3i Infrastructure PLC · LSE:3IN
3i Infrastructure — Investor Day (February 2020)
68 slides from 3i Infrastructure's investor day presentation, Feb 10, 2020
Slide 1: Capital Markets Event 10 February 2020
. 3) Infrastructure plc 6D Capital Markets Event 10 February 2020 3i Infrastructure plc
Slide 2: Important information
Important information The sole purpose of this information-only presentation (“Presentation”) is to provide information on a non-reliance basis about 3i Infrastructure pic and its subsidiaries (together “3iN") and their holdings in 3IN’s investment portfolio. This Presentation should not be taken as
Slide 3: Introduction
Introduction Phil White Managing Partner, Infrastructure
Slide 4: Clear purpose and strategy
Clear purpose and strategy @ Our purpose Our strategy ... deliver a long-term sustainable ... maintain a balanced portfolio of return to shareholders from infrastructure investments delivering an investing in infrastructure attractive mix of income yield and capital appreciation for shareholders 19.
Slide 5: WIG
WIG Matt Barker Partner, Infrastructure
Slide 6: Case study: WIG
Case study : WIG @ ¢ Initial investment in April 2016, increased to majority stake in January 2018 445 e Strong management team ¢ Independent operator in a competitive 262 market ¢ Growing demand for data and mobile 7 al connectivity underpinning demand for towers | ° Exit achieves 27% IRR for fund,
Slide 7: Achievements during our ownership
Achievements during our ownership ¢ Significant growth over past three years — New build towers — Portfolio acquisitions ¢ Executed on strategy to grow indoor network offering ¢ Successful refinance to support growth ambitions ¢ International footprint development * Positioned for 5G and beyond — Sm
Slide 8: Why sell?
Why sell? ¢ Changing competitive environment for UK mobile towers — New entrants — Need for scale — Potential transactions in the next year ¢ Began to explore options to prepare WIG for these transactions * Compelling offer received from Brookfield Infrastructure 4° Structured transaction to manage
Slide 9: Ionisos
lonisos Bernardo Sottomayor Partner, Infrastructure
Slide 10: Ionisos
lonisos @ Leading owner and operator of cold sterilization facilities =_— TS } ) + Acquired in July 2019, €210m for c.93% alongside management (S 2 ¢ Third largest cold sterilisation provider globally (wy ( — Treatment of materials, products and packaging — Suitable for sensitive products that canno
Slide 11: Why did we invest?
Why did we invest? @ Sound market fundamentals with non-cyclical drivers ¢ Mission-critical service for the medical, pharmaceutical and o? cosmetics industries “— ¢ Increasingly stringent regulation governing sterilisation e way ¢ Strong market position a * Growing demand for healthcare services ¢ P
Slide 12: Current focus
Current focus Deliver on current growth projects and explore further opportunities ¢ Ramp up of the new E-beam facility in Italy * Complete expansion of E-beam facility in Germany * Optimize and expand capacity of French facilities to accommodate growing demand ¢ Work with CEO to strengthen the loni
Slide 13: Ionisos presenting today
lonisos Presenting today Christoph Herkens CEO of lonisos Groupe @IONISOS Joined in 2015, appointed CEO in 2018. Formerly VP of Global supply operations at bioMérieux; started career at Booz Allen Hamilton 13
Slide 14: 3i Infrastructure plc Capital markets day 2020
3i Infrastructure plc Capital markets day : 2020 www.ionisos.com
Slide 15: Provider of industrial scale sterilisation services
Provider of industrial scale sterilisation services Sterilised Products Packaging (for medical devices, pharma, food) , Cosmetics, other sterilisation and decontamination Medical devices and pharmaceutical @IONISOS
Slide 16: Unique cold sterilisation technologies
| Unique cold sterilisation technologies Cold Sterilisation * Sterilisation w/o elevation of ethylene Gaida (& Fea temperature and pressure = Chemical or physical interaction with the biomaterial of microorganisms Gamma Benefits = Allows treatment of finished goods E-beam (« EB ») = No visible chang
Slide 17: Automated and safe manufacturing process
Automated and safe manufacturing process Schematic view of agamma sterilisation facility Highly automated Safe Replicable highest quality Sustainable Source: IONISOS, picture from NORDION @IONISOS
Slide 18: Wide European Footprint
Wide European Footprint Attractive Footprint = Ability to address big parts of Western Europe and beyond * Footprint able to match client footprint = Natural catchment areas (logistics — lead time and cost) " Technology networks enabling synergies / transfers between sites Sablé | Gamma Is Pouzauges
Slide 19: Operating as integral part of clients' manufacturing and logistics chain
i Operating as an integral part of our clients’ manufacturing & logistics chain Sterile manufacturing and logistics chain Production site(s) Production site(s) Production site(s) — Raws’ ~- @/ONISOS- WwiP ——— FG _—— DC = Raws wiP - @IONISOS— FG —— Dc = Raws wiP _ FG ~ @IONISOS- Dc © Offering essenti
Slide 20: Cold sterilisation and additional services along the value chain
| Offering cold sterilisation and additional services along the value chain Sterile product value chain R&D / development mg gs Raw a " age ‘ (re) Validation, . rapt Sterility testing Logistics & of sterile process licensing material/WIP/FG Sterilisation atid Gantrol alatibuticn and product producti
Slide 21: In a large market with solid business fundamentals
| In a large market with solid business fundamentals Cold sterilisation market (2018) 2018 volumes Europe €m Internal cold sterilisation External cold sterilisation | Addressable market | ~€0.8-1bn ~270 World Europe Source: Roland Berger, IONISOS Analysis E-beam Internal X Ray MA WY External Solid B
Slide 22: Strong market growth based on favourable mega trends in healthcare
Strong market growth based on favourable mega trends in healthcare Market growth external cold sterilisation in Europe Mega Trends €m Sales (€m) Volumes (m pallets = Population 7 on mar " = Legal framework and standards GAD V/ wget ” 270 = i = Medical practice _ @IONISOS
Slide 23: IONISOS the clear #3
" IONISOS the clear #3 Cold sterilisation competition - Europe Technologies 55 0 Size / label = number of sites @IONISOS —_&Sterigenics. (35... - Small providers CO DORTD oii.) cle site Ih. IL T 1 fr T T T T T T 1 [/-— T T 0 5 25 30 35 40 45 50 55 110 115 120 Sales (€m) Source: Roland Berger, IONISO
Slide 24: IONISOS strong performance
IONISOS strong performance Group Sales @ IONISOS er eo1sm ©2368" wm iil I | ; | 2009 =2010 8 2011 2012 4 =2013 2014 2015 2016 2017 «2018 = 2019 Source: IONISOS analysis 2 @IONISOS
Slide 25: Our expansion and diversification strategy
Our expansion and diversification strategy Acquisitions, Greenfields Strategic Thrusts Organic Geography Y Technology Y Services Y Y v Operations and compliance excellence @IONISOS 2S
Slide 26: Q&A
Q&A 26
Slide 27: Joulz
Joulz Aaron Church Partner, Infrastructure
Slide 28: Joulz
Joulz @ Leading provider of essential energy infrastructure equipment and services ¢ Acquired in May 2019, €220m for 100% * Two business units, each generating c.50% of total revenues: — Metering : Operate and read c.50,000 electricity and gas meters for non-household customers — Infrastructure Serv
Slide 29: Why did we invest?
Why did we invest? @ Strong market positions and opportunity to benefit from the Energy Transition ¢ Meters and medium voltage electrical infrastructure are critical for customers’ operations ¢ Established asset base with medium to long term contracts providing good cashflow visibility ¢ Dutch Gover
Slide 30: Current focus
Current focus Growing order book across both business units Carve-out from Stedin progressing to plan Completing senior management team Refining growth strategy, and assessing bolt-on acquisitions 30
Slide 31: Joulz presenting today
Joulz Presenting today Jan Verheij CEO of Joulz CEO since 2015. 25 years’ experience in various director roles including at Van Gansewinkel, CityTec, Reym (Renewi) and van Vilet Groep. 31
Slide 32: JOULZ
JOULZ
Slide 33: About us
About us Infrastructure services Rental; Projects; Operations and maintenance. Smart Design ale Existing infrastructure optimised 7 for flexible use and adaptation to new functions such as electric vehicles and \ energy storage Metering services Rental; Data services; Operations and maintenance.
Slide 34: Our position
Our position in the (traditional) energy value chain Generation Transmission Distribution Connect & Use P. Non-regulated Non-regulated ‘ B2B market 2008 - 2015
Slide 35: Evolution of the value chain
Evolution of the value chain Additional offer <2016 Com Fal ‘ eaane FA Traditional offer <2013 aS =D a]
Slide 36: Transition of the energy landscape
Transition of the energy landscape potter eee ee eK eK KK I | Heat electrification I . ‘ ! 4 Sustainable & decentralised ! ! ! Increasing decentral and 1 I P x 1 sustainably energy production I ae Increasing electrical transport I I I I I Flexibility and storage I Increasing flexibilisation of energ
Slide 37: Energy As A Service
Energy As A Service Energy - As - A - Service Future Offer os Ws am & Additional offer <2016 pmo a ox Traditional offer <2013 TI! ~ — i
Slide 38: Joulz future
Joulz future Becoming the integrated energy service provider * Benefit of non-regulated shareholder * Huge competitive advantage ~— Investment capabilities - EV - PV * Capturing market share
Slide 39: Joulz
Joulz encourage new energy
Slide 40: JOULZ
JOULZ
Slide 41: Q&A
Q&A 41
Slide 42: Tampnet
Tampnet Scott Moseley Partner, Infrastructure
Slide 43: Tampnet
Tampnet Leading independent offshore telecoms network operator in the North Sea and @ the Gulf of Mexico * Completed in May 2019, €220m for c.50% alongside ATP and management ¢ Leading offshore communication infrastructure provider globally ° c.85% of its business in the North Sea and c.15% in the G
Slide 44: Why did we invest?
Why did we invest? Resilient core business with strong near-term growth prospects Mission-critical communications in an often-hostile environment — unmatched latency and reliability — innovative wireless solutions — value added services Supports digitisation of offshore operations — improve efficien
Slide 45: o P| ) £ _ e © — ro =| O
o P| ) £ _ e © — ro =| O
Slide 46: Tampnet presenting today
Tampnet Presenting today Per Helge Svensson CEO of Tampnet tampnet 35 years of experience in the Oil & Gas and IT industry 46
Slide 47: Tampnet
Qo tampnet > A, tampnet Company Presentation Raising che + -f Starfurfp 10th February 2020 >
Slide 48: Tampnet Introduction Video
Slide 49: Tampnet's vision to become a global leader
Tampnet’s vision is to become a global leader in providing high capacity, low latency and reliable connectivity to offshore installations, mobile rigs, wind farms and vessels
Slide 50: The Enabler of Digitisation in the Offshore Industry
The Enabler of Digitisation in the Offshore Industry Unique and Non-replicable Communication Infrastructure an" tampnet Tampnet’s Service Offering is Unique 50
Slide 51: Oil & Gas
Oil & Gas Qo tampnet Cable Layer << a
Slide 52: Maritime
a Maritime tampnet Production Platform ~
Slide 53: Wind Energy
Wind Energy
Slide 54: Onshore Infrastructure
Onshore Infrastructure Qo tampnet
Slide 55: Tampnet Business Areas
Qotampnet TAMPNET BUSINESS AREAS Unparalleled connectivity for business critical operations Wind Energy Maritime International Carrier
Slide 56: North Sea
North Sea: Fibre optic network and 4G LTE coverage
Slide 57: Gulf of Mexico
S/o Gulf of Mexico: Dats Fibre optic network and 4G LTE coverage
Slide 58: Tampnet Network
TAMPNET NETWORK — Your Gateway to the Nordics
Slide 59: Mobile Rigs and Vessels
Mobile Rigs and Vessels Fixed Installations Tampnet layers additional product offerings on top of the existing network to both O&G and non-O&G players 59
Slide 60: Attractive Cash Flow Profile
Attractive Cash Flow Profile Superior Revenue Development Revenue Split (NOK) (a) Carrier 686 431 183 2012A 2015A 2018A ‘Source: Company information. 60
Slide 61: Diversified Blue Chip Client Base
Fixed Installations tf Mobile Rigs & Vessels ab. #1) Roaming et te Diversified Blue Chip Client Base Customers bp @® Exonmoi #¥ Area. EQ — 4 Acs? EE 2 ncvros ea meiner MarathonOil — ConocdPhillips = ate tuna Apache A - Miressos: varenergi ®speedcast RigNet Ey MAREK ws NEPTUNE Satet T-Mobile &kpn O g
Slide 62: Enabling Digitalisation of Offshore fields
Enabling % :. Digitalisation 45 NBdoT eS, *& of Offshore fields Coverage - One antenna covers the whole platform with 850 MHz spectrum - Wireless devices and sensors can easily be connected - No costly cabling (as WIFI requires)
Slide 63: Sustainable Business
Qotampnet SUSTAINABLE BUSINESS ¢ Always a demand for high-quality connectivity offshore ¢ Remote operations of offshore O&G fields v¥ Unmanned v Digitalization v Electrification v Increased safety ¢ New market players offshore as; Wind Farms Fish Farms Wave Power Plants Carbon Capture Projects Cruis
Slide 64: Key Investment Highlights
Key Investment Highlights Very strong underlying market trends Non-replicable infrastructure Multiple levers of growth Diversified blue chip client base tampnet Strong financial performance Tampnet is a unique infrastructure owner and operator that represents an attractive investment opportunity
Slide 65: Q&A
Q&A
Slide 66: Closing remarks
Closing remarks Phil White Managing Partner, Infrastructure
Slide 67: Clear strategic priorities
Clear strategic priorities oH] @ Maintaining a balanced portfolio & Managing the portfolio intensively © Maintaining an efficient balance sheet 67
Slide 68: Slide 68