Keppel Infrastructure Trust : Citi's 2024 Macro & Pan-Asia Investor Conference

Citi's Macro & Pan-Asia Investor Conference

29 - 30 May 2024

Important Notice

NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, EUROPEAN ECONOMIC AREA, CANADA, JAPAN, MALAYSIA, THAILAND OR AUSTRALIA

The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units ("Units") in Keppel Infrastructure Trust ("KIT") or rights to purchase Units in Singapore, the United States (including its territories and possessions, and state of the United States of America and the District of Columbia) ("United States"), European Economic Area, Canada, Japan, Malaysia, Thailand, Australia or any other jurisdiction. This presentation is strictly confidential to the recipient, may not be relied upon by any other party or for any other purpose, reproduced, retransmitted or further distributed to the press or any other person, may not be reproduced, redistributed, passed on or otherwise disseminated or quoted, directly or indirectly, in any form and may not be published, in whole or in part, for any purpose to any other person in your organisation or elsewhere without the prior written consent of the Trustee-Manager (as defined hereinafter). This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any offer, contract, commitment or investment decision whatsoever and it does not constitute a recommendation regarding the Units.

The past performance of KIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking" statements due to a number of risks, uncertainties and assumptions. These "forward-looking statements" may be identified by their use of words like "plans", "expects", "will", "anticipates", "believes", "intends", "depends", "projects", "estimates" or other words of similar meaning and that involve assumptions, risks and uncertainties. All statements that address expectations or projections about the future and all statements other than statements of historical facts included in this presentation, including, but not limited to, statements about the strategy for growth and expansion plans are forward-looking statements. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of KIT. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements due to a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar businesses and governmental and public policy changes, and the continued availability of financing in the amounts and terms necessary to support future business. Such forward-looking statements speak only as of the date on which they are made and KIT does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on any forward-looking statements. No assurance can be given that such future events will occur, that such projections will be achieved, or that such assumptions are correct.

Prospective investors and unitholders of KIT ("Unitholders") are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of Keppel Infrastructure Fund Management Pte. Ltd. (as trustee- manager of KIT) ("Trustee-Manager") on future events. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation or otherwise made available nor as to the reasonableness of any assumption contained in this presentation; and none of KIT, the Trustee-Manager, their advisers or representatives or any of their respective directors, officers, partners, agents, employees, representatives or advisers of any of the foregoing assumes any responsibility or liability therefore (including in respect of direct, indirect or consequential loss or damage) howsoever arising whether directly or indirectly from any use, reliance or distribution of these materials or its contents or otherwise arising in connection with this presentation. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.

The information in this presentation is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction of the Units, any recipient should conduct its own independent analysis of KIT and its business, including through the consultation of independent legal, business, tax and financial advisers by such recipient. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning KIT. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, KIT, the Trustee-Manager or any of its affiliates and/or subsidiaries. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request the Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units.

The information contained in this presentation is not for release, publication or distribution outside of Singapore (including to persons in the United States) and should not be distributed, forwarded to or transmitted, directly or indirectly, in or into United States, European Economic Area, Canada, Japan, Malaysia, Thailand, Australia or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations.

This presentation is not for distribution, directly or indirectly, in or into the United States. No Units are being, or will be, registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any state of the United States or the securities laws of Malaysia or Thailand, or other jurisdiction and no such securities may be offered or sold in the United States, Malaysia or Thailand except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or local securities laws or the securities laws of Malaysia or Thailand. No public offering of securities is being or will be made in the United States or any other jurisdiction.

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Outline

▪	Overview	4
▪ Proposed Acquisition of Ventura	11
▪ KMC CTA Extension and Capital Restructuring	22
▪ Growth and Value Creation	25
▪	1Q 2024 Operational Updates	30

Constituent of:

Awards and Accreditations1:

MSCI Singapore	FTSE ST Large
Small Cap Index	& Mid-Cap Index

1. Keppel Infrastructure Fund Management Pte Ltd is a signatory to the United Nations-supported Principles for Responsible Investment, under the membership of Keppel Capital.

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Overview

European Onshore Wind

Platform

Largest SGX-listed Infrastructure Business Trust1

Providing exposure to the resilient and growing global infrastructure sector

S$8.1b AUM

Portfolio of scale providing global access to attractive real assets

Essential businesses	>10 mature economies
and assets	Focused on investment grade jurisdictions
underpinned by strong secular tailwinds	with well-developed regulatory frameworks
and strong sovereign credit ratings

NORWAY and SWEDEN	KINGDOM OF SAUDI ARABIA
ENERGY TRANSITION	ENERGY TRANSITION
▪ European Onshore Wind	▪ Aramco Gas Pipelines Company
Platform
GERMANY	THE PHILIPPINES
ENERGY TRANSITION	DISTRIBUTION & STORAGE
▪ Borkum Riffgrund 2 (BKR2)	▪	Philippine Coastal Storage &
▪ German Solar Portfolio2		Pipeline Corporation
		(Philippine Coastal)

SOUTH KOREA ENVIRONMENTAL SERVICES

• Eco Management Korea Holdings (EMK)

SINGAPORE ENERGY TRANSITION ▪ City Energy

• Keppel Merlimau Cogen Plant

ENVIRONMENTAL SERVICES

▪ Senoko Waste-to-Energy (WTE) Plant

• Keppel Seghers Tuas WTE Plant
• Keppel Seghers Ulu Pandan NEWater Plant
• SingSpring Desalination Plant

AUSTRALIA & NEW ZEALAND DISTRIBUTION & STORAGE

• Ixom
• Proposed acquisition of Ventura

1.	By enterprise value.
2.	Completed first closing of the German Solar Portfolio acquisition on 2 Jan 2024 and second closing on 15 Mar 2024 with the remaining phases to be completed	5
	by end-Jun 2024.

Building the Infrastructural Foundation for a Sustainable Future

Supports energy transition, safeguards the environment and drives economic growth

FY 2023: Record Year

Driven by strong portfolio performance from growth and value creation

Record EBITDA

$463.7m1

Up 15.3%y-o-y

Record DI2

$316.8m

Up 42% y-o-y

Delivering DPU-accretion4

>16%

For 1Q 2024 transactions

(FY 2023 pro forma)

Record DPU (cents)

6.193

3.72 3.72 3.78 3.82

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

Focus on growth and value creation:

• KMC CTA extension and capital restructuring: +11%4
• Proposed acquisition of Ventura: +3.4%4
• Acquisition of German Solar Portfolio: +1.7%4,5

1. Excludes one-off acquisition related cost incurred ($3.7m), unrealised exchange gains ($3.3m), fair value gain on the investment in Aramco Gas Pipelines Company (AGPC) ($9.3m), write-off of EMK's fixed assets ($1.7m) and reversal of impairment loss on the Lista onshore wind farm in Norway ($1.5m). Group adjusted EBITDA would be $472.4m without the adjustments.

2. Computed as Funds from Operations less mandatory debt repayment and other charges, credits or adjustments as deemed appropriate by the Trustee-Manager.

3. Includes special distribution of 2.33 cents supported by successful value creation strategy.

4. Assume that all Distributable Income generated will be distributed to KIT and minority shareholders. The pro forma DPU-accretion set out herein should not be interpreted as being representative of the future DPU.

5. DPU-accretion of 2% as disclosed in the announcement made on 21 Dec 2023 is based on FY 2022 pro forma.

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Driving Portfolio Growth through Acquisitions and Value Creation

Well-positioned for growth

milestones	Expand into transportation infrastructure
Acquisition of Ventura
	Made 1st solar investment
2024-	German Solar Portfolio
Concession and CTA extensions
2023	Senoko WTE Plant and KMC			Oct 2022
			Sep 2022
Crystalised value creation
	Ixom and City Energy
			Jun 2022
		Feb 2022			Acquired 52%
		Jan 2021			interest in EMK,
		Acquired 50%			an integrated
				waste platform
Feb 2019	interest in		Acquired 13.4%
	in South Korea
Philippine Coastal	Acquired	interest in a
Acquired 100%
	remaining 30%	European Onshore
stake in Ixom
	stake in the	Wind Platform,
		Acquired 49%	SingSpring	with three wind
		stake in Aramco	Desalination	farms across
		Gas Pipelines	Plant	Norway and
		Company as part		Sweden
		of a consortium

Dec 2022

Acquired 20.5% interest in BKR2, an offshore wind farm in Germany

Feb 2024

Jan 2024

Dec 2023

			Announced
			acquisition of
Acquired 13.4%	Acquired 45%	Ventura, a
leading
interest in	interest in a
Fäbodliden II,	German solar	transportation
business in
an onshore	portfolio	1

wind farm in	Australia
Sweden

Pro forma

AUM: $8.7b

Up 7% from $8.1b2

as at 2 Jan 2024

1. Completed first closing of the German Solar Portfolio acquisition on 2 Jan 2024 and second closing on 15 Mar 2024 with the remaining phases to be completed by end-Jun 2024.
2. Assets under Management (AUM). Based on independent valuation conducted by Ernst & Young. Represents KIT's equity stake in the enterprise value of its investments plus cash held at the Trust. Excluding first phase of German Solar Portfolio acquisition, AUM would be $7.4b as at 31 Dec 2023.

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Voluntary Independent Portfolio Valuation

Portfolio AUM of $8.1b with new acquisitions and value creation initiatives

• Improve transparency and better reflect asset values which are largely recognised at cost in statutory reports
• Higher valuation of existing portfolio: $7.4b vs $7.3b for FY 2022 driven by growth in existing businesses

A resilient and growing portfolio..

	Assets under Management (AUM)
By Business and Assets	By Geography
	Australia and
Others, 2%	New Zealand		Singapore, 21%
23%
	Energy
	Transition, 63%	S$8.1b1	Philippines, 5%
	S$8.1b1
			Korea, 5%
	Europe, 19%		Kingdom of Saudi
Distribution
		Arabia, 27%
and Storage,
28%	Environmental
	Services, 7%

• that is well insulated from inflation

Inflation-protection

>90%

~65% of portfolio with costs pass through mechanisms / CPI-linked;~30% in businesses with leading position and price-setting capabilities

1. Assets under Management (AUM). Based on independent valuation conducted by Ernst & Young (except the German Solar Portfolio). Represents KIT's equity stake in the enterprise value of its investments plus cash held at the Trust. Excluding first phase of German Solar Portfolio acquisition, AUM would be $7.4b as at

31 December 2023.

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Deepen Renewables Exposure with First Solar Portfolio Investment

Attractive de-risked portfolio backed by 20-year lease contracts with German households

• Acquisition of a 45% stake in a German solar portfolio comprising > 60,000 bundled solar photovoltaic (PV) systems, including > 55,000 battery storage systems and > 30,000 EV charging equipment, backed by 20-year contracts
• Developed and maintained by Enpal, the largest provider of solar solutions to residential homes in Germany
• Jointly acquiring with Equitix, a global infrastructure investor and fund manager, and their co-investors

			✓ Accretive investment
	Renewables Exposure	Carbon emissions avoidance	✓ Highly predictable cash flows
	1.3GW	115k tonnes1	✓ Residential solar installation fueled
	Up from 740MW	per annum
				by price benefits
Seller	Enpal GmbH
Purchase Consideration	€109m (S$159m)2		✓	Portfolio significantly de-risked
Enterprise Value	€733m (S$1.1b)2		✓ Further KIT's environmental
Proposed Funding	Internal sources of funds and/or external borrowings

Expected Completion3	First 53,500 systems: Completed in Jan 2024	targets
Remaining 6,500 systems: By end-Jun 2024

1. Based on conversion factor of 349 gCO2/KWh per IEA emissions factors.
2. Based on EUR/SGD of 1.465. Purchase consideration exclude acquisition and transaction costs.
3. Completed first closing on 2 Jan 2024 and second closing on 15 Mar 2024 with the remaining phases to be completed by end-Jun 2024.

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