contains confidential, non-public information and has been prepared by Canberra Data Centres Proprietary Limited (ABN 59 125 710 394) (“CDC”). Distribution of this presentation, or of any information contained in this
presentation, to any person other than an original recipient (or as permitted in an accompanying, executed Confidentiality Agreement) is prohibited. Any reproduction of this presentation in whole or in part, or disclosure of any of its contents,
without prior consent of CDC is prohibited. No reliance should be placed on the information and no representation or warranty(whether express or implied) is given or made in relation to the accuracy or completeness of the information set out in
this presentation and no responsibility, obligation or liability whatsoever is or will be accepted for the accuracy or sufficiency thereof or for any errors or omissions.
Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary
form, is not necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient’s particular objectives, financial situation or needs. Each recipient of this presentation should: (i) make its own
enquiries and investigations regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that different future outcomes may
have on CDC; (ii) seek legal, accounting and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in this presentation, is given for illustrative
purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance.
Information set forth in this presentation may contain “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as “forward-looking
statements”). Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC’s projected financial performance; (ii) the expected development of CDC’s
business, projects and joint ventures; (iii) execution of CDC’s vision and growth strategy; (iv) sources and availability of third-party financing for CDC’s projects; (v) completion of CDC projects that are currently underway, in development or
otherwise under consideration; (vi) renewal of CDC’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow recipients of this
presentation the opportunity to understand CDC’s beliefs and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing opportunities.
Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and acceptthat future results may be affected by a range of variables which could cause outcomes or trends to differ materially,
including (but not limited to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii) industry competition; (ix) geopolitical
risks, legislative, fiscal and regulatory developments; (x) economic and financial markets conditions; (xi) approvals; and (xii)cost estimate.
This presentation does not constitute an offer, invitation or recommendation, and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.
Important notice and disclaimer

Contents
1CDC overview & performance
2Outlook
3Questions
4Appendix

CDC overview & performance
1

4
Established in 2007, CDC Data Centres (CDC) has grown to be a leading operator of secure world-class data centre (DC)
facilities, guaranteeing the availability of mission-critical systems
CDC builds, owns and operates data centres across a growing footprint of campuses in
Australia (Sydney & Canberra) and New Zealand (Auckland). Each DC is consistent with
the business’ core values:
⚫Security-the most secure provider of DC facilities tailored to the needs of
Government, Defence, Hyperscale and National Critical Infrastructure (NCI) /
Commercial customers
⚫Resilience-CDC designs and builds highly resilient facilities to operate long-term at
optimal energy efficiency
⚫Quality –CDC’s diversified operations allow clients to securely store their core IT
infrastructure within resilient centres whilst accessing global Hyperscale cloud
providers, forming a growing and large-scale ecosystem
⚫Innovation–a flexible business model that enables CDC to remain ahead of the
growth curve and provide clients with bespoke, scalable, future proof footprints
according to their specific needs
⚫Sovereign ownership -Consistent with the national security & critical infrastructure
nature of CDC, the ownership is similarly aligned. CDC is entirely in Australian and
New Zealand ownership backed by long term investors including Infratil, the Australian
Sovereign Wealth and Australian Commonwealth Superannuation Funds
CDC Data Centres overview
Sydney
Canberra
Auckland
Auckland 1/Auckland 2
Eastern Creek

5
What we said we would do...
✓Secure new clients and workloads at Eastern Creek 3 and Hume 4; key strategic
government and NCI customers secured for both Eastern Creek 3 and Hume 4.
A combination of new obligations and pipeline strength means that CDC has
confidence to accelerate Eastern Creek 3 and Hume 4
✓Development of New Zealand facilities and ongoing expansion of Australian footprints;
all on track and within budget
✓Secure additional land to provide runway for further growth;exchanged on land in
Canberra and actively working to secure further expansions
✓Grow EBITDA by 25% year on year with contracted revenue locked in for future
years; on track to deliver within guidance for FY2021
✓Access additional finance for future growth capex via expansion options within
existing funding facilities; working closely with lenders, who are showing keen
interest
✓Grow National Critical Infrastructure client base; new contracts signed in recent
months
✓Recruit and build further depth and breadth in the team; 50% increase in CDC
workforce across the business in last 6 months to create a scalable platform for
growth
✓Identify and pursue additional strategic opportunities; Continuing to follow
customer demand and evaluating new opportunities
•Grow National Critical Infrastructure client base –well progressed
•Identify and pursue additional strategic opportunities –well progressed
Since our last update in October 2020 we have achieved strategic short term goals and have witnessed accelerated
demand for projects
Since we last met....
Eastern Creek 3 building complete, on to Eastern Creek 4+
Auckland 1 data centreconstruction

6
CDC’s data centres under construction are all progressing well; on-track and within budget
Eastern Creek 3 completed –Eastern Creek 4 construction ready
Auckland 1 in-ground works completed
High voltage substation expansion at Eastern Creek underway, due in FY22
⚫New Zealand developments are out of the ground
⚫Eastern Creek 3 is completed with customer fit-out works ongoing; focus has now shifted to Eastern Creek
4 with site prepared for construction works. All planning approvals completed for Eastern Creek campus
⚫Development of the high voltage (132 kV) transmission-grade substation on the Eastern Creek campus is
well progressed, which will give added resilience and supply the Eastern Creek expansions
⚫Designs have progressed for the development of Hume 5
⚫CDC continues to proactively manage the risks of COVID-19 (with minimal impacts to date)
Development updates

7
47
56
73
117
145-155
0
20
40
60
80
100
120
140
160
2017A2018A2019A2020A2021F
Reported EBITDA
Four years of growth in both run rate and reported EBITDA delivered. Growth expected to continue
Financial performance
⚫CDC delivered on budget for FY2020 and on track for FY2021
⚫Strong track record of growth and attractive metrics
⚫Forecast includes already secured, long term contracts with more contracted for FY2022 and beyond
⚫Existing finance facilities will fund future developments and allow future flexibility
CDC has built a loyal customer base,
comprising Government, Hyperscale
and National Critical
Infrastructure/Commercial clients
⚫New customers added to the CDC
ecosystem
⚫Long-term contracts
⚫High quality underlying client base
⚫Weighted Average Lease Expiry
(WALE) of 14.8 years with options
⚫Strong track record of renewals and
extensions

Outlook
2

9
CDC’s track record of project delivery puts CDC in the right place at the right time to satisfy accelerating market demand
Accelerated demand for future projects
⚫Sector growth has accelerated
⚫Remote working environments, online retail, digital transformation of government and commercial service delivery, data security, are all key drivers
⚫Existing CDC capacity to be reached earlier than expected
⚫Customer demand has brought forward forecast growth, and forecast capacity expansions
⚫Forecast capacity growth has increased –near-term project capacity upsizing to meet market demand
⚫CDC’s track record of project delivery puts CDC in the right place at the right time to satisfy this market demand, and lowers development risk for future projects
⚫CDC continues to identify and pursue strategic opportunities
EC1
EC2
EC3
EC4
EC5
EC6
Hume 5 architect render
Eastern Creek Campus -future layout
HV

10
⚫Eastern Creek 3 and Hume 4 are now operational; nine operational DCs across
three locations
⚫Eastern Creek 4 and Hume 5 accelerated to commence construction in FY22,
Eastern Creek 5 and Eastern Creek 6 upsized to 35MW+ each
⚫Two data centres in Auckland under construction
⚫Existing operating capacity of 133MW, with 77MW under construction and 200MW+
capacity for future development
⚫Development land banks added in the past 12 months, with ongoing work to secure
additional land in areas of strategic focus
Portfolio overview and growth outlook
CampusHumeFyshwickEastern CreekAucklandTotal
Current
Facilities423-9
MW capacity46MW39MW48MW-133MW
In design/construction
Facilities1-124
MW capacity20MW-37MW20MW+77MW
Potential
Facilities522-9
MW capacity 120MW50MW+70MW+-240MW+
Total
10
186MW
4
89MW+
6
155MW+
2
20MW+
22
450MW+
Sydney
Canberra
CDC has a clear runway for growth within Australia and is growing into New Zealand
Auckland 1
Auckland 2

11
The key focus for FY2022 will be to deliver on contracted capacities and look for additional expansion opportunities
•Commission both of CDC’s New Zealand data centres in
early CY 2022
•Secure new clients and workloads across the CDC portfolio
•Progress the development of the Eastern Creek and
Canberra campuses
•Continue to grow EBITDA year on year with contracted
revenue locked in for future years
•Access additional debt via expansion options within existing
facilities to support additional growth
•Grow National Critical Infrastructure and Commercial client
base
•Identify and pursue additional strategic opportunities
including in new geographies
•Recruit and build further depth and breadth in Team CDC to
meet these goals and exceed client expectations
•FY22 will be one of investment and delivery in preparation
for the next stage of revenue growth
Looking ahead
Continue to bring quality,
secure, resilient and
sovereign owned data
centres for the Australian
and New Zealand market
Continue to build safely
the most energy and
water efficient data
centres possible
Continue to develop a
runway for sustained mid
and long-term growth
Hume 4

Questions
3

Appendix
4

14
CDC has successfully grown its portfolio of assets and has a range of diversified growth options that now
include the expansion into New Zealand
Growth by site
Facility
Capacity
(MW)
Capacity
contracted
1
Phase 1:
Build
Phase 2:
Fit-out phase
Hume 16MW>95%CompletedCompleted
Hume 26MW100%CompletedCompleted
Hume 39MW>95%CompletedCompleted
Hume 425MW70%CompletedIn progress
Hume 520MW-In progressFY22 onwards
Hume Additional120MW+-Future buildFuture build
Fyshwick 118MW >95%CompletedCompleted
Fyshwick 221MW80%CompletedIn progress
Fyshwick Campus 250MW+-Future buildFuture build
Eastern Creek 17MW>85%CompletedCompleted
Eastern Creek 213MW100%CompletedCompleted
Eastern Creek 328MW>55%CompletedIn progress
Eastern Creek 437MW-In progressFY22 onwards
Eastern Creek 5 & 670MW+-Future buildFuture build
Auckland 1 (NZ)10MW+80%In progressFY22 onwards
Auckland 2 (NZ)10MW80%In progressFY22 onwards
1
contracted capacity includes reserved and first right of refusal capacity and based on space capacity
Eastern Creek Site Plan
Auckland 1 architect render

15
CDC is well-positioned to capitalise on a new growth market by providing world-class quality, secure and resilient storage
solutions
Note: 1. Includes contracted reserved and FROR capacity
⚫Acquired two parcels of land in Auckland in 2020
⚫Auckland 1 site is ~11,000 sqm with expansion capacity available
⚫Auckland 2 site is ~7,000 sqm
⚫Resource and building consents received for both DC developments and electricity supply on track
⚫Risk mitigated by harnessing Infratil’slocal expertise and key CDC personnel on the ground to
manage construction
⚫Construction on both sites is out of the ground –additional time was allowed for COVID19
⚫Enables CDC to deliver geographic diversity and expand its ecosystem, highly attractive to existing
clients with data storage needs in New Zealand
⚫Built to the same world-class quality CDC is known for in Australia
⚫Built to provide increased rack density than is currently available in the NZ market, future proofing
CDC as the trend towards increased IT density is anticipated to continue
Highlights
Facility
Capacity
(MW)
Capacity
filled
1
Phase 1: Build
Phase 2:
Fit-out phase
Auckland 110MW+80%In progressFY22 onwards
Auckland 210MW80%In progressFY22 onwards
New Zealand focus
Auckland 2 architect render
Auckland 1 architect render

16
Multiple drivers are underpinning future growth, aided by accelerated digital transformation
Market Growth Drivers
Data Growth/Digitisation
•Increasing digitisation of business operations –remote working, data analytics etc
•“Always on” consumers driving growth in digital content, streaming, edge computing, etc
•Data growing faster than the technology to compress the data
•Development of the digital economy is underpinned by ever improving broadband connectivity, low latency cloud zones –all of
which require data centres in close proximity
•The increasing volume of data usage and transmission in a 5G network will increase demand in data storage and drive further
growth for data centres
•National self reliance and societal changes post the global pandemic
•Ongoing trend to bring compute to data
Outsourcing
•The proportion of outsourced DCs increased from 7% in 2007 to 37% in 2019 based on floor space (Frost & Sullivan) and policy
developments are set to increase this
•Trend towards increased outsourcing is likely to continue, driven by requirements for higher security and lower operating costs
•Most in-house arrangements are inefficient and developing an equivalent performing in-house DC would require significant
investment
•In-house DCs often lack significant capacity for future expansion, where outsourced DC providers can facilitate readily available
expansion capacity
•Customers of outsourced DCs typically invest in equipment equating to between 2 –3x the capex costs to construct the DC facility
[1]
Cloud Adoption
•Increase in cloud based workloads from Artificial Intelligence, machine learning, data analytics and internet of things
•The flexibility and scalability of cloud offerings is expected to drive further cloud data demand
•The expansion of remote working in the wake of COVID19 is anticipated to increase demand for cloud storage solutions
Policy Developments
•Data sovereignty, privacy and cyber security requirements driving onshore development of DCs in Australia, New Zealand and
around the world
•National Critical Infrastructure agencies are obligated to adhere to government data security regulations adding to greater
outsourcing of DC services
[1] Deutsche Bank Markets Research -Under the Hood -Inside Cloud Data Centers–February 2017

---

3

4

5

6

7

8

9

10

11

12

14

---

Supplementary
Information
Infratil Investor Day 2021

InfratilInvestor Day –16 February 2021
Wholly Owned
Group Net
Bank Debt
The Wholly Owned Group comprises
Infratil and its wholly-owned subsidiaries
and excludes Trustpower, Tilt Renewables,
Wellington Airport, Qscan Group, CDC Data
Centres, Vodafone NZ, RetireAustralia,
Longroad Energy, and Galileo Green Energy
Wholly Owned Net Bank Debt comprises
the drawn bank facilities (net of cash on
hand) of Infratil’s wholly owned subsidiaries
31 January 2021 ($Millions)
Wholly Owned Group Net Bank Debt –31 March 2020
470.9
Trustpower dividends
(51.9)
Wellington Airport subvention payment
(37.5)
Vodafone NZ distributions and capital return
(94.5)
Tilt Renewables capital return
(179.6)
Longroad Energy distributions and capital return
(38.7)
Equity raise (net of issue costs)
(294.2)
Bond issue proceeds (net of issue costs)
(48.5)
Qscan Group equity investment
309.7
International Portfolio Annual Incentive Fee (FY2020 First Instalment)
41.7
Net interest
56.2
Net other operating cashflows
36.6
Final dividend prior year and interim dividend current year
117.7
Net other investment & financing cashflows
68.9
Wholly Owned Group Net Bank Debt –31 January 2021
356.8
Wholly Owned Group Net Bank Debt is forecast to be ~$370 million at 31 March 2021. This forecast excludes any further bond
proceeds from the IFT300 allotment on 15 March 2021, noting that any further proceeds from the current offer will not impact total
net debt.

Wellington International Airport Limited
Infratil Investor Day 2021
Wellington International Airport Update
Infratil Investor Day –February 2021

1%
9%
31%
57%
40%
46%
62%
65%
67%
64%
63%
63%
0%
20%
40%
60%
80%
100%
AprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarch
FY2021 Domestic & International Passengers % Vs Pre-COVID (normally 82:18 split)
Wellington International Airport Update
Sprint Strategy for Next 18-24 Months -Ride Out & Recalibrate for Recovery
Funding secured
•Cashflow scenarios modelled
•Covenant waivers obtained
•Bank facilities increased by
$70 million & maturities termed out
to May 2022/23
•Shareholder RPS support of
$75.8 million in place
$100 million retail bond issued
•First corporate issue post COVID-19
•Early refinance of May 2021
$75 million bond maturity; next bond
maturity is in May 2023
•7 years @ 2.50% coupon
Business resized
•Cost-out -25% reduction
•34% headcount reduction
•Capex reduced to $34 million in
FY2021 incl. Runway Overlay
•Cashflow positive at Level 1
PSE4 airline pricing
•Deferral of PSE4 pricing due to
COVID-19; prices held in the interim
•Open communication with airlines &
ComCom throughout COVID-19
•Proposed pax reset for impact of
COVID-19; options preserved to
recover PSE4 into future
•Final Pricing set for 1 April 2021
Masterplan rephased
•Essential works identified and
staging plan designed to align with
traffic expectations
•Flexibility to accelerate/slow down
•Miramar Golf Club Course and
School land purchased
•Progressing Designations
Runway overlay brought forward
•Unique opportunity with no
international arrivals; brought
forward from FY2022
•20% cost savings and safer & faster
delivery
•Underlines WIA’s commitment to
resilient infrastructure
Commercial strategy advanced
•Management of Tenancies and
retailers to assist them cope with
revenue declines with minimum total
revenue impact on WIA
•New Transport pricing models for
Rideshare/taxis + Rental pricing
•Long-term precinct development
plan developed
•Hotel & Conferencing recovery in-
line with Domestic Passengers

Domestic
82%
Australia &
Pacific
12%
Rest of World
6%
•WLG’s biggest pre-COVID market
was domestic (82% of travel)
•Leading air travel recovery
Globally and particularly in
New Zealand
•Domestic capacity back to circa
90% of pre-COVID levels in
December 2020
•First markets to open as part of travel bubbles, indication from airlines is that demand may even be
stronger than pre-COVID while rest of world closed with new routes possible
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
JanFebMarAprMayJunJulAugSepOctNovDec
Domestic Passenger Capacity at WLG
201920202021 (Forecast)
Wellington International Airport Update
COVID: WLG less exposed to impacts and expect to recover faster
•Last to come back, but little exposure for WLG

•Different market segments have been
impacted in different ways, noting that over
the last 20 years, WIA’s pax has
consistently risen slightly higher than
domestic GDP (2.5%)
•Domestic recovery has been strong, led by
visiting friends/family, holiday travel, home
of Government with corporate slower to
recover –forecasts back to FY2020 levels in
FY2023-24 are consistent with IATA global
view (albeit conservative as domestic
already back to 80-90%)
•Short-haul International (Australia/Pacific) is
expected to come back to pre-COVID
levels, and could even be higher in the
short-term supported by travel bubbles,
limited global travel options and new routes
–back to FY2020 levels in FY2024
consistent with IATA
•Long-haul International will depend on a
vaccine and will take longer to recover –
long-term growth drivers (population,
income) remain, and New Zealand could be
more attractive -little exposure for WLG
Passengers expected to recover to pre-COVID levels by FY2023-24
Could recover faster given domestic/short-haul prevalence

0
20
40
60
80
100
120
FY16FY17FY18FY19FY20FY21FY22FY23FY24
EBITDA $m
Capex $m
FY21 FY22 FY23 FY24 FY25
Airside & Apron Works 15 4 28 13 8
AFS relocation--8 18 -
Domestic Terminal3 10 12 12 11
International Terminal--5 4 3
Marine Enhancements4 12 11 --
Commercial developments1 2 32 35 25
Miscellaneous capex5 2 13 19 10
Operating capex4 5 10 10 10
Total Capex 33 34 117 111 67
Wellington International Airport Update
EBITDA & Capex Forecasts
EBITDA Forecast
•FY2021 forecast of $35 million (prior to charges in alert levels on
14 February) severely impacted by nationwide Level 4 lockdown,
and later Auckland Level 3. The original forecast was ~$110 million
•FY2022+ forecasts are in-line with forecast passenger recovery
noting WLG has 82% domestic and 12% trans Tasman & Pacific
passengers (pre-COVID)
Capex Forecast
•Essential capex in short term with runway overlay brought forward
to FY2021 from FY2022/23
•$230 million capex deferred with future spend determined by pace
of COVID-19 passenger recovery
•Capex pipeline in place following review of Master Plan and subject
to PSE4 airline consultation –no major capex works committed or
required in short term
•International terminal development now planned to commence in
FY2026/27

Infratil Investor Day | 16 February 2021

Trustpower –Positive Outlook
•Electrification and decarbonisation of economy requires significant
investment, an extra 70% generation capacity forecast to be required by 2050.
Supported by the recent announcement by the Climate Change Commission
•Convergence across digital platforms (utilities, entertainment, retail and
financial services)
•Undertaking strategic review of the mass market retail business driven by
significant opportunity in energy and utility markets
•Opportunity for new acquirer to realise scale and synergies and leverage
capabilities into new markets, segments
•A stand alone generation business would be able to focus on growth
•Decision will be made in best interests of all stakeholders
•TECT has been advised and will consult with beneficiaries shortly

$450K
Bundle remains popular, generation subdued due to ongoing low
hydrology and planned works
Overall an excellent result when set against the challenges
caused by COVID-19
MetricFY2020
YTD
FY2021
YTD
Variance
Generation Volumes (GWh)1,4711,3945%
GWAP ($/MWh)$117$13515%
Electricity Connections (‘000’s)2662641%
Telco Customers (‘000’s)1031085%
Gas Customers (‘000’s)41435%
Customers with 2+ products (‘000’s)1141205%
Total Utility Accounts (‘000’s)4104151%
MM Sales (GWh)1,4461,453-%
NZ UFB
Market
Share
7.2%
NOTE: At Sep-20
32%
Total Data
Usage per
customer (vs pcp)
0.8
1.1
1.3
1.6
1.8
250,000
300,000
350,000
400,000
450,000
Products/Customer
Products
Average Products per Customer
Total ProductsAverage Products per Customer (RHS)
Fibre % on
fast plans
(>100Mbps)
30%
Donations by
Senior leaders
and Directors

Other Portfolio Investments

InfratilInvestor Day –16 February 2021
Other Portfolio
Investments
Update
February 2021
InfratilInfrastructureProperty
•InfratilestablishedInfratilInfrastructureProperty(‘IIPL’)primarilytomanagethepropertyportfolioofNZBus,which
whenacquiredin2006ownedalargenumberofitsbusdepots
•Asoftoday,IIPLhasdivestedthemajorityofitsassets,includingthedevelopmentoftheNewLynnMerchantQuarter
inpartnershipwithAucklandCityCouncil
•IIPL’sremainingassetsare:
•TheKilbirniebusdepotinWellingtonwhichhasbeensoldfor$35million,withsettlementinMarch2021;and,
•100HalseyStreetinAucklandwithatotalsiteareaof~18,820m
2
•TheHalseyStreetsiteencompassesanarealeasedtoNZBuswhichisusedasitsAucklandCBDdepot,andanew
development(Wynyard100)whichincludesahotel,carpark,officespaceandgroundfloorretail
•TheWynyard100projectreachedPracticalCompletionandtheopeningofthe154roomTravelodgehoteland385
spacecarparkon30October2020.Asatthatdatethebuildinghadatotalbookvalueof~$90.0millionheldatcost
•Wynyard100ispartofanIntegratedDevelopmentPlanfortheentire100HalseyStreetsitewhichproposes6Buildings
totalling~87,000m
2
pluscarparking
•IIPLis100%fundedfromitsownrevenuesandInfratil’sCorporatedebtfacilities

InfratilInvestor Day –16 February 2021
ClearvisionVentures
•Infratil has made a US$50 million commitment to
California based ClearvisionVentures
•In addition to a positive return, the objective through the
fund’s investments is to gain direct exposure to
technology which could disrupt traditional infrastructure
sectors, providing Infratil with early warning of risks and
opportunities
•The book value of Infratil’s investment in Clearvisionwas
NZ$34.4 million as at 30 September 2020
•As at 31 December 2020 the fair value of Infratil’s
investment in Clearvisionis ~US$47.6 million. The
increase is predominantly driven by the increase in the
value of the Fund’s investment in ChargePoint, with
Infratil’s share worth ~US$25.6 million
•ChargePoint is currently in the process of becoming a
public company via a reverse-merger with a SPAC,
Switchback Energy Acquisition Corporation (NYSE:SBE)
•Founded in 2007, ChargePoint sells hardware, software
and services related to EV charging to commercial, fleet
and residential customers. It operates more than
115,000 charging ports globally and is aiming to increase
that to 2.5 million by 2025
Australian Social Infrastructure Partners (‘ASIP’)
•ASIP currently holds a 9.95% share of the equity in the
New Royal Adelaide Hospital (‘nRAH’) public-private
partnership (‘PPP’)
•The book value of Infratil’s investment in ASIP was
NZ$36.0 million as at 30 September 2020 and was based
on a 30 June 2020 independent valuation
•The achievement of steady state operations provides an
opportunity for Infratil to assess its options
•No further investment activity is planned for ASIP
Other Portfolio
Investments
Update
February 2021