Accretive Acquisition and Portfolio Resiliency

2 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

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