#1KIT KEPPEL INFRASTRUCTURE TRUST Proposed Acquisition of a Leading Integrated Waste Platform in South Korea 8 August 2022 X#2Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units ("Units") in Keppel Infrastructure Trust ("KIT") or rights to purchase Units in Singapore, the United States or any other jurisdiction. This presentation is strictly confidential to the recipient, may not be reproduced, retransmitted or further distributed to the press or any other person, may not be reproduced in any form and may not be published, in whole or in part, for any purpose to any other person with the prior written consent of the Trustee-Manager (as defined hereinafter). 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None of Eco Management Korea ("EMK") or any of their respective employees, agents or representatives shall have any liability whatsoever (in negligence or otherwise) for this presentation, statements made in the related oral presentation of these materials or any loss howsoever arising from any use of these materials or its contents, any related oral presentation or otherwise arising in connection with this presentation. This presentation has not been prepared by EMK or any member of the EMK group and none of such entities have verified any information contained herein Investors may not rely on EMK or any member of the EMK group or any of their respective employees, agents or representatives in connection with this presentation or statements made in the related oral presentation Investors will have no recourse to EMK or any of their respective in respect of the investment.#3Proposed acquisition of a leading waste platform in South Korea Acquisition marks KIT's expansion into South Korea ■ Jointly investing with Keppel entities to acquire Eco Management Korea (EMK), with KIT holding 52% majority interest ■ EMK is a leading integrated waste management player in South Korea with diversified business operations across solid waste management (incl. incineration), liquid waste management and landfill KITI KEPPEL TRUST INFRASTRUCTURE Keppel Asia Infrastructure Fund Keppel Infrastructure 52% Investor Holdco 30% 100% EMK Eco Management Korea 18% 1. Based on an exchange rate of S$1 : KRW 940. Key Terms of Proposed Acquisition Seller Purchase Consideration Proposed Funding Expected Completion IMM Investment and Korea Development Bank Private Equity Total: KRW 626.1b (approx S$666.1m¹) KIT's interest: KRW 325.6b (approx S$346.4m¹) Combination of internal sources of funds, equity and/or debt capital market issuances and/or external borrowings 2H 2022, subject to condition precedents² 2. Including the consummation of the spin-off and transfer of all issued and outstanding equity interests in Shindaehan Refined Fuel Co., Ltd. (Shindaehan) and other related assets and liabilities to a new subsidiary of the Seller. Shindaehan is in the business of wastewater treatment and waste oil refining and will not be part of the Target Group to be acquired under the SPA. KEPPEL TRUST KITI INFRASTRUCTURE 3#4EMK: South Korea's leading integrated waste platform Defensive business backed by blue chip customers Solid 3rd largest incineration capacity in South Korea (404 tons/day) Solid ■ Capable of treating both general and designated waste ■ High treatment volume and unit price in Seoul Metropolitan The only integrated waste management platform capable of sludge drying Key customers of EMK: Liquid Largest waste oil refining player in South Korea (154 tons/day) Liquid ■ Major waste acid/alkali neutralization player Extensive customer base due to its location in Seoul Metropolitan Area Landfill 4th largest landfill capacity in South Korea, and 2nd largest in Yeongnam area Landfill Commencement of business in Jan 2022 Potential expansion in capacity LG, Samsung, Coupang, K Water, KCC Glass Corporation, Hanil Cement, Korea Advanced Nano Fab Center, Korea Electronics Technology Institute, Cheongju City and Jincheon-Gun KIT KEPPEL INFRASTRUCTURE 4 TRUST#5EMK: Essential service provider with nationwide coverage Strong presence in key regions including the Seoul Metropolitan Area and Yeongnam 6 05 Incineration facilities in Seoul Metropolitan, Chungcheong and Honam Businesses strategically located in key industrial regions Korea Environment Development Vinotec (Ansan) Sludge dry facilities in Seoul Metropolitan, Chungcheong and Honam Top Eco (Hwaseong) Dana Energy Solution (Cheongju) (Ansan) Seoul Metropolitan Green Energy (Ansan) Chungcheong KD Environment (Gyeongju) Landfill site in Yeongnam with remaining capacity of 1.5 million m3 (useful life of approx. 10 years) Honam EMK SK (Iksan) Yeongnam Solid Liquid Landfill EMK Ulsan (Ulsan) KIT KEPPEL INFRASTRUCTURE TRUST 5#6EMK: Strong operational track record with best-in-class operations Providing essential waste management services Strong Operational Track Record 95% Availability Best-in-class operations >340 operating days/ annum in the past 3 years Solid (incl. collection + drying) Fully-integrated value chain that enhances customer retention and satisfaction Designated Solidified fly ash Fly ash Incineration ash Landfill Steam Sale Steam I | Electricity Il Refined oil Sludge Dry Sludge Residual material Waste oil Waste Waste acid/ Liquid Treatment Solvents Waste alkali KIT KEPPEL INFRASTRUCTURE TRUST 6#7Key investment highlights Rare opportunity to acquire a waste management platform of scale in South Korea U 1. Strategic expansion into a waste management market supported by strong tailwinds H EMK Eco Management Korea X 2. High barriers of entry favouring incumbent players with scale 3. Draw on proprietary expertise across Keppel ecosystem to value-add and grow EMK 4. Accretive acquisition that strengthens portfolio resiliency and diversification 5. Supports KIT's ESG targets, contributing to the circular economy KIT KEPPEL INFRASTRUCTURE TRUST 7#81 Strategic expansion into a market supported by strong tailwinds Supported by continued waste production and limited growth in incineration and landfill capacity Increased Waste Production Waste Treatment Capacity 4.9% CAGR 2.5% CAGR 573 584 598 614 630 647 534 545 497 429 430 446 534 545 573 584 598 614 630 647 497 236 230 257 263 270 278 286 294 429 430 446 221 199 196 207 467 478 506 518 533 549 565 580 430 203 221 236 236 240 246 252 260 267 368 371 384 Incineration 0.6% CAGR 162 165 168 14 15. 15 16 16 17 17 18 18 19 54 56 58 62 62 63 64 65 66 67 68 26 26 28 28 29 39 29 29 30 30 30 26 26 Landfill -5.2% CAGR 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E Domestic Designated Charts source: Deloitte Industrial Facilities Construction 2016 2017 2018 ■Recycling 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E Incineration Others ■Landfill Supply Constraints Increasingly stringent regulations and difficulties obtaining new licenses Not in My Backyard phenomenon putting constraints on additional supply Landfill: Shutdown of public landfills in 2025 Waste production to grow at a CAGR of 2.5% from 2022 to 2027 Demand Drivers Limited expansion in incineration and landfill capacity of 0.6% and -5.2% respectively from 2022 to 2027 Transition from government run to private due to growing government debt ratio Waste volume shielded from macroeconomic turbulence Incineration: Diaper waste reclassified from medical to industrial to grow volume KIT KEPPEL INFRASTRUCTURE 8 TRUST#92 High barriers of entry favouring incumbent players with scale Sustainable competitive advantage creates favourable macro environment for existing players 1 Increasingly stringent environmental policies/regulations 2 Challenges in obtaining business/operating licenses Not in My Backyard phenomenon: waste management facilities are not welcomed by residents Strong operational expertise ✓ Strong funding capability ✓ Strong interface with multiple agencies at the national and regional levels ✓ Strong rapport with local community Stringent environmental standards impose higher compliance requirements and costs that smaller players are unable to manage, benefiting incumbent players with scale Solid More stringent regulations on the types and amounts of air pollutants emitted for new and expanding incinerator ■Limited new licenses granted since 2014 ■ Liquid More stringent regulations and monitoring system for wastewater to reduce illegal discharge Delay in licensing process Landfill O ■ Government's landfill reduction policy/regulation and monitoring of leachate treatment ■ Local community consent is becoming a prerequisite KIT KEPPEL INFRASTRUCTURE TRUST 6#103 Leveraging proprietary expertise across the Keppel Group Draw on the Group's development and operational track record to value add and grow EMK Keppel Infrastructure Proven and patented WTE technologies used in more than 100 facilities globally Incineration capacity >70,000 tonnes/day of solid waste treatment Completed >100 WTE projects globally Developer, technology provider and operator of WTE plants globally ■ Provides a complete suite of solid waste management solutions that suit the varying needs of customers. Keppel Infrastructure Keppel Infrastructure Trust EMK Capitalise on EMK's strong market position and industrial track record for capacity expansion Pursue bolt-on acquisitions KEPPEL INFRASTRUCTURE KIT INFRAS ☐ TRUST Over a decade of track record in managing WTE and water treatment facilities: owns 2 WTE plants that treat ~40% of Singapore's incinerable waste ■ Strong value creation for portfolio companies through organic and inorganic growth: successful execution of roll up strategy at Ixom, increasing utilization rate at Philippine Coastal Keppel Asia Infrastructure Fund Keppel Asia Infrastructure Fund Provides growth capital to operating businesses and projects in the infrastructure space KIT KEPPEL INFRASTRUCTURE TRUST 10#114 Accretive acquisition that strengthens portfolio resiliency DIPU expected to increase by 4.2% from 3.85 cents for FY2021 to 4.01 cents DIPU (S$'m)(1)(2) 4.2% Funds from Operations (1)(2) (S$'m) 4.0% Gearing (1) 9.2% 29.5% 206.8 4.01 3.85 198.8 20.3% FY2021 Pro-forma Post-Investment FY2021 Pro-forma Post-Investment As of 31 Dec 2021 Pro-forma Post-Investment 1. Pro-forma figures assume the estimated transaction expenses and KIT's investment is fully funded by existing free cash and debt facilities. 2. Includes adjustments to better reflect a normalized state of business operations in FY2021. Please refer to the SGXNet announcement for details. KIT KEPPEL INFRASTRUCTURE 11 TRUST#124 Accretive acquisition that strengthens portfolio resiliency Enhance KIT's income diversification with maiden acquisition in South Korea Growing Environmental Services segment from 8% to 15% of AUM as at 30 Jun 2022: key essential businesses and assets with defensive cash flows Expansion into South Korea, a key market identified for growth: Rated AA by international credit agencies New income stream from Environmental Services segment Income diversification with expansion into South Korea Diversification by Asset (%) Diversification by Geography (%) As of 30 June 2022 Pro-forma Post-acquisition (1) As of 30 June 2022 Pro-forma Post-acquisition (1) Distribution & Storage, 34% Distribution & Storage, 30% 22% 8% 4% 23% 15% 26% 30% AUM Environmental 8% SGD4.7bn Services, 8% 4% Energy Transition, 36% 8% 13% 15% Environmental Services, 15% 7% 4% 30% AUM SGD4.7bn 4% AUM SGD5.3bn 48% 58% 7% AUM SGD5.3bn 8% 11% 7% 14% Energy Transition, 32% 26% ■Singapore ■Philippines South Korea ■Australia and New Zealand Kingdom of Saudi Arabia ■Ixom ■City Energy Aramco Gas Pipelines Company Existing Environmental Services assets Philippine Coastal KMC ■ EMK ■Trust Assets and Non-Controlling Interest Note: Figures are as of 30 Jun 2022, unless otherwise stated. 1. On a proforma basis that KIT consolidates the financials of the Investor Holdco and EMK and its subsidiaries KIT KEPPEL INFRASTRUCTURE 12 TRUST#135 Supports KIT's ESG targets, contributing to the circular economy Waste management is an essential service for building sustainable and liveable cities Critical Component of the Circular Economy Essential Waste Treatment Infrastructure 0 Waste oil refining, waste acid / alkali neutralization, production of Waste Derived Fuel allows for recycling and reuse of essential raw materials Energy generated from incineration plants also used for steam and heat supply to key customers Solid waste incineration reduces volume of waste by up to 90%, ensuring the long-term sustainability of landfill Nationwide waste treatment platform with significant capacity held in all key regions, which serves as the backbone of the domestic economy Leading market player compliant with tightening environmental regulations and standards KIT KEPPEL INFRASTRUCTURE 13 TRUST#14KITI KEPPEL INFRASTRUCTURE TRUST Thank You www.kepinfratrust.com Connect with us on: in