Infratil 2022 Investor Day

Investor Day
15 February 2022

Disclaimer
This presentation has been prepared
by Infratil Limited (NZ company
number 597366, NZX:IFT; ASX:IFT)
(Company).
To the maximum extent permitted
by law, the Company, its affiliates
and each of their respective
affiliates, related bodies corporate,
directors, officers, partners,
employees and agents will not be
liable (whether in tort (including
negligence) or otherwise) to you or
any other person in relation to this
presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation.
The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information
which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product
disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth). This presentation
should be read in conjunction with the Company’s Interim Report for the period ended 30 September 2021, market releases and other
periodic and continuous disclosure announcements, which are available at https://www.nzx.com/companies/IFT,
https://www2.asx.com.au/markets/company/ift or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to
acquire the Company’s securities, and has been prepared without taking into account the objectives, financial situation or needsof
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 International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International
Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF,
EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed
by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures
determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by
other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to
users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-
IFRS/GAAP financial information or financial measures included in this presentation.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.
Infratil Investor Day 2022
2

Welcome
Infratil’s 2022
Investor Day
Infratil Investor Day 20223
Jason Boyes
•Infratil Chief Executive Officer
and Director since 1 April 2021
•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. Director
of CDC Data Centres
Phillippa Harford
•Infratil Chief Financial Officer
since May 2015
•Joined Morrison & Co in 2009
after a 17 year career in
corporate tax and tax advisory
in New Zealand and offshore
•Director of Pacific Radiology,
RetireAustralia and Wellington
International Airport
Mark Tume
•Independent Director since
November 2007 and Infratil
Chair since October 2013
•Chair of the Manager
Engagement Committee and
Nomination and Remuneration
Committee
•Director of RetireAustralia

2022 Investor Day
Agenda
Infratil Investor Day 20224
10.30am -11.10amIntroduction and Welcome, Portfolio Update & Growth Outlook
Mark Tume, Infratil Chair, Jason Boyes, Chief Executive and Phillippa Harford, Chief Financial Officer
11.10am -11.25amRenewable Energy Platform
Vimal Vallabh, Morrison & Co Global Head of Energy
11.25am -11.55amLongroad Energy
Paul Gaynor, Longroad Energy Chief Executive
11.55am -12.25pmRenewable Energy Panel Discussion
Vimal Vallabh, Paul Gaynor, Ingmar Wilhelm (Galileo Green Energy Chief Executive) and
Assaad Razzouk (GurīnEnergy Chief Executive)
12.25pm -1.00pm Lunch break
1.00pm -1.10pmMorrison & Co Update
Paul Newfield, Morrison & Co Chief Executive
1.10pm -1.25pmDigital and Connectivity Platform
Will Smales, Morrison & Co CIO and Global Head of Digital and Connectivity
1.25pm –2.00pmCDC Data Centres
Greg Boorer, CDC Data Centres Chief Executive
2.00pm -2.30pmVodafone New Zealand
Jason Paris, Vodafone Chief Executive
2.30pm -2.45pmHealthcare Platform
Peter Coman, Morrison & Co Co-Head of Australia and New Zealand
2.45pm -3.15pmHealthcare Panel Discussion
Peter Coman, John Livingston (Morrison & Co Senior Advisor, Healthcare), Chris Munday (Qscan
Chief Executive) and Terry McLaughlin (Pacific Radiology Chief Executive)
3.15pm -3.30pmWrap up
Jason Boyes

Portfolio Update and Growth Outlook
Jason Boyes (CEO) and Phillippa Harford (CFO)

Overview
Infratil is an
infrastructure
investor with
significant
investments in
Digital
Infrastructure,
Renewables and
Social
Infrastructure
6
Established
1994
Market Capitalisation
Track record
Listed on
NZX ASX
Group Assets
After tax return
Managed by
18.6% p.a.
2022FInvestment
2022FEBITDAF
$5.5b$8.5b
+
Morrison
& Co
28 years
$1.3b
$500m-
$520m
Infratil Investor Day 2022

Investment
Approach
Our successful,
high conviction
approach has
remained
consistent
through multiple
market cycles
Infratil Investor Day 20227
•Infratil invests in infrastructure businesses, targeting returns to shareholders of 11-15%p.a. over the long
term
•Investment is focused on sectors and businesses with
✓strong defensive characteristics
✓exposure to growth, driven by macroeconomic and industry tailwinds –“Ideas that matter”
✓opportunities to reinvest and manufacture infrastructure at scale –“platforms”
•High conviction approach, with significant investments in 4 “Ideas that matter”
•Portfolio blends investments in lower risk cash generating businesses and higher risk and return growth
infrastructure platforms to meet target returns, and credit and liquidity metrics
•Active asset management and balance sheet flexibility key to managing risk and achieving returns,
requiring control or significant influence over the businesses Infratil invests in
•Infratil’s abilityto position itself early in next generation infrastructure is a source of outperformance –
continuing to scan for new “Ideas that matter”
Digital
Infrastructure
Renewables
Social
Infrastructure
Airports
“Ideas
That
Matter”

2021 Investor Day
Looking back at
what we said we
would do, and
what we did
Infratil Investor Day 2022
8
What we said we would do
•Undertake the strategic review of Infratil’s
investment in Tilt Renewables
•Rebuild scale in renewables post-Tilt,
including investigating renewable energy
development in Asia
•Evaluate global data centre opportunities,
particularly in new niches
•Build on our Qscan investment to create a scale
diagnostic imaging platform, and evaluate
adjacent healthcare businesses
What we did
•Successful sale of Tilt Renewables completed in
August 2021, generating a return of 35% p.a.
•Established Gurīn Energy to develop renewable
generation projects across Asia with a
commitment of USD233 million
•Shifted Longroad Energy’s strategy to scale the
business, retaining more of the projects it is
developing
•Progressed the establishment and pipeline of
Galileo Green Energy
•Committed £120-130 million of growth capital to
London data centre business Kao Data, focussed
on specialist high performance computing
requirements with growth opportunities
•Invested in Pacific Radiology, Auckland Radiology
and Bay Radiology which saw Infratil deploy over
$400 million in New Zealand, creating one of the
largest diagnostic imaging service providers in
Australasia

Portfolio
Overview
Four significant
investment
platforms with
business, sector
and geographic
diversification
Infratil Investor Day 20229
Digital
Infrastructure
56%
Renewables
21%
Social
Infrastructure
14%
Airports
9%

Portfolio
Composition
High conviction in
Digital Infrastructure,
resulting from strong
performance and
Tilt Renewables exit.
Growth in
Renewables and
Healthcare
underway, with
increased geographic
diversity
Infratil Investor Day 2022
10
41%
42%
8%
8%
1%
Renewable Energy
Digital Infrastructure
Airports
Social Infrastructure
Other
16%
60%
10%
13%
1%
39%
58%
3%
New Zealand
Australia
USA
Europe
Asia
49%
45%
3%
3%
20212022
Figures exclude cash

35%
52%
13%
45%
35%
20%
Core
Core+
Development
Portfolio
Composition
Earlier stage
investments in
development
expected to
grow. Room to
add core cash
generation to
support that
Infratil Investor Day 2022
11
20212022
Leverage
Assumption
Expected
Returns
Infratil
Portfolio
Management
Costs
Return to
Shareholders
Core
Lower Risk
Core Plus /
Growth
Development
Higher Risk
8–10%
Per annum
10–15%
Per annum
15–25%
Per annum
Average net debt/
total capital 30%
at6% p.a.
interest rate
1% of assets
Per annum
11–15%
Per annum
++
–
=
Target Portfolio Return

Portfolio Strategy
Long-term mega
trends driving
Infratil’s chosen
sectors remain
and are further
enhanced by
complementary
global investment
tailwinds
Infratil Investor Day 202212
•Long-term mega trends driving Infratil’s chosen sectors of Digital Infrastructure, Renewables and
Healthcare are still early
•Further backed by long-term tailwinds for infrastructure investment, which continues to grow rapidly,
globally
➢Infrastructure is less correlated with the general economy, particularly where backed by long-term
mega trends, “Ideas that Matter”
➢Attractive in inflationary environments, often with strong sustainability credentials
➢Fastest growing alternative equity investment class. Private markets transactions continuing at
materially higher valuations than listed markets
•Sustainable investment also growing rapidly, with Renewables in particular well-placed

Portfolio Strategy
Infratil’searly
moves in growth
and sustainable
infrastructure
have positioned it
well with multiple
embedded
growth options
Infratil Investor Day 202213
•Infratil’s early move into growth infrastructure sectors -Digital Infrastructure, Renewables and
Healthcare –and sustainable investing has positioned it well
➢The valuation of those investments has increased, as has competition for new investments
➢Existing high quality “platforms” allow Infratil to reinvest in internal pipelines or efficiently bolt-on
businesses and geographies at attractive risk-adjusted returns
➢Options to enhance returns by realising manufactured or embedded infrastructure, while retaining the
“platform”
➢Infratil’s track record and capability differentiates it as an investor and potential partner for business
owners and management

Portfolio Outlook
Focussed on
capitalising on early
starts, building
further scale,
evaluating attractive
adjacent investments
and diversifying
geographically.
Room to add further
core cash generating
assets
Infratil Investor Day 2022
14
•Digital Infrastructure
➢Already at scale in A/NZ –CDC Data Centres continues to experience strong organic growth,
assessing network capital release options for Vodafone
➢Continuingto evaluate further attractive data centre and connectivity opportunities offshore
•Renewables poised to scale
➢Longroad Energy’s strategic shift, assessing new minority investor(s)
➢Opportunities for Gurīn Energy to grow via acquisition in Asia, renewables market reminiscent of
Europe or the US five years ago
•Healthcare, Infratil still an early infrastructure investor with multiple options to scale and grow
➢Qscan continues to evaluate bolt-ons in its market
➢Teleradiology being evaluated to extract synergies across A/NZ. Potential to extend to new
geographies
➢Continue to evaluate adjacent sectors, such as cancer care
•Room to add further cash generating assets to support growth platforms as gearing increases back
to long-term targets

Sustainability
Since inception,
Infratil has
invested in assets
that are important
to society and the
environment, an
investment
strategy that has
served us well
Infratil Investor Day 2022
15
•Over the last 12 months the Infratil board has been
setting our long-term sustainability strategy
•The strategy establishes a sustainability vision for the
business together with long-term environmental, social
and governance objectives
•It also includes a series of ESG medium term targets
and outlines the expectations we have of our portfolio
companies
•We are also focussed on ensuring that Infratil is
financially resilient to the physical and transitional
impacts of climate change, and committed to
reporting to stakeholders in line with the
recommendations of the Taskforce for Climate-
related Financial Disclosures
•We will provide a further update on our climate change
action plan and our sustainability strategy as part of
our 2022 Annual Report

Capital Availability
Well positioned
for capital
deployment with
$800 million of
cash and
significant
undrawn bank
facilities
Infratil Investor Day 2022
16
($Millions)14 February
Net bank debt/(cash)(804.2)
Infratil Infrastructure bonds1,163.7
Infratil Perpetual bonds231.9
Total net debt591.4
Market value of equity5,516.8
Total capital6,108.2
Gearing9.7%
Infratil wholly owned undrawn bank facilities894.0
100% subsidiaries cash804.2
Liquidityavailable1,698.2
--
40
439
415
-
194
122
156
692
232
-
200
400
600
800
1,000
1,200
FY22FY23FY24FY25FY26-31>FY31
Wholly owned bank facilitiesBonds
•Upon completion of the Tilt Renewables
disposal, Infratil fully repaid its drawn
bank debt facilities, leaving acash
balance of ~$1.1 billion, some of which has
since been applied to investments
•Infratil has fully refinanced all of its bank
facilities with a range of maturity dates
out to July 2026
•These include undrawn core facilities of
$744 million and term facilities of
$150 million, with access to additional
acquisition facilities if required
•Current gearing of ~10% is significantly
below the target range of 30%
•Infratil's next two bond maturities are
$93.7 million of IFT190 bonds in
June 2022 and $100.0 million of
IFT240 bonds in December 2022

Guidance
Guidance range
narrowed and
dividend
confidence
retained
Infratil Investor Day 2022
17
Proportionate EBITDAF
•FY2022 Proportionate EBITDAF guidance range
is narrowed to $500-$520 million (previously
$500-$530 million)
•Covid-19 continues to impact the earnings of
Wellington Airport and our Diagnostic Imaging
businesses, which may persist for the remainder
of the financial year
•Guidance excludes the impact of the IFRIC
clarification relating to the accounting treatment
of software-as-a-service, which is a non-cash
item primarily impacting Vodafone
•Guidance also assumes a full year contribution
from Trustpower Retail
Dividends
•The dividend outlook is for modest continued
growth in cps, reflecting expected growth in
operating earnings from CDC Data Centres and
Vodafone and the addition of Qscan and
Pacific Radiology to the Group
•The FY2022 interim dividend saw a 4.0%
increase (excluding imputation credits) from the
comparative period

Inflation
Infratil’s portfolio
is relatively well
positioned to
withstand the
pressure of a high
inflationary
environment
Infratil Investor Day 2022
18
•A material portion of the Group’s revenue is derived through contracts which provide for revenue
adjustments for Consumer Price Inflation or via an alternative % increase, therefore cushioning
inflationary impacts
•For some portfolio companies a flow through of cost increases to customers may be constrained by
competitive pressure, therefore impacting margins, however those businesses expect that this can be
responded to with a continued focus on operational efficiency
•Workforce costs constitute a large part of the cost base for some portfolio companies –increases are
expected to be mitigated through revenue indexation mechanisms where applicable, or through a focus
on operational efficiency
•Inflation is expected to have a limited impact on near-term Group capital expenditure. Portfolio
companies with significant forecast capital projects either have project costs locked in or have built in
headroom in anticipation of an increasingly inflationary environment
•The impact of inflation on asset valuation is expected to be slightly positive when taken on a whole-
portfolio basis, assumingdiscount rates steady overthe long-term

Conclusions
Infratil is very well
positioned, with
multiple growth
options, long-
term tailwinds,
and a strong
balance sheet
Infratil Investor Day 2022
19
•Infrastructure is one of the hottest asset classes
globally experiencing strong long-term tailwinds,
alongside the long-term mega trends supporting our
three focus sectors: Digital Infrastructure, Renewables
and Healthcare
•CDC Data Centres continuing to see strong organic
growth, assessing network capital release options for
Vodafone, and further data centre and connectivity
opportunities offshore
•Renewables and Healthcare investments poised to
scale at attractive risk-adjusted returns, through internal
reinvestment, bolt-onsand adjacent investments, at our
option. Longroad Energy’s strategic shift, assessing
new minority investor(s)
•Room to add more core cash generating assets to
support growth investments in the future
•Infratil’sflexibility and capability to move early into
emerging infrastructure still a source of outperformance
–continuing to scan for the next big thing
•Remaining patient and disciplined

---

Investor Day
February 15, 2022
Photo: Longroad’sMonmouth, ME project site

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
2
Business Overview
LONGROAD
ENERGY
PARTNERS, LLC
•Vertically integrated developer,
owner, operator established 2016
•US wind, solar, and storage
•Developed and acquired 3.2 GW since
inception, of which 1.8 GW sold and
1.4 GW retained
•Near-term (2022-24) growth of 4.5
GW, ~1.5 GW p.a.
•2025+ pipeline 8.5 GW
•~145 people
•Ownership: 40% IFT; 40% NZSF; 20%
Management
•Realized returns of 57% (ITD)
Photo: Longroad’sEl Campo (TX) project site

3
US Renewables –Annual Additions
Weaver
Source: BNEF
Without new federal climate legislation, expect wind, solar,
and storage market to be ~40-45 GW per year
Wind (onshore)
Solar (ex. Residential)
Storage (ex. Residential)

4
Last 12 Months: Global Supply Disruption
Weaver
Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity
Inflation at 30-year high; impacting project economics
SteelShipping Containers
Lithium
PV Panels

5
Last 12 Months: FNTP Growth vs. Global
Supply Disruption
Weaver
•12 months ago: 1.8 GW
(12 projects) poised for
FNTP over 2021/22
•Closed/achieved commercial
operation of Sun Streams 2 (200 MW)
•Closed financing and started
construction on Maine DG1 (26 MW)
•Some deals slid to the right to get
reworked given global supply chain
impacts
•Of the 12 total projects, none has
been terminated
Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity
•Today: 4.5 GW (17
projects) poised for
FNTP over 2022-24
•Advanced near-term portfolio in 2021;
includes significant amount of storage
•Signed strategic supply agreement
with storage vendor
•Revised offtake deals reflective of
current market for inputs
Short-term slowdown, however long-term growth remains,
and higher power pricing likely to maintain economics

6
Last 12 Months: Pipeline Growth
Weaver
Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity
•+68% growth in total pipeline
•Significant growth in storage
pipeline (+143%)
•Actively adding wind portfolio
Pipeline is diversified and primarily in high-value markets
7,683
12,930
•+245% growth in CAISO (California)
•Added NVE pipeline (Nevada)
•+109% growth in SCPPA/LA (City of
Los Angeles)
•Added to PAC (Mountain West),
ISONE (New England) portfolios

7
Growth Prospects: 2022-26 Pipeline
Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity
13 GW pipeline, most of which is in high value markets
Longroad’s 1.4 GW of operating assets and ~13 GW pipeline are composed of wind, solar, solar and
storage, and standalone storage assets across 13 states
1,001+ MW
501 MW –1,000 MW
0 MW –500 MW
Solar + Storage Assets
Storage Only Assets
Solar Assets
Wind Assets
Solar
34 Projects
(3)
6.6 GW
Storage
28 Projects
(3)
5.2 GW
Wind
4 Projects
1.2 GW
Total Projects
43 Projects
13 States
Includes 23 solar +
storage projects

8
Key Themes in the US Renewable Sector
Weaver
Significant
Industry
Tailwinds
•Build Back Better setback, but reintroduction of Climate legislation possible
•State level support mechanisms strengthening
•Corporate buyers of renewable energy at all time high (31 GW in 2021)
(1)
1
Global Supply
Crisis
•Significant impact on project completion
•Inflation causing project developers and power purchasers to re-evaluate economics and schedule
2
Market
Selection
Critical
•Value generation highest in high-value markets
•Interest in basis-exposed offtake prevalent in ERCOT in Texas has softened; while busbar-delivered energy
(i.e. at the project location) drives premium values
•Assets that can access high-demand markets (e.g., CAISO in California) are more valuable
3
Diverseand
Growing Buyer
Universe
•Despite a historic downward trend, returns are expected to remain at current levels for the near term
•Buyers continue to think carefully about return expectations and model inputs (e.g., useful life periods,
forward curve expectations, etc.)
4
Storage
Critical
Success Factor
•Challenge in dealing with emerging storage suppliers/OEMs as US track records not deep
•Utilities’ technical demands are also evolving, resulting in complex contractual arrangements
5
Competition is
High
•Rush of capital into the market makes for stronger competitors with more dollars to spend on assets and
development
•Important factors for Longroad to succeed: continued access to capital providers, suppliers/OEMs, track
record in high-value markets, relationships with offtakers, retention of key personnel
6
(1)
source: BNEF

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
9
Strategic Shift To Retaining Proejcts
•$8 B in capex over the next five years
•Requiring ~$500 mm primary capital
Longroad Plan
EBITDA grows as Opco capacity increases from 1.4 GW to
8.5 GW and EBITDA reaches ~$500 mm (run rate 2026)
•Historically primarily develop-to-sell
business model: 3.2 (total dev/acq) –1.8
(sold) = 1.4 GW owned
•Going forward, making strategic shift to
primarily develop-to-own to build scale
needed to maximize competitive position
•Scale benefits include:
—Improves purchasing power on
panels, turbines, trackers, and
batteries
—Operating ballast to maintain larger
pipeline
—Further optionality in optimizing
fleet, including option to bundle
projects for full/partial sale
—Downside protection if growth tapers
A six-fold increase in retained operating assets....
1.4 GW
8.5 GW

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
10
Longroad Investment Thesis
Weaver
•Average since 2018: 760 MW –many of our new projects include storage
•2022-24 pipeline advanced (42 % with revenue contracts or in discussion)
•2025+: 8.5 GW pipeline in 2022 provides ample coverage; will continue to
harvest and high-grade
•M&A will continue to be key ingredient for success
We can develop 1.5 GW
(1)
per year
(1)
Includes storage nameplate capacity
•Even without climate legislation, the range of wind+solar+storageforecasts
out to 2030 is ~40-45 GW per year; our 1.5 GW represents 3.5-4.0% market
share
•Our market share since 2018 has been 3.7%
•If climate legislation is passed, the total addressable market would increase
The industry continues to build 40-
50 GW per year and can Longroad
maintain a 3-4% market share
•Longroad’sfocus on higher value markets resulted in higher than industry
profit levels on a $/w basis
•Given pipeline is largely focused on these same markets, expectation is that
we can continue even accounting for increased competition
We can maintain our historic levels
of project profitability
•Management team owns 20% of the common equity
•Development team remains highly incentivized with its bonus plan,
one of the most competitive in the US market
Team has significant investment in
Longroad and remains aligned with
fellow shareholders
Strategic shift supported by existing investors. Have also initiated a process to
assess new minority investor(s) to give Longroad further flexibility and strategic
options in the future as scale builds. Process expected to be completed by mid-2022.

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
11
Closed and Announced Platform
Transactions
Weaver
January 2022
December 2020
December 2021December 2021November 2021October 2021October 2021
July 2021July 2021
June 2021April 2021August 2020March 2020July 2019March 2018
Significant and growing volume of capital being allocated to the energy transition
is driving scarcity value and pricing for remaining high-quality platforms

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
12
Wrap-Up
•Strategic shift positions Longroad well for the next five
years in an ever more competitive US renewable market
•Longroad targeting to grow its operating base from 1.4 to
over 8.5 GW in five years by developing and retaining its
pipeline of projects
•Longroad well-positioned as high-quality platform with
operating assets, built-in growth through our development
portfolio, and a proven team
•High confidence in delivering the investment thesis, based
on our track record, pipeline, and team
Photo: Longroad’sLittle Bear (CA) project site

Thank you
Photo Credit: Nolan Hartleben

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C2 General

C2 General

C2 General

C2 General
A clear plan to create sustainable value for our
customers, people and shareholders
•First phase of ourstrategyhas seen us
improvecustomer experience, stabilise IT systems,
increase network utilisation, improve capability, and
remove significant cost
•Phase two sees us building on these gains and
benefiting from reinvestment tomaximise the value
of our infrastructure assets while leveraging our
improved capability to grow revenue
•The capability improvements we are making are
increasing our executional confidence and de-risking
our plans
Retaining and attracting the best and brightest in a competitive
labour market
•Organisation health is the strongest since the acquisition
and nearing the top quartile of companies we benchmark
against globally. Stand-out results achieved inleadership,
direction,accountability and capability
•New operating model to increase our cadenceand
empower our teams is now embedded
•Best practice leadership & culturalcapability programmes
in place and delivering results
•One of the most advanced flexible working models in the
country
•Responded to Covidbrilliantly for customers

C2 General
Delighting customers, enhancing self-service and improving
reliability with lower-cost digital systems
•Cultural focus onembedding customer experience across
everyaspect of our business to differentiate on service
•Our customerservice measures are the best since records
began, but we have higher aspirations still
•2nd phase of our sales and servicechannel improvement
plan underway with a specific focus on the SME segment
•Legacy IT systems are stable; however flexibility and product
development cycles are challenging
•IT platform modernisation underway and over100k
customersmigratedoff legacy, fixed and mobile products
andplans
•~60% of our customers are using our app regularly. More
uptake and significant upside available
Proudly targeting to become one of the lowest cost and
most efficient telcos
•Efficiency programmes have
instilledexcellentdisciplines, processes and
an"owner'smindset" across the business
•Significantopexand capexefficiencies realised
through cost management initiatives and focus on
removing business complexity
•Major reinvestment of gross opexsavings back into
capability, products and simplification
•Further cost, productivity, customer experience and
trading benefits are expected from these
investments over the medium term

C2 General
Identifying, innovating and winning in key market segments
•Post-pay mobile performance building through endless
plan and deviceinnovationand prepaid migrations.
•ICT momentum gaining, with significant corporate wins
and future opportunities identified in security, cloud and
IoT
•Off-net fixed market tough in both Enterprise and
Consumer with very low margins available. Super Wifi
helping us hold trading ground in Consumer and SME
segments. On-net is key.
•SME challenging with unsophisticated price driven
competition, but we have stabilised and is a focus area of
our CX investment
Keeping our customers connected and maximising the value of
our network assets
•Maintaining our strengths in mobile and fixed
infrastructure
•Strong security and capacity track record
•Further 5G and 4.5G coverage and capacity expansion in
urban and regional areas
•Good 5G use-cases emerging for Enterprise, but still
nascent for Consumers
•5G underpinning future FWA expansion
•New Wholesale platform live and
in-market attracting sales
•Clear path forward emerging on mobile and fibre
assetcapital release strategies

C2 General
•FY22 guidance of $480m -$510m is
being maintained.
•FY22 guidance range did not
include potential impacts of the
Software as a Service April 2021
IFRIC clarification. While impact is
being finalised, it is expected that
approx. $30m of previously
capitalised expenditure will now be
recognised as operating
expenditure in the statement of
comprehensive income for the year
ended 31 March 2022.
•FY23 guidance will be provided at
the InfratilFY result
12 months​
31/03/21​
$m
6 months
30/09/20​
$m
6 months
30/09/21​
$m
H1 FY22
pcp%​
Outlook for FY22
Mobile
revenue​
793.7​401.1​401.2​0.0%​
Modest return to mobile services revenuepcpgrowth in
H2 FY22.​
Fixed
revenue​
728.1​372.6​358.3​-3.8%​
Strong ICT and FWA revenue growth partly offsets the
decline in fixed legacy resulting from market
competitiveintensity.​
Other
revenue​
431.9​167.7​196.9​17.4%​
H1pcpgrowth resulting from higher device revenues.
Higher H2 revenues due to seasonality of vendor
devicereleases and sales through peak trading period.​
Operating
costs​
-1505.9​-716.8​-704.6​-1.7%​
H1 costs of sales growth in line with revenue growth. Net
reduction in indirect operating costs in FY22.Ongoing
cost improvements have allowed investment into
strategicpriorities.​
EBITDA​447.8​224.7​251.8​12.1%​
FY22 EBITDA margin expansion through improved trading
and net cost out. On track to deliver FY22 guidance range
of $480m to $510m.​
Capex​253.4​90.0​221.4​146.0%​
H2 FY22 capex lower then H1 due to 1800 / 2100
spectrum license renewal on 1 April 2021. H1 FY20
capexunusually low due to Covid uncertainty.​
Net
Debt​
1300.8​1232.7​1389.8​
Bank facilities extended by 1 year. ~30% maturing in July
23, balance maturing July 25​

C2 General
Delete this whole paragraph (will be used in the
voiceover) –and make bottom section editable if
possible
Technology platform upgrade–continuation of digital technology platform upgrade to address
legacy complexity​.
Customer experience –ongoing improvements to existing platforms, processes and systems with
increased investment in Network and IT resilience and capacity.
Trading improvements –ongoing simplification and digitisation with increased investment
in ICT growth.
Compliance and Group separation –enhancements in privacy and security with lower investment in
IT system separation from Vodafone Group due to ERP programme largely completing in FY22.
Core Network capability & enhancement –continued expansion of 4.5G and 5G coverage and
capacity to improve urban and regional coverage and support greater deployment of FWA. Increased
investment in fibre.
Spectrum–part of a multi-year cash investment in 1800/2100Mhz and acquisition of
long-term rights of 3.5Ghz 5G spectrum expected in FY23.

C2 General

C2 General
•At an advanced stage of preparation for potential separation & capital release of
passive mobile infrastructure tower assets
•Largest tower portfolio in New Zealand
1
, covering 98% of NZ’s populationHigh-
quality portfolio, with strong co-tenancy potential
•Future tower growth driven by continued growth in demand for data
•Vodafone committed to building additional sites to maintain our relative coverage
and capacity position in the future
•Believe that a focused independent Tower entity can best meet future demand and
service needs
66%
23%
11%
TowersRooftopRoadside
Existing towers are primarily larger
structures which have a higher
potential for co-tenancy
56%
36%
8%
MetroRuralProvincial
Portfolio skewed to
metro areas with highest
data demand
1
As per information aggregated by a third party using publicly available sources including the MBIE Radio Spectrum
Management database. Excludes small cells.

C2 General
1.Antenna & cablesActive​
2. Remote radio equipmentActive​
3. Physical tower, masts & pole​Passive​
4.Foundation & fencing​Passive​
5. Contractual right to occupy site area​Passive​
6. Power equipment​Active​
7.Base station equipmentActive​
8. Backhaul​Active​
9.Access facilities & shelter/service roomsPassive​
Passivemobile
infrastructure
Mobile sites
(towers, rooftops)
Active mobile
infrastructure
Spectrum
Radio network
Backhaul
Core network

C2 General

C2 General
Please delete the bottom row

---

Infratil Investor Day Presentation
FEBRUARY 2022

2
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 accept that 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

Agenda
CDC Overview & Performance
1
Outlook
2
Questions
3

CDC Overview &
Performance

5
Established in 2007, CDC Data Centres (CDC) has grown to become a leading owner, developer and
operator of large-scale, secure and sovereign data centres across Australia and New Zealand.
CDC builds, owns and operates data centres across a growing footprint
of campuses in Australia and New Zealand, offering our customers:
CDC Data Centres overview
Availability – 100% uptime guaranteed, resilient &
modern facilities
Sustainability– leading water and electricity
sustainability practices, strong environmental,
sustainability and governance credentials
Sovereignty & Security – HCF Certified Strategic
Provider, Government security accreditation, 24x7x365
on site guards, security cleared personnel
Interconnection – powerful ecosystem, direct
customer and cloud provider connectivity
Optionality– service flexibility; modular,
efficient & future proof infrastructure

2007
The beginning
CDC commences construction
of its first DC at the Hume
Campus (ACT)
Capacity reached
Hume 1 reaches capacity
2009
2013
Fyshwick campus
Construction of Fyshwick 1 commences
A new campus
Fyshwick Site acquired with plans
for 39MW capacity
Private equity
Investment by Quadrant
Site expansion
Hume 3 (9MW)
construction
commences with full
committed capacity
within 12 months
2015
Acquisition
Infratil acquires a stake
in CDC; construction of
Hume 3 completed
2016
2017
Fyshwick campus
Construction of
Fyshwick 2 commences
2018
Geo-diversity
Expansion into Sydney with Eastern
Creek site acquisition; EC1 upgrade
and EC2 fit out commenced.
2012
2018
New Hume Campus
Hume 4 construction
begins, 66% committed
capacity prior to
construction start
2018
Fyshwick Campus
capacity expansion
Fyshwick 2 data centre
goes live
2014
EC Capacity Expansion
EC2 construction complete,
EC3 construction commences
2019
2020
2020
2021
The next wave
EC3 completed with 20%
Occupancy committed
and 30% FRoR
NZ Expansion
Construction
commenced on
Campus 1 and 2
in Auckland
Campus Growth
EC4 and Hume 5 in construction phase;
expansion into Melbourne market
2011
Hume capacity expansion
Hume 2 data centre goes live

7
We have delivered on all our FY2022 commitments and have laid the foundation for future growth:
Our FY2022 Achievements
Development
Commission both of CDC’s New Zealand data centres
in early CY 2022
On track to go live in 1H CY 2022, despite COVID
constraints in New Zealand
Progress the development of the Eastern Creek and
Canberra campuses
Hume 5 & Eastern Creek 4 under construction, with
completion expected in CY 2022
Identify & pursue additional strategic opportunities, including
in new geographies
Secured land and underway with expansion into
Melbourne market
Secure new clients and workloads across the CDC portfolio
Expanded National Critical Infrastructure and
Commercial client base, including new customer types
Grow National Critical Infrastructure and Commercial client base
Customers
Increased the number of customers and expanded the
footprint of existing customers in our facilities

8
We have delivered on all our FY 2022 commitments and have laid the foundation for future growth:
Our FY2022 Achievements (cont’d)
People
Recruit and build further depth and breadth in Team CDC
to meet these goals and exceed client expectations
Increased headcount in the past 12 months, adding
expertise and bandwidth to drive growth and provide
industry-leading solutions to our customers
Access additional debt via expansion options within existing
facilities to support additional growth
Development in four geographies during FY 2022 with
further expansions planned
FY22 will be one of investment and delivery in preparation for the
next stage of revenue growth
Financial
Secured additional funding to support growth across
multiple geographies
Continue to grow EBITDA year on year with contracted revenue
locked in for future years
On track for FY 2022 guidance ($160m - 170m);
revenue generating workloads secured for FY 2023

9
CDC’s data centre developments across four geographies are all progressing well, on-track and within budget:
Development Performance
04
Sydney Australia
• Eastern Creek 4 is on-track to be operational mid CY 2022
• Project was ahead of schedule prior to the COVID
lockdowns and construction pause
02
01
Auckland New Zealand
• CDC’s two 14 MW data centres in New Zealand
are nearing completion
• On track to generate revenue in CY 2022
03
Canberra Australia
• Development of the Hume 5 DC has begun with
pre-let contracted capacity upon completion
Melbourne Australia
• Designs completed for CDC’s Melbourne expansion
with construction to commence in CY 2022
• Highly attractive offering to CDC's clients
Auckland 1 – Chiller deck installation
Auckland 2
Eastern Creek 4 – Chiller deck installation

10
Profitable growth to continue as new investments in NZ and AU are commissioned and customers onboarded
Financial Performance

CDC delivered on FY2021 earnings expectations and is on track to achieve FY2022 EBITDA guidance,
despite COVID related disruptions

FY2022 has been a year of investment, with CDC developing four data centre sites which will fuel revenue
growth in FY2023 and maintain CDC’s longer-term earnings growth

CDC has secured additional funding to support its planned growth and development pipeline
CDC has built a loyal customer base comprising
Government, Hyperscale and National Critical
Infrastructure / Commercial clients
New customers added to the CDC ecosystem
47
56
73
117
148
160-170
0
20
40
60
80
100
120
140
160
180
2017A2018A2019A2020A2021A2022F
Reported EBITDA
FY22 Guidance
Long-term contracts
High quality underlying client base
New customers added to the CDC ecosystem
Strong track record of renewals and extensions
Increased Weighted Average Lease Expiry
(WALE) of 20+ years with options

CDC Outlook

12
CDC’s track record of project delivery puts CDC in the right place at the right time to satisfy accelerating market demand
Growing customer demand for future projects
Customer digitalisation and data growth
Driven by cloud adoption and digitalisation, remote working,
online service delivery across private & public sector customers
Increased focus on security
Driven by increased number of attacks and threat vectors, as well as the need
to comply with the new suite of government policy, legislative and regulatory actions
Greater emphasis on sustainability
Driven by corporate values and commitments, stakeholder and
community expectations
Sovereignty and National Critical Infrastructure requirements
Driven by new and emerging government policy, legislative and regulatory
requirements

Additional customer demand continues
to bring forward forecast growth and
capacity expansion

Existing CDC capacity to be reached
earlier than expected

CDC continues to identify and pursue
strategic growth opportunities

13

CDC operates 164MW of capacity across nine facilities in three campus locations; rack
utilisation continues to increase – up to 75%

An additional 104MW of capacity expected to be commissioned in CY 2022 across
Auckland 1&2, Eastern Creek 4 and Hume 5 facilities

The future development pipeline is expected to add an additional 400MW+ of capacity
across three geographies – Sydney, Canberra and Melbourne

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
FacilityStatus
Build Capacity
(MW)
Commission
Date
Hume 1&2Operating122008 & 2011
Fyshwick 1Operating192015
Hume 3Operating92016
Eastern Creek 1Operating72018
Fyshwick 2Operating262018
Hume 4Operating292019
Eastern Creek 2Operating202019
Eastern Creek 3Operating422020
Total Operating Capacity 164
Hume 5Under Construction222022
Eastern Creek 4Under Construction542022
Auckland 1&2Under Construction282022
Total Construction Capacity104
Sydney Future Build108
Canberra Future Build178
MelbourneFuture Build150
Total Future Capacity436
Total Capacity704
CDC has a clear runway for growth across Australia and New Zealand

14
CDC is well-positioned to capitalise on Australia’s second largest data centre market by providing world-class quality,
secure and resilient critical infrastructure solutions

CDC has secured suitable land to accommodate a
development pipeline of 150MW of potential
capacity

Enables CDC to deliver geographic diversity and
expand its ecosystem

Highly attractive to existing clients with data storage
needs outside of Canberra and Sydney

CDC will be able to cater for all its existing customer
segments in Melbourne and accommodate
expected growth in demand from existing and new
customers

Development Approvals lodged for first phase, with
construction expected to start in early CY 2022

Facilities to be built to the same world-class quality
CDC is renowned for
Expanding into Melbourne

15
The key focus for FY2023 will be to deliver on contracted capacities in Auckland, Canberra and Sydney, and begin
CDC’s next growth chapter in Melbourne
Looking ahead
Hume 4
Continue to grow and diversify National Critical
Infrastructure and Commercial client base
Customers
Development
Commission four new data centres in Auckland,
Canberra and Sydney
Commence development in Melbourne and explore
additional strategic growth opportunities
Deliver increased double-digit revenue and earnings growth
Financial
People
Build the team further to meet organisational goals, broaden
capability and exceed client expectations

Questions

---

Investor Day – Digital infrastructure Platform
15 February 2022

Global demand for digital infrastructure is accelerating
Infratil has exposed shareholders early to this emerging trend
2
New Zealand
Data CentresIntegrated TelcoMobile TowersSmall Cell NetworksWireline NetworksSatellitesSubsea Cables
Investable Ideas
North America
•Invested in 2016
•US$50 million commitment to
California based Clearvision
Ventures to gain exposure to
start-up ventures of relevance
to Infratil’s core sectors
Australia and New Zealand
•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
•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
Europe
•Invested in 2021
•Multi-site data centre
platform in the UK, with the
opportunity to grow total
installed capacity to
c. 55MW under expansion
plans
•Recent announcement to
launch a 16MW data centre
near London

Connectivity has evolved to a comprehensive digital economy
The fast growing digital industry has become a critical building block of society
3
CommerceHealth
Radio
Voice
TV
SMS
Smart-
phone
Video &
Content
Pigeon
mail
Internet
2,000 years
ago
2010sEarly 1900s19481991-9220052008
Banking
Communications
Communications
Entertainment
Communications
Entertainment
Smart
transport
Learning
Digital economy
Currency
Health
Finance
Commerce
Learning & work
And more...
1.1
80
30
220
0
50
100
150
200
250
20122014201620182020
Global Data Traffic (EB/month)
... and has seen exponential growth in data
traffic over the past decade
Mobile
Fixed
Source: Ericsson Mobility Report
Digital services are becoming increasingly integrated and essential to every
facet of modern life...
Δin EB’12-’21 ΔCAGR
Mobile7972.7x61%
Fixed1907.3x25%
Total2699.6x29%

Demand outlook for digital infrastructure remains strong
4
220
550
80
370
300
920
20212027
Global Data Traffic Forecast (EB/month)
Mobile
Fixed
Total
29%
16%
21%
CAGR
Key Demand Drivers
Accelerated
Workload
Growth
Continued
Workload
Migration
Increasingly
Complex IT
Environment
Growing Edge/
Low-Latency
Use Cases
Human to machine
interfaces (Neuralink)
Digital beings
Simulated
worlds
Digital twins
Future Digital Existence
•Existing workloads scale with business activity growth
•Emerging use cases generate new workloads and data
needs
•Organisations continue to migrate workloads off premise for
security and operational efficiency
•These workloads will likely be moved to a colocation or cloud
environment, benefiting data centre and fibre operators
•Businesses often run applications on multiple platforms for
regulatory and internal purposes, resulting in greater need
for interconnectivity and data sharing across networks,
offices / campuses, and with peers
•Technology innovations and consumer needs (e.g. gaming,
autonomous vehicles, IoT) will push compute and analytics
closer to end users, requiring dense and decentralised digital
infrastructure going forward
New use cases and ways of working will only accelerate the trend
290
330
620
Δ in EB
4.6x
2.5x
3.1x
’21-’27Δ

Infratilis well exposed across the digital ecosystem
Fiber, subsea, wireless, and data centres continue to be our focus going forward
5
IoT
Devices
Premises
People
Fibre
WIRELINE
POI
Towers, small
cells, spectrum
WIRELESS
POPs & core
network
THE INTERNET
Data Centres
Satellite
SATELLITE
Transmission Fibre
Networks
Subsea &
international cables
DATA
TRANSMISSIONSUBSEA
DATA
CENTRES
Infratil current exposure
Current pipeline focus
Legend

Investor Day –Renewables Platform
15 February 2022

A Global Renewables Platform
Infratil is consolidating its position as a global player in renewable energy
2
North America
•Established in October 2016
•Wind, Solar & Storage
•Developed 2.3GW
•Acquired 0.9GW
•Sold 1.8GW
•1.4GW operating assets owned
•3.5GW assets under management
•13GW development pipeline
•145employees
Europe
•Established in February 2020
•Wind, Solar & Storage
•3.4GW development pipeline
•28 employees
•6 markets addressed
Asia
•Established in July 2021
•Wind, Solar & Storage
•3.9GW development pipeline
•32 employees
•6 markets addressed
WindSolarBattery StorageDistributed GenerationPumped StorageIrrigationEV Charging
Investable Ideas
New Zealand
•Acquired in April 1994
•Hydro Generation
•498MW operating assets owned
•1,937GWh of average generation p.a.
•800employees

A Global Platform
Proven Leaders in
Renewable Energy
Infratil Investor Day 20223
•Strengthening commitment to net zero, around 90% of global emissions are now covered
•Clean energy investment set to more than triple to around $4 trillion per year by 2030¹ to
meet goals
•EU energy crisis is highlighting the need for sovereign energy security and a clear transition
pathway
•Infratil has a 28-year track record of successful investment in the sector, the recent addition
of Gurin Energy gives our portfolio a genuinely global footprint and access to key growth
markets
•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&
regulatory activity
¹ IEA Net Zero by 2050

Galileo Green Energy | Infratil Investor Day | 15 February 2022Galileo Green Energy | Infratil Investor Day | 15 February 2022
Infratil Investor Day
15 February 2022

Galileo Green Energy | Infratil Investor Day | 15 February 2022
1.Energy Transition in Europe
2.Galileo Green Energy Investment Thesis
3.After 2 years
4.Development Perspectives
Agenda

3
InfratilInvestor Day | 15 February2022
Energy Transition in Europe: the fundamentals
ACCEPTABLE
To local citizens and
communities, to the
wider public 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
conflicts as energy
dependence
is reduced
AFFORDABLE
Efficient,
cost-competitive,
accessible to all
SUSTAINABLE
Saving finite
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 million people
➢c. €15 trillion GDP in 2021
➢C. 3,100 TWhin 2021
➢300 million of which 60 million
business
➢EU targets for emission reductions enhanced
and supportive policies being designed
➢Short-term responses to current energy crisis
➢Needs further streamlining
➢Energy transition calls for reforms
➢Undersupply of competitive projects
in most markets
1.

4
InfratilInvestor Day | 15 February2022
1,938
1,726
1,468
1,639
2,022
2,503
0
1,000
2,000
3,000
4,000
5,000
202120252030
Net generation (TWh)
Other sourcesRenewables
255
264
269
179
340
439
201
258
298
28
55
92
-1,000
0
1,000
2,000
0
200
400
600
800
1,000
1,200
202120262030
Installed capacity (GW)
HydroSolar PVWind onshoreWind offshore
Energy Transition in Europe: outstanding renewable growth trajectory
│Europe:
EU27 + Albania, Bosnia and
Herzegovina, Iceland,
Macedonia, Norway, Serbia
and Montenegro,
Switzerland, Turkey, UK
│Share of Renewables
in the power mix foreseen to
increase from 46% in 2021
to 63% in 2030
3,577
3,971
3,749
663
917
1,099
│2021-2030
Solar PV + c. 260GW
Onshore Wind + c. 98GW
Offshore Wind + c. 64GW
Hydro + c. 14GW
│Total + c. 436GW
│Average yearly growth
target of c. 50GW
Source: IHS (excluding battery storage)
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 fast-growing market
Source: IHS

5
InfratilInvestor Day | 15 February2022
20
70
120
170
220
270
201720182019202020212022202320242025
FranceGermanyItalySpainUK
Energy Transition in Europe: geopolitical energy crisis
1.
➢Forward power prices show record levels across all large European countries, with forward prices for calendar year
2022 above 220€/MWh
➢The main driver is an undersupplied gas market in Europe with very low storage levels, consequently coal
consumption in the power sector is on the rise, resulting in turn in record-high CO2 prices (c. 90€/t)
➢Geopolitical tensions and the current shortage of Russian gas supply to Europe also result in mid-term concerns
about future energy prices
€/MWh
DELIVERED
DEC 2021 FORWARD
CURVES

6
InfratilInvestor Day | 15 February2022
Energy Transition in Europe: first policy responses torising energy prices
1.
➢Reduction of tax and charges are often funded by internal compensation mechanisms,
such as revenues from CO2 emission allowances and/or reduced incentives for some
existing renewable plants
➢Some countries (E, I) are considering temporary measures limiting the maximum price
that can captured by certain renewable energy plants on the spot market
➢Ongoing debate about mid to long-term actions at EU level: reforming the pay-as-clear
market design (FR, E), relaxation of ETS (PL, HU), nuclear and gas considered as green
investments in EU taxonomy (FR, CZ)
➢In October 2021, the European Union published a “toolbox” of measures totackle surging energy prices. Several
countries already announced / adopted short-term measures in line with the EU guidelines:
Short-term measuresSpainItalyIrelandFrancePolandGermanyUK
Reduced energy tax/VAT
Tranfers to vulnerable groups
Wholesale/retail price regulation
Other measures
✓
✓
✓
✓
✓
✓
✓✓✓
✓
✓✓✓✓

7
InfratilInvestor Day | 15 February2022
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

8
InfratilInvestor Day | 15 February2022
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 becoming
2.

9
InfratilInvestor Day | 15 February2022
At the start
Galileo Green Energy : 2 years 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
│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.
Feb 2021 Investor DayFeb 2022 Investor Day
│28 people
│11 active Joint Ventures or Joint
Development Agreements
│Total pipeline of over 3GW
│6 markets addressed: Germany,
Ireland, Italy, Spain, Sweden, UK
│Current origination markets:
France, Poland
│Technology mix: solar PV, wind
onshore, wind offshore, storage
1 year after our start
2 years after our start

10
InfratilInvestor Day | 15 February2022
Galileo Green Energy’s European management team
3.
│Chief Operating Officer
│15 years of experience with Gazprom,
PWC, BayWar.e.
Katy Hogg
Ingmar Wilhelm
│Chief Executive Officer
│30 years of experience with E.ON, ENEL,
ENEL GREEN POWER, Terra Firma, RTR
Eduardo González Solá
│Director Business Development Iberia
& Power Origination Europe
│20 years of experience with Fotosolar,
EDF Renewables, Acciona
│Head of Strategic Planning and M&A
│12 years of experience withAES
Solar/SRP, RTR, EF Solare
Filippo ChiesaLaura Belardinelli
│General Counsel
│15 years of experience with Freshfields
Bruckhaus Deringer, DLA Piper,
Linklaters
Olivier Renon
│Chief Development Officer
│15 years of experience with Terreal,
AES Solar, Sonnedix
│Chief Financial Officer
│12 years of experience with Enerparc,
AdaptureRenewables
Nikolaus Mainka
Paolo Grossi
│Chief Commercial Officer
│30 years of experience with ENEL,
E.ON, BKW, RWE, Innogy

11
InfratilInvestor Day | 15 February2022
Evolution of Galileo Green Energy’s pipeline
3.
GGE’s Pipeline evolution by technology
0
500
1,000
1,500
2,000
2,500
3,000
3,500
38%
7%
43%
93%
Mar-21
14%
62%
35%
Jun-21
3,247
52%
1,464
Sep-21
12%
45%
Dec-21
19%
39%
42%
Jan-22
2,239
2,591
3,433
Solar PV
Storage
Onshore
wind
MW
GGE’s Pipeline evolution by country
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Mar-21
18%
11%
2%
26%
Sep-21
11%
3,247
45%
28%
12%
12%
17%
26%
29%
Jun-21
2,591
2%
25%
21%
11%
Dec-21
29%
12%
12%
13%
25%
1,464
28%
12%
20%
1%
1%
19%
Jan-22
2,239
3,433
32%
Germany
Spain
UK
Italy
Ireland
Sweden
MW
│Galileo’s development pipeline
has more than doubled in size
over the course of 2021, reaching
3.4 GW in January 2022
│Technological diversification has
increased across the three
technologies in the current mix:
solar PV, onshore wind and
battery storage
│Spain and Germany have been
added as new pipeline markets
during 2021
│GGE’s pipeline is now covering a
total of 6 countries

12
InfratilInvestor Day | 15 February2022
Galileo Green Energy’s current portfolio of partnerships
│c. 400MW pipeline
│Technology: onshore wind
│1 joint venture
Ireland
3.
│c. 900MW pipeline
│Technology: solar PV
│3 joint development agreements
Spain
│c. 400MW pipeline
│Technologies: solar PV, wind onshore
│4 joint development agreements
Italy
│c. 650MW pipeline
│Technology: onshore wind
│1 joint venture
Sweden
│c. 1,100MW
│Technologies: onshore wind, battery
storage, solar PV
│1 joint venture and 1 joint
development agreement
UK
│c. 50MW pipeline in Germany
│Technology: solar PV
│1 joint venture
Germany

13
InfratilInvestor Day | 15 February2022
Our Growth Plan: Quantitative Development Perspectives
TargetGrowthPlan of Galileo Green Energy
Pipeline
Investable projects
People and Partners
Investments
50 people at Galileo,
150 people with external partners and co-developers
Geographies
Targeting over 10 GW of quality projects by 2025, with wide
technological and geographical diversification
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.

14
InfratilInvestor Day | 15 February2022
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
www.galileogreenenergy.com
Galileo Green Energy
GmbH
Usteristrasse12
CH-8001 Zurich

Infratil Investor Day
15 February 2022
1
Infratil Investor Day –15 February 2022

Gurīn Core Competencies
Presence
Strong in-country staffing and contacts
Effectiveness
Select and accelerate high promise projects and
developers
Technical competency
Bring best fit technologies, design and pricing to
projects
Financial expertise
Mobilize onshore and offshore financing
sources that others may have more difficulty
securing
Navigate fast evolving energy and regulatory environments
across all target markets
Value Delivered
Drive projects efficiently to Financial Close and operation,
delivering superior investor returns
De-risk projects prior to Financial Close to ensure performance
and competitiveness
Preserve equity investor returns and exit timetables
2
Singapore-headquartered, pan Asian renewables platform, led by team with decades of experience
successfully developing and investing in Asia’s energy sector

Rationale for Renewable Investment in Asia-Pacific
3
•Dynamic emerging economies, sustaining world-leading GDP growth as Globalization
2.0 unfolds
•Governments mobilizing to address urgent green energy requirements in the face of
climate crisis.
•Renewablestransformationgathering speed in all countries as renewableenergy
displaces legacy power sources
•Three distinct markets:
1.Asia OECD: Korean, Japan, Taiwan and Singapore
•Retiring fossil and nuclear; reducing reliance on LNG
•Commitments to carbon zero by 2050
2.ASEAN:Thailand, Vietnam, Philippines, Indonesia
•Enormous room for renewables to grow
•To attract manufacturers and achieve middle income status, EMs must offer efficient
and greeninfrastructure, together with high quality workforces and stable social-legal
environments
3.India
•Central and state governments commited to overcoming bureaucratic and financial
barriers
•Intensely competitive renewables development sector hungry for capital sponsorship
More people live within this circle today than live outside it
This area has yielded over 2/3of all economic growth since 2010
Target Markets

SOUTH KOREAJAPAN
SINGAPORE (HQ)TAIWAN
4
Asia OECD: Profile, People and Pipeline
Gurīn Presence and Pipeline
n/a
Gurīn Presence and Pipeline
1 staff (development)
Solar, ground: 150 MW
Wind, onshore: 100 MW
Gurīn Presence and Pipeline
14 staff (leadership, finance, operations,
administration)
Solar, ground: 600 MW
Sector Profile2020
Installed capacity14 GW
Peak demand7.1 GW
Generation53 TWh
RE share (capacity)5%
Sector Profile2020
Installed capacity323 GW
Peak demand159 GW
Generation989 TWh
RE share (capacity)20%
Sector Profile2020
Installed capacity60 GW
Peak demand39 GW
Generation280 TWh
RE share (capacity)5%
Gurīn Presence and Pipeline
2 staff (development)
Solar, ground: 500 MW
Sector Profile2020
Installed capacity129 GW
Peak demand91 GW
Generation552 TWh
RE share (capacity)6%

VIETNAMPHILIPPINES
THAILANDINDONESIA
5
ASEAN: Profile, People and Pipeline
Gurīn Presence and Pipeline
2 staff (development)
Solar, ground: 200 MW
Gurīn Presence and Pipeline
1 staff (development)
Solar, ground: 168 MW
Wind, nearshore: 225 MW
Sector Profile2020
Installed capacity50 GW
Peak demand29 GW
Generation206 TWh
RE share (capacity)12.2%
Sector Profile2020
Installed capacity69 GW
Peak demand39 GW
Generation247 TWh
RE share (capacity) 31%
Gurīn Presence and Pipeline
8 staff (development and operations)
Solar, ground: 550 MW
Sector Profile2020
Installed capacity25 GW
Peak demand15 GW
Generation102 TWh
RE share (capacity)24.21%
Gurīn Presence and Pipeline
4 staff (development)
Solar: 600 MW
Wind, onshore: 164 MW
Sector Profile2020
Installed capacity63 GW
Peak demand44 GW
Generation300 TWh
RE share (capacity)12%

INDIA
6
India: Profile, People and Pipeline
Gurīn Presence and Pipeline
0 staff
Solar, ground: 560 MW
Wind, onshore: 120 MW
Sector Profile2020
Installed capacity370 GW
Peak demand182 GW
Generation1,381 TWh
RE share (capacity)22%

Complete establishment of key
relationships/ JDAs
Catalysts
Complete build-out
Ability to transact in 9 key markets
Evaluation: 5GW/ p.a.
Pipeline: 1GW/ p.a.
All policies and procedures in place
(e.g.ESHS, financial, operational,
development processes)
KPIs
People: 50 in Gurīn
Partners: 100 via joint development
agreements
Japan, South Korea, Taiwan, Singapore,
Thailand, Vietnam, Indonesia,
Philippines and India
Investment Committee
review of 1GW/ p.a.
7
400MW/ p.a.
Owned development projects across
various stages of development:
400MW
Targets
GurīnEnergy catalysts, targets and KPIs
Platform Development
People and Partners
Geographical Reach
Pipeline
Development Projects

8
GurīnPrincipals
Michael Boardman
Chief Financial Officer
•Translates business plan into annual budget and five-
year forecasts; maintains standards of financial
management, analysis and reporting; develops
financial and support staff; leads on all financial and
modelling aspects of investment decision making and
project development
•Maintains relationships with banks, financial advisors
and investor teams, leading with his team on a variety
of financings across jurisdictions
•Qualified Chartered Accountant with over 30 years of
experience in finance and global capital markets,
raising over US$30bn equivalent for corporate and
government entities
Assaad Razzouk
Chief Executive Officer
•Translates Board strategy into business plan; directs
and oversees execution of the plan through the
selection, motivation and performance management
of a high performing team
•Leads on origination, commercial negotiation and
investment decision making for development
opportunities
•Maintains relationships with Board, partners and
commercial advisors
•Over 30 years of business experience, working in Asia
for nearly 20 years and actively involved in
renewables and climate mitigation for over 15 years
Robert E. Driscoll
Chief Operating Officer
•Maintains standards of technical excellence,
mentoring and developing country leads and
technical directors
•Leads on all technical and regulatory aspects of
investment decision making and project development
•Overall responsibility for projects during construction
and operations
•Maintains relationships with technical advisors,
regulators and TSOs / DSOs / offtakers. ESG / H&S
lead
•Over 40 years of business experience including 25
years in the Asian power sector

GurīnEnergy Pte. Ltd.
3 Anson Road #24-03A
Springleaf Tower
Singapore 079909
enquiries@gurīnenergy.com
https://gurinenergy.com/

15 February 2022
InfratilInvestor
Day

Retail business sale nears completion
The operational activities required to separate the Retail business from retained operations are on track, in preparation for
settlement of the transaction with Mercury which is now expected to be in the second quarter of 2022
•The key conditions of the sale being Commerce Commission approval and Trustpower shareholder approval have been met.
The only remaining key condition is that of the TECT restructure which is being progressed by TECT after the successful High
Court ruling approving TECT's restructure was issued in December 2021 and has not been appealed
•$441 million represents an excellent outcome for shareholders
•~$1,900 per customer
•Proforma standalone FY-21 EBITDAF multiple of 9 times
•Great result for staff and customers
Retail business well positioned for the future:
•Key retail metrics including fibre and mobile connections, products per customer, and digital uptake all continue to
show positive momentum despite COVID-19 disruption
0%
20%
40%
60%
80%
100%
Dec-20Dec-21
Customer Mix
Electricity OnlyDual FuelElectricity TelcoTriple PlayOther
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21
Products/Customer
Products
Average Products per Customer
Total ProductsAverage Products per Customer (RHS)
1

Manawa Energy
Future Focused:
•Upon completion of the sale, Trustpower will be renamed ‘Manawa
Energy’ –a name gifted to us by Ngāti Hangarau hapū, who hold
mana whenua over the area where our Kaimai scheme is located.
•Directly acknowledges our shared whakapapa with
Ngāti Hangarau and has special significance to them.
•Manawa Energy is a future-focused company with a clear growth
and excellence agenda, that aims to leverage the expected 50%-70%
demand growth over the next 30 years from electrification of
transport and industry.
2

Manawa Energy –Core Focus Areas
Leveraging on the relative strengths of Trustpower:
•Excellence in operating small and diverse assets across the country
•Excellence in understanding commercial and industrial customers needs
•Excellence in understanding transmission and distribution of energy
•Excellence in risk management and energy trading, including wholesale market sales and bi-lateral agreements
Developing and building new renewable generation assets:
•We have further expanded our dedicated generation development team with a specific emphasis on investigating
renewable generation options
•Targeting a diverse pipeline of value adding generation development options that have the potential to be
executed by 2030
•Not limited to green field development lifecycle (as these tend to have long development timeframes) –looking
at options that will shorten time to market, such as partnerships in, or acquisitions of, existing projects
•Four utility-scale generation options (two wind and two solar) have been secured across the North and South
Islands. Estimated capacity of the four projects is circa 215MW. These projects are in the early stages of project
maturity

Manawa Energy –Inflation
Manawa Energy revenues are relatively insulated from a high inflationary environment as most are linked to
wholesale energy pricing. Particular large hedge contracts either contain CPI escalators or are linked to ASX future
prices
C&I customer contracts are generally for 3 years; however, input costs are either fixed at the time of signing or are
on a pass-through basis
Any net length in Manawa Energy’s portfolio is exposed to wholesale spot pricing
Operating costs and capital expenditure are expected to come under inflationary pressure, however:
oMany large short-medium term projects are already negotiated
oManawa has moderate buying power and operates mostly in competitive tendering markets
oStrategic focus on operating efficiency will help offset these pressures
4

Market Conditions Update
Recent market, hydrological, and other factors have resulted in some downward pressure on earnings for H2 FY-22:
•Unsettled weather including a very dry January period
•The current outage at our Waiporischeme is experiencing delays due to unexpected emergent works discovered. This
has resulted in a delay in return-to-service of ~4 weeksbut does not materially impact the capital cost of the outage
•A predominance of low wind volumes and hydro inflows across the start of the calendar year have coincided with
high prices
For the reasons noted above, Trustpower is amending its EBITDAF guidance range for FY-22 to $205m to $220m
(excluding the costs of selling the retail business of ~$9.0m and assuming the retail business is held for the whole
year).
This is a change from previous guidance of $210m -$225m on the same basis
5

Investor Day –Healthcare Platform
15 February 2022

Healthcare is an essential service globally
A clear path to building a scale healthcare infrastructure platform
2
Australia
•Invested in 2020
•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)
Existing markets
High priority target
markets
Longer term target
markets
New Zealand
•Invested in 2021
•Consists of Pacific
Radiology, Auckland
Radiology, and Bay Radiology. NZ’s largest
diagnostic imaging provider, and the
premium providers within the greater
Auckland catchment and the Bay of Plenty
•Combined group operates 70 clinics
nationwide, with 31 clinics in the South
Island and 39 in the North Island
Diagnostic ImagingOncologyPathologyRetirementCompoundingPrivate HealthcareEldercare
Investable Ideas

Strong structural
tailwinds
The growing and
ageing population
continues to drive an
increasing
prevalence of chronic
diseases
Infratil Investor Day 20223
Source: Australian Bureau of Statistics, AIHW, National Health Survey
0%
20%
40%
60%
80%
100%
0-1415-2425-3435-4445-5455-6465-7475+
Age Group (years)
MalesFemales
Proportion of persons with one or more chronic diseases
0
10
20
30
2422
Millions of people
FY19212023
65-74
2526
0-64
27282930
85+
75-84
1.3%
Australian population by age cohort
FY2019-30F
CAGR
(19-30F)
3.3%
4.1%
1.9%
0.9%
New Zealand population by age cohort
FY2019-30F
0
2
4
6
2528
Millions of people
FY192921202224
75-84
23263027
0-64
65-74
85+
1.5%
CAGR
(19-30F)
4.2%
4.6%
2.7%
1.1%

Healthcare sector
market update
Government funding
for healthcare
expenditure
continues to
increase, with a step-
up expected in the
near term due to the
ongoing pandemic
Infratil Investor Day 20224
61
65
66
69
71
75
79
82
94
98
0
20
40
60
80
100
20192015
A$bn
20132014201620172018202020212022
4.3%
5.4%
16
16
17
18
20
24
25
23
23
23
0
5
10
15
20
25
30
201820192017
NZ$bn
2016202020222021202320242025
6.3%
4.3%
Australian public healthcare expenditure
FY2013-22F
New Zealand public healthcare expenditure
FY2016-25F
Source: L.E.K.; Budget Economic and Fiscal Update 2021, published 20
th
May 2021; Budget.govt.nz

Diagnostic
imaging platform
Strong platform for
future growth.
Opportunities to build
synergies across
existing assets
Infratil Investor Day 20225
Australasia’s
leading provider of
radiology services, meeting
the needs of a growing and aging population
Organic growth
•Continue to build out clinic
network within existing
catchments, including new
clinics to meet demand
•Business transformation –
performance improvement
across the network
•Organic growth in volumes
and scan prices, and mix-
shift towards high-tech
modalities
In-organic growth
•Continued growth through
bolt-on acquisitions
•Consideration of strategic
acquisitions to support
existing moat
•Strategic partnerships with
local adjacent healthcare
providers
•Global expansion into
Europe / US
Synergies
•Improved ability to load-
share and manage out-of-
hours reporting with joint
teleradiology reporting hub
•Joint investment in AI, IT
systems and other
emerging technologies
•Potential to establish a
Leverage learnings, insight
& economic model across
larger base
Strategic vision
Key strategic pillars
Supportin
g pillars
✓Build sustainable, scalable businesses
✓Focus on technology and the patient
✓Delivering optimal outcomes for all stakeholders

MRI
26.8%
CT
24.4%
PET
5.6%
Ultrasound
22.0%
X-Ray
12.0%
Other
9.1%
Market leading
radiology platform
6Infratil Investor Day 2022
0
200
100
500
400
300
600
LTM Dec-21FY19FY20FY21
Platform Revenue
(NZD millions)
Platform EBITDA
(NZD millions)
Modality Mix
(FY21 Revenue)
Radiologist Cohort
(Number of radiologists)
Complex
modalities:
57%
Qscan
132
PRG
92
ARG
32
Bay
16
0%
5%
10%
15%
20%
25%
30%
0
30
60
90
120
150
180
LTM Dec-21FY19FY20FY21
Combined platform
growth driven by
focus on high value
modalities
Note: Financials presented on 100% basis. Infratil owns 56.2% of Qscan and 50.8% of the combined NZ platform consisting of PRG, ARG, and Bay

Future healthcare
opportunities for
Infratil
Strategic bolt-on
acquisitions for
diagnostic imaging
platform and scale
acquisitions in
adjacent healthcare
sectors
Infratil Investor Day 20227
Expansion within diagnostic
imaging
•Clinic expansion and greenfield
network growth
•Bolt-on acquisitions and industry
consolidation
•Global scale expansion
•Teleradiology hub
Entry into adjacent healthcare
sectors
Oncology
Orthopaedics
Cardiology
~NZ$720m invested to date across
combined Australasian diagnostic imaging
platform
Urology
Platform synergies
Scale acquisitions with reliable
cashflows and strong revenue
growth
Neurology
Haematology

Global platform
expansion
Significant platform
opportunities
identified in key
target geographies
Infratil Investor Day 20228
Global platform synergies
✓Building out tele-radiology
capability with opportunity for true
24/7 reporting
✓Global procurement efficiencies
with supply chain network
✓Immense opportunity to improve
quality of care and advance AI /
technological adoption through
data
Leverage existing
radiology operating
experience and
transaction capability
from Infratil’s four
investments in Australia
and New Zealand
Global vision and strategy
•Number of attractive markets
with translatable operating
dynamics and favourable
reimbursement schemes
•Replicate proven market
entrance with cornerstone
platform investment
•Target geographies remain
highly fragmented presenting
consolidation opportunity
A large part of the upside for the IFT healthcare platform
will be the ability to invest in technological innovation /
enhancements over the long term for the combined
group
•Increasing digitization can achieve greater productivity, patient outcomes and operational flexibility:
•Replacing where people work: telehealth / teleradiology
•Moving computing to the cloud: cloud based AI marketplaces
•Automation of manual processes: patient appointment reminders, automated exam scheduling
•Transferring expertise and data into AI: AI automated diagnosis, algorithmic image post-processing
•Removing physical boundaries for collaboration: virtual peer-peer discussion and collaboration

Infratil Investor Day
15 February 2022
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 metrolocations
•36 clinics in non-metrolocations
•10 clinics that offerPET
•4 core external reporting contracts with public
•health authorities, servicing 58facilities
•Two centralisedteleradiology reporting hubs –
one in Sydney and one in Brisbane
•131 Radiologists across the Group
(52 of which are equity holders)
•Circa. 800 employees' group-wide
•Revenue FY22 forecast -approx. $267m
2
4
40
2
1
25
Nationalradiologynetwork...
Qscan clinic network as at30-JAN-22

Australian Diagnostic Imaging Sector Snapshot

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
▪Specialisedservice with limited radiologist supply
▪Sticky, relationship-based referral networks
▪Licencesand requirements reinforce barriers
▪No ability to discount –bulk-bill rate is floor
▪Favourscorporatisedoperators
▪Investment in high value modalities
▪Investment in technology and teleradiology
▪Greater ability to win licencesand 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.

Radiology Key IndustryDrivers
Long term sustainable growth is underpinnedbyanumberoffavourableindustryconditions
DriverSummary
Population
▪Industrydemandincreasesin-linewithpopulationgrowth
▪Australia’spopulationisanticipatedtogrowsteadilyinthefutureat1.6%p.a.
Median age of
the population
▪Thegeneralhealthofindividualstendstodeterioratewithage
▪Australian’smedianageexpectedtoincrease,populationover65hasbeengrowingat3.3% p.a.
▪Assuchanincreasingshareofthepopulationwillhavegreaterdemandforradiologyservices
Federalfunding
for Medicare
(universal
healthcare)
▪Medicare(Governmentfunding)providesrebatesformostdiagnosticimagingservices
▪TheindustryishighlysensitivetothestructureofMedicareschedulefeesandtheproportionof
rebatesavailable
▪Indexation of rebates reintroduced Jun 2020, providing support for stable, long-term growth
Visits to a
general
practitioner
▪Mostpatientsvisitdiagnosticimagingcentresonreferralfromtheirgeneralpractitioners,as
diagnosticimagingisanauxiliaryfunctionthatsupportsadiagnosis
▪Ariseintotalvisitstoageneralpractitionerincreasesdemandandrevenuefortheindustry;
visitstogeneralpractitionersareanticipatedtoriseintheimmediateterm
Industry
consolidation
▪High barriers to scale are driving consolidation with corporatized operators 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

Current Financial Performance

Short term revenue and earnings impacted by COVIDbut underlying
fundamentals of the radiology industry remain strong
205.6
227.1
253.3
204.1
266.8
FY19PFFY20PFFY21PFFY22AF
Track record of strong annual revenue growth
Revenue($m)
Continuation of margin expansion expected post COVID
>60% of clinic revenue from high value modalities
Notes:
Financial year reported is April to March. FY22PF are proforma adjusted figures for April –December 2021.
Proforma figures excludeJobKeepersubsidy.
Qscan has maintained full service offering for
patients through the period despite COVID
restrictions and continues to focus on growth in
high value modalities
Revenue growth expected to return to
long term growth trends post COVID
36%
17%
4%
5%
25%
10%
4%
CT
MRI
NucMed
PET
US
X-Ray
Other
High value
modalities

Despite COVID impacts Qscan growth continues to outperform overall
DI Market
Qscan has maintained services despite significant impacts of COVID in key states resulting in billings growthfor 12 months
to December 2021 of 12% vs. Market growth of 8% for the same period.
Notes:1.Radiology Medicare data is based on service types relevant to and in the Australian states (specifically Qld, NSW & ACT)which Qscan operate.
Rolling 12 month YoY Billings Growth of Qscan Clinics vs Diagnostic Imaging Market (per Medicare data)
COVID materially impacted
trade in Qld and NSW in
2HCY21
Qscan’s growth consistently
outperformed the overall
market in terms of both
examinations and billings
COVID restrictions delayed
opening of 3x new clinics –
also impacting growth
PET continues to exceed
expectations
GP Services
Diagnostic
Imaging

The Next Phase....

Clinic expansions opening in FY22/23
QscanWindsorGardens, SA
Opened February 2021
Modalities include:
•X-ray
•Ultrasound
•PET-CT
•CT
•Interventional procedures
QscanAspley, QLD
Expansion completed in January 2022
Modalities include:
•Ultrasound (3 of now) inc. echo
•X-ray
•OPG
•CT
•Interventional procedures
Qscan Kingswood, NSW
Opened January 2022
Modalities include:
•PET-CT
•CT
•Ultrasound
•X-ray
•Interventional procedures

Clinic expansions opening in FY22/23
QscanWestmead, NSW
Opening March 2022
Modalities will include:
•X-ray
•Ultrasound
•PET-CT
•CT
•Interventional procedures
Qscan Midland, WA
Opening March 2022
Modalities will include:
•X-ray
•Ultrasound
•PET-CT
•CT
•Interventional procedures

•Continued implementation of ‘best in class’IT / operating systems across
the entire network, to maximise benefits of integration and scale
•Focussed investment in Teleradiology, including the roll-out of a national,
integrated Radiologist orchestrated workflow management tool
•New dedicated Radiologist Support Group to drive Radiologist recruitment
and retention (including focussed attention on Fellowship program);
•Investing in our People: including new dedicated Learning &
Development team and introduction of a paid parental leave plan
•Investing in Research and Clinical trials with like-minded health care
companiesto drive deeper relationships with referrers
•Inorganic growth throughStrategic acquisitions with a focus on
subspecialty expertise, high-end modalities, and reputation forquality
and service
FY23 Key Focus areas

RHC Group
Infratil Investor Day
15 February 2022

o39 clinics north island
o31 clinics in south island
o+ located at 18key private hospitals
o140 radiologists nationwide 31%
o1211 staff nationwide
o24/7 teleradiology service
o35% market share
National portfolio of 70 clinics
NZ's Largest Radiology Network
Large-scale national business providing specialist imaging, diagnostic and interventional radiologyservices

COVID
CONTEXT
INCREASE IN
CHRONIC
DISEASE
VALUE BASED
SHIFT
•Pressure on public health >higher demandforprivate radiologyservices
•Radiology an essential service in identification, prevention and monitoring of
patient health-carecycle; people more health conscious
•A shift toward early diagnosis and preventative care
•Structural high-value modality volume-led growth
•Nimble, collaborative private workforce
•Continued investment in leading-edge technology, radiologist expertise and
growth in regional capability
•Cancer is one of NZ's leading causes of mortality
•High demand for increased in potential PET-CT capability throughout NZ
New Zealand Industry Drivers
Sustainable growth driven by favourablemarket context
DEMOGRAPHIC
RELEVANCE
•Ageing population
•National presence including high growth regions

Our Competitive Advantage
NationalScale
•Largest private radiology provider in NZ
•PRG/RHC is the national leader in PET
•Combined group approximately four times larger than next largest provider
•Offers full suite of diagnostic imaging modalities
RadiologistExpertise
•Expansive breadth of radiologist expertise across a full range of sub-
specialisations : Abdominal, Bone, Breast, Cardiothoracic, CT, Interventional,
Neurological, Oncological, Obstetrics & Gynaecology, Musculoskeletal, PET,
Paediatric, Vascular and Veterinary imaging
•Talent attracts talent
Technology
•Proven commitment to investing in the very latest in technology for
improved diagnostic capability, quality reporting and patient comfort
Research
•Strong reputation for research innovations in imaging techniques,
procedures and technology
Stakeholder Relationship
•Well established valuable relationships with referring health professionals
•Success in forming effective collaborative commercial partnerships
•Commitment to supporting local community initiatives
•Competitive advantage with Cyclotekpartnership
Extensive range of
service modalities
Early adopter of
leading-edge
technology
Clearly defined
growth strategy
per modality

High-Value Modalities
C
U
X
T
S
R
19
165
100
•Focus on the high yield volume
Including 4 advanced cardiac CT
•Highvolume service
32
•Highvolume service
•Key service provider for breast
screen Aotearoa
•Mix of private and public work
M
R
I
33
•High margin modality
•Focused on private pay market
P
E
T
2
•High margin modality
•High growth opportunities
•Premium imaging for cancer
M
A
# of Machines
Modality value
Modality
Patient / Referrer value
•MRI technology provides highly detailed body images for diagnosis
of a range ofissues / diseases
•CT produces layered and 3D images to provide s insights into
activity withinbones, tissues, and blood vessels
•PET /CT specialisedimaging technique fused with anatomical CT
images, most frequently used for cancer diagnoses
•Range of ultrasound techniques is used to diagnose conditions of the
internal body structures
•Variety of XR techniques is used to asset fractures, open bones,
joints and chest with advance techniques to image heart blood
vessels and other structures
•Breast imaging service range includes mammography, ultrasound,
biopsy & tomosynthesis

Strategic Modality Mix
•Good mix of modality in all locations•Target high margin growth in new services•‘World class radiology”
36%
18%
5%
20%
13%
8%
MRI
CT
PET/CT
US
XR
MA
Revenue by modality
30%
26%
1%
34%
9%
ACC
DHB/MOH
Other
Private
SX et al
Revenue by funder

Strategic Growth Plan
With a strongcommercial platform,significant market share and proven reputation for
clinical and operational excellence, we can achieve above-market growth expectations
Ongoing focus on
high-value
modalities
Leverage
National
Operations
Continually
expanding
existing network
Growing share of
external reporting
market
Research
Technology
Invest in new
equipment, expand
PET in New Zealand
Partner with Qscan.
Leverage national
network of NZ
radiologists.
Optimiseexternal
reporting efficiency
Track record of
greenfield clinics and
expansions of
existing clinics
Productivity focus,
group procurement
Market growth of
c.6% p.a., with over-
weight fastest
growing modalities

Unprecentedgrowth, new purpose-built regional facilities delivered on time within budget
Continued future capital spend at key locations
Recent expanded Capability
(Post acquisition)
Pacific Radiology,
Kawarau Park Queenstown
Pacific Radiology,
Rolleston, Canterbury
Pacific Radiology,
Wakefield, Wellington
Pregnancy Ultrasound,X-Ray,Ultrasound,MRI,CT,Breast
Imaging
X-Ray,Ultrasound,CT,MRI
Ultrasound,Pregnancy Ultrasound,X-Ray,MRI,CT,Breast
Imaging

Diversified
funding
streams
Further
growth
opportunity
Strong
market
share
•Diversified funding sources :ACC , Public Hospitals, Ministry of Healthscreening initiatives, private health care
insurance& direct patient fees
•With capacity constraints on public health systems, private clinics broadly accepted as valuable & necessary for
their critical role in preventative health and informing clinical decision making
•Leading NZ radiology provider in terms of geographical presence, # no of nationwide clinics, radiologist
expertise, # complex modalities and #employees
•Catchment leaders highly regarded for theirclinical, operational and innovative expertise
In Summary
Employer of
choice
•Talent attracts talent.Unparalleled depth of radiologist expertise in NZ
•Opportunity for doctors to own equity is highly attractive
•Group at forefront of leading-edge technology and research is an attractive value proposition for all employees
•Majority of patient exam fee derived from complex modalities, which continues to grow at a fast pace
•Proven growth plan includes greenfield opportunities, targeted modality expansion
•Working for anorganisationat forefront of leading-edge technology and research is an attractive value
proposition for all employees

RetireAustralia
Infratil Investor Day –15 February 2022

Strong rebound in performance
•FY22 has presented significant challenges due to the
Covid-19 pandemic, including supply chain issues,
workforce pressures and increased cost of materials
for refurbishments and construction activities
•On the flip side, a buoyant property market has
contributed to the overall positive settlement results
•15 villages are now operating wait lists and overall
village occupancy has increased to ~95% compared to
the Australian industry average of 81%
•Resident satisfaction remained stable and positive,
with 88% of residents saying they are satisfied or very
satisfied with life in their village
The Verge at Burleigh G.C.

3
•RetireAustralia is anticipating a strong finish to
FY22 with total sales of 490 to 520 units forecast
compared a budget of 442 and last year’s 343
•In FY23 RetireAustralia will focus on optimising its
processes to return stock to market as quickly and
efficiently as possible given that it will be
operating in a low stock environment for the first
time
•RetireAustralia will also continue to build up its
development pipeline for the next five years and
beyond
289
260
308
343
477
0
100
200
300
400
500
600
FY18aFY19aFY20aFY21aFY22f
Total Settlements
Total Actual SettlementsForecast Range
Capitalising on momentum

•After a pandemic-induced slowdown with
developments in 2021, RetireAustralia is
accelerating construction with four sites under
construction
•34 apartments are being added to
The Rise at Wood Glen, and 22 units at Forresters
Beach -both are premium villages on the NSW
Central Coast
•In South East Queensland, construction of a further
66 apartments is underway at The Verge on the
Gold Coast as well as 92 apartments at The Green at
Tarragindi, Brisbane
The Green Tarragindi
Developments under construction

Investor Day –Airports
1
15 February 2022

Wellington International Airport
Infratil Investor Day 2022

Resilient long-term passenger growth pre-Covid
1
2
3
4
5
6
7
FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
DomesticInternational
FORECAST
Millions
SARS
2002 -2004
GFC
2008
Swine Flu
2009
ChchEQ
2011
Covid-19
2020 -2022
Average annual pax growth over 20 years to FY20 was +2.7% p.a.
Global aviation
recovery expected by
2024-25 with earlier
domestic and short
haul recovery

FY2021 Total Pax
82% domestic traffic means WLG less exposed to Covid
1%
9%
30%
57%
41%
46%
61%
63%
67%
63%
60%
63%
75%
78%
76%
80%
46%
28%
45%
43%
56%
61%
44%
41%
Apr
2020
May
2020
Jun
2020
Jul
2020
Aug
2020
Sep
2020
Oct
2020
Nov
2020
Dec
2020
Jan
2021
Feb
2021
Mar
2021
Apr
2021
May
2021
Jun
2021
Jul
2021
Aug
2021
Sep
2021
Oct
2021
Nov
2021
Dec
2021
Jan
2022
Feb
2022
Mar
2022
FORECAST
First community cases and
country-wide Level 4
lockdown
Auckland Level 3
lockdown
Auckland Level 3
lockdown
All NZ at Level 1 & Trans
Tasman bubble open
Delta outbreak. TT bubble
closes & Auckland Level 4
lockdown (107 days)
FORECASTFORECAST
Omicron emerges & all of NZ
moved to “Red” traffic light
settings
FY2022 Total Pax
Passenger numbers have recovered strongly between periods of lockdown but currently Omicron disruption
Note: %s are pax numbers as a percentage of pax in same month pre-Covid

•Covid is the biggest and longest shock to ever hit
aviation
•Omicron outbreak is expected to impact end of FY22 &
first few months of FY23; anticipating capacity at
approx. 70% of pre-Covid levels
•Previous results show strong domestic recovery with
capacity quickly reinstated when restrictions ease
•Pre-Omicron, Jan-Mar scheduled capacity was >95%
pre-Covid levels
•WLG’s biggest pre-Covid market is domestic (82% of
travel)
•Dependent on reopening of borders –now scheduled for end February 2022 with trans-Tasman open from July 2022 –
a strong Omicron outbreak may reduce the effectiveness of border controls and support reintroduction of international
capacity.Expect Pacific Islands will open/recover quickly & lower risk of short-haul travel
Domestic
82%
•Last segment to return, further border re-openings during 2022 but little exposure for WLG
Aus/Pacific
12%
Rest of World
6%
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Domestic Passenger Capacity at WLG
201920202021
Industry expects global aviation recovery by 2024/25
Previous results show domestic/short haul demand is materially restored when travel restrictions are lifted

Focus remains on managing cash flows and long term funding
✓Positive cashflows forecast for FY22 despite Covid-19 disruption,
reflecting cost efficiency & ongoing capex management
✓Strong liquidity following $125m retail bond issue in September
2021, with next bond maturity May 2023
✓Bank facilities being refinanced and termed-out to mature over
2025/2026
✓Remained in compliance with covenant conditions
✓BBB stable outlook credit rating affirmed by S&P
Funding &
Cashflows
Photo: xwb aviation
Preparing a platform for a return to growth
✓Infrastructure 2040 Masterplan investment realigned with pax
recovery
✓Designations advanced for the main airport site & eastern
development land
✓Resource consent and design continues for key growth projects
✓Taxiway resurfacing works brought forward to utilise quieter periods
✓PSE4 aeronautical pricing in place with charges effective until
31 March 2024
Platform for
Growth

•FY22 forecast $50m+ impacted by red traffic light level
and Omicron towards end of year
•Longer term recovery in-line with passenger forecasts
•Ongoing focus on essential capex only; maintaining debt
levels
•No major capex works committed or required in short term
other than Taxiway Bravo works currently in progress
•Masterplan 2040 capex deferred with future spend
determined by pace of Covid passenger recovery
EBITDA, Capex & FY22 Highlights
Capex Forecast
0
20
40
60
80
100
120
FY16FY17FY18FY19FY20FY21FY22FY23FY24
EBITDA ($m)
EBITDA forecast to recover in line with pax; capex managed in line with free cash flow
COVID-19
2020 -2022
FY22 Highlights

Appendix
Infratil Investor Day 2022
1

Portfolio
Composition
Infratil is a high
conviction
investor with
established
positions in nine
significant assets
Infratil Investor Day 2022
2
•CDC Data Centres is the largest privately owned and operated data centre business in Australia.
CDC currently operates nine data centres, powered by 133MW, across three campuses in Sydney and Canberra
•During 2022 this will grow to in excess of 200MW across four campuses and 13 data centres
•The recently announced expansion into Melbourne adds an additional 150MW to the development pipeline capacity
•The business is highly cash generative with a near term emphasis on reinvestment.Rapid earnings growth is being
delivered against the backdrop of explosive growth in data and demand for resilient digital infrastructure
•Vodafone New Zealand is one of New Zealand’s leading digital services and connectivity companies with more
than 3 million connections to Consumer and Business customers
•Services are delivered over an extensive national network and platform of mobile towers, spectrum, IoT networks
and fibre assets
•Transformative investment in a high-quality infrastructure asset in the critical data and communications sector of
the New Zealand economy which plays an important portfolio role in the cash generating core and source
ofimputation credits
•Technically advanced, highly sustainable colocation data centres with the Harlow based campus located within the
“Innovation Corridor” between London and Cambridge
•A portfolio of ~30MW of installed ICT capacity with capacity to expand to ~55MW on existing sites
•Owner and operator of 22 hydro power stations with a total installed capacity of 498MW
•Defensive characteristics as an essential service and critical piece of national infrastructure, important portfolio
role in the cash generating core and source ofimputation credits
•Vertically integrated developer, owner, and operator of US wind, solar, and storage projects. 3.2GW of solar and
wind generation developed since 2016, with 1.8GW sold and 1.4GW retained
•Delivery of significant development margins from high-velocity capital investment

Portfolio
Composition
Infratil is a high
conviction
investor with
established
positions in nine
significant assets
Infratil Investor Day 2022
3
•Development platforms in Asia (Gurīn Energy) and Europe (Galileo Green Energy) focussed on greenfield
development, acquisitions, strategic co-development opportunities across multiple markets in wind and solar
assets. Combined development pipeline of 7.3GW
•Target markets characterised by both demand growth and increasing emphasis on decarbonisation, including the
reduction in heavy coal and imported gas dependency
•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)
•Consisting of Pacific Radiology, Auckland Radiology, and Bay Radiology, the RHC Group is New Zealand’s largest
diagnostic imaging provider
•The combined group operates 70 clinics nationwide, with 31 clinics in the South Island and 39 in the North Island
•The largest privately-held pure-play retirement operator in Australia with over 4,000 independent living units and
apartments across 28 villages in NSW, South Australia and Queensland with construction underway at four sites
•Nationally critical infrastructure asset servicing Wellington and central New Zealand with 6 million passengers
using the airport annually (pre-Covid)
•Significant non-aeronautical assets including Carpark, Hotel and Retail Park
•Historically reliable GDP+ earnings growthwith the expectation of a strong recovery given the passenger mix
characteristics
•US$50 million commitment to California based Clearvision Ventures
•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