Investor Day presentation

Agenda
2
1
8:30-9:45am
2
10:00-11:15am
3
11:30-12:20pm
4
12:20-1:20pm
Morning tea
Break
Lunch
Facilities & Asset Services
Infrastructure Projects
Utilities
Defence
Pat Burke
Mark Mackay
Jim Kafanelis
JacobBonisch
Overview –Growth to net zero
Making our communities better
Risk management at Downer
Downer’s role in decarbonising the economy
Grant Fenn and Michael Ferguson
Julie Wills
Peter Tompkins
Ricky Bridge
Road Services
Rail and Transit Systems
Downer New Zealand
Dante Cremasco
Stephen Kakavas
Steve Killeen
Panel Q&AAll presenters

Grant Fenn
Chief Executive Officer

Understanding Downer
4
Our Purpose
Our Purpose is to create and sustain
the modern environment by building
trusted relationships with our
customers.
Our Pillars
Our Promise
Our Promise is to work closely with
our customers to help them
succeed, using world-leading
insights and solutions.
Our business is founded
on four Pillars which support
our Purpose andour Promise.

Downer today
We are the leading provider of Urban
Servicesin Australia and New Zealand.
We are critical to the sustainmentand
operationof a vast portfolio of
government andprivate
infrastructure.
We are diversifiedacross capabilities,
markets and geographies.
Our service delivery excellence
drives long-standing andtrusted
relationships.
We are uniquely placed to
support the AustralianandNZ
economies in energy transitionand
decarbonisation.
5

6
Unique exposure to critical Urban Services
1.BIS Oxford Economics (2022), based on spend in Downer’s Urban Services markets in Australia and New Zealand
Market leader in most categories in both
Australia and New Zealand.
High market growth expected across the
portfolio –weighted average CAGR 7-8%.
1
Significant and increasing barriers to entry
–management systems looking across the
supply chain.
New energy and decarbonisation
opportunities across our customer base.
Group Revenue
by segment/
sub-segment
Based on HY22 revenue mix of Downer’s segments

16%
10%
13%
5%
4%
2%
5%
9%
7%
5%
7%
4%
1%
1%
2%
1%
2%
6%
0%
5%
10%
15%
20%
25%
Road ServicesRail & Transit
Systems
ProjectsPower & GasWaterTelcoHealth &
Education
GovernmentDefenceAsset ServicesBuildings
% of Group Revenue
Scale and capacity in both Australia and New Zealand
7
Transport
80% AU / 20% NZ
Utilities
70% AU / 30% NZ
Facilities
75% AU / 25% NZ
split of BU revenue
NZ
AU
Based on HY22 revenue mix of Downer’s segments
Australia
(75%)
New Zealand
(25%)

0
20
40
60
80
100
120
140
160
20182019202020212022202320242025
Downer’s Urban Services Markets to 2025
(Australia and New Zealand -$Bn)
4
TransportUtilitiesFacilities
Customer spend to increase well above GDP
1.Based on revenue mix of Downer’s segments at 31 December 2021
2.Australian Federal Budget 2022-23
3.Australian Federal Budget 2021-22. Increase in spend from FY21 to FY23
4.BIS Oxford Economics (2022), based on spend in Downer’s Urban Services markets in Australia and New Zealand
5.CAGR represents growth from FY21-25.
8
▪Unprecedented levels of Government
investment in construction and sustainment
▪Weighted average sector spend growth of 7-8%
CAGR
1, 4
▪Our scale, management systems and technical
capabilities put us in a very strong position to
secure forward revenue
▪A significant cross sector customer base for new
energy and decarbonisationsolutions.
Facilities
6.5% CAGR
5
Utilities
5.3% CAGR
5
Transport
9.0% CAGR
5
$18bn for new road
and rail projects
across Australia in
the 2022-23 Budget
2
Defence estate
development & base
upgrade spend
going from $2bn to
$4bn p.a
3

Cash generative and capital light Urban Services business model
9
▪Cash conversion has averaged 88% over
the last 10 financial years to FY21
(93% excluding FY20)
▪Maintenance capex in-line with depreciation and
amortisationexpense
1
(~$135m)
▪Lease cost ~$150m predominantly related to
property
▪Capacity to grow.
Operating cash and capex
1. Depreciation and amortisation expense excludes depreciation of Right of Use Assets
Historical capex
1
-
50
100
150
200
250
300
350
400
450
FY19FY20FY21
Core capexIT capexNon-core capexCore D&A

10
Strong cash conversion
andcapital light
business model enables
value-enhancing
capital management
initiatives
Bolt-on acquisitions
Target 2-2.5x Net Debt to EBITDA
Maintain BBB Fitch rating
Growth capital
projects
Share buybacksIncreasing dividends
Sustainability embedded in our
approach to capital allocation
Capital allocation

11
Increasing shareholder value through a focus on business growth and efficient
use of capital to deliver consistently growing EPS and DPS
Focus on margin
improvement and
optimisation
post-divestment
Defined hurdle rates
across the portfolio
Capacity for growth
within defined risk
appetite
Driving Business Unit returns

12
FY22
Trading update
▪Demand remains strong across the Business
Units
▪Strong contract awards / preferred status
▪Challenges in 3Q:
̶Weather impact across the Australian
Business Units
̶COVID-19 in NZ (now improving)
̶COVID-19 and weather impact YTD
($50-60m) EBITA
▪Core YTD EBITA(4.7%) vs Prior Year
▪Expecting strong 4Q.
Immediate priorities
▪Earnings and cash performance FY22
▪Management of COVID-19, supply chain,
workforce availability, contract pricing, cost
management
▪Pre-contract risk management.

13
Looking through the noise
▪Weighted average sector spend growth
of 7-8% CAGR out to FY25
▪We are in the right sectors, at the right
time!
▪Heavily leveraged to the New Energy
economy
▪Expect strong rebound in earnings in
FY23.
FY23 and beyond

Growth to net zero –Downer’s opportunity
14
Capabilities across our portfolio in areas
required for the journey to net zero
▪A net zero emissions future will require massive adjustments to almost all
urban infrastructure but particularly power generation, power transmission
and distribution, energy management and transportation.
▪Downer’s technical bent is power!
̶Power generation
̶Transmission and distribution
̶Facilities management
̶Public transport
̶Road network management / road pavements
▪Downer has invested heavily in the circular economy.
Low emissions
electricity
Electrification
Energy storage
Energy
efficiency
Alternate fuels
Carbon capture
and storage
Land based
solutions
Other emerging
technologies

Julie Wills
Making our communities better

Environmental sustainability
Six key focus areas to ensure we meet our net zero commitments:
16
Increasing focus on urban
services, which has seen a
shift from high capital, carbon
intensive industries to lower
carbon activities
1
Continuing focus on energy
efficiency and GHG emissions
reductions
2
Decarbonising fixed assets
with new technology and fuel
switching
3
Decarbonising our fleet through
EVs and alternate fuel vehicles
4
Increasing uptake of
renewables, both on and off-
grid
5
Reducing our Scope 3
emissions
6
Downer is committed to the decarbonisation of our absolute Scope 1 and 2 GHG emissions by
45-50 per cent by 2035 from an FY18 base year, and to being net zero by 2050.

Environmental sustainability
Emerging trends
▪International Sustainability Standards Board’s global
sustainability reporting framework
▪EU Taxonomy on financial reporting.
Downer’s response
▪Conducted internal review of Downer’s most material
climate-related risks and opportunities
▪Evaluated the financial impact of different climate
scenarios on Downer’s value chain
▪Commenced integration of climate considerations into
capital allocation decision making.
This work has reinforced that Downer is a net beneficiary
in the transition to a net zero emissions economy, with
more significant opportunities than risks.
17

Social sustainability
Supporting our people
▪Group-wide Inclusion & Belonging Strategy
and Action Plan 2022-24
▪Own Different campaign
▪Enhanced and expanded suite of
Learning and Development programs
-Professional development courses
-Soft skills programs
-Expanded THRIVE, Downer’s female
leadership, professional development,
and capability program
▪Industry-leading safety performance.
18

Social sustainability
Supporting our communities
Mentalhealth
19
Indigenous support
Workplace giving

Governance
Modern slavery
Low exposure to modern slavery risk in supply chain, with
96 per cent of FY21 supply chain spend in low risk countries.
20
▪Refreshed modern slavery framework
▪Updated company-wide documentation
to enhance modern slavery risk
assessment
▪Established additional rigour around
supplier due diligence and onboarding
▪Third party review of Downer’s supplier
onboarding process.

Supporting mental health
Downer prioritises the mental health and wellbeing of our
people, their families and our communities.
▪Inhouse Health team has trained more than 2,000 employees, who
are now accredited Mental Health First Aiders
▪Developed online course during COVID-19
‒Trained 790 people in first two years of pandemic
‒Online course endorsed by Mental Health First Aid Australia, and is
being used globally, outside of Downer.
21

Peter Tompkins
Risk Management at Downer

The Downer Standard (TDS)
TDS is Downer’s Integrated
Management System, which:
▪Applies across the entire
organisation
▪Provides the policy framework and
guides our processes for decision
making and governance
▪Has content owners for all
processes and lessons learnt /
continuous improvement
▪Includes the Delivery Management
Methodology (DMM), as one of 17
‘Process’ areas that sits within TDS.

Downer’s Delivery Management Methodology framed around the delivery lifecycle
24
▪Strategic engagement for key customers to shape opportunities
▪Job selection is critical
Tools that support pipeline management and CRM, project selection
▪Tenders and Contracts Committee (TCC) and
Tender Risk Evaluation Committee (TREC) governance
▪Legal, Accounting, Tax, Insurance, Treasury, PMO review
▪PMO safe and profitable delivery, training and capability
(Learning and Development)
▪Hold points and Day One readiness
▪Delivery
▪Delivery governance and leadership
▪Enhanced and integrated reporting
▪Group management, governance and forums for early issue
identification and resolution
▪BU accountability

Ricky Bridge
Downer’s role in
decarbonising the economy

Western Australia
Northern
Territory
South Australia
Queensland
New South Wales
Victoria
ACT
Renewable energy
by 2030
50%
Renewable energy
by 2030
50%
Renewable
energy in line
with the RET
Net zero emissions by 2045
Net zero emissions by 2050
Reduce GHG emissions from 2005 levels
by 28-33% by 2025 and 45-50% by 2030
Victoria renewableenergy:
Renewable energy
production by 2025
50%
Net zero emissions by 2050
Reduce GHG emissions by
at least 50% by 2030
Net zero emissions
by 2050
25%
40%
50%
Tasmania
100% renewable energy by 2022
200% renewable energy by 2040
Net zero emissions by 2050
Net zero emissions by 2050
50% reduction in GHG emissions on
2005 levels by 2030
Net zero
emissions by
2050
Net zero emissions by 2050
30% emissions reduction below
2005 levels by 2030
by 2020by 2025by 2030
20%
Net zero targets
26
Source:https://100percentrenewables.com.au/net-zero-
leaderboard-states-local-governments-communities-dec-2021/
Australia
▪26-28% below 2005
levels by 2030
▪Pledged to achieve
net zero emissions by
2050 (not legislated)
New Zealand
▪50% below 2005 levels
by 2030.
▪Net zero emissions by
2050 (legislated)
* Targets exclude biogenic
GHG emissions from
agriculture

Australia emits around 634 million tonnes
of greenhouse gases each year.
27
Australia’s emissions by sector
Key
sectors:
Power generation (electricity)
Agriculture
Transport
Manufacturing and construction
Industry
Buildings
Waste
Power generation
35%
Transport
16%
Manufacturing &
Construction
6%
Industry
3%
Buildings
2%
Waste
2%
Agriculture
25%
Fugitive emissions
6%
Aviation and shipping
2%
Other fuel combustion
2%
Land-use change and forestry
1%
Where we play
Where we don’t play

NewZealand emits around 86 million tonnes
of greenhouse gases each year.
28
New Zealand’s emissions by sector
Key
sectors:
Agriculture
Transport
Power generation (electricity)
Manufacturing and construction
Aviation and shipping
Waste
Industry
Buildings
Transport
19%
Power generation
7%
Manufacturing &
Construction
7%
Waste
4%
Industry
3%
Buildings
2%
Agriculture
49%
Aviation and shipping
6%
Other fuel combustion
2%
Fugitive emissions
1%
Where we play
Where we don’t play

29
Source:https://ourworldindata.org/future-emissions
To achieve a 1.5°C pathway by 2050
A rapid decline in GHG
emissionsisrequired by 2030
to reach a 1.5°C pathway by
2050
We have eight years to
achieve this

International Energy Agency’s 1.5°C pathway by 2050
30
Source: IEA 2021, Net Zero by 2050

Australia’s long-term emissions reduction plan
31
Source: Australian Government, 2021 Australia’s Long-Term Emissions Reduction Plan
Critical pathways to net zero for Australia’s economic sectors

Downer’s capability
32
Low emissions electricity
Coal power generation –maintenance and closures
Gas powered generation –operation and maintenance
Renewables –wind, solar, hydro
Enabling infrastructure –HV transmission, LV transmission,
substations
Electrification
Buildings, road and rail networks and infrastructure
Public transport vehicles –trains, buses
Industrial Processes
Energy storage
Large scale grid battery storage
Commercial and residential battery storage
Pumped hydro
Strategy/Advisory
PMO
Operations and Maintenance
Program
development
Program delivery
Operations and
optimisation

Downer’s capability
33
Energy efficiency
Facilities, buildings, assets
Alternate fuels
Hydrogen and bio fuels (biodiesel, biogas)
Enabling infrastructure (e.g. Hydrogen hubs, distribution
and storage network, refuelling stations)
Carbon Capture and Storage
Carbon capture use and storage technologies
Land based solutions
Forest, coastal and wetland restoration
High yield crops / farming techniques
Soil carbon sequestration –(e.g. biochar)
Other emerging technologies
Carbon removal technologies (e.g. Direct air capture)
New battery technology
Strategy/Advisory
PMO
Operations and Maintenance
Program
development
Program delivery
Operations and
optimisation

Pat Burke
Facilities & Asset Services

▪Largest provider of:
̶Shutdown and turnaround services
across Power Generation and
Industrial sectors
̶Largest provider of asset
management andoperations
solutions to Health andEducation
sectors
̶Largest provider of property FM
services to StateGovernments
▪Emerging decarbonisation partner of
choice
▪Industry-leading technology capability
̶First successful digital twin
operational BIM facility in Australia
̶First industry implementation of a
blockchain solution
▪Strong pipeline of new work and
renewals
▪Increasing work-in-hand profile.
35
▪Government
buildings
▪Social housing
▪Transport facilities
▪Justice
Government
▪Integrated
Facilities
Management
▪HVAC
▪Projects
▪Technical services
▪Building
management
services
Asset & Development
Services
▪Hospital PPPs
▪Education PPPs
Health & Education
▪Power Generation
▪Coal Seam Gas
▪Liquified Natural
Gas
▪Terminals and
refineries
▪Petrochemical
▪Next Gen
technologies
▪DMH
▪Energy transition
Power & Energy
▪Heavy industrial
▪Electrical projects
and manufacturing
▪Port infrastructure
▪Minerals
processing
▪Technical services
Industrial & Marine
Business profile

36
14,000+ employees
operating across every
State and Territory of
Australia
National footprint
Number of employees
0 > 20
21 > 150
151 > 400
401 > 600
601 > 900
901 > 1500
1501 >
Safety
(Actual v Target)
LITFR
TRIFR
As at February 2022
0.52 v 0.90
1.66 v 3.50

20
25
30
35
40
45
50
55
60
65
70
75
80
012345678
Size of the
bubble reflects
outsourced
maintenance
marketsize
(FY22)
37
1. Market size and CAGR growth from BESS, hydrogen and other future energy opportunities are currently excluded from data
Source: BIS Oxford, Maintenance in Australia –2022, Deloitte market analysis, Downer analysis
Note:Analysis in nominal terms, market size shown in billions of dollars
Power & Energy
▪Energy transition is the primary challenge and opportunity.
Downer’s deep capabilities, combined with our global
strategic partnerships, position us for growth
▪Business has established the Future Energy Solutions team
responsible for decarbonisation and hydrogen initiatives, as
well as leveraging our alliance with Mitsubishi Power and
other OEM partners for future energy solutions.
Industrial & Marine
▪Reinvigoration of sovereign manufacturing capability and
aging industrial infrastructure positions us well to pursue
emerging opportunities in decarbonisation, maintenance,
and asset remediation.
Recent wins and pipeline
FY22 Outsourced Maintenance Market
Market outlook
Heavy Manufacturing
Ports
Oil & Gas
Percentage of maintenance outsourced
% CAGR FY22 –FY27
Power Generation
1
Minerals & Metals
$0.6bn
$0.9bn
$0.8bn
$3.4bn
$3.3bn

50
55
60
65
70
75
80
85
90
95
100
012345678
Health & Education
▪Favourable market outlook underpinned by population
growth and higher community expectations post-COVID.
Downer is well positioned for growth and targeted strategic
expansion
▪Reviewable services at both Royal Adelaide and Bendigo
hospitals renewed
▪Key renewals and extensions including:
Government
▪Significant growth opportunities, leveraging our national
footprint, our asset and energy management expertise,
and technology
▪Winning new work, including NSW Police Force capital
works services and Metro Trains cleaning.
38
Source: BIS Oxford, Maintenance in Australia –2022, Deloitte market analysis, Downer analysis
Note:Analysis in nominal terms, market size shown in billions of dollars
Market outlook
Health
Government /
Non-Residential
Buildings
Education
Public Housing
$1.2bn
$2.4bn
$2.6bn
$2.8bn
Size of the
bubble reflects
outsourced
maintenance
marketsize
(FY22)
FY22 Outsourced Maintenance Market
Percentage of maintenance outsourced
% CAGR FY22 –FY27

39
Our extensive capabilities, leadership in industry forums and global partnerships position us as
the emerging decarbonisation partner of choice.
Transitioning our customers’ assets to new
technology
Changing the way customers operate, maintain,
and modify their equipment
Helping our customers navigate through
structural change, including transitioning
workforces
Decarbonisation and energy transition
Where do we see the opportunities?
Assets transitioning to newer technologies
▪19 major coal-fired power stations (17GW)
▪Significant number of other assets including traditional power generation
assets supporting industrial sites.
Solution focus areas include:
▪Building energy management systems
▪Energy storage solutions (e.g. BESS, pumped hydro)
▪Fuel conversion
▪Renewable power generation
▪Hydrogen
▪Production technology changes (e.g. green steel)
▪Grid stabilisation (e.g. synchronous condensers)
▪MicroGrids
▪Carbon capture/conversion solutions
▪Fugitive emissions reduction.
Key current projects helping our customers decarbonise
▪Supported Chevron in delivering the world’s largest carbon capture
and storage (CCS) project, the Gorgon CCS System, storing up to
4Mt of CO
2
p.a.
▪Supported Santos in the ECI for their Moomba CCS project, which
will safely and permanently store 1.7Mt of CO
2
p.a.
▪Operate and maintain three solar farms, generating 340MW
▪Performed various engineering studies for our power station
customers modelling different operating parameters and various
technology options
▪Providing in-house specialist engineering advice and project
management support for our customers’ decarbonisation strategies
▪Supporting Santos with various electrification and decarbonisation
projects.

Case study: Eraring Power Station
Location:Eraring, NSW
Overview
▪Eraring Power Station is Australia’s largest power station, supplying
10.5 per cent of power to the National Electricity Market
▪Downer was awarded the Consolidated Maintenance Contract (CMC)
at Eraring Power Station in March 2018, responsible for delivering
maintenance services.
Scope: Responsible for delivering maintenance and overhaul services to
mills, filters, turbines, water treatment plants, compressors and other
critical components and processes.
Strong partnering
▪Jointly transitioned to a new state with an integrated
and co-housed workforce
▪Transparent model delivering high levels of trust
▪Zero Harm and continuous improvement focus.
Transition: Working with Origin to support timing and approach to asset
decommissioning. Focus areas include:
▪Late-life asset management and asset re-life planning
▪Workforce transition, with a focus on retaining and re-skilling existing
skillsets for new technologies.
40

41
Utility scale solar farm operations and maintenance
395,000 panels
330 hectares
148MW DC
128MW AC
Clare Solar Farm
413,280 panels
440 hectares
128MW DC
100MW AC
Ross River Solar Farm
373,839 panels
500 hectares
128MW DC
112MW AC
Numurkah Solar Farm
In addition to Design, Build and Commission, Downer delivers solar farm Operations and
Maintenance Through-Life-Support.
▪340MW total (solar)
▪1.18M solar panels
▪Over 1,250 hectares
▪Six FT local operators at each site (average)
▪Providing regional opportunities for training and ongoing employment.

Source: AusH2 Portal, Downer research and analysis
Operating
In development
Under construction
10GW
Bubble size shown for 1GW+
projects only
12GW announced
in Gladstone hub
Asian Renewable
Energy Hub (23MW).
Currently being revised
NSW Government
announced Newcastle
and Illawarra as
planned Hydrogen
hubs
Western Green Energy
Hub, announced July
2021, proposes 50MW,
developed in stages, with
estimated investment of
$100B
Strong pipeline underpinned
by prime location, our
proximity to Asia, support
from State and Federal
Governments, and
industry leadership.
Australia has the largest
green hydrogen project
pipeline in the world,
exceeding 90GW
(sufficient to produce
more than 1 million
tonnes of hydrogen)
announced capacity, with
proposed investment of
more than $200 billion.
Hydrogen update
42
Western
Australia
Northern
Territory
South
Australia
Queensland
New South
Wales
ACT
Tasmania
Victoria

Energy partnersStorage and distributionFuel cells and batteriesElectrolysisTurbines, generators,
synchronous condensers
and carbon capture
systems
Industry advisory
43
Downer believes hydrogen is one of the most
promising pathways to decarbonisation.
To support our customers, Downer is establishing the
capabilities and partnerships to be the technical and thought
leader in the industry.
Strategic partnerships provide a competitive advantage
Area of expertise.
We are already playing in this market. Downer's businesses are
currently working on infrastructure to inject hydrogen into Victoria’s
domestic gas network, and developing proposals with CS Energy for
a hydrogen solution at Kogan Creek.
Internal collaboration
Late stage
negotiations
with potential
energy partners

44
Royal Adelaide Hospital –what we do
25,000 calls taken by helpdesk
per month
Over 2 million kilometres of
structured cabling maintained
Emergency response time
of less than five minutes
Manage fleet of 25 automated
guided vehicles (AGVs)
Over 1,200 patient transports
are completed weekly
Planning, preparing, and delivering
3,600 meals per day –factoring in
90 different dietary requirements
Maintenance of building area
of 216,000 square metres
621,600 sheets of hand towels
refilled weekly
AGVs complete 1,150 deliveries
per day and travel 11,680km per year
Maintenance and lifecycle
management of over 130,000
assets
Provision of 24/7 security
110 theatre setups completed
each day

45
Our Asset & Development Services team continues to focus on key
elements of a customer’s asset portfolio through a multi-layered product
and services focus to support our customers in delivering sustainable
buildings and facilities.
Core deliverables focus on elements of a customer’s asset portfolio in
order to provide decarbonisation, energy savings and improved indoor
air quality, such as:
▪BMS monitoring filtration and air flow assessment
▪Air flow and filter management
▪Germicidal Ultraviolet and thermal management.
500 Collins Street
Solution: Platinum well rating
Energy efficient solutions
Melbourne Airport
Solutions: Energy consumption, and indoor air quality
International Convention Centre
Solution: Air temperature control
Baxter Health
Solution: Energy reduction

46
Downer’s initiative revolves around a Clean Air Solution –a true bespoke engineered solution, backed by Downer’s sustainability
objectives and more than 100 years of leadership within the HVAC industry. Through a partnership program with our customers,
the three key elements revolve around:
Clean air solution
Where do we see the opportunities?
COVID-19
▪To use a mix of leading technologies in the products and services
to help customers address current pandemic concerns
▪Targeting a reduction and associated risk of airborne contamination
through particle removal and improved indoor air quality result
more than 99.5 per cent.
Energy costs
▪An optimised operation of existing assets through improved asset life
and a reduction of energy consumption in excess of 10 per cent.
Carbon footprint/decarbonisation
▪Partnership programs with customers to effectively design, implement
and maintain key global standards, such as WELL, Greenstar,
and NABERS, contributing to a net carbon reduction usage.
Current and future sectors benefiting from our
decarbonisation initiatives:
▪Hospitals
▪Commercial buildings
▪Airports
▪Gaming facilities
▪Theatres
▪Shopping centres
▪Defence facilities
▪Government offices and schools.

Case study:Melbourne Connect
Precinct Digital Twin
Stakeholders
▪University of Melbourne PPP
▪Built by Lendlease
▪Operated by Downer.
Project scope
▪$500 million build with over 100,000m
2
in gross floor area
▪Three towers –student accommodation, high-rise and low-rise
▪Fabrication laboratory and science gallery
▪Integrate 3D geometry, floor plans, all assets, documents, work
orders and other data into a single, centralised system.
Key outcomes
▪Implementation of a digital twin operational BIM facility
▪Advanced data and analytics, AI and machine learning capabilities
▪Optimisation of green credentials (including energy consumption and
waste minimisation) and maintenance costs
▪ISO 19650-3 2020 certification underway (first certified operational
BIM facility in Asia-Pacific).
47

Mark Mackay
Infrastructure Projects

▪Infrastructure Projects provides a niche construction
offering in the Power and Transport sectors
▪Our inhouse Engineering Services and Rail Systems
Engineering sub-Business Units provide a
point-of-difference in the Power and Transport
construction markets
▪One of Australia’s largest and most experienced
providers in the renewable energy market and power
systems.
49
Parramatta Light Rail, Sydney. Bridge lift over James Ruse Drive
Eyre Peninsula Transmission line, SA
Numurkah 128 MWp Solar Farm, Victoria
Business profile
▪Rail infrastructure
▪Rail maintenance and
renewal
▪Rail systems
engineering, signalling,
communications
▪Road and bridge
construction
▪Adjacent markets such
as Water and Defence
Power
▪Transmission lines
▪Substations
▪Solar
▪Battery energy storage
▪Wind Balance of Plant
Transport
▪Engineering Procurement
& Construction (EPC)
▪Power and renewables
▪Rail
▪Water
▪Systems engineering and
assurance
Engineering

Ongoing investment creates strong pipeline
50
Sustained investment in Transport and Power
infrastructure projects
1. Source: Infrastructure Partnerships Australia, March 2022
2. Source:Downer estimates based on announced funding expectations
Energy
$18bn
2023
Road
$14bn
2023
Rail
$25bn
2023
Expected future
market size
2
Known funded projects
1
2021202220232024202520262027
Forecast annual expenditure ($bn)
Strategic selection criteria “swim lanes” guide our pursuit of
opportunities. We know where we will and won’t play.
Strategic
alignment
Opportunities
Commercial model
Customer
Capability

No transition without transmission
51
Market characteristics
▪High barriers to entry
‒Regulation
‒Accreditations
‒Blue collar competencies
‒Specialist plant
▪Premium margins
▪Limited credible competitors.
Significant transmission build-out required to support the renewable energy transition
▪45,000km of HV transmission currently in Australia
▪Additional 10,000km required over 10 years
▪$20bn transition funding proposed by Federal Labor
▪Current industry capacity of 700km p.a. is inadequate
▪Downer has a 70-year heritage of transmission line construction in Australia.
Trusted provider to all National
Electricity Market (NEM) transmission
asset owners

Powerinfrastructure
52
Downer’s Infrastructure Projects business is positioned to benefit
from unprecedented private sector and government investment in
power infrastructure.
Short term target opportunities
Select major project recent wins
Numurkah Solar Farm 128MWp, Victoria

Case study: Renewable
generation and storage
Project
Chichester Solar Farm in Western Australia –a 60MWp
output completed in 2021.
Project scope
▪60MWp output solar generation facility
▪60km transmission line, connecting FMG mines.
Key outcomes
▪Daytime operations at FMG mines to be powered by
renewable energy
▪The project is expected to displace 100 million litres of
diesel generation annually from the Pilbara.
53

Case study: Battery Energy
Storage System
Project
Ballarat Energy Storage System, Ballarat Area Terminal
Substation, completed in 2021.
Project scope
Grid connected 30MWh of energy storage at 30MW Battery
Energy Storage System (BESS)
Key outcomes
▪First standalone BESS installed in front of the meter and
directly connected to the transmission network
in Australia
▪Improved network stability and reduced congestion
in Victoria’s electricity grid. Assisted in the
management of price volatility and reliability risks during
high demand periods
▪Capacity to power over 20,000 homes for more than
an hour before being recharged.
54

Transport infrastructure
55
Downer’s Infrastructure Projects business has been fuelled
by significant investment in road and rail infrastructure.
MetronetThornlie to Cockburn Link and Yanchep Extension, Ranford Road Bridge, WA
Having built a strong order book, our recent focus has been
to improve the quality of earnings through:
▪Improvedcontracting termswith long-term customers
▪Growing sources of recurring workcomprising of
long-term contracts, panel positions, and/or regular work
with key customers with a high likelihood of conversion.
Ongoing government investment in transport
Select major project recent wins

Jim Kafanelis
Utilities

Business profile
57
▪A balanced portfolio, well-diversified across Water,
Telco, Renewable Energy, and Power & Gas
-Effectively transitioned away from NBN construction
▪Offer unique, innovative solutions driven by our internal
engineering capability and IP
▪Well positioned to capitalise on opportunities in the
market due to having long tenure customers and a
broad geographic footprint
▪Growth opportunities in short to medium term from
significant spend in all sectors of Utilities.
Water
38%
Telco & New
Energy
24%
Power & Gas
38%
Revenue
Water
49%
Telco & New
Energy
19%
Power & Gas
32%
Work-in-hand

Vision –The leading Australian Utilities partner
58
Traction substations
and feeders
Substations
Transmission
Solar
Engineering Procurement
and Construction
Commercial solar
on facilities and estates
Power systems
Tower
foundations
Turbine erection
HV reticulation
Road network
Power
& gas
networks
Fix faults
Upgrade
assets
Asset management
and inspections
Meter reading
Network availability
Water
Thermal biosolid
removal solutions
Meter reading
Design, construct and
program of works
Storm, waste, potablewater
pipelines
Technology &
Communications
Design and build
communications solutions
Technology partnerships
Residential
power solutions
Wind

Western Australia
Northern Territory
South Australia
Queensland
New South Wales
ACT
Tasmania
Victoria
Diversification by State and end market
59
Our strategy ensures current sources of secured
revenue have been evenly spread across all key
Utilities sectors including Telco, Renewable
Energy, Water, and Power and Gas.
Telco
New Energy
Power networks
Water
Gas networks
Metering services

60
Case study: Renewable Energy
in Queensland Schools
Project
Advancing Clean Energy Schools
Customer
Queensland Department of Education
Contract type
▪Engineering, Procurement & Construct
▪Operations & Maintenance, and
Measurement & Verification.
Project scope
▪Approximately 600 schools receiving rooftop
solar and other energy conservation measures
▪Deployment of 60MW of solar capacity.
Key outcomes
▪$20m in annual energy savings.

61
Project
Loganholme Wastewater Treatment Plant
Customer
Logan City Council
Contract type
▪Engineering, Procurement & Construct
▪Operations & Maintenance.
Project scope
▪2MW PV Solar Farm.
Key outcomes
▪Part of a wider energy efficiency roadmap
delivering key net zero initiatives across Logan
City Council infrastructure.
Case study: Helping our customers
in their net zero initiatives

Australia’s first Biosolids Gasification Facility
62
▪Loganholme Gasification was a finalist in the 2022 Banksia
awards in the category of circular transition
▪Aligned to seven of the UN Sustainable Development goals.
Loganholme Gasification –Innovation to commercialisation
▪Sequestration of carbon approximately 3,350
tonnes of CO
2
per annum
▪Generation of approximately $1.5m in revenue per
annum through biochar sales and carbon trading
on international markets –a significant swing from
biosolids disposal being a cost, to biochar
generating income for Council
▪Gasification destroys Persistent Organic Pollutants
(e.g. PFAS) and nano and microplastics, which are
troublesome to the food chain
▪Further opportunities for higher revenue streams
for the biochar being used in building products or
with further enhancement into Activated Carbon
(a product in short supply in Australia)
▪Further opportunities for Council to establish a
sustainable collection and treatment hub for
regional biosolids.

Jacob Bonisch
Defence

Business profile
64
▪Asset management
▪Estate maintenance &
operating services (EMOS)
▪Defence PPP installations
Base & Estate Management
Upgrades and refurbishment of
Defence estates, including:
▪Programmatic upgrades
▪Large multi-year base
redevelopments.
Estate Development & Base
Upgrades (EDBU)
▪Systems integration
▪Cybersecurity
▪Logistics support
▪Project management
▪Commercial analysis
▪Systems integration and
engineering
Downer Professional Services (DPS)
StrategyIT and communications
Downer is a sovereign, capable and committed partner to Defence.
Airfields
Ports and wharfs
Barracks
Multi-storey offices
Training, live fire,
mechanical target ranges
Signals and surveillance
installations
Large education
campuses

Awarded Defence
Innovation Hub
contract to develop
IED route clearance
capability
Construct four River-class frigates
(HMAS Burdekin, HMAS Diamantina, HMAS
Shoalhaven and HMAS Murchison) for
Royal Australian Navy
Construct Explorer-class vessels
HMAS Bass and HMAS Banks
Construct F-111 maintenance
hangar for RAAF Amberly
Construct 8 landing craft (Balikpapan-
class 400 soldier capacity)
Awarded first generation outsourcing
contract for defence estate upkeep and
maintenance works (buildings and
facilities, plant and equipment)
Awarded airfield lighting
and control systems
contract at RAAF Bases
Pearce and Gin Gin
Awarded contracts for defence estate upkeep and
maintenance works (buildings and facilities, plant
and equipment) for various Defence bases in NT,
WA, Vic. and SA.
Appointed first generation of
combined hard and soft services
contract for SEQld Defence bases
Appointed facilities maintenance
contractor for NZ Southern Region
(Burnham)
Awarded taxiway
widening project at
RAAF W illiamtown
Appointedintegrated
facilities provider for
25 years to HQJOC high
security facility
Appointed as estate
upkeep and base
operations services
provider to 170 defence
sites across Qld and
NSW in $2b multi year
contract
Awarded and deliver runway
pavement overlay at HMAS
Albatross
Awarded $19m of HV upgrade
works at Holsworthy defence
base
Awarded $30m of HV
upgrade worksat RAAF
W illiamtown
Team Downer MSP
awarded contract
extension over 4
years with Critical
Systems Branch
(CASG) delivering
fleet information
environment
modernisation
project
Construct20
Attack-class
patrol boatsat
facilities in
Brisbane and
Maryborough
Construct Koala-class
vessel HMAS Kimbla
Construct11 Bathurst Class anti submarine frigates for
Royal Australian Navy
Construct supply carrier
vesselHMAS Japarit
Awarded $22m electrical
services constructionat
RAAF Base Learmonth
Design and manufacture
Echidna Explosive
Ordnance Demolition
robot
Delivered airfield
pavement surface
enrichmentto Jervis Bay
Airfield, RAAF Pearce,
RAAF Darwin, RAAF Gin
Gin, RAAF Tindall, HMAS
Albatross, RAAF Amberley,
RAAF Townsville and
RAAF Scherger
Awarded $10m of HV electrical
upgrade works at RAAF
W illiamtown
Provide extensive
runway rehabilitation
works at RAAF
Richmond, RAAF
W illiamtown and RAAF
Edinburgh
Appointed facilities
maintenance contractor
for NZ Defence Central
Region in NZ
Awarded HV upgrade,
RAAF Richmond
Awarded HVAC
works package,
HMAS Cerberus
Appointed as one of four
Major Service Providers
(MSPs) to the
Department of
Defence’s Capability
Acquisition and
Sustainment Group
(CASG)
Awarded 20km fibre optic
communications line
installation, SA Defence
Installation
Appointed Managing
Contractor for $140m
Shoalwater Bay
Training Area
Remediation Project
Two-year extension of
$700m to estate upkeep
and operation services
for ADF bases in Qld,
SNSW and ACT
Awarded Head Contractor
Runway Upgrade $165m
RAAF W illiamtown
Awarded $18mHV
upgrade works six
ADF Bases
NZDF Facilities
Maintenance Contract
Extension, Central
Defence (Linton,
Ohakea, W aiouru),
$33m
NZDF Facilities
Maintenance contract
extension, Southern
(Burnham), $18m
Ōhakea Air Base P8
Construction of Aircraft
Hangar (Te W hare
Toroa), $175m
Calliope Wharf
Upgrade NZ,
$8.4m
As of 2021 Downer has
31 contracts within
Defence’s Chief
Information Officer
Group
Partner with Mercedes Benz to
deliver the Medium Recovery
Vehiclevariant of the Unimog
truck
1941
1943
1953
1960
1965 -19681969
1971
19771988
1995
1998
20002001
2004-
2005
2006
20032007
2008
20102011
201420152017
2018
2019
2020
2021
Appointed Managing
Contractor for
redevelopment $250m
Victoria Barracks
Melbourne
Award of Naval Combat
Systems Integration
Integrated W orks
Programme (MILW S)
by CASG
Awarded program of
300 base upgrades
across QLD, ACT &
NSW
Extension of SEA2273
Professional Services
contract to CIOG

66
Defence EMOS scope –what we do
300,000 items of laundry p.a.
Monitoring and managing water
quality of potable, pool, cooling and
wastewater treatment plant
Standalone call centre handling
160,000 requests p.a.
Land and grounds management of
35,000 ha.
Clean 5,000 buildings covering
1.6m square metres
Condition assessment and estate
appraisal. Representing
customer on third party projects
Daily housekeeping of 15,000
beds. Accommodation reception
for equivalent of 28 commercial
hotels
1 million planned and 40,000 reactive
maintenance FM tasks for 20,000
buildings, including: HV electricity;
communications; powergen; data
centres and security systems
Pest, vermin and feral animal control
Operate 10 gyms and 22 pools
for 15,000 users per week
Management of training ranges,
including bushfire management
Patient and troop transport.
Cleaning of hospitals and clinics

Estate Development & Base Upgrades
Increased Defence personnel
Increased ADF headcount increases:
▪Demand for volumetric FM service lines (cleaning,
accommodation, transport, etc)
▪Demand for live-in accommodation infrastructure.
67
Strategic advisor to Defence
oncapability acquisition and
Information Technology
Managing Contractor
overseeing multi-year base
redevelopments
Program Manager of large
programmaticrefurbishment
programs
Estate Maintenance &
Operating Services Contractor
Current Defence operations
Defence outlook
Downer Professional Services
Increased spend on new military capability
▪New military capacity delivered via the CASG MSP
(Downer is one of four providers)
▪Demand for professional services to support
complex programs and systems integrations.
Where is growth in Defence coming from?
Base & Estate Management
Increased spend on base infrastructure and
precinct upgrades and redevelopments
▪Base redevelopments, acting as Agent for
Commonwealth (e.g. Vic Barracks)
▪RAAF airfield upgrades via early contractor
involvement (e.g. Williamtown P008 Upgrade)
▪Programmatic estate refurbishment (e.g. Estate
works program).
Offering a decarbonisation
solution through existing
relationships
▪Embedded green power
▪Building efficiency upgrades
▪Energy supply resilience upgrades
▪O&M of integrated power solutions.

Project
Russell offices complex
Contract type
Estate management and operations services (‘EMOS’)
Details
▪Russell offices complex in Canberra is effectively the services
HQ for Defence
▪Russell ‘R1’ is a six-storey building used by approximately
1,200 senior Defence personnel
▪The Estate Works Program identified the building’s HVAC ‘chiller’
was approaching the end of life.
Key outcomes
▪Downer commissioned third party engineering analysis to identify
energy-efficient replacement options
▪$1.2 million project to replace and recommission chiller
▪Energy saving of 189,000kw/h p.a. (approximately 32 per cent
saving)
▪Reduction of 31.1 tonnes of CO
2
emissions.
Case study:Energy efficient solutions
68

Dante Cremasco
Road Services

Business profile
70
Road network manager
Margin capture
Service provider
Product recycling, manufacture and supply
Australia’s leading supplier of integrated
and sustainableroad network and
infrastructure solutions
Australia’s largest non-government
owned business in this space
Who we are
What we do
Our promise
Creating
safe, efficient and reliable
journeys
Providing an integrated national footprint:
With market leading recycling capabilities:
Recycled products used
and leading positions across the value chain
in

Strategic footprint
71
Western
Australia
Northern
Territory
South
Australia
Queensland
New South
Wales
ACT
Tasmania
Victoria
Melbourne
Canberra
Hobart
Adelaide
Perth
Sydney
Cairns
Darwin
Geraldton
Depot
DM Roads
Multisite
Asphalt plant
Bitumen products plant
Presence in every State and
Territory
Over the past three years, $135 million
has been invested in growth initiatives
to expand our competitive advantage.
Leading manufacturing
and recycling
technology
M&A into new
geography / strategic
locations
Growth opportunities
Leveraging our tech and
IP to de-commoditise
and disrupt markets
Further growth into new
geographies
Population growth and associated investment in
infrastructure
Resource recovery site
Brisbane

Acquisition of Fowlers Asphalting
Location:Gippsland, Victoria
Business profile:Multi-disciplinary, integrated business offering asphalt,
minor civil construction and capital works, crushing
and recycling, line marking and pavement stabilisation services
Acquisition profile
▪Bolt-on acquisition in an area not serviced by Downer
▪Geography has strong population growth, large agriculture
and tourism industry, and a growing renewables industry
▪The Gippsland region requires road infrastructure to meet the demand
of the increasing users
▪Government is investing in the area, creating an attractive pipeline of
work.
Upside value drivers
▪Growth opportunities with Downer’s existing business
▪Operational efficiencies with other Downer businesses
▪Supply of services to Downer, reducing margin leakage and vice versa
▪Access to Downer’s IP and R&D to grow customer value proposition
▪Project disciplines and governance through The Downer Standard.
72
Add map of Victoria with
Gippsland region shaded out to
show scale
Victoria
Gippsland region
▪Total size of 41,556km
2
▪~18% of Victoria
▪>3x size of Sydney

Growth outlook
73
Revenue drivers
▪Growth of sustainable roads market share via
differentiation and cost advantage
▪Capture of demand in Western Melbourne and
Western Sydney
▪Government investment in regional Australia
▪Emphasis on sustainability outcomes for 2032
Brisbane Olympics
▪Opportunistic bolt-on acquisitions in geographies
or markets we do not service.
Earnings margin drivers
▪Leveraging our manufacturing investments, R&D
and integrated supply chain
▪Increasing RAP
▪Increasing utilisation
▪Optimising supply chain, transport, labour force,
and plant
▪Reducing internal wastage.

▪Investing in sustainable
manufacturing, recycling
technology and sites
▪Investment in research
and development
▪Understanding our
customers’ infrastructure,
sustainability and
decarbonisation targets.
Market growth
Sustainable roads and moving towards net zero
74
▪Perpetually
recycled products
▪Using recycled materials
▪Assessing alternate
energy and fuel sources
▪Asset management
▪Network stewardship
positions.
Sustainable investment
Sustainable inputsSustainable roadsSustainable methods
▪Resource recovery via
Repurpose It and
Reconomy
▪Sustainable Road
Resource Centres
▪Extensive quality
assurance testing
▪Creating perpetually
recyclable asphalt mixes
▪Reducing manufacturing
and laying temperatures
▪Thought leadership.
▪Delivering on sustainability
outcomes for customers
▪Differentiating from
competitors and
leveraging competitive
advantage
▪Using data to demonstrate
outcomes to customers.
▪Reconophalt
TM
product
▪More recycled products
▪Move from hot to ambient
▪Green energy sources
▪Optimised and green supply
chains.
▪Market leadership
translating into market
growth.

Perpetual
recycling
Collect
RAP
Process RAP
and other
recycled
materials
Lay
asphalt
High
recycled
content
asphalt
manufacture
75
Case study: Downer’s Sustainable
Road Resource Centres
The only two closed loop sites of their kind in Australia.
Locations: Brendale, Qld; and Rosehill, NSW (under construction)
Features
▪Best practice asphalt manufacturing and recycling technology
▪100 per cent RAP asphalt manufacturing capability
▪On-site RAP crushing and processing
▪Reconomy’s resource recovery wash plant, capable of diverting up
to 75,000 tonnes of material from landfill, including materials used
in asphalt manufacture
▪Efficient and cost effective handling of materials.
Upside value drivers
▪Integrated value through closed loop solutions
▪Lower cost of production
▪Reduction of Scope 1 and 2 emissions by over 1,200 tonnes p.a.
through leading manufacturing technology
▪Strategic locations
▪Competitive advantage.

The sustainable road to value creation
76
1% increase in RAP
=
$0.60 saved per
tonne
▪Purchase of virgin materials
▪Bitumen pricing exposure
▪CO
2
e emissions
▪Transport costs
▪Materials going to landfill.
▪Margins
▪Pricing flexibility
▪Market competitiveness
▪Volume capture
▪Customer focused outcomes.
Leads to a decrease in
Driving an increase in
-
5
10
15
20
25
30
35
0%10%20%30%40%50%60%70%80%90%100%
CO
2
e saved (tonnes)
RAP % per 1,000 tonnes of asphalt
CO
2
e saved per increase in RAP%
▪Approximately 12 million tonnes of asphalt laid in the Australian
market per annum
▪Local government has traditionally led the market in use of
recycled materials. However, this is starting to shift to State road
authorities
▪If the industry can get to 30 per cent RAP on 12 million total
tonnes, it will result in a 119,000 tonne CO
2
e saving p.a.
Equal to removing ~50,000 vehicles from the road
▪Downer has the market-leading technology to increase RAP
percentage.

Repurpose It
▪A leading resource recovery business based in Epping,
Victoria
▪Strategic location providing competitive advantage
▪Receives and processes over 500,000 tonnes of material p.a.
▪Effective end market channels for the sale of repurposed
products
▪Providing circular economy solutions for Victoria’s
Big Build.
Reconophalt(asphalt mix)
▪Perpetually recyclable mix that contains high percentage
of RAP, recycled glass, plastics and toner, with quality
equal to 100 per cent virgin asphalt mix
▪Traditionally local government –harder to penetrate State
Government market due to State road specifications
▪Recently approved for use by Victorian State Government,
after working closely with Sustainability Victoria and Major
Road Projects Victoria, and ensuring the quality and
sustainability outcomes were linked to Victoria’s Recycled
First Policy. 200,000 tonnes now ordered.
77
The Circular Economy
Using Downer’s sustainable asphalt, including the Reconophalt suite
of products on the M80 Upgrade (Sydney Road to Edgars Road, VIC)

The long thin black quarry
78

Stephen Kakavas
Rail & Transit Systems

Business profile
80
▪Downer provides trusted support to critical passenger train
assets across Australia and is the largest national
rollingstock maintainer
▪Unique breadth of capabilities across Downer –no other
organisation has all these capabilities in-house:
-Rollingstock design, manufacturing and TLS capability​
-Infrastructure delivery and maintenance capability​
-Operational and maintenance capability
▪Keolis Downer is Australia’s largest private provider of
multi-modal transport solutions, Australia’s largest light rail
operator, and a significant operator of buses.
Yarra TramsWaratah trainsetsHigh Capacity Metro TrainsMaryborough Service CentreGold Coast Light RailCardiff Service Centre

Our capabilities and strategic footprint
81
1
2
3
4
5
6
Western Australia
Northern Territory
South Australia
Queensland
New South Wales
ACT
Tasmania
Victoria

Keolis Downer –map of operations
82

-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2023202420252026202720282029203020312032203320342035
$ million
Projected addressable market
Work-in-handRoutine unsecured and recurringNew lines of business
Announced target opportunitiesTotal unexercised options in contractExpected unexercised options in contract
Expected new fleet TLSExpected new fleet build
Work-in-hand and projected addressable market
83

New lines of business
Zero Emissions Buses (ZEB)
Energy and emissions-efficient fleet enhancements
Integrating robotic inspection into through-life-support activities
On-board energy storage
Tri-bridlocomotive (utilisingthree sources
of energy –onboard energy storage system, overhead
electrification where available, backup diesel generator)
Digital, data, tech –Train DNA.
Growth opportunities
84
Target opportunities –current capabilities
▪Queensland Train Manufacturing Program –new car sets plus options, a
new facility, 15-year maintenance term (option to 35 years)
▪High CapacityMetro Trains –option sets
▪Suburban Rail Loop –‘line wide’ package including rail infrastructure,
tunnel fit-out, signalling, rollingstock, maintenance facility and 15-year O&M
▪V/Line –TLS contract for existing V/Line fleet
▪Melbourne “MR5” heavy rail and light rail franchise
▪Sydney Metro West
▪Parramatta Light Rail Stage 2
▪SGT option sets.

Detail
▪The HVAC unit is one of the hardest working
components on Sydney Trains’ modern fleets,
consuming the most energy of any subsystem
▪136 A Sets / B Sets / M Sets 8-car trains on the
Sydney network consume ~17,000 MWh per year
for HVAC.
Opportunities
▪Software optimisation through the
Fleet Enhancement program
▪Hardware improvements
-HVAC Upgrade trial program on an operational
train successfully demonstrated measured
efficiency savings of 14 per cent
-Applied to all A / B / M Sets train fleets leads to
savings of 26,500 tonnes of CO
2
per year –the
equivalent of taking more than 10,000 cars off
the road
85
Case study: Energy efficient
fleet enhancements

Onboard energy storage system
–High Capacity Metro Trains
86
Downer proposal to augment the existing HCMT
design with on-board energy storage
▪Materially reduces Electromagnetic Interference risks
associated with running proximate to sensitive
receivers in the hospitals and university precinct in
Melbourne, by only using overhead voltage to power
the auxiliaries
▪Downer concept is to repurpose existing spare space
and weight on the underframe of the train to house
energy storage modules
▪Solution achieves outcome of minimal magnetic
emissions in this sensitive hospital section, as well as
reusing braking energy from other track sections to
travel this section –saving energy and reducing
operating costs.
Add HCMT image
▪Total annual energy saved (18 Trains Per Hour): 12.34GWh
▪18TPH -assumed annual cost saved $1.1m
▪18 TPH -assumed annual CO
2
saved: 13,200 tonnes

Case study: Zero
Emissions Buses
87
Keolis Downer has also partnered with the Queensland Department of Transport and Main Roads
to roll out the State’s largest fleet of electric buses operating from the region’s first all-electric bus depot that
uses 100 pre cent renewable energy.
Project
Sydney Bus Region 8
Customer
Transport for NSW
Project scope
▪Supply, operation and maintenance
of 125 electric buses (replacing diesel buses
over the contract life)
▪Design, construct and installation of charging
infrastructure at depots, supported by grid
connection and behind-the-meter solar, Battery
Energy Storage Systems (BESS) and gensets.
Key outcomes
▪Electrification of public transport networks
to support net zero energy initiatives –CO
2
emissions will reduce by 237,500 tonnes over
the life of the buses.

RTS to capitalise on digital D&A
capability
88
▪RTS operates in an internationally competitive
environment, dominated by large international OEMs
with significant capital devoted to R&D and standard
platforms (rollingstock).
▪Over a development period of more than 10 years,
Downer has taken a base industry standard asset
management tool (typically used for static assets)
and, in conjunction with deep industry experience,
developed an industry application that:
̶Is uniquely tailored to suit mobile assets and the
particular requirements of the rail and transit
system sectors
̶Is comprised of multiple unique modules tailored
to the unique industry needs of operators,
maintainers and asset owners
̶Provides a custom integration layer to connect
all of the modules, set-borne data feeds,
customer data feeds (e.g. timetables and
advertising), and external data feeds.

Steve Killeen
New Zealand

Strong connections to the land
90

▪Aligned with Group activities
▪Well positioned to tackle growth opportunities
▪Well diversified across Transport, Utilities and Facilities
▪Largest integrated infrastructure provider, and increasingly
involved in renewable energy and water improvement.
91
Business profile
▪Build, maintain and
operate transport
assets in New
Zealand and Pacific
Islands
▪Product development
and manufacturing.
Transport
▪Build, maintain and
operate utilities
assets and networks.
Utilities
▪Build, maintain and
operate buildings
and facilities
▪Catering, cleaning
and hospitality
services.
Facilities

92
Strength in the New Zealand market
Public
81%
Private
19%
Work-in-hand –Public v Private
Facilities
41%
Transport
38%
Utilities
21%
Work-in-hand –Segment
$6.0bn work-in-hand

Climate Change Government Policy
▪2019 Climate Change Response (Zero
Carbon) Amendment Act with 2050
emissions reduction targets
▪Emissions Reduction Plan due for release
in May 2022. Will set out emissions
reductions across every sector of the NZ
economy
▪Draft National Adaptation Plan due for
consultation release in April/May 2022. Will
outline the top priority climate risks facing
NZ and how NZ communities will need to
adjust.
93
New Zealand's net emissions
are projected to decrease
from 54.4 Mt CO
2
-e in 2020 to
35.0 Mt CO
2
-e in 2050 –a
35.6 per cent reduction on
2020 levels by 2050.
Low greenhouse gas emissions and climate resilience in New Zealand

94
Accelerating the decarbonisation of our fleet and plant
Fleet replacement and optimisation
▪EV and hybrid options now available for every vehicle category
▪Transitioned 50 vehicles to full electric and 35 to hybrid in 2022
▪Transitioning to Euro 6 engine technology for hybrid trucks
▪Transitioning 26 Hinos trucks to hybrid in 2023
▪Implementing Fleet Saver initiative with Eroad.
Initiatives are targeted at shifting energy sources as technology allows,
along with use of fuel-efficient systems.
World first: Bitumen plant in Lyttelton is a bulk bitumen tank of 5 million-plus litres in
size solely heated by direct electricity.
Decarbonisation of bitumen plants
▪Electrification of tank heating across our bitumen production sites
to replace diesel and gas heated systems
▪Once fully implemented, we will save 2,200 tonnes of
CO
2
per year

95
Towards carbon zero energy supply
By 2025, our electricity supply will be certified
carbon zero energy.
▪Downer will take up an allocation of limited
availability certified carbon zero energy
when our electricity supply contracts
expire next year
▪Our electricity supply will be certified to be
fully renewable.

96
Hydro power generation
Intake Gate project is part of the Tekapo hydro station,
which is protected from possible surges that could ensue
from a 7+ earthquake. It is contributing to the Tekapo
Power Scheme that produces 190MW of100 per cent
renewable electricity.
Wind farm
Downer is building
the northern
section of the
TuriteaWind Farm.
The entire project
will generate
enough energy to
power
approximately
375,000 electric
vehicles per year,
and will contribute
a further two per
cent renewable
energy to the
national grid.
Large player in the renewable energy sector

97
Scope
▪To help achieve City Rail Link 1 ISC
rating goals by using recycled crushed concrete for two parts of the project build.
Approach
▪Green Vision partnered with Allied Concrete Ltd to supply 10Mpa strength
concrete that would be suitable to use as flowable fill in a non-structural concrete
application
▪This enabled reductions in material and transport carbon footprint emissions.
Key outcomes
▪Use of Green Vision recycled crushed concrete resulted in a carbon saving of
approximately 55 per cent (transport and material)
▪Cost of the product was similar to finite resource aggregate. Provided flexible
supply solutions.
Case study: Low carbon solution for the
largest NZ infrastructure project

98
Scope
▪Complete refurbishment and seismic upgrade of the existing
structural frame with a new building façade and thermal
envelope, building services and complete interior refit.
Approach
▪Reuse as much of the old shell as possible instead of
demolishing the existing building
▪Introduce a new timber structure and new structural timber
floors.
Key outcomes
▪The upfront carbon emissions for B201 are estimated to be
equivalent to around 250kg CO2e/m2 or a 40-60 per cent
reduction on standard new build
▪New build estimated at between 400-700kg CO2e/m2
depending on the type of building and construction methodology
used.
Case study: Adaptative reuse for the
University of Auckland
The B201 redevelopment is a major refurbishment project consisting
of the adaptive re-use and 50-year extension of lifefor the University
of Auckland’s B201 Building for Education and Social Work.6 Green
Star rating by the NZ Green Building Council.

New Zealand market shape
99
Asolid presence in each of our market sectors
and an addressable market that has continuity
into future years.
Existinghigh quality customer base withgrowth
potentialavailable in each market.
Notable is the connectionto areas linked to a
number of theUnited Nations Sustainable
Development Goals such as Iwi relationships,
renewable energy and water reforms.
$27.1 billion
New Zealand
Transport
Facilities
$9.9 billion
$12.7 billion
Existing
Waka Kotahi
Local
Authorities
KiwiRail
Growth
Fonterra
MFAT
World Bank
Ports
Existing
Chorus
Powerco
Transpower
Local
Authorities
Growth
2 Degrees
Power
Generators
Water Service
Entities
Existing
Central
Government
Auckland
Airport
Tertiary
Education
Growth
Iwi
Local
Authorities
Fonterra
Central
Government
Work stream
Addressable
market*
Key customers
* Addressable market is average p/a, 2021-2026. Internal Downer estimates, based on data sourced from various public documents
Utilities$4.4billion

Outlook
▪Strongly positioned for success in
FY23 and beyond
▪Considering the next steps of our
growth in New Zealand
▪Capitalising on changing and
favourable market conditions
▪Carbon reduction at the centre of
future infrastructure projects
▪Capturing growth ahead of market.
100
1.4
1.6
2.6
2.6
2.6
2.7
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
FY16AFY17AFY18AFY19AFY20AFY21AFY22FFY23BFY24PFY25P
Revenue Trend (NZ$ bn)
CAGR ~5%

What the future looks like
101

102
Q&A