Infratil 2023 Investor Day

Infratil Investor Day
24 March 2023
Smales Farm, Auckland

Disclaimer
This presentation has been
prepared by Infratil Limited (NZ
company number 597366,
NZX:IFT; ASX:IFT) (Company).
To the maximum extent
permitted by law, the
Company, its affiliates and
each of their respective
affiliates, related bodies
corporate, directors, officers,
partners, employees and
agents will not be liable
(whether in tort (including
negligence) or otherwise) to
you or any other person in
relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation.
The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information
which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product
disclosure statement under the Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth). This presentation
should be read in conjunction with the Company’s Annual Report for the year ended 31 March 2022 and the Interim Report for the period
ended 30 September 2022, market releases and other periodic and continuous disclosure announcements, which are available at
https://www.nzx.com/companies/IFT, https://www2.asx.com.au/markets/company/ift or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to
acquire the Company’s securities, and has been prepared without taking into account the objectives, financial situation or needsof
prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company
operates, such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is
inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty
or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.
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This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance
Note on disclosing non-GAAP financial information, “non-IFRS financial information” under Regulatory Guide 230: ‘Disclosing non-IFRS
financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International
Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF,
EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed
by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures
determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by
other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to
users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-
IFRS/GAAP financial information or financial measures included in this presentation.
No part of this presentation may be reproduced or provided to any person or used for any other purpose.
Infratil Investor Day 2023

Welcome
Infratil’s 2023
Investor Day
Jason Boyes
•Infratil Chief Executive
Officer and Director since
April 2021
•Joined Morrison & Co in
2011 after a 15 year legal
career in corporate finance
and M&A in New Zealand
and London
•Chair of Longroad Energy
and Galileo, Director of
CDC Data Centres
Phillippa Harford
•Infratil Chief Financial
Officer since May 2015
•Joined Morrison & Co in
2009 after a 17 year career
in corporate tax and tax
advisory in New Zealand
and offshore
•Director of RetireAustralia,
Vodafone and Wellington
International Airport
Alison Gerry
•Independent Director since
July 2014 and Infratil Chair
since May 2022
•Member of the Manager
Engagement Committee and
Nomination and
Remuneration Committee
Infratil Investor Day 20233

9:15am –9.25am
Welcome & Overview
Alison Gerry, Chair
9:25am –10.00am
Portfolio Update & Growth Outlook
Jason Boyes, Infratil Chief Executive
Phillippa Harford, Infratil Chief Financial Officer
10:00am –10.15am
Update on Healthcare Platform
Rachel Drew, Morrison & Co Executive Director
Michael Brook, Morrison & Co Executive Director
10:15am –10.35am
Qscan Group
Chris Munday, Qscan Group Chief Executive
10:35am –10.55am
RHCNZ Medical Imaging
Terry McLaughlin, RHCNZ Medical Imaging Group Chief Executive
10.55am –11.15am
Morning Break
11.15am –11.35am
Update on Renewable Energy Platform
Vimal Vallabh, Morrison & Co Global Head of Energy
Deion Campbell, Morrison & Co Operating Partner & Chair of Mint Renewables
11.35am –12.15pm
Longroad Energy
Paul Gaynor, Longroad Energy Chief Executive
12.15pm –1.00pm
Lunch Break
Agenda
Infratil’s 2023
Investor Day
Infratil Investor Day 20234

Agenda
Infratil’s 2023
Investor Day
1:00pm –1:10pm
Manager Update
Paul Newfield, Morrison & Co Chief Executive
1:10pm –1:25pm
Digital & Connectivity Update
Lewis Bailey, Morrison & Co Investment Director, Strategy and Research
1:25pm –2:05pm
CDC Data Centres
Greg Boorer, CDC Data Centres Chief Executive
2:05pm –2:45pm
Vodafone New Zealand
Jason Paris, Vodafone Chief Executive
2:45pm –3:00pm
Wrap Up
Jason Boyes, Infratil Chief Executive
Infratil Investor Day 20235

Portfolio Update and Outlook
Jason Boyes
Infratil Chief Executive
Phillippa Harford
Infratil Chief Financial Officer

Established
1994
Market Capitalisation
Track record
Listed on
NZX/ASX
Group Assets
After tax return
Managed by
18.5% p.a.
FY2023FInvestment
FY2023FEBITDAF
1
$6.3b$9.0b+
Morrison & Co
29 years
$1.0b+
$520-535m
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.
Infratil is a global
infrastructure
investor with
significant
investments in
digital
infrastructure,
renewables,
healthcare and
airports
Infratil Investor Day 20237

•Infratil invests in infrastructure businesses, targeting returns to shareholders of 11-15%p.a.
over the long-term
•Our investment focus is on sectors and businesses with:
✓strong defensive characteristics
✓exposure to growth, driven by macroeconomic and industry tailwinds –“ideas that matter”
✓opportunities to reinvest and manufacture infrastructure at scale –“platforms”
•Our high conviction approach is currently focused on four “ideas that matter”
•Portfolio blends investments in lower risk cash generating businesses and higher risk and return growth
infrastructure platforms to meet target returns, and credit and liquidity metrics
•Active asset management and balance sheet flexibility key to managing risk and achieving returns,
requiring control or significant influence over the businesses Infratil invests in
•Infratil’s abilityto position itself early in next generation infrastructure is a source of outperformance –
and we continue to scan for new “ideas that matter”
DigitalRenewablesHealthcareAirports
“Ideas
That
Matter”
Investment
Approach
Our approach has
remained
consistent
through multiple
market cycles
Infratil Investor Day 20238

What we said we would do –February 2022
•Assessing network capital release options for
Vodafone
•Continuing to evaluate further attractive data
centre and connectivity opportunities offshore
•Longroad Energy’s strategic shift, assessing
new minority investor(s), opportunities for Gurīn
Energy to grow via acquisition in Asia
•Build on our Qscan investment to create a scale
diagnostic imaging platform, and evaluate
teleradiology and adjacent healthcare
businesses
•RetireAustralia strategic review announced
•Room to add more core cash generating assets
to support growth investments in the future
What we did
•Vodafone passive mobile tower sale announced
in July 2022, alongside investment in FortySouth
•New capital and co-investor for Longroad Energy
announced in August 2022
•Australian focussed renewable energy platform,
Mint Renewables, established in December 2022
•Qscan purchase of Envision Medical Imaging in
Perth announced in April 2022
•Strategic review of shareholding in
RetireAustralia completed with a decision to hold
What we’re still doing
•Continuing to evaluate further attractive data
centre and connectivity opportunities offshore
•Continuing to progress teleradiology, and
evaluate adjacent healthcare businesses for the
future
2022 Investor
Day
Looking back at
what we said we
would do, and
what we did
Infratil Investor Day 20239

We remain high
conviction digital;
however, the
Longroad
valuation uplift
highlights the
potential for
growth
embedded within
our renewables
platform
Digital
53%
Healthcare
14%
Airports
7%
Renewables
26%
Infratil Investor Day 202310
Portfolio
Composition
Healthcare
14%

Portfolio
Composition
Infratil’s global
investment
proposition
continues to
grow with a series
of increasingly
connected assets
Infratil Investor Day 202311
Infratil now has a presence across 17 countries

Infratil Investor Day 202312
•Infratil will release its inaugural sustainability report in
2023 which will include:
•Climate-related disclosures in accordance withthe
Aotearoa New Zealand Climate standards
•Emissions reporting in line with the GHG Protocol and
Partnership for Carbon Accounting Financials
(‘PCAF’)
•Climate targets in line with the Science Based Targets
initiative (‘SBTi’)framework for financial institutions
•Infratil and its manager, Morrison & Co, are among the
first financial institutions in New Zealand to commit to
establishing SBTi emission reduction targets
•The SBTi is focused on accelerating companies across
the world to halve emissions before 2030 in line with
limiting global warming to 1.5°C
•This commitment extends across Infratil’s investment
activities and requires each of its portfolio companies
to establish a SBTi-validated target
Sustainability
Since inception,
Infratil has
invested in assets
that are important
to society and the
environment, an
investment
strategy that has
served us well

Leverage
Assumption
Expected
Returns
Infratil
Portfolio
Management
Costs
Return to
Shareholders
Core
Lower Risk
Core Plus /
Value Add
Development
Higher Risk
8–10%
Per annum
10–15%
Per annum
15–25%
Per annum
Average net debt/
total capital 30%
at6% p.a.
interest rate
1% of assets
Per annum
11–15%
Per annum
++
–
=
Portfolio
Composition
We blend lower
and higher risk
and return
investments to
achieve our target
return of 11 –15%
over a rolling
10-year period
Infratil Investor Day 202313
Target Portfolio Setting

69%
11%
20%
Core
Core+
Development
Portfolio
Composition
Our portfolio is
currently well
configured to
deliver our target
return of 11-15%
Infratil Investor Day 202314
Core Assets (8 –10%)
•Operating Renewable
Generation
•Established Data Centres
•Vodafone and Wellington Airport
•Established Retirement Villages
Core Plus/Value Add (10 –15%)
•Data Centres contracted and
under construction
•Radiology Businesses
Development Assets (15 –25%)
•Future Data Centres
•Renewable Generation under
construction and future pipeline
•Retirement Villages under
construction and future pipeline
57%
13%
30%
20222023

Infrastructure funds raised in the period,
US$bn
Source: Preqin
Fundraising &
Deal Flow
2022 was a
record year for
private infra
funding, but
private market
deal processes
are taking longer
Infratil Investor Day 202215
41
21
24
28
25
40
26
44
76
56
13
29
Q1 2020
Q4 2021
Q2 2020
Q3 2021
Q3 2020
Q2 2021
Q4 2020
Q1 2021
Q2 2022
Q1 2022
Q3 2022
Q4 2022
Number of infrastructure deals in the
period
Source: Preqin
721
459
570
716
646
534
783
678
606
645
644
Q3 2020
Q3 2021
Q4 2021
Q1 2020
Q2 2020
Q4 2020
Q1 2021
Q2 2021
Q1 2022
Q4 2022
Q2 2022
Q3 2022
563

Infratil Investor Day 202316
Portfolio
Outlook
Digital infrastructure
•Existing businesses well placed to benefit from sector growth trends like AI, AR/VR, edge
computing, and to address attractive adjacent investment opportunities those trends will
generate, e.g.
•Vodafone’s 5G roll out and extensive fibre footprint, neutral cloud provider offering
•CDC’s connectivity opportunity, and ability to cater for the full spectrum of computing
needs (standard, high performance and quantum)
•Our capability can be translated elsewhere, and we continue to evaluate further attractive data
centre and connectivity opportunities offshore
•Alert to opportunities arising from current macro volatility, but remaining selective
Renewables
•Very similar story...
•Longroad transacted prior to the Inflation Reduction Act –stronger outlook not reflected in
current valuations. Generating attractive opportunities to invest more, or in adjacent
opportunities, e.g. hydrogen through its investment in Valta
•Galileo set to demonstrate its potential this year, as it looks to sell its first set of projects.
Europe developing its own response to the IRA which should be a tail wind
•Via our global platform, we are well placed to address growth “beyond” onshore wind and solar,
e.g. hydrogen, offshore wind and storage
Attractive pipeline
of investment
opportunities in
and around our
digital and
renewables
platforms

Infratil Investor Day 202317
Portfolio
Outlook
Healthcare
•At scale in A/NZ, with high quality diagnostic imaging businesses.Only national offering in
New Zealand, PET/CT leader in Australia
•Challenging operating environment, bringing forward IT investments and other initiatives to take
advantage of our scale
•Remaining selective on additions to our platform, as valuation metrics in the private markets
have held up
•Teleradiology looks attractive for the future, and facilitated by IT investments being brought
forward
•Continue to assess adjacent healthcare sectors for the future
Retirement and Airports
•RetireAustralia continues to outperform.Post-strategic review reset nearly complete, and
shifting to execution.Look forward to telling you more later this year
•Wellington International Airport also outperforming, and well placed to deal with
inflation.Pricing and capex plans to be reset later this year in preparation for PSE5
Plenty to do in
digital and
renewables, but
we continue to
develop new, long
term ideas

•Infratil retains significant cash reserves to
support continued capital investment;
established through the Tilt Renewables
sale in August 2021 and further bolstered
through the net proceeds received from
the Vodafone Tower Sale in November
2022
•Infratil has access to undrawn bank
facilities of $899 million, with maturities
ranging through to November 2026
•Infratil continually seeks to achieve a
balanced distribution of debt maturities
and appropriate duration as part of its
overall debt funding strategy.
•Current gearing of ~10% is significantly
below the target range of 30%
•Infratil's next two bond maturities are
$122.1 million of IFT210 bonds in
September 2023 and $56.1 million of
IFT230 bonds in June 2024
Infratil Investor Day 202318
($Millions)21 March
Net bank debt/(cash)(613.7)
Infratil Infrastructure bonds1,085.9
Infratil Perpetual bonds231.9
Total net debt704.1
Market value of equity6,298.7
Total capital7,002.8
Gearing10.1%
Infratil wholly owned undrawn bank facilities899.0
100% subsidiaries cash613.7
Liquidityavailable1,512.9
Capital
Availability
Well positioned
for capital
deployment with
~$600 million of
cash and
significant
undrawn bank
facilities
122
156
164
156
102
146
123
116
232
341
369
189
-
100
200
300
400
500
600
FY24FY25FY26FY27FY28FY29FY30FY31>FY32
Millions
BondsWholly Owned Bank Facilities

Infratil Investor Day 202319
Proportionate EBITDAF
•FY2023 Proportionate EBITDAF guidance range is
narrowed to $520-$535million
(previously $510-$540 million)
•Key Guidance Components
•CDC Data Centres EBITDAF of A$210-$220
million (Infratil’s share 48.08%)
•One NZ EBITDAF exceeding the top end of $490-
$520 million (Infratil's share 49.9%)
•Manawa Energy EBITDAF of $127.5-$140 million
(Infratil’s share 51.1%)
•Diagnostic Imaging EBITDAF of $150-$160 million
(Infratil’s share 50.5%-55.1%)
•Guidance excludes one month of Trustpower Retail
and includes the impact of the TowerCo
transaction and Mint Renewables
Dividends
•The dividend outlook is for modest continued
growth in cps, reflecting expected growth in
operating earnings from CDC Data Centres and
One NZ, the resumption of distributions from
Wellington Airport and the addition FortySouth
to the Group
•The FY2023 interim dividend saw a 3.8%
increase (excluding imputation credits) from the
comparative period
Guidance
Guidance has
been narrowed to
$520-$535 million
as confidence in
the full year result
increases

Infratil Investor Day 202320
•Infrastructure remains one of the hottest asset
classes globally with record funds raised in 2022;but
fund raising and deal numbers slowed in the second
half
•Infratil has a strong balance sheet and a portfolio mix
currently biased toward Core –lower risk and
returning –investments
•A long pipeline of attractive investment opportunities
exists in and around our existing digital and
renewables platforms, both from organic growth and
exciting adjacencies
•We continue to develop new, long-term opportunities
like healthcare, which we remain positive about
despite current headwinds
•We are alert to attractive opportunities arising from
currentmacro volatility, but remaining patient and
disciplined
Summary
Infratil remains
very well
positioned, with
strong core
businesses and
balance sheet,
and multiple
growth options

Questions
Jason Boyes and Phillippa Harford
Chief Executive and Chief Financial Officer

---

Renewables Update
Vimal Vallabh
Morison & Co Global Head of Energy
Deion Campbell
Morrison & Co Operating Partner &
Chair of Mint Renewables

Global
Renewables
A unique
platform, utilising
a regional
approach to
address local
needs and
combat global
problems
2
•A now irreversible global commitment to long term decarbonisation is in place;
but emissions still reached record highs in 2022
•Russian invasion of Ukraine has highlighted the risks of energy dependency
•With increased inflation and rising interest rates, government policy intervention will
need to continue to ensure private market capital enters the sector
•An unprecedented level of required investment is forecast; $15tn over the next decade
•Investible opportunities will vary by time, region and technology, requiring a flexible,
global and portfolio approach to optimise returns
•Our deep experience and global coverage across renewables and the broader energy
sector allows us to assess relative risk and returns and explore adjacent opportunities
Infratil Investor Day 2023

Our Global Renewables Platform
Infratil Investor Day 20233
Our regional brands hold 2GW of operating assets and are working on a 25GW pipeline
North America
•Established in October 2016
•Wind, Solar & Storage
•Developed 3.8GW
•Acquired 0.5GW
•Sold 1.9GW
•2.4GW operating assets owned
•4.0GW assets under management
•18GW development pipeline
•~160 employees
Europe
•Established in February 2020
•Wind, Solar & Storage
•9.4GW development pipeline
•46 employees
Asia
•Established in July 2021
•Wind, Solar & Storage
•2.8GW development pipeline
•~50 employees
New Zealand
•Acquired in April 1994 (Trustpower)
•Hydro Generation
•487MW operating assets owned
Australia
•Established in December 2022
•Wind, Solar & Storage
•7 employees

Scale of the Opportunity
Infratil Investor Day 2023
4
Solar PV to triple and onshore wind to double annual installations by 2030
•Wind & Solar PV will still form the backbone of the transition given the maturity of technology
•Additional technologies will be required to support and enable, increasingly gaining government attention
•Constraints across the project development cycle remains a key limitation to achieving global objectives
0
100
200
300
400
500
600
700
2025201520202030
Utility-scale PV
Small-scale PV
Onshore wind
Offshore wind
Battery storage
0
10,000
20,000
30,000
40,000
50,000
2020201020352030201520402025
NuclearWind
Oil
Coal
Hydrogen
GasOther Renewables
Solar
Hydro
Forecast
Forecast
Global Annual Capacity Additions (GW)
Global Annual Generation Mix (GWh)
Source: BNEF NEO 2022 –ETS Scenario

Supportive Policy Environment
Infratil Investor Day 20235
Strengthening commitments to decarbonisation while managing near term crisis
•Energy Crisis caused by Ukraine conflict pushing significant market reform and an unprecedented
transformation of the energy sector in the EU
•EU has allocated over €400bn to the clean energy transition, bureaucracy is undermining it’s ability
to utilise
•Guidelines for green hydrogen released, with strong financial support
•Inflation Reduction Act provides the largest commitment to renewables and the broader clean
energy sector in US history with over US$350 billion across the next decade.
•Increasing focus on domestic content through IRA, expanded tariffs on Chinese manufacturers
•Became the largest exporter of LNG in 2022, executed agreements to supply Europe longer term
•Legislated 43% reduction in emissions by 2030, up from 28%. Implemented changes to safeguard
mechanism to force liable entities to reduce emissions in line with the revised target
•State governments expanding role in transition through asset ownership and offtake
•Introduced price caps on gas and coal and increased focus on gas export controls
•Target of 100% renewable electricity generation by 2030 recently re-confirmed, 50% final energy
consumption is renewable by 2035
•Large focus on efficiency and CO2 reduction in industry
•Government investigation on large pumped hydro (the 'NZ Battery’) delaying private investment

Emerging Technologies
Infratil Investor Day 20236
Hydrogen emerging as a key solution to decarbonisation
Global hydrogen demand
(Mt):
•Hydrogen is being prioritisedto decarbonise end
uses where other options are less mature or more
costly, such as heavy industry, long-haul transport
and seasonal energy storage
•Hydrogen has emerged as a key pillar in
government policy –Global 2030 targets have
more than doubled this year to around 190GW or
US$152bn² in electrolyser capex alone
•Renewable electricity can be converted to green
hydrogen via electrolysis. This coupling creates
increased demand for renewable energy
•Today only 2% of the total hydrogen demand is
generated using renewable energy
•Focus now is on making it cost competitive, US
IRA could see green hydrogen costs negative by
2030
94
180
20212030
+90%
~ 5000 TWh
This represents almost double
the current wind and solar
energy and more than the total
annual US power generation
output today
~ 10,000 TWh
More than 3 times the
current global wind and solar
generation
Energy required if all Green H2:
²based on $800/KW average capex cost

Platform Highlights Reel
Infratil Investor Day 2023
7
Infratil represents one of the best investable renewable opportunities globally
•Completed US$500 million capital raise valuing the business at over US$2 billion
•Further strengthened procurement strategy through strategic relationships with local suppliers
•Construction of >2GW across 4 States expected to complete, continue, or commence in FY24
•Presence in 8 markets adding France & Poland this year
•Added 6GW of pipeline during 2022
•With new EU policy environment, a revised business plan targeting 20GW+ pipeline by 2025
•Established significant presence in South Korea
•Participation in large Singapore tender for electricity supply
•First project under construction in the Philippines in FY24
•Following sale of retail business in 2022, now largest independent generator in New Zealand
•Geographically diverse asset base,irrigation water supplier and development pipeline >1GW
•NZ 100% renewables ambition recently reconfirmed, dev pipe will progress towards FID in FY24
•Market remains vibrant,8 acquisition and 5 joint development opportunities assessed already
•Approaches received from several customers, seeking long term offtake relationships
•First wind and storage option to progress throughpermitting in FY24

Our Latest
Platform
Mint Renewables
aims to be a
leading player in a
rapid and
sustainable
transition to
renewable energy
8
Mint Renewables is the re-entry vehicle forAustralasian renewable energy development, established in 2022
Mint’s initial strategy focuses on Australianonshore wind and solar PV, integrating storage where this improves production
profilesand associated revenue streams. Standalone storage opportunities will be pursued where these offer attractive
returns, support abroader project portfolio, and as the market mechanisms to underpin revenue streams become
clearer.Offshore wind may also be pursued should a suitable entry point be identified.
The Australian renewables market is characterised by:
•Strong momentum for energy transition with clear signalled shortfall in new renewables build as thermal plant retires
•Broad energy and environmental policy alignment at State and Federal level is a positive and has been lacking
historically
•Buoyant investor activity
•Transmission access constraints creating delays, allowing time to develop a pipeline
To execute the strategy, Mint has assembled a small,high quality and very experienced team, covering governance, M&A,
site development, engineeringprojectexecution and operations.Further selective capability additions with follow where
these will help differentiate fromcompetitors.
Mint is led by Peter Cowling. His 20+ year career in the Australian renewables sector, includesinvolvementin the delivery
of morethan 7GW of projects across ANZ via management roles at GE, Suzlon, Neg Micon and most recently as Country
Head ANZ atVestas.Peter is supported by Cara Layton (Planning), Sherrin Yeo (Engineering), Matt Glass (Project
Delivery) and Kim vanHattum(Project Development), plus two project developers Hannah Liddell and James Tume.
With aprimary focus on greenfield development, the effort to date has been on project origination and securing joint
development agreements with targeted independent developers.
Mint also has interest in investing in projects already advanced through the project lifecycle, up to and including operating
assets, where there is an adequatereturn to be made.

1
Digital Infrastructure & Connectivity Update
Lewis Bailey
Morrison & Co Investment Director, Strategy and Research

Digital Infrastructure Well Established
Digital assets have evolved to be recognised as a major class infrastructure asset class
Source: Inframation& Preqin
Number & value of telecom-focused funds by vintage/inception year
4
3
8
4
2
6
9
5
10
7
$0.6
$3.8
$7.2
$0.4
$7.3
$9.5
$5.1
$11.8
$17.8
$0.7
2022201320192014201720152016202020182021
#
Value (US$bn)
Value of digital infra transactions (US$billion)
2016
11
201320202019201420182017201520212022
11
11
10
39
66
48
135
159
195
Data Centre
Broadband
Fibre Optic
Wireless Transmission
Subsea Cable
Teleco Other
Infratil invested in
CDC in 2016
Digital is now 16% of all
infrastructure transaction
by value in 2022
2

Digital Infrastructure –is it yesterday’s news?
Rapid growth still expected ... but not as fast as historical trends...
Source: Ericsson, Telegeography, Goldman Sachs, Our World in Data
Smartphone penetration is calculated as the number of global mobile subscription through smartphone (from Ericsson) / global population (from Our World in Data)
Global data traffic, EB/Month
31
324
270
600
2022
90
2012
924
2028
360
31% p.a.
21% p.a.
Fixed data
Mobile data
Global subsea cable used bandwidth, Gbps
201520222028
5,169
399
29,642
53% p.a.
42% p.a.
NA
ROWEU
Asia
Oceania
Global internet penetration
92%
World 2023World 2018North America 2023
51%
66%
Smartphone penetration
201220142016201820202022202420262028
90%
75%
16%
31%
88%
83%
48%
65%
94%
3

AI –ChatGPTis just one of many
industry use cases of AI
Robotics & Autonomy –profound
impact on our society
US$215bn
Robotics market size in 2030 (MRFR)
Robotics –Warehouse Pick Rate
(Picks / FTE / Hour)
60
200
600
800
Manual
pick-rate
(eg Tesco)
Manual with
pick-to-light
Automated
Warehouse
Amazon
leading
performance
12x
US$300bn -US$700bn
Economic value of quantum computing
by 2035 (McKinsey)
US$420bn
AI market size in 2027 (Bloomberg)
US$16tn
contribution to global economy by AI by
2030 (PwC)
US$1.7bn
VC investments in generative AI over last
3 years (Gartner)
90%
of blockbuster films will be generated by
AI by 2030 (Gartner)
Generative AI already has a wide range of
applications: video and content creation,
audio clean-up, copywriting, text-to-image
etc. (Forbes)
No. The revolution continues; still at the dawn of the digital age
More than just video... a new series of applications will reshape society & drive opportunity
4
Over the horizon ...
Quantum Computing
Convergence?
10,000 years
Time for traditional computer to perform
task Google’s quantum computer can
perform in 3 mins
AR / VR
A compelling sense of human presence
Brain interface
Neuralink& others seek true blending of
human & machine

Evolving needs
Cost
Scalability
Flexibility
Latency
Security
Sovereignty
Stability
Green
Evolving architectures
Bigger
Massive transit,
storage &
compute @ low
cost
1617
30
51
100
167
500
UHD VRUHD streamVR streamGamingHD VR8K TVBUHD video
Latency requirements (ms)
Source: Goldman Sachs
150
135
10
44
InternetRemote controlAVReal-time gamingFull scale AR/VR
Faster
The Edge
US 5G private network market size
(US$bn)
Source: Kearney
5
28
121
203020212025
Better
Quality of
service, privacy
& security etc.
Greener digital infra
Source: IEA
Data Centres3% global energy 2030
Networks2% global energy 2030
Beyond ‘Micro Edge’ latency use cases, the ‘Metro
edge’ meets Hyperscaler& Enterprise needs to push
content & data closer to end users, as Tier 1 DC
footprint becomes scare. Metro edge =~20% Core MW
in 2022 (BCG)
New use cases drive evolving needs
Architectures & business opportunities ...beyond simply ‘more bandwidth’
5
Data requirements (Mbps)
Source: Goldman Sachs

Complexity drives return to expertise
Investing in digital assets requires focus and expertise, identifying, managing, minimising & pricing risk
Marketing & Customer management
•Some telecommunications businesses require
management of retail customers
Security / data breaches
•Enterprises are expected to spend US$188bn
in 2023 on information security and risk
management (Gartner)
Privacy
•Consumer data rights and the increasing
importance of protecting consumer data –
which is changing from “oil” to “uranium”
National security
•Digital assets increasingly critical and
integrated into every facet of society and life
•“We need to ensure the networks we know
today become more secure over time and
evolve to withstand cyberattack from those
who wish to do us harm” (FCC Chairwoman,
2022)
Market structure / pricing
•As digital infrastructure is becoming more
essential & mature, its impact on cost of living
becomes more important to society
•As market structures mature and with
economies of scale being critical, assets
become more defensive, but also invite
greater regulatory oversight
Disruption risk
•New technology can disrupt parts of the value
chain
•Must seek positions with incumbent
advantage to roll out next tech generation –
e.g.,high points for wireless comms,
ducts/conduits for fibreoptics
•Incumbents who own privileged assets create
barriers to entry and benefit from network
effects, which makes their asset positions
fundamentally defensive, beyond the
contracts
Capital intensity
•The other side of the coin is to ensure that
capital intensity is managed to maximise
cashflows
Operations
Regulation & politics
Technology
6

Infratil’sDigital Strategy
An exciting time to be investing in digital
•Follow-on Capital
Requirement for growth capital to meet bandwidth needs
•Deployment Models & Global Platforms
Deploy capital and build defensive positions in established business
models
•Hidden Value & Efficiency Uplift
Recognise undervalued, sub-optimised integrated assets, provide
ability for integrated players to benefit from capital recycling
•New Technologies
Deployment of new networked technologies which will, over time,
exhibit economies of scale and barriers to entry
•New Business Models
Ability to increase whole connectivity purchasing flexibility, allowing
higher asset utilisation & lower customer acquisition cost
•Value of Data
Increasing value of underlying data, and increased defensiveness of
data positions
FibreCoFTTP / FTTB / Dark-fibre rollouts, TowerCo5G BTS & rooftops
Offshore DC development platforms, Macro/Micro Edge DC development,
Across-market valuation arbitrage
Operational efficiency, co-location & asset utilisation uplift in TowerCos,
automation & performance in smart fibre networks
Small Cells, IoT & communications hubs, Satellites
Software defined networking, ‘Differentiated networks’ (e.g. green DCs,
private, secure networks)
Regulated data monopolies, high network effect data businesses,
defensive, highly integrated software
Opportunity
7
Examples

Infratil’s Advantage
Infratil holds a privileged position to access these opportunities
8
See through short term fluctuations to realise long-term value
Larger digital assets relative to their market typically exhibitstronger network
effects & more privileged positions
As digital assets become more central to every aspect of society & national security,
trusted capital is increasingly privileged
Assess relative risk / return globally
Share learnings & expertise across geography, and active in helping management
maximise shareholder value
Source and access deal flow through broad global networks
Long Term
At Scale
Trusted
Global
Expert & Active
Networked & Connected

Healthcare Update
Michael Brook
Morison & Co Executive Director
Rachel Drew
Morrison & Co Executive Director

Why
Healthcare?
The ultimate ‘idea
that matters’;
Public health
systems under
strain globally
Infratil Investor Day 2023
2
Essential service
Barriers to entry
Non-cyclical
Capital intensive
Stable market structure
Contracted cashflows
Inflation protection

Why
Healthcare?
Public health
systems under
strain globally;
Infratil is
positioned to help
Infratil Investor Day 2023
3

Structural
Tailwinds
Ageing and sicker
populations,
ongoing increases
in healthcare
funding, increased
outsourcing due to
cost and recruiting
challenges in
public settings
Infratil Investor Day 2023
4
Source: Australian Bureau of Statistics, AIHW, National Health Survey, L.E.K.; Budget Economic and Fiscal Update 2021, published20 May 2021; Budget.govt.nz, Signify research
0%
50%
100%
0-1415-2425-3435-4445-5455-6465-7475+
Age Group (years)
MalesFemales
Proportion of persons with one or more
chronic diseases
0
10
20
30
2422FY19212023
65-74
2526
0-64
27282930
85+
75-84
ANZ population by age cohort
FY2019-30F
CAGR
(19-30F)
3.3%
4.1%
2.2%
1.0%v
Increasing healthcare funding
4.30%
5.40%
4.30%
6.30%
0%
2%
4%
6%
CAGR
2013-20
CAGR
2013-22
CAGR
2016-20
CAGR
2016-25
Australia
New Zealand
Increasing outsourcing
0
2000
4000
6000
8000
20172018201920202021202220232024
Reading volume (000)
OceaniaUK
CAGR
7.1%
9.2%

With Short-term
Headwinds
Covid disruptions
have been
broader than
initial volume
effect, increasing
competition and
inflationary cost
pressures
Infratil Investor Day 20235
Volume recovery has been gradualIncreasing competition
•Disruption in referrer pathways (e.g., telehealth
appointments)
•Shortages of medical professionals in referrer cohorts
•Inability to recruit internationally
Inflationary cost pressures evident
(10%)
(5%)
0%
5%
10%
15%
20%
Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23
MBS DI Services
GP Services
Australia’s DI volume has experienced decline since early 2022,
and recovery has been slow but trending upwards, largely
following GP services, the largest referrer pool
(2%)
0%
2%
4%
6%
8%
10%
Consumer Price Index, YoY growth
AUSNZ
Significant cost escalation seen across Australia and
New Zealand following the onset of the pandemic

Diagnostic imaging
is a key part of
healthcare
Timely and
accessible
diagnostic
imaging is key to
effective
treatment
Infratil Investor Day 2023
6
XrayUSCTMRIPET
Oral
Gastrointestinal
Reproductive
Urology
Hearing/ Vision
Respiratory
Musculoskeletal
Injuries
Infant/congenital
Cardiovascular
Neurological
Cancer
Primary
Care
Diagnostic
Imaging
Surgical
Oncology
Radiation
Oncology
Medical
Oncology
Pathology
.
Chemotherapy
For example, in cancer care a typical patient
would touch radiology multiple times
Radiology is integral to diagnosis across healthcare

Australasian
Platform Today
Strong platform
for future growth.
Opportunities to
build synergies
across existing
assets
Infratil Investor Day 2023
7
Australasia’s
leading provider of
radiology services, delivering world class
services locally
Organic growth
•Local leadership –doctor
leadership at local level
•Technology transformation
–improved efficiency across
the network
•Integration into local
communities and broader
health environment
•Continue to invest in current
clinic network and
establishment of new clinics
where demand exists to
ensure equitable access to
services
In-organic growth
•Consideration of strategic
acquisitions to support
existing moat
•Strategic partnerships with
local adjacent healthcare
providers
•Global expansion into
Europe / US
•Global teleradiology
opportunities
Synergies
•Benchmarking and
identification of operational
best practices
•Shared CPD and training
•Load-sharing of reporting
through improved
technology platforms
•Joint investment in AI, IT
systems and other
emerging technologies
•Joint procurement
Strategic vision
Key strategic pillars

Global Platform
Expansion
Significant
platform
opportunities
identified in key
target
geographies
Infratil Investor Day 20238
Global platform synergies
✓Building out tele-radiology
capability with opportunity for
24/7 reporting
✓Global procurement efficiencies
with supply chain network
✓Improve quality of care and
advance AI / technological
adoption through data
✓Benchmarking, operational
improvements
Leverage existing
radiology operating
experience and
transaction capability
from Infratil’s
investments in Australia
and New Zealand
Global vision and strategy
•Transferable operating
experience and ability to
leverage technology stack
•Target markets with
favourable market structures,
funding dynamics, and
consolidation opportunities
•Replicate proven market
entrance with cornerstone
platform investment
•Increasing digitization can achieve greater productivity, patient outcomes and operational flexibility:
•Replacing where people work: telehealth / teleradiology
•Moving computing to the cloud: cloud-based AI marketplaces
•Automation of manual processes: patient appointment reminders, automated exam scheduling
•Transferring expertise and data into AI: AI automated diagnosis, algorithmic image post-processing
•Removing physical boundaries for collaboration: virtual peer-peer discussion and collaboration
Healthcare is already enabled by technology and
reliance on this is growing. Infratil’s ability to
leverage investment across a broad portfolio will
bring long term upside

Future
Opportunities
The strength of
Infratil’s platform
is opening
opportunities with
both other
diagnostic
imaging platforms
and adjacencies
within the
healthcare
sectors
Infratil Investor Day 20239
Expansion within diagnostic
imaging
•Clinic expansion and greenfield
network growth
•Bolt-on acquisitions and industry
consolidation
•Global scale expansion
•Teleradiology hub
Entry into adjacent healthcare
sectors
Oncology
Orthopaedics
Cardiology
~NZ$720m invested to date across
combined Australasian diagnostic imaging
platform
Urology
Platform synergies
Scale acquisitions with reliable
cashflows and strong revenue
growth
Neurology
Haematology
Healthcare
Manufacturing

Appendix

MRI
26.5%
CT
25.4%
PET
5.8%
Ultrasound
22.0%
X-Ray
11.5%
Other
8.7%
Market leading
Diagnostic
Imaging platform
Combined
platform growth
driven by focus
on high value
modalities
Infratil Investor Day 202311
100
300
0
200
400
700
500
600
FY20FY21FY22FY23F
Platform Revenue
(NZD millions)
Platform EBITDA
(NZD millions)
Modality Mix
(FY23F Revenue)
Radiologist Cohort
(Number of radiologists)
Complex
modalities: 58%
Qscan
135
PRG
93
ARG
32
Bay
19
0%
5%
10%
15%
20%
25%
30%
0
30
60
90
120
150
180
FY21FY20FY22FY23F
Note: Financials presented on 100% basis. Infratil owns 55.1% of Qscan and 50.8% of the combined NZ platform consisting of PRG, ARG, and Bay
EBITDA Margin %

---

Infratil Investor Day Presentation
24 March 2023
Greg Boorer
Chief Executive Officer

2
COMMERCIAL-IN-CONFIDENCE
Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary
form, is not necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient’s particular objectives, financial situation or needs. Each recipient of this presentation should: (i) make its own
enquiries and investigations regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that different future outcomes may
have on CDC; (ii) seek legal, accounting and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in this presentation, is given for illustrative
purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance.
Information set forth in this presentation may contain “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as “forward-looking
statements”). Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC’s projected financial performance; (ii) the expected development of CDC’s
business, projects and joint ventures; (iii) execution of CDC’s vision and growth strategy; (iv) sources and availability of third-party financing for CDC’s projects; (v) completion of CDC projects that are currently underway, in development or
otherwise under consideration; (vi) renewal of CDC’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow recipients of this
presentation the opportunity to understand CDC’s beliefs and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing opportunities.
Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and acceptthat future results may be affected by a range of variables which could cause outcomes or trends to differ materially,
including (but not limited to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii) industry competition; (ix) geopolitical risks,
legislative, fiscal and regulatory developments; (x) economic and financial markets conditions; (xi) approvals; and (xii) cost estimate.
Important notice and disclaimer

Agenda
Performance
4
Outlook
11
Questions
16

Performance
COMMERCIAL-IN-CONFIDENCE

5
COMMERCIAL-IN-CONFIDENCE
CDC is Australia and New Zealand’s leading provider of critical digital infrastructure for safeguarding the critical data and
systems that drive national progress, innovation and prosperity
Overview
Availability
•100% uptime guaranteed
•Resilient and modern facilities
Interconnection
•Powerful ecosystem
•Direct customer and cloud
provider connectivity
Optionality
•Modular, efficient facilities
•Future proof infrastructure
•Value-add service options
Security
•HCF Certified Strategic Provider
1
•Government security accreditation
•24x7x365 on site guards
•Security cleared personnel
Sustainability
•Leading water and electricity
sustainability practices
•Strong environmental, sustainability
and governance credentials
1. DTA Hosting Certification Framework, Australian Government

6
COMMERCIAL-IN-CONFIDENCE
FY2023 achievements to date
Onboard new contracted customers in Auckland, Canberra and Sydney
Continue to grow and diversify National Critical Infrastructure and Commercial client base
Exceed client expectations
On track
Foster high performance culture
Build the team to meet corporate goals and planned growth
Enhance organisationalskill base through CDC Academy
On track
Deliver 30%+ YoY revenue and earnings growth
Maintain prudent cost controls in inflationary environment
Expand capital structure to fund investment plans
On track
On track
Accelerate construction in Melbourne and Auckland
Plan for more new data centre developments in Auckland, Canberra and Sydney
Explore additional strategic growth opportunities in Australia and New Zealand
CDC continues to deliver on its commitments to customers, people, new developments and financial targets
CUSTOMERS
PEOPLE
DEVELOPMENT
FINANCE

7
COMMERCIAL-IN-CONFIDENCE
CY2022culminated in two milestone events: the official openings of theTāmakiMakaurau Silverdale and Hobsonville
hyperscale data centres in Aotearoa New Zealand, andthe flagship Eastern Creek Campus in Sydney, Australia
Two significant CDC data centre openings
Aotearoa New Zealand
Australia
Tāmaki Makaurau Silverdale and Hobsonville CampusesEastern Creek Campus

8
COMMERCIAL-IN-CONFIDENCE
CDC locations: current and under development
CDC’s unique, highly
interconnected and shareable
ecosystem offers government,
hyperscale and commercial
clients opportunities to connect
and collaborate securely,
according to their strategic
needs.
The combination of high credit
quality clients and large contracts
with long Weighted Average
Lease Expiries is unique globally
in the data centre industry.
Brooklyn
Eastern Creek
Hume
BK1
Brooklyn
H1H2
Hume One
H3
H4
H5
Hume Two
EC1EC2
Eastern Creek
EC3EC4
EC5
F1
F2
Fyshwick
F3
Silverdale
Hobsonville
Silverdale
SD1A
SD1
Hobsonville
HV1A
HV1
EC6
H6
Fyshwick
Operational
Under development

9
COMMERCIAL-IN-CONFIDENCE
World-class data centre portfolio
Campus / FacilityStatus
Build Capacity
(MW)
Hume Campus 1Operating21
Hume Campus 2Operating51
FyshwickOperating45
Eastern CreekOperating123
SilverdaleOperating14
HobsonvilleOperating14
Total Operating Capacity 268
BrooklynUnder Construction30
Silverdale and Hobsonville
Expansion
Under Construction12
Total Construction Capacity42
SydneyFuture Build108
CanberraFuture Build178
MelbourneFuture Build120
AucklandFuture Build70
Total Future Capacity476
Total Capacity786
CDC is sought out and relied upon for its world-class, future-proof, highly secure and interconnected data centre solutions
Hume 1 & 2Fyshwick 1
Eastern Creek 1 & 2
Hume 3
Hume 4Eastern Creek 3
Auckland 1Hume 5
0
100
200
300
400
500
600
700
800
20112015201920232024+
MW
ACTNSWNZVIC

10
COMMERCIAL-IN-CONFIDENCE
ESG Leadership
Stable planet
Carbon and energy
Net Zero by 2030
Water
Remain Australia and New Zealand’s most water efficient data
centre
Waste and circularity
Zero waste to landfill by 2030
Thriving people
Safety and wellbeing
The best and safest place to work
Diversity and inclusion
Become an industry leader in diversity and inclusion
Engagement and growth
Excellence and purpose-driven team
Community impact
Make a measurable difference in our communities
Trusted
company
Trust and transparency
Australia and New Zealand’s most trusted data centres
Data Security
Industry leading integrated security posture
Resilience and adaptation
Resilience and innovation for changing climate
CDC Academy
The CDC Academyis CDC's dedicated learning
platform of adaptive, flexible and specialiseddata
centretrainingproviding employees with career
development and continuous improvement
opportunitiesto excel in their respective fields
Toitūenviromark‘Gold’ Certification
The Toitūcertification is an important step towards
CDC achieving its aspirations of becoming net zero
carbon and zero-waste across all its facilities
Governance
CDC continues to setthe gold standard for trust
and transparency in our industry, building fully
redundant data centresand ensuring they exceed
the highest certification requirements
CDC’s world-class team works every day to keep CDC the most resilient, sustainable and trusted data services provider, and
secure a stable and thriving future for all
Industry-leading ambition
2022-23 achievements

Outlook
COMMERCIAL-IN-CONFIDENCE

12
COMMERCIAL-IN-CONFIDENCE
CDC’s track record of project delivery puts it in the right place at the right time to satisfy accelerating market demand
.
Strategic customer trends continue to underpin growth plans
Increased focus on resilience and security
Driven by increased number, scale and velocity of attacks and threat vectors, as well as
the need to customers across all industries to comply with the new suite of government
policy, legislative and regulatory actions.
Accelerated customer digitalisation and data growth
Driven by hyperscale cloud adoption and digitalisation, emergence of AI solutions and
increased interest in blending classical, high performance and quantum computing
across private and public sector customers.
Sovereignty and National Critical Infrastructure requirements
Driven by heightened geopolitical environment tensions, as well as new and emerging
government policy, legislative and regulatory requirements.
Greater emphasis on sustainability
Driven by corporate values and commitments, stakeholder and community expectations,
alongside emerging government policy developments.
CDC is uniquely positioned to
capitalise on these trends to drive
continued growth:
•Existing CDC capacity to be reached
earlier than expected
•Sustained additional customer
demand provides confidence to bring
forward capacity expansion
•CDC’s unique development approach
and landbank portfolio enables high
speed to market developments
•CDC continues to identify and develop
further strategic growth opportunities
across Australia and New Zealand

13
COMMERCIAL-IN-CONFIDENCE
The focus for FY2024 is across the 4 key dimensions of Customers, Development, People and Finance
Looking ahead
•Address existing customer demand and
continue to grow and diversify customer
base
•Onboard new contracted customers in
Auckland, Melbourne, Canberra and
Sydney
•Exceed client expectations and enhance
business value for our customers
•Foster high performance culture
•Build the best team to exceed corporate
goals and deliver market leading growth
•Enhance personal development and
organisational skill base growth through
CDC Academy
•Deliver 20-30% YoY revenue and
earnings growth
•Maintain prudent cost controls in
inflationary environment
•Expand debt capital market sources to
optimisecost of funds and tenor while
adding quantum to fund new investments
•Execute development and construction
program in Melbourne and Auckland
•Plan for more new data centre capacity in
Auckland, Canberra, Melbourne and
Sydney
•Explore additional strategic growth
opportunities aligned to CDC’s core
offering
CUSTOMERS
FINANCE
DEVELOPMENT
PEOPLE

14
COMMERCIAL-IN-CONFIDENCE
CDC continues to bring forward additional capacity in response to strong customer demand and growth opportunities across
Australia and New Zealand.CDC remains strongly focused on addressing the needs of government and industries
delivering the critical services relied upon for everyday business and lifeto help secure the future of our nations
42MW of capacity under construction across two geographies
New Zealand Australia
Auckland
Silverdale
Auckland
Hobsonville
Melbourne
Brooklyn
Sydney
Eastern Creek

15
COMMERCIAL-IN-CONFIDENCE
Financial performance and outlook
CDC’s business model has very solid foundations, with four key strengths underpinning its strong financial performance.
Profitable growth to continue as customers are onboarded into our newly commissioned facilities in New Zealand and
Australia, and our customer-driven development pipeline is realised
Customers:Loyal customer base and strong
track record of renewals and extensions, resulting
in 24 year WALE incl. options (Sep 22: 21 years)
Operations:Flexible, scalable data centre
footprints to meet customer demand and standards
•Rack utilisationto 66.0% (Sep 22: 65.9%)
People:Increase in head count and team
capabilities to maximisebusiness growth, while
maintaining an efficient operating cost structure
Development:Best-in-class data centre designs
and predictive maintenance programs to optimise
total lifecycle costs and ensure reliable operation
1
2
3
4
56
73
117
148
161
210-220
0
50
100
150
200
250
2018A2019A2020A2021A2022A2023F
FY23 GuidanceReported EBITDA

Questions
COMMERCIAL-IN-CONFIDENCE

---

Infratil Investor Day Presentation
24 March 2023
Paul Gaynor
Chief Executive Officer

Background and LTM Achievements
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
2
Background
•Vertically integrated developer,
owner, operator, established 2016
•US wind, solar, and storage
•~160 people
•Ownership: 37% Infratil; 37% NZSF;
14% Management; 12% MEAG
•ITD developed and acquired 4.3 GW;
own 2.4 GW; 1.6 GW third party
LTM Achievements
•1.3 GW project closings
•US$3 billion total capital raised
•US$500 million equity raise;
MEAG introduced as new investor
•Minority investment in ValtaEnergy
(DG developer)
•First storage supply contract signed
•Disposition of Federal Street portfolio
•38% pipeline growth

On the Path to US$500 million run-rate Opco EBITDA
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
3
Source: BNEF
Wind (onshore)
Solar (ex. Residential)
Solar +63 GW
Wind +38 GWStorage +20 GW/78 GWh
Our Job....
To grow Opco
EBITDA to US$500
million run-rate
Market Fundamentals Are Strong
Projects
Equipment
Sourcing
Capital

Game Changing Legislation: Inflation Reduction Act
4
Features of the IRA 2022
•10-year PTC
•10-year ITC
•Solar PTC
•Stand-alone Storage ITC
•Made in America
•Community Energy
•Hydrogen........and more
2022-2030 Solar Build
301 + 63 (IRA) = 364 GW
2022-2030 Wind Build
109 + 38 (IRA) = 147 GW
2022-2030 Storage Build
87 + 20 (IRA) = 107 GW
600 GW Total Market to 2030 ~ 65 GW Annually

The Inflation Reduction Act Economic Impact
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
5
Domestic
Content
Adder
•110% multiplier for PTC
•+10 percentage points adder to ITC
•FSLR procurement of US-made modules for under-construction solar-only
projects
•Additional OEMs (modules, trackers, inverters, BESS) expanding US
manufacturing base
Energy
Community
Adder
•Brownfield site or Direct employment or tax revenues from coal/O&G and
unemployment higher than national average
•Census tract with coal mine closed after 2009 or coal power plant retired
since 2009
•Similar to Domestic Content Adder, results in 110% PTC multiplier or
+10 pts ITC
2
+4% $(10)
+5%$(12)
Solar PTC
•Solar projects can elect solar PTC
•Projects with biggest value opportunity are in locations with strong solar
resource and cheap cost to build (i.e., US southwest)
•PTC protections to be added to new solar PPAs. Expect similar financing
structures as precedent wind PTC deals
+2% $(5)
Potential Value
+Unlev
IRR%
PPA Price
Discount
$/MWh
3
1

Current Opco: 2.4 GW / 30 Projects
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
6
401+ MW
201 –400 MW
0 –200 MW
Longroad Office
Solar Assets Sold
Solar Operating/In-Construction +
Owned
Solar Services
Wind Assets Sold
Wind Operating/In-Construction + Owned
Wind Services
(1)Reflects net MW sold.
(2)Map excludes Federal Street assets sold and held for sale, which are spread over hundreds of individual sites across the United States.
(3)Maine DG tranche 2 development portfolio sold is represented by a single marker in the state of Maine on the map.
Longroad Sold, Owned (Operating + In-Construction), and LES-Managed Assets
Storage Operating/In-Construction +
Owned
Storage Services
Storage Assets Sold
GW
3.8
Developed
0.5
Acquired
4.3
Total
(1.9)
Sold
2.4
Net Owned
(30 Projects)
1.6
Services

On the Path to US$500 million run-rate Opco EBITDA
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
7
--
$100
$200
$300
$400
$500
$600
2021 Adjusted20222023202420252026
EBITDA ($ in millions)
Longroad Project Run-Rate Opco EBITDA
2.4GW
Avg. 1.5 GW/yr
8.5 GW
2022 ProjectsMW
Pittsfield7
Sun Streams 3500
Three Corners150
Titan98
Umbriel202
2023 ProjectsMW
Serrano387
Sun Streams 4677
2024 ProjectsGW
6 Projects1.5
2025 ProjectsGW
7 Projects2.1
2026 ProjectsGW
Average Plan~1.5

Total Pipeline Growth
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
8
Weaver
-
4,000
8,000
12,000
16,000
20,000
20222023
January 2022 to January 2023, YOY Pipeline Change
CAISOAZPACSCPPA/LANVE
MTN WestHIISONESPPMISO
PJMERCOTOther
12.9GW
17.8GW
+38%

0
1,500
3,000
4,500
6,000
7,500
9,000
10,500
12,000
13,500
15,000
16,500
18,000
20232024202520262027+
Pipeline Breakdown by Year (GW)
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
9
Weaver
1.1GW
2 Projects
2.6GW
11 Projects
3.6GW
13 Projects
6.1GW
16 Projects
4.5GW
8 Projects
50 Active Projects
Out to 2027+
Pipeline Breakdown by Project Total MW and FNTP Year

Near Term Plan Projects (2023-2025)
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
10
401+ MW
201 –400 MW
0 –200 MW
Longroad Office
(1)Reflects total installed capacity (solar, wind and storage).
Solar Development
Wind Development
Storage Development
Solar+Storage Development
Longroad 2023-2025 Near Term Plan Projects
GW
1.1
2023 (2)
1.5
2024 (6)
2.1
2025 (7)
4.6
Total (15)

2023 EPC Execution Plan –Three Corners
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
11
Three Corners Solar
152 MWdc
KennebecCounty, Maine

2023 EPC Execution Plan –Sun Streams 3
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
12
Sun Streams 3 Solar & Storage
285 MWdcPV
215 MWac/ 860 MWh storage
Maricopa County, Arizona

2023 EPC Execution Plan –Umbriel Solar
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
13
Umbriel Solar
202 MWdc(150 MWac)
Polk County, Texas

2023 EPC Execution Plan
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
14
Weaver
401+ MW
201 –400 MW
0 –200 MW
Longroad Office
(1)Reflects total installed capacity (solar, wind and storage).
Solar Development
Wind Development
Storage Development
Solar+Storage Development
Longroad 2023 EPC Execution Plan
Sun Streams 4 (2023),
677
Sun Streams 3 (2022),
500
Serrano (2023),
387
Highlights
•Approximately US$3 billion of EPC
execution and pre-construction now
underway
•Longroad execution team currently 17 –
acquiring resources for SS4 and Serrano
•No tariff risk on PV modules sourced:
US, Vietnam, Malaysia, Germany
•Chinese sourcing: Sungrowand AESC.
Contracting through US entities so no
applicable tariffs; labor and social issues
diligencedand contracted
•Diversified and experienced EPC
contractor group
Pittsfield (2022), 7
Three Corners (2022), 150
Foxhound (2022), 108
Umbriel (2022), 202
Milford Repower (2022),
305

EPC Execution Plan 2024-2026
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
15
Weaver
IRA Driving Procurement to US Sources –But at a Premium
Expect Inflation and Rising Interest Rates to Increase Costs
•Anticipating ~US$10 billion of additional EPC execution of FNTP projects during this period
•IRA requires prevailing wages to capture credits, driving upward wage pressure. Mitigated by industry-wide apprenticeship program
•US-sourced inputs should substantially hedge global transportation cost risk
•Modules currently sourced through FSLR through 2027; continue to monitor silicon options as increased production shifts to US;
further FSLR US investment is expected
•Lithium costs expected to decline, and US cell production is expected to rapidly increase. Supplier diversification requiredto
mitigate supply and execution/augmentation risks
•Tracker production increasingly shifting to US; diversify supplier base
•Overall –the EPC cost structure is expected to rise and to be reflected in forward PPAs

Capital to Fund 2023-26 Plan (~6 GW)
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
16
2023-26 Plan: 6 GW
•~$8 billion capex plan
•85% to 90% via tax equity
and debt financing
•10 –15% funded
via equity
•Evaluating options for
next round of Longroad
equity funding, both
public and private
2023 NTP Projects
$1.6 B
2024 NTP Projects
$1.8 B
2025 NTP Projects
$2.6 B
2026 NTP Projects
$2.0 B
Uses
Project Tax Equity
Financing
$4.0 B
Project Debt
Financing
$3.0 B
Equity Funding
Requirement
$1.0 B
Sources

Raising Capital in New World of IRA
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
17
Weaver
~US$8 billion capex plan to deliver on Longroad’s 2023-2026
development plan
•Longroad has raised US$10 billion since inception
•2023-2026 development plan will require ~US$8 billion of capex investment
•Expect 85-90%, or US$7 billion, of capex to be funded via non-recourse project financings
(i.e., tax equity and debt financings);
̶~US$4 billion of the project financings expected to be sourced from tax equity banks that
Longroad has traditionally used (e.g., US Bank, Wells Fargo, PNC)
̶~US$3 billion would be sourced by traditional bank debt (e.g., Keybank, CIT, HSBC, Morgan
Stanley, MUFG, CIBC)
•Remaining US$1 billion would be funded via additional Longroad equity, additional holding
company debt or cash distributions from Opco
•IRA offers potential additional tax equity optimizations for refundability, domestic content
adders, energy community adders, and solar PTCs

Thinking More Creatively Given Long Development Horizon
Executing on Growth: Development
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
18
•Have ramped up investment in longer term pipeline as
interconnection queues have extended project timelines
•Increased greenfield wind development activity
•Continued focus on M&A to further deepen pipeline and access
to different markets
•Creating some “big plays” of 1 GW+ (e.g., King Pine Wind)
•Evaluating deeper push into standalone storage and hydrogen
development markets
•Expanding relationships with key counterparties
18

ValtaInvestment Overview
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
19
Weaver
•Longroad committed US$100 million of cash and credit to
acquire a ~32% interest in ValtaEnergy, a C&I platform, with an
option to increase this stake over time
•Provides access to fast-growing and lucrative C&I and
community solar markets
•Avoids distraction with Longroad’s core utility-scale business
•Valtahas a successful track record but has never taken outside
capital; transaction provides significant growth capital to
expand its platform
•Longroad can leverage its position in areas like financing and
procurement to help Valtascale to 100+ MW per year over time
Operating,
31 MW
Construction,
31MW
Development'24
COD,71MW
Development ‘25
COD,60MW
ValtaOperating andNear‐Term
~232MW
Development'23
COD,40MW
Provides Longroad access to fast-growing US DG market

Thank you -See you in Phoenix
Conclusion
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
20
•Strong and durable market fundamentals
•Longroad targeting US$500 million run-rate Opco EBITDA by 2026
•Actively developing and acquiring projects in order to hit this goal
•IRA not priced into recent capital raise
•Bringing financing track record to bear in order to raise required capital
•Experienced, aligned team
Photo: Nolan Hartleben

---

Manawa Energy
Infratil Investor Day Update
24 March 2023

Manawa Energy
•New Zealand’s largest independent* electricity generator and
renewables developer
•26 power schemes throughout New Zealand
•Capacity of 502MW (average 1,942 GWh pa) –99%+ renewable
•~650 customers at more than ~6,400 electricity connections
nationally
•Headquartered in Tauranga, approximately 230 FTE employees,
including a dedicated new generation development team
•Current market capitalization is ~$1.5 billion
•51% owned by Infratil
* By independent we mean without an integrated mass-market retail business

Shifting Focus
Following the successful separation and sale of the mass-
market retail business in May 2022, Manawa Energy has
made significant progress establishing and imbedding the
new business model and strategy.
The key focus of the company has very much transitioned
to strategy execution which is progressing successfully:
•Successfully separated and established Manawa Energy with
refreshed strategy and focus, embedded new business model
•~970MW of new development options with either landholder
or option agreements in place
•~375MW of other new development options under advanced
negotiation
•Existing asset enhancement programme on track
•High value generation asset refurbishments progressing on plan

New Development Opportunities
•Manawa Energy’s pipeline is progressing quickly, with ~970MW of solar and wind projects with either landholder or option agreements in place and
~375MW under advanced negotiation. NB: It is not expected that all of these options will translate into viable developments
•Long-term aspiration remains to develop 500MW of new projects by 2030
•Manawa Energy is now moving from ‘origination’ to a priortisation and execution phase, with the objective of progressing projects through to being
‘ready for FID’
•Given development timeframes, it is expected the solar opportunities are more near-term than wind developments
Pipeline Summary
0
200
400
600
800
1,000
1,200
Advanced stage of
landholder negotiations
Executed landholder
agreements but pre-
consent
Consent and Landholder
agreements in place
Ready for FID
Capacity (MWac)
Key pipeline options by stage
SolarWind
Key pipeline options by Location
North Island
South Island

Generation Enhancement Update
FY-23 Enhancement update:
(Marlborough) Branch Infiltration Gallery (+10 GWh/pa)
Completed and operational
(Tasman) Cobb G5/G6 (+2 GWh/pa)
Cobb G5 and G6 generator replacement is complete, and new
generators have passed commissioning tests. Generator performance
exceeds design requirements
(Otago) Deepstream phase 2 (+3 GWh/pa)
Resource consent has been granted. Initial improvements have been
made and additional water is being taken into the scheme
New Branch infiltration gallery with discharge into the Argyle Canal on the left
All planned FY-23 enhancements are complete. A total of 30GWh pa of volume uplift has been delivered from
enhancements so far. A further 77GWh pa is either planned and approved or being scoped for delivery in the
coming years

•With the exception of one small hydro scheme in
Hawke’s Bay, Manawa assets fortunately avoided any
significant impacts from Cyclone Gabrielle and other
recent weather events
•All our people were safe, and we have been
providing support 'on the ground' directly and via
industry efforts
•The Esk scheme in Hawke’s Bay (3.8MW) suffered
significant damage
•The Esk scheme consists of two stations (Toronui1.4
MW and Rimu2.4 MW) with differing levels of
damage
•The scheme is expected to remain out of service
while further damage assessments can be
undertaken. Preliminary assessments indicate repairs
could take 3-12 months
•Damage is largely to conveyancing structures,
transmission assets, and land. Most generation
equipment remains in good condition
•Access to the site remains challenging
Recent
Weather Events

Significant investment on high-value assets to secure future revenues and ensure safe, compliant, and efficient running:
Major Asset Investment
FY-23 Major Asset Investment update:
(Otago) Waipori G3/4 generator replacement –Underway
End-of-life replacement of generating units at key strategic
station. G4 replacement completed, G3 expected
completion late 2024.
(Tasman) Cobb G5/6 generator replacement –Completed
As well as two new generator units, auxiliary equipment is
also being replaced and modernised, including new
bearings, lubrication, and cooling systems. Project also
provides enhancement benefits (+2 GWh pa).
(Canterbury) Highbank unit upgrade –Underway
Replacement of both generator and turbine to secure future
generation capacity and provide enhancement benefits. (+8
GWh pa).
Original installation
of the Cobb G6
Generator in 1954,
and new G6
Generator in 2022

Disclaimer
While all reasonable care has been taken in the preparation of this presentation, Manawa Energy Limited and its related entities, directors, officers and employees
(collectively “Manawa") do not accept, and expressly disclaim, any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this
presentation or its contents. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the
information. All information included in this presentation is provided as at the date of this presentation. Except as required by law or NZX listing rules, Manawa
Energy is not obliged to update this presentation after its release, even if things change materially.
The reader should consult with its own legal, tax, investment or accounting advisers as to the accuracy and application of the information contained herein and
should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not been independently verified by
Manawa Energy.
Some of the information set out in the presentation relates to future matters, that are subject to a number of risks and uncertainties (many of which are beyond the
control of Manawa Energy), which may cause the actual results, performance or achievements of Manawa Energy or the Manawa EnergyGroup to be materially
different from the future results set out in the presentation.The inclusion of forward-looking information should not be regarded as a representation or warranty by
Manawa Energy or any other person that those forward-looking statements will be achieved or that the assumptions underlying any forward-looking statements will
in fact be correct.
This presentation may contain a number of non-GAAP financial measures. Because they are not defined by GAAP or IFRS, they shouldnot be considered in isolation
from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Manawa Energy believes they provide useful
information in measuring the financial performance of the Manawa Energy Group, readers are cautioned not to place undue relianceon any non-GAAP financial
measures.
This presentation is for general information purposes only and does not constitute investment advice or an offer, inducement,invitation or recommendation in
respect of Manawa Energy securities. The reader should note that, in providing this presentation, Manawa Energy has not considered the objectives, financial
position or needs of the reader. The reader should obtain and rely on its own professional advice from its legal, tax, investment, accounting and other professional
advisers in respect of the reader’s objectives, financial position or needs.

---

Infratil Investor Day Presentation
24 March 2023
Chris Munday
Chief Executive Officer

Qscan Group Snapshot
Qscan Group is the premier provider of quality radiology services in the Australian market
Qscan is differentiated from its peers by having a group of highly specialised
radiologists and strong management who encourage and facilitate early
adoption of leading healthcare technology
•Highly specialised radiologist workforce with focus on sub-speciality and
high-value modalities (CT/MRI/PET-CT) and complex procedures
•Market leaders in PET-CT, first Australian operator with a dedicated strategy,
first mover in non-hospital and unique operational model, including strong
working partnership with Australia’s leading private oncology network, ICON
Group
•Established and defensive regional clusters leading to clear market
leadership in catchments with attractive demographics
•Implementing highly scalable teleradiology capability –Radiology with
external remote reporting increasingly used
2017,
Investment in
Qscan (Qld)
2017,
Investment in
North Coast
Radiology
Group (NNSW)
2017,
Investment in
Xradiology
(Brisbane)
2018,
Investment in
Universal
Medical
Imaging
(Canberra)
2019,
Investment in
Alpenglow
(Regional NSW
and SYD)
2019,
Investment in
Berera
Radiology
(Tasmania)
2019,
Investment in
Southeast
Radiology
(SNSW)
2022,
Investment in
Envision
Medical
Imaging
(Perth)

Our Q-ONE vision is to be number one...
•in Quality, which is central to everything we do
•as the LeadingDiagnostic Imaging services provider nationally as
recognisedby radiologists, referrers and patients alike
•as the partner and Employer of Choice for radiologists, clinical and
clerical staff desiring a career in health, whether they be based in a
major capital city or a regional centre
•as Innovators, leading the use of advanced technology to ensure the
delivery of world leading patient care in diagnostic imaging, customer
service and training and development of our staff
•in supporting Medical Research, working with leading global health
care providers to excel in collaborative and transformative research.
Supporting clinical trials and delivering more advanced health care and
medical technology to improve the health of all

Australian Diagnostic Imaging Sector Snapshot

Radiology Key IndustryDrivers
Long term sustainable growth is underpinnedbyanumberoffavourableindustryconditions
DriverSummary
Population
▪Industry demand increases in-line with population growth
▪Australia’s population is anticipated to grow steadily in the future at 1.6% p.a.
Median age ofthe
population
▪The general health of individuals tends to deteriorate with age
▪Australian’s median age expected to increase, population over 65 has been growing at 3.3% p.a.
▪As such an increasing share of the population will have greater demand for radiology services
Federal funding for
Medicare(universal
healthcare)
▪Medicare (Government funding) provides rebates for most diagnostic imaging services
▪The industry is highly sensitive to the structure of Medicare schedule fees and the proportion of rebatesavailable
▪Indexation of rebates reintroduced June 2020, providing support for stable, long-term growth
Visits to ageneral
practitioner
▪Most patients visit diagnostic imaging centreson referral from their general practitioners
▪A rise in total visits to a general practitioner increases demand and revenue for the industry;
visits to general practitioners are anticipated to rise in the immediate term
Industry
consolidation
▪High barriers to scale are driving consolidation with corporatisedoperators growing fastest
▪Scale provides ability to adapt to technological change and radiologist preferences, establishing
competitive advantage
▪Employers and partners of choice, aided by investment in training of radiologists and staff

-10%
-5%
0%
5%
10%
15%
20%
Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23
L12M YoY Medicare (Items)
L12M YoY Qscan (Items)
GP Services
Qscan growth continues to outperform overall DI Market
Notes:1.Radiology Medicare data is based on service types relevant to and in the Australian states (specifically Qld, NSW & ACT) which Qscan operate.
Rolling 12 month YoY Billings Growth of Qscan Clinics vs Diagnostic Imaging Market (per Medicare data)
Seeing material YOY
improvement in 2023
Covid materially impacted
trade in
Qld & NSW in 2HCY21 -
Flooding also impacted
Qld & NSW in FY23
Growth consistently
outperformed the overall
market in both
examinations and billings
Covid restrictions delayed
opening of 3x new clinics
GP Services
Diagnostic Imaging

Current Financial Performance

0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
FY21PFFY22AFY23F
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
20.0
30.0
40.0
50.0
60.0
70.0
FY21PFFY22AFY23F
Financial Highlights
Track record of strong annual revenue growth
Revenue($m)
Margin expansion expected in coming years
EBITDA ($m) and EBITDA margin(%)
Results for FY23 materially impacted by Qld / NSW floods,
including closure of a major Clinic in Brisbane (reopened
February 2023)
Material improvement in earnings and margin expected in FY24
as revenue and Doctor costs improve through Junior Doctor
investment maturity, and other productivity improvements
Notes:
FY23F is a “Normalised “ EBITDA number adjusted for one off costs ( largely IT Transformation Costs ) and ramp up of greenfieldclinics.
EBITDA reported excludes impacts of AASB16.
FFY21PF are proforma adjusted for period prior to Infratil ownership(April 2020 –Dec 2020).Proforma figures exclude JobKeepersubsidy.

The Next Phase....

Our vision is to be the leading provider of quality radiology in Australia; we embrace next generation
technologies and pioneer innovative solutions to improve patient outcomes.
OUR VISION
Trusted Analysis | Excellence | Compassionate Care
OUR VALUES
Leveragethe
best technology
Collaboration&
Partnerships
Partnerwith our
Doctors
Improveaccess
for patients
Empowerour
people
Q
-
ONE PILLARS
Our Strategic Pillar Imperatives for FY2024
Embed new Managing
Radiologist leadership
structure across regions
Develop Teleradiology
strategy including
operating model &
workforce
management tools
Evolve the data &
insights across the
Group to drive decision
making and operational
improvements
Embed and realisereal
value from Intelligent
Radiologist Workflow
Orchestrator

Targeted Outcomes from New Doctor Remuneration Model
Engagement
•Supports diversity of case mix as well as allowing doctors to focus on sub-specialties
•Encourages culture of sharing across national network, including supporting junior Radiologists
•Support involvement of Doctors in clinical and practice management via oversight committees
•Provides pathways for ‘new’ radiologist to become shareholders / partners
Productivity
•Maximises radiologist productivity and capacity, with assistance from significant IT transformation
strategy namely, Orchestrated Worklists (Clario selected), Seamless Tele-reporting capability and
Efficient E-referrals
•Supports continued investment by company in “Best in class” equipment in order to maintain high
quality and ability to serve
Remuneration
•Contribution based remuneration structure with effective incentivisation that benefits both Doctors
and clinic interests
•Market leading, incentive driven, remunerationscheme which rewards the existing Doctor group
but also is simple to understand and attractsadditional talent to join Qscan
•Greater transparency and clarity on reporting fee structure and more timely reporting / payment
for work done
Productivity
Remuneration
Engagement

Our Key Objectives -Future Pillars of Growth
Brownfield
Expansion
▪Significant opportunity for Brownfield expansion at existing sites with existing space available at a
number of sites
▪Regional site in Young, NSW, with new 3TMRI is a good example
Greenfield
Expansion
▪Strong Pipeline of Opportunities, but radiologist pending
▪Development of fully comprehensive PET Clinic in Maroochydore Qld in FY2024
IT Transformation
▪Projects like our national, orchestrated workflow solution: Clario; anddigital Ultrasound solution,
SonoReview; plus,E-referrals will significantly drive productivity, capacity utilisation and profitability,
lifting margin
M&A▪Open to accretive opportunities of quality, like minded radiology groups
Long term sustainable growth is underpinnedby four pillars of growth

GRAFTON MRI
•Insert text here
Windsor Clinic Rebuild
Recent Expanded Capability

Recent Expanded Capability –MRI Installations
Young, NSWAnnerley, Qld
Grafton, NSW

Thank You

---

Infratil Investor Day Update
24 March 2023

Building on the
resident experience
•RetireAustralia is pursuing the integration of care into
some of its new villages via the introduction of care
hubs. The innovative offering is a model of care that
will offer round-the-clock, nurse-led care to residents in
their own homes, with the option to move to a higher
care environment if their needs advance beyond what
can be offered in their home environment
•Resident satisfaction is stable with 85% of residents
saying they are satisfied or very satisfied with life in
their village
•RetireAustralia is experiencing strong demand across
its portfolio with waitlists in place for 22 of its 28
villages

Growing the business
•Retire Australia is expecting a strong finish to FY23
with >400 settlements forecast.
•FY22 experienced higher settlements of 565 units in
total (489 resales and 76 developments). This
higher number was largely due to high inventory
levels available given lower settlements in prior
years.
•During FY23 RetireAustralia also added to its
development pipeline with the purchase of a site
adjacent to its Cleveland Manor Retirement Village
in Queensland. The business is planning to build 146
independent living apartments and a 10 bed care
hub on this site.
260
308
343
565
437
558
0
100
200
300
400
500
600
FY19AFY20AFY21AFY22AFY23FFY24F
Total Settlements
Total Settlements

Development update
•Construction is expected to complete on four sites
in the next 12 months, adding 254 apartments and
a 10 bed care hub
•34 apartments are being constructed at The Rise
Wood Glen, which is a premium village NSW
Central Coast
•128 apartments and a 10 bed care hub across
Stages 2 and 3 of The Verge in Burleigh on the Gold
Coast
•92 apartments will be completed at The Green in
Tarragindi, Brisbane
The Green in Tarragindi, Brisbane

---

Infratil InvestorDayPresentation
24 March2023
RHCNZ
Medical ImagingGroup
Terry McLaughlin
Chief Executive

Large-scale national business providing specialist imaging, diagnostic and preventative radiology services
National portfolio of 70+ clinics
•43 clinics in North Island
•32 clinics in South Island
•+ located at 19 key private hospitals
•144 radiologists nationwide
•1,298 staff nationwide
•24 / 7 teleradiology service
11
New Zealand’s Largest Radiology Network

Total Group Volumes (000’s of scans p.a.)
FY20-FY23F
Total Group Revenues (NZ$ millions)
FY20-FY23F
241
268
297
305
-
50
100
150
200
250
300
350
400
860
885
932
953
0
200
400
600
800
1000
1200
Financial Performance
Significant disruption experienced during and post-COVID, but underlying volume growth remains
•Post-COVID the broader New Zealand health system has experienced disruption in workflows. Overall group volumes up 2.2% in FY2023
•Over the last five years, volumes have also been driven by a mix shift towards higher-tech modalities
•We have seen an improvement in volumes from November 2022, and we believe long run growth rates will likely return to historical
trend over FY2024 as the fundamental industry drivers remain strong
FY21FY20FY22FY23FFY21FY20FY22FY23F

PacificRadiology,
Timaru Branch
PacificRadiology,
Metro, Canterbury
Pacific Radiology,
New CT for Palmerston North
X-Ray,Ultrasound, CT,CBCTX-Ray,Ultrasound,MRI,CT,Breast ImagingCT
Recently Expanded Capability
New purpose-built regional facilities delivered on time and within budget

Dunedin Central
New Facility
MRCTPET
CT
CT
SPECT
USXR
Whangārei

-

North Hamilton

--

Whanganui

--

Dunedin Central

-

Tauranga

-

Remuera Road (Auckland)

Napier
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--
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Remueraroad
Future Planned Capability
Significant future capability planned in strategic locations

•Pressureonpublichealth system
•Radiologyanessentialserviceinidentification,preventionand
monitoringof patienthealthcarelifecycle
•Ashifttowardearlydiagnosisandpreventativecare
•High-valuemodalityvolume-ledgrowth
•Leading-edgetechnology,radiologistexpertiseand growthin
regionalcapability
•CancerisoneofNewZealand'sleadingcauses ofmortality
•Diagnostic imaging key part of patient treatment
•Ageing and growing population
•Higherincomes
•More health conscious
POST-COVID
CONTEXT
VALUE BASED
SHIFT
INCREASE IN
ONCOLOGY
DEMOGRAPHIC
CHANGES
New Zealand Long-Run Industry Drivers

NationalScale
•LargestprivateradiologyproviderinNew Zealand
•Combinedgroupapproximatelyfourtimeslargerthannextlargestprovider
•Offersfullsuiteofdiagnosticimagingmodalities
•Latest technologies and equipment
RadiologistExpertise
•Expansive breadth of radiologist expertise across a full range of sub-specialisations:
Abdominal, Bone, Breast, Cardiothoracic, CT, Interventional, Neurological,Oncological,
Obstetrics & Gynaecology, Musculoskeletal, PET, Paediatric, Vascular and Veterinary imaging
•Talent attracts talent
Technology
•Proven commitment to investing in the very latest in technology for improved
diagnostic capability, quality reporting and patient comfort
Research
•Strong reputation for research innovations in imaging techniques,
•procedures and technology
StakeholderRelationship
•Positioned to become key partner with Te WhatuOra
•Well established valuable relationships with referring health professionals
•Competitive advantage with Cyclotekpartnership
Clearlydefined
growthstrategy
per modality
Extensiverangeof
servicemodalities
Earlyadopterof
leading-edge
technology
Our Competitive Advantage

•Technology that
supports optimisation
of time and skills
across the business,
leading to better-
quality outcomes
•Progressive adoption
of AI to support
quality and learning
•Ability to learn from
leaders who are
experts in their field
•Supportive culture
celebrating diversity
and inclusion
•Followship
programmesand
support to grow the
next generation
•Demonstrable equity in
delivery of services
•Enhancing access to all
New Zealanders
•Exceed expectations
throughout
patientjourney
•Breadth and depth of
sub-specialty expertise
•Strong trusted
relationships with
referrers built upon
streamlined, value
enhancing interactions
•Pro-active
relationships
•Management
acrossthe health
systemTeWhatuOra,
Te AraiWhatuOra &
ACC
Key partner to the NZ
Health system​
First choice for referrers
and patients​
Great placeto work
/grow your career
Leader in innovation
and efficiency
Key Strategic Priorities
Withastrongcommercialplatform,significantmarketshareand aprovenreputationforclinicalandoperational
excellence,wecanachieveabove-marketgrowthexpectations

•Diversifiedfundingsources:ACC,PublicHospitals,MinistryofHealthscreeninginitiatives,privatehealthcare
insurance&directpatientfees
•Capacityconstraintsinpublichealthsystemscreates opportunity,privateclinicsbroadlyacceptedasvaluable&
necessaryfor theircriticalroleinpreventativehealthandinformingclinicaldecisionmaking
•LeadingNZradiologyproviderintermsofgeographicalpresence,numberofnationwideclinics,
radiologist expertise,number ofcomplexmodalitiesoffered, and number of employees
•Talentattractstalent.UnparalleleddepthofradiologistexpertiseinNZ
•Attractive and flexible entry fordoctorstoownequity
•Groupatforefrontofleading-edgetechnologyandresearchisanattractivevaluepropositionforallemployees
•Majorityofpatientexamfeederivedfromcomplexmodalities,whichcontinuestogrowatafastpace
•Provengrowthplanincludesgreenfieldopportunities,targetedmodalityexpansion
•Partnership opportunities with key funders
DIVERSIFIED
FUNDING STREAMS
STRONG MARKET
SHARE
EMPLOYER OF
CHOICE
FURTHER GROWTH
OPPORTUNITY
In Summary

Thank You

---

C2 General
Kiaoraand welcome to
OneNew Zealand
Infratil Investor Day Presentation
24 March 2023
Jason Paris
Chief Executive Officer

C2 General

C2 General
One awesome business
Maximising infrastructure investment to deliver ongoing value uplift
Infrastructure
•We are a technology leader and haveled the market in launching 2G, 3G, 4G, 5G and IoT
•Awarded New Zealand's best mobile network
•One of New Zealand’s largest fixed infrastructure owners and continue to own active
mobile network infrastructure (core, backhaulpower, radio network, spectrum) across
~1,500 sites
•Our 4.5/5G upgrade path and 2G/3G switch off plans are all on track and our negotiations
continue with theCrown on direct allocation of 3.5GHzspectrum to accelerate the roll out
of 5G further and faster

C2 General
Services
•More than 2 million mobile connections, 70 retail stores, providing mobile fixed and ICT
services to over 110,000corporate, government and small/medium businesses
•We are the number one growing postpaidmobile provider in New Zealand,leading the
market in total postpaidmobile connection growth for the past 8 quarters
1
•We are the fastest growing ICT provider in the country
2
•We continue to achieve our bestever IT stability and customerservice results
•We are achieving the fastest cost reduction in the market
3
One awesome business
Excellent medium to long term industry dynamics, competitive but stable market
1
Based on QoQnet additions from Q1-21 to Q4-22, sourced from IDC
2
Relative to incumbents Spark and Datacom, latest reporting periods vs PCP (Prior Comparable Period). Spark (December-22) and Datacom (March-22)
3
Relative to peers Spark and 2degrees, latest annualised reporting periods vs PCP, excluding one-offs. Spark (December-22) and 2degrees (December-21).

C2 General
•$2 million per year ($49 million total) invested inTeRourou, Vodafone Aotearoa Foundation
focused on New Zealand’s youth
•One Good Kiwi -$100k per month to youth-related charities
•Auckland flood and Cyclone Gabrielle response
•Emissions footprint evaluation underway
•Energy reduction through powermanagement of off-peak capacity,recycling of
infrastructure, passive heat exchanging, solar power trials
One awesome Aotearoa
Halving the number of youth experiencing disadvantage and creating a better planet for future generations

C2 General
•Organisational health in top quartile of international employee benchmark
•Strong employment brand with excellent talent retention and acquisition track record
•Investing in data, AI and ICT for growth
•Investing in Transformation Office to accelerate business simplification
•Cross skilling and in-housing of service teamsdelivering furtherservice uplifts
•Retail stores successfully integrated anddelivering strong mobile results
•Successful separation and handover of Passive mobile assets to FortySouth
•Strong team of partners supporting us including Vodafone,Nokia, DEFEND, Amazon,
Microsoft, Harvey Norman and Google
One awesome team
2,500team members, with capability and culture scores now in the top quartile internationally

C2 General
Consumer and SME
•Fastest growing Consumer
postpaidconnections
1
•Mobile ARPUincreasing
•Roaming at >70% ofpre-Covid
levels
•Record low SME churn
•Continued move to on-net
Fixed-WirelessAccess
Wholesale
•Double digit growthwith strong
pipeline
•Mobile productslaunched with
MVNOoffering mobile,
FWAand IoT
•New fibre builds forCDC
andhyperscalerdata centres
•Deliveringprivate 5Gnetworks
and MobileEdge Compute
Enterprise
•Market leading growthin ICT
services
2
•Number one forenterprise
mobile
3
andIoT connections
•Integration of DEFENDsecurity
offering
•Industry leading ICT
attachment at 55%
•Palo AltoNetworks ANZ
ServiceProvider of the Year
One trading update
Market leading mobile growth, increasing mobile ARPU, ICT growing
1
Dec-22 vs PCP, sourced from IDC
2
Relative to incumbents Spark and Datacom, latest reporting periods vs PCP. Spark (December-22) and Datacom (March-22)
3
Based on Enterprise mobile connection market share at Dec-22, sourced from IDC

C2 General
On track to exceed FY2023 EBITDAF guidance
Income statementFY2023FY2022PCP
$ millionsH1H1H1
Consumer SME3152909%
Enterprise60575%
Mobile3753478%
Consumer SME –Fixed & ICT174195(11%)
Enterprise –Fixed & ICT12710916%
Wholesale & other83794%
Recurring revenue7587304%
Procurement & One-off revenue2322253%
Total Revenue9909554%
Direct Cost(433)(439)1%
Gross Margin5575168%
Operating Expenses(299)(274)(9%)
NormalisedEBITDAF
**
2582427%
NormalisedEBITDAF %26%25%1pp
Capex incl. Spectrum12521141%
** NormalisedEBITDAF excludes impairment, impact of M&A activity and transaction costs
FY2023 Key Trends
•Market leading total mobile service revenue growth
1
due to strong acquisition in
post-paid and ARPUincreasing as customers move to higher value plans and
roaming returns
•Consumer fixed ARPU is stable, but revenue has declined due to the intensely
competitive market
•ICT is growing faster than market
2
due to good momentum in Contact Centres,
public cloud migrationsandSecurity via our partialacquisition of DEFEND
•Wholesale revenue uplift due to the continued growth in fixed line capacity
•Procurement revenue largely relates to lower margin device revenue with
upliftdue to buy back of our retail stores
•Operating expenditure increases largely due to in housing of ourretail stores
andinvestment inrebrand to OneNZ
•Capex decrease largely relates to non-recurring spectrum cost in prior period. IT
projectspend mix changed between SaaS and Capital spend
•On track to exceed FY23 guidance range of $490 million to $520 million with
estimated growth of ~10% PCP
1
Dec-22 vs PCP, sourced from IDC
2
Relative to incumbents Spark and Datacom, latest reporting periods vs PCP. Spark (December-22) and Datacom (March-22)

One simple business
•Pivoted from changing out parts of our existing IT stack with a new vendor to upgrading
these components with existing partners
•A new Business Simplification programme is helping us to become an evenleaner and more
efficient business and deliver further gains in customer service and cost reduction
•Focus areas include:
•Productrationalisation
•Improved digital first customerjourneys​ and experience
•Operational excellence driven by AI, roboticsandautomation
•Technologymodernisation
•Our new brand drives this focus within the business: One plan, One click, One call, One bill,
One process, One decision maker, One meeting

C2 General
Our new brand will:
•Enable significant ongoing cost savings
•Improve mobile trading performance
•Accelerate our ICT growth
•Drive dramatic simplification and efficiency across the company
Changing the way customers think about our brand

Thank You

---

Wellington International Airport Limited
Infratil Investor Day March 2023

Resilient long-term passenger growth pre-Covid
Average annual passenger growth over 20 years to FY20 was +2.7%
FORECAST
1
2
3
4
5
6
7
2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
Passenger Numbers FY2002 –FY2023
Millions
SARS
2002 -2004
GFC
2008
Swine Flu
2009
Chch EQ
2011
COVID-19
2020 -2022

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Monthly Passenger Recovery %
Domestic: 86%
International: 78%
March 2023 Forecast
*Pre-Covid = FY19
Strong recovery has continued over FY2023
Full year passenger numbers are forecast to be 85% of pre-Covid*

Positioned to build on pre-Covid earnings & deliver sustainable growth
•$125m cash/funds on deposit following recent $75m retail bond issue in February 2023
•$100m bank facilities maturing 2025/26 remain undrawn
•Fully compliant with lender covenants and no waivers in place
•BBB/Stable Outlook credit rating reaffirmed by S&P
Robust funding &
liquidity position
Long term
fundamentals remain
strong
Investment pathway
secured
•Well positioned for passenger growth as a central location providing domestic
hub connections, NZ’s capital city and home of Government, high barriers to
entry, NZ’s second largest economy and further upside in point-to-point
international travel
•Planning consents secured in FY2023 with designations obtained for the main
airport site and Eastern development sites
•Landholdings increased ~30% with acquisitions of former Miramar South School
site and southern part of Miramar Golf Club land
•2040 Masterplan represents a strong investment pipeline that will provide a
foundation for sustainable growth and further opportunities for diversification

Positioned to build on pre-Covid earnings & deliver sustainable growth
•Strong commercial performance with pax recovery and successful execution of
transport, hotel, commercial property and retail investments
Continued
diversification &
expansion of
commercial business
Kaitiakitanga –
ESG & sustainability
PSE5 airline price
consultation
•Actively reducing GHG emissions and seeking to align with a science-based target
•Working with manufacturers and airline partners to enable the transition to a more
sustainable aviation sector, including planning for sustainable fuels and electric aircraft
•Level 2 Airport Carbon Accreditation achieved in December 2022; ESG performance
ranked 3rd worldwide against other airports and infrastructure assets under GRESB
•Current PSE4 charges expire 31 March 2024
•PSE4 pax wash-up mechanism and revenue deferral has hedged against Covid
impacts on revenue
•Consultation for PSE5 pricing reset expected to commence mid-2023
•Commerce Commission reviewing Input Methodologies with an uplift in risk free rate,
Market Risk Premium and asset beta expected (final report due by 31 December 2023)

0
20
40
60
80
100
120
FY17FY18FY19FY20FY21FY22FY23
EBITDA
•Full year EBITDA forecast $88 million –$90 million
•Passenger projection ~5.2 million
•Revenue recovering in line with pax and material cost efficiencies
achieved through Covid retained.
•Capex forecast $40 million –$45 million with key projects
progressing including Taxiway Bravo resurfacing, electric airport
bus charging depot, offsite rental car development, Airport Fire
Station relocation and terminal developments.
FY2023 forecast result
$m