2024 ASM presentation

Annual Shareholders’
Meeting 2024
30 April 2024

Important Information
•This presentation contains forward looking statements concerning the financial
condition, results and operations of Channel Infrastructure NZ Limited (hereafter
referred to as “CHI”).
•Forward looking statements are subject to the risks and uncertainties associated
with the fuels supply environment, including price and foreign currency
fluctuations, regulatory changes, environmental factors, production results,
demand for CHI’s products or services and other conditions. Forward looking
statements are based on management’s current expectations and assumptions
and involve known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those expressed or implied
in these statements.
•Forward looking statements include among other things, statements concerning
the potential exposure of CHI to market risk and statements expressing
management’s expectations, beliefs, estimates, forecasts, projections and
assumptions. Forward looking statements are identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”,
“intend”, “may”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “seek”,
“should”, “target”, “will” and similar terms and phrases.
•Readers should not place undue reliance on forward looking statements. Forward
looking statements should be read in conjunction with CHI’s financial statements
released with this presentation. This presentation is for information purposes only
and does not constitute legal, financial, tax, financial product advice or investment
advice or a recommendation to acquire CHI’s securities and has been prepared
without taking into account the objectives, financial situation or needs of
individuals. Before making an investment decision, you should consider the
appropriateness of the information having regard to your own objectives, financial
situation and needs and consult an NZX Firm or solicitor, accountant or other
professional adviser if necessary.
•In light of these risks, results could differ materially from those stated, implied or
inferred from the forward-looking statements contained in this announcement. CHI
does not guarantee future performance and past performance information is for
illustrative purposes only. To the maximum extent permitted by law, the directors of
CHI, CHI and any of its related bodies corporate and affiliates, and their officers,
partners, employees, agents, associates and advisers do not make any
representation or warranty, express or implied, as to accuracy, reliability or
completeness of the information in this presentation, or likelihood of fulfilment of
any forward-looking statement or any event or results expressed or implied in any
forward-looking statement, and disclaim all responsibility and liability for these
forward-looking statements (including, without limitation, liability for negligence).
•Except as required by law or regulation (including the NZX Listing Rules), CHI
undertakes no obligation to provide any additional or updated information
whether as a result of new information, future events or results or otherwise.
•Forward looking figures in this presentation are unaudited and may include non-
GAAP financial measures and information. Not all of the financial information
(including any non-GAAP information) will have been prepared in accordance with,
nor is it intended to comply with: (i) the financial or other reporting requirements of
any regulatory body; or (ii) the accounting principles generally accepted in New
Zealand or any other jurisdiction with IFRS. Some figures may be rounded, and so
actual calculation of the figures may differ from the figures in this presentation.
Non-GAAP financial information does not have a standardised meaning prescribed
by GAAP and therefore may not be comparable to similar financial information
presented by other entities. Non-GAAP financial information in this presentation is
not audited or reviewed.
•Each forward-looking statement speaks only as of the date of this announcement,
30 April 2024

Welcome
Chris Bougen
General Council & Company Secretary
3

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Chair’s
address
James Miller
Chair
5

Agenda
1.Chair’s address
2.CEO’s address
3.Resolutions and voting
4.General business

Your Board –Strong and capable with the right skill set
Anna Molloy
Independent Director
James Miller
Board Chair, Independent
Director
Vanessa Stoddart
Independent Director
Paul Zealand
Independent Director
100+
years' experience in
refining, fuel terminals, oil
and gas and fuel supply
chains sectors
6/7
Independent
Directors
Andrew Brewer
Non-Independent
Director
Andrew Holmes
Independent Director
Felicity Underhill
Independent Director

(80)
(60)
(40)
(20)
-
20
40
60
80
FY19FY20FY21FY22FY23
%
NZX50GCHI
Transition to import terminalhas improved total shareholder return
Total Shareholder Return (CHI versus NZX50G)
Compound Annual Total
Shareholder Return
28.9%
Sincevote to convert to an Import
Terminal (August 2021)
Previous 10 years before vote
negative 6.8%

Transition to import terminal enabled a return to dividends in FY22
[1] Based on share price as at 31 December 2023of $1.45 and includes special dividends declared
[2] NormalisedFree Cash Flow: cash flow from continuing operations less stay in business capital expenditure
-
5
10
15
20
FY19FY20FY21FY22FY23
Interim Ordinary DividendFinal Ordinary DividendSpecial Dividend
Dividends (cents per share)
Ordinary FY23
Dividend
10.5
Cents per Share
Special FY23
Dividend
1.5
Cents per Share
Dividend Yield
[1]
8.3%
•The Board is committed to delivering stable ordinary dividends over time, while maintaining credit metricsconsistent with a shadow
investment grade credit rating of BBB+
•Dividend policy is to pay-out 60-70% ofnormalisedFree Cash Flows
[2]​
12.0
7.0
2.0

Stable cashflows have enabledsignificant investment in resiliency
Available capacity for additional tank
conversionsincluding two tanks ready to support
the Government’s diesel storage plans.
$105m
[1]
Jet storage commissioned,
enough for additional 15,000 flights to
Wellington or c.10.5days jet fuel demand for
Auckland
throughput of fuel each year.
This is 40% of New Zealand’s total transport
fuel demand and 80% of New Zealand’s jet
demand
Strategic focus
million
litres
c.45
billion
litres
3.4
million
litres
400
shared and private fuel storage capacity
supporting c.17days’ cover of fuel for Auckland
and Northland.
million
Litres
[2]
c.280
onexpanding beyond Marsden Pointand willing
to invest in creating fuel resiliency in New
Zealand
Spent to date focused on
world-class terminal operationsand
improving resilience of assets
[1] includes spend from conversion and private storage budgets
[2] excludes additional storage contracted November 2022
Over

Strong safety
systems and culture
Resilient
infrastructure
Long-term asset
management
Customer focused
People and
capability
development
Future focused
Continuous
Improvement
Adaptive
Repurposing
Marsden Point
Support transitionof
aviationto lower
carbon fuels
Marsden Point
Energy Hub
Brownfield
opportunities at
Marsden Point
Consolidator of
fuels infrastructure
Supply chain
optimisation for our
customers
Reducing
environmental
impacts
Community
engagement and
iwi relations
Just transition
Transparency and
disclosure
Target credit
metrics consistent
with a BBB+ shadow
credit rating
Deliver above
WACC returns
Cost management
Stable dividends
OUR VISION
OUR STRATEGIC PRIORITIES
NZ’s Infrastructure
Partner of Choice
Grow Through Supporting
the Energy Transition
MoreSustainable Future
World-class energy infrastructure company
OUR PURPOSE
Delivering resilient infrastructure solutions to meet changingfuel and energy needs
World-Class
Operator
High Performance
Culture
Grow from
the Core
Support Energy
Transition
Good Neighbour,
Good Citizen
Disciplined Capital
Management
Refreshed strategy: helping fuel NZ's future to 2050 and beyond

CEO’s
address
Rob Buchanan
CEO
12

13
Delivery and Execution of all of 2023 priorities
Safe, reliable, and cost-efficient terminal operation and maintenance
On-budget and on-time completion of the remaining conversion project works
Work with Customers and Government to improve supply chain resilience
Deliver on near-term growth opportunities
Deliver increasing returns to shareholders through dividends in an inflationary environment

2023 Financial Performance
Updated 2024 Guidance
[1] Includes Ordinary Dividend of 10.5 cents per share and Special Dividend of 1.5 cents per share
$92-96M
EBITDAreflecting growth in jet
fuel volumes and full year
contribution from private
storage
Strong cashflow and
balance sheet
Leverage
3.6x
EBITDA
$1.32
pershare
Stable financial performance
EBITDA margin
67%
EBITDA
$87M
NORMALISED FREE
CASH FLOW
$62M
Net Assets
EBITDA to FCF
conversion
71%
Total FY23
Dividend
12.0
[1]
Cents per Share

Decomissioningand new storage complete
Shut-down and decommissioning complete, on time and on budget
Workforce transition complete with 100% of employees who left the business being supported
into new opportunities
Over 100 million litres of private storage commissioned taking total available storage to
c.280 million litres
Firefighting and bund upgrades remain only substantive work to complete

Keeping Aotearoa New Zealand moving
3,370ML
Delivered to market from
Marsden Point
Terminal
JET FUEL
1,258ML
72% PCP
Highest jet fuel demand since 2019
DIESEL
PETROL
1,099ML
2% PCP
1,013ML
PCP
no change
83%
Pipeline utilisation
(average FY23)

Channel’s infrastructure will be required to support changing fuel demand
•Supporting a stable medium-term diesel
outlook and resilient transition of petrol
•Channel’s infrastructure critical to
support expected growing jet demand
* All details and assumptions of this outlook supplied by Hale and Twomey can be found in Channel’s Sustainability report, pages34-36.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2017201820192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050
HistoricalOutlook
Marsden Point Throughput (Million Litres)
Envisory - JetEnvisory - diesel, incl. biofuelsEnvisory - Petrol
Envisory - 'Slower'Envisory - 'Faster'Indicative renewables portion

18
Opportunity tosupport SustainableAviation Fuel
Channel is uniquely placed with the opportunity to receive
and store imported SAF or manufacture SAF, blended
onsite with existing jet fuel supply
Decommissioned
IndicativeeSAFproduction facility*
Decommissioned
*illustrative of our site
KEY

19
Supportinglong-term asset resilience and positioning Channel as a partner of choice for fuel infrastructure
Progress towards world-class
Systems
and Processes
Regular customer
satisfaction surveys
Safety culture
programin place
Improving ship
turnaround efficiency
Optimisingprocedures
for import terminal
operation
Infrastructure
and Performance
Long term asset
management plan
Optimisingassets
for import product
Complete re-branding,
refresh facilities
and security systems
People and
Capabilities
Increasing resourcing
in key areas
Streamlining internal
improvements
to training systems
Building leadership
capabilities
High Performance
Culture
Regular employee
engagement surveys with
actions implemented based
on feedback
Increased scores for
employee engagement

Investment in resilient supply chain for New Zealand
Just
Transition
Customer
Scope 3
emissions
[1]
20
Seismic
strengthening of
bunds

Unlocking growth opportunities outside of Marsden Point
21
•Proven track record as a critical infrastructure provider
•Fuel markets undergoing transition –Channel open to
owning or operating other fuel infrastructure assets if
parties are looking to sell
•Most interested in aviation and diesel assets given the
medium-term outlook
•Unlocking value-accretive opportunities will take time

Resolutions
and Voting
James Miller
Chair
22

Resolution 1
That Directors be authorised to fix the fees and
expenses of EY as auditors to the Company for the
year ending 31 December 2024.

24
Director Appointment Process
Skillset Gap
Analysis
International
search (via
international
recruitment
agency) for
needed skill set
Identification
of skillset gap
with reference
to skills matrix
Interviews with
Nominations
Committee of
the Board
Candidate checks
referees,
independence
assessment, legal
review, background
checks, police checks
Full Board
Interview
Board
appointment
Shareholder
approval
Candidate
Assessment
Review
prepared by
recruitment
agency

Resolution 2
ThatMs Vanessa Stoddart, who retires by rotation
in accordance with clause 8.9 of the Constitution,
be re-elected as a Director of the Company

Resolution 2
Vanessa Stoddart
Independent Director
Appointed: May 2013
Board Committees:People
and Culture (Chair)
•Extensive experience in transformation, legal andgovernance
roles, including on the Health NZ Board, Waste Management, the
Financial Markets Authorityand the Ministry of Business,
Innovation and Employment, along withprevious executive
experience at Air New Zealandand Carter Holt Harvey

Resolution 3
ThatMr Andrew Brewer, who retires in accordance
with clause 8.8 of the Constitution, be elected as a
Director of the Company

Resolution 3
•A career in world-class terminal operations and
petroleum operations leadership
•Depthof knowledge of health and safety practices and
operational excellence
•Previous experience as Chief Operating Officer of
Refining NZ
Andrew Brewer
Non-Independent Director
Appointed: December 2023
Board Committees:Health,
Safety, Environment and
Operations

Resolution 4
That Ms Felicity Underhill, who retires in
accordance with clause 8.8 of the Constitution, be
elected as a Director of the Company

Resolution 4
Felicity Underhill
Independent Director
Appointed: March2024
Board Committees:Audit and
Finance
•International experience in future fuels, in particular SAF, and was
one of the early movers working on energy transition challenges
and projects across the Asia Pacific region
•Deep executive experience with Origin and Fortescue, and
governance experience on theAustralian Hydrogen Council,
Australia’s leading hydrogen industry association

Resolution 5
a. That all work on the decommissioning of the Marsden Point
Refinery be suspended once the safety of staff and contractors
have been addressed, pending the delivery of an independent
report by an appropriately qualified engineering firm, on the
costs, benefits and estimated schedule of reinstating the refinery
to operating capability, assuming market conditions, including
operating costs and customer demand, that were in effect
across 2017.
b. That such report be allocated a budget of NZ$100,000 with a
delivery time of 6 months from the time the contract is let.
c. That the Board direct management to issue a request for
proposals and seek invitations for tender for consideration within
2 months of the meeting date (30 April 2024).
d. That the report be provided to all Shareholders with a
recommendation from Management for consideration at a
Special Meeting to be called within 25 working days of receipt of
the Report.

Reasons for Board’s recommendation against Resolution 5
•Channel is supportive of improving fuel security and is willing and able to invest in financially viable proposals:
•discussions with Government and customers are underway for additional fuel storage
•manufacturing SAF represents a better longer-term option, including highly-skilled job growth in Northland
•Restarting the refinery is not feasible:
•extensiveinvestigation over 2020-2021 of refinery business resulting in 99% of shareholders voting in favourof
import terminal model
•strong cashflows and confidence in long-term outlook has allowed a return to dividends and significantly higher
total shareholder return
•refinery cannot be restarted without significant capital expenditureand recruiting a new workforce
•rebuilding a modern refinery is not within our financial capacity and would risk availability of finance and solvency
•investing shareholder funds (even if they were available) necessary to recommence refining operations cannot be
justified by a company board on a commercial basis, having regard to their directors’ duties under the Companies
Act.
•Envisory forecasts suggests that New Zealand would be best to import its precise energy needs rather than have
surplus product. This change in mix of demand presents real technical challenges in operating a refinery to
manufacture jet fuel and diesel, while minimisingpetrol output

Resolution 6
That MrKarl Barkley, who is nominated as a director by a
Shareholder of the Company in accordance with Listing
Rule 2.3.1, be elected as a Director of the Company.

Resolution6
KarlBarkley
•Experience as fitter/welder, boiler operator
and maintenance engineer
•Experience as a business owner including
hiring staff
•Strong health and safety adherence
•Involvement in community projects including
Chairman of “Save the Kingston Flyer”
•Having stood for ICC Elections
•Sale representative experience in the rural
sector

Resolution 7
That MrDaniel Reurich, who is nominated as a director by
a Shareholder of the Company in accordance with Listing
Rule 2.3.1, be elected as a Director of the Company.

Resolution7
•Background is in mechanical engineering and
later began an Information Technology
company which implements and supports
Linux and Open Source Software based
solutions.
•Mr. Reurichwas a council member and later
treasurer for the New Zealand Open Source
Society and was a co-developer working on
DevuanGNU/Linux.
Daniel Reurich

GeneralBusiness

This concludes the 2024
Annual Shareholders’
Meeting