Keppel Infrastructure Trust : KIT 1Q FY24 Key Business and Operational Updates

1Q 2024 Operational Updates

3 May 2024

Outline

▪	1Q 2024 Highlights	3
▪	Business Updates	8
▪ Finance and Capital Management	12
▪	Commitment to Sustainability	16
▪	Additional Information	20

Constituent of:

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

Awards and Accreditations1:

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.

2

1Q 2024 Highlights

Ventura

1Q 2024 Highlights

Contributions from new acquisitions and KMC; maintain strong operational performance

Defensive cash flows supported by portfolio of critical assets and businesses

Adjusted EBITDA1

$130.7m

Up 3.8% y-o-y

Delivering DPU-accretion2

>16%

For 1Q 2024 transactions

(FY 2023 proforma)

Resilient portfolio

>90%

Inflation protection

• New contributions from German Solar Portfolio (Ph 1 & 2)
• Resumed contributions from KMC with CTA extension and capital restructuring

Focus on growth and value creation:

• KMC CTA extension and capital restructuring: 11%2
• Proposed acquisition of Ventura: +3.4%2
• Acquisition of German Solar Portfolio: +1.7%2,3
• ~65% of portfolio with costs pass through mechanisms / CPI linked
• ~30% in businesses with leading position and price setting capabilities

1. Exclude adjustments of one-off acquisition related costs ($0.5m), unrealized exchange gains ($0.6m) and performance fees recognised in respect of increase in DPU in FY2023 as compared to FY2022 ($13m) following the declaration of 4Q 2023 DPU in Jan 2024. Group EBITDA would be $118.8m without the adjustments.
2. Assume that all Distributable Income generated will be distributed to KIT and minority shareholders. The proforma DPU set out herein should not be interpreted as being representative of the future DPU.
3. DPU-accretionof 2% as disclosed in the announcement made on 21 Dec 2023 is based on FY 2022 pro forma.

4

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.

5

Proposed Acquisition of Ventura: The Largest Bus Operator in Victoria

An Essential Infrastructure and Public Service that supports Melbourne's population growth

• KIT to acquire approx. 98.6%1 interest in Ventura Motors Pty Ltd (Ventura)
• Accretive acquisition: FY2023 DPU to increase by 3.4% on a pro forma basis
• Provides defensive cash flows: >80% of revenue derived from long-terminflation-protected government contracts

Critical business with		Inflation-linked
highly predictable		revenues; no farebox
cash flows		and patronage risk
	Essential
infrastructure
	and public
Underpinned by	service
	Highly accretive
strong structural
	evergreen business
ESG megatrends and
	with growth upsides
electrification initiatives

Seller	Cornwall families2
Enterprise Value	A$600m (approx. S$540m3)
Purchase	Up to approx. A$354.2m4 (approx. S$318.7m3)
Consideration
Proposed	Combination of internal resources, debt and equity
Funding	(including the Equity Fund Raising)

Targeted	2Q 2024, subject to all conditions precedent (including
government and regulatory approvals) being
Completion
satisfied or waived

1. The remaining 1.4% of the issued and paid-up capital of Topco at Completion will be held by Millview Manor, the trustee for the Andrew Cornwall Family Settlement, which is a trust under which the beneficiaries are family members of Andrew Cornwall.
2. The Ventura Vendors are Dedico Dion Nominees Pty Ltd (as trustee for the Galloway Family Trust) and Faldam Pty Ltd (as trustee for the Cornwall Family Trust) and the RBPL Vendors are Frankincense Pty Ltd (as trustee for the Geoffrey Cornwall Family Settlement), Millview Manor Pty. Ltd. (as trustee for the Andrew Cornwall Family Settlement) ("Millview Manor") and Twochooks Pty. Ltd. (as trustee for the John Cornwall Family Trust). Please refer to paragraph B1.1 of the Circular for further information.
3. Based on an exchange rate of S$0.90:A$1.00.

4. Includes Rollover Aggregate Amount of A$6.0 million and the Earn Out Payments (if any) of up to A$20.0 million (approx. S$18.0 million).	6

Ventura: A Century of Service History

Victoria's largest bus operator, providing essential transport services in Melbourne

100 years	~900 bus fleet	~37%	A$290m3
Operations (since 1924)	including 27 ZEBs1	Market share2	FY2023 revenue
>42m p.a.	12 depots	~100%	A$84m3
Passengers transported	Serving ~530 routes5	Bus reliability4	FY2023 EBITDA

1. Zero Emissions Buses ("ZEBs").
2. Based on Ventura Group's management estimates, market share based on share of public transit contract routes in Victoria.
3. Based on the audited accounts of the Ventura Group for the financial year ended 30 June 2023.
4. From 1 July 2022 to 30 June 2023.

5. Does not include private schools and special school routes.	7

Business Updates

Keppel Merlimau Cogen Plant

Business Updates: Energy Transition

Supports the transition to a low-carbon economy and furthers KIT's decarbonisation roadmap

City Energy: Building new growth engines		Continued performance of investments

• Growth in commercial & industrial segment following festive Chinese New Year period and greater tourist activities
• Exclusive rights to extend EV charging services to ~20,000 carpark lots in private residential and mixed developments

Strategic Growth plans

• Position City Energy as a key importer for green hydrogen; accelerate transition to green hydrogen
• Grow new businesses: Solar, EV charging, and LPG business

Renewables

Portfolio	European	German	German Solar
Offshore Wind	Portfolio
	Onshore Wind
	Platform	Farm (BKR2)

• Increased capacity of BKR2 from 465 MW to 486 MW
• Acquisition of German Solar Portfolio in phases

Transition

Assets	Keppel Merlimau	Aramco Gas
	Cogen Plant	Pipelines Company
	(KMC)	(AGPC)

• KMC CTA extension to allow the plant to resume DI contributions to KIT

9

Business Updates: Environmental Services

Provides the essential services that protect human health and safeguard the environment

EMK: Seeking growth opportunities		Stable contributions from concession assets

• Maintained high availability and full utilisation of incineration capacity
• Landfill business remains stable; selective bidding for new volumes

Strategic Growth plans

• Drive growth through bolt-on acquisitions
• Sharpen liquids business and improve waste mix
• Secure designated waste licenses to improve pricing

Singapore waste
and water assets	Keppel Seghers
Senoko Waste-
to-Energy (WTE)	Tuas WTE Plant
Plant

Keppel Seghers	SingSpring
Ulu Pandan	Desalination Plant
NEWater Plant

• Fulfilled contractual obligations with high availability

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