{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Disclaimer","Cover","Management Fee","Incentive Fee","Fees History"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":116,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Disclaimer","index":0,"n_rows":5,"n_cols":3,"rows_kept":5,"cut":false,"hidden":false,"merged":[[4,2,44,15]]}
[]
[null,"Disclaimer"]
[]
[]
[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\nThis Model is necessarily high-level and does not encompass full details of the Management Agreement.  Recipients are strongly advised to refer to the relevant provisions of the Management Agreement for full details of the how the management and incentive fees are now calculated and paid. No person should rely on the contents of this Model as a complete and accurate summary, and any reliance on this model is at the Recipient’s own discretion and risk.  \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"]

{"sheet":"Cover","index":1,"n_rows":65,"n_cols":16,"rows_kept":65,"cut":false,"hidden":false,"merged":[[6,1,33,15]]}
[]
[null,"Infratil Illustrative Fees Model"]
[null,"Cover"]
[]
[null,"Introduction to the Model"]
[]
[null,"Scope of this Model\nThis model is a high-level tool and does not capture the full detail of the Management Agreement. Users should refer directly to the Management Agreement for the definitive terms governing how management and incentive fees are calculated and paid.\n\nThis model calculates the Present value of the Management Agreement as at 31 March 2025.\n\nPurpose\nThe purpose of this model is to provide a simplified demonstration of how management fees are calculated under the Management Agreement between Infratil and Morrison Infrastructure Management Limited (“Morrison”).\n\nBackground\nInfratil has delegated its day-to-day management responsibilities to Morrison under a Management Agreement. Morrison is compensated through:\n1. Annual Management Fees - approximately 0.85% of Infratil’s market capitalisation plus net debt.\n2. Incentive Fees - payable only on international investments (those with more than 50% of assets outside New Zealand). These fees are earned when investment performance exceeds a 12% annual return hurdle. The fee is set at 20% of the outperformance.\n\nIncentive fees can be earned in three forms:\n1.  Initial Incentive Fees\n2.  Annual Incentive Fees\n3.  Realised Incentive Fees\n\nTo determine whether incentive fees are payable, independent valuations are undertaken on qualifying international investments. Any Annual Incentive Fee for a financial year is earned and paid in three instalments, with the second and third instalments reduced if the fair value of the relevant asset (including distributions) is lower than cost or fair value at the measurement date.\n\nNegative performance in one fee category offsets positive performance in another before fees are paid. Any residual negative balance is carried forward and applied against future years’ performance.\n\nSimplifications in this Model\nFor ease of use, the model assumes:\n1.  a blended management fee rate of 0.85%,\n2.  all incentive fees follow the methodology used for Annual Incentive Fees; and\n3. a annual calculation of incentive and management fees."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Summary",null,null,null,null,"Technical inputs",null,null,null,null,null,null,"Legend"]
[]
[null,"Present value of Management fee:",null,null,{"$f":"TEXT(ROUND('Management Fee'!$H$37,1),\"$#,###.00;;-\")","v":"$621.00"},null,null,"Days in year",null,365.25,"<Days_yr>",null,null,"Divider 1",null,"Divider 1"]
[null,"Present value of Incentive fee:",null,null,{"$f":"TEXT(ROUND('Incentive Fee'!$H$28,1),\"$#,###.00;;-\")","v":"$507.50"},null,null,"Days in week",null,7,"<Days_wk>"]
[null,"Total:",null,null,{"$f":"TEXT(ROUND(('Incentive Fee'!$H$28+'Management Fee'!$H$37),1),\"$#,###.00;;-\")","v":"$1,128.50"},null,null,"Quarters in year",null,4,"<Quarters_yr>",null,null,"Divider 2",null,"Divider 2"]
[null,"PV of Mgmt. agreement $/share:",null,null,{"$f":"TEXT(IFERROR(ROUND(('Incentive Fee'!$H$28+'Management Fee'!$H$37)/'Management Fee'!$H$40,2),Zero),\"$#,###.00;;-\")","v":"$1.15"},null,null,"Months in year",null,12,"<Months_yr>"]
[null,null,null,null,null,null,null,"Months in quarter",null,3,"<Months_qtr>",null,null,"Divider 3",null,"Divider 3"]
[null,"Contents",null,null,null,null,null,"Hours per day",null,24,"<Hrs_day>"]
[null,null,null,null,null,null,null,"Financial year month",null,3,"<FY_month>",null,null,"User Input",null,"User Input"]
[null,null,"Model Name",null,null,null,null,"Thousands",null,1000,"<Thousand>"]
[null,null,null,"Infratil Illustrative Fees Model",null,null,null,"Millions",null,1000000,"<Million>",null,null,"Table Header",null,"Table Header"]
[null,null,null,null,null,null,null,"Rounding error",null,0.05,"<Rounding_error>"]
[null,null,"Contents>>",null,null,null,null,"Zero",null,0,"<Zero>",null,null,"Explanatory note",null,"Explanatory Note"]
[null,null,null,"Incentive fees",null,null,null,"One",null,1,"<One>"]
[null,null,null,"Management fee",null,null,null,"Two",null,2,"<Two>",null,null,"Calculation",null,"Calculation"]
[null,null,null,"Fees history",null,null,null,"Three",null,3,"<Three>"]
[null,null,null,null,null,null,null,"Four",null,4,"<Four>",null,null,"Check OK",null,0]
[null,"Helpful Links",null,null,null,null,null,"Ten",null,10,"<Ten>"]
[null,null,null,null,null,null,null,"Twenty",null,20,"<Twenty>",null,null,"Check Not OK",null,1]
[null,"Infratil Management Agreement",null,null,null,null,null,"Quarter",null,0.25,"<Quarter>"]
[null,null,null,null,null,null,null,"Half",null,0.5,"<Half>",null,null,"Modelling Input",null,"Modelling Input"]
[null,"Summary of 2023 Management Agreement changes",null,null,null,null,null,"One hundred thousand",null,100000,"<Hundred_k>"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Do not override"]
[null,"Review of fairness of the management agreement",null,null,null,null,"Checks"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"End of sheet",null,"END OF SHEET"]
[null,"Infratil approach to Independent Valuations",null,null,null,null,null,"Model status checks"]
[]
[null,null,null,null,null,null,null,"[spare]",null,null,0]
[null,null,null,null,null,null,null,"[spare]",null,null,0]
[null,null,null,null,null,null,null,"Model status",null,null,{"$f":"SUM(K62:K64)","v":0}]

{"sheet":"Management Fee","index":2,"n_rows":73,"n_cols":23,"rows_kept":73,"cut":false,"hidden":false,"merged":[[58,4,58,22]]}
[]
[null,"Illustrative Management Fee Model"]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Period Start ","2024-04-01",{"$f":"M5+1","v":"2025-04-01"},{"$f":"N5+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"]
[null,null,null,null,null,null,null,null,null,null,null,"Period End ",{"$f":"EOMONTH(M4,Months_Year -1)","v":"2025-03-31"},"2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31"]
[null,null,null,null,null,null,null,null,null,null,null,"Financial year ",{"$f":"YEAR(M5)","v":2025},{"$f":"YEAR(N5)","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,2035]
[null,null,null,null,null,null,null,null,null,null,null,"Period",1,{"$f":"M7+1","v":2},{"$f":"N7+1","v":3},4,5,6,7,8,9,10,11]
[]
[null,"Assumptions"]
["Assumptions"]
[]
[null,null,null,null,null,null,"Note"]
[null,null,null,"Management fee",null,"%",1,8.5000000000000006E-3]
[null,null,null,"Discount rate",null,"%",null,0.1]
[null,null,null,"Length of forecast",null,"Yr",2,5]
[]
[null,"Fees Model"]
[]
[null,{"$f":"Header_Number","v":1},"Fee Output"]
[null,"Incentive fee accrual"]
[null,null,null,"Management fee payable",null,null,"NZ$m",null,null,null,null,null,{"$f":"M34","v":109.29238872680398},{"$f":"N34","v":126.02117000000001},137.42444870000003,150.08208805699999,164.13206774327006,179.72754519502976,0,0,0,0,0]
[]
[null,{"$f":"Header_Number","v":2},"Fee Calculation"]
[]
[]
[null,null,null,null,null,null,null,"S/P Growth %"]
[null,null,null,"Average share price",null,null,"NZ$m",0.11,null,null,null,null,11.48,12.45,{"$f":"N27*(1+price.growth)","v":13.8195},15.339645000000001,17.027005950000003,18.899976604500004,20.978974030995008,23.286661174404461,25.848193903588953,28.69149523298374,31.847559708611954]
[null,null,null,"Average Shares on issue",null,null,"NZ$m",null,null,null,null,null,942.9,979.6,{"$f":"N28","v":979.6},{"$f":"O28","v":979.6},979.6,979.6,979.6,979.6,979.6,979.6,979.6]
[null,null,null,"Market capitalisation",null,null,"NZ$m",null,null,null,null,null,{"$f":"M27*M28","v":10824.492},12196.02,13537.582200000001,15026.716242,16679.655028620004,18514.417081768206,20551.002960762711,22811.613286446609,25320.890747955738,28106.188730230871,31197.86949055627]
[null,null,null,"Average Market value of listed Debt securities",null,null,"NZ$m",null,null,null,null,null,1524.6,1722.2,{"$f":"N30","v":1722.2},{"$f":"O30","v":1722.2},1722.2,1722.2,1722.2,1722.2,1722.2,1722.2,1722.2]
[null,null,null,"Average Net bank debt",null,null,"NZ$m",null,null,null,null,null,290.5,{"$f":"2630-N30","v":907.8},{"$f":"N31","v":907.8},{"$f":"O31","v":907.8},907.8,907.8,907.8,907.8,907.8,907.8,907.8]
[null,null,null,"Company Value",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M29:M31)","v":12639.592000000001},{"$f":"SUM(N29:N31)","v":14826.02},16167.582200000001,17656.716241999999,19309.655028620004,21144.417081768206,23181.002960762711,25441.613286446609,27950.890747955738,30736.188730230871,33827.869490556273]
[]
[null,null,null,"Total management fee",null,null,"NZ$m",null,"Terminal Value",null,null,null,109.29238872680398,{"$f":"IF(N7<=($H$15+1),N32*mgmtfee.rate,Zero)","v":126.02117000000001},137.42444870000003,150.08208805699999,164.13206774327006,179.72754519502976,0,0,0,0,0]
[null,null,null,"Terminal value",null,null,"NZ$m",null,0,null,null,null,0,{"$f":"IF(N$7=$H$15+1,$I$35,Zero)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,"PV of Mgmt. fee"]
[null,null,null,"Present value of forecast management Fee",null,null,"NZ$m",{"$f":"IFERROR(XNPV(H14,N37:W37,N5:W5),Zero)","v":620.96182313187069},null,null,null,null,0,{"$f":"SUM(N34:N35)","v":126.02117000000001},137.42444870000003,150.08208805699999,164.13206774327006,179.72754519502976,0,0,0,0,{"$f":"SUM(W34:W35)","v":0}]
[]
[null,null,null,null,null,null,null,"# of shares on issue","$/share"]
[null,null,null,"PV of management fee/share",null,null,"NZ$m",979.58951200000001,{"$f":"IFERROR(H37/H40,Zero)","v":0.63390003213087753}]
[]
[null,{"$f":"Header_Number","v":3},"Notes"]
[]
[null,"1) Details of how the Management Fee is calculated under the Management Agreement are outlined below. For simplicity, the model assumes a base management fee calculated using a blended rate of 0.85% to reflect the average in FY25."]
[]
[null,"Management Agreement section"]
[null,9.1,null,null,"New Zealand Portfolio Management Fee: The Company shall pay the Manager within 7 Business Days of each Relevant Date a management fee (\"New Zealand Portfolio Management Fee\") equal to one twelfth of the aggregate of:"]
[null,null,null,null,"- 1.125% of the New Zealand Company Value up to $50m"]
[null,null,null,null,"- 1.0% of the New Zealand Company Value over $50m and up to $150m;"]
[null,null,null,null,"- 0.80% of the New Zealand Company Value over $150m."]
[]
[null,"\"New Zealand Company Value\" means on each Relevant Date the value derived by the application of the formula: NZCV = MP + BVD - UFS – IA + FX Value"]
[null,"Where:"]
[null,null,null,null,"NZCV = New Zealand Company Value"]
[null,null,null,null,"MP = The weighted average market price of the Company's Securities on the Exchange over the five Trading Days ending on (and including) the Relevant Date, as calculated by the Manager"]
[null,null,null,null,"BVD = The book value of the total debt of the Company less the book value of any Non-New Zealand Portfolio Entities' Debt (but not deducting any Australian Portfolio Entities' Debt) included in the book value of the total debt of the Company"]
[null,null,null,null,"UFS = Unallocated Funds plus the market value of any Securities in which Unallocated Funds have been invested pursuant to clause 5.4"]
[null,null,null,null,"IA = The Cost Value of the Non-New Zealand Portfolio Securities that are not Australian Portfolio Securities"]
[null,null,null,null,"FX Value = the net present value (which may be a negative number) in New Zealand dollars as at the Relevant Date of all existing foreign exchange contracts entered into by the Company for the purposes of hedging its foreign exchange exposure arising out of the acquisition and holding of relevant Non-New Zealand Portfolio Securities (which are, where this definition is used in the definition of New Zealand Company Value, only the Australian Portfolio Securities and, where used in clauses 9.2 and 12.1.2, are exclusive of the Australian Portfolio Securities) held at the Relevant Date plus the net gain or loss suffered from any prior such contracts in respect of those Non-New Zealand Portfolio Securities that have now been closed out"]
[]
[null,9.1999999999999993,null,null,"International Portfolio Management Fee: The Company shall pay the Manager within 7 Business Days of each Relevant Date a management fee (\"International Portfolio Management Fee\") equal to one twelfth of the aggregate of 1.50% of:"]
[null,null,null,null,"- the aggregate of the Cost Value of the Non-New Zealand Portfolio Securities, the Non-New Zealand Portfolio Entities' Debt and the FX Value, less"]
[null,null,null,null,"- the aggregate of the Cost Value of the Australian Portfolio Securities and the Australian Portfolio Entities' Debt"]
[]
[null,"Cost value is defined as the acquisition cost, including capitalised acquisition costs."]
[]
[null,"2) The length of the forecast period is set with reference to the termination period as outlined in the Management Agreement"]
[]
[null,"Management Agreement section"]
[null,"11.2.1",null,null,"On Notice: Either the Manager or the Company may terminate this Agreement by the giving of written notice by one to the other. The Agreement shall terminate on the date that is five years from the next annual balance date of the Company following written notice of termination."]
[]
[]
[null,{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},"END OF SHEET",{"$f":"\" \"","v":" "}," "," "," "," ",null," "," "," "," "," "," "," "," "," "," "," "," "]

{"sheet":"Incentive Fee","index":3,"n_rows":294,"n_cols":26,"rows_kept":294,"cut":false,"hidden":false,"merged":[[290,2,290,23],[289,2,289,23],[285,2,285,23],[282,2,282,23],[284,2,284,23],[286,2,286,23],[286,24,286,25],[287,2,287,23],[288,2,288,23],[35,3,39,4],[275,2,275,23],[280,2,280,23],[280,24,280,25],[283,2,283,23],[279,2,279,23]]}
[null,null,"Infratil Illustrative Fees Model"]
[null,"Illustrative Annual Incentive Fee Model"]
[]
[null,null,null,null,null,null,null,null,null,"Period Start ",{"$f":"EOMONTH(L4,-Months_Year-1)+1","v":"2022-04-01"},{"$f":"EOMONTH(M4,-Months_Year-1)+1","v":"2023-04-01"},"2024-04-01",{"$f":"M5+1","v":"2025-04-01"},{"$f":"N5+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",{"$f":"W5+1","v":"2035-04-01"},{"$f":"X5+1","v":"2036-04-01"},"2037-04-01"]
[null,null,null,null,null,null,null,null,null,"Period End ",{"$f":"EOMONTH(K4,Months_Year -1)","v":"2023-03-31"},{"$f":"EOMONTH(L4,Months_Year -1)","v":"2024-03-31"},{"$f":"EOMONTH(M4,Months_Year -1)","v":"2025-03-31"},{"$f":"EOMONTH(N4,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",{"$f":"EOMONTH(W4,Months_Year -1)","v":"2035-03-31"},{"$f":"EOMONTH(X4,Months_Year -1)","v":"2036-03-31"},"2037-03-31",{"$f":"EOMONTH(Z4,Months_Year -1)","v":"2038-03-31"}]
[null,null,null,null,null,null,null,null,null,"Financial year ",{"$f":"YEAR(K5)","v":2023},{"$f":"YEAR(L5)","v":2024},{"$f":"YEAR(M5)","v":2025},{"$f":"YEAR(N5)","v":2026},2027,2028,2029,2030,2031,2032,2033,2034,{"$f":"YEAR(W5)","v":2035},{"$f":"YEAR(X5)","v":2036},2037,{"$f":"YEAR(Z5)","v":2038}]
[null,null,null,null,null,null,null,null,null,"Period",-2,-1,1,{"$f":"M7+1","v":2},{"$f":"N7+1","v":3},4,5,6,7,8,9,10,11,{"$f":"W7+1","v":12},{"$f":"X7+1","v":13},14]
[null,null,"Assumptions"]
[null,"Assumptions"]
[]
[]
[null,null,null,"Incentive fee hurdle",null,"%",null,0.12]
[null,null,null,"Fee on outperformance",null,"%",null,0.2]
[null,null,null,"Discount rate",null,"%",null,0.1]
[null,null,null,"Length of forecast",null,"Yr",null,5]
[]
[null,"Incentive Fee Model"]
[]
[null,{"$f":"Header_Number","v":1},"Incentive Fee Outputs"]
[]
[]
[null,null,null,"Annual Fee Accrual",null,null,"NZ$m",null,null,null,{"$f":"fees.payable","v":163.93380276891648},91.334989603495387,350.64242188776296,0,21.544697948068642,27.873032503799113,31.496526729293183,35.591075204101578,0,0,0,0,0,0,0,0]
[null,null,null,"Negative fee bank",null,null,"NZ$m",null,null,null,0,0,{"$f":"Negative.bank","v":0},-3.1217024977716457,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Annual Fee Payment - T1",null,null,"NZ$m",null,null,null,0,0,0,{"$f":"fees.paid","v":116.88080729592099},0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,0,0,0,0,0,0,0]
[null,null,null,"Annual Fee Payment - T2",null,null,"NZ$m",null,null,null,0,0,0,30.444996534498461,116.88080729592099,0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,0,0,0,0,0,0]
[null,null,null,"Annual Fee Payment - T3",null,null,"NZ$m","PV of Incentive Fee",null,null,0,0,0,54.64460092297216,30.444996534498461,116.88080729592099,0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,0,0,0,0,0]
[null,null,null,"Total fee payment in year",null,null,"NZ$m",{"$f":"IFERROR(XNPV($H$14,N28:Z28,N5:Z5),Zero)","v":507.54744012509207},null,null,0,0,0,{"$f":"SUM(N25:N27)","v":201.97040475339162},{"$f":"SUM(O25:O27)","v":147.32580383041946},124.06237327861054,16.472576817289251,26.971419060386982,31.653544812397961,22.362533977798254,11.863691734700526,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,"# of shares on issue","$/share"]
[null,null,null,"PV of Incentive Fee/share",null,null,"NZ$m",979.58951200000001,{"$f":"IFERROR(H28/H31,Zero)","v":0.51812257471892176}]
[]
[null,{"$f":"Header_Number","v":2},"Incentive Fee Inputs"]
[]
[null,null,null,"Initial Valuations",null,null,null,"Asset Names"]
[null,null,null,"Valuations include assumptions for cost of sale for all assets and taxes on some assets",null,null,"NZ$m","CDC",null,null,null,4399.3352234941731,7212.2419523111275]
[null,null,null,null,null,null,"NZ$m","Longroad Energy",null,null,null,1503.1460560870341,1728.2302672292528]
[null,null,null,null,null,null,"NZ$m","Kao Data",null,null,null,550.68190877275595,694.53774172406281]
[null,null,null,null,null,null,"NZ$m","Galileo",null,null,null,237.10711564503026,321.08927560409774]
[null,null,null,null,null,null,"NZ$m","Gurin Energy",null,null,null,233.5079702887665,485.62398434360205]
[null,null,null,null,null,null,"NZ$m","RetireAustralia",null,null,null,454.07858512144645,404.24274758344592]
[null,null,null,null,null,null,"NZ$m","Qscan",null,null,null,407.77525258686416,450.00320580657126]
[null,null,null,null,null,null,"NZ$m","Mint Renewables","Initial Val","Year Initial Val",null,0,22.610053441601991]
[null,null,null,null,null,null,"NZ$m","Asset 9",null,null,null,0,0,{"$f":"IF($J44=N5,$I44,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,"NZ$m","Asset 10",null,null,null,0,0,{"$f":"IF($J45=N6,$I45,0)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Valuation Growth rates"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Longroad Energy",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Kao Data",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Galileo",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Gurin Energy",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"RetireAustralia",null,null,"%",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Qscan",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Mint Renewables",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Asset 9",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,null,"Asset 10",null,null,"%",null,null,null,null,0,0,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[]
[]
[null,null,null,"In year capital contributions"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,0,494.20935183108793,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,0,163.35398624378132,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,0,82.935509394315616,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,0,41.889103236533074,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,0,67.493681147487521,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,21.815933630201418,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,null,"In year Distributions to Infratil"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,0,24.13363644209927,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,0,0.56318469656992087,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,0,5.2086184615007927,0]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,0,43.558237255391987,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Hurdle"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,0,543.26903243421236,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,0,185.15602940030737,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,0,70.232468060160386,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,0,30.09181195542546,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,0,31.29678779853273,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,0,54.279024404582053,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,0,48.918709794065762,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,3.1014519818918704,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"FX contract"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,0,-2.5722853060826232,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,0,-8.3166438500000002,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,0,-4.266872995772526,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,{"$f":"Header_Number","v":3},"Calculations"]
[]
[null,null,null,"Asset Valuations"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,{"$f":"L36","v":4399.3352234941731},7212.2419523111275,{"$f":"M113*(1+N48)+N61*(1+N48*(6/12))","v":8149.8334061115729},9209.3117489060769,10406.522276263866,11759.370172178167,13288.088294561328,15015.539772854299,16967.559943325356,19173.342735957649,21665.87729163214,24482.441339544315]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,1503.1460560870341,1728.2302672292528,1952.9002019690556,2206.7772282250326,2493.6582678942864,2817.8338427205435,3184.1522422742137,3598.0920337698612,4065.8439981599427,4594.4037179207344,5191.6762012504296,5866.5941074129851]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,550.68190877275595,694.53774172406281,784.82764814819086,886.85524240745553,1002.1464239204247,1132.4254590300798,1279.64076870399,1445.9940686355087,1633.9732975581246,1846.3898262406806,2086.4205036519688,2357.6551691267246]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,237.10711564503026,321.08927560409774,362.83088143263041,409.9988960188723,463.29875250132568,523.52759032649794,591.58617706894267,668.49238008790519,755.39638949933283,853.59792013424601,964.56564975169795,1089.9591842194186]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,233.5079702887665,485.62398434360205,{"$f":"M117*(1+N52)+N65*(1+N52*(6/12))","v":548.75510230827024},620.09326560834529,700.70539013743007,791.79709085529589,894.73071266648424,1011.0457053131271,1142.4816470038336,1291.0042611143319,1458.8348150591949,1648.4833410168901]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,454.07858512144645,404.24274758344592,328]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,407.77525258686416,450.00320580657126,508.50362256142546,574.60909349441067,649.308275648684,733.71835148301284,829.10173717580437,936.88496300865881,1058.6800081997844,1196.3084092657564,1351.8285024703046,1527.566207791444]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,22.610053441601991,25.549360389010246,28.870777239581574,32.623978280727179,36.865095457221706,41.657557866660525,47.073040389326387,53.192535639938811,60.107565273130852,67.921548758637854,76.751350097260769]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,{"$f":"IF($J44=N$5,N44,M121*(1+N56)+N69*(1+N56*(6/12)))","v":0},{"$f":"IF($J44=O$5,O44,N121*(1+O56)+O69*(1+O56*(6/12)))","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,{"$f":"IF($J45=N$5,N45,M122*(1+N57)+N70*(1+N57*(6/12)))","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Hurdle"]
[null,null,null,{"$f":"Assets.list","v":"CDC"},null,null,"NZ$m",null,null,null,null,0,{"$f":"M86","v":543.26903243421236},{"$f":"M113*hurdle.rate+N61*hurdle.rate*(6/12)-N74*hurdle.rate*(6/12)","v":865.46903427733525},977.98000873338867,1105.1174098687293,1248.7826731516639,1411.1244206613801,1594.5705953473594,1801.8647727425159,2036.1071931990425,2300.8011283149176,2599.9052749958569]
[null,null,null,"Longroad Energy",null,null,"NZ$m",null,null,null,null,0,185.15602940030737,{"$f":"M114*hurdle.rate+N62*hurdle.rate*(6/12)-N75*hurdle.rate*(6/12)","v":207.38763206751034},234.34802423628668,264.81326738700392,299.23899214731438,338.14006112646518,382.09826907290562,431.77104405238333,487.90127977919309,551.32844615048816,623.00114415005157]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,0,70.232468060160386,{"$f":"M115*hurdle.rate+N63*hurdle.rate*(6/12)-N76*hurdle.rate*(6/12)","v":83.344529006887541},94.179317777782899,106.42262908889467,120.25757087045096,135.89105508360956,153.5568922444788,173.51928823626105,196.07679570697493,221.56677914888166,250.37046043823625]
[null,null,null,"Galileo",null,null,"NZ$m",null,null,null,null,0,30.09181195542546,{"$f":"M116*hurdle.rate+N64*hurdle.rate*(6/12)-N77*hurdle.rate*(6/12)","v":38.530713072491729},43.539705771915649,49.199867522264675,55.595850300159078,62.823310839179754,70.990341248273111,80.219085610548618,90.647566739919938,102.43175041610952,115.74787797020375]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,0,31.29678779853273,{"$f":"M117*hurdle.rate+N65*hurdle.rate*(6/12)-N78*hurdle.rate*(6/12)","v":58.274878121232241},65.850612276992422,74.411191873001428,84.084646816491599,95.0156509026355,107.36768551997811,121.32548463757524,137.09779764046002,154.92051133371982,175.06017780710337]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,0,54.279024404582053,{"$f":"M118*hurdle.rate+N66*hurdle.rate*(6/12)-N79*hurdle.rate*(6/12)","v":48.509129710013511}]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,0,48.918709794065762,{"$f":"M119*hurdle.rate+N67*hurdle.rate*(6/12)-N80*hurdle.rate*(6/12)","v":54.000384696788551},61.020434707371052,68.953091219329281,77.916993077842079,88.046202177961533,99.492208461096524,112.42619556103905,127.04160098397412,143.55700911189075,162.21942029643654]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,0,3.1014519818918704,{"$f":"M120*hurdle.rate+N68*hurdle.rate*(6/12)-N81*hurdle.rate*(6/12)","v":2.7132064129922386},3.0659232466812294,3.4644932687497887,3.9148773936872612,4.4238114548666045,4.9989069439992626,5.6487648467191658,6.3831042767926567,7.2129078327757021,8.1505858510365421]
[null,null,null,"Asset 9",null,null,"NZ$m",null,null,null,null,0,0,{"$f":"M121*hurdle.rate+N69*hurdle.rate*(6/12)-N82*hurdle.rate*(6/12)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset 10",null,null,"NZ$m",null,null,null,null,0,0,{"$f":"M122*hurdle.rate+N70*hurdle.rate*(6/12)-N83*hurdle.rate*(6/12)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,null,{"$f":"Asset1.Name","v":"CDC"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D136,Assets.list,L$113:L$122)","v":4399.3352234941731},7212.2419523111275,8149.8334061115729,9209.3117489060769,10406.522276263866,11759.370172178167,13288.088294561328,15015.539772854299,16967.559943325356,19173.342735957649,21665.87729163214]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D136,Assets.list,M$61:M$70)","v":494.20935183108793},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D136,Assets.list,M$74:M$83)","v":-24.13363644209927},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D136,Assets.list,M$125:M$134)","v":543.26903243421236},865.46903427733525,977.98000873338867,1105.1174098687293,1248.7826731516639,1411.1244206613801,1594.5705953473594,1801.8647727425159,2036.1071931990425,2300.8011283149176,2599.9052749958569]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D136,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M137:M141)","v":5412.6799713173732},{"$f":"SUM(N137:N141)","v":8077.7109865884631},9127.8134148449608,10314.429158774807,11655.304949415529,13170.494592839546,14882.658889908687,16817.404545596815,19003.667136524396,21474.143864272566,24265.782566627997]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D136,Assets.list,M$113:M$122)","v":7212.2419523111275},8149.8334061115729,9209.3117489060769,10406.522276263866,11759.370172178167,13288.088294561328,15015.539772854299,16967.559943325356,19173.342735957649,21665.87729163214,24482.441339544315]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M143-M142","v":1799.5619809937543},{"$f":"N143-N142","v":72.122419523109784},81.498334061116111,92.093117489059296,104.06522276263786,117.59370172178205,132.88088294561203,150.15539772854027,169.6755994332525,191.7334273595734,216.65877291631841]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M144*fee.rate","v":359.91239619875091},14.424483904621958,16.299666812223222,18.418623497811861,20.813044552527572,23.518740344356413,26.576176589122408,30.031079545708053,33.935119886650504,38.346685471914682,43.331754583263688]
[]
[null,null,null,{"$f":"Asset2.Name","v":"Longroad Energy"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D147,Assets.list,L$113:L$122)","v":1503.1460560870341},1728.2302672292528,1952.9002019690556,2206.7772282250326,2493.6582678942864,2817.8338427205435,3184.1522422742137,3598.0920337698612,4065.8439981599427,4594.4037179207344,5191.6762012504296]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D147,Assets.list,M$61:M$70)","v":163.35398624378132},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D147,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D147,Assets.list,M$125:M$134)","v":185.15602940030737},207.38763206751034,234.34802423628668,264.81326738700392,299.23899214731438,338.14006112646518,382.09826907290562,431.77104405238333,487.90127977919309,551.32844615048816,623.00114415005157]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D147,Assets.list,M$98:M$107)","v":2.5722853060826232},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M148:M152)","v":1854.2283570372053},{"$f":"SUM(N148:N152)","v":1935.6178992967632},2187.2482262053422,2471.5904956120366,2792.8972600416009,3155.9739038470088,3566.2505113471193,4029.8630778222446,4553.745277939136,5145.7321640712225,5814.6773454004815]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D147,Assets.list,M$113:M$122)","v":1728.2302672292528},1952.9002019690556,2206.7772282250326,2493.6582678942864,2817.8338427205435,3184.1522422742137,3598.0920337698612,4065.8439981599427,4594.4037179207344,5191.6762012504296,5866.5941074129851]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M154-M153","v":-125.99808980795251},{"$f":"N154-N153","v":17.282302672292417},19.529002019690324,22.067772282249734,24.936582678942614,28.178338427204835,31.841522422741946,35.98092033769808,40.658439981598349,45.944037179207044,51.916762012503568]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M155*fee.rate","v":-25.199617961590505},3.4564605344584836,3.9058004039380649,4.4135544564499467,4.9873165357885227,5.6356676854409677,6.3683044845483892,7.1961840675396163,8.1316879963196698,9.1888074358414098,10.383352402500714]
[]
[null,null,null,{"$f":"Asset3.Name","v":"Kao Data"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D158,Assets.list,L$113:L$122)","v":550.68190877275595},694.53774172406281,784.82764814819086,886.85524240745553,1002.1464239204247,1132.4254590300798,1279.64076870399,1445.9940686355087,1633.9732975581246,1846.3898262406806,2086.4205036519688]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D158,Assets.list,M$61:M$70)","v":82.935509394315616},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D158,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D158,Assets.list,M$125:M$134)","v":70.232468060160386},83.344529006887541,94.179317777782899,106.42262908889467,120.25757087045096,135.89105508360956,153.5568922444788,173.51928823626105,196.07679570697493,221.56677914888166,250.37046043823625]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D158,Assets.list,M$98:M$107)","v":8.3166438500000002},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M159:M163)","v":712.16653007723198},{"$f":"SUM(N159:N163)","v":777.88227073095038},879.00696592597376,993.27787149635014,1122.4039947908757,1268.3165141136892,1433.1976609484689,1619.5133568717697,1830.0500932650996,2067.9566053895624,2336.7909640902053]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D158,Assets.list,M$113:M$122)","v":694.53774172406281},784.82764814819086,886.85524240745553,1002.1464239204247,1132.4254590300798,1279.64076870399,1445.9940686355087,1633.9732975581246,1846.3898262406806,2086.4205036519688,2357.6551691267246]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M165-M164","v":-17.62878835316917},{"$f":"N165-N164","v":6.9453774172404792},7.8482764814817756,8.8685524240745508,10.021464239204079,11.324254590300825,12.796407687039846,14.459940686354912,16.339732975581001,18.463898262406474,20.864205036519252]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M166*fee.rate","v":-3.5257576706338343},1.3890754834480958,1.5696552962963553,1.7737104848149103,2.0042928478408157,2.2648509180601653,2.5592815374079692,2.8919881372709826,3.2679465951162001,3.692779652481295,4.1728410073038509]
[]
[null,null,null,{"$f":"Asset4.Name","v":"Galileo"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D169,Assets.list,L$113:L$122)","v":237.10711564503026},321.08927560409774,362.83088143263041,409.9988960188723,463.29875250132568,523.52759032649794,591.58617706894267,668.49238008790519,755.39638949933283,853.59792013424601,964.56564975169795]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D169,Assets.list,M$61:M$70)","v":41.889103236533074},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D169,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D169,Assets.list,M$125:M$134)","v":30.09181195542546},38.530713072491729,43.539705771915649,49.199867522264675,55.595850300159078,62.823310839179754,70.990341248273111,80.219085610548618,90.647566739919938,102.43175041610952,115.74787797020375]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D169,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M170:M174)","v":309.08803083698876},{"$f":"SUM(N170:N174)","v":359.61998867658946},406.37058720454604,459.198763541137,518.89460280148478,586.35090116567767,662.5765183172158,748.71146569845382,846.04395623925279,956.02967055035549,1080.3135277219017]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D169,Assets.list,M$113:M$122)","v":321.08927560409774},362.83088143263041,409.9988960188723,463.29875250132568,523.52759032649794,591.58617706894267,668.49238008790519,755.39638949933283,853.59792013424601,964.56564975169795,1089.9591842194186]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M176-M175","v":12.001244767108972},{"$f":"N176-N175","v":3.2108927560409484},3.6283088143262603,4.0999889601886821,4.6329875250131636,5.2352759032650056,5.9158617706893892,6.6849238008790053,7.5539638949932169,8.5359792013424567,9.6456564975169385]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M177*fee.rate","v":2.4002489534217943},0.64217855120818967,0.72566176286525208,0.81999779203773648,0.92659750500263272,1.0470551806530011,1.1831723541378778,1.3369847601758011,1.5107927789986435,1.7071958402684915,1.9291312995033878]
[]
[null,null,null,{"$f":"Asset5.Name","v":"Gurin Energy"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D180,Assets.list,L$113:L$122)","v":233.5079702887665},485.62398434360205,548.75510230827024,620.09326560834529,700.70539013743007,791.79709085529589,894.73071266648424,1011.0457053131271,1142.4816470038336,1291.0042611143319,1458.8348150591949]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D180,Assets.list,M$61:M$70)","v":67.493681147487521},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D180,Assets.list,M$74:M$83)","v":-0.56318469656992087},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D180,Assets.list,M$125:M$134)","v":31.29678779853273},58.274878121232241,65.850612276992422,74.411191873001428,84.084646816491599,95.0156509026355,107.36768551997811,121.32548463757524,137.09779764046002,154.92051133371982,175.06017780710337]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D180,Assets.list,M$98:M$107)","v":4.266872995772526},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M181:M185)","v":336.00212753398932},{"$f":"SUM(N181:N185)","v":543.89886246483434},614.6057145852626,694.50445748134666,784.79003695392169,886.81274175793135,1002.0983981864623,1132.3711899507023,1279.5794446442935,1445.9247724480517,1633.8949928662983]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D180,Assets.list,M$113:M$122)","v":485.62398434360205},548.75510230827024,620.09326560834529,700.70539013743007,791.79709085529589,894.73071266648424,1011.0457053131271,1142.4816470038336,1291.0042611143319,1458.8348150591949,1648.4833410168901]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M187-M186","v":149.62185680961272},{"$f":"N187-N186","v":4.8562398434359011},5.4875510230826876,6.2009326560834097,7.0070539013742064,7.9179709085528884,8.9473071266647821,10.110457053131313,11.424816470038422,12.910042611143126,14.588348150591855]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M188*fee.rate","v":29.924371361922546},0.97124796868718022,1.0975102046165375,1.240186531216682,1.4014107802748414,1.5835941817105779,1.7894614253329566,2.0220914106262629,2.2849632940076847,2.5820085222286253,2.9176696301183713]
[]
[null,null,null,{"$f":"Asset6.Name","v":"RetireAustralia"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D191,Assets.list,L$113:L$122)","v":454.07858512144645},404.24274758344592,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D191,Assets.list,M$61:M$70)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D191,Assets.list,M$74:M$83)","v":-5.2086184615007927},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D191,Assets.list,M$125:M$134)","v":54.279024404582053},{"$f":"_xlfn.XLOOKUP($D191,Assets.list,N$125:N$134)","v":48.509129710013511},0,0,0,0,0,0,0,0,0]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D191,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M192:M196)","v":503.14899106452771},{"$f":"SUM(N192:N196)","v":452.75187729345942},0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D191,Assets.list,M$113:M$122)","v":404.24274758344592},328,0,0,0,0,0,0,0,0,0]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M198-M197","v":-98.906243481081788},{"$f":"N198-N197","v":-124.75187729345942},0,0,0,0,0,0,0,0,0]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M199*fee.rate","v":-19.781248696216359},-24.950375458691884,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,{"$f":"Asset7.Name","v":"Qscan"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D202,Assets.list,L$113:L$122)","v":407.77525258686416},450.00320580657126,508.50362256142546,574.60909349441067,649.308275648684,733.71835148301284,829.10173717580437,936.88496300865881,1058.6800081997844,1196.3084092657564,1351.8285024703046]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D202,Assets.list,M$61:M$70)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D202,Assets.list,M$74:M$83)","v":-43.558237255391987},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D202,Assets.list,M$125:M$134)","v":48.918709794065762},54.000384696788551,61.020434707371052,68.953091219329281,77.916993077842079,88.046202177961533,99.492208461096524,112.42619556103905,127.04160098397412,143.55700911189075,162.21942029643654]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D202,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M203:M207)","v":413.13572512553793},{"$f":"SUM(N203:N207)","v":504.00359050335982},569.52405726879647,643.56218471373995,727.22526872652611,821.76455366097434,928.59394563690091,1049.3111585696979,1185.7216091837586,1339.8654183776471,1514.0479227667411]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D202,Assets.list,M$113:M$122)","v":450.00320580657126},508.50362256142546,574.60909349441067,649.308275648684,733.71835148301284,829.10173717580437,936.88496300865881,1058.6800081997844,1196.3084092657564,1351.8285024703046,1527.566207791444]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M209-M208","v":36.867480681033328},{"$f":"N209-N208","v":4.5000320580656421},5.0850362256142034,5.7460909349440499,6.4930827564867286,7.3371835148300306,8.2910173717579028,9.3688496300865154,10.586800081997808,11.963084092657482,13.518285024702891]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M210*fee.rate","v":7.3734961362066658},0.90000641161312844,1.0170072451228407,1.1492181869888101,1.2986165512973458,1.4674367029660063,1.6582034743515806,1.8737699260173031,2.1173600163995618,2.3926168185314967,2.7036570049405784]
[]
[null,null,null,{"$f":"Asset8.Name","v":"Mint Renewables"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D213,Assets.list,L$113:L$122)","v":0},22.610053441601991,25.549360389010246,28.870777239581574,32.623978280727179,36.865095457221706,41.657557866660525,47.073040389326387,53.192535639938811,60.107565273130852,67.921548758637854]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D213,Assets.list,M$61:M$70)","v":21.815933630201418},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D213,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D213,Assets.list,M$125:M$134)","v":3.1014519818918704},2.7132064129922386,3.0659232466812294,3.4644932687497887,3.9148773936872612,4.4238114548666045,4.9989069439992626,5.6487648467191658,6.3831042767926567,7.2129078327757021,8.1505858510365421]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D213,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M214:M218)","v":24.917385612093288},{"$f":"SUM(N214:N218)","v":25.32325985459423},28.615283635691476,32.335270508331362,36.538855674414442,41.288906912088308,46.656464810659784,52.721805236045554,59.575639916731468,67.320473105906558,76.072134609674393]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D213,Assets.list,M$113:M$122)","v":22.610053441601991},25.549360389010246,28.870777239581574,32.623978280727179,36.865095457221706,41.657557866660525,47.073040389326387,53.192535639938811,60.107565273130852,67.921548758637854,76.751350097260769]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M220-M219","v":-2.3073321704912964},{"$f":"N220-N219","v":0.22610053441601607},0.25549360389009834,0.28870777239581713,0.32623978280726362,0.36865095457221742,0.41657557866660255,0.47073040389325627,0.53192535639938399,0.60107565273129637,0.67921548758637584]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M221*fee.rate","v":-0.46146643409825927},4.5220106883203215E-2,5.109872077801967E-2,5.7741554479163432E-2,6.5247956561452727E-2,7.373019091444348E-2,8.3315115733320511E-2,9.4146080778651262E-2,0.1063850712798768,0.12021513054625928,0.13584309751727516]
[]
[null,null,null,{"$f":"Asset9.Name","v":"Asset 9"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D224,Assets.list,L$113:L$122)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D224,Assets.list,M$61:M$70)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D224,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D224,Assets.list,M$125:M$134)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D224,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M225:M229)","v":0},{"$f":"SUM(N225:N229)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D224,Assets.list,M$113:M$122)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M231-M230","v":0},{"$f":"N231-N230","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M232*fee.rate","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,{"$f":"Asset10.Name","v":"Asset 10"}]
[null,null,null,"Opening valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D235,Assets.list,L$113:L$122)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital contributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D235,Assets.list,M$61:M$70)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D235,Assets.list,M$74:M$83)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D235,Assets.list,M$125:M$134)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"FX Contracts",null,null,"NZ$m",null,null,null,null,0,{"$f":"-_xlfn.XLOOKUP($D235,Assets.list,M$98:M$107)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M236:M240)","v":0},{"$f":"SUM(N236:N240)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing valuation",null,null,"NZ$m",null,null,null,null,0,{"$f":"_xlfn.XLOOKUP($D235,Assets.list,M$113:M$122)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,0,{"$f":"M242-M241","v":0},{"$f":"N242-N241","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,0,{"$f":"M243*fee.rate","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Total fee accrual",null,null,"NZ$m",null,null,null,null,null,{"$f":"IF(M7<=($H$15+1),SUM(M145,M156,M167,M178,M189,M200,M211,M222,M233,M244),Zero)","v":350.64242188776296},-3.1217024977716457,24.666400445840289,27.873032503799113,31.496526729293183,35.591075204101578,0,0,0,0,0]
[]
[null,{"$f":"Header_Number","v":4},"Fee Accrual and Negative Fee Bank"]
[]
[null,null,null,"Total Fee Accrual"]
[null,null,null,"Incentive fee accrual in year",null,null,"NZ$m",null,null,null,null,0,{"$f":"MAX(M246,0)","v":350.64242188776296},{"$f":"MAX(N246,0)","v":0},{"$f":"MAX(O246,0)","v":24.666400445840289},27.873032503799113,31.496526729293183,35.591075204101578,0,0,0,0,0]
[null,null,null,"Fee payable after offset",null,null,"NZ$m",null,null,null,163.93380276891648,91.334989603495387,{"$f":"M251-M257","v":350.64242188776296},{"$f":"N251-N257","v":0},{"$f":"O251-O257","v":21.544697948068642},{"$f":"P251-P257","v":27.873032503799113},31.496526729293183,35.591075204101578,0,0,0,0,0]
[]
[null,null,null,"Negative incentive fee bank"]
[null,null,null,"Opening negative fee bank",null,null,"NZ$m",null,null,null,null,0,{"$f":"L258","v":0},{"$f":"M258","v":0},{"$f":"N258","v":-3.1217024977716457},{"$f":"O258","v":0},0,0,0,0,0,0,0]
[null,null,null,"Bank additions",null,null,"NZ$m",null,null,null,null,0,{"$f":"MIN(M246,0)","v":0},{"$f":"MIN(N246,0)","v":-3.1217024977716457},0,0,0,0,0,0,0,0,0]
[null,null,null,"Bank offset",null,null,"NZ$m",null,null,null,null,0,{"$f":"IF(AND(M255<0,M255+M251<0),M251,-M255)","v":0},0,3.1217024977716457,0,0,0,0,0,0,0,0]
[null,null,null,"Closing negative fee bank",null,null,"NZ$m",null,null,null,null,0,{"$f":"SUM(M255:M257)","v":0},-3.1217024977716457,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"Header_Number","v":5},"Fee Payment"]
[]
[null,null,null,"Fee accrual",null,null,"NZ$m",null,null,null,{"$f":"fees.payable","v":163.93380276891648},91.334989603495387,350.64242188776296,0,21.544697948068642,27.873032503799113,31.496526729293183,35.591075204101578,0,0,0,0,0,0,0,0]
[null,null,null,"Fee payments - Tranche 1",null,null,"NZ$m",null,null,null,0,0,0,{"$f":"M262/3","v":116.88080729592099},0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,0,0,{"$f":"U262/3","v":0},0,0,0,0]
[null,null,null,"Fee payments - Tranche 2",null,null,"NZ$m",null,null,null,0,0,0,{"$f":"L262/3","v":30.444996534498461},116.88080729592099,0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,0,{"$f":"T262/3","v":0},0,0,0,0]
[null,null,null,"Fee payments - Tranche 3",null,null,"NZ$m",null,null,null,0,0,0,{"$f":"K262/3","v":54.64460092297216},30.444996534498461,116.88080729592099,0,7.1815659826895475,9.2910108345997049,10.498842243097728,11.863691734700526,{"$f":"S262/3","v":0},0,0,0,0]
[]
[]
[null,{"$f":"Header_Number","v":6},"Notes"]
[]
[null,"1) Details of how the Incentive Fee is calculated under the Management Agreement are outlined below. For simplicity, the model assumes all fees are calculated in line with the Annual Incentive Fee methodology."]
[]
[null,"Management Agreement section"]
[null,"9.4 International Portfolio Incentive Fees"]
[]
[null,"International Portfolio Incentive Fees"]
[null,null,"International Investments are eligible for International Portfolio incentive fees (’Incentive fees’) under the Management Agreement between Morrison and Infratil. International investments are portfolio entities that have at least 50% of their assets domiciled outside New Zealand. The Agreement allows for incentives to be payable for performance in excess of a minimum hurdle of 12% per annum in three separate areas:"]
[null,null,"- Initial Incentive Fees;"]
[null,null,"- Annual Incentive Fees;"]
[null,null,"- Realised Incentive Fees."]
[null,null,"To the extent that there are assets that meet these criterion, independent valuations are performed on the respective International Investments to determine whether any Incentive Fees are payable. More information on the calculation is available in Infratil's Annual Report."]
[null,null,"Negative performance in one fee area is offset against the other areas before incentive fees are paid. To the extent that aggregate incentive fees earned in a year do not fully extinguish the negative performance drag in the initial or annual fees, the negative balance is carried forward and offset against future years' performance. Realised incentive fee outcomes (whether positive or negative) are also included in the offsetting mechanism in the current year, but negative balances are only carried forward in specific circumstances (see summary of 2023 Management Agreement changes memo for futher details)."]
[]
[null,null,"International Portfolio Initial Incentive Fee"]
[null,null,"International Investments become eligible for the Initial Incentive Fee assessment on the third balance date (31 March) that they have been held continuously by the Company. All International Investments that are acquired in any one financial year are grouped together for the purposes of the Initial Incentive Fee, and an Initial Incentive Fee is payable at 20% of the outperformance of those assets against a benchmark of 12% per annum after tax, compounding."]
[]
[null,null,"International Portfolio Annual Incentive Fee"]
[null,null,"Thereafter International Investments are grouped together, and an Annual Incentive Fee is payable at 20% of the outperformance of those assets against the higher of, a benchmark of 12% per annum after tax, relative to the most recent 31 March valuation, or cost. In calculating the aggregate annual incentive fee, underperformance is also calculated on individual assets and is netted off any positive incentive fees earned on assets. "]
[null,null,"Any Annual Incentive Fee calculated in respect of a Financial Year is earned and paid in three annual instalments, with the second and third instalments being scaled down if the fair value of the relevant asset (including distributions, if any) is less than fair value or cost as at the 31 March for which the Incentive Fee was first calculated."]
[]
[null,null,"International Portfolio Realised Incentive Fee"]
[null,null,"Realised Incentive Fees are payable on the realised gains from the sale, or other realisation of International Investments at 20% of the outperformance (since the last valuation date) against the higher of, a benchmark of 12% per annum after tax, relative to the most recent 31 March valuation, or cost. "]
[]
[]
[null,{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},"END OF SHEET",null,{"$f":"\" \"","v":" "}," "," "," "," ",null," "," "," "," "," "," "," "," "," "," "," "," "]

{"sheet":"Fees History","index":4,"n_rows":155,"n_cols":18,"rows_kept":155,"cut":false,"hidden":false,"merged":[[148,2,148,16],[149,2,149,16]]}
[]
[null,"Infratil fees history"]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Period Start ","2020-04-01",{"$f":"M5+1","v":"2021-04-01"},{"$f":"N5+1","v":"2022-04-01"},{"$f":"O5+1","v":"2023-04-01"},"2024-04-01","2025-04-01"]
[null,null,null,null,null,null,null,null,null,null,null,"Period End ",{"$f":"EOMONTH(M4,Months_Year -1)","v":"2021-03-31"},"2022-03-31","2023-03-31","2024-03-31",{"$f":"EOMONTH(Q4,Months_Year -1)","v":"2025-03-31"},"2026-03-31"]
[null,null,null,null,null,null,null,null,null,null,null,"Financial year ",{"$f":"YEAR(M5)","v":2021},2022,2023,2024,{"$f":"YEAR(Q5)","v":2025},2026]
[null,null,null,null,null,null,null,null,null,null,null,"Period",1,{"$f":"M7+1","v":2},{"$f":"N7+1","v":3},{"$f":"O7+1","v":4},5,6]
[]
[null,"Fees history"]
["Assumptions"]
[null,{"$f":"Header_Number","v":1},"Fee history"]
[]
[null,null,null,null,null,null,null,"5-year total"]
[null,null,null,"Management fees",null,null,"NZ$m",{"$f":"SUM(M14:Q14)","v":362.36135875853017},null,null,null,null,45.698009777116781,57.307895430000016,63.217646865811425,86.838263745601992,109.29954293999999,0]
[null,null,null,"Incentive fees (accrual)",null,null,"NZ$m",{"$f":"SUM(M15:Q15)","v":1088.5970641184476},null,null,null,null,{"$f":"M34","v":223.06151456328772},{"$f":"N34","v":221.20081950733203},163.93380276891645,129.75850539114856,350.64242188776291,0]
[null,null,null,"Incentive fees (paid - cash)",null,null,"NZ$m",{"$f":"SUM(M16:Q16)","v":866.5614296741885},null,null,null,null,{"$f":"M18-M17","v":116.042595422677},270.76386696604499,270.76386696604516,{"$f":"P18-P17","v":102.23821309251602},{"$f":"Q18-Q17","v":106.75288722690533},121.97040475339145]
[null,null,null,"Incentive fees (paid - Scrip)",null,null,"NZ$m",{"$f":"SUM(M17:Q17)","v":110},null,null,null,null,0,0,0,60,50,80]
[null,null,null,"Total fees paid",null,null,"NZ$m",976.5614296741885,null,null,null,null,116.042595422677,270.76386696604499,270.76386696604516,{"$f":"SUM(M24:O24,M25:O25,M26:O26,N27:O27,N28:O28,M32,M33)/3","v":162.23821309251602},{"$f":"SUM(N24:P24,N25:P25,N26:P26,O27:P27,O28:P28)/3+P29+P30","v":156.75288722690533},{"$f":"SUM(O24:Q24,O25:Q25,O26:Q26,O27:Q27,O28:Q28,Q29,Q30,Q31)/3","v":201.97040475339145}]
[]
[null,{"$f":"Header_Number","v":2},"Historic incentive fee build-up"]
[]
[]
[null,null,null,"Incentive fees accrued"]
[null,null,null,"CDC",null,null,"NZ$m",null,null,null,null,null,{"$f":"M46","v":140.30970708487104},{"$f":"N46","v":84.751390525715493},{"$f":"O46","v":38.61793076539707},{"$f":"P46","v":60.145230718780482},{"$f":"Q46","v":359.91239619875091},0]
[null,null,null,"Longroad",null,null,"NZ$m",null,null,null,null,null,{"$f":"M57","v":-8.0372910251565202},{"$f":"N57","v":14.063841164531375},{"$f":"O57","v":136.73234437259876},{"$f":"P57","v":19.060542900336578},{"$f":"Q57","v":-25.199617961590548},0]
[null,null,null,"RetireAustralia",null,null,"NZ$m",null,null,null,null,null,{"$f":"M68","v":3.1561999931121481},{"$f":"N68","v":0.90409025509692365},{"$f":"O68","v":-5.2160587451455971},{"$f":"P68","v":-5.9350121475390445},{"$f":"Q68","v":-19.781248696216359},0]
[null,null,null,"Galileo",null,null,"NZ$m","Galileo's negative initial fee in FY22 was extinguished and not offset",null,null,null,null,0,0,{"$f":"O79","v":-0.51778571709012344},{"$f":"P79","v":23.120074660162913},{"$f":"Q79","v":2.4002489534217943},0]
[null,null,null,"Qscan",null,null,"NZ$m",null,null,null,null,null,0,0,{"$f":"O90","v":-5.6826279068436412},{"$f":"P90","v":-5.0558465282459455},{"$f":"Q90","v":7.3734961362066658},0]
[null,null,null,"Kao Data",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P101","v":15.578151970658475},{"$f":"Q101","v":-3.5257576706338343},0]
[null,null,null,"Gurin Energy",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P112","v":22.845363816995096},{"$f":"Q112","v":29.924371361922546},0]
[null,null,null,"Mint Renewables",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"Q123","v":-0.4614664340982586},0]
[null,null,null,"Tilt Renewables",null,null,"NZ$m",null,null,null,null,null,{"$f":"M134","v":86.050708204781046},{"$f":"N134","v":122.07642877612903},0,0,0,0]
[null,null,null,"ASIP",null,null,"NZ$m",null,null,null,null,null,{"$f":"M145","v":1.5821903056799997},{"$f":"N145","v":-0.59493121414079297},0,0,0,0]
[null,null,null,"Total incentive fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M24:M33)","v":223.06151456328772},221.20081950733203,163.93380276891645,129.75850539114856,350.64242188776291,0]
[null,null,null,"check",null,null,null,null,null,null,null,null,{"$f":"ROUND(M34-M15,2)","v":0},0,0,0,{"$f":"ROUND(Q34-Q15,2)","v":0}]
[]
[null,null,null,"CDC",null,null,null,null,null,null,null,null,"annual","annual","annual","annual","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,1515.617659137577,{"$f":"M44","v":2401.350468307558},{"$f":"N44","v":3117.2834661354586},{"$f":"O44","v":3660.2665082441113},{"$f":"P44","v":4399.3352234941731}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,8.3910123500000005,17.32616213,14.242393779999999,34.690205446806672,494.20935183108793]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,-5.8266975900000002,-13.45973371,-37.07762927000001,-36.491933834974816,-24.13363644209927]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,181.619958985626,288.30961677932339,372.72862377166757,440.14429004432668,543.26903243421248]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M38:M42)","v":1699.8019328832029},{"$f":"SUM(N38:N42)","v":2693.5265135068812},3467.1768544171259,4098.6090699002707,5412.6799713173732]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,2401.350468307558,3117.2834661354586,3660.2665082441113,4399.3352234941731,7212.2419523111275]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,{"$f":"M44-M43","v":701.54853542435512},{"$f":"N44-N43","v":423.75695262857744},193.08965382698534,300.72615359390238,1799.5619809937543]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"M45*0.2","v":140.30970708487104},{"$f":"N45*0.2","v":84.751390525715493},38.61793076539707,60.145230718780482,359.91239619875091]
[]
[null,null,null,"Longroad",null,null,null,null,null,null,null,null,"annual","annual","annual","annual","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,162.3758828579127,{"$f":"M55","v":136.2442114763947},{"$f":"N55","v":227.4047216893529},{"$f":"O55","v":1185.8253067212142},{"$f":"P55","v":1503.1460560870341}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,23.70567295,15.43799272,243.68757053471296,94.337043740000013,163.35398624378132]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,-1.9556418339173776,2.5722853060826232]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,-28.164042550000005,-10.609980849999998,-8.4171602847051226,-18.219797709257282,"-"]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,18.513153344264587,16.013292520301331,39.488452918859743,147.85643066731151,185.1560294003074]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M49:M53)","v":176.4306666021773},{"$f":"SUM(N49:N53)","v":157.08551586669603},{"$f":"SUM(O49:O53)","v":502.16358485822053},{"$f":"SUM(P49:P53)","v":1407.8433415853513},{"$f":"SUM(Q49:Q53)","v":1854.2283570372056}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,136.2442114763947,227.4047216893529,1185.8253067212142,1503.1460560870341,1728.2302672292528]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,{"$f":"M55-M54","v":-40.186455125782601},{"$f":"N55-N54","v":70.319205822656869},{"$f":"O55-O54","v":683.66172186299377},{"$f":"P55-P54","v":95.302714501682885},{"$f":"Q55-Q54","v":-125.99808980795274}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"M56*0.2","v":-8.0372910251565202},{"$f":"N56*0.2","v":14.063841164531375},{"$f":"O56*0.2","v":136.73234437259876},{"$f":"P56*0.2","v":19.060542900336578},{"$f":"Q56*0.2","v":-25.199617961590548}]
[]
[null,null,null,"RetireAustralia",null,null,null,null,null,null,null,null,"annual","annual","annual","annual","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,308.2135523613963,{"$f":"M66","v":360.98017861032457},{"$f":"N66","v":408.81825131904816},{"$f":"O66","v":431.79614775160599},{"$f":"P66","v":454.07858512144645}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,-5.2086184615007927]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,36.985626283367559,43.317621433238948,49.058190158285782,51.957498107535713,54.279024404582053]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M60:M64)","v":345.19917864476383},{"$f":"SUM(N60:N64)","v":404.29780004356354},{"$f":"SUM(O60:O64)","v":457.87644147733397},{"$f":"SUM(P60:P64)","v":483.75364585914167},{"$f":"SUM(Q60:Q64)","v":503.14899106452771}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,360.98017861032457,408.81825131904816,431.79614775160599,454.07858512144645,404.24274758344592]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,{"$f":"M66-M65","v":15.780999965560738},{"$f":"N66-N65","v":4.5204512754846178},{"$f":"O66-O65","v":-26.080293725727984},{"$f":"P66-P65","v":-29.675060737695219},{"$f":"Q66-Q65","v":-98.906243481081788}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"M67*0.2","v":3.1561999931121481},{"$f":"N67*0.2","v":0.90409025509692365},{"$f":"O67*0.2","v":-5.2160587451455971},{"$f":"P67*0.2","v":-5.9350121475390445},{"$f":"Q67*0.2","v":-19.781248696216359}]
[]
[null,null,null,"Galileo",null,null,null,null,null,null,null,null,null,"initial","annual","annual","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,{"$f":"N77","v":26.13619612241628},{"$f":"O77","v":71.161259458989306},{"$f":"P77","v":237.10711564503026}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,28.159030380000004,42.069046279999995,39.119944539017283,41.889103236533074]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,0,3.2264174117192947,5.5449456420236523,11.225538346209101,30.091811955425463]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,0,{"$f":"SUM(N71:N75)","v":31.385447791719301},{"$f":"SUM(O71:O75)","v":73.750188044439923},{"$f":"SUM(P71:P75)","v":121.5067423442157},{"$f":"SUM(Q71:Q75)","v":309.08803083698876}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,26.13619612241628,71.161259458989306,237.10711564503026,321.08927560409774]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,0,{"$f":"N77-N76","v":-5.2492516693030211},{"$f":"O77-O76","v":-2.588928585450617},{"$f":"P77-P76","v":115.60037330081457},{"$f":"Q77-Q76","v":12.001244767108972}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,0,{"$f":"N78*0.2","v":-1.0498503338606042},{"$f":"O78*0.2","v":-0.51778571709012344},{"$f":"P78*0.2","v":23.120074660162913},{"$f":"Q78*0.2","v":2.4002489534217943}]
[]
[null,null,null,"Qscan",null,null,null,null,null,null,null,null,null,null,"initial","annual","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,null,{"$f":"O88","v":370.55662901498926},{"$f":"P88","v":407.77525258686416}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,0,309.71679535999999,17.879842372660988,"-"]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,-2.4395988023408219,0,-43.572557771749921]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,0,0,91.692571991548263,44.618013840443631,48.933030310423703]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,0,0,{"$f":"SUM(O82:O86)","v":398.96976854920746},{"$f":"SUM(P82:P86)","v":433.05448522809388},{"$f":"SUM(Q82:Q86)","v":413.13572512553793}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,370.55662901498926,407.77525258686416,450.00320580657126]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,0,0,{"$f":"O88-O87","v":-28.413139534218203},{"$f":"P88-P87","v":-25.279232641229726},{"$f":"Q88-Q87","v":36.867480681033328}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,0,0,{"$f":"O89*0.2","v":-5.6826279068436412},{"$f":"P89*0.2","v":-5.0558465282459455},{"$f":"Q89*0.2","v":7.3734961362066658}]
[]
[null,null,null,"Kao Data",null,null,null,null,null,null,null,null,null,null,null,"initial","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"P99","v":550.68190877275595}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,0,0,392.79128689336875,82.935509394315616]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0.32531415999999996,8.3166438500000002]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,"-"]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,0,0,0,79.674547866094827,70.2324680601604]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"SUM(P93:P97)","v":472.79114891946358},{"$f":"SUM(Q93:Q97)","v":712.16653007723198}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,550.68190877275595,694.53774172406281]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P99-P98","v":77.890759853292366},{"$f":"Q99-Q98","v":-17.62878835316917}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P100*0.2","v":15.578151970658475},{"$f":"Q100*0.2","v":-3.5257576706338343}]
[]
[null,null,null,"Gurin Energy",null,null,null,null,null,null,null,null,null,null,null,"initial","annual"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"P110","v":233.5079702887665}]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,0,0,104.8906988408815,67.493681147487521]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,1.7916333157725264,4.266872995772526]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,-0.59609565521883678,-0.56318469656992087]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,0,0,0,13.194914702355829,31.296787798532733]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"SUM(P104:P108)","v":119.28115120379103},{"$f":"SUM(Q104:Q108)","v":336.00212753398932}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,233.5079702887665,485.62398434360205]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P110-P109","v":114.22681908497547},{"$f":"Q110-Q109","v":149.62185680961272}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,0,0,0,{"$f":"P111*0.2","v":22.845363816995096},{"$f":"Q111*0.2","v":29.924371361922546}]
[]
[null,null,null,"Mint Renewables",null,null,null,null,null,null,null,null,null,null,null,null,"initial"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,21.815933630201418]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,3.1014519818918678]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"SUM(Q115:Q119)","v":24.917385612093284}]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,22.610053441601991]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"Q121-Q120","v":-2.3073321704912928}]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,{"$f":"Q122*0.2","v":-0.4614664340982586}]
[]
[null,null,null,"Tilt Renewables",null,null,null,null,null,null,null,null,"annual","realised"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,966.47192197125253,{"$f":"M132","v":1317.46357311925},0,0,0]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,-179.64621353999999,0,0,0,0]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,-22.292867190000003,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,100.38432366409222,53.67988326510477,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M126:M130)","v":887.21003209534479},{"$f":"SUM(N126:N130)","v":1348.8505891943548},0,0,0]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,1317.46357311925,1959.2327330749999,0,0,0]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,{"$f":"M132-M131","v":430.2535410239052},{"$f":"N132-N131","v":610.38214388064512},0,0,0]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"M133*0.2","v":86.050708204781046},{"$f":"N133*0.2","v":122.07642877612903},0,0,0]
[]
[null,null,null,"ASIP",null,null,null,null,null,null,null,null,"annual","realised"]
[null,null,null,"Prior year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,33.368173929999998,{"$f":"M143","v":45.552035659999994},0,0,0]
[null,null,null,"Capital",null,null,"NZ$m",null,null,null,null,null,0.26872933000000004,0,0,0,0]
[null,null,null,"FX",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Distributions",null,null,"NZ$m",null,null,null,null,null,0,0,0,0,0]
[null,null,null,"Hurdle",null,null,"NZ$m",null,null,null,null,null,4.0041808716000009,1.6922893247934281,0,0,0]
[null,null,null,"Benchmark valuation",null,null,"NZ$m",null,null,null,null,null,{"$f":"SUM(M137:M141)","v":37.641084131599996},{"$f":"SUM(N137:N141)","v":47.244324984793423},0,0,0]
[null,null,null,"Current year incentive fee valuation",null,null,"NZ$m",null,null,null,null,null,45.552035659999994,44.269668914089458,0,0,0]
[null,null,null,"Outperformance",null,null,"NZ$m",null,null,null,null,null,{"$f":"M143-M142","v":7.9109515283999983},{"$f":"N143-N142","v":-2.9746560707039649},0,0,0]
[null,null,null,"Fee",null,null,"NZ$m",null,null,null,null,null,{"$f":"M144*0.2","v":1.5821903056799997},{"$f":"N144*0.2","v":-0.59493121414079297},0,0,0]
[]
[null,{"$f":"Header_Number","v":3},"Notes"]
[]
[null,null,"The Galileo initial incentive fee calculated in March 2022, generated a negative initial fee of $1.0 million. Under the management agreement terms at that time since there was no offsetting positive fee in the FY22 initial fee bucket the negative fee was extinguished and not carried forward."]
[null,null,"Subsequently in March 2023, the Infratil Management Agreement was amended allowing for the offsetting of negative incentive fees between buckets. As a result the Qscan negative initial incentive fee in March 23 was offset against the postive annual incentive fee bucket."]
[]
[]
[]
[]
[null,{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},{"$f":"\" \"","v":" "},"END OF SHEET",{"$f":"\" \"","v":" "}," "," "," "," ",null," "," "," "," "," "," "]