Infratil Limited's 31 December 2024 independent valuation update is attached.

As noted in the attached, a number of Infratil's investments have independent valuations completed as at 31 December, with those results summarised below. The balance of Infratil's independent valuations have been previously disclosed.

Longroad, Galileo and Qscan below reflect the midpoint of the 31 December independent valuations. CDC’s key valuation methodologies and assumptions were presented as part the NZX valuation announcement on 6 January 2025.

Key valuation methodologies and assumptions underpinning the remaining independent valuations are summarised on the following page and remain consistent with the 30 September 2024 valuations[1].

The 31 December 2024 independent valuation of Infratil’s investment in Longroad shows a US$133 million decline in valuation over the three months since the 30 September 2024 valuation. This implies that Infratil’s 37.01% share is now valued at US$1,133 million, down from US$1,265 million at the end of September 2024. The decline in the valuation is largely attributable to an increase in discount rates (base rates) outweighing positive updates to operating forecasts and development / construction progress.

The 31 December 2024 independent valuation of Infratil's investment in Galileo shows a €12 million increase in valuation over the three months since the 30 September 2024 valuation. This implies that Infratil’s 38% share is now valued at between €125.6 million and €176.5 million (with a midpoint of €151.1 million), up from €113.8 million to €164.9 million (with a midpoint of €139.4 million) at the end of September 2024. The increase in valuation is largely attributable to shareholder capital injected into the business and a increase in the development stage of some projects in Galileo’s pipeline.

The 31 December 2024 independent valuation of Infratil’s investment in Qscan shows a A$47 million increase in valuation over the six months since the 30 June 2024 valuation. This implies that Infratil’s 57.62% investment in Qscan is now valued at between A$416.2 million to A$454.9 million (with a midpoint of A$434.6 million), up from A$358.2 million to A$423.3 million (with a midpoint of A$388.0 million) at the end of June 2024. The increase in valuation is due to changes in discount rate assumptions.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited

info@infratil.com

[1] Valuation methodologies and assumptions for 30 September 2024 included here: Infratil FY25 Interim Results Presentation (https://api.nzx.com/public/announcement/441869/attachment/431887/441869-431887.pdf)