Infratil Investor Day 2024

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com



5 March 2024


Infratil Investor Day 2024

Infratil has this morning released the presentation material for its annual Investor Day.
Presentations will be recorded during the day and will be available to view on
https://infratil.com/for-investors/reports-results-meetings-investor-days/ after the event.

Infratil's objective is to keep its stakeholders well informed about how its businesses are
performing and how their delivery of strategic objectives is progressing.

Management will provide an update on Infratil's portfolio strategy, as well as providing views
on the near-term outlook. There will also be a number of presentations from senior executives
at Infratil’s portfolio businesses, including CDC, Gurīn Energy, Longroad Energy, One NZ and
Wellington Airport.

Infratil’s FY2024 Proportionate EBITDAF guidance range of $820 million to $850 million is
unchanged.


Enquiries should be directed to:

Mark Flesher
Investor Relations
Email: mark.flesher@infratil.com



Attachments:

1. Portfolio Update
2. Morrison Update
3. Renewable Energy Update
4. Longroad Energy Update
5. Gurīn Energy Update
6. Wellington Airport Update
7. Digital Update
8. One NZ Update
9. CDC Update

---

Managed by
Infratil Investor Day
March 2024

This presentation has been
prepared by Infratil Limited
(NZ company number
597366, NZX:IFT; ASX:IFT)
(the ‘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 Reportfor the year ended 31 March 2023, Interim
Report for the period ended 30 September 2023, market releases and other periodic and continuous disclosure announcements, which
are available at www.nzx.com, www.asx.com.au 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 needs of
prospective investors.
Future Performance
This presentation may contain certain “forward-looking statements” about the Company and the environment in which the Company
operates, such as indications of, and guidance on, future earnings, financial position and performance. Forward-looking information is
inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty
or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance
Note on disclosing non-GAAP financial information, "non‐IFRS financial information" under Regulatory Guide 230: ‘Disclosing non‐IFRS
financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International
Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include Proportionate EBITDAF,
EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed
by the NZ IFRS, AAS or IFRS, should not be viewed in isolation and should not be construed as an alternative to other financial measures
determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by
other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to
users in measuring the financial performance and condition of Infratil, you are cautioned not to place undue reliance on any non-
IFRS/GAAP financial information or financial measures included in this presentation.
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. Further information on how Infratil calculates Proportionate EBITDAF can befound at
Appendix Four.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
Infratil Investor Day 2024
Disclaimer

Welcome
Infratil 2024
Investor Day,
Sydney
5 March 2024
Jason Boyes
•Infratil Chief Executive
Officer and Director since
April 2021
•Joined Morrison in 2011
after a 15-year legal career
in corporate finance and
M&A in New Zealand and
London
•Chair of Longroad Energy,
Director of CDC
Andrew Carroll
•Infratil Chief Financial
Officer since November
2023
•Most recently GM
ofCustomer &
NetworkOperations at
Chorus
•30+ years of experience
across financial, commercial
and operational roles
Alison Gerry
•Independent Director since
July 2014 and Infratil Chair
since May 2022
•Member of the Audit and Risk
Committee, Manager
Engagement Committee and
Nomination and
Remuneration Committee
•Director of Air New Zealand,
ANZ Bank New Zealand and
Chair of Sharesies
Infratil Investor Day 2024
3

9:00am –9.10amWelcome & Overview
Alison Gerry, Chair
9:10am –9:40amPortfolio Update & Growth Outlook
Jason Boyes, Infratil Chief Executive
Andrew Carroll, Infratil Chief Financial Officer
9:40am –10.00amMorrison Update
Paul Newfield, Morrison Chief Executive
Will Smales, Morrison Chief Investment Officer
10:00am –10.20amRenewable Energy Update
Vimal Vallabh, Morrison Global Head of Energy
10.20am –10.45amMorning Break
10:45am –11.15amLongroad Energy
Paul Gaynor, Longroad Energy Chief Executive
11.15am –11.45amGurīn Energy
Assaad Razzouk, Gurīn Energy Chief Executive
11.45am –12.15pmWellington Airport
Matt Clarke, Wellington Airport Chief Executive
12.15pm –1.10pmLunch Break
Agenda
Infratil Investor Day 2024
4
Infratil 2024
Investor Day,
Sydney
5 March 2024

Agenda
Infratil Investor Day 2024
1:10pm –1:30pmDigital & Connectivity Update
Will Smales, Morrison Chief Investment Officer & Global Head of Digital
Lewis Bailey, Executive Director, Strategy
1:30pm –2:20pmOne NZ
Jason Paris, One NZ Chief Executive
2:20pm –3:20pmCDC
Greg Boorer, CDC Chief Executive
3:20pm –3:30pmWrap Up
Jason Boyes, Infratil Chief Executive
Infratil 2024
Investor Day,
Sydney
5 March 2024
5

Managed by
Jason Boyes
Infratil Chief Executive
Andrew Carroll
Infratil Chief Financial Officer
Portfolio Update

Infratil
Investor Day
Infratil is a
New Zealand
established global
infrastructure
investor
Infratil Investor Day 2024
•Infratil invests in infrastructure, with a portfolio of investments across digital
infrastructure, renewable energy, healthcare and airports, and exposure across
New Zealand, Australia and 15 other countries
•The portfolio is weighted to high-growth digital infrastructure (64%, $8.0 billion)
and renewable energy (20%, $2.4 billion), with key assets including:
•48% owned
•$4.3 billion
independent valuation
•Leading ANZ data
centre provider
•Total forecast
capacity of 1,220MW
•99% owned
•$2.6 billion book value
•Integrated NZ
telecommunications
company
•3 million+
connections, 98%
population coverage
•37% owned
•$1.6 billion
independent valuation
•US renewable energy
developer
•3.5 GW built and
owned
•29 GW pipeline
7

Infratil
Investor Day
Growth
investments
complemented by
core cash
generating
businesses
Infratil Investor Day 2024
•One NZ is complemented by two other core cash generating businesses,
Wellington Airport and Manawa Energy
•They support target credit and liquidity metrics and reinvestment into higher
returning growth capex options generated by these, andother investments
•66% owned
•$650 million
book value
•Gateway to New
Zealand’s capital city
and central region
•5.4 million
Annual Passengers
•51% owned
•$690 million
listed value
•Listed NZ renewable
energy generator
•Average generation
of 1,942GWh p.a.
•955MW pipeline
8

•UK-based colocation data centre development platform with 3 sites and 20MW of
operating capacity. High performance computing, AI, enterprise and hyperscale
focussed. 60MW current capacity, with visibility to 150MW+
•One of New Zealand’s leading independent digital infrastructure partners with over
1,400 tower sites in its portfolio, covering 98% of New Zealand
•20-year master services agreement with One NZ
•North American based venture capital fund
•Focused on investing in early-stage companies exploring IoT, Big Data, Security
Technology, and disruptions in energy and infrastructure sustainability
•Pan-Asian renewables platform headquartered in Singapore and formed in July 2021
•6.6GW development pipeline, 75MW of operating assets under construction
•European renewables platform focussed on greenfield development, acquisitions and
strategic co-development opportunities across multiple markets
•10.7GW development pipeline
•Established in 2022 to invest in the development of wind, solar and storage solutions
across Australia
•The largest diagnostic imaging service provider in New Zealand with a national footprint
of 74 clinics
•RHCNZ Group consists of Auckland Radiology, Bay Radiology, and Pacific Radiology
•Provider of a full range of diagnostic medical imaging services including PET & CT
•Operates over 77 clinics across Australia (NSW, QLD, SA, TAS, WA and ACT)
•Largest privately-held pure-play retirement operator in Australia
•Over 4,000 independent living units and apartments across 27 villages in NSW,
South Australia and Queensland
Infratil Investor Day 2024
Owned 53%
20%
40%
95%
73%
50%
55%
50%
Infratil
Investor Day
Portfolio of
smaller and earlier
stage investments
to build scaled
future growth and
cash generating
platforms.
Represents 19% of
the portfolio
9

Digital
64%
Healthcare
11%
Airports
5%
Renewables
20%
Portfolio
Composition
Our portfolio is
centred on
investment into
four central
“ideas that matter”
10
Infratil Investor Day 2024

-50,000
-25,000
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
(50.0%)
(25.0%)
-
25.0%
50.0%
75.0%
100.0%
125.0%
150.0%
Dividend Yield (LHS)Capital Return (LHS) Accumulation Index (RHS)
Infratil targets
total shareholder
returns of 11 –15%
p.a. over a ten-
year rolling period,
our track record
has been
significantly higher
The Accumulation index assumes that all dividends were reinvested when received, and the shareholder neither took out, nor invested any additional cash.
1.
Year to date Portfolio returns are as at the period ended 29 February 2024, the 5-year, 10-year, and 30-year returns are to the period ended 31 December 2023
Accumulation Index ($)Returns (%)
Infratil Investor Day 2024
Track
Record
11
PeriodTotal Shareholder Return
1
5-years26.2%
10-years21.4%
30-years18.7%
Year to date15.9%

Investment Approach
Active portfolio and asset management generates long-term value
Core
Core Plus
Development
& Growth
Target
Returns
8-10%
10-15%
15-25%
Digital
RenewablesHealthcareOther
Stable cash generation and moderate growth
Reinvestment into growth capex and higher returns
Smaller, earlier stage investments, to build “Core Plus” growth
businesses of the future
Target
portfolio
returns of
11 – 15% p.a.
over a 10-year
period
12

Investment Approach
Growth platforms manufacture core assets to support further reinvestment
Core
Core Plus
Development
& Growth
Target
Returns
8-10%
10-15%
15-25%
DigitalRenewablesHealthcareOther
64%20%11%5%
13

2023 Infratil Investor Day Outlook2024 Infratil Investor Day Update
•Evaluate further attractive data centre and connectivity
opportunities offshore
•Announced a conditional agreement with HKT to establish a strategic partnership to
accelerate the growth of Console Connect, a global, next generation data
connectivity provider and Tier 1 global subsea cable and IP network
•Increased our stake in Kao Data from 40% to 53%
•Well-positioned for capital deployment with $600 million
of cash and significant undrawn bank facilities
•Took full control of One NZ with a $1.8 billion investment for an additional 49.95%
•Existing businesses well placed to benefit from sector
growth trends like AI, AR/VR, edge computing
•Record year for CDC signing 200MW of contracted capacity, including reservations,
with 110MW phased for delivery over the next 3 years
•Galileo set to demonstrate its potential this year, as it
looks to sell its first set of projects
•Galileo successfully sold its first sets of pre-construction projects in Ireland and
Italy, totalling 0.94 GW, and its interest in German C&I solar developer Enviria, at
attractive returns
•Release our inaugural sustainability report•First sustainability report released in August 2023 and Climate Related Disclosures
in December
•Well placed to address growth “beyond” onshore wind
and solar e.g. hydrogen, offshore wind and storage
•Galileo entered into joint-ventures with global partners to develop offshore wind,
with further work across the platform ongoing
•Continue to progress teleradiology, and evaluate adjacent
healthcare
•Work ongoing
Investment Approach
What we said last year, and what we did
14

A Sustainable
Approach
•We released our inaugural sustainability report in August covering:
•Infratil’s refreshed sustainability strategy and ESG material issues – good
governance of ESG issues is a prominent area of focus
•Emissions reporting in line with the GHG Protocol and Partnership for Carbon
Accounting Financials
•We became the first financial institution in New Zealand to have our emissions reduction
targets validated by the Science Based Targets initiative (‘SBTi’) under the framework for
financial institutions, committing to:
•Maintain zero absolute scope 1 and 2 GHG emissions through to FY2030;
•Reduce emissions from Board travel 25% from 2023 levels by 2030; and
•60% of our portfolio by fair value
1
setting SBTi targets by 2028, and 100% by 2030
•We released our inaugural climate-related disclosures for FY2023, which addressed
most of the reporting requirements of the Aotearoa New Zealand Climate Standards
Key elements
ofsustainability
have been
establishedfollow
ing market
recognised
frameworks and
standards
Infratil Investor Day 2024
1.Fair value as determined by independent valuations, listed market value, or book value
15

Growth Potential
•There are significant expansion opportunities within existing portfolio
companies - "growth" infrastructure
•Heavy bias in portfolio capex investment towards growth returns, reflecting
return aspirations
CFO Early
Reflections
Significantgrowth
potential and
value upside.
Portfolio
performing well
and guidance
unchanged
Infratil Investor Day 2024
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
FY2021FY2022FY2023FY2024F
Proportionate Capital Expenditure
DevelopmentCore +Core
$millions
16

Role of Independent Valuations
•Independent valuations seem to have created a "glass ceiling" and a material
gap to Infratil’s own valuations
•A large part of the value gap relates to the valuation of growth, of which our
largest investments are anticipated to grow materially faster than peers
Approach to Disclosure
•We have listened to market feedback and are enhancing disclosure to help
close that value gap
CFO Early
Reflections
Independent
valuations don't
always fully value
embedded
growth. Increased
disclosure may
help
FY2023 – FY2024
EBITDA CAGR
14%
FY2023 – FY2024
EBITDA CAGR
23%
FY2023 – FY2024
EBITDA CAGR
36%
Infratil Investor Day 2024
17

We have many tools to manage future capital demands
•Portfolio company performance to drive operating cashflow
•Control positions provide ability to influence size and timing of cash flows
•Future cash flow from today’s growth investment
•Track record of successfully accessing debt and equity capital for strong
investment cases
•Significant undrawn bank facilities available
CFO Early
Reflections
Portfolio and
capital
management is a
key part of
creating lasting
value for
shareholders
Infratil Investor Day 2024
-
200
400
600
800
FY24FY25FY26FY27FY28FY29FY30FY31>FY32
Drawn Bank Debt
Undrawn Bank Debt
Bonds
Maturity Profile
$millions
18

Solid operating performance & outlook, supporting credit & liquidity metrics
•Guidance unchanged
•Wellington Airport emerging strongly from COVID and repricing
•Healthcare businesses tracking ahead of peers
Growth tail winds continue, at mid-teens+ returns
•CDC record contracting year and accelerating growth plans
•Longroad tracking to its own growth plans
Newer platforms maturing
•Gurin Energy accelerating beyond business case, and Galileo good progress
•Kao Data good progress, and looking ahead to closing Console Connect this
year fuelled by the same strong digital infrastructure tailwinds
Capital allocation is a focus and remains disciplined
•Potential for investment strong but manageable
Key
Messages
Portfolio remains
well-positioned in
high quality
platforms, in
growing sectors,
with attractive
returns
Infratil Investor Day 2024
19

Managed by
Appendix

1
Gearing calculated as total net debt / total capital based on the Infratil share price at 31 December 2023.
2
Infratilwholly owned undrawn bank facilities and maturity profile, excluding One NZ bank facilities which are held on a standalone basis.
Debt Capacity
& Facilities
Significant
undrawn bank
facilities remain
available following
funding initiatives
executed during
the period
•Significant undrawn bank facilities remain available following funding initiatives executed during the period
•$277 million of bonds issued in the period, raising $155 million in new debt and refinancing $122 million of
IFT210s that matured in September 2023
•No bond maturities in the remainder of FY2024, two bond maturities in FY2025 –$56 million in June 2024 and
$100 million in December 2024
•$50 million of short-term acquisition facilities and $150 million of core bank debt facilities maturing in FY25 to
be refinanced
•Weighted average cost of drawn debt as at 31 December 2024 was 5.8%, 90% on a fixed rate basis. Formal
interest rate hedging policy in place to smooth interest costs and provideappropriate fixed rate hedging over
a 10-year debt forecast horizon
($millions)
31 December
2023
30 September
2023
31 March
2023
Net bank debt734.2609.8(593.2)
Infrastructure bonds1,241.01,241.01,085.9
Perpetual bonds231.9231.9231.9
Total net debt2,207.22,082.7724.6
Market value of equity8,350.78,493.66,660.6
Total capital10,557.910,576.37,385.2
Gearing
1
20.9%19.7%9.8%
Undrawn bank facilities
2
879.61,009.5898.4
100% subsidiaries cash20.325.2593.2
Liquidity available899.91,034.81,491.6
21
Infratil Investor Day 2024

1
Gearing calculated as total net debt / total capital based on most recent independent valuations, listed equity value or book value at 30
September 2023
2
EBITDA definitions based on pre IFRS16 and allowable pro forma adjustments under financing arrangements for each Portfolio Company
3
CDC leverage metric applies EBITDA definition with forward looking components that cannot be disclosed at present.
4,5,6,7
Holding company Net Debt position, excludes non-recourse project finance borrowing
8
Calculated based on IFT’s value weighted, proportionate share of Total Net Debt /Total Capital across all portfolio companies
Portfolio
Company Debt
We intend
tocomplement
the 6 monthly
portfolio debt
disclosures with
relevant credit
metrics
•Gearing and credit metrics are monitored
across the portfolio in aggregate and at
the individual portfolio company level
•Gearing has remained stable across the
portfolio in the period and at appropriate
levels on an individual basis
•Kao Data and Longroad Energy have
secured new debt packages since 30
September 2023
•In addition to the below metrics, Wellington
Airport maintains a BBB S&P credit rating
(stable outlook)
•Exposure to interest rates is monitored
across each portfolio company and
managed within approved treasury policy
limits. Over 75% of drawn debt was
hedged on a fixed rate basis as at 30
September 2023 across the Infratil
portfolio
30 September 2023Gearing
1
Net Debt /
EBITDA
2
CDC
3
22.3%-
One NZ32.1%3.0
Fortysouth38.1%n/a
Kao Data15.9%-
Manawa Energy23.5%3.5
Longroad Energy
4
--
Galileo
5
--
Gurīn Energy
6
--
Mint Renewables
7
--
RHCNZ Medical Imaging27.8%3.6
Qscan Group28.3%4.7
RetireAustralia22.4%n/a
Wellington Airport39.2%6.6
Average Gearing
8
24.6%-
22
Infratil Investor Day 2024

Asset
Valuations
Enhanced
disclosure around
independent
valuations will be a
feature of
reporting cycles
going forward
•CDC, Longroad Energy, Qscan and Galileo
reflect the midpoint of 31 December
independent valuations
•RHCNZ Medical Imaging reflects the
midpoint of 30 September independent
valuation
•RetireAustralia reflects the midpoint of
30 June independent valuation
•One NZ reflects the midpoint of
31 March independent valuation, adjusted to
also include the additional $1.8 billion
invested during the period
•The fair value of Manawa Energy is shown
based on the market price per the NZX
•Fortysouth, Kao Data, Gurin Energy, Mint
Renewables, Wellington Airport, Clearvision
and Property reflect their accounting book
value as at 31 December
($millions)
31 December
2023
30 September
2023
CDC4,307.94,160.6
One NZ3,022.83,022.8
FortySouth205.1227.8
Kao Data391.1391.1
Manawa Energy686.4723.2
Longroad Energy1,586.81,674.4
Galileo171.9119.9
Gurīn Energy28.133.9
Mint Renewables2.52.0
RHCNZ Medical Imaging557.5557.5
Qscan Group394.3391.4
RetireAustralia407.2407.2
Wellington Airport648.6651.4
Clearvision Ventures132.7139.6
Property108.0108.7
12,651.012,611.4
23
Infratil Investor Day 2024

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P R I V A T E A N D C O N F I D E N T I A L
I N F R AT I L I N V E S T O R D AY 2 0 2 4
Infratil Investor Day:
Morrison Update
P A U L N E W F I E L D , M O R R I S O N C E O A N D P A R T N E R
W I L L S M A L E S , M O R R I S O N C I O A N D P A R T N E R
M A R C H 2 0 2 4

A global infrastructure investor, born in New Zealand
2
35 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE
1. InfratilLimited’s total shareholder return, with dividends presented gross of imputation credits, net of tax and net of the supplementary dividend, from inception on 28 March 1994 to 31 December 2023.
Other relevant Infratil Limited returns: 1 year: 20.0%, 5 years: 26.2% p.a., 10 years: 21.4% p.a., SI: 18.7% p.a.
2. Morrison AUM as at31 December 2023, converted to USD using exchange rates at31 December 2023 (source: FactSet, mid rates). Excludes undrawn commitments.
Please refer to the slide entitled “Important Information”, in particular thatpast performance is not a guide to future performance.
18%+ annualised return
over 29 years
1
AUM USD 24+ billion
2
ATTRACTIVE
TRACK RECORD
Established in 1988 in
New Zealand
7 offices globally,
190+professionals
EXPERIENCED
GL OBAL MANAGER
NZ$200m+ direct Morrison
shareholding in IFT
Material IFT holdings by
Morrison Board & Execs
STRONG
AL IGNMENT

Investment performance: Infratil vs the World
3
W E ARE COMMITTED TO KEEP DELIVERING THE EXTRAORDINARY
Source: Preqinas at February 2024.
Note: IFT return is total shareholder return, with dividends presented gross of imputation credits, net of tax and net of thesupplementary dividend, from inception on 28 March 1994 to 31 December 2023. Past performance is not a guide to
future performance
PEER PERF O RMANCE DISTRIBUTIO N, BY NET IRR RANG E, VINTAG E YEAR 1999-2023, F UND #
N = 201. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m
14
3
1212
19
32
35
27
17
10
7
4
2
7
Below -5-5-2.5-2.5-00-2.52.5-55-7.57.5-1010-12.512.5-1515-17.517.5-2020-22.522.5-2525-27.527.5-3030+
00
IFT return
•Since Inception: 18.7%
•10Y: 21.4%
•~89
th
percentile since inception, 91
st
over last 10Y

Early mover in the infrastructure asset class
4
SUCCESSFULLY RECOGNISINGAND CAPITALISINGON MARKET EVOLUTION
M O R R I S O N A N D I N F R AT I L F I R S T I N V E S T M E N T S B Y S E C T O R
Source Infralogic. Closed transactions (M&A, Privatization, Take Private, Greenfield –Excluding Commodities sector) globally from 1994 –2022. Digital sector data displayed corresponds to InfralogicTelecommunications sector
data. Water/Circular Econ corresponds to InfralogicEnvironment sector data. Named assets represent first investments by Morrison in respective sector (exclude assets that are managed but were not originated by Morrison).
Relative to global infrastructure investments (by value)​ | 1994 –2022
Other
Water / Circ. Econ
Energy | 1994
Airport | 1998
Renewables Platforms | 2016
Diagnostic Imaging | 2020
Transport
Energy
Digital
Power
Social Infra
USD 1 trillion
Est. 1994
Wind Development | 1998
Data Centres | 2016
Renewables

Building ourglobal capability to support Infratil'sgrowth
5
ONE OF THE W ORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS
Data as at28 February 2023. Grey dots represent Morrison office locations.
190+
professionals
39
Morrison managed
companies
15
IFT portfolio companies
North America
22
professionals
Europe
28
professionals
Asia
7
professionals
Australia & NZ
142
professionals
•Digital Infrastructure
•Energy Transition
•Digital Infrastructure
•Energy Transition
•Water
•Digital Infrastructure
•Energy Transition
•Global Mobility
•Ageing Population
•Circular Economy
•Water
•Digital Infrastructure
•Energy Transition

Global infrastructure deal activity slowed significantly in 2023
INFRASTRUCTURE DEAL FLOW REACHED A 10 YEAR LOW IN JUNE2023
G L O B A L I N F R A S T R U C T U R E A G G R E G AT E D E A L VA L U E , B Y Q U A R T E R , U S DBN
Source: Preqin
Note: Q1 2024 actual is up to 22
nd
February 2024 and gross up to the full quarter. Q1 is usually a slow quarter in deal activities due to holiday period
Slowest
quarter in
10Y
Signs of
recovery?
75
101
99
88
66
127
143
128
89
111
194
117
104
104
95
136
74
104
81
72
184
101
165
66
60
92
95
94
141
117
170
80
111111
119
76
56
89
85
Sep-
14
Dec-
14
Mar-
15
Jun-
15
Sep-
15
Dec-
15
Mar-
16
Jun-
16
Sep-
16
Dec-
16
Mar-
17
Jun-
17
Sep-
17
Dec-
17
Mar-
18
Jun-
18
Sep-
18
Dec-
18
Mar-
19
Jun-
14
Sep-
19
Dec-
19
Mar-
20
Jun-
20
Sep-
20
Dec-
20
Mar-
21
Jun-
21
Sep-
21
Dec-
21
Mar-
22
Jun-
22
Sep-
22
Dec-
22
Mar-
23
Jun-
23
Sep-
23
Dec-
23
Jun-
19
6

Infrastructure sector capital raising dropped c.50% in 2023
7
CONGESTION APPEARING IN THE TYPICAL PRIVATEFUND LIFE CYCLE
Source: Preqin, Infrastructure Investor.
1.Based on unlisted infrastructure annual capital distributed and raised between 2013-22.
INF RASTRUCTURE CAPITAL RAISED
US$bn (funds closed in period)
49
64
77
97
96
114
126
126
149
176
90
20132014201520162017201820192020202120222023
LP ALLO CATIO N TO INF RASTRUCTURE
As at December each year
5%5%
29%
43%
38%
38%
30%
29%
53%
57%
59%
65%
42%
4%
20192020
3%
202120222023
Under Allocated
At Target
Over Allocated
Q4 23 showed green shoots
with $60bn raised

Infrastructureremainsa strategicpriorityfor majorassetmanagers
8
BLACKROCK’S USD12.5B ACQUISITION OF GIP IS LIKELY TO ACCELERATE THIS TREND
MAJO R ASSET MANAG ERS EXPANDING IN INF RA (LTM)
ATTRACTED BY THEMES IF T HAS INVESTED IN F O R YEARS
Source: Public announcements.
“A number of long-term structural trends support an acceleration in
infrastructure investment. These include increasing global demand for
upgraded digital infrastructure... renewed investment in logistical
hubs such as airports...and a movement toward decarbonisation and
energy security.”
“Infrastructure is a key pillar of KKR’s global and [Asia Pacific] regional
strategy”
“Addressing the global paradigm shift toward sustainability requires
an economic transformation and a capital investment on a massive scale.”
Expanding into infrastructure is a logical next step for us, given the long-
term secular growth trends in infrastructure.

Whatdoesitallmeanfor Infratil?
9
O BSERVATIO NSIMPLICAT IO NS
Weareinvesting inIFTequity and Morrison capability
IFT is wellsetinattractiveglobalgrowthsectors
Majorglobalassetmanagersareentering our sector
Congestioninprivatefunds= window of opportunity?
Weare aligned and committed to outperformance
Greatoptionstogrowourexistingbusinesses
Longruntailwindforassetvaluations
Infratil’sperpetualstructureisacompetitiveadvantage

To invest wisely
in ideas that matter.
F O U N D E R
H U G H R I C H M O N D L L O Y D M O R R I S O N
O U R P U R P O S E :

To invest wisely in ideas that matter
11
W E ADOPT A TARGETED ORIGINATION APPROACH
GLOBAL T HEMAT ICSINFRAST RUCT URE FIT
Circular economy & resource constraints
Ageing population
Global mobility
Digitisation & connectivity
Energy transition
Long term defensible profitability
Resilient to macroeconomic cycles
Enduring social license to operate
Essential to the economic prosperity
and wellbeing of its community
MORRISON
FOCUS
Ideas that matter

12
Global thematics
MAJOR GLOBAL THEMES THAT W E BELIEVE W ILL SHAPE ECONOMIES, INDUSTRIES
AND SOCIETIES OVER THE LONG-TERM
The methods by which we
produce, transport, store and
use energy are undergoing a
dramatic, systemic change
E N E R G Y T R A N S I T I O N
Powerful and enduring
economic logic drives
interconnectedness in
economies, companies,
societies, and labour forces
G LO B A L M O B I LI T Y
Rising life expectancies and
declining fertility rates have
caused an ageing population
in virtually all developed and
most developing societies
A G E I N GP O P U LA T I O N
010304
New technology, regulatory
interventions, increased
consumer awareness and
resource constraints have
removed the historical
contradiction of "profit vs
sustainability"
C I R C U LA R E C O N O M Y
A N D R E S O U R C E
C O N S T R A I N T S
05
Ubiquitous, high-speed,
reliable connectivity
underpins almost every
aspect of society
D I G I T I S A T I O N A N D
C ON N E C T I V I T Y
02

227
296
342
317
178
152
260
332
247
534
326
240
346
659
1,030
310
409
218
212
1,800
FY2024FFY2021FY2022FY2020FY2023
3,571
1,395
1,235
2,373
1,491
13
How Morrison assesses opportunities for Infratil
INTERNAL OPTIONS CAN OFFER EXCEPTIONAL RISK ADJUSTED
RETURNS
T H E VA L U E O F P L AT F O R M S : C A P I TA L D E P L O Y E D B Y I F T
N Z $ M
Note: “Re-investment” numbers exclude IFT capital injections into Kao (~$50m over 2 years) and Longroad (~$480m over 5 years) platforms to avoid double
count in “proportionate CAPEX”
Information advantage
Timing of deployment
ROIC > WACC
THE ‘PLATFORM ADVANTAGE’
Benchmarking broadly
Management dialogue
DI SCI PL I NE
The right access point
The right team
PAT I ENCE
RHC
Kao
OneNZ
Longroad
OneNZ
CDC
40South
Longroad
OneNZ
CDC
CDC
OneNZ
Longroad
RHC
Kao
Tilt
Longroad
Qscan
Longroad
Tilt
CDC
OneNZ
CAPEX (IFT proportionate share)
IFT re-investment (existing asset)
IFT new investment

0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
Y0Y2Y4Y6Y8Y10Y12Y14Y16
How Morrison assesses opportunities for Infratil
14
MARKETS W ILL REOPEN, PROVIDING INSIGHT AND POTENTIAL
OPPORTUNITY
G L O B A L F I N A N C I A L S P O N S O R S :
D I S T R I B U T I O N S T O PA I D I N C A P I TA L B Y F U N D V I N TA G E
Dealmaking (and distributions) slowed in 2023
... but pressure building
...and more benign macro conditions forecast
SHORT-T ERM : PRI VAT E M ARKET S
HOLDING THEIR BREATH ... FOR NOW
Value creation vs traditional owners
Valuing and creating real options
Demand for capital and social need
L ONG ER-T ERM : ONG OI NG VAL UE OF
PRI VAT E OW NERSHI P
Source: Goldman Sachs; Preqin
2007-2010
2011-2014
2015-2018
2019-2022
Slowing of
2015-18 vintages
Recent vintages far behind ... with growing
pressure to return cash
Unlisted infrastructure funds have seen similar dynamics ... with an 73% fall
in capital distributed between 2022 vs 2023

15
B ILATE RAL DE ALSDEMERG ED BUSINESSES
Finding the right access point for Infratil
TYPICALLY, MORRISON EVALUATES OPPORTUNITIES FOR YEARS BEFORE
RECOMMENDING AN INVESTMENT TO INFRATIL
MO RRISO N ESTABLISHED BUSINESSES

Important Information
16
The statements and opinions expressed in this document and any related discussions (the Document) are based on the information available as at the date of the Document. Morrison Private Markets Pty Limited (ABN 71 136
338 906, AFSL No 340502) including its related companies and their respective directors, employees, advisors and shareholders (Morrison) reserves the right, but will be under no obligation, to review or amend the
Document.
To the maximum extent permitted by law, Morrison, 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 Document.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.
The Document is intended solely for information purposes and may not be relied upon in any manner as legal or tax advice and does not constitute a recommendation, provision of investment advice or an offer, the solicitation
of an offer by Morrison to invest or subscribe for units of a fund in any jurisdiction to any person to whom it is unlawful to do so, including prior to registration or qualification under the securities or other applicable laws of any
such jurisdiction.
In preparing the Document, Morrison has relied on forecasts and assumptions about future events which, by their nature, are not able to be verified. Inevitably some assumptions may not materialiseand unanticipated events
and circumstances are likely to occur. Therefore, actual results in the future will vary from the forecasts which Morrison has relied for the purposes of the Document. These variations may be material. PAST PERFORMANCE
IS NOT A GUIDE TO FUTURE PERFORMANCE.
This Document contains information sourced from third parties which has not been independently verified. Morrison will not beliable to any recipient for errors or omissions from the Document, whether arising out of negligence
or otherwise.

A U S T R A L I AN E W Z E A L A N DS I N G A P O R EU N I T E D K I N G D O MU N I T E D S T A T E S
Level 31
60 Martin Place
Sydney
NSW 2000
Level 4-5
447 Collins Street
Melbourne
VIC 3000
5 Market Lane
PO Box 1395
Wellington 6011
Level 1,
Northern Steamship Building
122 Quay Street
PO Box 1465, Auckland 1140
Level 7
CapitaSky
79 Robinson Road
Singapore 068897
Office 25.17, Level 25
The Shard
32 London Bridge Street
London SE1 9SG
56th Floor
Carnegie Hall Tower
152 W 57th Street
New York, NY 10019
17

---

Managed by
Vimal Vallabh
Global Head of Energy
Renewable Energy Update

Global
Renewables
A unique global
platform, utilising a
regional approach to
address local needs
2
•Global investment in the energy transition hit a record US$1.8tr in 2023, to reach net
zero this needs to almost triple for the remainder of the decade¹
•New investment in renewable energy reached yet another record in 2023, coming in
10% higher than a year earlier
2
•Solar was the main driver for growth in renewable investments, accounting for more
than half the global total with a 12% year-on-year increase
•A reversal of recent cost inflation was seen across solar PV and Battery Storage as
significant new manufacturing capacity came online, primarily in China
•Onshoring of equipment manufacturing is becoming a key pillar of government policies,
a response to the US Inflation Reduction Act
•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 2024
¹ BNEF Energy Transition Investment Trends 2024; 2 BNEF Renewable Energy Investment Tracker 1H 2024

•Established in October 2016
•Wind, Solar and Storage
•Developed 4.9GW
•Acquired 0.5GW
•Sold 1.9GW
•3.5GW operating/ under construction
•5.5GW assets under management
•29GW development pipeline
•~180 employees
3
Well positioned to continue to capitalise on unprecedented growth
Our Global Renewables Platform
North America
Europe
•Established in February 2020
•Wind, Solar and Storage
•10.6GW development pipeline
•58 employees
Asia
•Established in July 2021
•Wind, Solar and Storage
•6.9GW development pipeline
•114MW operating/ under construction
•66 employees
New Zealand
•Acquired in April 1994 (Trustpower)
•Hydro Generation
•510MW operating assets
•Average generation of 1,942GWh p.a.
•955MW development pipeline
Australia
•Established in December 2022
•Wind, Solar and Storage
•14 employees
•2.3GW development pipeline
Delivered 40%+ IRR with NZ$1.5Bn invested since 2016
Positioned for growth: 50GW+ pipeline, c.4GW operating / construction assets across 4 continents and 29 unique markets
3

Infratil represents one of the best investable renewable opportunities globally
Platform Highlights Reel
•Construction of >3GW across 4 States expected to complete, continue, or commence in FY2025
•Total pipeline of projects expanded by ~11GW during 2023 to 29GW across more than 20 states
•Secured a further ~US$750m of financing through a US$600m debt facility and additional equity from existing
investors
•Total pipeline of projects expanded by ~4GW during 2023 to ~10.6GW across seven countries
•Completed two successful sales, 800MW pipeline of wind and solar projects in Northern Europe and 140MW
of solar projects in Italy
•Source Galileo, a joint venture with an experienced offshore wind team, has attracted investment from the
Ingka Group, the world’s largest IKEA retailer, and from Kansai, the utility operator from Osaka, Japan
•Awarded conditional licence to import power into Singapore from Indonesia supplied by a 2GW Solar PV plant
and 4.5GWh battery
•1st project under construction in the Philippines. 2nd project commencing construction in Q12024
•Significant progress on projects in Thailand and South Korea, with market entry into Japan
•New Board members and CEO
•Asset upgrade program proceeding well, on track to deliver 78GWh annual volume lift
•Secured land for 950MW+ of wind and solar projects, including JV with Pioneer Generation
•Team at 14 with all key hires now filled, focussed on wind and storage development
•Built a diversified pipeline of over 2.2GWs across 4 Australian States
•Growing policy momentum, Capacity Investment Scheme expanded to 32GW, incorporates renewables
4
Infratil Investor Day 2024

Holding period will significantly drive risk, return and capital at work in renewables
Typical Project Return Profile
FID
COD
COD+n
Pre-FID
Indicative holding
period equity returns
Development
30+
Construction
Operations
Project
life
(years)
Illustrative Renewable
Asset Value
20%+
8%-10%
15%-20%
10%-15%
Portfolio
COD+n
Option for portfolio yield compression
Binary return outcome
on development option
Low risk cash generating
operating asset
Variability in risk profile exists across all projects, driven by a number of factors, including resource,
contracting and market structures, capex costs, political and regulatory environment etc.
5
Infratil Investor Day 2024

Consistent methodology to valuation
Portfolio Management
Asset origination and disposals
$/kW
DCF
DCF
DCF
Regional platforms
Looking beyond near-term pipeline, continuous
optionality to originate and develop those
options into quality projects.
Localised decision-making gives focus and
responsiveness to our portfolio and the options.
Asset portfolio
Stage of project lifecycle will drive approach
and ultimate consideration of value.
$/kW will be discounted back from FID to
reflect the stage of development and higher
risk to completion.
Adjusted discount rates can be applied against
the DCF to reflect the specific risks of the
project, i.e. construction, market etc.
Standardised market
valuation approach based
on project stage
Dynamic liquidity points
Late stage
development
Greenfield
development
Construction
Operational
$/kW
Power
market
M&A
market
Policy
setting
Construction
cost
Site
select
Cost of
capital
6
Infratil Investor Day 2024

Startup development platforms take time to reflect value
Valuation Evolution
01234567
2,200
2,300
2,400
2,500
2,600
2,700
2,800
0
100
200
300
400
2,100
$/ €m
Years
1
st
asset sale1
st
asset sale
Planned 1
st

asset sale
Longroad Energy
Galileo
Gurin Energy
Mint Renewables
Startup
Year
•As startup businesses, our platforms take time to develop a pipeline and track record. As both elements are progressed, we see the value uplift occur
•Longroad secured an acquisition of operating assets in the 1st year, providing immediate value uplift
Note values are as at 31 Dec 2023 and shown in local platform currency
7
Infratil Investor Day 2024

Optimising capital deployment options for risk and returns
DecentralisedGlobal Developer
Node 1
(USA)
Node 3
(Asia)
Node 5
[NewCo]
[New Region]
Project 1
X MW
Project 2
X MW
Project 3
France
X MW
Project 3
(extension/repower)
X MW
Project 1
X MW
Project 2
X MW
Project 3
Sth Korea
X MW
Project 3
(extension/repower)
X MW
Project 1
X MW
Project 2
X MW
Project 3
X MW
Project 3
(extension/repower)
X MW
•Experienced localised management with deep pipelines
•Local market knowledge and development capability
•In large strong markets to allow growth and scale
Project 1
X MW
Project 2
X MW
Project 3
California
X MW
Project 3
(extension/repower)
X MW
Node 4
(Australia)
Node 2
(Europe)
Project 1
X MW
Project 2
X MW
Project 3
NSW
X MW
Project 3
(extension/repower)
X MW
Higher risk
Co-invested
development
platforms
Lower risk
Asset investments
or co-investments
Developer
investments
Operating
assets
•Diversify political, technology, markets, price and volume risks
•Optionality in quantum, timing and geography of investment
•Maximises internal competition for capital allocation and returns
Asset imbedded
options
50GW+ pipeline
4GW operating/
construction
8
Infratil Investor Day 2024

The energy transition provides an unprecedented and sustained opportunity set
A Large Investable Landscape
623
1317
1127
939
0
2,000
4,000
6,000
8,000
202324-3031-4041-50
$ billion (2023)
CCS
Clean industry
Electrified heat
Electrified transport
Energy storage
Hydrogen
Nuclear
Power grids
Renewable energy
1,767
4,843
6,589
7,594
+174%
+36%
+15%
Forecast investment needs to achieve a net zero outcome by 2050
•Renewable Energy investment will need to more than double through to 2030, predominately in
the power sector but increasingly complemented with renewable fuels as well
•Fundamental to the expansion of renewable’s is the build out of power grids across all markets,
creating an increasingly interconnected grid
•CCS growth forecasted to be substantial but
likely to be regionally specific as existing fossil
fuel rich nations like the US look to capture
emissions at the source
9
Infratil Investor Day 2024

---

Photo: ‘Infinite Skies’ by David Beavis
Investor Day 2024
March 5, 2024

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.2
GW
4.9Developed
0.5Acquired
5.4Total
(1.9)Sold
3.5Net owned
2.0Third-party services
Track record
Inception to date

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.3
Generational growth opportunity
US Renewable market (2023-2030)
Projected annual US wind and solar capacity additions
Source: EIA, BloombergNEF. Note: Solar capacity in GW (DC) terms
•Utility scale solar, onshore
wind, storage buildout
projection is 489 GW
•~40 GW built in 2023

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.4
3.5
5.0
6.5
8.0
9.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
$0
$100
$200
$300
$400
$500
$600
$700
$800
20232024202520262027
GW
OpCo
Run Rate EBITDA
US$m
GWRun Rate EBITDA
Market share
(utility scale)
% of BNEF
projections
•2024-27 @
1.5 GW p.a.
•Backed by >28
GW pipeline
•Utility scale
share 2-3%
Positioned well for continued growth
2.8%3.1%2.7%2.3%2.2%
Longroad 2027: 9.5 GW, US$600m+ Run Rate EBITDA

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.5
December 2023
Investor
presentation
•3.5 GW built in 2023
•25-30 GW between 2023-27
(5.5 GW p.a. at midpoint)
22 February 2024
Earnings call
•Expect 7 GW over next four years
2024-27 (1.75 GW p.a.)
25 January 2024
Earnings call
•Expect 32.7 –41.8 GW between
2023-26 (9.3 GW p.a. at midpoint)
Broad Market Comps GW per year

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.6
IRA impacts taking hold in US renewables market
Inflation Reduction Act of 2022
10-year PTC including solar ITC
•Guidance issued
10-year ITC
•Guidance issued; solar and storage guidance needs clarification
Stand-alone storage ITC
•Guidance issued and working
Energy communities
•Guidance issued and working
Domestic content
•Preliminary guidance issued; needs clarification on solar PV qualification
Transferability
•Guidance issued; market in formation and some deals happening

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.7
Thesis on scale
is holding
•Equipment procurement
•Financing (high street)
•Competitive advantage in M&A
Challenges
remain
•IRA final guidance
•Long lead times MPT / HV / MV
•Interest rates / PPA prices vs. Returns
•2024 election
Longroad
well-positioned
•Track record, team, values
•Aligned management and growth / execution teams
•Funded until mid-2025; liquidity at a premium
Macro market points

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.8
Operating assets
3.5 GW /
16 projects
Longroad owned
(operating and
in-construction)
and third-party
managed assets

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.9
US$000s
Plan
Pricing /
market
ResourceAvailabilityOther
•15.8 years remaining life (weighted average)
•94% of the debt is hedged
•One recordable injury
Opco 2023 Performance –Run Rate EBITDA
Actual +5%
v. plan

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.10
Construction: 4 projects / 1.8 GW

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.11
Construction costs
Price movements of key components rebased to one in January 2020
Source: BloombergNEF, Bloomberg Terminal. Note: Data rebased to 1 on earliest available date in January 2020. Shanghai-LA freight rates used, steel reflects North America costs, while aluminium
and copper are China prices - more details as well as Bloomberg Terminal tickers available in the Excel attached to the report. LiCO3 = Lithium carbonate, LiOH = Lithium hydroxide.

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.12
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan. 2022Jan. 2023Jan. 2024
CAISOAZPACSCPPA/LANVEMTN WestHIISONESPPMISOPJMERCOTOther
12.9 GW
17.8 GW
28.6 GW
Total pipeline growth –January 2022 to January 2024
+38%
+61%

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.13
0
2500
5000
7500
10000
12500
15000
17500
20000
22500
25000
27500
30000
20242025202620272028
+
1.6 GW
5 projects
4.9 GW
16 projects
4.9 GW
14 projects
11.5 GW
19 projects
~70 active projects
out to 2028+
5.7 GW
14 projects
Wind, 6%
BESS,11%
PV, 2%
PV + BESS, 81%
Pipeline breakdown by year (GW)
Pipeline breakdown by project total MW and FNTP year

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.14
2024202520262027
GW under active development
1.64.95.74.9
Number of projects
5161414
Yearly target (GW)
1.51.51.51.5
Implied coverage
1.1x3.3x3.8x3.3x
Revenue contracts signed or negotiating
1.61.300
Regional diversity
SPP
AZ
CAISO
SCPPA
PAC
MISO
CAISO
PJM
SCPPA
HI
AZ
ISONE
PAC
MTN West
SCPPA
CAISO
AZ / PJM
MISO
ERCOT
MTN West
HI
MISO
MTN West
PAC
AZ
ISONE
NYISO
SCPPA
2024-27 Plan candidate projects
> 2.8 x Coverage to hit next 6 GW by 2027

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.15
$80
$127
$143
$111
--
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2023 Adjusted2024202520262027
EBITDA (US$ in millions)
2024 projectsEBITDA
4 projects$80
Total$80
2025 projectsEBITDA
7 projects$127
Total$127
Operating and
in construction
3.5 GW
~9.5 GW
2027 projectsEBITDA
~1.5 GW/yr
average plan
~$106
avg.
2026 projectsEBITDA
5 projects$143
Total$143
Note: 2023-2027 project run-rate EBITDA
calculated based on 5-year average EBITDA
once projects hit COD and recognized in run-rate
EBITDA total based on FNTP year
9.5 GW and US$600m+ Opco run-rate EBITDA by 2027
Longroad project run-rate opco EBITDA

COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC.16
•Well-capitalized developers have competitive
advantage
•The renewables business has evolved to
larger projects and higher development costs
•Tax equity market remains tight
•Future sources include holding company
debt, asset sales, and equity raises
•Liquidity at a premium
Sources
Funding 2024-27 growth (US$8B/6 GW)
Funded until mid-2025, absent an acceleration

Questions?
Photo by Nolan Hartleben

---

Infratil Investor Day 2024 |1
Investor Day 2024
March 5, 2024
Infratil
Investor Day
5 March 2024
Assaad Razzouk, Chief Executive
guriīn ENERGY

Infratil Investor Day 2024 |2
Pan Asia2021US$240mSolar, wind, BESS
GeographyYear launchedCapitalTechnologies
Gurīn Energy: thesis at inception in July 2021
With flexible and evergreen capital, we optimise our
portfolio by moving swiftly to seize opportunities
across the full lifecycle of project development
•Large and growing market. World’s largest
growing electricity demand with power consumption
expected to grow an average of 3.5% annually over
the next 10 years*
•Significant energy importer. Asia imports nearly
40% of its energy on average**
•Growing decarbonization agenda. Asia (ex-China)
was (then) forecast to add 500GWs of renewable
energy and storage across the next decade
•Regional diversificationhelps to mitigate and
diversify regulatory and market risks
•Widely varied markets developing renewable
energy each at their own pace and in line with their
own local dynamics
Source: *Fitch Solutions, **IEA
Renewables in AsiaFlexible capital Asian development platform
Late-stage
development
Construction
Operations
management
Greenfield
development
Pre-FID project
acquisitions
Optional operating
asset sell down at
COD
FIDPre-FID
Cashflow to
maintain and grow
development options
Optional development/
asset sales post-FID
Flexible
capital

Infratil Investor Day 2024 |3
Significant market developments
came hard and fast
Singapore
October 2021
Singapore announces plans to import up to 4 GW of low-carbon
electricity, equivalent to 30% of its total supply, by 2035
Thailand
May 2022
Thailand announces major round of renewable energy auctions
•First auction in 2022 (5.2 GW)
•Second auction expected in 2024 (3.66 GW)
Philippines
March 2023
The Philippines announces its own round of 11 GW renewable
energy auctions
Japan
March 2023
Japan announces $50b grid expansion master plan with peak
load to be largely managed by solar and wind power.
Japan’s balancing market launches critical new products in
2024, including the new Long-Term Decarbonisation Auction for
20-year capacity payments.
Source: IHS Markit
Forecasted Asia (ex-China)
renewables capacity additions (GW)
(Comparison to pre-establishment of Gurīn)
2020 release
2023 release

Infratil Investor Day 2024 |4
Result: ambitious net zero and RE targets across the region
Region requires US$120bn per year for the next 30 years in new renewables across Asia (Ex China)*
Credit rating**
AAA
(168%)
AA
(49.6%)
A-
(264%)
BBB-
(86.5%)
BBB+
(61%)
BBB
(40%)
BBB+
(61%)
GDP (USD b)*
Singapore
$467
South Korea
$1.7
Japan
$4.2
India
$3.4
Thailand
$495
Indonesia
$1.3
Philippines
$404
Net zero target205020502050207020652050NA
RE target (includes solar,
wind and others)
1
18GW
by 2030
108GW
by 2036
169GW
by 2030
500GW
by 2030
29GW
by 2037
21GW
by 2030
60GW
by 2040
+17GW+77GW+48GW+337GW+17GW+9GW+52GW
Installed RE capacity
in 2022 (GW)
2
0.831.1121.5163.012.212.67.7
Sources:
1
Various public sources and management analysis,
2
IRENA Renewable Energy Statistics, *GDP: Trading Economics, **Credit ratings: S&P, Government Debt to GDP: Trading Economics

Infratil Investor Day 2024 |5
Our flexible business model
allows us to deliver a rapid,
effective response
-
2,000
4,000
6,000
8,000
10,000
JapanIndonesiaThailandKorea
SingaporePhilippinesVietnamTotal
INITIAL BUSINESS PLANACTUAL
Singapore
Set up a consortium, which we majority-own, with
Gentari; submitted a bid to import 300 MW of
non-intermittent renewables fromIndonesia in
2022; received conditional approval in 2023
Japan
Announced development of 500 MW BESS project
in co-operation with Toshiba Mitsubishi-Electric
Industrial Systems and Nippon Koei
South Korea
Executed push into Jindo Province to develop 300
MW of solar projects
Thailand
Entered into a joint venture with WHA Group;
submitted winning bids for 128 MW of solar power
and developing another 300 MW for the next auction
Philippines
Gurīn decided not to participate in the auction. We
continued to develop a target 1GW pipeline (land
controlled) of projects focussed on entering into
PPAs with leading off takers
Source: Gurīn Energy
Initial business plan vs.
actual, owned MWs under development

Infratil Investor Day 2024 |6
Key portfolio characteristics
Several markets could significantly out-perform.
We are making sure we are ready.
CountryPPA tenors
Thailand25 years
Philippines20 years
South Korea20 years
Singapore20 years
Japan20 years
Indonesia20 years
•Focus on greenfield projects
–Opportunistic build v. sell approach
enabled by flexible capital
•First FID: March 2023
•First operating project: Q3 2024
ThailandIndonesiaKoreaJapanPhilippinesSingapore
FY21/22A
0024002652,280
FY22/23A
12830024002652,280
FY23/24A
42703255006304,780
FY24/25P
42703255007634,780
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
FY21/22AFY22/23AFY23/24AFY24/25P
Source: Gurīn Energy
Pipeline evolution (MW)
•Diversified across 6 key markets
•Selective joint venture strategy, with
Gurīn seeking to keep majority interests
•Stable long-term offtake agreements

Infratil Investor Day 2024 |7
Gurīn is focused on deploying capital 51% or more to high-income
countries and up to 49% to Asian countries
†
*Total installed capacity
from all sources, 2021
•Portfolio diversification across:
–Countries
–Currencies
–Political risk
–Interest-rate risk
–Regulatory risk
•Markets open (and sometimes close)
for renewables at different times and
we adapt accordingly
Sources: IEA and management analysis
INDIA
470GW*
THAILAND
53GW*
VIETNAM
70GW*
SINGAPORE
12GW*
INDONESIA
70GW*
PHILIPPINES
29GW*
TAIWAN
60GW*
SOUTH KOREA
143GW*
JAPAN
335GW*

Infratil Investor Day 2024 |8
Gurīn today: 67 professionals, 6 countries, 6.6 GW under development
6,662 MW3,670 MW
Countries*
Under development
FY23/24 (MW)
Installed target capacity
by FY29 (MW)
Market RE
energy target (GW)*
Market RE capacity
(GW) 2022*
Singapore 4,7801,33518GW by 20301
South Korea325325108GW by 203631
Japan500500169 GW by 2030122
Thailand 42742729 GW by 203712
Indonesia -30021GW by 203013
Philippines63078360GW by 20408
•Our 6,662 MW capacity equates to 4,374 MW net owned by Gurīn, after taking into account our partners’ interests
•Continuously monitoring the India, Vietnam and Taiwan markets. While the approach to Vietnam and Taiwan is
opportunistic, the approach to India is being co-ordinated with Morrison
*Source: IRENA, Gurīn Energy

Infratil Investor Day 2024 |9
Project highlight: Vanda RE
Ground-breaking infrastructure project to deliver 300MW of non-intermittent renewables to Singapore,
by combining 2 GW of solar PV capacity with 4,428 MWh of BESS
Favourablemacroeconomicand political tailwindsinbothSingapore
andIndonesia
•Strategic MOUs signed by the governments of Indonesia and Singapore
that align the long-term interests of both countries
•Indonesia continues to export energy, Singapore diversifies away from
dependency on imported gas
Massive foreign direct investment of US$ 50 billion into Indonesia
makes the project a “must have” (Vanda RE’s investment, plus that of the
other 4 consortia with conditional approval from Singapore, plus supply
chain-related investments into Indonesia)
Creditworthyoff-takerswithSGD-basedlong-termcontractedrevenues
Trustedpartnershipwithleading vendorstodriveconstructionand
operational efficiency
Highlybankable with a wide range of institutions (commercial banks,
multilateral and development organisations) providing competitive financing
terms well in excess of the US$ 2.5 billion required to develop the project
Project has secured conditional approval from Singapore to
import low-carbon electricity from Indonesia
Phase 1Phase 2Phase 3
Construction1 Jan 20251 Jan 20281 Jan 2029
Operational
commencement
31 Dec 202731 Dec 202831 Dec 2029
680 MW620 MW680 MW1,980 MW
1,522 MWh1,386 MWh1,520 MWh4,428 MWh
Project timing

Infratil Investor Day 2024 |10
Country highlight: India, in a league of its own
8,695
4,175
1,833
1,094
977
705
587
503
497
405
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
*Source: Morrison
•Forecast to add more renewables this
decade than the rest of our markets
combined
–Third largest installation of renewables
behind China and the US
–Strong underlying energy demand growth
•Positive reforms will likely fast-track growth
–Target of 50% non-fossil fuel-based electricity capacity by 2030
–50GW of clean energy tenders every year
–Second corporate PPA market globally
–US$ 30 billion grid build out to accommodate renewables
•Gurīn principals have over a
decade of experience
navigating the complexity of the
Indian market, with a pipeline of
projects successfully developed,
owned and sold
ChinaUSIndiaRussiaJapanBrazilSouth KoreaFranceGermanySaudi Arabia

Infratil Investor Day 2024 |11
Gurīn Energy’s leadership team
✓Deeply embedded in our individual markets
✓Extensive development, construction and operations
experience in-country and at headquarters
✓Flexible team, able to adjust and adapt to market changes
everywhere across the region
✓Highly focused on the highest “ESG with integrity” standards
EMMA BIDDLES
MD, ESG
ENDA GINTING
Country Manager,
Indonesia
FRANCK BERNARD
MD, Energy Storage
& Flexibility
GMELEEN TOMBOC
Deputy Chief
Commercial Officer
HANNAH KOH
Communications Director
JEREMY ONG
MD, Operations
KAJAL SINGH
Chief Commercial Officer
MAYEN EKONG
General Counsel
RATCHANEEWAN
'NEUNG’ PULNIL
Country Manager,
Thailand
REDEN GARCIA
RODRIGUEZ
Country Manager,
Philippines
ROBERT MCGREGOR
Chief Corporate
Development Officer
SAM KOH
Country Manager, Korea
STANLEY LIM
MD, Finance
ASSAAD RAZZOUK
CEO
BOB DRISCOLL
COO
MICHAEL BOARDMAN
CFO

Infratil Investor Day 2024 |12
We integrate
communities in
everything we do
We operate to international standards that are higher than all country regulations / laws that
we operate in
>This increases our competitiveness: ensures we receive financing, aligns to our values, and
best manages reputational risks
We’re working activelywith communities, everywhere we operate:
>Objective: build long-term relationships with community in and around our projects
>Stakeholder engagement ‘playbook’
–We first identify all relevant stakeholders (project-affected people) to proactively
engage / consult / communicate with them depending on their needs / influence
–This approach allows for active participation from all affected stakeholders
–If people feel they’ve been heard, this builds trust and positive long-term relationships
–Ongoing throughout the project, not just one-off
–We don’t do stand-alone corporate social responsibility or public relations –typically a
series of one-off events that are not addressing the concerns the community may
have in relation to our projects
Dynamiccommunity management is critical to managing our “dry hole” and project risks
>Over 30% of Gurin’steam have ESG-linked compensation mechanisms built into their
monthly salaries

Infratil Investor Day 2024 |13
Today, Gurīn is a rapidly growing renewables developer and operator in
Asia, showcasing its capabilities alongside large players in the market
•In-house greenfield development business model
–Scale to > 10 GW
•High levels of diversification
–6.6 GW of advanced development pipeline
across 6 markets
•Revenues anchored around long-term offtake
agreements
•Targeting a steady-state average run-rate of
400 MW of FID projects / year
–FY 23/24: 75 MW
–FY 24/25: 38 MW
–FY 25/26 (indicative): 880 MW
Zambales solar farm, Luzon, Philippines
Zambales Solar Farm
LUZON
Zambales Solar Farm
Luzon, Philippines
Capacity75 MW
Equity sizec. USD 19m
Bank financingc. USD 41m
OfftakerAboitiz Power (AAA, PhilRatings)
CodThird quarter 2024
Pan Asia2021US$240mSolar, wind, BESS676.6 GW15-20% (USD)
GeographyYear launchedCapitalTechnologiesPeoplePipelineTarget returns

Infratil Investor Day 2024 |14
Draft
23 March 2023
Thank you

---

Wellington International Airport Limited
Infratil Investor Day
March 2024
Matt Clarke, Chief Executive

2
Business Overview & FY24 Outlook
Passenger Traffic
Regulatory Environment
Capex Plans
PSE5 Progress
FY25 Drivers
Wellington Airport Update

Wellington Airport Overview
Gateway to New Zealand’s capital city and central region
Lyall Bay Retail Park &
Investment Properties
Ground Transport Business
Hotel
Retail & Advertising
Western Aviation Leases
Logistics & Other Aero Leases
~5.4m Annual Passengers (Estimate for FY24)
85% Domestic / 15% International
+2.7% Average Passenger Growth p.a.
20 years pre-Covid FY00 –FY20
Aeronautical Business ~55% Revenue
Airline charges set every 5 years
Diverse Commercial Business ~45% Revenue
Retail, advertising. property, transport & hotel

FY24 Outlook
Gateway to New Zealand’s capital city and central region
4
FY24
Forecast
Passengers5.4m
Aero Revenue$86 -$88m
Commercial Revenue$70 -$72m
EBITDA*$106 -$108m
TotalAssetscirca $1.8bn
Financial figures are NZ$.
* EBITDA is pre-subvention payment.
0
20
40
60
80
100
120
FY20FY21FY22FY23FY24
Forecast
EBITDA ($m)

Current Route Network
Domestic hub, trans-Tasman and Pacific services
5

Update on Passenger Numbers
Domestic
6
5,231
2,968
3,481
4,690
4,695
57%
67%
90%
90%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
FY20FY21FY22FY23FY24
Forecast
FY25
Forecast
Annual PAX (000s)% Pre-Covid
•~4m PAX
•95% capacity recovery
•~83% share
•~700k PAX
•77% capacity recovery
•~15% share

Update on Passenger Numbers
International
7
•120% capacity recovery
•~49% share
•100% capacity recovery
•~38% share
•118% capacity recovery
•~8% share
•187% capacity recovery
•~5% share
919
-
49
562
721
0%
5%
61%
78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
100
200
300
400
500
600
700
800
900
1,000
FY20FY21FY22FY23FY24
Forecast
FY25
Forecast
Annual PAX (000s)% Pre-Covid

Overview of Commercial Business
Diversified revenue streams contributing ~45% revenue
Property
•Diversified rent roll - 150 tenancies ranging from campus leases and
residential, logistics hub, beachfront restaurants and large format
retail park.
•Ongoing expansion with acquisition of landholdings around airport,
construction of new aircraft maintenance facility, regional transport
hub and electric bus depot.
Hotel
•134 room 4-star hotel, restaurant and conference centre fully
integrated with the airport terminal.
Carparking & Transport
•A range of transport products offered from e-bike racks to valet
parking.
•3,500 public spaces available with at grade expansion availability.
•Concessions from taxis, rideshare, buses and rental cars.
Retail & Advertising
•30 retailers/concessionaires throughout the terminal.
•Duty Free, foreign exchange, advertising, food/beverage and
specialty stores.
8

7 yearly review of NZ Commerce Commission Input Methodologies
recently concluded
Draft decision contained several departures from the established
methodology used to estimate Asset Beta and WACC.
The two primary changes in approach were:
•A shrinking of the airport comparator sample.
•Asset beta reduction to ‘correct’ for the covid shock.
Taking account of extensive submissions from New Zealand’s Airports,
the Commission’s final decision produced an asset beta uplift to 0.67.
The NZ Airports Association, along with AKL, WLG and CHC have filed a
merits review in the High Court.
Regulatory environment
IM Decision a significant progression from the draft
9
2016
IMs
Draft
2023
IMs
Final
2023
IMs
Asset beta0.600.550.67
WACC post tax8.07%7.81%8.61%

PSE5 1 April 2024 – 31 March 2029
Thorough consultation process
•High levels of airline engagement
•Board of Airline Representatives invited into process
PSE4 incorporated a passenger wash-up & deferral
•Aero revenue shortfall circa $35m
•$15.1m carry forward
WACC uplift – 5.93% PSE4, >8% PSE5
Opex under control
•Lowest cost per passenger in NZ
•Controllable costs per pax held flat in real terms since
FY20
Substantial focus on capital investment
•Re-prioritisation of focus to align with requirements
•Master Plan review incorporating acquisitions and
development rights
10
10

Terminal Extension –
increased PAX Capacity
Apron Expansion
Logistics Hub
Development
Seawall Upgrades
Apron Expansion
New Baggage Handling System
Miramar Golf Club
Development
Development of former
Miramar South School site
PSE5 Capex
Collaborative airline engagement, campuswide development
Airport Fire Station
Relocation
11

Moving mountains
Pathway cleared to 12M apron/terminal configuration

Seawall works
Structural upgrades to increase resilience
13

The goalposts have shifted
Runway extension?

No such thing as a free runway?
Technology has brought WLG closer to the world

Airport Operational Emissions – Scope 1 & 2
Targeting net zero scope 1, 2 and staff travel emissions by 2030 and longer term
ambition to be absolute zero by 2050. Seeking independent, science-based
verification. Improving energy efficiency of assets and electrification of ground fleet.
Scope 3 Emissions
Partnering with industry and airline partners to advance implementation of
sustainable fuels/electric aircraft in Wellington. Member of Industry Advisory Board
for Heart Aerospace.
Airport Carbon Accreditation
Achieved Level 2 (Reduction) renewal under the Airport Carbon Accreditation
programme and aiming to progress up the levels over coming years.
Global Benchmarking
Alongside other airports/infrastructure assets under the GRESB framework. 2023
score of 96/100, 5
th
out of airports globally, and 85
th
of total 681 entities.
Linking to Financing Strategy
$100m of bank facilities transitioned to sustainability linked loans. Interest rates
linked to performance against a suite of ambitious targets.
NZ Climate Related Disclosures
New disclosures mandated from 2024, WIAL voluntarily made early disclosure in
2023.
16
Sustainability update
Targeting net zero airport operational emissions (scope 1, 2 and staff travel) by 2030

FY25 Drivers
Platform set for growth
17
Passenger Recovery
WACC Uplift
PSE4 Washup
PSE4 Revenue Deferral
PSE5 Capex Delivery

Q&A
18

---

Managed by
Will Smales
Chief Investment Officer
Digital Infrastructure Update
Lewis Bailey
Executive Director: Strategy

Source: Gartner, Forbes, Ericsson, Altman Solon, Goldman Sachs, Market Research Future (MRFR). SVOD: subscription video on demand
2
Cloud migration and consumer video not yet out of fuel, while AI and automation are starting to fire
Four Engines Driving Digital Demand
158
272
394
347
794
176
530
1,162
167
275
201820232028
451
1,316
2,625
37
80
6% CAGR
Cyber security
Cloud services
Cloud infrastructure
Enterprise software
Market size, 2023-2028, $bnGenAI revenue forecastSVOD subscribers US vs Global, million
612
988
1,205
1,690
20212027
6% CAGR
US
Global
16
17
51
100
500
UHD
stream
VR
stream
UHD
video
8KUHD VR
40
137
304
548
897
1,304
20222024202620282030
12%
2032
42% CAGR
% total tech spend
GenAI revenue, $bn
Robotics market size, US$bn
42
63
95
143
215
20222024202620282030
23% CAGR
13
16
19
22
26
31
35
18% CAGR
Enterprise cloud migration
and SaaS
Consumer videoArtificial intelligenceRobotics and IoT
Data requirements
(Mbps)
# of IoT devices, billion
2%
4%
6%
7%
10%
7% CAGR

3
Buildout of product and interface layers will drive Gen-AI uptake
An Eye On AI
Source: McKinsey, Techcrunch, Crunchbase, Bloomberg. 1. $500m invested, $1.5bn to come
Today, ‘promise’ is greater than
‘practice’ ...
... but massive investment in
product development in ‘23...
... and as new AI products are adopted,
complementary services and adjacent
business models flourish
Reported use of GenAI, currently use vs should use
% of respondents at leading commercial organisations
5%
10%
55%
65%
20%
25%
20%
Currently useShould use
110
136
164
188
226
251
116
150
191
239
291
346
202220232024202520262027
+17.9%
+24.4%
Data management
IaaS
Global data management and Infrastructure as a Service
(IaaS) spend, US$bn
Almost always
Often
Sometimes
Rarely
Almost never
More than
70 rounds of $100
million or more
went to startups
creating models
US$50bn
total investments into
AI startups
Microsoft invested $10bn
into
OpenAI

in Feb 2023
Google’s $2bn
1
and Amazon’s
$4bn
announced investment into
Anthropic
Sam Altman raises $7tn?
Some projections look optimistic,
despite the boom

4
Gen-AI will shape demand for physical infrastructure
Physical Infrastructure Implications: Chips
Source: Altman Solon, OpenAI, Microsoft Azure, IEA. WSPM: wafer starts per month
Massive production needDigital gold
0.0
0.5
1.0
1.5
2.0
2.5
Fabrication capacity needed, US only, million WSPM
WSPM: measurement of output of a semiconductor plant (fab)
2.6
5.3
0.5
2.2
2022Announced
fab capacity
2030
AI chips shortage is expected to persist for ~18 months
Hyperscalers stockpiling AI chips, e.g. Meta will own
340,000 H100 chips by end of 2024
Nvidia market capitalisation, US$tn
$2tn market cap ... the 4
th
most valuable company
One day gain of $277bn on 22

February post Q4 results announcement ...
adding more to market cap than the value of Coca-Cola or Bank of America
Additional
needed

200
105
225
250
150
290
4
6
8
13
5
Digital and Energy infrastructure increasingly entwined
Physical Infrastructure Implications: Energy
Source: IEA Jan ’24. * Note ’22 energy figures assume mid-point of IEA estimate of 240-340 TWh. 2026 shows mid and high case for IEA
Energy efficiency improvements slowing, DC energy
consumption to double in the next 5 years
Data centers are becoming the largest electricity
consumers in some countries
Electricity demand from data centres, base case, TWh*DC electricity consumption (TWh); share of total electricity demand
195
290
580
50
100
140
80
200
2015201920222026
199
245
400
1,000
+10%
+26%
Dedicated AI DC
Crypto
Traditional DC
6%
US
5%
EU
3%
China
Data centres as % of total demand in 2026
Consumption in 2022
Consumption in 2026
19%
Denmark
30%
Ireland
Hyperscalers are already the biggest renewable energy off-takers,
e.g. in 2010-2022, total PPAs from Amazon is 20,000+ MW
PUE improvements, Koomey’s law and cloud migration have partially
offset surging demand to moderate DC energy usage. Going forward,
these efficiency factors face headwinds

Digital
Infrastructure
Ecosystem
A network of
physical, defensive
infrastructure
assets underpin the
delivery of the
essential
connectivity
services that power
the modern
economy and our
societies
6Infratil Investor Day 2024
Notes: (1) At various stages (especially in backbone networks and near data centers), data may pass
through Internet Exchange Points (IXP’s) where different networks exchange traffic
Subsea
Cables
Data
Centers
End Users
Consumers
Enterprise
Devices / IoT
Last Mile
Wholesale
Fibre
Satellites
Wired
Wireless
Software defined
interconnection
Data generated by
users / devices

7
Seeding new platforms to ride the next wave of digital growth
Console Connect and Kao Data
European Data CenterplatformGlobal, configurable connectivity
Business modelBusiness model
UK-based colocation datacenters
Development platform, with 3 sites and ~20MW operating
Customers
High performance compute, AI, enterprise and hyperscale
Global connectivity platform
Instantly self-provision secure, private connections across a global network
and flexibly purchase bandwidth on-demand
Customers
Enterprise connectivity
Investment driversInvestment drivers
Market tailwinds
Strong demand and planned capacity expansion. 20MW installed, 60MW
current capacity, visibility to grow to 150MW+ with Manchester
Leadership renewal
Douglas Loewe started as CEO January 2024; New COO joining
Evolving customer needs
Inexpensive, flexible and configurable connectivity as enterprises
increasingly adopt multi-cloud and multi-region networks
Powerful network effects
World-leading network of global subsea cables, 900+ enabled DCs, public
cloud providers, major SaaS providers and 1000+ mobile networks,
enhancing economics and value proposition
Infratil Investor Day 2024

Subsea cablesData centersWholesale fibreData businesses
Data growth
East / West volume
shifts as emerging
economies become
content creation hubs
Route dynamics
Individual route-level
supply demand
dynamics are critical
Volume growth
Hyperscalersseeking rapid deployment
to meet AI demand growth
Platform value
Existing platforms provide proven ability
to deploy at scale and engender
customer trust
Location dynamics
Green energy availability, security and
data sovereignty increasingly important
buying factors
Evolving network architectures,
edge models and cloud zones
Driving deployment in developed and
developing markets
Capacity growth
To accommodate AI
demand and changes to
demand density
Hyperscale dark fibre
Growth in dark fibre
market to serve
hyperscale inter-DC
demand
New cloud zones
Densification in developed
markets and new zones in
developing markets driving
deployment
Capital release
Corporate sell-down of non-core assets e.g.
TowerCoand InfraCospin-offs
FTTP and enterprise rollouts
Government backed FTTP rollout
5G rollout and active sharing
Densification of mobile networks creating active
sharing models
Defensive IoT networks
Growth in energy, safety and industrial
applications
Defensive data assets
Data assets offering
privileged positions
growing increasingly
defensive as scale,
technological complexity
and regulatory
requirements increase
Financial
infrastructure
Critical infrastructure
underpinning operation of
financial markets
8
Deep understanding of market and technology dynamics translates into...
Digital Infrastructure: Dynamics Driving Opportunity
Software defined networking
Ability to abstract physical infrastructures, variabilize bandwidth purchases, offer value-added network services increasingly valuable as multi-cloud architecture become common
...opportunities offering attractive risk-adjusted returns
Last mileEnd users
WiredConsumers
Satellites
Connected
devices
WirelessEnterprise
Infratil Investor Day 2024

---

C2 General
Infratil Investor Day
5 March 2024
Jason Paris
Chief Executive Officer

Solid performance in a competitive but stable market
Competitive but stable mobile market structure continues, fixed pricing intensity remains
Full upgrade of our mobile network to 4G/5G, extending our coverage with SpaceX and our 3G and 2G shut down
are all on track
Our wholesale MVNO platform is performing well, with over 30,000 mobile and FWA customers enjoying it
The rebrand has been well received by New Zealanders and almost all of One NZ'skey metrics are now ahead
ofVodafone NZ’s includingawareness and non-customer consideration
The simplification of our business continues with 85% of our consumerbase now on in market plans, 100% of our
prepaid base hasbeenmigrated to a newIT platform and service interactions have reduced by 1 million over the last
two years
Anorganisationalredesign to deliver significantadditional operational efficiencies is nearly complete
AI continues to drive material benefits with an up to 7x uplift in performance across areas that AIhasbeen
deployed. We arenow scalingAI across the business to drive cost as well as revenue benefits
2

On track to deliver at the mid-range of EBITDA guidance within
a challenging economic environment
Consumer/SME mobile, Wholesale and cost results all continue to be strong
Some softening in the Enterprise segment due to a depressed macro-economic environment has stopped us
achieving the higher end ofguidance
We have successfully executed a series of pricing adjustmentswithout materially impacting customer acquisition or
churn. More pricing moves are planned for this year and over the medium term we continue to consider CPI based
pricing
Our new store format is performing well.General merchandise margin has grown 178% YoY and 15% YoY in Pay
Monthlymobileacquisitions. Investment in Regional Hyperlocal format storeshave delivered 97% YoY growth in
Mobile Pre to Post compared toonly 18%YoY growth in similar regional stores
Furthertop line growth and margin expansion being targeted via mobile, higherutilisationofour fixednetworks,
ICT,wholesale and accessories
3

Strong demand for our fibre assets will see us establish a separate
fibre entity to maximise usage and value
11,000 km of total fibre+
Includes submarine cables:
•TGA (46% owned)
•Aqualink (100% owned)
•Hawaiki (IRU)
•Southern Cross (IRU)
4,200+ km
1,200+ km5,800+ km
International
Domestic
I N T E R N A T I O N A L L I N K S
Subsea cables connecting New Zealand,
Australia and the US
B A C K B O N E
Core fibre network up
and down country
M E T R O
Metro fibre rings in some
main centres
A C C E S S
Exchange nodes to business
premises and selected mobile
towers
Submarine cables
Terrestrial
Includes fibre to new data centres
7

Investing in our mobile network to deliver service revenue growth
Nationwide 4G/5G upgrade programme on track
•99.5% of the population and 60% of the geography of New Zealand will be
covered by our upgraded 4G/5G network in CY 2025
•3G is being retired CY 2025 and 2G retiring by CY 2026. The spectrum
re-farmed for increased 4G/5G performance
•These moves are increasing our FWA capacity and are improving our mobile market share
World leading satellite to mobile connectivity with SpaceX
•SpaceX partnership will give our customers geographic and maritime coverage (across
New Zealand with line of sight to the sky) and provide additional resilience for natural
disasters - messaging CY 2024, voice, data and IoT CY 2025
•Highly sophisticated systems e.g., inter satellite laser links, collision avoidance, significant
redundancy and advanced phase array antennas developed, with a proven track record-
5,000 satellites deployed
Enhanced and differentiated mobile network security
•Have successfully deployedNew Zealand's emergency services communications network –
exclusively sold by One NZ &Spark
•DeployedMalware Free Networks, blocking thousands ofscams monthly
8

Our future is AI, with proofs of concept in emergent areas in telco
Sense the world
AI CAPABILITIES
Control the physical world
Understand the worldCreate the world
VisionAudialLinguisticsRobotics
DiscoveryForecastingOptimisationCreation
Process images and videoProcess audio signalsProcess, interpret and
render text and speech
Learn and take action with
physical systems
Process large amounts of
data and find patterns
Make predictions for the
future
Look for optimal solutions
to problems with large
solution space
Generate images, audio &
music, text – any content
Data Foundation
Scaled
capabilities
9

We have invested in AI & Data foundations and are well
positioned to reimagine the business with Generative AI
We have been
delivering machine
learning AI
use cases for several
years and see
significant potential to
extend using
generative AI
We are using AI systems
in a safe, trustworthy, and
ethical way
K E Y PA R T N E R SU S E C A S E SI N F R A S T R U C T U R ER E S P O N S I B L E A I
10

Scaling AI within One New Zealand
MarketingServiceNetworkEnterpriseWorkforce
Last 12 months
•Single view of mass
customers
•Churn, up-sell,
cross-sell predictions
being made, some
campaigns automated
•Generative AI for call
analytics that help
identify and fix thecauses
of service
•Machine learning
powered network
issuedetection and fixes
•Network analytics driving
network rollout
•Proof of concept using
generative AI and large
language models to
extract contract
information to inform
next best sales action
•Trained 250+ employees
on AI
•Developed Responsible AI
Guardrails
Next 12 months
•All campaigns
automatedusing Machine
learning to provide
personalisedoffers
•AI powered self
servicevia app and web
•Self optimising, self
healingnetwork
exampleswithreal time
energy optimisation
•AI powered leads,
AI powered account
managers,
automatednext best
action recommendations
•Co-pilots deployed and AI
being usedacross teams
daily
3 years time
•Always-on AI powered
campaigns delivered to
customers inreal time
e.g., location based
•Always-on AI powered
service that proactively
predicts and resolves
issues in advance
•AI driven automated
networkbuild
andupgrade
programmewith a
fullyselfoptimising, self
healing network
•AI powered engagement
& operations
•AI performing repetitive
tasks
11

Accelerating our customer transformation through business
simplification and IT modernisation
Examples of progress made to dateWhat we’re planning to accelerate in FY2025
Product
simplification
Only three in-market pay monthlymobileplans
Prepaid plans reduced by 80%
Simplification of consumer broadband plans to less than
five, Enterprise mobile to align with consumer and SME.
Enterprise fixed products halved
Customer migration
85% of consumer mobile customers on in-market plans
100% of prepaid customers migrated to new IT
Migration of 100% of our consumer and SME customers
onto simplified plans. Enterprise to follow
Service
improvements
1 million annual reduction in service
interactions to our contact centres
Redesigning ourcustomer journeys to enable 100% self-
service via our app
IT modernisation
Contact centerplatform replaced,migration of
pre-paid platform, new network
APIs in place, wholesale telco-in-a-box
platform launched and customers live
Data platform consolidation, CRM replacement, ordering
and fulfilment automation, customer identity management
Product and
platform
decommissioning
Removal of 100% of legacy calling platformsCopper product shutdown, legacy IT platform shutdown
12

•Organisational Health metrics in the world’s top quartile
•Compelling vision, culture, results and owners are attracting and retaining the best talent from Aotearoa, New
Zealand and internationally
•Proven higher performing ways of working are embedded e.g. agile/waterfall
•Completing a reorganisation that reflects our company wide business improvements
•Significant and ongoing rationalisation of our back office, enabled by:
•Simplification of processes, delayering and reduced hierarchy, centralisation of like functions to realise
synergies/remove duplication and offshoring of some back-office activities
•Significant and ongoing rationalisation of our service areas due to:
•Reduced call volumes, higher first-time resolution and reduced transfers and improved capability and tools
•Increased investment in future value creating areas continues e.g. Network, Sales, Data/AI, Security
•AI productivity work stream now being scaled to drive significant further productivity improvement
A smaller, more highly skilled work force is emerging
13

Prioritising ESG to help create an awesome Aotearoa
We launched our new Sustainability Strategy in August 2023, following a materiality
assessment to prioritise ESG (Environment, Social, Governance) topics
Environment
•Achieved environmental certification, via Toitū Envirocare, demonstrating robust
greenhouse gas (GHG) emissions measurement and reporting
•From 1 April 2024 all electricity purchased by One NZ will be renewable meaning zero Scope
2 emissions for power usage
•Limited e-waste by enabling customers to reuse old mobile phones via Trade-In offering
Social
•Proactively deployed network technology that has blocked over 1 million child sexual
exploitationmaterial sites from our network
•Through our charity, One Aotearoa Foundation, progressed digital equity initiatives including
laptops for schools and connecting families
Governance
•Sixth cohort of employees completed indigenous leadership programme, Kāwai, to help
create pathways for current and future Māori and Pasifika leaders
•Achieved 12-point year-on-year uplift in international sustainability benchmarking survey,
GRESB
14

❑World class infrastructure. Continue to invest in our mobile and fixed infrastructure to maximise
value from strong ongoing demand
❑Top line growth. Growth in core connectivity, complemented by targeted growth in adjacencies,
including ICT
❑Simplified business.Products and plansdramaticallyreduced, 100%of customers migrated to in
market plans, ITmodernisedand legacyremoved
❑Customer experience excellence. AI enabled and automated digital sales and service
❑High performing, lean operating model.Deploying AI to drive year on year cost reduction across all
facets of the business, leading toa smaller, more capableworkforce
❑A highly trusted brand. A great corporate citizen, contributing positively toNew Zealand's future by
always doing the right thing for its people, customers and country
❑Strong shareholder returns. Generating increasedequity value and cash over the medium term
Future Scorecard
15

On track to meet FY24 EBITDA Guidance of
$580-$620 million, estimated growth of 14%
•Mobile service revenue grows with strong trading
momentum, roaming returning and customers
continuing to shift toward higher value plans
•Enterprise revenue declining due to calling and
economic conditions leading to softer trading and
some large customers moving from legacy to in-
market pricing
•Wholesale revenue uplift due to increased network
utilisation and fixed line capacity growth from
hyperscale data centres
•Procurement revenue declines largely relating to
lower margin device revenue
•Operating expenditure reduced due to cost out
initiatives which are targeted to accelerate in H2, in
addition to not incurring brand launch costs
•EBITDA expansion continues towards 30% target in
near term
One NZ (millions)HY2024HY2023FY2023
Consumer & SME333305623
Enterprise5354108
Mobile385359731
Consumer & SME -Fixed & ICT165169336
Enterprise -Fixed & ICT129129258
Wholesale & other105102209
Recurring revenue7847591,533
Procurement & one-off revenue180231451
Total revenue9649901,984
Direct cost(392)(432)(837)
Gross margin5725581,147
Operating expenses(292)(300)(619)
EBITDAF**279258528
EBITDA Margin29%26%27%
Capital Expenditure (excl. Spectrum)123125304
Capital Efficiency (excl. Spectrum, Saas)13%13%15%
17
One NZ Half Year FY24 Performance (Appendix)

---

Infratil
Investor Day
Presentation
1
Greg Boorer
Chief Executive Officer
5 March 2024

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

CDCProgress. Secured.
Agenda
3
05
13
20
Infratil Investor Day
Performance
Outlook
Questions

CDCProgress. Secured.
Overview
4
Infratil Investor Day
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
•Industry-leading WUE
•First net carbon zero hyperscale data
centre provider in New Zealand
CDC is the pre-eminent owner/operator and developer of highly secure, connected and sovereign data centre campuses
across Australia and Aotearoa New Zealand.
[1] Hosting Certification Framework, Australian Government

Performance
InfratilInvestor Day
5

CDCProgress. Secured.
6
InfratilInvestor Day
FY2024 achievements to date
CDC continues to meticulously deliver on its commitments to customers, people, new developments and financial targets.
Focus area
CUSTOMERS
PEOPLE
DEVELOPMENT
FINANCE
•Record 200MW+ new capacity contracted
1
– largest ever addition within 12 months
•Successfully grew and diversified our client baseacross Government, NCI and Hyperscale
•Enhanced business value and exceeded client expectations – industry-leading customer NPS
•Continued to foster a high-performance culture- achieved superior employee NPS score
•Successfully scaled up and continued to build a high performing team to deliver growth
•Trained and skilled a high volume of staff through our CDC Academy
Achievements
•Accelerated construction in Melbourne and Auckland
•Increased development pipeline by an additional 400MW+ across Australia and New Zealand
•Assessed additional strategic growth opportunities in Australia and New Zealand
•Maintained trajectory of 20-30% YoY revenue and earnings growth
•Achieved prudent cost controls in inflationary environment
•Diversified debt capital market sources
On Track
On Track
On Track
On Track
Status
[1] Includes reservations and rights of first refusal.

CDCProgress. Secured.
Delivering on our development commitments
7
Infratil Investor Day
New Zealand Australia
Auckland – Silverdale (SIL1A) Auckland – Hobsonville (HV1A)Melbourne – Brooklyn (BK1)
Sydney – Eastern Creek (EC5-6)
CDC has delivered on its development commitments, making significant progress on the construction activities over the last 12 months across both Australia and New Zealand.

CDCProgress. Secured.
Our locations
8
Infratil Investor Day
Sydney Eastern Creek
Canberra Hume
Sydney
Canberra
Auckland
Melbourne
HU1HU2HU3
HU4HU5
FY1
FY2
BE1
EC1EC2EC3
EC4EC5EC6
Hume One:
Hume Two:
SIL1
HV1HV1A
Auckland Silverdale
Auckland Hobsonville
Melbourne Brooklyn
Canberra Fyshwick
CDC campus
Operational data centre
Data centre under development
Dark fibre connectivity
13
100%
Operational data centres
across Australia and New
Zealand
Additional capacity to
accommodate step-
change in AI demand
Land holdings ownership
for existing and growth
projects
Expansion in existing and
new markets across
Australia and New Zealand
All campuses connected
with multiple diverse high
speed secure fibre paths
8
Data centres under
construction
BK1
SIL1A
BK2
HV2
Canberra Beard

CDCProgress. Secured.
World-class data centre portfolio
9
Infratil Investor Day
0
200
400
600
800
1000
1200
20122016202020242025+
MW
ACTNSWNZVICAustralian Expansion
RegionStatusBuilt MW
CanberraOperating117
SydneyOperating123
AucklandOperating28
Total Operating Capacity268
CanberraUnder Construction39
SydneyUnder Construction158
MelbourneUnder Construction155
AucklandUnder Construction30
Total Under Construction Capacity382
CanberraFuture Build105
SydneyFuture Build269
MelbourneFuture Build93
Australian ExpansionFuture Build22
AucklandFuture Build81
Total Future Build Capacity570
Total Capacity
1
1,220
Capacity Growth Forecast by Region
1
[1] Forecast capacity to FY2029

CDCProgress. Secured.
Brand
Refresh
10
Infratil Investor Day
Specialisingin world-leading critical
infrastructure capabilities, CDC has
established itself as the foremost
destination for customers who cannot –
and will not –compromise on their
digital critical infrastructure.
Together with our customers, we
ensure that society always has access
to the systems essential for progress.

CDCProgress. Secured.
ESG
Leadership
11
InfratilInvestor Day
Stable
planet.
Thriving
people.
Trusted
company.
Carbon and energy
Net zero by 2030
2
Water
World-class data centre water usage
efficiency
Waste and circularity
Zero waste to landfill by 2030
3
Safety and wellbeing
The best and safest place
to work
Diversity and inclusion
Become an industry leader in
diversity and inclusion
Excellence and growth
Meticulous and purpose-driven team
Community impact
Make a measurable difference in our
communities
Trust and transparency
Australia and New Zealand’s most
trusted data centres
Data security
Industry leading integrated security
posture
Resilience and innovation
Innovation for longevity in a changing
climate
Highlights
•Stable Planet: First certified net carbon
zero hyperscale data centre provider in
New Zealand
1
•Thriving People: Supporting our people’s
wellbeing and community engagement
•Trusted Company: University partnership to
lead the world on water efficiency.
[1] Toitu net carbon zero certification, 2023. [2] Net zerofor scope 1, 2 and defined 3 [3] Zero waste to landfill certification for operational waste by 2030

CDCProgress. Secured.
12
InfratilInvestor Day
Tiered Technical Training
•Bespoke technical training
•Practical and theoretical
assessments
•Training focused on data centre
fundamentals, health and safety,
critical environments and data
centre infrastructure
•80% of all CDC technicians across
Australia and New Zealand have
completed Tier I training
University Engagement
•Collaboration with universities to
explore how CDC can contribute to
reducing the skills gap within the
industry
•Supporting industry growth through
graduate and internships programs
Innovation partnership
•CDC and Innovation Central
Canberra have been partnering to
develop innovative data centre
water efficiency solutions
•Research project focused on water
positivity and heat rejection
CDC continued to scale its
proprietary designed,
dedicated learning hub.
CDC Academy’s objective is
to provision the next
generation of data centre
professionals.

Outlook
Infratil Investor Day
13

CDCProgress. Secured.
14
Infratil Investor Day
Sources: [1] Earnings reports [2] Wells Fargo Equity Research/The Next Platform [3] McKinsey
TextImageAudio or music3-DVideo
Protein or DNA
sequences
Microsoft
VALL-E
RODIN
Diffusion
GODIVAMoLeR
OpenAI
GPT-4DALL-E 3JukeboxPoint-ESora
Meta
LLaMA 2
Make-a-
scene
AudioGemBuilder BotMake-a-videoESMFold
Google/
DeepMind
GeminiImagenMusicLMDreamFusionImagen VideoAlphaFold2
Stability AI
StableLM
Stable
Diffusion 2
Dance
Diffusion
LibreFold
Amazon
Lex
Deep
Composer
Apple
GAUDI
NVIDIA
MT-NLGEdifyEdifyEdify
MegaMol
BART
Cohere
Family of
LLMS
Anthropic
Claude
AI21
Jurassic-2
•Major hyperscalers continue to generate revenue growth on the back of
continued adoption of cloud and increasing customer uptake of AI
•Record-breaking demand for AI hardware (GPU) has seen NVIDIA achieve full-
year revenue of $60.9b USD in 2024 (126% YoY)
1

•Emerging new segment in GPU Cloud providers offer enterprises and startups
cost-effective access to currently inaccessible, high-end GPUs
Data Centre demand growth continues to accelerate
GenAI Models by provider
3

Closed SourceClosed Source, available through APIsOpen Source
The race to achieve Multimodal AI supremacy
Global demand-side market outlook
Datacentre GPUs revenue vs Datacentre GPUs Shipped
2
0M
5M
10M
15M
20M
25M
$0 B
$10 B
$20 B
$30 B
$40 B
$50 B
$60 B
$70 B
$80 B
$90 B
$100 B
2015201620172018201920202021202220232024202520262027
Datacentre GPU Revenues (Left Axis)Datacentre GPU Shipments (Right Axis)

CDCProgress. Secured.
15
Infratil Investor Day
0.3
0.40.40.40.40.4
0.5
0.4
0.4
0.5
0.6
0.7
0.8
0.9
0.1
0.3
0.5
0.6
0.7
0.8
0.9
1.1
1.4
1.7
2.0
0
0.5
1
1.5
2
2.5
202220232024F2025F2026F2027F2028F
GW
Traditional customers (direct)Hyperscale (excl. GenAI)Hyperscale (GenAI)
Australia and New Zealand market forecasts suggest that demand will continue to outweigh supply,
meaning continued capacity constraints and bottlenecks for customers:
ANZ market outlook
Sources: [1] LEK 2023, mid-point GenAI demand forecast [2] ACS Digital Pulse 2023
2023 Australia & New Zealand data centre capacity demand forecast (2022-2028F)
1
Additional growth drivers
Whilst GenAI continues to be the largest near-term growth driver for
demand, looking further towards 2030, new technology adoption

is
forecast to drive additional DC growth.
Adoption of critical technologies by Australian businesses
2
1%
15%
20222030
6%
45%
20222030
5%
54%
20222030
1%
23%
20222030
20222030
63%
78%
1%
15%
20222030
Internet of Things
Advanced robotics/sensors
Advanced Data Analytics
Virtual Worlds
Quantum technologies
Cyber Security

CDCProgress. Secured.
16
Infratil Investor Day
CDC is committed to harness its
differentiation to accelerate growth:
•Highly resilient and secure development
model drives an increase in our high
quality customer base;
•Technology advances fuel a marked
increase in capacity demand signals
•Size, tenor and quality of demand support
a unique approach to delivering capacity
at scale
•CDC continues to explore strategic growth
opportunities across Australia and New
Zealand
Sovereignty and security controls
Escalating geostrategic competition is evolving to include advanced technologies, which
are increasingly critical to national progress and subject to stricter sovereignty and sharing
controls.
Multimodal AI race
Generative AI is driving significant capacity demand for high power density and specialised
cooling infrastructure as the race continues to deploy large scale AI infrastructure to cater
to the significant customer demand.
Resilience and risk management
The elevating threat environment continues to pose new challenges that drive more and
more organisations to re-evaluate their critical risks and re-position the way they manage
their critical data and digital infrastructure.
ESG expectations and oversight
ESG space is maturing with a strong focus on water consumption, emissions reduction,
along with governance, assurance and regulated disclosures, which will help differentiate
companies that are making a genuine difference in this space.
Harnessing strategic trends for growth
CDC continues to uniquely position itself at the intersection of several macro trends that support its accelerated growth trajectory.

CDCProgress. Secured.
17
Infratil Investor Day
Priorities for the period ahead
The focus for FY2025 remains consistent across the four key dimensions of Customer, People, Development and Finance.
Customer
•Address increased customer
demand
•Onboard new contracted
customers across our portfolio
•Exceed client expectations and
continue to enhance business
value for our customers
•Expand and diversify our high
quality customer base
People
•Continue to cultivate high
performance culture
•Accelerate growth through
scalable operating model and ways
of working
•Professional growth, safety and
wellbeing
Development
•Execute development and
construction program at scale
•Continue to differentiate on
quality, speed and agility of
execution
•Land acquisition and power
security to enable future
developments
Finance
•Deliver 20-30% YoY revenue and
earnings growth
•Maintain prudent cost controls in
inflationary environment
•Further diversification and
optimisation of debt funding
sources

CDCProgress. Secured.
Development at scale across multiple campuses and regions
18
Infratil Investor Day
ACT –Beard (BE1)
NZ –Hobsonville (HV2)
NZ –Silverdale (SIL1A)
CDC continues to grow its development footprint, with over 380MW of data centres under construction across multiple campuses and regions in Australia and New Zealand
VIC – Brooklyn (BK2)

CDCProgress. Secured.
19
Infratil Investor Day
Customer: Loyal customer base and strong track record of
renewals and extensions, resulting in 30.0 year WALE incl.
options (Sep 23: 24.9 years)
Operations: Resilient, secure and 100% available facilities
supported by a state-of-the-art operations capability
•Rack utilisation
1
increased to 79.3% (Sep 23: 78.3%)
People: Continue to balance scaling up resourcing and
capabilities to maximise business growth, while maintaining an
efficient operating cost structure
Development: Best-in-class data centre designs capable of
supporting diverse ICT loads, cooling, power density and
deployment methodologies
1
2
3
4
EBITDA (A$m)
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 facilities in Australia and New Zealand and our increased capacity under construction is delivered to meet increasing customer demand.
73
117
148
161
215
262-266
0
50
100
150
200
250
300
2019A2020A2021A2022A2023A2024F
Reported EBITDAFY24 Guidance
[1] Rack utilisation includes reserved racks

Questions
Infratil Investor Day
20