2025 Governance Roadshow Presentation

1
Governance
Update
April 2025
Change picture to the same one as
the AR cover
Change picture
to cover of AR

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Channel continues to outperform the NZX50
Dividends Total Shareholder Return (CHI versus NZX50)
•2024 delivered a dividend yield of 5.9%, a free cash flow yield of 8.3% and a Total Shareholder Return of 37.4%
•Channel is now a 100% independent energy infrastructure company, following Ampol’sexit from its Channel shareholding in March 2025
4.2cps
4.4cps
5.0cps
6.3cps
6.6cps
2.0cps
1.5cps
7.0cps
12.0cps
11.0cps
FY22FY23FY24
H1H2Special
(12.0%)
2.6%
11.4%
36.2%
9.2%
37.4%
FY22FY23FY24
NZX50GCHI
1.FY22 TSR calculated from date of CHI conversion 1 April 2022, FY23 and FY24 TSR calculated from the 31 December share price
2.Excludes value of rights taken up or renounced in Channel’s November 2024 equity raise and excludes the FY24 final dividend of 6.6 cents per share paid in March 2025
1,2

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Board refresh now complete
Andrew Brewer
Non-Independent Director
Appointed: December 2023
Board Committees:Health, Safety,
Environment &Operations(Chair
from 23 May 2025).
Felicity Underhill
Independent Director
Appointed: March2024
Board Committees:Audit &
Finance, Health, Safety,
Environment & Operations
Anna Molloy
Independent Director
Appointed:April 2022
Board Committees:Audit and Finance
(Chair), People &Culture
James Miller
Board Chair, Independent Director
Appointed: November 2018
Chairfrom July 2022
Board Committees:Audit &Finance,
People &Culture
Angela Bull
Independent Director
Appointed: October 2024
Board Committees:People
&Culture
Andrew Holmes
Independent Director
Appointed: April 2022
Board Committees:Health, Safety,
Environment &Operations, People
&Culture (Chair from 23 May
2025)
Independence
5/6
directors up from 4/7 in 2019
Equal gender
representation
3/6
Directors female
Average tenure
2.4 years
Deep experience
in fuel terminals, oil and gas, fuel
supply chain, and energy sectors
Note: The Board and associated analysis presented does not include Vanessa Stoddart and Paul Zealand who will retire at the 2025Annual Shareholders’ Meeting

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Strong and capable Board with the right skill set
Note: The analysis above does not include Vanessa Stoddart and Paul Zealand who will retire at the 2025 Annual Shareholders’ Meeting
Update skills Matrix for sixperson board
•The Board refresh (signalled when shareholders voted on the
refinery closure and conversion to an import terminal) is now
complete with a smaller, more efficient Board with a mix of skills
and experience aligned with the Company strategy
•Long-standing directors Paul Zealand and Vanessa Stoddart will
retire at the May Annual Shareholders’ Meeting after nearly 9 and 11
years on the Board respectively, bringing the Board to six members
•Three new directors in the last 15 months including:
•Andrew Brewer: has held leadership roles for large-scale
downstream refining and terminal operations in Australia, New
Zealand and Canada.Previously served as Chief Operating
Officer at Refining NZ during the company’s Strategic Review.
•Felicity Underhill: following an early career at Shell, joined Origin
Energy where she transitioned into the green energy sector.In
recent roles with Fortescue, accountable for developing a
portfolio of renewable energy and green hydrogen production
projects across Australia and New Zealand.
•Angela Bull: Current governance roles include Property for
Industry, Vital Healthcare Property Trust, Fulton Hogan, Foodstuffs
South Island, BayleysReal Estate and Trustee of St Cuthbert’s
College. Angela was previously the Chief Executive of Tramco
Group and prior to this, General Manager Property Development
for Foodstuffs North Island.

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Experienced and Proven Leadership Team
Rob Buchanan
Chief Executive Officer
Jack Stewart
GM Operations
Alexa Preston
Chief Financial Officer
Peter van Cingel
Business Development Manager
Chris Bougen
General Counsel and
Company Secretary
Steve Levell
GMIndependent Petroleum
Laboratory (IPL)

6
Strategy on a page
OUR VISION
World-class energy infrastructure company
OUR PURPOSE
Delivering resilient infrastructure solutions to meet changing fuel and energy needs
OURSTRATEGIC 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
optimisationfor
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
New Zealand’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

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Significant progress in 2024
Proven track
record
Of delivery of
capital project
safely, on time and on
budget
Zero
Tier 1 and Tier 2
process safety
incident
Scope 3 emissions reported
for first time
tCO
2
e963 Total Scope 1 &2
emissions in FY24.
36%
of workforce
Female(2023:32%)
Successful bank
refinance and
capital raise
lowers WACC and positions
company to deliver future
growth
Marsden Point Energy
Precinct Concept
Channel supporting the energy transition
through potential lower-carbon future fuels
manufacture and biorefinery at the
Marsden Point site
Three
new
storage
contracts
signed
Strong
financial
resultin line with
guidance

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Significant future growth opportunities
Fuel Security Study concluded
•Cabinet set to consider further options for fuel resilience in New
Zealand, including an increase in diesel Minimum Stockholding
Obligations from 21 to 28 days (additional ~70 million litresof on-shore
storage), but not including reopening an oil refinery
Marsden Point Energy Precinct
•Government is considering Marsden Point Energy Precinct as a
potential Special Economic Zone
•Already making meaningful progress towards development of the
Energy Precinct with three growth projects committed in 2024 and
active investigation ofa biorefinery at Marsden Point underway
•Precinct supports fuel resilience, supports job creation and economic
growth. PwC estimates the Energy Precinct could generation ~$3.3
billion of GDP and 20,000 FTE jobs, over the 10-15 year construction
phase and, once fully operational, ~$290 million annually in GDP and
~1,150 FTE jobs
Other growth and energy resilience opportunities
•Potential diesel peaking electricity generation under investigation,
reflecting the significant advantage of investment already made in
diesel infrastructure at Marsden Point. Channel has no intention to take
electricity market risk
•Channel remains committed to pursuing the acquisition of terminal
assets outside Marsden Point

MCH, Ammonia imports & other products
Biofuels Manufacture
Jetties
Floating LNG Receipt & Gasification
SAF Manufacture (Phase 1)
Lease (to Long-term Tenant)
Public Access (Mair Road)
SAF Manufacture Expansion (Phase 2)
Transpower, Northpower
Services for SAF Manufacture
Gas/Diesel
Peaker
Truck Loading Facility (Leased to WOSL
1
)
Flow Battery
IPL
Stormwater Retention Basin
Jet/SAF Compound
(120 Million Litres Capacity -
45 Million Litres in Service)
Diesel/Biofuels Compound
(120 Million Litres Capacity)
EnergySecurityOpportunities
Future Fuels Manufacturing Opportunities
Additional Storage Opportunities
Current Facility
Leased to Third Parties
Owned by Others
Marsden Point
Energy Precinct Concept
Bitumen Terminal

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CEO Remuneration
$-
$300,000
$600,000
$900,000
$1,200,000
FixedOn targetMaximum
Chief Executive’s Total Remuneration
Base salary
Short Term Incentive (35-45%)
Long Term Incentive (45%)
CEO Remuneration
•Increased disclosure in 2024 Annual Report on CEO Remuneration
(including more detail on short-term incentive KPIs, % of short-term
incentive earned and paid in FY24, LTI vesting conditions)
•High portion of pay at risk and an appropriate weighting of short and
long-term incentives
•$500k initial share rights granted in 2023 that are tenure based in nature
and due to vest in January 2028 (subject achievement of minimum
performance and no workplace death occurring in 5-year vesting period).
•Short-term incentive: 50% on delivery against Company Scorecard and
50% on individual Scorecard which is aligned to strategy(outlined below)
Long-Term incentive
•CEO entitled to an annual award of LTI share rights equivalent
to 45% of base salary from the end of year 1 of employment
•Vesting is subject to: (a) remaining a Channel employee during
3-year vesting period. (b) performance conditions, comprising
(as to 50%) an absolute TSR comparator based on Channel’s
cost of equity, and (as to 50%) a relative TSR comparator
based on Channel’s TSR exceeding a selected NZX50
comparator group; (c) no workplace deaths occur during the
3-year vesting period, where Channel Infrastructure is found to
be responsible for such deaths

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Director Remuneration
•The current director fee pool, approved by shareholders in 2023
is $927,000
•In 2024, the nine directors were paid a total of $920,716
•Following the completion of the Board refresh establishing a
smaller, more efficient Board, the fee schedule has been
adjusted
•People & Culture Committee meetings will be simplified
totwo meetings and a separate Nominations
Committeeestablished (comprising Board (James Miller),
Audit and Finance Committee (Anna Molloy) and People and
Culture Committee (Andrew Holmes) Chairs
•Fee schedule now includes ad hoc director fees, for Due
Diligence (M&A or Capital Raise) or Takeover Response
Committee (if convened)
Role
Fee Schedule
(post-May ASM)
Base director fee$98,000
Board Chair$196,000
Audit and Finance Committee Chair$25,000
Health, Safety, Environment and Operations
Committee Chair
$25,000
People and Culture Committee Chair
$12,000
Audit and Finance Committee member
$10,000
Health, Safety, Environment and
OperationsCommittee member
$8,000
People and Culture Committeemember
$5,000
Nominations Committee
No fees payable
Ad hoc committee fee
$350/h, $2700 full day

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Current proposed ASM resolutions endorsed by the Board
Resolution 1
That Directors be authorisedto fix the fees and expenses of Ernst & Young as auditors to the Company for the financial year ending 31 December
2025
Resolution 2
That Ms. Angela Bull, who retires in accordance with clause 8.8 of the Constitution, be elected as a Director of the Company
Resolution 3
That Mr. Andrew Holmes, who retires by rotation in accordance with clause 8.9 of the Constitution, be re-elected as a Director of the Company
Resolution 4
That Mr. James Miller, who retires by rotation in accordance with clause 8.9 of the Constitution, be re-elected as a Director ofthe Company of
Resolution 5
That Ms. Anna Molloy, who retires by rotation in accordance with clause 8.9 of the Constitution, be re-elected as a Director of the Company

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Appendix

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STRATEGIC PILLARMEASURE2024 TARGET2024 ACHIEVED 2025 TARGET
New Zealand’s infrastructure
partner of choice
Safely home, every dayLost Time InjuriesZeroZeroZero
Diverse and engaged teamLift in employee engagement score
+4 percentage
points
+5 percentage
points
Maintain
Reliable infrastructurePipeline availability>98%>98%>98%
Growthrough supporting
the energy transition
Net zero Scope 1 & 2
emissions
Reduce Scope 1 & 2 emissions50% lower
1
>50% lower
1
70% lower
1
Supply resilience
Contracted new storage volume +10%>10%-
Contracted new revenues including
through contracted storage and
potential lease revenues
n/an/a+10%
2
More sustainable future
Protect our environmentTier 1 or 2 process safety incidentsZeroZeroZero
Financial disciplineDeliver plan and meet EBITDA guidance$91-$95m$95m$89-94m
Meaningful relationships
Customer assessment of Channel
performance based on customer survey
against key performance criteria
+10%+9.3%+5%
2024 measures of delivery and 2025 targets
1.Lower than the 2023 baseline of 4,036 tCO
2
e
2.On FY24

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Corporate Governance Framework
The Board
Is responsible for overseeing the performance and operations of the Company
Board Committees
Assist the Board to discharge its responsibilities in relation to:
People and
Culture
Audit and
Finance
Committee
Health, Safety,
Environment and
Operations
Oversees remuneration
framework, people and
culture strategies including
diversity and inclusionand
community engagement
Oversees risk management
framework, internal audit,
financial reporting and the
integrity of our sustainability
reporting
Oversees the environmental
aspects of sustainability as
well as health, safety and
operational quality
Channel Infrastructure’s Management System
Company policies, operating procedures, including the Risk Management Framework
Management under the leadership of the CEO
Are responsible for delivering the strategic direction and goals approved by the Board
The CEO is responsible for
instilling a culture that aligns
with Channel’svalues
Climate Working
Group
Comprised of senior leaders
and subject matter experts,
responsible for providing a
Corporate representation of
climate-related risks, impacts,
and opportunities to the Board,
by consolidating inputs from
each sub-committee.

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ESG Framework
World-class energy infrastructure company
Climate Change
Land, waste & water
MMATERIAL ISSUESATERIAL ISSUES
Health, safety & wellbeingInfrastructure resilience and security of supply
Iwi & community partnerships
Equity, diversity & inclusion
Asset & lifecycle management
Transparency & Financial discipline
Environment
Protect the environment in which we operate
Reduce our carbon footprint and build resilience to climate
change risks
Responsibly contribute to achieving NZ’s decarbonisation goals
One Team
Innovation
Honesty
Care
Governance & FinancePeople & Community
Everyone “safely home, everyday”
Be a good neighbour and corporate citizen, including contributing to
regional development
Partner with local iwi, mana whenua and community in impactful
ways
Attract, support, and maintain a diverse workforce and a healthy
working culture
Open and transparent reporting
Disciplined capital management
Support our customers to provide a resilient fuel and energy supply
chain for New Zealand
Operate our critical infrastructure safely and reliably
World-class energy infrastructure company
OUR VISION, PURPOSE AND VALUES
Delivering resilient infrastructure solutions to meet changing fuel and energy needs
A more sustainable future
We are committed to caring for our people, the environment and the community in which we operate, focusing on sustainable
practices to improve environmental, social and governance performance, delivering for all stakeholders.
ESG PILLAR, OBJECTIVES, AND SDG ALIGNMENT
One TeamInnovationHonesty

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Sustainability targets
Progress to dateTarget
Gender
Representation
Net Zero
Legacy
hydrocarbon
plume
At least 40/40/20 gender representation
Net Zero Scope 1 and 2 emissions by 2030
10% reduction in legacy hydrocarbon
plume over 5 years from 2024
Channel’s Marsden Point facility is a High Hazard
Facility, with appointments based on merit
Females represented 47% of all new recruitment in
2024
Refocused talent search process ensuring diverse
talent seen on both sides of the interview table
Scope 1 and 2 emissions have reduced to 963 tCO
2
e
Decommissioning of crude oil storage tanks and
sludge handling unit, projects currently underway
Renewable electricity purchased from 1 Jan-24 via
Energy Attribute Certificates (EAC’s)
151 groundwater wells monitored onsite, including two
hydrocarbon recovery wells
Funding provided for the ongoing operation of the
containment system and groundwater recovery
program
Focus Area

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Risk Framework
RISK MANAGEMENT GOVERNANCE, REVIEW AND ESCALATION THREE LINES OF DEFERENCE MODEL
LEADERSHIP TEAM