Overview Why consider AMP Capital for infrastructure debt? Philosophy and process Assets Meet the manager Related capabilities Overview Infrastructure debt is considered a defensive way to invest in the infrastructure asset class and gain exposure to secure, yield focused assets. AMP Capital’s experienced infrastructure debt investment team has invested in the subordinated debt of infrastructure businesses since 2001. We focus on defensive, non-cyclical infrastructure businesses in developed economies with stable political and regulatory environments. We generally expect to take a lead arranging or cornerstone role in the majority of transactions. Our extensive network of international contacts with issuers and underwriters of private infrastructure allows us to source and select assets that produce superior risk adjusted returns for our clients. “The growing demand for infrastructure investment, together with the limited supply of debt funding, provides the potential for attractive cash-yield returns.” Andrew Jones, Global Head of Infrastructure Debt * October 2000 to December 2015 Why consider AMP Capital for infrastructure debt? Lead arranger As lead debt arranger, we seek to add value through originating, structuring and negotiating pricing and terms that are favourable for investors. Expertise AMP Capital’s infrastructure debt team has extensive experience in arranging and underwriting subordinating debt, and a strong track record of investing in subordinated infrastructure debt. Global network AMP Capital has an extensive global network of contacts with equity sponsors, banks and financial advisers. These relationships often allow the infrastructure debt investment team a first look at and preferred access to deal flow. Philosophy and process We invest in defensive private debt assets that can perform across different market cycles. We focus on non-cyclical infrastructure businesses and target sectors that serve as the backbone for the provision of essential products and services, such as water, gas, electricity and transport. Typically, we favour assets with high barriers to entry, a regulated environment, highly visible cashflows and strong industry positions. Diversified We believe infrastructure offers compelling investment benefits – stable long-term cash flows, inflation-linked revenues and unique assets with dominant market positions. We believe the best way to unlock the benefits of infrastructure is active management and collaboration with infrastructure operators to maximise clients’ returns. Robust process Our process has three stages, which incorporates an initial assessment and due diligence of the opportunity; risk management to ensure compliance with clients’ objectives; and ongoing monitoring and interaction with management. Opportunistic While we expect to act as lead arranger in the majority of primary markets, we follow an opportunistic strategy to secondary asset purchases. Assets ESP Utilities Group (United Kingdom) The ESP Utilities Group is an independent regulated infrastructure business involved in the ownership, operation and maintenance of gas and electricity networks and gas metering. It operates four gas transportation licences and one electricity license. Alterra (North America) Alterra Power Corp. is a renewable-focused independent power producer that operates six power plants, including British Columbia's largest run-of-river hydro facility (Toba Montrose) and largest wind farm (Dokie 1). Lightsource Renewable Energy (United Kingdom) Lightsource Renewable Energy is the market leading developer, asset manager and operator of utility scale solar in the UK. The company manages an overall operational portfolio of more than 1 gigawatt, which is capable of generating enough to power more than 330,000 UK households each year (as at December 2015). Invenergy Thermal (North America) Invenergy Thermal is a wholly owned subsidiary of Invenergy Clean Power, a leading developer, owner and operator of large-scale renewable and other clean energy generation and storage facilities in the Americas and Europe. Invenergy Thermal owns a diverse portfolio of natural gas fired generating assets in the United States and Canada with a total gross capacity of approximately 3.2 GW as at December 2015. Budapest Airport (Hungary) Budapest Airport is the main international gateway for Hungary with virtually no competition with a diverse airline mix - serviced by 52 scheduled airlines, with a network of 92 destinations across 30 countries (as at December 2015). It has capacity for up to 11 million passengers per annum. Budapest Airport was the winner of Skytrax Awards 2015 “Best Airport in Eastern Europe”. Meet the manager Our people and experience set us apart. We combine our in-depth investment expertise, specialist capabilities and extensive global network to deliver outstanding investment outcome for our clients. Andrew is the Global Head of Infrastructure Debt and is responsible for leading AMP Capital’s infrastructure debt activities globally. Andrew Jones AMP Capital Related capabilities Listed infrastructure securities Global listed infrastructure companies can offer investors higher dividend or income payments than global equities and global bonds, as operating margins are often high and maintenance capital expenditure is low. Read more Infrastructure equity Direct infrastructure investment can provide diversification benefits and attractive risk-adjusted returns as well as a low correlation with most other asset classes. Read more Important note: The information contained in this document has been prepared by AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) (AMP Capital) for providing general information only. It is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest in any particular investment fund or investment capability. Readers should not treat the Information as advice on legal, tax or investment matters and should make their own inquiries and consult professional advisers as to applicable laws, regulations and requirements in any particular jurisdiction (including, where the Information is received) and the consequences arising from any failure to comply. While every care has been taken in the preparation of this document, neither AMP Capital, nor any member of the AMP Limited Group makes any representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Certain information in this document identified by footnotes has been obtained from sources that we consider to be reliable and is based on present circumstances, market conditions and beliefs. Other than information sourced from AMP Capital, we have not independently verified this information and cannot assure you that it is accurate or complete. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investments decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. The Information may not be reproduced or redistributed (in whole or in part) or otherwise made available to any other person in any format without the express written consent of AMP Capital.