#1Keppel Infrastructure Trust Investor Presentation March 2018 Koppull#2Disclaimer Not for distribution in the United States 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 in Keppel Infrastructure Trust ("KIT") and the units in KIT (the "Units") 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retransmitted or further distributed to the press or any other person, may not be reproduced in any form, may not be published, in whole or in part, for any purpose to any other person with the prior written consent of the Trustee-Managers (as defined hereinafter). This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any offer, contract, commitment or investment decision whatsoever and it does not constitute a recommendation regarding the Units. The past performance of KIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking" statements due to a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar businesses and governmental and public policy changes, and the continued availability of financing in the amounts and terms necessary to support future business. Such forward-looking statements speak only as of the date on which they are made and KIT does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on any forward-looking statements. Prospective investors and unitholders of KIT ("Unitholders") are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of Keppel Infrastructure Fund Management Pte. Ltd. (as trustee-manager of KIT) (the "Trustee-Manager") on future events. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning KIT. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, KIT, the Trustee-Manager or any of its affiliates and/or subsidiaries. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units. The information contained in this presentation is not for release, publication or distribution outside of Singapore (including to persons in the United States) and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations. This presentation is not for distribution, directly or indirectly, in or into the United States. No Units are being, or will be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the U.S. or other jurisdiction and no such securities may be offered or sold in the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or local securities laws. No public offering of securities is being or will be made in the U.S. or any other jurisdiction outside of Singapore. Keppel Infrastructure Trust 1#3At a Glance Key Highlights Financial Snapshot One of Singapore's largest infrastructure business trusts Generates long-term, regular and predictable cash flows from a diversified portfolio of core infrastructure assets: Sole producer and retailer of town gas in Singapore 4 waste and water concessions on long-term contract with Singapore government agencies 51% stake in KMC, a 1,300 MW CCGT in Singapore with a long standing tolling contract 51% stake in a high quality data centre in Singapore with a long term lease Sole electricity interconnector between Tasmania and Victoria in Australia Sponsored by Keppel Infrastructure, which owns 18.2% of KIT Temasek owns 15.9% with remaining 65.9% publicly held Able to tap on synergies in co-investment, incubation opportunities and industry expertise, through Keppel Infrastructure and Keppel Capital Constituent of FTSE ST Large & Mid Cap Index, and MSCI Singapore Small Cap Index Market Value (1) Market Capitalisation Enterprise Value Cash Flows EBITDA DPU S$ 2,199 m S$ 3,780 m S$ 240 m 6.5% Distribution yield (1) Leverage Cash S 3.72 cents Debt Net debt Total assets Net debt/Total assets Net debt / EBITDA S$ 214 m S$ 1,794 m S$ 1,580 m S$ 3,956 m 0.4x 6.6x (1) Based on market closing price of S$0.57 as at 23 March 2017 Keppel Infrastructure Trust 2#41 Large & Well-diversified Portfolio of Core Infrastructure Assets Investment Criteria KIT aims to provide Unitholders with long-term, regular and predictable distributions by pursuing investments that exhibit the characteristics listed below Portfolio of highly strategic assets Utilities Infrastructure Power Infrastructure Telecoms Infrastructure City Gas Singapore Concessions KMC Basslink DataCentre One 1 Long-term, regular and/or predictable cash flows 2 Long-term contracts or concessions / customer stability (1) 3 Creditworthy or reputable off-takers (2) 4 Diversification of asset class risks 5 Jurisdictions with well-developed legal framework KIT's portfolio of core infrastructure assets meets urbanisation needs of today, and provides KIT a strong platform to further expand regionally and globally. (1) City Gas is the sole producer and retailer of town gas in Singapore and has been in operation for over 100 years (2) City Gas has a large, diversified customer base and is not reliant on any single customer Keppel Infrastructure Trust 3#5AUST SINGAPORE 2 Generates Long-term Predictable Cash Flows Uncorrelated to GDP... Asset Senoko WTE Plant Business 2,310 tonnes/day waste incineration concession Customer Contract Terms Cash Flows NEA, Singapore government agency 2024 Principally fixed availability payment Tuas WTE Plant 800 tonnes/day NEA, Singapore 2034 waste incineration concession government agency Principally fixed availability payment Ulu Pandan NEWater 148,000 m³/day (1) NEWater concession PUB, Singapore government agency 2027 SingSpring 136,380 m³/day seawater desalination concession PUB, Singapore government agency (Underlying land lease till 2025 2033) n.a. Approximately half fixed, and half variable payments Principally fixed availability payment City Gas KMC Sole producer and retailer of piped town gas Over 813,000 commercial and residential customers 1,300MW Combine Cycle Gas Turbine power plant capacity tolling agreement DataCentre One Data centre Basslink Owner and operator of the Basslink Interconnector between the States of Victoria and Tasmania Keppel Electric One-Net, 100% subsidiary of MediaCorp, SG national broadcaster Hydro Tasmania (Owned by Tasmania state government) 2030, with option for 10-year extension (Underlying land lease till 2035, with 30-year extension) 2036, with option for 8-year extension 2031, with option for 15-year extension Stable fees with fuel and electricity costs passed through to consumer Principally fixed availability payment Contractual lease revenue 87.5% availability payments, 65% indexed to Australia CPI (1) Ulu Pandan has an overall capacity of 162,800m³ of which, 14,800m³ is undertaken by Keppel Seghers Keppel Infrastructure Trust 4#62 Supporting Regular and Stable Distributions DPU (S cents) 1 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.8 0.6 0.4 0.2 0 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 Keppel Infrastructure Trust 5#73 Diversified Portfolio of Core Infrastructure Assets Long-term, regular and predictable cash flows generated from a diversified portfolio ranging from Utilities, Power and Telecommunications infrastructure assets FY2017 Adjusted EBITDA (1) KMC (2) 22% Basslink 26% City Gas 20% Concessions 32% Total Assets as at 31 Dec 2017 Corporate 2% (2) KMC 28% Concessions 20% City Gas 18% Basslink 32% (1) Adjusted EBITDA includes reduction in concession receivables and excludes Trust/corporate expenses (2) Based on KIT's 51% stake in KMC Keppel Infrastructure Trust 6#84 Strong Balance Sheet As at 31 December 2017 S$'m Total Excluding Basslink Cash Borrowings 214 162 1,794 1,082 Net debt 1,580 920 Total assets 3,956 2,961 Total liabilities 2,645 1,713 (1) EBITDA 240 176 Net gearing 39.9% 31.1% Net debt/ EBITDA 6.6X 5.2X (1) This differs from the figure of $1,194m stated in the FY2017 results presentation, which had intercompany liabilities subtracted. Sustainable gearing backed by ☑Long term contracts expiring between 2024 and 2046 Creditworthy customers and City Gas' large and stable customer base Recurring and stable revenue streams Keppel Infrastructure Trust 7#95 Three-pronged Growth Strategy 1 Organic Growth from Existing Portfolio 2 Keppel Synergy 3 Acquisition Strategy Solid Stable Base Stable cash flows Scale and liquidity ■ Strong balance sheet Potential Upsides ■ Organic growth of City Gas Higher penetration of gas water heaters - 38,000 new HDB units expected over 2018-2019; 23,000 new private residential units from 2018-2020 ■ Stable positive contributions from DataCentre One ■ Basslink Use all cash flows to repay debt ■ Potential adjustment in KMC tolling fees after initial 15-year period Keppel Capital ■ Co-investment, bridge financing and incubation opportunities ■ Non-energy and non- environmental space asset management Keppel Infrastructure Keppel Group's energy and environmental infrastructure arm Operation and maintenance, as well as development and industry expertise ■ROFRS for 49% of KMC, as well as other assets owned and developed by Sponsor ■Co-investment and incubation opportunities KIT New Investments Assets that generate long term stable cash flows with some growth ■Singapore and other developed markets in Asia or Europe Co-invest with likeminded partners to reduce ticket size/risk and gain diversification ■Transaction types: Availability based assets (utilities, transmission, storage and pipelines) Customised sale and leaseback transaction > Inflation + assets (transportation and telecoms) ■ Selected greenfield investments with experienced operators, limited construction exposures and equity cheque funded entirely by debt Keppel Infrastructure Trust 8#10Attractive Risk Adjusted Returns Distribution Yield (1) Infrastructure Trusts Singapore Industrial REITS 12.0% Asian Pay Television Trust Average: 7.6% Average: 7.2% 8.9% 8.8% 8.1% 8.0% 7.5% 7.2% 6.3% 6.1% 5.8% 5.1% 8.3% 8.2% 6.5% 5.4% 5.2% Accordia Golf Hutchison Port Keppel Trust Holdings Trust Infrastructure NetLink NBN Trust (3) Ascendas India Trust Soilbuild Viva Industrial Business Trust Trust Cache Logistics Trust Sabana REIT Trust (2) AIMS AMP Capital Industrial REIT EREIT Mapletree Logistics Trust Ascendas REIT Mapletree Industrial Trust Keppel DC REIT KIT's value proposition vis-à-vis S-REITS 1 Regular and recurring cash flows across all economic cycles - Not correlated to GDP, since cash flows are underpinned by long-term contracts Real estate tends to be more cyclical, and are subject to rental cycles as well as regular rent reviews 2 Limited supply of core quality infrastructure assets 3 4 Low barriers to entry and few players with strong track record More varied options in the real estate sector Long-term contracts - - KIT's assets are contracted at between 8 to 30 years, some of which include options for lease extensions Weighted average lease expiry for industrial S-REITs at approximately 4 years Low credit risks with creditworthy and reputable off-takers or large diversified customer base 5 Sustainable leverage positions KIT for future growth (1) Source: Bloomberg's dividend yield data as at 23 March 2017 (2) Based on market closing price of S$0.57 as at 23 March 2017 (3) Based on forecast dividend yield disclosed in NetLink NBN Trust's Prospectus dated 10 July 2017 Keppel Infrastructure Trust 9#117 Key Investment Highlights KIT is well-positioned to deliver long-term value and growth to Unitholders. 1 One of Singapore's largest infrastructure business trust Keppel Infrastructure Trust 6 2 Diversified portfolio of core infrastructure assets 5 3 Long term contracts with credit worthy customers or large and stable customer base 4 Generate long term, regular and predictable cash flows Sustainable gearing with prudent capital management Enhanced liquidity and diversified investor base Keppel Infrastructure Trust 10#12Additional Information Keppel Infrastructure Trust 11#13Keppel Infrastructure Trust Structure Keppel Capital The Trustee-Manager can leverage the scale and resources of a larger asset management platform Keppel Infrastructure The Trustee-Manager can leverage the Sponsor's expertise and track record in this industry 100% Trustee-Manager Keppel Infrastructure Fund Management Pte. Ltd. ~18% Institutional and Public Investors -82% Trust Deed Keppel Infrastructure Trust 100% 51% 100% 100% 100% City Gas Senoko WTE KMC(3) CityDC Basslink 51% 51% 100% 100% Tuas WTE City OG(1) DC One (4) Basslink Telecoms 100% Ulu Pandan NEWater 70% SingSpring(2) (1) (2) Osaka Gas Singapore Pte. Ltd. holds the remaining 49% equity interest in City OG. Hyflux Ltd holds the remaining 30% equity interest in SingSpring. (3) Keppel Energy holds the remaining 49% equity interest in KMC. (4) WDC Development Pte. Ltd. holds the remaining 49% equity interest in DC One. Keppel Infrastructure Trust 12#14Pipeline from Sponsor Keppel Infrastructure has a pipeline of assets for possible acquisition by KIT, subject to meeting KIT'S investment criteria and other strategic considerations Keppel Marina East Desalination Plant - 100% through Keppel Infrastructure Services ■ Singapore's fourth desalination plant, and the first with the ability to treat sea and fresh water by using osmosis and other advanced membrane technology ■ Expected to be operational in 2020, capable of producing 137,000 cubic metres (about 30m gallons) of fresh drinking water per day Keppel Merlimau Cogen (KMC) - 49% through Keppel Energy ■ Operational since 2007, with a total generation capacity of 1,300 MW ■KI, as the sponsor of KIT, owns 49% shareholding in KMC through Keppel Energy District cooling systems (DCS) - 100% through Keppel DHCS Pte Ltd (Keppel DHCS) ■DCS plants in Changi Business Park, Biopolis@one-north, Mediapolis@one-north, and Woodlands Wafer Fab Park Keppel Infrastructure Trust 13#15Key Differences: Business Trusts, REITs and Listed Companies in Singapore Regulatory Regime Constitution Responsible Entity Board of Directors Asset Depreciation/ Revaluation Gearing Limit Taxation on Distributions Source: Adapted from SGX-ST website . • . . Business Trust Business Trusts Act Not a separate legal entity Created by a trust deed Unitholders have beneficial interest and a lesser degree of control than shareholders of a company Trustee-Manager as the single responsible entity with its role similar to the combined roles of the REIT's asset manager and trustee Majority of directors must be independent Higher standard of independence . • • No restriction No impact on distribution payout • None • Distributions are net of tax S-REIT Code on Collective Investment Scheme Not a separate legal entity Created by a trust deed Unitholders have beneficial interest and a lesser degree of control than shareholders of a company Trustee and Asset Manager are separate entities One-third of the Board to consist of independent directors . Real estate • No impact on distribution payout 45% of deposited property Tax transparent if more than 90% of taxable profits are distributed Listed Company Companies Act . A separate legal entity Board of directors and management At least two nonexecutive directors who are independent and free of any material business or financial connection with the company No restriction Affects dividend payout, which is restricted to accounting profits None Dividends are net of tax Keppel Infrastructure Trust 14#16KIFM Management Fee Structure Management Fee S$2.0 million per annum Performance Fee Acquisition Fee Divestment Fee • • • • Inflation adjustment in reference to the CPIS 4.5% p.a. of sum of cash flow received by KIT 0.5% of the Enterprise Value of any investment acquired, where the investment is acquired from: Sponsor Group Entities (SGE) Partly from SGE and third party with SGE >50% in aggregate or indirect interests in investment prior to acquisition 1% for all other cases 0.5% of the Enterprise Value of any investment sold or divested by KIT or a KIT entity Keppel Infrastructure Trust 15#17Loan Profile Entity Amount (S$'m) Loan Maturity Repayment City Gas 178.0 Feb 2019 Bullet* SingSpring 60.6 Dec 2024 Amortising 717.4 Basslink Nov 2019 Amortising* (A$703.3m) KMC 700.0 Jun 2020 Bullet* KIT 145.6 Feb 2019 Bullet* * To be refinanced upon maturity Keppel Infrastructure Trust 16#18Prudent Capital Management Debt Overview ■ Hedged -91% of total loans Other than KIT corporate loan, rest of the loans are non- recourse ■ Maintain stable interest rate of 4-5% Singapore average: 3-4% Australian average: 6-7% Weighted average term to expiry of ~2.2 years ~100% of loans due in 2019 and beyond S$717.4m (A$703.3m) (1) Basslink loan - - - Interest rate substantially hedged Natural currency hedge for A$ cash flows All residual cash flows used for debt service No dependence on Basslink's cash flows for distribution No cash flow exposure to near term A$ forex movement Debt Breakdown Debt Repayment Profile > 5 yrs < 1 yr 0.9% 1-5 yrs 97.6% 1.6% Debt Breakdown by Currency A$ 40% O S$ 60% (1) Based on exchange rate of A$1.00 = S$1.020 Keppel Infrastructure Trust 17#19Thank You www.kepinfratrust.com Keppel Infrastructure Trust 18