Atlas Arteria · ASX:ALX

Atlas Arteria — Macquarie Atlas Roads — Citi 9th Annual Australian & New Zealand Conference (March 2012)

20 slides from Atlas Arteria's conference presentation, March 2012

1. Slide 1: Macquarie Atlas Roads - Citi 9th Annual Australian & New Zealand Conference

   MACQUARIE ATLAS ROADS Citi 9th Annual Australian & New Zealand Conference March 2012 1

2. Slide 2: Disclaimer

   Disclaimer Di l i Disclaimer Macquarie Atlas Roads (MQA) comprises Macquarie Atlas Roads Limited (ACN 141 075 201) (MARL) and Macquarie Atlas Roads International Limited (Registration No. 43828) (MARIL). Macquarie Fund Advisers Pty Limited (ACN 127 735 960) (AFSL 318 123) (MFA) is the manager/advise

3. Slide 3: Disclaimer

   Disclaimer H Hong K Kong This document has been prepared and intended to be disposed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong for the purpose of providing preliminary information and does not constitute any offer to the pub

4. Slide 4: Presentation agenda

   Presentation agenda 1. Overview 5 2. APRR/Eiffarie 11 3. Outlook 18 4. Questions 20 4

5. Slide 5: 1. Overview

   1. Overview

6. Slide 6: Snapshot

   Snapshot MQA was created out of the restructure of Macquarie Infrastructure Group into two separate ASX-listed toll road groups, MQA and Intoll Listing Date 25 January 2010 Market Capitalisation1 $759,097,136 ASX Ranking Top 200 Toll Roads in Portfolio 6 Weighted average length of concession life re

7. Slide 7: Strategy & objectives

   Strategy & objectives Commence dividend payments1 Manage debt mat maturities rities over time / de-risk assets Explore and maximise value by way of sale or securing dividend Deliver growth in the existing portfolio 1. Based on current outlook, dividends from MQA are anticipated to commence in 2013.

8. Slide 8: Portfolio

   Portfolio „ Second largest g network in France and MQA’s flagship asset „ Bypasses the City of Birmingham (UK) and the „ Located in Loudoun County, County M6 motorway one of the fastest growing counties in the USA „ Runs full length of northern Indiana; a critical part of the inter-state route betwe

9. Slide 9: Structure

   Structure Protects asset values and is integral to MQA’s strategy of value recovery „ MQA has no corporate level debt and A$16.1m in available cash1 „ Each asset is in a separate holding company structure „ All asset level debt is project finance, with no recourse to MQA or any other portfolio asset

10. Slide 10: Value proposition

    Value proposition MQA is an investment vehicle for APRR/Eiffarie and Dulles Greenway plus additional value from other assets MQA = APRR/Eiffarie + Dulles Greenway + Other assets „ APRR/Eiffarie a mature operating network with an EBITDA of €1,398.6m1 representing a CAGR of 3.7% since 2007 „ APRR/Eiff

11. Slide 11: 2. APRR/Eiffarie

    2. APRR/Eiffarie

12. Slide 12: APRR

    APRR Europe’s fourth-largest motorway company operates a motorway network of almost 2,300km „ MQA ownership: ~19.4%1 „ Remaining concession life of 21 years „ Regulated toll increases: — 2011 - 2013: annual tariff increase of 85% CPI ex tobacco plus 0.5% under Contrats de Plan — Post 2013: annual ta

13. Slide 13: APRR performance

    APRR performance Mature operating asset with a history of resilience „ 12 months to December 2011: traffic +1.6%, revenue +4.2%; EBITDA +5.5% EBITDA Performance1 2007 - 2011 (€m) 68.0% 68.4% 69.2% 67 0% 67.0% 67 8% 67.8% 623 614 595 590 595 1,265 1,326 1,399 1,208 1,244 Dec-07 Dec-08 Dec-09 Dec-10 D

14. Slide 14: APRR traffic analysis

    APRR traffic analysis Traffic grew 1.6% in 2011, equivalent to 3.3% above 2007 levels „ Light vehicle traffic (which comprised 85% of total VKT in 2011) is above pre-recession levels while heavy vehicles have not yet fully recovered „ Heavy H hi l performance vehicle f iis closely l l correlated l d

15. Slide 15: APRR operational efficiencies

    APRR operational efficiencies Total costs increased 1.5% in 2011 however EBITDA margin continues to improve Operating Expenses (€m) „ Taxes and duties increased 10% reflecting EBITDA 69.2% increases in TAT and CET 650 68 4% 68.4% Margin 68.0% — TAT increased due mainly to higher traffic and an incre

16. Slide 16: APRR cash generation

    APRR cash generation APRR generates substantial cash flow in excess of profit „ Surplus cash to fund capex and debt maturities (supplemented by bond issues) „ Group expected to naturally deleverage over time „ Tax grouping provides additional benefit from deductions at Eiffarie APRR profit vs operat

17. Slide 17: APRR cash flow to MQA

    APRR cash flow to MQA Post-acquisition simplified structure1 APRR dividend to Eiffarie MQA „ APRR dividends are limited to company profit accrued 19.4% of free Eiffarie distribution to MQA cash flow „ Eiffarie distributions determined by residual cash flow after Eiffarie SAS Tax debt service Consoli

18. Slide 18: 3. Outlook

    3. Outlook

19. Slide 19: 2012 Outlook

    2012 Outlook Growing the existing portfolio „ APRR — 1Q ttraffic ffi expected t d to t be b weakk but b t improving i i for f 2012 b based d on lleading di iindicators di t — Toll increase in February 2012 to benefit revenue „ Remainder portfolio f — Improving traffic performance for US roads genera

20. Slide 20: 4. Questions

    4. Questions

Macquarie Atlas Roads — Citi 9th Annual Australian & New Zealand Conference (March 2012) on 6ix