Extraordinary General Meeting

17 April 2023

Largest SGX-listed Diversified Infrastructure Business Trust

Providing exposure to the resilient and growing global infrastructure sector

S$7.3b AUM

Portfolio of scale providing global access to attractive real assets

12 evergreen businesses

>10 mature economies

and concession 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 &

Pipeline Corporation

(Philippine Coastal)

SINGAPORE

ENERGY TRANSITION

AUSTRALIA & NEW ZEALAND

SOUTH KOREA

▪ City Energy

DISTRIBUTION & STORAGE

▪ Keppel Merlimau Cogen Plant

ENVIRONMENTAL SERVICES

▪

Ixom

▪ Eco Management Korea

ENVIRONMENTAL SERVICES

Holdings (EMKH)

▪

Senoko Waste-to-Energy (WTE) Plant

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

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Growing the Energy Transition and Environmental Service sectors

Completed three transformative acquisitions in 2H 2022 that support long-term DIPU growth

European Onshore Wind Platform1

▪ 3 operating wind farms in Norway and

Description

Sweden with total power generation

capacity of 258MW, and 1.2GW2 of

pipeline opportunity in Sweden and UK

BKR2 - German Offshore Wind Farm1

EMKH - Integrated Waste Platform1

▪ 465MW operating wind farm in the

▪ Leading integrated waste management

North Sea off the coast of Germany, an

player in South Korea

area with strong wind resources

  • Fred Olsen Renewables AS (FORAS): one of the largest renewables

independent power producers in

Operating partner Northern Europe with 788MW of operating wind farms and ~3.5GW pipeline as at 30 Sep 2022

▪ Ørsted AS: the largest developer and

▪ In-house O&M: best-in-class

operator of offshore wind farms in the

maintenance capabilities with value-add

world with 8.9GW installed capacity and

potential

~2.2GW under construction as at 31

Dec 2022

Key highlights

KIT equity contribution and

effective stake

  • Built-ingrowth potential with de- risked asset dropdowns from FORAS
  • €131.2m (~S$191.6m)4
  • 13.4%4
  • Predictable cashflows with FiT regime; ✓ Evergreen business3 with high barriers

receives higher of FiT or capture price

to entry

▪

€250.1m (~S$365.1m)4

▪

₩296.7b (~S$315.6m)

▪

20.5%4

▪

52.0%

  1. Jointly defined as the "Acquisitions".
  2. As of 31 Dec 2022. FORAS is committed to inject and investors are committed to invest in 49% of eligible FORAS pipeline projects, up to the FundCo capital commitment of €480m or within 5 years from the entry into the Subscription Agreement.
  3. Landfill business commenced in Jan 2022 with a useful life of approx. 10 years.

4. KIT invests as part of JVCo with KRI, where KIT contributes 82% share of the JVCo's required equity commitment. Total effective stake acquired by the JVCo

3

is 16.3% in the European Onshore Wind Platform, and 25.0% in BKR2.

Rationale for the Acquisitions

1 Transformative acquisitions that align with KIT's growth strategy

▪

Strong sectoral megatrends underpin portfolio

▪

Well-balanced mix of infrastructure businesses and assets

in developed markets with best-in-class partners

Account for 16% of KIT's FY2022 AUM of S$7.3bn1

2 Growing KIT's exposure to green infrastructure segments

▪

Benefit from secular tailwinds of a circular economy

▪

Well-positioned in a global decarbonisation roadmap

723 MW

Operational

Capacity

~1.2GW2

Exclusive

Pipeline

3 Strengthens cash flow resilience

▪

Improved cash flow visibility post Acquisitions

▪

Leverage proprietary expertise across the Keppel Group

to achieve further growth

Expanded presence into 5 developed jurisdictions with AA-AAAcredit ratings

4 Accretive acquisitions

▪ Created new long-term income streams for Unitholders

during 2H 2022, supporting sustainable FFO and DIPU

growth

35.6%

Growth

in FFO3

3.5%

DIPU

Accretion3

5 Reinforces KIT's commitment to ESG targets

▪

Drive long-term value creation through sustainable

investments

▪

Support the global climate agenda

Exposure to renewable energy to 10% of AUM

  1. Based on FY2022 AUM, following the AUM Portfolio Valuation.
  2. As of 31 Dec 2022. As part of the Wind Fund Acquisition, Wind Fund has a five-year exclusive right and obligation to further co-invest with a 49% stake in a pipeline of onshore wind projects across

Sweden and United Kingdom with FORAS.

3. Pro forma FY2022, as if the Acquisitions and the Equity Fund Raising had been completed on 1 January 2022, and KIT held the interests acquired pursuant to4 the Acquisitions through to 31 December 2022.

Financial Impact

Acquisitions deliver new long-term income streams, supporting sustainable DIPU growth

Pro-forma FFO1

(S$m)

314.5

82.6

232.3

231.9

(0.4)

FY2022 Adjustment Adjusted Acquisitions Adjusted

Basefor the

Acquisitions

Pro-forma DIPU1

(S$ cents per unit)

4.60

4.46

4.45

0.15

(0.01)

FY2022 Adjustment Adjusted Acquisitions Adjusted

Basefor the

Acquisitions

Pro-forma net gearing1

(%)

39.8

35.2

(9.3)

30.5

4.7

FY2022

Adjustment

Adjusted

Acquisitions

Adjusted

Base

for the

Acquisitions

1. Excludes contribution from Basslink Group. Pro-forma FFO, DIPU and net gearing for FY2022 prepared as if the Acquisitions and the Equity Fund Raising had been completed on 1 January 2022, and KIT held the interests acquired pursuant to the Acquisitions through to 31 December 2022. Assumes the Acquisitions are funded in the following sequence: (i) 40% debt funding; (ii) existing free cash; then (iii) remaining balance by the Equity Fund Raising. FFO is calculated before mandatory debt repayment.

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Disclaimer

Keppel Infrastructure Trust published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 14:17:03 UTC.