Infratil 2022 Annual Meeting

25 August 2022
Annual Meeting of Shareholders

Infratil Annual Meeting 2022
2
Programme
▪Chair’s Introduction
▪Chief Executive’s Review
▪Portfolio Update
▪Shareholder Questions
▪Resolutions
Annual Meeting of
Shareholders

Annual Meeting
of Shareholders
Online Participation
3
Question boxVoting Card
Infratil Annual Meeting 2022

Chair’s Introduction
Alison Gerry

Alison Gerry
Independent Director
and Chair
•Independent Director
since 2014
•Chair since 2022
•Member of Audit and
Risk Committee
•Member of the Manager
Engagement Committee
•Member of Nomination
and Remuneration
Committee
Up for re-election

Jason Boyes
Chief Executive Officer
and Director
•Chief Executive of Infratil
and Director since 2021
•Partner at
H.R.L. Morrison & Co
Group
•Chair of Longroad Energy
and Galileo
•Director of CDC Data
Centres

Andrew Clark
Independent Director
•Independent Director
since 2022
•Member of Audit and
Risk Committee
•Member of Manager
Engagement Committee
Up for election

Paul Gough
Independent Director
•Independent Director
since 2012
•Member of Manager
Engagement Committee
•Member of Nomination
and Remuneration
Committee

Kirsty Mactaggart
Independent Director
•Independent Director
since 2019
•Chair of Manager
Engagement Committee
•Member of Audit
andRisk Committee
Up for re-election

Peter Springford
Independent Director
•Independent Director
since 2016
•Member of Manager
Engagement Committee

Mark Tume
Independent Director
•Independent Director
since 2007
•Chair of the Audit and
Risk Committee
•Chair of Nomination and
Remuneration
Committee
•Member of the Manager
Engagement Committee

Chair’s Address
12
Alison Gerry

Chief Executive’s Review
Jason Boyes

Investing
Wisely In Ideas
That Matter
FY2022dominated
by a number of
highly promising
new investment
opportunities and
strong results from
existing
investments
Annual Meeting 2022
14
Net parent surplus
$1,169.3m
Investment
Shareholder return
Proportionate EBITDAF
1
$513.9m
Available capital
Fully-imputed final dividend
12.0 cps
$1,412.9m
$1,672.0m
18.4%
1.Proportionate EBITDAF represents Infratil’s share of the consolidated net earnings before interest, tax, depreciation, amortisation, financial derivative movements,
revaluations, gains or losses on the sales of investments, and excludes acquisition and sale related transaction costs and International Portfolio Incentive Fees.
2.Figures are for the year ended 31 March 2022, or as at that date.

Portfolio
Overview
What the
portfolio looked
like last year –
a strong portfolio
poised for growth
Annual Meeting 2022
15
Digital
Infrastructure
42%
Renewables
43%
Healthcare
9%
Airports
7%

Portfolio
Overview
The portfolio has
continued to
evolve with recent
investment across
all ofour key
platforms
Annual Meeting 2022
16
Digital
Infrastructure
57%
Renewables
24%
Healthcare
13%
Airports
6%

Vodafone has sold
its passive mobile
tower assets
alongside a
reinvestment from
Infratil in the new
standalone
business
Annual Meeting 2022
17
▪Vodafone has reached an agreement with InfraRed Capital
Partners (40%) and Northleaf Capital Partners (40%) to sell its
passive tower assets, with Infratil retaining a 20% stake
▪The new TowerCo business comprises 1,484 wholly owned mobile
towers and will be the largest New Zealand towers business,
covering over 98% of New Zealand’s population
▪Infratil’s investment into TowerCo is an opportunity for Infratil to
invest in a unique, established, and hard-to-replicate national
tower network with strong partners
▪Based on the 31 March 2022 independent valuation Infratil
expects to have generated a 26.7% IRR on its investment in
Vodafone following completion of the transaction
Vodafone
Towers

Infratil has
increased its
commitment and
announced a new
co-investor into
Longroad Energy
Annual Meeting 2022
18
▪Infratil, NZ Super Fund and the Longroad Energy management
team, have reached an agreement with MEAG, to invest
US$300 million to acquire a 12% stake in Longroad Energy
▪The transaction values Infratil’s existing 40% stake in Longroad at
US$798 million (NZ$1,284 million)
▪Infratil has invested a net US$112 million (NZ$160 million) in
Longroad since 2016, and achieved an IRR of 59% p.a. based on
the transaction valuation
▪Over the next four years Longroad is expecting to develop or
acquire an additional 7.1GW of capacity, this equivalent to
72% of New Zealand's entire generating capacity
Longroad Energy
Capital Raise

-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
201120122013201420152016201720182019202020212022
Infratil Share Price
Infratil continues
its track record of
outstanding
returns
Annual Meeting 202219
Accumulation Return
PeriodTSR
YTD 24 August 202211.8%
1 Year
1
26.4%
5 Year
1
27.9%
10 Year
1
21.4%
Inception –28 years
1
18.9%
1.Annualised Accumulation returns are to 24 August 2022 based on a closing share price of $9.08, the calculation assumes that
shareholders reinvest dividends on the day they are earned, and participates in any rights offerings.
Share Price
Performance

Debt Capacity
& Facilities
With cash on hand
and undrawn bank
facilities, Infratil
has a strong
balance sheet for
further investment
Annual Meeting 2022
▪Infratil issued $115.9 million of IFT320 bonds
in June 2022 via a successful bookbuild and
exchange offer process
▪Liquidity position to be strengthened by the
net proceeds from the Vodafone TowerCo
transaction expected late 2022
▪As at 31 July 2022, Infratil had cash on hand
and term deposits of $482 million and
undrawn bank facilities of $906 million
▪31 July gearing of 13.4%, significantly below
the target range of 30%
▪Infratil's next bond maturity are $100.0 million
of IFT240 bonds in December 2022
1.Gearing calculated as total net debt / total capital based on the Infratil share price at 31 March 2022.
2.Infratilwholly owned undrawn bank facilties. Includes Core debt facilities and Term Loan debt facilities only.
Debt Maturity Profile as at 31
st
March 2022 (NZ$ million)
2
31 July ($millions)July 2022March 2022
Net bank debt/(cash)($482.4)($773.0)
Infratil Infrastructure bonds$1,185.9$1,163.7
Infratil Perpetual bonds$231.9$231.9
Total net debt$935.5$622.6
Market value of equity$6,067.1$5,972.9
Total capital$7,002.6$6,595.3
Gearing
1
13.4%9.4%
Undrawn bank facilties
2
$906.3$899.6
100% subsidiaries cash$482.4$773.0
Liquidity available$1,388.6$1,672.6
20
-
40
394
281
192
----
100
122
156
164
156
102
146
123
116
--
232
-
100
200
300
400
500
600
FY23FY24FY25FY26FY27FY28FY29FY30FY31Perpetuals
Millions
Undrawn Bank DebtBonds

FY2023
Guidance
Proportionate
EBITDAF remains
within the range of
$510 -$550 million
Annual Meeting 2022
FY2023 Guidance
▪FY2023 Proportionate EBITDAF guidance range remains unchanged at
$510 million –$550 million
▪Guidance is based on Infratil management’s current expectations and
assumptions about the trading performance, is subject to risks and
uncertainties, and dependent on prevailing market conditions continuing
throughout the outlook period
▪Guidance is based on Infratil’s continuing operations and assumes no major
changes in the composition of the Infratil investment portfolio. It excludes the
impact of any potential Vodafone towers transaction, the strategic review
ofRetireAustralia and one month of Manawa Retail
▪Trading performance and market conditions can and will change, which may
materially affect the guidance set out above
21

Portfolio Update

CDC Data
Centres
CDC’s unique
position places it
well to benefit
from tailwinds
driving the sector
Annual Meeting 2022
▪New facilities in Silverdale,Hobsonville, Hume 5 and
Eastern Creek 4are now welcoming customers
▪The four facilities will add a total 104MW of built capacity
▪Continued supply chain risks are being mitigated through proactive
procurement of components
▪Pipeline continues to grow with recent land purchases in Auckland,
Canberra, and Melbourne to support this growth
▪CDC continues to be a trusted and well-established partner for its
customers
23
Digital InfrastructureRenewablesAirportsHealthcare

Vodafone
New Zealand
Benefitting from a
disciplined
approach to cost
and focus on
customers
Annual Meeting 2022
▪Agreement with InfraRed, NorthleafCapital Partners and Infratil to
divest 100% of Vodafone's passive tower assets
▪Vodafone will enter into a 20-year agreement with TowerCoto secure
access to existing and new towers
▪Vodafone now owns its store network directly, enabling
enhancements to Vodafone's customer proposition
▪Continued investment in network coverage and technology is reaping
results -Vodafone has been awarded New Zealand’s ‘Best in Test’
mobile network by global leader in mobile testing, umlaut
▪Roaming has recovered faster than expected, providing a boost to
the business
24
Digital InfrastructureRenewablesAirportsHealthcare

Global
Renewables
Platform
The Global
Renewables
platform consists
of Manawa Energy,
Longroad Energy,
Galileo, and
GurīnEnergy
25
Digital InfrastructureRenewablesAirportsHealthcare
Annual Meeting 2022
•1.5GW operating Assets
•15GW development pipeline
•150+ employees
•4.6GW development pipeline
•33 employees
•2.1GW development pipeline
•29 employees
•487MW operating Assets
•1GW+ development pipeline
•233 employees

Manawa
Energy
Investment in
existing
generation assets
to enhance current
capabilities as well
as building future
development
capacity
Annual Meeting 2022
▪Divestment of the Trustpower Retail business completed on 1 May
▪Manawa is now a business focused on generation and
development, with much of its operating revenue now contracted
▪Focus on strategic asset enhancements will deliver volume and
value with ~15Gwh/year worth of enhancements expected to be
completed in FY2023
▪Over 30 solar and wind projects are under consideration, including
over 1GW of wind projects across more than five sites
26
Digital InfrastructureRenewablesAirportsHealthcare

Longroad
Energy
Longroad’s
pre-money
valuation of
US$2 billion, a
40-times EBITDA
multiple, is
demonstrative of
Longroad's leading
position in the US
market
▪Longroad has announced a transaction which, if completed, will
introduce a new shareholder into the platform, alongside
reinvestment from existing shareholders
▪Current operating portfolio stands at ~1.6GW, services are being
provided to ~3.5GW of operating assets, and a pipeline of ~15.9GW
with 4.5GW expected to reach construction stage over the next three
years (3-4% of US development annually)
▪Longroad aims to develop 1.5GW of generating capacity per year
▪1.3GW is expected to reach construction this financial year –
Milford Wind, Pittsfield, Three Corners, Foxhound, Umbriel, and
Sun Streams 3
▪The US “Inflation Reduction” Act will provide further tailwinds for the
business
27
Digital InfrastructureRenewablesAirportsHealthcare
Annual Meeting 2022

Galileo and
GurīnEnergy
Our early stage
renewables
businesses are
building a solid
pipeline of
projects
▪Gurīn Energy is our platform in Southeast Asia, established in
FY2022, and now active in six countries across the region
▪Galileo is our platform in Europe which was established in FY2020,
which now has an established pipeline across the continent
▪The combined pipeline of Galileo and Gurīn Energy continues to
grow reaching 6.7GW of projects as of June 2022, spread across 12
geographies
▪Gurīn Energy has signed a development agreement for a
297MW solar project in South Korea
▪Galileo has 212MW of solar in Italy hopefully reaching ready-
to-build stage by the end of this year
28
Digital InfrastructureRenewablesAirportsHealthcare
Annual Meeting 2022

Wellington
Airport
Passenger
recovery in full
swing with
destinations such
as Fiji reopening
their borders
▪Domestic traveller numbers are improving with Air New Zealand
passenger numbers reaching 98% of pre-covid levels in July
▪International travel has returned with all of Wellington Airport’s
pre-covid international destinations reconnected, albeit with fewer
airlines currently servicing the airport market
▪International traveller numbers reached 62% of pre-covid levels in
July
▪Taxiway Bravo is under reconstruction with stage 2 completion
planned prior to Christmas
29
Digital InfrastructureRenewablesAirportsHealthcare
Annual Meeting 2022

Diagnostic
Imaging Platform
The industry is
facing headwinds
but the core
thinking behind
the platform
remains solid
▪The effects of Covid-19 are still being felt widely across the industry
with referrals for services remaining subdued and reduced availability
of medical staff impacting volumes
▪It is expected that these impacts will lessen over the next 12-months
▪Since our initial investment into the platform, 11 new clinics have
been commissioned across Australia and New Zealand, eight in the
last 12 months
▪The medium term focus of the platform is cooperation between all
the radiology businesses, aligning IT strategies, ensuring that
businesses can leverage off each other and prepare the groundwork
for teleradiology and other developments
▪Growth opportunities are being explored in Australia and other
markets
Digital InfrastructureRenewablesAirportsHealthcare
30
Annual Meeting 2022

RetireAustralia
Record year of
performance as
refreshed strategy
drives resales and
new developments
are completed
▪The Strategic Review of RetireAustralia has moved to the next
stage with the decision to launch a formal sale process
▪Managing the impacts of Covid-19 continues to be a priority
▪Resident occupancy of villages remains strong at 93.2% compared
to industry average of 89%
▪Construction is ongoing at four villages -one in Queensland (The
Verge Burleigh) and two in New South Wales (The Rise Woodglen
and ForrestersBeach). This will add 192 apartments
Digital InfrastructureRenewablesAirportsHealthcare
31
Annual Meeting 2022

At Infratil, we
believe that
Infrastructure
underpins the
abilities of
communities to
grow, society to
function and
economies to
thrive
32
Summary
& Outlook
Annual Meeting 2022

Shareholder Questions

Resolutions

Resolution 1
Re-election of
Alison Gerry
Re-election of Alison Gerry:
That Alison Gerry be re-elected as a director of Infratil
ForAgainstDiscretionary
345,090,341
(93.15%)
17,065,952
(4.61%)
8,319,494
(2.25%)
Annual Meeting 2022

Resolution 2
Re-election of Kirsty Mactaggart:
That Kirsty Mactaggart be re-elected as a director of Infratil
ForAgainstDiscretionary
346,435,082
(96.97%)
2,432,693
(0.68%)
8,408,451
(2.35%)
Re-election of
Kirsty
Mactaggart
Annual Meeting 2022

Resolution 3
Election of
Andrew Clark
Election of Andrew Clark:
That Andrew Clark be elected as a director of Infratil
ForAgainstDiscretionary
348,456,998
(97.54%)
269,971
(0.08%)
8,515,988
(2.38%)
Annual Meeting 2022

Resolution 4
Payment of
FY2021
Incentive Fee by
Share Issue
Payment of FY2021 Incentive Fee by Share Issue:
That Infratil be authorised to issue to Morrison & Co Infrastructure
Management Limited (Morrison & Co), within the time, in the manner,
and at the price, prescribed in the Management Agreement, such
number of fully paid ordinary shares in Infratil (Shares) as is required to
pay all or such portion of the third instalment of the 2021 Incentive
Fee (if payable) as the Board elects to pay by the issue of Shares (2021
Scrip Option), and the Board be authorised to take all actions and
enter into any agreements and other documents on Infratil’s behalf
that the Board considers necessary to complete the 2021 Scrip Option.
ForAgainstDiscretionary
296,438,983
(85.64%)
41,359,330
(11.95%)
8,330,949
(2.41%)
Annual Meeting 2022

Resolution 5
Payment of
FY2022
Incentive Fee by
Share Issue
Payment of FY2022 Incentive Fee by Share Issue:
That Infratil be authorised to issue to Morrison & Co Infrastructure
Management Limited (Morrison & Co), within the time, in the manner,
and at the price, prescribed in the Management Agreement, such
number of fully paid ordinary shares in Infratil (Shares) as is required to
pay all or such portion of the second instalment of the 2022 Incentive
Fee (if payable) as the Board elects to pay by the issue of Shares (2022
Scrip Option), and the Board be authorised to take all actions and
enter into any agreements and other documents on Infratil’s behalf
that the Board considers necessary to complete the 2022 Scrip Option.
ForAgainstDiscretionary
296,750,894
(85.73%)
41,040,871
(11.86%)
8,347,274
(2.41%)
Annual Meeting 2022

Resolution 6
Auditor’s
remuneration
ForAgainstDiscretionary
346,898,120
(97.28%)
1,204,843
(0.34%)
8,502,018
(2.38%)
Auditor's remuneration:
That the Board be authorised to fix the auditor’s remuneration
Annual Meeting 2022

Close and Afternoon Tea
Annual Meeting of Shareholders