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[null,"Disclaimer"]
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[null,null,"This financial model (“Model”) has been prepared by Infratil Limited (NZ company number 597366, NZX:IFT; ASX:IFT) (“Infratil”). Each person who accesses this Model is referred to in this disclaimer as “Recipient”. By accessing this Model, each Recipient agrees to be bound at all times by the terms of this disclaimer set out below.\n\nThe Model has been prepared in good faith for information purposes only and provided on a non-reliance basis. It is not intended to be and should not be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, before taking any action in respect of an investment in Infratil. \n\nThe information in this Model does not purport to be complete nor does it contain or contemplate all information which an investor or a prospective investor may require or consider necessary in evaluating a decision regarding an investment in Infratil. \n\nThe Model does not constitute any financial, tax, legal, investment or other advice, or any recommendation, offer or invitation to acquire or dispose of Infratil’s securities, and has been prepared without taking into account the objectives, financial situation, and needs of or implications for any Recipient. Recipients must not place undue reliance on the Model or its contents and must conduct their own investigation and analysis of (i) Infratil, (ii) any Infratil portfolio company that is the subject of this Model, including its respective assets and business (“Portfolio Company”), and (iii) the information contained in the Model. \n\nPast performance information provided in the Model may not be a reliable indication of future performance. Furthermore, information about the financial and forecast performance of Infratil and any Portfolio Company may be presented in the Model in a different way from that which appears in the audited or unaudited financial statements from which it is derived. This may (but need not) result from historical financial information being “adjusted” for the purposes of the Model. \n\nThe Model contains certain forward-looking information relating to Infratil and any Portfolio Company, such as quantitative and qualitative forecasts, projections, estimates, statements and opinions concerning the anticipated future performance and financial condition of Infratil and/or any Portfolio Company. None of these forecasts, projections, estimates, statements and opinions are, or will be, guarantees, representations or warranties, express or implied, as to future matters or circumstances.\n \nForward-looking information is inherently uncertain and subject to contingencies outside of Infratil’s or the Portfolio Company’s control, and which may cause the actual results or performance of Infratil or the Portfolio Company to be materially different from any results or performance expressed or implied by such forward-looking statement. Infratil gives no representation, warranty or assurance that actual outcomes or performance will not materially differ from the forward-looking statements expressed or implied.\n \nInformation included in this Model, including any forward-looking information, speaks only as of the date of this Model. Future events or subsequent developments may affect the information in this Model, and, except as required by law, or the rules of any relevant securities exchange or listing authority, Infratil is under no obligation to update, revise, reaffirm or supplement any views or information set out in this Model. To the maximum extent permitted by law, Infratil, the Portfolio Company and their respective affiliates, and each of their respective directors, officers, partners, employees and agents (each a “Relevant Person”) accept no responsibility to inform or notify a Recipient of any matter which may affect any matter referred to in this Model (including, but not limited to, any error or omission which may become apparent after the date of this Model). Without prejudice to the foregoing, if Infratil provides any further information to supplement this Model, whether by way of update or otherwise, to Recipients after the date of this Model, the terms and conditions applying to this Model will apply to such further information.\n\nThis Model shall not be deemed an indication of the state of affairs of Infratil or any Portfolio Company nor shall it constitute an indication that there has been or will be no change in Infratil or any Portfolio Company since the date of this Model or since any other date at which any information contained herein is expressed to be stated.\n\nNo representation, warranty or undertaking, express or implied, of any nature is made in relation to the accuracy, completeness or correctness of the information contained in this Model. To the maximum extent permitted by law, no Relevant Person will be liable (whether in tort (including negligence) or otherwise) to any person in relation to this Model.\n"]

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[null,"Illustrative Data Centre Valuation Model"]
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[null,null,null,null,null,null,null,"Hours per day",null,24,"<Hrs_day>"]
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[null,"Illustrative Data Centre Valuation Framework"]
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[null,"Enterprise Value ($m)",null,null,null,null,{"$f":"$K$79","v":0},null,null,null,"Period Start ","2024-04-01",{"$f":"L5+1","v":"2025-04-01"},{"$f":"M5+1","v":"2026-04-01"},"2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01",{"$f":"Y5+1","v":"2038-04-01"},{"$f":"Z5+1","v":"2039-04-01"},{"$f":"AA5+1","v":"2040-04-01"},{"$f":"AB5+1","v":"2041-04-01"},{"$f":"AC5+1","v":"2042-04-01"},{"$f":"AD5+1","v":"2043-04-01"},{"$f":"AE5+1","v":"2044-04-01"},{"$f":"AF5+1","v":"2045-04-01"},{"$f":"AG5+1","v":"2046-04-01"},{"$f":"AH5+1","v":"2047-04-01"},{"$f":"AI5+1","v":"2048-04-01"},{"$f":"AJ5+1","v":"2049-04-01"},{"$f":"AK5+1","v":"2050-04-01"},{"$f":"AL5+1","v":"2051-04-01"},{"$f":"AM5+1","v":"2052-04-01"},{"$f":"AN5+1","v":"2053-04-01"},{"$f":"AO5+1","v":"2054-04-01"}]
[null,"Equity Value ($m)",null,null,null,null,{"$f":"$K$81","v":0},null,null,null,"Period End ",{"$f":"EOMONTH('Data Centre Valuation'!L4,Months_Year -1)","v":"2025-03-31"},{"$f":"EOMONTH(M4,Months_Year -1)","v":"2026-03-31"},"2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31","2046-03-31","2047-03-31","2048-03-31","2049-03-31","2050-03-31","2051-03-31","2052-03-31","2053-03-31","2054-03-31","2055-03-31"]
[null,null,null,null,null,null,null,null,null,null,"Financial year ",{"$f":"YEAR(L5)","v":2025},{"$f":"YEAR(M5)","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,2035,{"$f":"YEAR(W5)","v":2036},{"$f":"YEAR(X5)","v":2037},{"$f":"YEAR(Y5)","v":2038},{"$f":"YEAR(Z5)","v":2039},2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055]
[null,null,null,null,null,null,null,null,null,null,"Period",1,{"$f":"L7+1","v":2},{"$f":"M7+1","v":3},4,5,6,7,8,9,10,11,12,13,14,{"$f":"Y7+1","v":15},{"$f":"Z7+1","v":16},{"$f":"AA7+1","v":17},{"$f":"AB7+1","v":18},{"$f":"AC7+1","v":19},{"$f":"AD7+1","v":20},{"$f":"AE7+1","v":21},{"$f":"AF7+1","v":22},{"$f":"AG7+1","v":23},{"$f":"AH7+1","v":24},{"$f":"AI7+1","v":25},{"$f":"AJ7+1","v":26},{"$f":"AK7+1","v":27},{"$f":"AL7+1","v":28},{"$f":"AM7+1","v":29},{"$f":"AN7+1","v":30},{"$f":"AO7+1","v":31}]
[]
[null,"Assumptions"]
[]
[null,null,null,"Terminal Growth Rate (TGR)",null,null,"%"]
[null,null,null,"Weighted Average Cost of Capital (WACC)",null,null,"%"]
[null,null,null,"Exit EBITDA Multiple",null,null,"X"]
[]
[null,"Valuation Model"]
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[null,{"$f":"Header_Number","v":1},"Operational Metrics"]
[]
[null,null,null,"Operating MW (built)",null,null,"MW"]
[null,null,null,null,null,null,null,"Power Usage Efficiency (PUE)"]
[null,null,null,"Operating MW (ICT)",null,null,"MW",null,null,null,{"$f":"IFERROR(K19/$H$21,Zero)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"MW Added per Annum",null,null,null,null,null,null,null,{"$f":"L21-K21","v":0},{"$f":"M21-L21","v":0},{"$f":"N21-M21","v":0},0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z21-Y21","v":0},{"$f":"AA21-Z21","v":0},{"$f":"AB21-AA21","v":0},{"$f":"AC21-AB21","v":0},{"$f":"AD21-AC21","v":0},{"$f":"AE21-AD21","v":0},{"$f":"AF21-AE21","v":0},{"$f":"AG21-AF21","v":0},{"$f":"AH21-AG21","v":0},{"$f":"AI21-AH21","v":0},{"$f":"AJ21-AI21","v":0},{"$f":"AK21-AJ21","v":0},{"$f":"AL21-AK21","v":0},{"$f":"AM21-AL21","v":0},{"$f":"AN21-AM21","v":0},{"$f":"AO21-AN21","v":0},{"$f":"AP21-AO21","v":0}]
[]
[null,null,null,"Utilisation",null,null,"%","Long-term target utilisation","Long-term target utilisation year",null,null,{"$f":"IF(L$7>=$I$25,$H$25,($H$25-$K$24)/$I$25+K24)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Billing MW (ICT)",null,null,"MW",null,null,null,{"$f":"K21*K$24","v":0},{"$f":"L21*L$24","v":0},{"$f":"M21*M$24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"Header_Number","v":2},"Financial Statements"]
[]
[null,null,null,"CPI ",null,null,"%",null,null,null,null,null,{"$f":"L29","v":0},{"$f":"M29","v":0},{"$f":"N29","v":0},{"$f":"O29","v":0},{"$f":"P29","v":0},{"$f":"Q29","v":0},{"$f":"R29","v":0},{"$f":"S29","v":0},{"$f":"T29","v":0},{"$f":"U29","v":0},{"$f":"V29","v":0},{"$f":"W29","v":0},{"$f":"X29","v":0},{"$f":"Y29","v":0},{"$f":"Z29","v":0},{"$f":"AA29","v":0},{"$f":"AB29","v":0},{"$f":"AC29","v":0},{"$f":"AD29","v":0},{"$f":"AE29","v":0},{"$f":"AF29","v":0},{"$f":"AG29","v":0},{"$f":"AH29","v":0},{"$f":"AI29","v":0},{"$f":"AJ29","v":0},{"$f":"AK29","v":0},{"$f":"AL29","v":0},{"$f":"AM29","v":0},{"$f":"AN29","v":0},{"$f":"AO29","v":0},null,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,null,null,"CPI Factor ",null,null,"x",null,null,null,1,{"$f":"K30*(1+L29)","v":1},{"$f":"L30*(1+M29)","v":1},{"$f":"M30*(1+N29)","v":1},{"$f":"N30*(1+O29)","v":1},{"$f":"O30*(1+P29)","v":1},{"$f":"P30*(1+Q29)","v":1},{"$f":"Q30*(1+R29)","v":1},{"$f":"R30*(1+S29)","v":1},{"$f":"S30*(1+T29)","v":1},{"$f":"T30*(1+U29)","v":1},{"$f":"U30*(1+V29)","v":1},{"$f":"V30*(1+W29)","v":1},{"$f":"W30*(1+X29)","v":1},{"$f":"X30*(1+Y29)","v":1},{"$f":"Y30*(1+Z29)","v":1},{"$f":"Z30*(1+AA29)","v":1},{"$f":"AA30*(1+AB29)","v":1},{"$f":"AB30*(1+AC29)","v":1},{"$f":"AC30*(1+AD29)","v":1},{"$f":"AD30*(1+AE29)","v":1},{"$f":"AE30*(1+AF29)","v":1},{"$f":"AF30*(1+AG29)","v":1},{"$f":"AG30*(1+AH29)","v":1},{"$f":"AH30*(1+AI29)","v":1},{"$f":"AI30*(1+AJ29)","v":1},{"$f":"AJ30*(1+AK29)","v":1},{"$f":"AK30*(1+AL29)","v":1},{"$f":"AL30*(1+AM29)","v":1},{"$f":"AM30*(1+AN29)","v":1},{"$f":"AN30*(1+AO29)","v":1},{"$f":"AO30*(1+AP29)","v":1}]
[null,null,null,null,null,null,null,"Revenue per MW p.a."]
[null,null,null,"Revenue per MW",null,null,"$m",null,null,null,null,{"$f":"$H$32*L30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenue",null,null,"$m",null,null,null,null,{"$f":"L32*L25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,"Long-term EBITDA margin","Long-term EBITDA margin year"]
[null,null,null,"EBITDA Margin",null,null,"%",null,null,null,null,{"$f":"IF(L$7>=$I$35,$H$35,($H$35-$K$35)/$I$35+K35)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,"$m",null,null,null,null,{"$f":"L33*L35","v":0},{"$f":"M33*M35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Average EBITDA per Billing MW",null,null,"$m",null,null,null,null,{"$f":"IFERROR(L36/AVERAGE(K25:L25),Zero)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,"Growth capex per MW"]
[null,null,null,"Growth Capex (include Land)",null,null,"$m per MW",null,null,null,null,{"$f":"(L22*0.5+M22*0.5)*L$30*$H$40","v":0},{"$f":"(M22*0.5+N22*0.5)*M$30*$H$40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Maintenance Capex % Revenue",null,null,null,"Maintenance capex % rev",null,null,null,{"$f":"$H$43","v":0},{"$f":"L42","v":0},{"$f":"M42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Maintenance Capex ",null,null,"$m",null,null,null,null,{"$f":"L33*L$42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Property, Plant & Equipment"]
[null,null,null,null,"Opening Balance",null,"$m",null,null,null,null,{"$f":"K50","v":0},{"$f":"L50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Additions",null,"$m","Depreciation life",null,null,null,{"$f":"L40+L43","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Depreciation - Existing",null,"$m",null,null,null,null,{"$f":"-IFERROR(IF(L$7<=$H$48,$K$50/$H$48,0),Zero)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Depreciation - Additions",null,"$m",null,null,null,null,{"$f":"-IFERROR(SUM(OFFSET(L$47,,,,-MIN(L$7,$H$48)))/$H$48,Zero)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing Balance",null,"$m",null,null,null,null,{"$f":"SUM(L46:L49)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"EBITDA",null,null,"$m",null,null,null,null,{"$f":"L36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less Depreciation ",null,null,"$m",null,null,null,null,{"$f":"L48+L49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBIT",null,null,"$m",null,null,null,null,{"$f":"L52+L53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,"Tax rate"]
[null,null,null,"Tax Payable ",null,null,"$m",null,null,null,null,{"$f":"-L54*$H$56","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"Header_Number","v":3},"Valuation"]
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[null,null,null,"Terminal Value "]
[null,null,null,"TV date",null,null,"Date",null,"Choose from dropdown"]
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[null,null,null,"Applied method (1 = Gordon Growth; 2 = EBITDA Multiple)",null,null,"#",null,"Choose from dropdown"]
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[null,null,null,"Gordon Growth Method ",null,null,"$m","Terminal FCFF","TGR","WACC",{"$f":"IFERROR(H66*(1+$I$66)/($J$66-$I$66),Zero)","v":0}]
[null,null,null,null,null,null,"$m",{"$f":"IFERROR(INDEX($L$74:$AP$74,MATCH($H$61,$L$5:$AP$5,0)),Zero)","v":0},{"$f":"H11","v":0},{"$f":"$H$12","v":0}]
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[null,null,null,"EBITDA Multiple Method ",null,null,null,"Terminal EBITDA","Exit multiple ",null,{"$f":"$I69*$H69","v":0}]
[null,null,null,null,null,null,"$m",{"$f":"IFERROR(INDEX($L$71:$AP$71,MATCH($H$61,$L$5:$AP$5,0)),Zero)","v":0},{"$f":"$H$13","v":0}]
[null,null,null,"Free Cash Flow"]
[null,null,null,"EBITDA",null,null,"$m",null,null,null,null,{"$f":"L52","v":0},{"$f":"M52","v":0},0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP52","v":0}]
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