Auckland International Airport Limited · NZX:AIA

Auckland International Airport — Investor Presentation (November 2013)

13 slides from Auckland International Airport's investor presentation, November 2013

1. Slide 1: Return of Capital

   Return of Capital Auckland International Airport Limited

2. Slide 2: Executive summary

   Return of Capital 2013 Executive summary  Strong business performance over recent years has changed the Company’s debt and equity balance to having a greater proportion funded by equity  Auckland Airport is focussed on being fast, efficient and effective – need to effectively manage operating expe

3. Slide 3: Strong performance – Strengthening business

   Return of Capital 2013 Strong performance – Strengthening business June June June June June 2009 2010 2011 2012 2013 Market Capitalisation ($m) $1,972 $2,450 $2,935 $3,240 $3,927 Debt ($m) $1,077 $1,092 $1,085 $1,109 $1,142 Enterprise Value ($m) $3,049 $3,542 $4,020 $4,349 $5,069 Debt to Enterprise

4. Slide 4: Strong performance – Strengthening credit ratios

   Return of Capital 2013 Strong performance – Strengthening credit ratios Year Ended 30 June 2009 2010 2011 2012 2013 Auckland Airport passenger summary Domestic passengers 5,598,077 6,032,410 6,040,265 6,236,915 6,760,537 International passengers (incl. transits) 7,359,611 7,415,792 7,392,045 7,769,2

5. Slide 5: Strategic rationale – Faster, Higher, Stronger

   Return of Capital 2013 Strategic rationale – Faster, Higher, Stronger  Being fast, efficient and effective is a key theme of our new Faster, Higher, Stronger business strategy  This productivity theme includes efficient use of our investors’ money.  The strength of the Company following the capit

6. Slide 6: The proposed capital return

   Return of Capital 2013 The proposed capital return  Capital return to be by way of a Court approved arrangement (“Arrangement”) Payment for each  The proposed return of capital will result in: cancelled share  one in every 10 shares held by each shareholder to be cancelled  for each share cancel

7. Slide 7: Target Standard & Poor’s credit rating

   Return of Capital 2013 Target Standard & Poor’s credit rating  We believe the capital return should result in Auckland Airport maintaining our target of an A- stable credit rating  To establish the amount of the capital return Auckland Airport considered:  the newly released Standard & Poor’s rat

8. Slide 8: Funding of capital return

   Return of Capital 2013 Funding of capital return  The Company will immediately seek short-term bank facilities to provide funding certainty to the capital return  If shareholders approve the capital return, the Company will replace the short-term bank facilities with long-term funding consistent w

9. Slide 9: Dividend policy and dividend timing

   Return of Capital 2013 Dividend policy and dividend timing  Auckland Airport dividend policy remains: “Auckland Airport’s dividend policy is to pay 100% of underlying net profit after tax (excluding unrealised gains and losses arising from a revaluation of property, or treasury instruments and othe

10. Slide 10: Taxation implications

    Return of Capital 2013 Taxation implications  Objective is to return capital as efficiently as possible  IRD is satisfied that a capital return, in the manner proposed, is not in lieu of the payment of a dividend  Approximately $181.6 million of the return will fully utilise the Company’s Availab

11. Slide 11: Impact on the Company

    Return of Capital 2013 Impact on the Company Before After Auckland Airport shares issued 1,322,772,589 1,190,495,330 Share price on close of business before announcement $3.43 Assumed share price after the capital return $3.43 Market Capitalisation $4,537m $4,083m Notional total debt (as at 30 June

12. Slide 12: Example of impact on a shareholder

    Return of Capital 2013 Example of impact on a shareholder Before After Shares held 10,000 9,000 Share price on close of business before announcement $3.43 Assumed share price after the capital return $3.43 Value of shares $34,300 $30,870 Capital return cash payment to shareholders1 - $3,430 Value of

13. Slide 13: Expected timetable

    Return of Capital 2013 Expected timetable Announcement of capital return 28 November 2013 Initial application to High Court 29 November 2013 Initial court orders expected to be made Mid-December 2013 Send out notice of meeting to shareholders Late January 2014 Shareholders meeting Mid-February 2014

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