#1cct DATA CENTRES CDC Data Centres Investor Presentation October 2020#2Important notice and disclaimer cat DATA CENTRES This presentation contains confidential, non-public information and has been prepared by Canberra Data Centres Proprietary Limited (ABN 59 125 710 394) ("CDC"). Distribution of this presentation, or of any information contained in this presentation, to any person other than an original recipient (or as permitted in an accompanying, executed Confidentiality Agreement) is prohibited. Any reproduction of this presentation in whole or in part, or disclosure of any of its contents, without prior consent of CDC is prohibited. No reliance should be placed on the information and no representation or warranty (whether express or implied) is given or made in relation to the accuracy or completeness of the information set out in this presentation and no responsibility, obligation or liability whatsoever is or will be accepted for the accuracy or sufficiency thereof or for any errors or omissions. Material contained herein is intended to be general background information on CDC, its related bodies corporate (as defined in the Corporations Act 2001) and its activities as at the date of this document. Material has been provided in summary form, is not necessarily complete, is not intended to be relied upon as advice or recommendations and does not consider a recipient's particular objectives, financial situation or needs. Each recipient of this presentation should: (i) make its own enquiries and investigations regarding all information in this presentation including (but not limited to) the assumptions, uncertainties and contingencies which may affect future operations of CDC and the impact that different future outcomes may have on CDC; (ii) seek legal, accounting and taxation advice appropriate to their jurisdiction; and (iii) note that past performance, including past financial performance and pro forma historical information in this presentation, is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance. Information set forth in this presentation may contain "forward-looking information", including "future oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as "forward-looking statements"). Except for statements of historical fact, information contained herein constitutes forward-looking statements and may include (but is not limited to): (i) CDC's projected financial performance; (ii) the expected development of CDC's business, projects and joint ventures; (iii) execution of CDC's vision and growth strategy; (iv) sources and availability of third-party financing for CDC's projects; (v) completion of CDC projects that are currently underway, in development or otherwise under consideration; (vi) renewal of CDC's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow recipients of this presentation the opportunity to understand CDC's beliefs and opinions, so that such beliefs and opinions may be used by recipients as one factor in performing evaluation of financing opportunities. Although forward-looking statements contained in this presentation are based on what CDC believes to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Recipients of this presentation acknowledge and accept that future results may be affected by a range of variables which could cause outcomes or trends to differ materially, including (but not limited to): (i) price fluctuations; (ii)actual demand; (iii) environmental factors and risks; (iv) development progress; (v) operating results; (vi) engineering estimates; (vii) loss of market; (viii) industry competition; (ix) geopolitical risks, legislative, fiscal and regulatory developments; (x) economic and financial markets conditions; (xi) approvals; and (xii) cost estimate. This presentation does not constitute an offer, invitation or recommendation, and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. 1#3cct DATA CENTRES Contents 1 CDC overview & performance 2 Growth strategy 3 Questions#4cct DATA CENTRES 1 CDC Overview & Performance#5cat CDC Data Centres overview DATA CENTRES Established in 2007, CDC Data Centres (CDC) has grown to be a leading operator of secure world-class data centre (DC) facilities, guaranteeing the availability of mission-critical systems CDC builds, owns and operates data centres across a growing footprint of campuses in Australia (Sydney & Canberra) and New Zealand (Auckland). Each DC is consistent with the business' core values: Security - the most secure provider of DC facilities tailored to the needs of Government, Defence, Hyperscale and National Critical Infrastructure (NCI) / Commercial customers Resilience - CDC designs and builds highly resilient facilities to operate long-term at optimal energy efficiency • Quality - CDC's diversified operations allow clients to securely store their core IT infrastructure within resilient centres whilst accessing global Hyperscale cloud providers, forming a growing and large-scale ecosystem • Innovation - a flexible business model that enables CDC to remain ahead of the growth curve and provide clients with bespoke, scalable, future proof footprints according to their specific needs • Sovereign ownership - Consistent with the national security & critical infrastructure nature of CDC the ownership is similarly aligned. CDC is entirely in Australian and New Zealand ownership backed by long term investors including Infratil, the Australian Sovereign Wealth and Australian Commonwealth Superannuation Funds Sydney Eastern Creek Auckland Canberra Hobsonville/Silverdale Hume/Fyshwick 4#6CDC Management Team cat DATA CENTRES High quality management team with deep industry expertise in digital infrastructure, and a track record of operational excellence and customer focus Led by Greg Boorer, CEO, since 2007 This year CDC has simplified the management structure to create a scalable platform for growth Greg and the CDC team are aligned with investors. More than 25 essential managers are shareholders with long term incentives tied to the continued success of the business The broader CDC team has grown over 50% in the last 12 months to increase breadth and depth of capability along with scalability to accommodate continued growth and provide resilience and succession planning Greg Boorer Chief Executive Officer Founded CDC in 2007 Chair of Federal Council of Australian Information Industry Association for 9 years EY Entrepreneur of the Year for the ACT and Eastern region (NSW) in 2015 YYY Simon Black Chief Customer Officer Max Bristow Chief Infrastructure Officer Andrew Kirker Managing Director New Zealand James Selkirk Chief Financial Officer Natasha Warwick Director People & Culture 5#7cct Since we last met.. DATA CENTRES 2020 has been a challenging year and CDC has grown stronger in response to the testing environment without interruption or diversion from its strategic short term goals What we said we would do... ✓ Deliver Hume 4 and Eastern Creek 3; construction completed in November 2019 and September 2020 ✓ Bring 24MW of capacity to income production; delivered across Eastern Creek, Fyshwick and Hume ✓ Grow EBITDA run rate by 50% year on year; 50% achieved from FY2019 to FY2020 ✓ Extend debt facilities and improve terms; achieved along with greater flexibility for future growth ✓ Grow National Critical Infrastructure client base; further strategic clients secured in all key sectors ✓ Identify and pursue additional strategic opportunities; New Zealand expansion Eastern Creek 3 Hume 4 6#8cat COVID-19 Impact DATA CENTRES The global pandemic has disrupted how we all live. CDC has focussed on ensuring the risk to the infrastructure that we all rely on every day is minimised The ecosystem (clients, suppliers and CDC team) implemented COVID safe work practices ahead of government guidance • Safe DC access provisions, cleaning routines doubled, social distancing, contact tracing, reduced touch points, reduced traffic in DC, sanitisation stations, temperature checks, PPE, increased break out spaces • Operational team protected with a move to split teams whilst non DC staff pre-emptively migrated to remote working Construction & supply chain • Safe construction work practices were implemented at all CDC sites including additional break spaces, multiple washing & sanitisation stations, PPE, worker education programs and social distancing CDC procured long lead time construction items early, through selective acceleration of equipment delivery Result • A completely protected ecosystem with no incidents or positive tests at any sites either operational or under development • No delays in meeting construction schedule delivery timelines • No disruption to the business • Increase in demand for data centre services to facilitate remote working • Anticipated mid to long term upswing in cloud adoption generally as organisations transition to remote working and adopt new technologies CLEAN EC3 construction break out spaces 7#9CDC Locations CDC provides services to clients across key locations in Canberra, Sydney and shortly, New Zealand Hume Canberra, established 2007 Installed capacity: 46MW Potential capacity: 186MW 1 Fyshwick Canberra, established 2014 Installed capacity: 39MW Potential capacity: 89MW+ 2 Eastern Creek Sydney, purchased 2018 Installed capacity: 48MW Potential capacity: 135MW+ 3 New Zealand Auckland, 2 sites purchased 2020 Installed capacity: OMW Potential capacity: 20MW+ Hume 3 DC Fyshwick 1 DC Eastern Creek Campus Hobsonville Hume 1-3 Overview Fyshwick Site Overview Eastern Creek Site Overview Silverdale Site Overview cat DATA CENTRES 4 8#10CDC New Zealand CDC is expanding into New Zealand with the construction of two 10MW+ DCs in Auckland CDC is entering the New Zealand market with a NZ$300m+ initial investment that brings the same secure, resilient, quality data centre design to New Zealand • CDC is focussed on transferring its design, construction and operational DNA whilst spending locally with NZ suppliers and builders to create NZ jobs and reduce project delivery risk; ~250 workers on site during peak of construction and a total of ~1,200 workers throughout the construction of each site • CDC will focus on a similar critical infrastructure market that it understands well • CDC has secured sizeable pre-let capacity commitments, with additional reserved capacity at both sites underwriting the investment • The New Zealand commercial landscape presents future opportunity technology export sector is growing by more than $1bn p.a. and is now New Zealand's 3rd largest export sector [1] Government has highlighted the importance of the tech sector to COVID19 recovery with investment expected The Privacy Act 2020 strengthens privacy protections which will give precedence to secure and local data processing and retention • Changes to IT requirements in the banking sector • One site has additional land which can be progressively developed in line with customer growth CDC has begun construction and has extended construction timelines to defray the greater delivery risk in light of COVID19 with income forecast from the end of FY2022 [1] Ministry of Business, Innovation & Employment - The Investor's Guide to the New Zealand Technology Sector 2019 Edition cat DATA CENTRES 9#11cat DATA CENTRES Financial performance Four years of growth in both run rate and reported EBITDA delivered. Growth expected to continue CDC has built a loyal customer base, comprising Government, Hyperscale and National Critical Infrastructure/Commercial clients New customers added to the CDC ecosystem • Long-term contracts High quality underlying client base • Weighted Average Lease Expiry (WALE) of 15.4 years with options CDC delivered on budget for FY2020 • Strong track record of growth and attractive metrics • Forecast includes already secured, long term contracts with more contracted for FY2022 and beyond • November 2019 business refinance will fund future developments and gives greater future flexibility 25% CAGR 160 140 120 Strong track record of renewals and extensions 100 80 73 56 60 47 40 20 0 2017A 2018A 2019A $ $ ■Reported EBITDA 117 145-155 2020A 2021F 10 10#12Portfolio overview and growth outlook CDC has a clear runway for growth within Australia and is growing into New Zealand Eastern Creek 3 and Hume 4 are now operational; nine operational DCs across three locations • Two data centres in Auckland under construction, further facilities in detailed design • Existing operating capacity of 133MW, with 70MW under construction and 200MW+ capacity for future development • Development land banks added in the past 12 months D Hume Fyshwick Eastern Creek Auckland Total Current Facilities 4 2 3 MW 46MW 39MW 48MW capacity In design/construction 9 133MW Kawau Parua Inden Fyshwick cat DATA CENTRES Sydney D Easter Creek Logger Hume Canberra GULF HARBOUR Facilities 1 1 2 4 KAUKAPAKAPA Silverdale STANMORE BAY Paraka MW Dairy Flat 20MW 37MW 20MW+ 77MW HELENSVILLE capacity TORBAY Potential Riverhead Forest Coatesvil BROWNS BAY ALBANY 回 ROSEDALE Facilities 5 2 2 9 Motutapul MW capacity WAIMAUKU Island GREENHITHE GLENFELD Hobsonville Rangitoto TAKAPUNA 120MW 50MW+ 50MW+ 220MW+ 34 Muriwa 26 MASSEY Total 10 186MW 4 89MW+ 6 135MW+ 2 22 WAITAKERE HENDERSON 20MW+ 430MW+ Auckland 106 TE ATATU SOUTH 4 ONEROA 11#13cct DATA CENTRES 2 Growth strategy#14cat DATA CENTRES Market Growth Drivers Multiple drivers are underpinning future growth, aided by accelerated digital transformation • Increasing digitisation of business operations – remote working, data analytics etc "Always on" consumers driving growth in digital content, streaming, edge computing, etc • Data growing faster than the technology to compress the data . Data Growth/Digitisation • Outsourcing Cloud Adoption Policy Developments • • . • Development of the digital economy is underpinned by ever improving broadband connectivity, low latency cloud zones - all of which require data centres in close proximity The increasing volume of data usage and transmission in a 5G network will increase demand in data storage and drive further growth for data centres National self reliance and societal changes post the global pandemic Ongoing trend to bring compute to data The proportion of outsourced DCs increased from 7% in 2007 to 37% in 2019 based on floor space (Frost & Sullivan) and policy developments are set to increase this • Trend towards increased outsourcing is likely to continue, driven by requirements for higher security and lower operating costs Most in-house arrangements are inefficient and developing an equivalent performing in-house DC would require significant investment • In-house DCs often lack significant capacity for future expansion, where outsourced DC providers can facilitate readily available expansion capacity • • • . Customers of outsourced DCs typically invest in equipment equating to between 2 - 3x the capex costs to construct the DC facility [1] Increase in cloud based workloads from Artificial Intelligence, machine learning, data analytics and internet of things The flexibility and scalability of cloud offerings is expected to drive further cloud data demand The expansion of remote working in the wake of COVID19 is anticipated to increase demand for cloud storage solutions Data sovereignty, privacy and cyber security requirements driving onshore development of DCs in Australia, New Zealand and around the world National Critical Infrastructure agencies are obligated to adhere to government data security regulations adding to greater outsourcing of DC services [1] Deutsche Bank Markets Research - Under the Hood - Inside Cloud Data Centers - February 2017 113 13#15Growth by site CDC has successfully grown its portfolio of assets and has a range of diversified growth options that now include the expansion into New Zealand cat DATA CENTRES Facility Capacity Capacity (MW) contracted¹ Phase 1: Build Phase 2: Fit-out phase Hume 1 6MW >95% Completed Completed 1111 Hume 2 6MW 100% Completed Completed Hume 3 9MW >95% Completed Completed Hume 4 25MW 70% Completed In progress Hume 5 20MW In progress Hume Additional 120MW+ Future build Fyshwick 1 18MW Eastern Creek Site Plan Fyshwick 2 21MW >95% 80% Completed Completed Fyshwick Campus 2 50MW+ Future build Eastern Creek 1 7MW >85% Completed Eastern Creek 2 13MW 100% Completed FY22 onwards Future build Completed In progress Future build Completed Completed Eastern Creek 3 28MW >55% Completed In progress Eastern Creek 4 37MW Eastern Creek 5 & 6 50MW Hobsonville (NZ) 10MW 80% Silverdale (NZ) 10MW 80% 1 FY22 onwards Future build FY22 onwards FY22 onwards contracted capacity includes reserved and first right of refusal capacity and based on space capacity In progress Future build In progress In progress Silverdale Artist Impression 14 14#16cct New Zealand focus DATA CENTRES CDC is well-positioned to capitalise on a new growth market by providing world-class quality, secure and resilient storage solutions Highlights • Acquired two parcels of land in Auckland Silverdale site is ~11,000 sqm with expansion capacity available • Hobsonville site is ~7,000 sqm • Resource and building consents received for both DC developments and electricity supply on track • Risk mitigated by harnessing Infratil's local expertise • • Construction has commenced and is ahead of project timelines - additional time was allowed for COVID19 Enables CDC to deliver geographic diversity and expand its ecosystem, highly attractive to existing clients with data storage needs in New Zealand Built to the same world-class quality CDC is known for in Australia Built to provide increased rack density than is currently available in the NZ market, future proofing CDC as the trend towards increased IT density is anticipated to continue Facility Capacity Capacity (MW) filled¹ Phase 1: Build Phase 2: Fit-out phase Silverdale Hobsonville 10MW+ 80% In progress FY22 onwards 10MW 80% In progress FY22 onwards Note: 1. Includes contracted reserved and FROR capacity Hobsonville Artist Impression Silverdale Artist Impression 15 115#17cct The next 6 months DATA CENTRES FY21 has progressed well; delivered developments, secured new customers and provided the foundation for future growth Continue to bring quality, secure, resilient and sovereign owned data centres for the Australian and New Zealand market Continue to develop a sustainable runway for sustained mid and long- term growth ° Development of New Zealand & Australian expansions Secure additional land to provide run way for additional growth Secure new clients and workloads at Eastern Creek 3 and Hume 4 Grow EBITDA run rate by 25% year on year with contracted revenue locked in for future years Access additional debt via expansion options within existing facilities to support additional growth Grow National Critical Infrastructure client base Identify and pursue additional strategic opportunities Recruit and build further depth and breadth in Team CDC to continue exceeding client expectations KUKULL Hume 4 16 16#18cct DATA CENTRES 3 Questions?