Investor Presentaiton

2 To arrive at required investments by sector, we triangulated top- down estimates based on benchmarks, and bottom-up estimates based on infrastructure stock targets Top-down estimate of infrastructure need based on international benchmarks Key questions to answer Expected GDP per capita development 2014-2043 ■ Current stock of infrastructure ■ Target stock in 2043 based on international benchmarks ■ Investment over time required to acquire this stock Reconcilia- tion and prioritisation Required Investment across asset classes Most important projects to deliver in the short term (within 5 years) Bottom-up calculation of infrastructure need based on sectoral targets Aspirations per sector ■ Outcome targets (based on aspirations) ■ Infrastructure stock required to reach targets ■ Investment required over time to acquire stock 22 22

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