Investor Day presentation

A sustainable future
Investor Day
4 July 2022

2
This presentation contains forward looking statements concerning future events
and the financial performance and operations of Channel Infrastructure NZ Limited
(“CHI”).
Forward-looking statements: Forward-looking statements are all statements other
than statements of historical fact and any other statement or estimate regarding
the future prospects or performance of CHI (and its subsidiaries), its business or its
assets. By their nature, forward-looking statements involve risk and uncertainty
because they are based on assumptions and judgements and relate to events and
depend on circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments to
differ materially from those expressed or implied by these forward-looking
statements, such as the risks identified in Section 6 of the Explanatory Booklet,
dated 5 July 2021, CHI’s Investor Presentation dated 29 November 2021, and in
CHI’s Product Disclosure Statement dated 28 April 2022 (all available on NZX’s
website: https://www.nzx.com/companies/CHI/announcements).
You acknowledge that any forward-looking information: (i) is provided for
illustrative purposes only; (ii) reflects various judgements and assumptions which
may or may not prove to be correct, reasonable or reliable; (iii) is subject to the
emergence of new risk factors and to unexpected impacts of known risks; and (iv)
may be affected by subsequent events, including changes in economic and other
circumstances. Except as required by law or regulation (including the NZX Listing
Rules), CHI undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events or results or
otherwise.
No reliance: CHI does not guarantee future performance, and past performance
information is for illustrative purposes only. To the maximum extent permitted by
law, the directors of CHI, CHI and any of its related bodies corporate and affiliates,
and their respective officers, partners, employees, agents, associates and advisers
do not make any representation or warranty, express or implied, as to accuracy,
reliability or completeness of the information in this presentation, or likelihood of
fulfilment of any forward-looking statement or any event or results expressed or
implied in any forward-looking statement, and disclaim all responsibility and liability
for these forward-looking statements (including, without limitation, liability for
negligence) including for any person’s reliance on them.
No advice: This presentation is for information purposes only and does not
constitute legal, financial, tax, financial product advice or investment advice or a
recommendation to acquire CHI’s financial products and has been prepared
without taking into account the objectives, financial situation or needs of
individuals. Before making an investment decision, you should consider the
appropriateness of the information having regard to your own objectives, financial
situation and needs and consult an NZX Firm or solicitor, accountant or other
professional adviser if necessary.
Non-GAAP information: Forward looking figures in this presentation are unaudited
and may include non-GAAP financial measures and information. Not all of the
financial information (including any non-GAAP information) will have been prepared
in accordance with, nor is it intended to comply with: (i) the financial or other
reporting requirements of any regulatory body; or (ii) the accounting principles
generally accepted in New Zealand or any other jurisdiction with IFRS. Some figures
may be rounded, and so actual calculation of the figures may differ from the figures
in this presentation. Non-GAAP financial information does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar
financial information presented by other entities. Non-GAAP financial information in
this presentation is not audited or reviewed.
Not an offer: Nothing in this presentation constitutes an invitation or offer of
financial products for subscription, purchase or sale in any jurisdiction.
Date: Each forward-looking statement speaks only as of the date of this announcement, 4 July 2022.
Important Information

Welcome and
introductions
Naomi James
Chief Executive Officer

Agenda
2.00pmStrategy and Growth
Naomi James, Peter van Cingel
2.50pmQ&A
3.10pmBreak
3.30pmTerminal Business
Jack Stewart, Jarek Dobrowolski
4.20pmQ&A
4.40pmGovernance
James Miller
4.50pmWrap-up and Q&A
4

Ownershipof critical infrastructure
Long-termcustomer contracts
Projected stable earnings andcash flows
Strong balance sheet
Supporting New Zealand’s decarbonisation
Focused growth strategy
Auckland
supplied via the
Marsden Point to
Auckland pipeline
170-km
Marsden Point to
Auckland pipeline
Long-term sustainable business model with a focused growth strategy
5
Not included in the Import
Terminal System

Experienced and Proven Management Team
Naomi James
Chief Executive
Jack Stewart
GM Operations
Jarek Dobrowolski
Chief Financial Officer
Peter van Cingel
Business Development Manager
Chris Bougen
General Counsel and
Company Secretary
Steve Levell
General Manager –
Independent Petroleum
Laboratories (IPL)
Caz Jackson
Chief People Officer
6

Naomi James
Chief Executive Officer
Strategy

8
A long-term sustainable operating model with strong aspirations for growth
OUR VISION
OUR STRATEGIC PRIORITIES
Safe, reliable, low
cost operations
High performance
culture
Competitive cost
of capital
Realise
infrastructure
value
Support lower
carbon fuels
transition
Grow and
diversify
Strong safety
systems and
culture
Continuous
improvement
Asset
management
Strong
performance
management
Change-ready
Future focused
More reliable
dividend payout
Diversify access to
capital markets
Leverage the
balance sheet
Realise value of
existing
infrastructure
through import
terminal conversion
Leverage existing
infrastructure
Marsden Point
energy hub
Strategic storage
Repurposing
Marsden Point site
Supply chain
optimisation
Leverage existing capabilitiesTransform to deliver valuePosition for future growth
New Zealand’s leading fuel infrastructure company

Safe, reliable, low
cost operations
High performance
culture
Strong safety
systems and
culture
Continuous
improvement
Asset
management
Strong
performance
management
Change-ready
Future focused
Leverage existing capabilities
Safe, reliable, low-cost operations
Strong safety culture and performancemanagement maintained
for less hazardousand complex operations
Revised Safety Case for new import terminal accepted
by WorkSafe
New long-term Asset Management Plans underdevelopment to manage investment
across thelife of our assets
High Performance Culture
Terminal organisation and management teamin place
Management and IT systemssimplified,andcomplexity removed
Strong capability retained for terminal business and conversion projects
Completed
In progress
Strategic Priority -Leverage existing capabilities
9

Strategic Priority -Transform to deliver value
Competitive Cost of Capital
Well supported, successful $100m inaugural bond issue asChannel Infrastructure
Value released from the balance sheet throughmedical scheme and
pension plan ‘cash out’ offers
New Capital Allocation Framework announced today –to deliver both dividends and
growth with a focuson increasing shareholder value
Realise InfrastructureValue
Terminal Services Agreements inoperation since 1 April 2022
Private storage progressively coming online
Refinery decommissioning wellprogressed andcontinuing to track toplan and budget
Return to dividends expected from 2023
Completed
In progress
Competitive cost
of capital
Realise
infrastructure
value
More reliable
dividend payout
Diversify access to
capital markets
Leverage the
balance sheet
Realise value of
existing
infrastructure
through import
terminal conversion
Transform to deliver value
10

Capital allocation framework to deliver dividends and growth
Criteria for investment:
•above WACC return on
investment
•customer contracts that
provide revenue certainty
Target leverage of 3-4
times EBITDA
Shadow BBB+ rating
Circa $300m target net
debt based on current
asset/earnings base
Dividend Policy of 60-70%
of free cash
flow(excludes growth
capex)
Return to dividends
expected from 2023
Long-term contracts
delivering strong cash
flow
Returns to shareholders
Deleveraging
Focused growth
11

[1] Normalised EBITDA and Free Cash Flows exclude one-off conversion costs and growth capex
[2] Importterminal capital expenditure range over the initial 10-year contract term, excluding growth and one-off conversion capital expenditure
[3] Based on current financing arrangements, hedged positions and current 90-day bank bill rate
[4]TheBoard has reconfirmed a dividend policy pay-out of 60-70% of Free Cash Flow (being adjusted net cash generated from operations less maintenance capex).The Board reserves the right to adjust the
payoutratio or expected timing for the recommencement of dividends should the timing, costs or revenue associated with the conversion (including new services such as Private Storage Services) or the
import terminalbusiness change. The dividend policy will be subject to the Board’s due consideration of the Company’s medium term asset investmentprogramme; a sustainable financial structure for
Channel Infrastructure,recognisingthe targeted investment grade rating; and the risks from short and medium term economic and market conditions and estimated financial performance. It is the intention
of the Board to attach imputationcredits to dividends to the extent that they are available.Subjectto Net Debt to 12-month rolling normalized EBITDA (beingEBITDA excluding one-off conversion
costs)reducing to below 4.5x times at the time ofdividend payment and following the dividend distribution.
Strong free cashflow enabling returns to shareholders and growth
FY23 Financial Metrics ($m)
NormalisedEBITDA
[1]
NormalisedFCF
[1]
Less: capital expenditure
[2]
Less: financing costs
[3]
7684
125
1815
4664
Leaving $15m to $20m available for
deleveraging and growth
Indicative dividend range
$30-40m (equivalent of 8 to
11cps)
[4]
12

Strategic Priority -Position for future growth
Support lower
carbon fuels
transition
Grow and
diversify
Leverage existing
infrastructure
Marsden Point
energy hub
Strategic storage
Repurposing
Marsden Point site
Supply chain
optimisation
Position for future growth
Completed
In progress
Support lower carbon fuels transition
First Sustainability Report published aligned to TCFD reporting standards
Provide infrastructure to support future fuels –biofuels, sustainable aviation fuels,
and hydrogen
Grow and Diversity
Initial private storage contracts signed
Secure lowercost and more renewable electricity
Marsden Point repurposing and asset sales
Additional storage opportunities atMarsden Point –otherproducts,biofuels, Government's
domesticstockholding policy
Leverage Channel Infrastructure’s operating modelacross other assets
13

Significant support for New Zealand’s decarbonisation
Just transition
At least 90% of employees
seeking new employment
find new roles, or have been
retrained, within 6-months
•Extensive program of workforce transition
support in place
•Over 70% of staff who have left at June ’22 have
found their next opportunity
Net Zero
Net zero scope 1 and 2
emissions by 2030
•98% reduction in 2019 emissions following
refinery closure (over 1 million tonnesCO2 p.a.)
•85%reduction in electricity consumption and no
natural gas requirements​ -reducing thermal
generation demand
Customer
scope 3
emissions
Our infrastructure is utilised
to support the
decarbonisationof transport
sector and facilitate scope 3
emissions reduction by
2030
•Discussions underway with customers on
infrastructure to support biofuels mandate
•SAF feasibility progressing with Air New
Zealand
TARGET
PROGRESS TO DATE
14

Today2035
Wider range of transport fuels and energy required as
we decarbonise, requiring new infrastructure
•Premium & Regular petrol
•Renewable gasoline
•Jet Fuel
•Sustainable Aviation Fuel
•Diesel
•Biodiesel
•Hydrogen
•Solar Power
Terminal services agreements in place today
support current fuel requirements
•Premium & Regular Petrol
•Jet Fuel
•Diesel
Existing infrastructure will have a critical role to play in the energy transition
Refinery
Processing agreements to support refinery
operations
•Premium & Regular Petrol
•Jet Fuel
•Diesel
•Fuel oil
02004006008001,0001,2001,400
Full refinery (2019)
Simplified refinery (2021)
Import terminal (2023)
Net Zero (2030)
Thousands
mt
CO
2
Scope 1 and 2 emissions
Scope 1Scope 2
15

Peter van Cingel
Business Development Manager
Future Fuel Demand

Highly efficient infrastructure supplying the Auckland and Northland markets
17
•New Zealand’s largest transport fuels storage
terminalwhichhandles more fuel thanthe 10 terminals
in Mt. Maunganui,Wellington, and Lyttleton combined
•Supplies the Auckland and Northland markets,which
make up c.40% of New Zealand’s fuel demand
•Supply of fuel to Auckland via the pipeline has one-tenth
of the emissions of the equivalent delivery via road
•Supplies all ofthe jet fuel distributed to Auckland
International Airport
•Only NZ terminal capable of receipting Long Range (LR)
vessels
Based on Hale & Twomey’s forecast, issued in January 2021, which includes New Zealand’s commitment
to netzerogreenhouse gas emissions by 2050. The Hale & Twomey forecasts are for fossil fuels only and
make no assumptions on biofuel substitution. Demand scenario includes some supply from Wiri into the
Waikato.

0
1
2
3
4
Auckland Covid alert levels
Auckland Alert
Level (l.h. axis)
Daily actual offtakes compared to month average of 2018 and 2019.
From 2022 Red traffic light is represented as level 3, and Orange as Level2.
Fuel demand recovering from COVIDimpacts
18
0%
20%
40%
60%
80%
100%
120%
140%
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Pipeline throughput, % of pre-Covid
Diesel
Petrol
Jet
•Diesel demand has remained strongreflectingstrong
economic activity
•Petrol demand showed rapid recoveryfromlockdown
impacts but is currentlybelow pre-COVID levels,
reflecting highpump prices
•Jet demand is recovering as bordersareopening
upandaviation capacityreturns

Continued strong diesel demand, petrol outlook driven by EV conversion
Diesel outlook
•Strong historical growth in diesel –NZ diesel fleet doubled
in 15 years to 2019
•Continued growth expected in diesel before demand peaks
due to:
•Electrification of light diesel fleet and buses
•Uptake of Biofuels
•Transition to hydrogen for heavy transport dependent on
reduction in hydrogen operating costs and fleet transition
costs
Petrol outlook
•Demand outlook reflects transition over time in vehicle fleet
and transport modes:
•Increasing fuel efficiency
•Uptake of hybrid and EV vehicles
•Longer term mode shift –public transport, bikes,
housing density
•Rate of shift constrained by EV supply chain, affordability and
pace of behavioural change
19

Growing jet demand driven by COVID recovery and ultra-long haul / premium trends
20
•Auckland jet fuel demand driven by number of flights and
distanceto destination
•More than 75% of New Zealand international flights
depart fromAuckland
[1]
•Strong growth in jet fuel demand in the 5 years pre-COVID
•25% growth in internationalpassengers over 5years pre-
COVID
[2]
•39% increase in jet fuel demand -shift towards ultra-long
haul flights and premium seats
[3]
•Expected increased demand for jet-fuel reflecting:
•Increased travel following relaxation of border controls –
potential for faster recovery
•Trends to ultra-long haul flights and premium seats
expected to continue
•Jet fuel expected to underpin long-term asset utilisation, with
long-haul aviation requiring a sustainable aviation fuel solution
to decarbonise
[1] Auckland international AirportLimited (AIAL)
[2] AIAL, Auckland Traffic Statistics
[3] Channel Infrastructure pipeline throughput data, 2014 –2019.
Forecasts are based on Hale & Twomey’s forecast, issued in January 2021.

•Government policy to introduce Biofuels Sales Obligation
for land fuels from 1 April 2023
•Near-term, Obligation expected to be met throughimports
plus deferrals or penalties
•Second generation fuels will be required to
delivermaterial emissions reduction
•Marsden Point to Auckland pipeline can support second
generation Biofuels
First generationSecond generation
5-10%50-100%
Separate
infrastructure &
blending facilities
required
Can utilize existing
infrastructure
Blending
limits
[1]
Infrastructure
requirements
Second generation Biofuels will be required to deliver material emissions reduction
[1]MBIE Cabinet Paper,Sustainable Biofuels Mandate: final policy design, released 15 December 2021.
21

Peter van Cingel
Business Development Manager
Growth

•Significant industry changes underway:
•Shift away from joint industry structures(refinery,
inventory sharing, coastal shipping)
•Increasing focus on open access (ComCom,
terminal gate pricing)
•Investment required for security of supply and future
fuels (domestic stockholding policy, biofuels
mandate)
•Creating opportunities for Channel Infrastructure
•Available capacity
•Utilisation incentives
•Third party access to unutilised capacity from 2025
•Potential for infrastructure acquisitions or
consolidation
Significant industry changes creating infrastructure opportunities
23

•Energy affordability is key
•Trade-offs will be needed between security of supply,
affordability, and emissions reduction
•Fuels to replace current ones are yet to be commercially
feasible
•Use of existing infrastructure will be criticalto making
new fuels affordable and secure in the future
2035
Wider range of transport fuels and energy
required as we decarbonise, requiring new
infrastructure
•Premium & Regular petrol
•Renewable gasoline
•Jet Fuel
•Sustainable Aviation Fuel
•Diesel
•Biodiesel
•Hydrogen
•Solar Power
Energy transition means more fuel choices and infrastructure required
24

•Significant capacity available atMarsden Point
•Near-term opportunities:
•Domestic stockholding policy –estimated 50-
70ML of additional dieselstorage required in NZ
•Terminal consolidation & optimization–industry
changes, biofuels salesmandate
•Other products (marine fuels, bitumen)
•Leveraging our business model and capabilitiesacross
other terminal assets
Near-term opportunities exist to grow our terminal footprint
25
c30%
Tank
capacity
c35%
Jetty
capacity
c65%
Pipeline
capacity
Current Terminal Capacity Utilisation

•Electricity consumption remains a materialcost
•Opportunity tosignificantlyreduce costs through long-
term supply
•Maranga Ra onsite solar project:
•34GWhper annum (2019 design, opportunity to
scaleup with improved panel technology)
•Fully-consented
•Capacity to supply terminal and export to the grid
•Meridian solar and battery project on adjacent land
Electricity represents an opportunity to reduce operating costs and emissions
26

SAF is required to decarbonise aviation, Marsden Point is ideally located
27
•Long-haul aviation requires a liquid fuel solution
•Challenges to solve for economically feasible
SAFproduction:
•Renewable feedstock of sufficient volume
•Cost of feedstock and processing
•Air NZ and MBIE process underway
•AirNZtargeting 10% SAF by 2030
•Marsden Point the logical location for imports
andadvanced processing:
•Large industrial site with long-term consents
•Existing infrastructure connections to
AucklandInternational Airport (90%+ of New
Zealand jet fueldemand)

•Threshold feasibility issuesfor green hydrogen:
•Cost of production (conversion losses)
•Cost of renewable electricity, including value in
electricity storage/abatement
•Safe transport
•Marsden Point has potential to support future hydrogen
imports or production:
•Import and export capacity
•Proximity to significant future renewable
electricity generation (Northland Renewable
Energy Zone)
•Industrial site with long-term consents
•Proximity to largest market in NZ (Auckland)
•Study with FFI focused on identifying what would be
required to make hydrogen production feasible
atMarsden Point
Hydrogen is a long-term opportunity to diversify our infrastructure
28

Q&A

Jack Stewart
GM Operations
Terminal operations

May 2022
Successful first quarter of terminal operations
Q2 2022
[1]
275ML
PETROL THROUGHPUT
140ML
JET THROUGHPUT
275ML
DIESEL THROUGHPUT
19
NUMBER OF IMPORT
SHIPSRECEIVED
600ML
PIPELINE
THROUGHPUT
90ML
VOLUMES TO THE TRUCK
LOADING FACILITY
68%
PIPELINE
UTILISATION
[1] Actuals from 1 April –29 June, 30 June estimated.
31

0
1
2
3
4
5
6
CONCAWE
Benchmark
2020
201720182019202020212022 YTD
Health & Safety Performance
Process Safety API Tier 1
Process Safety API Tier 2
Total Recordable Injury Frequency / 200,000 hrs (rolling 12-mth average)
NZ Business Leaders Health & Safety Forum Benchmark (Injuries / 200,000 hrs)
•Substantial reduction in operational complexity and risk
as an importterminal
•Maintain commitment to “Everyone Safely Home Every
Day”
•retained excellent safety culture and improvement
mindset
•revised safety case approved by WorkSafe effective
from 1 June
•substantial investment in terminal safety systems
including fire-fighting and bunding upgrades to tank
facilities
•New 35-year Resource Consentissued
•includes strict protections to maintain high
environmentalstandards
•established stronger relationships with Iwi
throughprocess
•provides for the continued remediation of legacy
groundwatercontamination
Maintained strong safety performance through transition
32

Terminal operations require only one third of Marsden Point site
Refinery operations required all of Marsden Point site
1bn
litresof
storage
100ha
refinery
site
40MW
electricity
supply
Gas
supply
connections
33

Terminal Operations require only one third of Marsden Point site
280ML
Storage
capacity
One
third of
land
used
NZ’s
largest
fuel
laboratory
IPL
34

Significant land, tanks and facilities available for repurposing
177ha
total
land
size
600ML
available
tank
capacity
35

Jack Stewart
GM Operations
Conversion project

-
50
100
150
200
FY21FY22FY23 -
FY27
FY33+
$m
SpentCommittedRemaining
Conversion project tracking to plan and budget
Allocation of Conversion Budget ($200 -$220m)
Shutdown & Decommissioning
Business &
Workforce Transition
Terminal Upgrade Projects
Conversion cost phasing
•Conversion project costs
tracking to plan
•Committedand contracted
more than halfof terminal
conversion costs,
reducinginflation risk
•Change in phasing of project
spend, with shift in some
spend from 2022 to 2023
Terminal conversion: $200-220m
Private storage: $45-50m
Demolition: c.$50m
202320242025
Q1Q2Q3Q4
2022
Refinery Shutdown
Refinery decommissioning
Workforce transition
Terminal upgrade Projects
37

What’s still to come
•Systematic isolation and decontamination of remaining refiningprocess
plant
•Crude and product tank cleaning and decommissioning
•Completing preservation of equipment for potential re-purposing orresale
•Export of remaining refinery inventory
•Minor maintenance of equipment to leave in a safe state for laterdemolition
Intensive refinery decommissioning now complete, remaining works continue to H1 2023
What's completed so far
•Intensive 2-month decommissioning works completed in May:
•Refining plant safely shut down and inventory removed
•Plant isolated and madesafe
•Catalyst removed
•Key systems decontaminated
•Common utilities shut down
•Private storage tank cleaning
•Completed the first exports of customers' residual crude and inventory
Allocation of
Conversion Budget
($200 -$220m)
Shutdown &
Decommissioning
(spent and committed)
202320242025
Q1Q2Q3Q4
Refinery Shutdown
Refinery decommissioning
2022
Shutdown &
Decommissioning
(remaining)
38

Day 1 Terminal capability delivered, private storage being commissioned through to H1 2023
What's completed so far
•Upgrade of safety systems for import terminal operations
•Installation of new additive dosing facilities
•Reconfiguration of facilities to provide greater efficiency and
flexibility
•Modifications to site utility systems and control system for
terminaloperation
•First private storage tanks commissioned
What’s still to come
•Commissioning of additional jet fuel storage for import terminal
•Fire system and secondary containment upgrades
•Facilities to increase tanker unloading rates
•Additional private storage commissioned in H1 2023including
crude tankconversions
Allocation of
Conversion Budget
($200 -$220m)
Terminal Upgrade Projects
(spent and committed)
202320242025
Q1Q2Q3Q4
2022
Terminal upgrade Projects
Terminal Upgrade Projects
(remaining)
39

Simplified, fit for purpose business systems for terminal operations
What’s completed so far
•Revised safety case accepted by WorkSafe
•Contract terminations (gas, by-products)
•Workforce and organisation transition (from refinery to
terminalorganisation anddecommissioning)
•Updated business management and information systems
What’s still to come
•Completion and implementation of Strategic Asset Management
plan
•Roll-out of terminal preventative maintenance programme
•Improved pipeline scheduling system
•Migration of safety systems following completion of
refinerydecommissioning
Allocation of
Conversion Budget
($200 -$220m)
202320242025
Q1Q2Q3Q4
2022
Workforce transition
Business & Workforce
transition
(spent & committed)
40

•Reduction in staff as the refinery shutdown and first phase of decommissioning was completed​
•Terminal staff transitioned to new contract terms and conditions​
•Extensive transition program to support staff to own their transition plan, including career counselling and retraining
•Over 70% of exiting staff to date have secured their next opportunity before leaving –targeting at least 90% within 6-months
Job Hunting
Found new
employment
Unknown
Retiring
Exitingstaff
Workforce transition well progressed with people supported into new roles
41
Employee numbers
Exiting Staff

Jarek Dobrowolski
Chief Financial Officer
Financial position
and outlook

-
20
40
60
80
100
120
Fixed FeeTake-or-payPrivate Storage
Long-term contracts underpinning revenue certainty and providing inflation protection
$45m
fixed fee
$40m
fixed fee
$100m TOP
$90m TOP
$65m TOP
Private Storage
43
Fixed Fee and Take-or-pay Fee (before annual price indexation adjustments) ($m)
$35m
fixed fee
•10-year customer contracts with fixed and
minimum fee components, and third-party access
to unutilisedcapacity after 1 April
2025,incentivising utilisation
•Higher take-or-pay commitments ($90-100m pa
‘real’ over the first 6 years) and ‘fixed’ private
storage revenue, support debt funding of
conversion project costs and allow for recovery in
jet demand from COVID impacts
•Expected average revenue from terminal and
private storage services of c.$105m p.a. (‘real’)
over the initial 10-year contract term
•All fees subject to indexation which provides
protection in an inflationary environment
First right of
renewal
Second right
of renewal
End of
TSA

Fees inflated from
1 January 2024 based on
12-monthly inflation to
30 September 2023
Fees inflated from
1 January 2023 based on
12-monthly inflation to
30 September 2022,
pro-rated for 9-months
PPI indexation provides protection and value in inflationary environment
$45m
fixed fee
$40m
fixed fee
$100m
TOP
$90m
TOP
$65m
TOP
Private
Storage
44
$35m
fixed fee
CONTRACT YEAR 1
9-months ended December 2022
CONTRACT YEAR 2
12-months ended December 2023
CONTRACT YEAR 3
12-months ended December 2024
•All fees earned under the terminal and private storage agreements are subject to Producer’s Price Index “All industries -
outputs”
[1]
indexation
•Strong cash margins mean inflation is value accretive to the business
•9-month PPI to March 2022 of 6% implies additional c.$6.5m in revenue and c.$4m in free cash flows
[2
] in 2023
[1] PPI is a core metric of how private sector enterprises are performing with “output prices" measuring the prices charged by thoseenterprises for their goods and services. PPI All industries –
Outputs is influenced by the various industries, including electricity, diary, construction, real estate, transport, financial services, and professional services [Source: www.stats.govt.nz]
[2] Revenue impact calculated based on a mid-point of indicative revenue range for 2023, and free cash flows calculated based on2023 mid-point EBITDA and capital expenditure ranges as provided
on slide 46.

($m)
Terminal and other revenue
[2]
116 –120
Operating costs
[3]
36 –40
Normalised EBITDA
[4]
76 –84
Financing costs
[5]
15 –18
Income tax payableNil
High cash yielding business, with significant tax losses and low maintenance capex
Indicative FY23 Financial metrics
(in nominal terms, includes contracted private storage)
•65% revenue to EBITDA conversion
•Terminal capital expenditure
[1]
expected to be in the range
of $5-12 million per annum over the initial contract term
(including private storage)
•No tax expected to be payable for next nine years (before
earnings growth)
[1] Import terminal capital expenditure over the initial 10-year contract term, excluding growth and one-off
conversion capital
[2] Revenue includes terminal fees, private storage fees, revenue from Wiri terminal lease (expiring in 2025)
and revenue from laboratory testing services (IPL)
[3] Operating costs exclude one-off conversion operating costs
[4] Normalised EBITDA excludes one-off conversion costs
[5] Based on current financing arrangements, hedged positions and current 90-day bank bill rate
45

Operating costs largely fixed and represent one third of revenue
•Operating expenses of $36 to 40m p.a. include both import
terminal and lab testing operations (IPL)
•Variable costs include electricity –a third of total costs:
•Assuming average load of 5 to 5.5 MW (including pipeline
pumping stations)
•Subject to transmission and distribution pricing and market
pricing
•Labour costs include c70 import terminal, lab testing and corporate
staff
•Site operations include maintenance, insurance, site operation, IT
and corporate costs
46
ElectricityLabour costsSite operations and other

Significant value in tax losses for many years to come
47
Available tax losses
•Existing operating tax losses of $70m at 31 December
2022
•Together with additional losses at conversion of
c.$360m
[1]
, the total available losses estimated in the
order of $430m
•No income tax expected to be payable over 9 years
(before earnings growth)
•Subject to shareholder continuity test, or if there is a
shareholder continuity breach,tax losses are retained
as long as business continuity test is met
•$21m of imputation credits available (equivalent of
14cps of imputed dividends)
•Subject to 66% shareholder continuity rules
•Currently shareholder continuity at 80%
[2]
[1] Estimated losses from refining asset write-offs for tax purposes as at 31 March 2022
[2] 20% reduction in shareholder continuity following the equity raisein December 2022 and acquisition of Z Energy by Ampol
Imputation credits

•Peak debt expected to be reached in 2023
•Debt facilities available to fund conversion costs:
•Committed debt facilities of $375m
•Funding sources diversified across bank market
($200m) and debt capital market ($175m)
•$160m of liquidity headroom available with no
significant near-term maturities
•Hedging and fixed rate debt provides strong protection
from increasing interest rates:
•$175m in fixed rate bonds
•$75m hedged with additional $40m forward start
swaps in place
Borrowing facilities maintain significant headroom, strong interest rate hedging protection in place
Debt Maturity Profile
Debt maturity profile as at 30 June 2022
48
-
25
-
25
80
70
100
75
-
25
50
75
100
125
2022202320242025202620272034
$m
Drawn bank facilitiesUndrawn bank facilitiesBonds / subordinated notes

•Successful $100m unsecured retail bonds issued in May 2022
•5-year bond, 5.8% interest rate (180bp spread on 5-year
swap rate)
•Bond issue provides strong foundations ahead of bank
refinancing programmewith a focus on:
•Achieving optimal pricing and covenant suite, aligned
with infrastructure business profile
•Maintaining bank facilities of c.$200m
•Higher effective interest rate in 2022 due to undrawn lines
•Significant headroom on bank and bond interest coverand
gearing covenants
Successful retail bond issue completed, bank refinancing underway
49
Bank covenantsThreshold
Senior Interest Cover RatioMin 4x
Total Interest Cover Ratio
Min 2x
Gearing ratio –shareholder fundsMax 45%
Dividends
[1]
Allowed if Net Debt to
EBITDA is <4.5x
Bond covenants
Interest cover ratioMin 2.5x
Gearing ratioMax 60%
[1] In accordance with bank facility agreements the Company is unable to pay dividends before
31 December 2022, and subsequently not until the Net Debt to 12-month rolling normalized
EBITDA (being EBITDA excluding one-off conversion costs) reduces to below 4.5x times at the
time of dividend payment and following the dividend distribution.

Dividend update
•Board has reconfirmed dividend policy pay-out of 60-70% of Free Cash Flow (being adjusted net cash generated from
operations less maintenance capex)
[1]
.
•First opportunity for dividendin March 2023 after FY22 results
[2]
•FY23 initiative financial metrics imply a dividend range for FY23 of $30 -$40m (equivalent of 8 to 11cps)
•Dividend policy supports the Company achieving the target Net Debt of 3x to 4x EBITDA, consistent with investment grade
rating
[1] The Board reserves the right to adjust the payout ratio or expected timing for the recommencement of dividends should thetiming, costs or revenue associated with the conversion (including new services such
as Private Storage Services) or the import terminal business change. The dividend policy will be subject to the Board’s due consideration of the Company’s medium term asset investment programme; a sustainable
financial structure for Channel Infrastructure, recognisingthe targeted investment grade rating; and the risks from short and medium term economic and market conditions and estimated financial performance. It
is the intention of the Board to attach imputation credits to dividends to the extent that they are available.
[2] Subject to Net Debt to 12-month rolling normalized EBITDA (beingEBITDA excluding one-off conversion costs)reducing to below 4.5x times at the time of dividend payment and following the dividend
distribution.
50

FY22 guidance confirmed
Previous guidanceprovided in February 2022Update
Q1 Processing Fee revenue currently expected
to exceed the Fee Floor by c$5 to $10m
Confirmed –towards
upper end of the range
Import terminal fees to commence from 1 April
with Take-or-Pay commitments of c$75m in
FY22
Confirmed
FY22 Operating costs (excluding
conversion costs) expected to be c.$70m
Confirmed
Borrowings will increase over the year and are
expected to average around $250m in FY22
Average borrowings
tracking lower (c.$220-
230m)
Financing costs expected to be c.$14mConfirmed
[1]
[1] Based on current financing arrangements, hedged positions and current 90-day bank bill rate
H1 FY22 financial results to be released 25 August 2022 and
FY22 on 24 February 2023
51

Q&A

James Miller
Chairman
Board refresh and
Governance

A new business model, requires different skills at the Board table
54

James Miller
Chairman
Anna Molloy
Director
(appointed April 2022)
Andrew Holmes
Director
(appointed April 2022)
Lucy Nation
Director
Lindis Jones
Director
The right skills around the Board table
Vanessa Stoddart
Director
Paul Zealand
Director
55

On-budgetand on-time completion of the conversion project
Safe, reliable, and cost-efficient terminal operation and maintenance
Continue to support Channel’s significant contribution to decarbonisation
Lower cost of capital to reflect new business model
Increasing shareholder value with a return to dividends and focused growth
opportunities
Five key areas of focus, reflecting strategic priorities
56

Naomi James
Chief Executive Officer
Wrap-up

Ownershipof critical infrastructure
Long-termcustomer contracts
Projected stable earnings andcash flows
Strong balance sheet
Supporting New Zealand’s decarbonisation
Focused growth strategy
Auckland supplied
via the Marsden
Point to Auckland
pipeline
170 km
Marsden Point to
Auckland pipeline
Long-term sustainable business model with a focused growth strategy
Not included in the Import
Terminal System
58

---

channelnz.com


NZX RELEASE

4 July 2022
Investor Day Presentation
Channel Infrastructure is today holding an Investor Day. Channel Infrastructure’s management team will
present to investors and analysts on its strategy and current terminal business. Please find attached the
presentation.
Today Channel Infrastructure reconfirmed its FY22 and FY23 guidance, as well announcing its Capital
Allocation Framework, confirming its dividend policy of 60-70% of Free Cash Flow (being adjusted net cash
generated from operations less maintenance capex). The first opportunity for a dividend is in March 2023,
after the FY22 financial results
1
.
Naomi James said: ”We are pleased to be presenting a deep dive into the benefits that come with our new
more sustainable operating model and the growth opportunities that it opens up for Channel Infrastructure,
including to support New Zealand’s fuel security and decarbonisation by using our highly-strategic assets
and deliver long-term shareholder value”.
“Our long-term contracts with strong and stable cash flows mean we are expecting to return to dividends in
2023 while leaving cash available to deleverage as planned. We are also now better placed to invest in
focused growth opportunities to drive shareholder value.”
“We also provide an update on the conversion project, which is tracking to plan, following the safe shut down
of the refinery in March. I am proud that we were able to deliver this significant change safely, and within
budget, which is testament to the hard work and dedication of our people.”
The presentation is now available on the Channel Infrastructure website and the delayed webcast of the
presentations will be available on channelnz.com in the next few days.

- ENDS -
Authorised by:
Chris Bougen
General Counsel and Company Secretary
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com
+64 21 02363 297

1
Subject to Net Debt to 12-month rolling normalized EBITDA (being EBITDA excluding one-off conversion costs) reducing to below
4.5x times at the time of dividend payment and following the dividend distribution, as well as Board approval of any dividends in
accordance with the dividend policy as further set out in the Investor Day presentation.

channelnz.com

About Channel Infrastructure NZ
Channel Infrastructure is New Zealand’s leading fuel infrastructure company.
Channel Infrastructure owns critical infrastructure, supplying the Northland and Auckland markets, which
make up 40% of New Zealand’s fuel demand and all of the jet fuel to Auckland International Airport. Utilising
the deep-water harbour and jetty infrastructure at Marsden Point, as well as 280-million litres of storage
tanks and the 170-kilometre pipeline from Marsden Point to Auckland, we receive, store, test and distribute
fuel owned by our customers. Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum
Laboratories, provides fuel quality testing services at Marsden Point and around New Zealand.
Channel Infrastructure is well positioned to support New Zealand’s changing future fuel needs, with growth
opportunities at the Marsden Point site including additional fuel storage to support fuel security, renewable
electricity supply through the Maranga Ra solar project, and work underway with customers and partners on
biofuel and hydrogen opportunities.
For more information on Channel Infrastructure, please visit: www.channelnz.com