Infratil’s manager Morrison & Co announces CEO transition

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

21 July 2021


Infratil’s manager Morrison & Co announces transition of CEO
H.R.L. Morrison & Co Chairman, Rob Morrison, today announced that Marko Bogoievski will be
stepping down as Chief Executive of Morrison & Co at the end of the year following an
outstanding 13 year tenure, and will be replaced by Morrison & Co’s current Head of Australia
and New Zealand, Paul Newfield.
This follows the announcement in February 2021 in relation to Marko stepping down as Infratil
Chief Executive, with Jason Boyes taking over from 1 April 2021.
Marko will continue to be an Infratil appointed director of Vodafone New Zealand.
A copy of the Morrison & Co release is attached.

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

---

Morrison & Co announces CEO transition

Wednesday 21 July

H.R.L. Morrison & Co Chairman, Rob Morrison today announced that Marko Bogoievski will be
stepping down as Chief Executive at the end of the year following an “outstanding” 13-year tenure
and will be replaced by the current Head of Australia and New Zealand, Paul Newfield.

Rob said the Board is pleased to be able to make an orderly transition from one high performing
leader to another, with the changes taking effect on 1 January 2022.

“Paul has been with Morrison & Co since 2008 and has developed into an excellent leader and a
highly successful investment professional. We are confident he will grow and evolve the firm as it
expands further into offshore markets, delivering superior returns for investors looking for exposure to
global infrastructure opportunities.

“After 33 years and just two CEOs, it is timely for a new leader to take the helm, bringing a new
perspective to that role while preserving the purpose-driven, high-performance culture, which has
been a hallmark of Morrison & Co.

“The board and employees at Morrison & Co thank Marko Bogoievski for 13 years of outstanding
leadership. Since his appointment as CEO in 2009, Marko has delivered exceptional returns for
Morrison & Co and our clients. The hallmark of his strategy was the early recognition of emerging
infrastructure themes, and the conviction to invest in ideas that matter. He built an impressive
leadership team and has established the business as a global infrastructure investment manager
growing funds under management from NZ$2.1 billion in 2009 to NZ$21.5 billion today.”

Paul Newfield will be just the third CEO of Morrison & Co since it was founded by Lloyd Morrison in
1988, and for the past decade has led the Australian expansion of the firm, personally overseeing
investments into sectors including renewable energy and healthcare services.

Paul said his goal is to build on the growth momentum in Morrison & Co and elevate it to become the
leading global infrastructure investment manager.

“Under Marko’s leadership, we've established teams in London, New York and Hong Kong, building
from our strong foundations in Australasia. My focus will be on growing this global platform further to
deliver outstanding investment opportunities for our clients.

“Since setting up in Sydney in 2010, we’ve made a number of great investments for existing clients
such as Infratil, and attracted over NZ$10 billion of new capital from Australian institutional investors.
Our success in Australia is the blueprint for our global strategy. We’ll carefully blend our Morrison &
Co DNA with the best local talent in new regions and we’ll focus on sectors where we have world-
leading expertise, like renewable energy and digital infrastructure.”

“It’s an honour to follow in the footsteps of Lloyd Morrison and Marko Bogoievski. You couldn’t hope
for two better CEOs to learn from or for a stronger foundation on which to build.”

Marko Bogoievski said that after leading Morrison & Co for 13 years, the time is right to step aside at
the end of the year.

“Together with the Board, I have been working to ensure a smooth leadership transition since last
year. I will continue as Operating Partner, providing guidance for investments in telecommunications
and digital infrastructure. The Board has also asked me to continue on the boards of Vodafone NZ
and Telstra InfraCo Towers. Alongside these roles, I will be pursuing my own personal investment
interests.

“Paul has been a core part of the Morrison & Co leadership team during my tenure with significant
roles as the Head of Australia and New Zealand, and previously as our Chief Investment Officer. Paul
will be supported by an incredibly strong Management Committee with many years of experience and
a record of delivering outcomes for clients. Our investors will be able to rely on a continuation of our
successful investment strategies, delivering outstanding returns and a shared commitment to long-
term sustainability.

“His experience augers well for Morrison & Co’s next phase of development. We are proud of our
track record of growth and success since 1988.”

ENDS

About Morrison & Co
Founded in 1988, Morrison & Co is a global infrastructure investment management specialist, which
manages multiple client mandates with total funds under management of approximately NZ$21.5
billion as at 30 June 2021. Morrison & Co invests on behalf of sovereign wealth funds, pension funds,
and other public and private pools of capital. Investment mandates are tailored to each client and
variously cover private and listed markets, equity and debt, and asset-specific management
relationships.

Media Contact:
Anthea Cudworth
Morrison & Co
Anthea.Cudworth@hrlmorrison.com
+61 (0)414 006 890

David Lewis
Thomson Lewis
david@thompsonlewis.co.nz
+64 21 976119

Paul Newfield Bio
Paul is currently Morrison & Co's Head of Australia and New Zealand, Chair of Morrison & Co's
Investment Committee and a member of its Management Committee.
Paul’s investment management experience covers listed and unlisted markets across transport, energy,
digital infrastructure and social infrastructure sectors in Australasia, Asia and Europe. He is a New
Zealander, who joined Morrison & Co in 2008, and moved to Australia in 2010 to lead the firm's
expansion into that market.
Paul was a director of Tilt Renewables from its listing in 2016 through to its successful sale in 2021. He
is Chairman of Qscan, a leading Australian diagnostic imaging business, purchased by Morrison & Co
in 2020 on behalf of Infratil and the Morrison & Co Growth Infrastructure Fund.
Prior to joining Morrison & Co, Paul was a Principal at The Boston Consulting Group where he worked
on strategy, M&A and corporate finance assignments for major corporations in Australia, New
Zealand and Europe. He holds an MA in Philosophy from the University of Auckland and an MPhil in
Management from the University of Cambridge, where he was a Commonwealth Scholar.