Slides
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P R I V A T E A N D C O N F I D E N T I A L I N F R AT I L I N V E S T O R D AY 2 0 2 5 Morrison Update P A U L N E W F I E L D , M O R R I S O N C E O A N D P A R T N E R W I L L I A M S M A L E S, M O R R I S O N C H I E F I N V E S T M E N T O F F I C E R A N D P A R T N E R 1 8 S E P T E M B E R 2 0 2 5
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Manager update PA U L N E W F I E L D , M O R R I S O N C E O A N D PA R T N E R
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A global infrastructure investor, born in New Zealand 3 37 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE 1. Manager strategy past performance represented by Infratil Limited’s total shareholder return, with dividends presented gross of imputation credits, net of tax and net of the supplementary dividend, from inception on 28 March 1994 to 12 September 2025. Other relevant Infratil Limited returns: 1 year: 3.6%, 5 years: 23.4% p.a., 10 years: 19.3% p.a., SI: 18.4% p.a. Infratil is listed on the ASX and NZX. 2. Morrison AUM as at 30 June 2025. Excludes undrawn commitments. Please refer to the slide entitled “Important Information”, in particular that past performance is not a guide to future performance. 18%+ annualised return over 31 years1 AUM NZD 48+ billion2 ATTRACTIVE TRACK RECORD Established in 1988 in New Zealand 7 offices globally, 215+ professionals EXPERIENCED GLOBAL MANAGER Morrison’s largest client, ensuring strong focus Direct NZ$430m+ Morrison shareholding in IFT, plus significant board and executive holdings STRONG ALIGNMENT
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How Morrison organises to drive value for Infratil 4 OUR MODEL BALANCES PROVIDING INFRATIL SPECIFIC CAPABILITIES WITH ACCESS TO GLOBAL RESOURCE AND EXPERTISE I N F R AT I L Infratil Board provides independent governance and decision-making, overseeing strategy, investments, and risk management. Morrison Investment Committee oversees investment activity. Infratil dedicated resource brings portfolio specific expertise and capabilities: finance, investor relations, treasury, company secretarial. Morrison pooled resource leverage global expertise and networks: investors, operating partners, strategy, legal, tax. Infratil CEO, and Morrison Partner responsible for portfolio management. M O R R I S O N Morrison CEO leads the organisation, putting strategy, structures and resources in place to drive value for its clients. Morrison CIO leads single global investment team, driving value through new and existing investments.
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Morrison is structured to deliver for Infratil 5 LEADING INFRASTRUCTURE INVESTING CAPABILITIES I N F R AT I L R E Q U I R E S T H E AB I L I T Y TO … M O R R I S O N D E L I V E R S T H I S T H R O U G H … Operate at global scale to identify great investments 215+ professionals across 7 global offices in key markets with access to proprietary deal flow Access deep sector experience Global network of Morrison sector specialists and Operating Partners brings industry experience and relationships Develop value-accretive options in companies Dedicated asset management teams working close with Portfolio Company Boards and Management teams Allocate capital with discipline and conviction Recommendations from a rigorous investment processes governed by global Investment Committee Appoint executives and directors that drive value Executive talent and director networks working collaboratively with Morrison team Co-investment structures and ability to partner within the Morrison network and externallyDeploy resources flexibly and partner for scale
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Building our global capability to support Infratil's growth 6 ONE OF THE WORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS Data as at 31 March 2025. Grey dots represent Morrison office locations. 215+ professionals 38 Morrison managed companies 13 IFT portfolio companies North America 24 professionals Europe 34 professionals Asia 10 professionals Australia & NZ 148 professionals • Digital Infrastructure • Energy Transition • Digital Infrastructure • Energy Transition • Water • Digital Infrastructure • Energy Transition • Global Mobility • Ageing Population • Circular Economy • Water • Digital Infrastructure • Energy Transition
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Investing in sector and operational expertise • Former Group Executive - Transformation, Communication and People at Telstra. • Sector experience in telco & supply chain / logistics. • Oversees Morrison’s talent development and guides transformation activities across the portfolio. 7 EXAMPLES OF RECENT ADDITIONS TO THE EXTENDED MORRISON TEAM A L E X B A D E N O C H T A L E N T & T R A N S F O R M A T I O N • Deeply experienced North American operator with 27 years at Crown Castle, the leading U.S. provider of shared communications infrastructure. • Focused on driving growth across Morrison’s digital infrastructure portfolio, while actively identifying and evaluating new origination opportunities. P H I L K E L L E Y D I G I T A L I N F R A S T R U C T U R E • Brings over 40 years of healthcare and pharmacy logistics experience with deep expertise in fulfilment platform innovation, integrating robotics and device-agnostic software to optimise inventory and logistics. • Focused on identifying and advancing opportunities in next generation supply chains & logistics. . M A R V I N R I C H A R D S O N T E C H- E N A B L E D S U P P L Y C H A I N S • Former New Zealand Climate Change Minister and architect of the country’s net-zero framework. • Brings geopolitical insight and global networks to support Morrison’s decarbonisation strategy. J A M E S S H A W D E C A R B O N I S A T I O N • Former President of AT&T Business International, with nearly four decades of global telecom leadership. • Brings deep expertise in digital infrastructure, global connectivity, and enterprise transformation across Europe, the Middle East, and Africa. • Supports Morrison’s digital sector strategy in Europe. J O H N S L A M E C K A D I G I T A L I N F R A S T R U C T U R E
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Investment update W I L L I A M S M A L E S , M O R R I S O N C H I E F I N V E S T M E N T O F F I C E R A N D PA R T N E R
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To invest wisely in ideas that matter. H U G H R I C H M O N D L L O Y D M O R R I S O N F O U N D E R O U R P U R P O S E :
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To invest wisely in ideas that matter 10 WE ADOPT A TARGETED ORIGINATION APPROACH GLOBAL THEMATICS INFRASTRUCTURE FIT Circular economy & resource constraints Ageing population Global mobility Digitisation & connectivity Energy transition Long term defensible profitability Resilient to macroeconomic cycles Enduring social license to operate Provides essential services for communities MORRISON FOCUS Ideas that matter Drives long-term economic prosperity
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Infratil performance 11 WE ARE COMMITTED TO DELIVERING THE EXTRAORDINARY INFRASTRUCTURE FUND PERFORMANCE DISTRIBUTION, BY NET IRR RANGE, VINTAGE YEAR 2000 -2025, FUND # Source: Preqin as at September 2025 Note: IFT return is total shareholder return, with dividends presented gross of imputation credits, net of tax and net of the supplementary dividend, from inception on 28 March 1994 to 12 September 2025. Past performance is not a guide to future performance N = 275. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m IFT return • Since Inception: 18.4% • 10Y: 19.3% • 88th percentile since inception, 89th over last 10Y 8 4 4 17 19 32 64 40 24 23 14 5 4 5 3 9 Below -5 -5-2.5 -2.5-0 0-2.5 2.5-5 5-7.5 7.5-10 10-12.5 12.5-15 15-17.5 17.5-20 20-22.5 22.5-25 25-27.5 27.5-30 30+
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New ideas are tested against high value internal options 12 T H E V A L U E O F P L A T F O R M S : C A P I T A L D E P L O Y E D B Y I F T N Z $ M Information advantage Timing of deployment ROIC > WACC T H E ‘ P L A T F O R M A D V A N T A G E ’ Benchmarking broadly Management dialogue D I S C I P L I N E Note: “Re-investment” numbers exclude IFT capital injections into CDC, Kao and Longroad platforms to avoid double count in “proportionate CAPEX” The right access point The right team P A T I E N C E RHC Kao CAPEX (IFT proportionate share) IFT re-investment (existing asset) IFT new investment 227 296 342 292 928178 152 261 269 332 247 534 326 240 346 826 806 1,030 310 409 218 212 1,800 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 2,373 1,235 1,491 1,395 3,649 2,490 OneNZ Longroad Tilt CDC Qscan Longroad Tilt Kao RHC Longroad OneNZ CDC 40South Longroad OneNZ CDC OneNZ Longroad OneNZ CDC Longroad OneNZ CDC
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The end-to-end investment lifecycle 13 M O R R I S O N ’ S D I S C I P L I N E D A P P R O A C H D R I V E S VA L U E AT E V E RY S TA G E Research & Origination Investment Asset Management Portfolio Management • Identify and source opportunities through proprietary origination, sector relationships, market intelligence, and referrals. • Screen for attractiveness, strategic fit and alignment with Morrison’s investment themes • Multi-stage process from preliminary through full due diligence overseen by Investment Committee. • Focussed on level of conviction on investment value creation potential and deep understanding of risks and mitigants • Development & initiation of value creation plan. • Active portfolio management to drive value creation opportunities, operational improvements and strategic growth. • Continuous collaboration with management teams. • Ongoing monitoring of performance, risk, and compliance. • Development of value maximising options and pathway to realisation. • Open ended capital drives value through flexibility and patience. • Execution to maximise value and return capital to investors.
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RESEARCH BY THEMATIC R E S E A R C H C O N D U C T E D I N T H E PA S T 1 8 M O N T H S Good balance across key thematics I N V E S T I N G W I S E LY I N I D E A S T H AT M AT T E R Identifying ideas that matter M O R R I S O N ’ S P R O C E S S B E G I N S W I TH “ I D E A S T H AT M AT T E R ” … A N D S T R O N G IN - H O U S E R E S E A R C H Energy transition Digitisation & connectivity Global mobility Aging population Circular economy & resource constraints 14 61 research papers completed last 18 months RESEARCH BY GEOGRAPHY Strong global focus and many cross- geography collaborations 26% 11% 30% 13% 15% 5% Digital Mobility Energy transition Circular economy Aging population Macro & other 28% 18%30% 8% 16% ANZ UK/EU US Asia Global
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An extensive global pipeline 15 R O B U S T G L O B A L P I P E L I N E TO U N L O C K N E W O P P O RT U N I T I E S F O R I N F R AT I L M O R R I S O N G L O B A L P I P E L I N E O V E R V I E W B Y C O U N T O F D E A L S , S E G M E N T E D B Y S E C T O R A N D R E G I O N Note: Morrison Global Pipeline shows opportunities added over the past twelve months 31% 3% 7% North America 4% 24% 13% 21% 39% 22% 35% 9% 21% 4% Europe 10% 2% ANZ 46% 27% 8% 28% 15% 16% 15% Asia Energy & renewables Digital Transport & logistics Social infrastructure & healthcare Circular economy Utilities ~200 opportunities E X A M P L E N E W E R I N D U S T R I E S W I T H I N T H E P I P E L I N E • Logistics & automation • Distributed generation • Energy storage • Alternative fuels • EV charging • Waste & recycling • Climate/carbon platforms • Smart metering & utilities • Data registries • Next-gen telecom • Defensive software • AI-driven infrastructure
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From global pipeline to investable opportunities 16 M O R R I S O N U N D E RTA K E S A R I G O R O U S M U LT I- S T E P P R O C E S S TO F I LT E R A N E X T E N S I V E G L O B A L P I P E L I N E TO A F E W H I G H- C O N V I C T I O N I N V E S T M E N T S ~200 opportunities Sourcing & Origination: Proprietary origination, sector relationships, market intelligence, and referrals across all regions and sectors. Builds a broad, high-quality pipeline aligned with Morrison’s investment priorities. Prospect Note: A concise summary assessing strategic fit, sector attractiveness, and initial investment thesis prepared for new opportunities. Used to filter out less- attractive or lower-potential deals at the regional level. Heads Up Memo: Deeper preliminary diligence including detailed financials, market analysis and risk assessment prepared for consideration by the CIO and relevant Product and Regional Heads for prioritisation. Select few opportunities approved for investment Investment Committee (IC): Multi stage-gate process from initial investment memo through full Stage 1 and Stage 2 due diligence on the opportunity. Each stage requires IC approval to proceed. Final recommendation: The IC makes a final recommendation to the relevant product / fund (e.g., the Infratil Board) to consider. Ultimate decision-makers are kept informed throughout, ensuring alignment and preparedness for approval.
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17 Bringing the process to life: A time capsule
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An Idea that Matters 18
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A need for infrastructure capital 19
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Access points 20 20
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The big picture 21 A I P O W E R I N G T H E H E A R T O F I N F R AT I L’ S P O R T F O L I O P O W E R I N G T H E H E A R T O F I N F R AT I L’ S P O R T F O L I O Source: MIT & IEA Forecast April 2025 ENERGY COMPUTE & NETWORK A G L O B A L A I T R A N S F O R M AT I O N Global data centre energy consumption, TWh2 0 100 200 300 400 500 600 700 800 900 1,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +14% p.a.
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The big picture 22 A R A N G E O F O P P O R T U N I T Y A S I N D U S T R I E S T R A N S F O R M TRANSPORTATI ON & FLEETS LOGISTICS & AUTOM ATI ON FINANCI AL SYSTEMS & DATA PLATFORMS