HY24 Results

NZX RELEASE

23 August 2024


Channel Infrastructure (NZX: CHI), New Zealand’s largest fuel import terminal, has today released
its financial results for the six months ended 30 June 2024 (HY24).
Highlights
• Strong safety track record maintained
• Total throughput up 8% to 1.8 billion litres, reflecting continued strong growth in jet fuel
demand (up 22% on HY23)
• $48.1 million EBITDA (+10% pcp), $32.7 million Normalised Free Cash Flow
1
and an ordinary
dividend declared of 4.4 cents per share
• Announced today 10-year jet fuel storage contract expected to generate ~$55 million of
additional revenue over the contract term (pre-PPI
2
indexation) from Q1 2027. Growth
capital expenditure investment of $26 - $30 million across 2024 to 2026
• Significant progress made towards becoming a world-class infrastructure operator with
excellent asset availability and completion of capability resourcing
• Work continues with Seadra and their consortium partners, including Qantas, Renova Inc,
Kent Plc and ANZ Bank, for the conditional sale of the decommissioned hydrocracking
assets. Seadra’s option extended to 30 September 2024 for a further US$0.2 million option
fee (total non-refundable option fees of US$4.7 million)
• FY24 guidance remains unchanged and the Board has declared an interim dividend of 4.4
cents per share, up 5% on the HY23 dividend



1
Adjusted for net cash generated from continuing operations less maintenance capex, excluding conversion costs
and growth capex. The dividend policy is subject to the Board’s due consideration of the Company’s medium-term
asset investment programme; a sustainable financial structure for Channel Infrastructure, recognising the targeted
investment grade rating; and the risks from short and medium term economic and market conditions and estimated
financial performance
2
Producer Price Index

Key Financial Highlights – Continuing Operations

HY24
$m
HY23
$m

% change
Revenue 69.8 64.4 +8%
EBITDA 48.1 43.5 +10%
EBITDA Margin 69% 68% n/a
Free Cash Flow Conversion 68% 78% n/a
Normalised Free Cash Flow 32.7 34.0 -4%
Total Ordinary Dividend 4.4 cps 4.2 cps +5%

Commenting, Chair James Miller said “The past six months have been another busy period for
the team at Channel Infrastructure. With our commitment to supporting resilience in New
Zealand’s fuels supply chain, we welcomed further detail from the Associate Minister of Energy,
Hon Shane Jones, about the Government’s Fuel Security Study. We remain committed to
working constructively with the Government to deliver a good outcome for Northland and New
Zealand. The study is a key focus for the Board.”
“A secure and reliable fuel supply chain is also good for shareholders, and we remain committed
to lifting shareholder value and returns. With continued strong Normalised Free Cash Flow and
net debt to EBITDA within the target range, the Board has declared an interim dividend of 4.4 cents
per share, representing a 5% increase from last year.”
“The Board’s vision is for Marsden Point to be an energy precinct for New Zealand, and we have
made good progress towards delivering on this vision including progressing opportunities with
Fortescue on Sustainable Aviation Fuel manufacture. We are looking forward to presenting our
vision for the future of our site, when we finalise the Marsden Point Energy Precinct Concept.”
CEO Rob Buchanan said “Channel has several near-term growth opportunities at Marsden Point.
So far in 2024, we have signed two customer contracts that together deliver ~$75
3
million of
additional revenue across the contract term. There are many other opportunities ahead of us as
we continue to look for innovative ways to support our customers and Government to deliver a
resilient fuels supply chain and repurpose our land at Marsden Point in line with our strategy.”
“We have a critical role to play in providing resilience for New Zealand, and over the past two years
we have commissioned over 100 million litres of storage for our customers. Adding to this, today
we announced an additional jet fuel storage contract which will further support New Zealand’s
resiliency.


3
Pre PPI indexation

Strong financial result
Revenue increased 8% from $64.4 million to $69.8 million reflecting the benefit of PPI, higher
throughput and increased private storage fees. Private and additional storage contributed $8.1
million (HY23: $5.1 million) with a full six-month contribution from the ~100 million litres of
private storage coming into service over the last two years. Operating costs increased 4% to
$21.7 million with the benefit of the new fixed price variable volume electricity contract. This was
offset by increased compliance costs and salaries and wages reflecting filling of vacancies in the
second half of 2023 to deliver resilient terminal operations, and additional capability added for
investment in world-class operations. EBITDA from continuing operations increased 10% to $48.1
million, reflecting a strong EBITDA margin of 69%.
Stay-in-business capital expenditure was $4.3 million (HY23: $5.3 million), with spend expected
to be second-half weighted, driven by tank statutory inspection outage dates aligned with the
long-term Asset Management Plan.
Normalised Free Cash Flow remained strong at $32.7 million, representing an EBITDA to Free
Cash Flow conversion of 68%.
Board declares interim dividend of 4.4 cents per share
With normalised Free Cash Flow of $32.7 million and a net debt to EBITDA ratio of 3.4 times as
at 30 June 2024, well within the targeted range of 3 to 4 times, the Board has declared an interim
unimputed ordinary dividend of 4.4 cents per share. The interim dividend will be paid on 20
September 2024, with a record date on 6 September 2024.
The Board is committed to delivering stable ordinary dividends over time, while maintaining credit
metrics consistent with a shadow investment grade credit rating of BBB+. Channel
Infrastructure’s dividend policy is to pay-out 60-70% of normalised Free Cash Flows
4
.
Increased imported fuel flowing through Channel’s infrastructure
During the first six months of the year, customers imported 1.8 billion litres of fuel through
Channel’s infrastructure. With continued growth in the number of international flights, Auckland
jet fuel demand increased 22% on the same period last year and jet volumes are at 94% of pre-
Covid levels. Diesel and Petrol demand remained relatively stable over the same period.
Growth opportunities secured to reinforce resilience for New Zealand’s fuel supply chain
Channel Infrastructure has several near-term growth opportunities at Marsden Point. So far in
2024, two customer contracts have been signed that provide additional revenue and additional
fuel resilience for New Zealand. There are many other opportunities to support customers to meet
the incoming minimum stockholding obligations and create supply chain efficiencies.

.

As announced in May, Channel Infrastructure entered into a seven-year contract to upgrade
Channel's Marsden Point infrastructure that will enable transmix
5
to be stored and exported. The
upgrade involves incremental growth capital expenditure across 2024 of $12-15 million and is
expected to generate incremental revenue of approximately $3 million per annum (commencing
Q4 2024), indexed to PPI.
Channel Infrastructure today also announces that it has entered into a 10-year contract to store
jet fuel for Z Energy Limited at Marsden Point. Upgrade works will begin in 2024 and involve
incremental growth capital expenditure of $26-30 million across 2024 to 2026. The contract is
expected to generate incremental revenue of ~$55 million over the contract term (pre-PPI
indexation). Revenue from the new contract is anticipated to commence in Q1 2027.
Supporting New Zealand Government’s fuel security ambitions
Channel is committed to supporting New Zealand to build a resilient fuels supply chain. In the
past two years Channel has commissioned over 100 million litres of storage for our customers,
taking the total in-service storage to over 290 million litres today, with a further jet storage
contract announced today significantly increasing jet fuel storage at Marsden Point. Channel’s
Marsden Point facility is strategically positioned to accommodate additional storage capacity,
with ~400 million litres of former crude tank capacity that can be converted as needed. In
addition, Channel’s proximity and access to Auckland, New Zealand’s largest fuel demand market,
facilitates efficient turnover of fuel stocks to uphold product quality. The Government is currently
undertaking a Fuel Security Study, including investigating the strategic importance of Channel’s
Marsden Point infrastructure and the role the business could play in underpinning New Zealand’s
fuel resilience. The Government is also investigating options to increase New Zealand’s diesel
reserves from 21 to 28 days cover and will consult on options later this year.
Supporting New Zealand’s future fuels
Channel has almost completed its Energy Precinct Concept, which takes a strategic approach to
understanding the value of the 120 hectares of unutilised land at Marsden Point. This plan will
highlight the significant role for our unique site in supporting New Zealand’s energy transition
through potential opportunities such as renewable fuels and other biofuels, LNG and energy
storage.
Channel considers one of the highest and best potential uses of the available land is for onshore
production of renewable fuels. Renewable fuels are a ‘drop-in’ fuel that would utilise the existing
jet fuel supply chain, including Channel’s existing infrastructure, airport infrastructure and existing
aircraft fleets. Channel continues to work with Fortescue on its study of a 300MW ~60 million
litre Sustainable Aviation Fuel production facility, which could restore manufacturing to Marsden
Point, provide domestic resilience for New Zealand, and position us at the forefront of this
emerging global industry. Channel’s existing infrastructure and position in the jet fuel supply chain

5
Transmix is a mix of petrol/jet/diesel product that results from the operation of terminals and multi-product
pipelines.

to Auckland Airport means we have a role in helping facilitate the renewable fuel transition in New
Zealand, whether via onshore production or the import of alternative fuels.
Seadra’s option has been extended to 30 September 2024 for a further US$0.2 million option fee
(total non-refundable option fee now US$4.7 million). We are working with Seadra and their
consortium partners including Qantas, Renova Inc, Kent Plc and ANZ Bank who are well advanced
in exploring project alternatives for the use of the decommissioned hydrocracking assets.
FY24 Guidance and Outlook
Channel Infrastructure is on track to deliver its FY24 guidance. While jet fuel demand has been
tracking ahead of Envisory’s fuel outlook for the first six months of the year, the Company remains
cautious about the economic environment and the potential cost to respond to the Government
Fuel Security Study.
FY24 Guidance (updated at ASM)
EBITDA from continuing operations $92-96 million No change
Stay-in-business capital expenditure $11-12 million No change
Normalised Free Cash Flow $62-$66 million No change

- ENDS -
Conference Call
Channel Infrastructure’s Chief Executive Officer, Rob Buchanan and Chief Financial Officer, Alexa
Preston will give a presentation on the Company’s financial and operational performance at
10:30am today.

To access the audio call dial 09 929 1687 (New Zealand) or 02 9007 3187 (Australia) and ask to
be connected to the Channel NZ half-year results briefing. To pre-register for direct access to the
call go to https://s1.c-conf.com/diamondpass/10040380-hgy76t.html

Authorised by:

Chris Bougen
General Counsel and Company Secretary

Contact details
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com

About Channel Infrastructure
Channel Infrastructure is New Zealand’s largest fuel import terminal, storing and distributing
40% of New Zealand’s transport fuel, including 80% of New Zealand’s jet fuel. We receive, store,
test and distribute petrol, diesel, and jet fuel that our customers import and supply to Auckland
and Northland.
Fuels are imported via our deep-water harbour and jetty infrastructure at Marsden Point and
stored in more than 290 million litres of contracted storage tanks on site. The fuel is then
distributed via our 170-kilometre pipeline to Auckland, or by our customers (bp, Mobil, and Z
Energy) via truck into Northland. We underpin the resilience of New Zealand’s fuel supply chain
with our tank capacity, which enables increased storage of fuel in New Zealand, and through
efficient, low-emission distribution of the fuel into the Auckland market.
Our plan for growth includes exploring the manufacture of lower-carbon fuels at Marsden Point
to support the energy transition in New Zealand. Given our proximity to Auckland, and critical
role in the jet fuel supply chain, Channel is well positioned to facilitate the renewable fuel
transition in New Zealand.
Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory Limited,
provides fuel quality testing services throughout New Zealand.
For more information on Channel Infrastructure, please visit: www.channelnz.com

---

1
Financial Results
For the six months ended 30 June 2024
23 August 2024

2
Highlights and
Operating Update
Rob Buchanan
Chief Executive Officer

3
Total Revenue
$69.8m
(+8% on HY23 $64.4m)
3
HY24 Financial Highlights – Continuing Operations
Free Cash Flow Conversion
68%
(HY23: 78%)
EBITDA
$48.1m
(+10% on HY23 $43.5m)
Normalised Free Cash Flow
$32.7m
(-4% on HY23 $34.0m)
EBITDA Margin
69%
(HY23: 68%)
Total Ordinary Dividend
4.4cps
(+5% on HY23 4.2cps)

4
Strong safety track record maintained
Throughput up 8% to 1.8 billion litres, reflecting continued strong growth in jet fuel demand (up 22% on HY23)
$48.1 million EBITDA (+10% pcp), $32.7m Normalised Free Cash Flow and an ordinary unimputed dividend of 4.4 cps
Announced today a 10-year jet fuel storage contract generating ~$55 million of additional revenue over the contract term (pre-PPI
1

indexation), commencing in Q1 2027. Growth capital expenditure investment of $26 - $30 million across 2024 to 2026
Significant progress made towards becoming a world-class infrastructure operatorwith excellent asset availability and completion of
capability resourcing
Work continues with Seadra and their consortium partners, including Qantas, Renova Inc, Kent Plc and ANZ Bank, who are well advanced in
exploring a range of project alternatives for the use of the decommissioned hydrocracking assets. Seadra’s option extended to 30
September 2024 for a further US$0.2 million option fee (total non-refundable option fees of US$4.7 million)
4
HY24 Highlights
1.Producer Price Index

5
65%
28%
18%
13%
0
1
2
3
4
2020202120222023HY24BLHSF
Benchmark
2021/22
TRIFBenchmark
Total Recordable Injury Frequency
5
Safety-first culture
Process safety incidents
1
0
1
2
3
4
5
6
2020202120222023HY24CONCAWE
Benchmark
2022
Tier 1Tier 2
Strong safety track record maintained, with process improvements for contractors
1.Tier 1 or 2 Process Safety Event per API 754 – A Tier 1 event is a release of material above specific thresholds or that results in a LTI or fatality or damage of $100,000 or more; A Tier 2 event isa
release of material above specific thresholds or that results in a recordable injury; or damage of $2,500 or more
2.TRIF – Total Recordable Injury Frequency per 200,000 hours (rolling 12-monthly average)
3.NZ Business Leaders Health & Safety Forum Benchmark (recordable injuries per 200,000 hours)
3
Increased reporting of
incidents onsite which
is a key management
focus

6
65%
28%
18%
13%
6
65%
28%
18%
Key operational metrics
Throughput: +8% to 1.8 billion litres
1
Number of ships: -8% to 33 vessels
1

Pipeline utilisation
3
: +5% to 86%
1
Asset availability
2
: +1%
1
1.5 b litres
1.6 b litres
1.7 b litres
1.8 b litres
2H221H232H231H24
34
36
34
33
2H221H232H231H24
72%
81%
84%
86%
2H221H232H231H24
•Customers delivered 1.8 billion litres of imported
fuel via 33 shipments:
•Increased number of long-range vessels
received
•Trend anticipated to continue as customers
utilise additional private storage capacity
•World-class pipeline availability performance
•Pipeline utilisation at 86% with higher throughput
in the first half of the year due to seasonal
variability. Sufficient pipeline capacity is available
to accommodate Envisory demand outlook
1.HY24 versus HY23
2.Tank availability in 2022 and 2023 impacted by unplanned outages
due to conversion works
3.Average for the six-month period
98.7%
98.8%
98.8%
99.6%
98.0%
97.0%
99.5%
100.0%
2H221H232H231H24
Pipeline availabilityTank availability

7
0
1,000
2,000
3,000
4,000
5,000
6,000
0
20
40
60
80
100
120
140
160
Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24
Auckland Airport International Flights
Channel Infrastructure Jet Fuel Throughput (Million Litres)
Growth in jet fuel volumes
•22% uplift in jet fuel demand, with jet fuel volumes now at 94% of
pre-Covid levels
•Jet fuel demand tracking 11% ahead of Envisory forecast reflecting
the growth in the number of flights tracking higher than growth in
passenger numbers
•Current jet fuel demand reflects New Zealand tourism coming off its
seasonal summer peak and the corresponding impact on aircraft
movements through Auckland International Airport
•Jet fuel demand is forecast to increase c.50%
1
by 2050 driven by
higher demand for travel from the growing economies of India and
Asia and growing air freight volume
•Channel’s throughput is directly correlated with flight activity at
Auckland International Airport, with 100% of their jet fuel provided
through our infrastructure
Jet Throughput
Million Litres
286
579
705
444
679
0
2.6418
5.2836
7.9254
10.5672
13.209
15.8508
18.4926
21.1344
23.7762
26.418
29.0598
31.7016
34.3434
36.9852
39.627
42.2688
44.9106
47.5524
50.1942
52.836
55.4778
58.1196
60.7614
63.4032
66.045
68.6868
71.3286
73.9704
76.6122
79.254
81.8958
84.5376
87.1794
89.8212
92.463
95.1048
97.7466
100.3884
103.0302
105.672
108.3138
110.9556
113.5974
116.2392
118.881
121.5228
124.1646
126.8064
129.4482
132.09
134.7318
137.3736
140.0154
142.6572
145.299
147.9408
150.5826
153.2244
155.8662
158.508
161.1498
163.7916
166.4334
169.0752
171.717
174.3588
177.0006
179.6424
182.2842
184.926
187.5678
190.2096
192.8514
195.4932
198.135
200.7768
203.4186
206.0604
208.7022
211.344
213.9858
216.6276
219.2694
221.9112
224.553
227.1948
229.8366
232.4784
235.1202
237.762
240.4038
243.0456
245.6874
248.3292
250.971
253.6128
256.2546
258.8964
261.5382
264.18
266.8218
269.4636
272.1054
274.7472
277.389
280.0308
282.6726
285.3144
287.9562
290.598
293.2398
295.8816
298.5234
301.1652
303.807
306.4488
309.0906
311.7324
314.3742
317.016
319.6578
322.2996
324.9414
327.5832
330.225
332.8668
335.5086
338.1504
340.7922
343.434
346.0758
348.7176
351.3594
354.0012
356.643
359.2848
361.9266
364.5684
367.2102
369.852
372.4938
375.1356
377.7774
380.4192
383.061
385.7028
388.3446
390.9864
393.6282
396.27
398.9118
401.5536
404.1954
406.8372
409.479
412.1208
414.7626
417.4044
420.0462
422.688
425.3298
427.9716
430.6134
433.2552
435.897
438.5388
441.1806
443.8224
446.4642
449.106
451.7478
454.3896
457.0314
459.6732
462.315
464.9568
467.5986
470.2404
472.8822
475.524
478.1658
480.8076
483.4494
486.0912
488.733
491.3748
494.0166
496.6584
499.3002
501.942
504.5838
507.2256
509.8674
512.5092
515.151
517.7928
520.4346
523.0764
525.7182
528.36
531.0018
533.6436
536.2854
538.9272
541.569
544.2108
546.8526
549.4944
552.1362
554.778
557.4198
560.0616
562.7034
565.3452
567.987
570.6288
573.2706
575.9124
578.5542
581.196
583.8378
586.4796
589.1214
591.7632
594.405
597.0468
599.6886
602.3304
604.9722
607.614
610.2558
612.8976
615.5394
618.1812
620.823
623.4648
626.1066
628.7484
631.3902
634.032
636.6738
639.3156
641.9574
644.5992
647.241
649.8828
652.5246
655.1664
657.8082
660.45
663.0918
665.7336
668.3754
671.0172
673.659
676.3008
678.9426
681.5844
684.2262
686.868
689.5098
692.1516
694.7934
697.4352
700.077
702.7188
705.3606
708.0024
710.6442
713.286
715.9278
718.5696
721.2114
723.8532
726.495
729.1368
731.7786
734.4204
737.0622
739.704
742.3458
744.9876
747.6294
750.2712
752.913
755.5548
758.1966
760.8384
763.4802
766.122
768.7638
771.4056
774.0474
776.6892
779.331
781.9728
784.6146
787.2564
789.8982
792.54
795.1818
797.8236
800.4654
803.1072
805.749
808.3908
811.0326
813.6744
816.3162
818.958
821.5998
824.2416
826.8834
829.5252
832.167
834.8088
837.4506
840.0924
842.7342
845.376
848.0178
850.6596
853.3014
855.9432
858.585
861.2268
863.8686
866.5104
869.1522
871.794
874.4358
877.0776
879.7194
882.3612
885.003
887.6448
890.2866
892.9284
895.5702
898.212
900.8538
903.4956
906.1374
908.7792
911.421
914.0628
916.7046
919.3464
921.9882
924.63
927.2718
929.9136
932.5554
935.1972
937.839
940.4808
943.1226
945.7644
948.4062
951.048
953.6898
956.3316
958.9734
961.6152
964.257
966.8988
969.5406
972.1824
974.8242
977.466
980.1078
982.7496
985.3914
988.0332
990.675
993.3168
995.9586
998.6004
1001.2422
1003.884
1006.5258
1009.1676
1011.8094
1014.4512
1017.093
1019.7348
1022.3766
1025.0184
1027.6602
1030.302
1032.9438
1035.5856
1038.2274
1040.8692
1043.511
1046.1528
1048.7946
1051.4364
1054.0782
1056.72
1059.3618
1062.0036
1064.6454
1067.2872
1069.929
1072.5708
1075.2126
1077.8544
1080.4962
1083.138
1085.7798
1088.4216
1091.0634
1093.7052
1096.347
1098.9888
1101.6306
1104.2724
1106.9142
1109.556
1112.1978
1114.8396
1117.4814
1120.1232
1122.765
1125.4068
1128.0486
1130.6904
1133.3322
1135.974
1138.6158
1141.2576
1143.8994
1146.5412
1149.183
1151.8248
1154.4666
1157.1084
1159.7502
1162.392
1165.0338
1167.6756
1170.3174
1172.9592
1175.601
1178.2428
1180.8846
1183.5264
1186.1682
1188.81
1191.4518
1194.0936
1196.7354
1199.3772
1202.019
1204.6608
1207.3026
1209.9444
1212.5862
1215.228
1217.8698
1220.5116
1223.1534
1225.7952
1228.437
1231.0788
1233.7206
1236.3624
1239.0042
1241.646
1244.2878
1246.9296
1249.5714
1252.2132
1254.855
1257.4968
1260.1386
1262.7804
1265.4222
1268.064
1270.7058
1273.3476
1275.9894
1278.6312
1281.273
1283.9148
1286.5566
1289.1984
1291.8402
1294.482
1297.1238
1299.7656
1302.4074
1305.0492
1307.691
1310.3328
1312.9746
1315.6164
1318.2582
1320.9
202220232024
H2H1
Auckland Airport International Flight Movements
1.Based on the Envisory outlook (base case) February 2022
New Zealand
tourism annual
summer peak

8
Diesel & petrol volumes remain stable
65%
28%
18%
13%
•Diesel and petrol demand tracking 1% and 3% respectively ahead of
Envisory fuel outlook in the first half
1
•Electric Vehicles (EV) represented 9% of new passenger cars in
HY24 (down from 27% for FY23) with the end of the Clean Car
Discount in December 2023 and the implementation of road user
charges from April 2024
2
•New Zealand’s petrol and diesel vehicle fleet has remained
relatively stable over time
•Diesel fuel volume expected to be relatively stable over this decade
1.The Envisory outlook is annual for petrol and diesel. Channel uses 2019 historical data to inform FY24
monthly seasonality. Envisory Jet outlook is monthly until June 2025.
2.Source evdb.nz/ev-stats
Diesel and Petrol Throughput
Million Litres
1,018
1,054
1,055
1,076
1,059
202220232024
H2
H1
New Zealand Vehicle Fleet
0k
5k
10k
15k
20k
25k
30k
0k
1,000k
2,000k
3,000k
4,000k
5,000k
2018201920202021202220232024
DieselPetrolHybridElectricEV new vehicle registrations (RHS)

9
STRATEGIC PILLARMEASURE2024 TARGET1H24 PROGRESSSTATUS
New Zealand’s infrastructure
partner of choice
Safely home, every dayLost Time InjuriesZeroZero
Diverse and engaged teamLift in employee engagement score+4 percentage
points
1
+5 percentage
points
1
Reliable infrastructurePipeline reliability>98%99.6%
Growthrough supporting
the energy transition
Net zero Scope 1 & 2
emissions
Reduce Scope 1 & 2 emissions50% lower
1
No measure
at HY
Supply resilienceContracted new storage volume+10%
1
>10%
2
More sustainable future
Protect our environmentTier 1 or 2 process safety incidentsZeroZero
Financial disciplineDeliver 2024 plan and meet EBITDA
guidance
$91-$95mLifted guidance to
$92-$96m in April
Meaningful relationshipsCustomer assessment of Channel
performance based on customer
survey against key performance
criteria
+10%
1
No measure at HY
On track with all 2024 measures of delivery
1.Compared to FY23
2.Includes the new customer contract announced today
KEY
On Track
Achieved

10
Financial Update
Continuing Operations
Alexa Preston
Chief Financial Officer

11
Strong financial result
•Continued strong EBITDA margin of 69%
•Depreciation increase reflects growth and conversion project
spend in 2H 2023
•c.$6 million reduction in depreciation when Wiri lease contract
expires February 2025

offset by increased capitalisation as
additional new customer contracts signed
•Finance costs reflect higher net debt and moderately higher
interest rates following the new retail bond issued November 2023
and the subordinated notes redemption 1 March 2024
11
HY24
($M)
HY23
($M)
%change
Revenue69.864.48%
Operating costs(21.7)(20.9)4%
EBITDA48.143.511%
EBITDA margin69%68%-
Depreciation (18.7)(16.2)15%
Net financing costs(9.7)(7.2)35%
Net profit before tax19.720.1(2%)
Income tax(6.9)(5.6)(23%)
Net profit after tax12.814.5(12%)

12
Revenue and Operating costs
Revenue
•Variable terminal fees up reflecting 8% increase in throughput and PPI of 2.1%
•Private and additional storage up with a full six-month contribution from the
~100 million litre private storage coming into service over the last two years
•Other revenue increased 21% reflecting pass-through charges to customers.
Wiri lease revenue expires Feb 2025
•Laboratory testing fell 14% with lower testing volumes
12
Operating Costs
•Energy and utility costs reflect the new supply contract from 1 January 2024.
Fixed Price contract delivering significant benefit given current high spot and
futures prices
•Increased administration costs reflect inflation already signalled (e.g. rates
and IT) and increased compliance costs, including Climate Related
Disclosures
•Salaries, wages and benefits reflect the filling of vacancies in 2H 2023 to
deliver resilient terminal operations, and investment in world-classcapability
as signalled at 2023 Analyst Day
HY24
($M)
HY23
($M)
%
change
Terminal fees – fixed24.423.73%
Terminal fees – variable30.829.45%
Private storage 8.15.159%
Wiri lease and other 4.03.321%
Laboratory testing2.52.9(14%)
Total Revenue69.864.48%
HY24
($M)
HY23
($M)
%
change
Energy and utility costs4.86.1(21%)
Materials and contractor payments4.24.12%
Salaries, wages and benefits6.65.814%
Administration and other costs6.14.924%
Total Expenses21.720.94%

13
Strong balance sheet and stable cashflows
Normalised Free Cash Flow and Dividend
•Normalised Free Cash Flow
3
of $32.7 million, representing an
EBITDA to Free Cash Flow conversion of 68%
•HY24 Free Cash Flow of $32.7 million impacted by the timing of
GST payments ($2 million) and higher financing costs
compared to HY23
•Declared anunimputedordinary interim dividend of4.4 cents
per share
13
1.Calculated as total borrowings (bank, fixed rate bonds and subordinated notes) less cash and cash equivalents. Excludes the fair value movement of retail bond CHI030
2.Tax losses are subject to shareholder continuity test, or if there is a shareholder continuity breach, tax losses are retained as long as business continuity test is met
3.Net cash generated fromcontinuing operations less financing, stay in business capex, excluding conversion costs and growth capex
4.Dividends FY23 paid February 2024: Ordinary dividend $23.9 million, $5.7 million special dividend
5.Conversion costs includes discontinued operations and conversion cash inflows and outflows
HY24FY23
Net debt
1

$326m$315m
Liquidity headroom
$77m$90m
Leverage (vs target 3-4 times)
3.4x3.6x
Gearing (vs covenants 55%/60%)
40%39%
Weighted average debt maturity
3.3 years3.7 years
Balance Sheet
•Net debt increased from $315 million to $326 million largely
reflecting investment in growth capital expenditure
•Lower leverage reflects growth in earnings
•Available tax losses of $445 million as at 30 June 2024 not
impacted by the Mobil sell down in December 2023 or bp sell
down in June 2024
2
•Remain on track towards target of credit metrics consistent
with a shadow BBB+ credit rating
5
Normalised Free cash flow $32.7 million
4

14
Investment for resilience and growth
•Three scheduled tank maintenance turnarounds in HY24 (HY23: 3), in
line with Asset Management Plan
•Growth capex reflects bund and firefighting upgrades associated
with initial private storage contract and the commencement of the
recently announced transmix contract
•Conversion capex firefighting project to be completed 2H 2024,
bunding upgrades will continue through to 2027
•$182 million of the total conversion budget of $220 million spent as
at 30 June 2024, a further $10 million anticipated across 2H 2024.
Private storage growth capex of $43 million
1
spent to 30 June 2024
against a budget of $50 million.
HY24
($M)
HY23
($M)
Import Terminal System0.81.2
Tank maintenance 3.53.5
Total stay-in-business capex4.34.7
% of revenue6%7%
Growth capital expenditure 12.716.0
Conversion capex8.511.5
Total capital expenditure 25.532.2
1.Reallocation of $5m from Private Storage to Conversion following project close out. The
conversion project was run concurrently to gain project efficiencies. This has the effect of
restating the Dec 2023 conversion spend to $167m (previously $163m) and private storage
spend to $36m (previously $41 million).

15
FY24Guidance and Outlook
FY24 Guidance
•On track to deliver EBITDA guidance of $92-$96 million, Normalised
Free Cash Flow guidance of $62-66 million, and stay-in-business
capex guidance of $11-$12 million
•Jet fuel demand exceeded the Envisory outlook for HY24
•Remain cautious of economic environment and need to respond
to Government Fuel Security Study in 2H 2024 which could incur
additional cost (less than $1 million)
•Stay-in-business capex spend is weighted to 2H 2024 driven by
tank statutory inspection outage dates, aligned with Asset
Management Plan
FY25 and beyond
•Long-term contracts provide stability of earnings. The lower fixed fee
over time is expected to be offset by the benefit of increased
throughput and Producer Price indexation (not assumed in chart)
•Wiri lease revenue expires Feb 2025
1.All revenue is in 2024 terms and does not include any Producer Price indexation. Outlook uses
Envisory base case (February 2022) assumptions and subject to change based on Envisory fuel
demand outlook
Contracted Revenue Outlook $M (excludes PPI)
1

Marsden Point Throughput (Million Litres) Outlook
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
20242025
2026
2027
20282029
2030
2031
2032
2033
20342035
2036
2037
2038
2039
2040
2041
2042
2043
20442045
2046
2047
20482049
2050
Envisory - JetEnvisory - diesel, incl. biofuels
Envisory - PetrolIndicative renewables portion
0
20
40
60
80
100
120
140
Wiri leasePrivate / additional storage revenue
Terminal revenue - variableTerminal revenue - fixed
Take or Pay threshold

16
Strategy Update
Rob Buchanan
Chief Executive Officer

17
Helping fuel New Zealand’s future to 2050 and beyond
OUR VISION
World-class energy infrastructure company
OUR PURPOSE
Delivering resilient infrastructure solutions to meet changing fuel and energy needs
OUR STRATEGIC PRIORITIES
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 Precinct
Concept
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
NZ’s Infrastructure
Partner of Choice
Grow Through Supporting
the Energy Transition
More Sustainable Future
World-Class
Operator
High Performance
Culture
Grow from
the Core
Support Energy
Transition
Good Neighbour,
Good Citizen
Disciplined Capital
Management

18
Customer contracts
Supporting New Zealand
Government’s fuel security
ambitions
Supporting Aviation
decarbonisation
Creating space for site
repurposing opportunities
•Two new growth projects signed
•Seven-year contract to store
and export transmixworth
~$3 million revenue per
annum (indexed to PPI).
•New 10-year, private jet fuel
storage contract announced
today, generating ~$55
million revenue over the
contract term (pre-PPI
indexation).
•Total of ~$75 million new
revenue contracted across
the contracted term (pre-PPI
indexation).
•Through the Fuel Security Study,
the Government has committed
to investigating the strategic
importance of Channel’s
Marsden Point infrastructure and
the role Channel could play in
underpinning New Zealand’s fuel
resilience.
•Government investigating
options to increase New
Zealand’s diesel reserves from 21
to 28 days cover (equivalent to
an additional ~70 million litres).
The Government will consult on
options later this year.
•Continue to actively partner
with Fortescue to explore the
production of Sustainable
Aviation Fuel on our unique site.
•The project contemplates a
300MW ~60 million litre
production facility.
•Sustainable Aviation Fuel
continues to be a priority focus
for Fortescue and Marsden
Point is an important project for
Fortescue’s aviation strategy
•Fortescue continues to work to
secure critical commercial
pillars at Marsden Point
including renewable power and
offtake
•Work continues with Seadra and
their consortium partners,
including Qantas, Renova Inc,
Kent Plc and ANZ Bank, who are
well advanced in exploring
project alternatives for the use
of the decommissioned
hydrocracking assets
•Seadra’s option extended to 30
September 2024 for a further
US$0.2 million option fee (total
non-refundable option fees of
US$4.7 million)
Growth opportunities reinforce resilience for New Zealand’s fuel supply chain

19
Investing in infrastructure resilience
Continued investment in becoming a world-class operator
supportinglong-term asset resilience and positioning
Channel as a partner of choice for fuels infrastructure
Investment in world-class firefighting equipment
•Over the past 12 months, work has continued on upgrading
firefighting systems to latest industry standard, automated
equipment
•Following the upgrade, Channel’s facilities will be in line with global
best practice for converted import terminals
•Firefighting upgrades expected to be completed later this year
Investment in world-class bund upgrades
•Over the past two years, four tank compounds have been
upgraded, two currently in progress
•Bunding program expected to complete by 2027

20
Strategic Energy Precinct Concept near completion
•Strategic approach to understanding the value of Channel’s 120
hectares of unutilised land (book value ~$15 million)
•Significant potential to support the energy transition (e.g.
through the manufacture of renewable fuels and other biofuels,
LNG and other firming and storage opportunities)
Channel’s unique site has the following key attributes:
✓Large land area
✓Heavy industrial zoning
✓Industrial resource consent
✓Industrial electricity grid connection
✓Access to renewable electricity
✓Fresh water source
✓Proximity to the fuel supply chain
✓Sheltered, deepwater harbour
1.High level rate per square metre estimates for ready to build, fully serviced industrial sites provided
by PwC Advisory Services
Channel Infrastructure’s unique site is well positioned to support New Zealand’s energy transition
For the right strategic tenant
Channel’s Marsden Point site
provides direct access to Wiri
and Auckland Airport via our
170km long pipeline
-5001,0001,500
Carrying Value
Northland Industrial
Rolleston / Hornby
Tauriko
Port of Tauranga
Wiri
Auckland Airport
Valuation Per Square Metre (NZ)
Industrial land value comparison
1

2121
Growth opportunities
Focused on opportunities with above WACC returns and customer contracts that provide revenue certainty
Repurposing of surplus land
Future Fuels
Energy Precinct Concept for the site being
developed to assess highest value and best use
of land
Renewable fuel production could potentially utilise
some available land
Growth Outside Marsden Point
Acquisition of Other Infrastructure
Fuel markets undergoing transition
Demonstrating world-class operations is key
to positioning for these opportunities
Potential opportunities as terminal assets are
consolidated
~400 Million Litres
Tank capacity available for
conversion
120ha
Available land for
repurposing
Near-term growth at Marsden Point
Supporting Fuel Resilience
Continue to support customers as they look to
meet the incomingminimumstockholding
obligations
Continue to support customers to create supply
chain efficiencies

22
Appendix

23
Debt Profile
23
Fixed Debt Profile ($M)Debt Maturity Profile as at 30 June 2024 ($M)
-
25
50
75
100
125
150
175
202420252026202720282029
Bank debtRetail bonds (CHI020)Retail bonds (CHI030)
-
50
100
150
200
250
300
Mar 24Sep 24Mar 25Sep 25Mar 26Sep 26Mar 27Sep 27Mar 28Sep 28Mar 29Sep 29
Retail bonds (CHI030)Interest rate swapsRetail bonds (CHI020)
3.60% p.a.
6.75% p.a.
5.80% p.a.

24
Discontinued Operations
•Revenue from discontinued operations principally reflects revenue
from scrap metal sales
•Operating costs include costs associated with the sale of
decommissioned assets, legal costs associated with settlement of
historical litigation claims, and costs associated with legacy refining
operations such as the retiree pension and medical scheme
•Conversion costs include an adjustment following the reassessment
of the demolition provision which now stands at $69 million
•Revaluation of assets relates to refining plant, updated to reflect the
movement in metals commodity prices and costs.
24
HY24
($M)
HY23
($M)
Revenue0.2(1.2)
Operating costs(2.8)(1.5)
EBITDA(2.6)(2.7)
Conversion costs(0.4)(0.5)
Revaluation of assets6.6-
Net financing costs(0.9)(1.0)
Net profit / (loss) before tax2.7(4.2)
Income tax1.11.1
Net profit / (loss) after tax3.8(3.1)

25
65%
28%
18%
13%
25
65%
28%
18%
Glossary
Net borrowings: Bank borrowings less cash and cash equivalents and fair value hedge movements.
Normalised Free Cash-flow: Cash flow from continuing operations less financing costs and stay in business capex. Excludes growth
capex and conversion costs.
Pipeline reliability
1
(availability): Pipeline available hours divided by the total hours in the period.
Pipeline utilisation: Pipeline required pumping time (for planned product volume) divided by total hours in the period.
Tank availability: Calculated on total tank basis as available hours divided by total hours in the period (excludes planned outages).
Throughput: Imported fuel volumes, normally in million litres (ML), transferred to either the truck loading facility (TLF) at Marsden Point
or through the 170km pipeline to Auckland.
Transmix: A mix of petrol/jet/diesel product that results from the operation of terminals and multi-product pipelines.

1.Availability is a subset of reliability and used interchangeably

2626
•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.
Important Information
•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, 23 August 2024.

---

For the six
months ended
30 June 2024
Condensed
Consolidated
Interim
Financial
Statements

2
Channel Infrastructure NZ Limited | 2024 Half Year Report

Contents
Consolidated Income Statement4
Consolidated Statement of Comprehensive Income5
Consolidated Balance Sheet6
Consolidated Statement of Changes in Equity8
Consolidated Statement of Cash Flows10
Notes to the Consolidated Financial Statements11
Corporate Directory19
3
Channel Infrastructure NZ Limited | 2024 Half Year Report

Consolidated Income Statement
FOR THE SIX MONTHS ENDED 30 JUNE 2024
UNAUDITEDUNAUDITED
30 June 202430 June 2023
NOTE
$000$000
CONTINUING OPERATIONS
INCOME
Revenue
69,847
64,420
TOTAL INCOME
2
69,847
64,420
EXPENSES
Energy and utility costs
4,801
6,058
Materials and contractor payments
4,240
4,130
Salaries, wages and benefits
6,581
5,772
Administration and other costs
6,123
4,923
TOTAL EXPENSES21,745
20,883
EARNINGS BEFORE DEPRECIATION, FINANCE COSTS AND INCOME TAX
10
48,102
43,537
Depreciation
18,708
16,233
NET PROFIT BEFORE FINANCE COSTS AND INCOME TAX29,394
27,304
Finance income
(157)
(114)
Finance costs
9,833
7,296
NET FINANCE COSTS9,676
7,182
NET PROFIT BEFORE INCOME TAX19,718
20,122
Income tax
6,899
5,640
NET PROFIT AFTER INCOME TAX FROM CONTINUING OPERATIONS12,819
14,482
Net profit / (loss) after income tax from discontinued operations1
3,792
(3,061)
NET PROFIT AFTER INCOME TAX16,611
11,421
ATTRIBUTABLE TO:
Owners of the Parent16,611
11,421
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERSCENTS
CENTS
Basic and diluted earnings per share from continuing operations
3.4
3.9
Basic and diluted earnings per share
4.4
3.0
4
Channel Infrastructure NZ Limited | 2024 Half Year Report

Consolidated Statement of
Comprehensive Income
FOR THE SIX MONTHS ENDED 30 JUNE 2024
UNAUDITEDUNAUDITED
30 June 202430 June 2023
NOTE
$000$000
NET PROFIT AFTER INCOME TAX16,611
11,421
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to the Income Statement
Defined benefit plan and medical scheme actuarial gain
-
2,532
Deferred tax
-
(709)
Total items that will not be reclassified to the Income Statement-
1,823
Items that may be subsequently reclassified to the Income Statement
Movement in cash flow hedge reserve
(308)
(2,048)
Deferred tax
86
573
Total items that may be subsequently reclassified to the Income Statement(222)
(1,475)
TOTAL OTHER COMPREHENSIVE (LOSS) / INCOME, AFTER INCOME TAX(222)
348
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, AFTER INCOME TAX16,389
11,769
ATTRIBUTABLE TO:
Owners of the Parent
16,389
11,769
5
Channel Infrastructure NZ Limited | 2024 Half Year Report

Consolidated Balance Sheet
AS AT 30 JUNE 2024
UNAUDITEDAUDITED
30 June 202431 December 2023
$000$000
CURRENT ASSETS
Cash and cash equivalents
1,351
4,870
Trade and other receivables
15,765
25,887
Income tax receivable
94
87
Derivative financial instruments
76
450
Inventories
5,409
5,514
TOTAL CURRENT ASSETS22,695
36,808
NON-CURRENT ASSETS
Derivative financial instruments
9,249
10,058
Intangibles
1,641
1,785
Property, plant and equipment
919,175
906,360
Other assets
15,093
18,114
Right-of-use assets
553
330
TOTAL NON-CURRENT ASSETS945,711
936,647
TOTAL ASSETS968,406
973,455
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
19,672
20,117
Derivative financial instruments
810
603
Borrowings
-
55,779
Lease liabilities
61
79
Employee benefits
1,884
2,880
Provisions
13,838
18,526
TOTAL CURRENT LIABILITIES36,265
97,984
NON-CURRENT LIABILITIES
Borrowings
328,261
264,843
Lease liabilities
542
556
Employee benefits
3,423
3,220
Provisions
67,922
67,503
Deferred tax liabilities
45,839
40,138
TOTAL NON-CURRENT LIABILITIES445,987
376,260
TOTAL LIABILITIES482,252
474,244
NET ASSETS486,154
499,211
6
Channel Infrastructure NZ Limited | 2024 Half Year Report

UNAUDITEDAUDITED
30 June 202431 December 2023
$000$000
EQUITY
Contributed equity
318,123
318,123
Revaluation reserve
422,771
422,771
Treasury stock
(393)
(1,317)
Employee share entitlement reserve
254
1,081
Cash flow hedge reserve
6,353
6,575
Retained earnings
(260,954)
(248,022)
TOTAL EQUITY486,154
499,211
The Board of Directors of Channel Infrastructure NZ Limited authorised these financial statements for issue on
22 August 2024.
For and on behalf of the Board
J B Miller
Chair of the Board
A M Molloy
Chair of the Audit and Finance Committee
7
Channel Infrastructure NZ Limited | 2024 Half Year Report

Consolidated Statement of
Changes in Equity
FOR THE SIX MONTHS ENDED 30 JUNE 2024
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
ENTITLEMENT
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGS
TOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2023314,504422,771(1,462)4,24010,125(231,686)518,492
COMPREHENSIVE INCOME
Net profit after income tax-----11,42111,421
Other
comprehensive income
Movement in cash flow
hedge reserve----(2,048)-(2,048)
Defined benefit
actuarial gain-----2,5322,532
Deferred tax on other
comprehensive income----573(709)(136)
TOTAL OTHER
COMPREHENSIVE GAIN,
AFTER INCOME TAX
----(1,475)1,823348
TRANSACTIONS WITH
OWNERS OF THE PARENT
Equity-settled share-
based payments
---388--
388
Shares vested
to employees
3,529-235(3,764)--
-
Treasury shares issued90-(90)----
Dividend paid3-----(26,509)(26,509)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT
3,619-145(3,376)-(26,509)(26,121)
AT 30 JUNE
2023 (UNAUDITED)
318,123422,771(1,317)8648,650(244,951)504,140
8
Channel Infrastructure NZ Limited | 2024 Half Year Report

CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
ENTITLEMENT
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGS
TOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2024
318,123422,771(1,317)1,0816,575(248,022)499,211
COMPREHENSIVE INCOME
Net profit after income tax
-----16,61116,611
Other
comprehensive income
Movement in cash flow
hedge reserve
----(308)-(308)
Defined benefit
actuarial gain
-------
Deferred tax on other
comprehensive income
----86-86
TOTAL OTHER
COMPREHENSIVE LOSS,
AFTER INCOME TAX
----(222)-(222)
TRANSACTIONS WITH
OWNERS OF THE PARENT
Equity-settled share-
based payments
---97--97
Shares vested
to employees
--924(924)---
Treasury shares issued
-------
Dividends provided
or paid
3
-----(29,543)(29,543)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT
--924(827)-(29,543)(29,446)
AT 30 JUNE
2024 (UNAUDITED)318,123422,771(393)2546,353(260,954)486,154
9
Channel Infrastructure NZ Limited | 2024 Half Year Report

Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2024
UNAUDITEDUNAUDITED
30 June 202430 June 2023
NOTE
$000$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
79,774
65,126
Payment for supplies and expenses
(25,572)
(32,569)
Payments to employees
(7,479)
(5,628)
Interest received
157
308
Interest paid
(9,198)
(7,502)
Net GST (paid)/received
(869)
1,529
Income tax paid
(19)
-
NET CASH INFLOW FROM OPERATING ACTIVITIES36,794
21,264
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
3,533
-
Payments for property, plant and equipment
(23,270)
(32,743)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES(19,737)
(32,743)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings
63,900
37,499
Repayment of subordinated notes
(54,901)
-
Lease payments
(32)
-
Dividends paid
(29,543)
(26,509)
NET CASH (OUTFLOW) / INFLOW FROM FINANCING ACTIVITIES(20,576)
10,990
NET DECREASE IN CASH AND CASH EQUIVALENTS(3,519)
(489)
Cash and cash equivalents at the beginning of the period
4,870
2,386
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD1,351
1,897
10
Channel Infrastructure NZ Limited | 2024 Half Year Report

Notes to the Consolidated
Financial Statements
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Reporting Entity
Channel Infrastructure NZ Limited (‘Parent’, ‘Company’
or ‘Channel Infrastructure’) is a profit-oriented company
registered under the Companies Act 1993 and an FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013. Channel Infrastructure is listed, and its
ordinary shares are quoted under the ticker CHI on the
NZX Main Board Equity Market (‘NZX Main Board’) and its
corporate bonds (ticker CHI020 and CHI030) are quoted
on the NZX Debt Market.
The consolidated interim financial statements (hereinafter
'financial statements') for the six months ended 30 June
2024 presented are those of Channel Infrastructure
together with its subsidiaries (‘the Group’). Subsidiaries
are all entities over which the Group has control and
includes Channel Terminal Services Limited, Independent
Petroleum Laboratory Limited, Maranga Rā Holdings
Limited and CHI Future Developments Limited.
Basis of Preparation
These financial statements have been prepared in
accordance with International Accounting Standard
34: Interim Financial Reporting and New Zealand
Equivalents to International Accounting Standard 34:
Interim Financial Reporting, and also in accordance with
Generally Accepted Accounting Practice in New Zealand
('GAAP') applicable to for-profit entities. These financial
statements do not include all the information required to
be disclosed in annual consolidated financial statements
and should be read in conjunction with the Group's
consolidated financial statements for the year ended
31 December 2023.
Accounting Policies
The accounting policies used in the preparation of these
financial statements are consistent with those used in the
Group's consolidated financial statements for the year
ended 31 December 2023.
Accounting standards not yet
effective
In May 2024 the External Reporting Board issued
NZ IFRS 18: Presentation and Disclosure in Financial
Statements ('NZ IFRS 18'). This accounting standard
is expected to change the presentation of the
Group's income statement and may introduce additional
note disclosures. NZ IFRS 18 does not impact the
financial position, financial performance or cash flows
of the Group. Other standards, amendments and
interpretations which are not yet effective are not
expected to have a material impact on the Group.
Segment Reporting
The Group operates in one reportable segment,
Infrastructure, which comprises the dedicated fuels
import terminal system (including jetty infrastructure at
Marsden Point, storage tanks, and Marsden Point to
Auckland pipeline), the Wiri land and terminal leases, and
the fuel testing laboratories. The Group operates in one
geographical area, New Zealand.
Use of Judgements and Estimates
The preparation of financial statements requires
judgements and estimates that affect the application
of accounting policies and reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. The following areas involve
signifiant judgements and estimates:
•
Fair value of property, plant and equipment –
the Group adopts the fair value model as the
measurement base for property, plant and equipment
(refer to Note 5 for further details).
•
Assets held for sale – the Group continues to report
decommissioned
refinery assets that are subject to a
conditional sale agreement, as property, plant and
equipment, rather than as assets held for sale (refer
to Note 5 for further details).
•
Provisions – the Group continues to recognise several
provisions in relation to the conversion of the refinery
into a dedicated fuels import terminal operation (refer
to Note 7 for further details).
•
Recoverability of tax losses – the Group's
accumulated tax losses amount to $445 million at
30 June 2024 . A deferred tax asset in respect of these
unutilised tax losses is recognised, having regard to
the Shareholder and Business Continuity Tests and an
assessment of future taxable profits available against
which the tax losses can be recovered, and therefore
the deferred tax asset realised.
•
Discontinued operations – the Group continues to
present the results from discontinued operations
associated with the refining operations which ceased
in March 2022 (refer to Note 1 for further details).
11
Channel Infrastructure NZ Limited | 2024 Half Year Report

1Discontinued Operations
Discontinued operations relate to refining operations which ceased in March 2022.
In the six months ended 30 June 2024 the results from discontinued operations include revenue from scrap metal
sales and on-going costs associated with ceasing refining operations, including retiree medical scheme costs, costs
associated with the sale of permanently decommissioned refining plant and legal costs associated with settlement
of historical litigation claims. Litigation claims relating to revenue recognition have been settled in the period ended
30 June 2024.
Conversion costs relate to costs associated with the transition to an import terminal and include the reassessment of
long-term provisions (including demolition) due to cost re-estimation and/or changes in discount rates.
Revaluation of assets relates to the change in fair value of the refining plant (refer Note 5 for further details).
UNAUDITEDUNAUDITED
30 June 202430 June 2023
NOTE
$000$000
INCOME
Revenue2
144
(1,238)
TOTAL INCOME144
(1,238)
EXPENSES
Salaries, wages and benefits
241
650
Administration and other costs
2,550
787
TOTAL EXPENSES2,791
1,437
NET LOSS BEFORE CONVERSION COSTS, IMPAIRMENT, FINANCE COSTS AND
INCOME TAX
(2,647)
(2,675)
Conversion costs
364
476
Revaluation of assets5
(6,600)
-
TOTAL CONVERSION COSTS AND IMPAIRMENT(6,236)
476
NET PROFIT/ (LOSS) BEFORE FINANCE COSTS AND INCOME TAX3,589
(3,151)
Finance income
-
-
Finance costs
889
1,073
NET FINANCE COSTS889
1,073
NET PROFIT / (LOSS) BEFORE INCOME TAX2,700
(4,224)
Income Tax
(1,092)
(1,163)
NET PROFIT / (LOSS) AFTER INCOME TAX3,792
(3,061)
30 June 202430 June 2023
$000$000
CASH FLOWS FROM / (USED IN) DISCONTINUED OPERATIONS
Net cash from/(used in) operating activities
(20)
(17,899)
Net cash from/(used in) investing activities
3,533
-
Net cash used in financing activities
-
-
NET CASH FLOWS FROM / (USED IN) DISCONTINUED ACTIVITIES FOR THE PERIOD3,513
(17,899)
12
Channel Infrastructure NZ Limited | 2024 Half Year Report

2Income
UNAUDITEDUNAUDITED
30 June 202430 June 2023
$000$000
CONTINUING OPERATIONS
Import terminal revenue
63,395
58,038
Wiri land and terminal lease income
3,326
3,248
Laboratory and other revenue
2,479
2,935
Other operating revenue
647
199
TOTAL REVENUE FROM CONTINUING OPERATIONS69,847
64,420
DISCONTINUED OPERATIONS
Processing fees
-
(1,620)
Other refining related income
144
382
TOTAL REVENUE FROM DISCONTINUED OPERATIONS144
(1,238)
TOTAL REVENUE69,991
63,182
Major customers
The Group provides import terminal and pipeline services to customers under long-term Terminal Services Agreements
and Private Storage Agreements. The Group has three major customers that each individually account for more than
10 per cent of the Group's revenue from continuing operations. The revenue earned from each major customer is
shown below.
UNAUDITED
UNAUDITED
30 June 202430 June 2023
$000$000
Major customer A
21,019
17,698
Major customer B
18,633
17,198
Major customer C
25,255
24,319
Related parties
During the period, two of the major customers provided Director services to the Company. The revenue earned from
those customers during the period that they were related parties and the receivables balance outstanding related to
the revenue earned are shown below.
REVENUERECEIVABLES BALANCE
UNAUDITEDUNAUDITEDUNAUDITEDAUDITED
30 June 202430 June 202330 June 202431 December 2023
$000$000$000$000
BP
1
14,433
17,698
-
8,756
Z Energy
25,255
24,319
4,217
4,615
TOTAL39,68842,0174,21713,371
1
BP had a Director on the Board of the Company until 30 April 2024.
13
Channel Infrastructure NZ Limited | 2024 Half Year Report

3Equity
Contributed equity
The issued capital of the Company is represented by 378,756,041 ordinary shares (31 December 2023: 378,756,041) issued
and fully paid, less 335,533 (31 December 2023: 436,951) treasury shares. All ordinary shares rank equally with one vote
attached to each ordinary share.
Share performance rights issued
On 10 April 2024 the Company issued 312,559 share rights to the Corporate Lead Team (of which 175,709 were issued
to the CEO) under the Company’s Share Rights Plan. Each share right converts on a 1:1 basis for nil cash consideration
into fully paid ordinary shares following the release of the Company's financial results for the year ending 31 December
2026, subject to a workplace safety condition being satisfied and performance of the Company's Total Shareholder
Return (TSR):
•50% of the award is conditional on the performance of the Company's TSR relative to a comparator group of
selected members of the NZX50 at 1 March 2024, and
•50% of the award is conditional on the Company's TSR exceeding its cost of equity plus 0.5% compounding annually
from 1 March 2024 to the vesting date.
Vesting is also subject to the participant remaining employed, except in certain "good leaver" cessation of
employment scenarios at the discretion of the Board.
Dividends
30 June 202430 June 2023
UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
Dividend paid$000cents per share$000cents per share
Special dividend (FY2022)
--
7,5742.0
Final dividend (FY2022)
--
18,9355.0
Special dividend (FY2023)
5,6811.5
--
Final dividend (FY2023)
23,8626.3
--
Dividend paid29,5437.8
26,5097.0
Dividends declared
On 22 August 2024 the Board declared an ordinary unimputed interim dividend of 4.4 cents per share, to be paid on
20 September 2024.
The shareholder continuity requirement for imputation purposes was breached in December 2023. As at 30 June 2024
imputation credits available to shareholders are $Nil (31 December 2023: $Nil).
14
Channel Infrastructure NZ Limited | 2024 Half Year Report

4Borrowings
As at 30 June 2024 the Group had total debt funding facilities available of $405 million (represented by $205 million
bank facilities and $200 million retail bonds). The total debt funding facilities available have reduced from $460 million
at 31 December 2023 following the redemption of the remaining $55 million subordinated notes on 1 March 2024.
The Group borrows under a Common Terms Deed which requires the Group to maintain an Interest Cover Ratio of at
least 2.5%, and a Gearing Ratio of not more than 55%. The Group was in compliance with these financial undertakings
as at the end of, and in respect of, the six months ended 30 June 2024 and the year ended 31 December 2023.
The borrowings are unsecured.
At 30 June 2024, the fair value of the retail bond CHI030 maturing in November 2029 is $104 million compared to its
carrying amount of $100 million. The fair values of other borrowings approximate their carrying amounts.
The table below outlines the maturity profile of the facilities as at 30 June 2024:
UNAUDITEDAUDITED
MATURITY DATE
30 June 202431 December 2023
$000$000
BORROWINGS
Current borrowings:
Subordinated notes
1
Mar-24
-
55,779
Total current borrowings-
55,779
Non-current borrowings:
Revolving cash advancesNov-25
64,400
65,000
Revolving cash advancesNov-26
34,500
-
Revolving cash advancesNov-27
30,000
-
Retail bonds - CHI020 (5.8%)
1
May-27
99,364
99,173
Retail bonds - CHI030 (6.75%)
1
Nov-29
99,997
100,670
Total non-current borrowings328,261
264,843
TOTAL BORROWINGS328,261
320,622
UNDRAWN FACILITIES
Revolving cash advancesNov-25
600
-
Revolving cash advancesNov-26
40,500
75,000
Revolving cash advancesNov-27
35,000
65,000
TOTAL UNDRAWN BORROWING FACILITIES76,100
140,000
1The difference between the carrying value of the retail bonds and subordinated notes and their face values is due to unamortised issue costs and
accrued interest.
UNAUDITEDAUDITED
30 June 202431 December 2023
$000$000
NET DEBT
Total Borrowings
328,261
320,622
Less: Fair value adjustment
(501)
(1,264)
Less: Cash and cash equivalents
(1,351)
(4,870)
NET DEBT326,409
314,488
15
Channel Infrastructure NZ Limited | 2024 Half Year Report

5Property, Plant and Equipment
All property, plant and equipment is recognised at fair value less accumulated depreciation, except capital work in
progress which is recognised at historical cost.
Valuation of property, plant and equipment
Import terminal assets
The import terminal assets were revalued using a discounted cash flow methodology at 31 December 2021 by PwC, a
qualified independent valuer.
The key assumptions used in the valuation include the 2021 Envisory fuel demand forecasts, forecast operational and
capital expenditure and discount rates. A review of the key inputs used in the 2021 valuation, updated to 30 June 2024
indicates that there has been no material change in the fair value of the import terminal assets at 30 June 2024.
Refining plant
The refining plant is valued at fair value less costs of disposal. The fair value is based on scrap metal prices estimated
by an industry expert.
At 30 June 2024 the fair value of the refining plant was updated by the industry expert to reflect movement in metals
commodity prices and costs. This resulted in recognition of a revaluation gain of $6.6 million in discontinued operations.
Additions
During the six months ended 30 June 2024 the Group recognised capital additions (work in progress) of $26 million
(31 December 2023: $65.8 million). Additions in the period relate to the terminal conversion project and tank upgrades
to meet contracted demand for storage.
Depreciation
During the six months ended 30 June 2024 the Group recognised depreciation of $18.7 million (30 June 2023:
$16.2 million).
Conditional option agreement for decommissioned assets
On 8 July 2023, the Company entered into an Asset Sale Agreement with US-based Seadra Energy Incorporated
(“Seadra”), granting Seadra an option to purchase permanently decommissioned parts of the former refinery. Under
the agreement, Seadra had an initial period of up to six months to consider the purchase of certain assets from the
hydrocracking complex, in consideration for an option payment of US$4.0 million (NZ$6.5 million), and had the ability
to renew the option to purchase for an additional six months for a further payment of US$0.5 million (NZ$0.8 million). In
December 2023 Seadra extended the option to purchase and had until 7 July 2024 to confirm whether it would pursue
the purchase. The initial option payment was received in July 2023 and the option extension payment was received in
December 2023.
In July 2024, the Company granted a further extension to Seadra's option to purchase. The extension has been
granted to 30 September 2024 in exchange for an additional payment of US$0.2 million (NZ$0.3 million).
Should Seadra elect to exercise the option to purchase, subject to meeting certain conditions, the purchase price
for the assets agreed between the parties is US$33.875 million (NZ$55.7 million translated using the exchange rate at
30 June 2024), including the option payments, but prior to any transaction costs, with the balance of the purchase
price to be paid in instalments throughout the expected 12-month deconstruction period.
Non-current assets are classified by the Group as assets held-for-sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use and a sale is considered highly probable
within 12 months. Due to the challenges of developing technically feasible and financially viable projects involving
second-hand refining plant globally, and specifically noting the agreement with Seadra is only an option to purchase,
the assets proposed to be sold to Seadra have not been classified as non-current assets held for sale as at
30 June 2024.
The carrying amount of the assets subject to the agreement at 30 June 2024 is $5.1 million and the associated
demolition provision that would not be incurred by the Company should the sale complete is $8.1 million.
16
Channel Infrastructure NZ Limited | 2024 Half Year Report

6Contractual Commitments
Commitments are related to asset purchases and other ongoing contractual commitments as at the reporting date
but not provided for in these financial statements. As at 30 June 2024, the total contractual commitments amounted
to $32 million (31 December 2023: $29 million).
7Provisions
The movement in provisions during the six months ended 30 June 2024 is shown in the table below:
SHUT DOWN AND
DECOMMISSIONING
DEMOLITION AND
RESTORATION
WORKFORCE AND
OTHER
PROVISIONS
TOTAL
$000$000$000$000
AT 1 JANUARY 2024
15,65968,8991,47186,029
Additions - conversion related
-1,648-1,648
Utilisation
(4,845)(179)(221)(5,245)
Adjustment for change in discount rate
215(2,047)35(1,797)
Finance costs
210915-1,125
AT 30 JUNE 202411,23969,2361,28581,760
Current
11,2391,3141,28513,838
Non-current
-67,922-67,922
8Contingencies
From time to time, the Group has legal claims and exposures that arise from contracts and the Group's business in
respect of which no provision has been made. Where it is more likely than not that such a litigation will result in an
outflow of resources that is already reasonably estimated, a provision is recorded.
As a condition of the Group's resource consent for the Marsden Point site, the Group has committed to work with
the Northland Regional Council ahead of time (during the 20th year of consent or at least 12 months prior to the
cessation of terminal operations) to set out the actions necessary to maintain compliance in respect of the discharges
of contaminants. Given the unknown nature of the future activities that may be agreed with the Northland Regional
Council, no liability has been recognised in these financial statements other than the cost associated with ongoing
environmental monitoring activities over a period of 20 years.
The Group had no other contingent liabilities as at 30 June 2024 (31 December 2023: Nil).
9Subsequent Events
In November 2022, former employees lodged a Statement of Problem with the Employment Relations Authority
(the Authority) claiming that the Company incorrectly calculated their redundancy compensation. The Authority’s
investigation commenced in May 2024. In August 2024, the Authority issued its determination, finding in favour of the
former employees. The Company has the ability to file an appeal to the Employment Court within 28 days and is
considering the appropriate course of action. The outcome of this matter is not expected to have a material impact
on the financial statements as presented.
17
Channel Infrastructure NZ Limited | 2024 Half Year Report

10Non-GAAP measures
Channel uses several non-GAAP measures when discussing financial performance. The Directors and management
believe that these measures provide useful information as they are used internally to evaluate the underlying
performance of the Group. 
Non-GAAP profit measures are not prepared in accordance with New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures used by Channel
may not be comparable with similarly titled measures used by other companies.  Non-GAAP measures should not be
used in isolation nor as a substitute for measures reported in accordance with NZ IFRS.
The definitions of the non-GAAP measures used by Channel and reconciliation's to the amounts presented in the
Consolidated Income Statement are detailed below.
EBITDA from
Continuing
Operations:  
Earnings before depreciation, net finance costs and income tax from continuing operations
EBITDA from
Discontinued
Operations:
Earnings before conversion costs, net finance costs and income tax from discontinued operations.
UNAUDITEDUNAUDITED
30 June 202430 June 2023
$000$000
CONTINUING OPERATIONS
Net profit after income tax12,819
14,482
Add: Depreciation
18,708
16,233
Add: Net finance costs
9,676
7,182
Add: Income tax
6,899
5,640
EBITDA from continuing operations48,102
43,537
DISCONTINUED OPERATIONS
Net profit after income tax3,792
(3,061)
Add: Conversion costs
364
476
Less: Revaluation of assets
(6,600)
-
Add: Net finance costs
889
1,073
Less: Income tax
(1,092)
(1,163)
EBITDA from discontinued operations(2,647)
(2,675)
18
Channel Infrastructure NZ Limited | 2024 Half Year Report

Corporate Directory
Registered Office
Marsden Point
Ruakaka
Chair
J B Miller (Independent Director)
Mailing Address
Private Bag 9024
Whangarei 0148
Telephone: +64 9 432 5100
Independent Directors
A Holmes
A M Molloy
V C M Stoddart
F J C Underhill (from 15 March 2024)
P A Zealand
Website
www.channelnz.com
Non-Independent Directors
L Nation (to 30 April 2024)
A T Brewer
General enquiries
corporate@channelnz.com
Investor Enquiries
investorrelations@channelnz.com
Chief Executive Officer
R C Buchanan
Auditor
Ernst & Young
General Counsel & Company Secretary
C D Bougen
Bankers
ANZ Bank New Zealand Limited
ASB Bank Limited
Bank of New Zealand
China Construction Bank (New Zealand) Limited
Westpac New Zealand Limited
Share Register
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Telephone: +64 9 488 8777
enquiry@computershare.co.nz
Managing your shareholding online
To change your address, update your payment instructions and to view your registered details including
transactions, please visit: www.computershare.co.nz/investorcentre Please assist our registrar by quoting your CSN
or shareholder number.
19
Channel Infrastructure NZ Limited | 2024 Half Year Report

---

Results announcement




Results for announcement to the market
Name of issuer
Channel Infrastructure NZ Limited
Reporting Period
6 months to 30 June 2024
Previous Reporting Period
6 months to 30 June 2023
Currency

Amount (000s) Percentage change
Revenue from continuing
operations
$69,847 8%
Total Revenue
$69,991 11%
Net profit/(loss) from
continuing operations
$12,819 (11%)
Total net profit/(loss)
$16,611 45%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.044
Imputed amount per Quoted
Equity Security
$0.00
Record Date
6/09/2024
Dividend Payment Date
20/09/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.26 $1.28
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX announcement commentary
Authority for this announcement
Name of person

authorised
to make this announcement
Chris Bougen, Company Secretary
Contact person for this
announcement
Anna Bonney
Contact phone number
+64 21 844 155
Contact email address
investorrelations@channelnz.com
Date of release through MAP

23/08/2024

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Section 1: Issuer information
Name of issuer Channel Infrastructure NZ Limited
Financial product name/description Channel Infrastructure NZ Limited ordinary shares
NZX ticker code CHI
ISIN (If unknown, check on NZX website) NZNZRE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 6/09/2024
Ex-Date (one business day before the
Record Date)
5/09/2024
Payment date (and allotment date for
DRP)
20/09/2024
Total monies associated with the
distribution
$16,665,266
Source of distribution (for example,
retained earnings)
Income available for distribution
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04400000
Gross taxable amount $0.04400000
Total cash distribution $0.04400000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed



No imputation
If fully or partially imputed, please state
imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per financial
product
$0.01452000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A N/A

Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Chris Bougen, Company Secretary
Contact person for this announcement Anna Bonney
Contact phone number +64 21 844 155
Contact email address investorrelations@channelnz.com
Date of release through MAP

23/08/20224