CHI presentation to Rapid Insights Conference

Rapid Insights
Conference
26 June 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 presentation.

Our Investment proposition
Ownership of critical infrastructure
Long-term customer contracts
Stable inflation linked earnings and cash flows with strong balance sheet
11% Free Cash Flow yield, 8% Dividend yield
Infrastructure resilient through New Zealand’s transition to liquid renewable fuels
Focused Growth opportunities
3

Providing resilient infrastructure needed to support the energy transition
4

Long-term business underpinned by jet fuel demand, inflation linked revenues
40ML
Tank capacity
available for
conversion
•10-year customer contracts with two five year rights of renewal
•All fees subject to Producer’s Price Index (PPI)indexationwhich provides
protection in aninflationary environment
[1] All revenue is in 2023 terms and does not include any price indexation. Outlook uses Envisory base case
assumptions and subject to change based on Envisory fuel demand outlook
•Throughputs of 921 million litres in Q1 2024, continued to track above the
Envisory fuel demand outlook
•Jet throughput 13% above the Envisory forecast in Q1 2024
5
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Historical
Outlook
Marsden Point Throughput (Million Litres)
Envisory - Jet
Envisory - diesel, incl. biofuels
Envisory - Petrol
Indicative renewables portion
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Annual Revenue ($M)
Contracted revenue outlook using Envisory fuel demand outlook -
(2023 terms
[1]
excluding PPI Indexation)
TransmixWiri lease
Private / additional storage revenueTerminal revenue - variable
Terminal revenue - fixedTake or Pay threshold

Capital allocation framework
to deliver to shareholders
All metrics are as at 31 December 2023, unless otherwise stated
[1] Normalisedfree cash flow is calculated asnet cash flow from continuing operations less maintenance capex (excluding conversioncosts and growth capex).The dividend policy is subject to the Board’sdue consideration of the
Company’s medium term asset investmentprogramme; a sustainable financial structure for Channel Infrastructure,recognisingthe targeted investment grade rating; andthe risks from short and medium term economic and market
conditions and estimated financial performance
[2] Based on the 24 June 2024 share price of $1.46 and includes special dividend declared
Strong cashflow and balance sheet
Stable and predictable earnings
Stay-in-business
capital expenditure
8%
of revenue
$92-$96m
FY24 EBITDA
guidance
EBITDA
Margin
67%
Leverage [3]
3.6x
EBITDA
Targeting credit metrics
consistent with a
shadow credit rating
BBB+
EBITDA to FCF
Conversion
71%
Free Cash
Flow yield [1]
11%
Total FY23
Dividend
12
cents per share
Stable Ordinary
Dividend Yield [2]
8%
Stable and predictable infrastructure returns
Dividend policy
30-40%
Normalised FCF available
for deleveraging
or growth
Investment criteria
Above WACC
returns
Contracted
Revenue
91%
Revenue
indexed
to PPI
6

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 transition of
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
More Sustainable Future
World-class energy infrastructure company
OUR PURPOSE
Delivering resilient infrastructure solutions to meet changing fuel and energy needs
World-Class
Operator
High Performance
Culture
Grow from
the Core
Support Energy
Transition
Good Neighbour,
Good Citizen
Disciplined Capital
Management
Helping fuel NZ's future to 2050 and beyond
7

Key supply route for jet fuel to Auckland International Airport
•NZ is geographically isolated and reliant on long-haul air travel to connect
people and markets
•Tourism is New Zealand’s largest export industry and directly employs 8.4%
of New Zealand's workforce
[1]
and airfreightcarries16% of exports and
22% of imports
[2]
•Auckland International Airport is New Zealand’s key international port with
75% of all international travel in New Zealand originating from Auckland
•Channel is a key supply route for jet fuel to Auckland International Airport
which accounts for 80% of New Zealand’s jet fuel demand
Jet fuel demand is forecast to increase c.50% by 2050 driven by:
•Economic development in India and China expected to grow middle class
by 350 million households in the next 10 years. There is a strong correlation
between household income and propensity to travel
•Growinge-commence and evolving supply chain networks are anticipated
to grow demand for cargo freighters
[1] Pre-COVID, https://www.tourismnewzealand.com/insights/industry-insights/
[2] By dollar value. Transport.govt.nz, Stats NZ
[3] Auckland Airport Traffic Statistics
8
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Correlation of Auckland Airport International Flights
to Channel Jet Fuel Throughput
Auckland Airport International Flights
Channel Infrastructure Jet Fuel Throughput (ML)

SustainableAviationFuelonlyplausiblepathway toaviation decarbonisation
2020203020402050
Regional
•30-90 minute flights
•3-4% of AIA flights
Short Haul
•45-120 minute flights
•8-9% of AIA flights
Long Haul
•150 minute+ flights
•88% of AIA flights
SAF
Hydrogen
Hydrogen fuel cell
Electric
Source: ATAG, Envisory
Note: This table was
published in 2021. Some
industry pundits believe
the that Hydrogen circles
might move further to the
right and upward.
Liquid sustainable aviation fuel is a ‘drop in’ fuel that can utilise the existing supply chain and airport infrastructure and existing aircraft fleets
9

400M
Litres
Tank capacity
available for
conversion
120ha
Available land
for repurposing
Growth opportunities
Near term growth at Marsden Point
Continue to support customers as they look to meet the
incomingminimumstockholding obligations
Continue to support customers to create supply chain
efficiencies
SUPPORTING FUEL RESILIENCE
Repurposing of surplus land
Master plan for the site being developed to assess
highest value and best use of land
Potential Sustainable Aviation Fuel production could utilise
some available land
FUTURE FUELS
Growth Outside Marsden Point
Fuel markets undergoing transition
Demonstrating world-class operations is key to positioning
for these opportunities
Potential opportunities as assets are consolidated
ACQUISITION OF OTHER INFRASTRUCTURE
Focused on opportunities with above WACC returns and customer contracts that provide revenue certainty
10