IFM InvestorsInfrastructure Equity

IFM (US) Securities, LLC US March 2017

Strictly Confidential

2

IMPORTANT NOTICE

The following disclaimer applies to this document and any information provided regarding the information contained in this document (the “Information”). By accepting this document and Information, you agree to be bound by the following terms and conditions. The Information does not constitute an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction and neither this presentation nor anything in it will form the basis of any contract or commitment. IFM Investors Pty Ltd, ABN 67 107 247 727, AFS Licence No. 284404, CRD No. 162754, SEC File No. 802-75701 and IFM (US) Securities, LLC (“IFM Investors”) will have no liability, contingent or otherwise, to any user of the Information or to third parties, or any responsibility whatsoever, for the correctness, quality, accuracy, timeliness, pricing, reliability, performance or completeness of the Information. In no event will IFM Investors be liable for any special, indirect, incidental or consequential damages which may be incurred or experienced on account of an attendee using Information even if it has been advised of the possibility of such damages. Certain statements in the Information may constitute “forward looking statements.” Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of earnings, performance, and cash flows. These statements involve subjective judgement and analysis and reflect IFM Investors’ expectations and are subject to significant uncertainties, risks and contingencies outside the control of IFM Investors which may cause actual results to vary materially from those expressed or implied by these forward looking statements. All forward-looking statements speak only as of the date of this presentation or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section. Attendees are cautioned not to rely on such forward looking statements. The IRRs presented on a “gross” basis do not reflect any management fees, carried interest, taxes and allocable expenses borne by investors, which in the aggregate may be substantial. The achievement of any or all goals of any investment that may be described in this Information is not guaranteed.

Risks of IFM Investors’ investment programs typically include: assets of IFM Investors funds may have limited liquidity; distributions are uncertain, a return on your investment is not guaranteed and you may lose all or a substantial amount of your investment; unfavorable economic conditions in the markets in which IFM Investors funds operate could adversely affect your investment; assets acquired with leverage have risks including loss of value and limits on flexibility needed if there are changes in the business or industry.

Liquidity- An investment in the Partnership provides limited liquidity since withdrawal rights are not unqualified and Interests may not be transferred without the prior written consent of the General Partner, which generally may be withheld in its absolute discretion. Although the portfolio investments may generate some current income, they are expected to be generally illiquid.

Valuation- Most of the portfolio investments will be highly illiquid, and will most likely not be publicly traded or readily marketable.

Economic conditions- Interest rates, general levels of economic activity, the price of securities and participation by other investors in the financial markets may affect the value of portfolio investments made by the Master Fund or considered for prospective investment.

Liquidity- An investment in the Partnership provides limited liquidity since withdrawal rights are not unqualified and Interests may not be transferred without the prior written consent of the General Partner, which generally may be withheld in its absolute discretion. Although the portfolio investments may generate some current income, they are expected to be generally illiquid.

Valuation- Most of the portfolio investments will be highly illiquid, and will most likely not be publicly traded or readily marketable.

Economic conditions- Interest rates, general levels of economic activity, the price of securities and participation by other investors in the financial markets may affect the value of portfolio investments made by the Master Fund or considered for prospective investment.

Leverage- Portfolio investments may include businesses whose capital structures may have significant leverage.

An infrastructure investment is subject to certain risks including: the burdens of ownership of infrastructure; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impractical; changes in environmental and planning laws and regulations, and other governmental rules; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in energy prices; changes in fiscal and monetary policies; negative economic developments that depress travel; uninsured casualties; force majeure acts, terrorist events, under insured or uninsurable losses; and other factors beyond reasonable control. Please consult the constituent documents for more information on risks specific to infrastructure investing.

An investment in any of these investment programs should be made only after careful review of the risk factors described in the related offering documents. This Information may contain material provided by third parties for general reference or interest. While such third party sources are believed to be reliable, IFM Investors does not assume any responsibility for the accuracy or completeness of such information. This Information does not constitute investment, legal, accounting, regulatory, taxation or other advice and the Information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Information. This Information is confidential and should not be distributed or provided to any other person without the written consent of IFM Investors.

April 2017

Presenters

3

Paul BurrastonDirector,Global Relationship Group

Paul Burraston joined IFM Investors as a Director inDecember 2016. Paul is a senior business developmentmember with a responsibility to develop and manage seniorlevel accounts in North America across all asset classes.Previously, Paul was Director of Asset Management at CreditSuisse Group where he managed West Coast institutionaldistribution for CSAM Alternatives. Prior to that, he workedas VP of Institutional Coverage for Metropolitan WestSecurities, LLC and held roles in client services managementand global custody and securities lending for Citigroup.

Paul brings nearly 20 years of industry and financial servicessector experience to IFM.

Paul holds a B.A. degree in Commerce and Economics fromthe University of KwaZulu-Natal in South Africa.

Wei-Sun TehVice President,Infrastructure

Wei-Sun Teh joined IFM Investors in October 2009. Wei-Sunspecialises in transaction research and execution, assetmanagement and portfolio management. Prior to joiningIFM Investors, Wei-Sun held the role of an equities analystwith the Commonwealth Bank of Australia, providingresearch coverage on Australian listed companies in theutilities and toll road sectors. Wei-Sun also held prior roles atPricewaterhouseCoopers.

Wei-Sun holds a Bachelor of Commerce and Bachelor ofInformation Systems from the University of Melbourne. Heis a CFA Charterholder.

Section Topic Page

1 IFM Investors Firm Overview 5

2 IFM Investors Infrastructure Equity 9

3 IFM Global Infrastructure Fund 17

4 Asset Management 26

5 Environmental, Social & Governance 30

6 Fund Terms 34

Contents

IFM Investors Firm Overview

Pictured – Bournemouth Airport (part of the Manchester Airports Group which IFM acquired in 2013)

Aligned manager - pension fund owned

Dedicated to sustainable and responsible investment (ESG)

Deep, stable, experienced investment team

Active asset management approach

Long-lived investments to match increasing liabilities

Immediate diversification across sector, geography and vintage

Consistent long-term performance

Protection against inflation

Immediate cash yield on drawn commitments

6

7

Overview of IFM Investors

$62 billion across four asset classes

*FUM figures in USD billion as at March 31, 2017

Independent and fully-aligned manager

Uniqueownership

Seven strategic global locations

Listed Equities$15

Private Equity $1

Infrastructure$28

Debt$19

Hong Kong

8

Corporate13%

Endowments & Foundations

<1%

Multi-Employer37%

Financial<1%

Public Pension36%

Insurance4%

Taft Hartley10%

Who do we serve?

IFM investors manages infrastructure investments for long term institutional investors globally.

We ultimately hold ourselves accountable to their >15 million members and retirees.

Committed Capital by FUM Number of Investors by Region

(1) This represents total NAV of the Global Infrastructure Master Fund plus all undrawn investor commitments and cash available for investment from Feeder Funds in USD as at March 31, 2017.(2) Investor count as at March 31, 2017Graphs are provided for illustrative purposes only and should not be relied on to form an investment decision.

178INVESTORS(2)

IFM Global Infrastructure

Fund(1)

Australia11%

United States46%

Canada24%

UK & Europe15%

The Middle East1%

Asia3%

9

IFM Investors Infrastructure Equity

10

The investment team of more than 60 professionals takes an active approach to the asset

management of its portfolio companies, continuously implementing value accretive strategies.

Highly experienced global infrastructure manager

30 Investments~$28bn

infrastructure equity globally

Every major infrastructure

sub-sector

>40 board seats

Over 25,000 people

employed in portfolio

companies

Strong ESG focus

Figures in USD as at March 31, 2017

11

Airports

Electricity Transmission &

Distribution

Liquefied Natural Gas

Pipelines & Related

InfrastructureSteam & Hot Water Supply

Telecommunications

Toll Roads

Water & Wastewater

Other Net Assets & Undrawn

Commitments (USD)1,2

30 investments across two mature open-ended funds

18 AustralianInfrastructure Investments

IFM Global Infrastructure FundUS$15.9b

12 GlobalInfrastructure Investments(3)

IFM Australian Infrastructure FundAU$10.5b

(1) Other Net Assets & Undrawn commitments includes all cash held at the feeder fund level plus all undrawn investor commitments(2) Also includes certain commitments of ~US$1,015 million, of which ~US580 million will be drawn to fund budgeted construction-related expenses at Freeport LNG and the remaining ~US$435

million will be used to purchase the additional 24.01% stake in OPI (the unlisted holding company of Conmex)(3) The IFM Global Infrastructure Fund invests globally (ex-Australia)(4) The legal name of the fund is IFM Australian Infrastructure Wholesale Fund.

All figures as at March 31, 2017

4

Airports

Toll Roads

Electricity Generation

Social Infrastructure

Electricity Distribution

Seaports

Other Net Assets & Undrawn

Commitments (AUD)1

12

Global infrastructure team

Frederic Michel-VerdierExecutive Director

Werner KerschlExecutiveDirector

Olivier SueurVice President

Tatjana van VlotenSeniorAssociate

Manoj MehtaExecutive Director

Christian SeymourHead of Infrastructure – Europe

Deepu ChintamaneniInvestment Director

Europe – Team of 17

Lars BespolkaExecutive Director

Jaime SilesSenior Associate

GuillaumeCamusVice President

North America – Team of 22

Brooks KaufmanInvestment Director

Wei-Sun TehVice President

Kittredge ZukVice President –Asset Mgmt

Alec MontgomeryGlobal Head of Capital Markets

Jamie CemmExecutiveDirector

Neil DohertyVice President

Tom OsborneExecutive Director

David SeelbinderAssociate

Australia – Team of 23

Michael HannaHead of Infrastructure – Australia

Julio GarciaHead of Infrastructure – North America

Michael LandmanInvestment Director

Marigold LookInvestment Director

Manish RastogiVice President

Jill RossouwInvestment Director

Timothy MayVice President

May SohVice President

Adrian CroftExecutiveDirector

Michael ThompsonExecutive Director

Danny EliaExecutive Director, Global Asset Mgmt

QuentinLawExecutive Director

JulianGraySenior Associate

MichaelKulperExecutive Director

Mark TurnerVice President

Stephanie KwongAssociate

Kyle ManginiGlobal Head of Infrastructure

Nicole ZhangAssociate

Amy ZhuAssociate

Ashwin MathurSenior Associate

AaronMcGovernVice President

Global Relationship Group

60+ infrastructure specialists with extensive operational and financial expertise.

Joshua NortonAssociate

Legal and Commercial

Brian ClarkeHead of GlobalRelationship Group

Joshua LimChief Commercial Officer

Legal, Tax & Commercial – Team of 45+

Finance & Operations – Team of 75+

Global Investor Relations – Team of 45+

Supported by:

Ashley BarkerExecutiveDirector

David Stegehuis Investment Director

FelixSchmidtAssociate

Lee WrightAssociate

Renato PizzollaAnalyst

Calvin KerAnalyst

BrianChittyAnalyst

Stephane AlbertAssociate

Duncan SymondsDirector –Asset Mgmt

Nathalie AbildgaardAnalyst

Peter HannamVice President-Asset Mgmt

Sebastian DomenechDirector –AssetMgmt

Vivien CheungAnalyst

Matthew WallisAnalyst

Sebastian SoteloAnalyst

Giovanni StroeckxSenior Associate

AntonyTeeSenior Associate

EdwardBarrieAnalyst

PeterAtkinsAssociate

Maximilian FieguthSenior Associate –Asset Mgmt

Alex JoinerChief Economist

Chris NewtonExecutive Director, Responsible Investments

Rachel YeAnalyst

Abbie Sui PortfolioAnalyst

Josh CraneVice President

Annabel WiscarsonExecutive Director - Europe

13

Senior advisors experts retained to leverage operational expertise and industry networks

Suite of well credentialed advisors with decades-long ‘C-level’ experience in leading infrastructure businesses

Barry CoulterAustralia • Government• Former Deputy

Chief Minister, Northern Territory

Chris Barlow(Australia)• Airports• Former MD & CEO of

APAC• Former MD of Aberdeen

Airport

Chris Woodruff(Australia)• Airports• Former CEO of

Melbourne Airport

Maitre Gassenbach(France)• Energy &

Power• Leading M&A

lawyer and senior level advisor Tim Blood

(Australia)• Seaports• Former CEO and Chair

of P&O Ports

Keith Forman (US)• Energy• Former Partner

of Crestwood Midstream Partners

Uwe Franke(Germany)• Energy• Former CEO BP

Europe

Alec Dreyer (US)• Seaports &

Power• Former CEO of

the Port of Houston

Nicholas Villen(Spain)• Airports• Former CEO of

Ferrovial Aeropuertos

Phil CooperAustralia • Transport & Energy• Former GM of

Leighton Services

Ken Daley (US)• Transport• Former President of

Transurban• Former CEO of IFM

Investors’ Indiana Toll Toad investment

Richard Gross(Australia) • Power &

Transmission• Former GM positions

at CitiPower and Powercor

Gertrude Tumpel-Gugerell(Austria)Financial Markets• Former Austrian

National Bank Vice Governor

• Former ECB Executive Board member

Claus Raidl(Austria)• Financial Markets• President of the

Austrian National Bank

Stephen Cantwell(Australia)• Transport &

Seaports• Former GM

positions at Bradken

John Fitzgerald(Australia)• PPPs and Government• Special advisor to

KPMG• Former CEO

Infrastructure Australia

Tom King (US)• Energy, Power

& Transmission• Former ED and

President of National Grid USA

Wilhelm Bender(Germany)• Airports• Former CEO of

Fraport

Value-Add

• Industry insight

• Investment origination

• Relationship development

• Transaction due diligence

• Asset management

• Director positions

Europe AustraliaAmericas

James Hale (US)• Labour Union Advisor• Former VP, Labourers’

International Union of North America

David Jana (South America)• Oil and Gas• Former Country Head,

Southern Zones at Bank of America Merrill Lynch, investment banking

Larry F. Clynch (US)• Midstream• Former President of

TransMontaigne Pipeline and Terminal Companies

• Former President of Conoco Pipeline Co.

Sanjay Sarma (US)• Mechanical

Engineering• Director of

Digital Learning at Massachusetts Institute of Technology

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Robust, consistent returns over 20 years of investing in infrastructure

Returns in the chart above based at 100 . Graph is provided for illustrative purposes and should not be relied on to make an investment decision. Past returns are not indicative of future performance.

(1) IFM Australian Infrastructure Fund is a product designed for eligible Australian investors seeking access to core infrastructure assets located in Australia. Returns are time-weighted as of March 31, 2017 post taxes and fees, denominated in AUD.

(2) The IFM Global Infrastructure Master Fund (“Master Fund”) has been investing in core infrastructure assets globally ex-Australia since December 1, 2004 (including investments made through predecessor vehicles). Class A interests of the IFM Global Infrastructure (US), L.P commenced investing in the Master Fund on June 1, 2016 on a currency hedged basis. The hedging strategy and fee structure of the Class A interests is different to the Master Fund. The return series shown uses the actual local currency performance of the Master Fund assets as a proxy for hedged returns, and no cost or benefit of the hedging strategy has been applied to the return series, which may be different to actual results going forward. The Class A fee structure has been applied to this return series on a pro-forma basis. Actual feeder fund performance for all IFM products is available upon request. The return series is time-weighted and actual investor net performance will be different depending on the time that investors entered the product, and depending on the investors’ individual tax position.

1 Year%

2 years% p.a.

3 years% p.a.

5 years% p.a.

7 years% p.a.

Since Inception% p.a.

IFM Australian Infrastructure Fund 9.59% 16.50% 9.93% 11.71% 11.61% 12.00%

IFM Global Infrastructure Master Fund 13.59% 12.17% 10.78% 9.04% 10.07% 8.00%

IFM Australian Infrastructure Fund (AUD, post taxes and fees)(1)

IFM Global Infrastructure Master Fund (local currency returns, pro-forma fees deducted)(2)

15

Cash yield

Cash Yield Drivers

Long-term investments

Capital expenditure

Prudent leverage

Follow-oninvestment

Total return objective vs

short-term yield

• IFM’s objective is to maximise returns from core infrastructure investments for the long term

• GIF targets a total return of 8-12% p.a. with a significant contribution from cash yield over the medium to long term(1)

Since inception:

4.2% p.a. (NAV basis)(2)

(1) Past returns are not indicative of future performance(2) Cash yield is on a gross USD basis to the Master Fund and is subject to performance and management fees. As of March 31, 2017.

16

Why choose IFM Investors?

Alignment TrackRecord

OurAssets

Our People

OurFund

• Pension fund owned management

• Focus on investor returns

• Open end structure with long term asset ownership and liability matching

• 20 years in the infrastructure sector

• Australian Infrastructure Fund: 12.0% time-weighted returns since 1995(1)

• Global Infrastructure Master Fund (USD with theoretical hedging): 8.0% time-weighted returns since 2004(2)

• 30 infrastructure assets across Australia, Europe, North America, Latin America

• Real time insight into every infrastructure sub-sector globally

• Open-ended fund: disciplined long-term capital, access to strategic partners and deal origination benefits

• Core infrastructure portfolio of 12 assets offers immediate diversification

• Total returns have been driven by a solid combination of capital appreciation and cash yield

• We are a truly global team

• 60 investment professionals dedicated to infrastructure

• Depth and experience: industry, operational, regulatory, policy-making, finance.

(1) Time weighted returns as of March 31, 2017 post taxes and fees. (2) Time weighted returns as of March 31, 2017 local currency returns, pro-forma fees deducted.

Past performance is not indicative of future performance.

IFM Global Infrastructure Fund

18

Conservative Leverage

Core Infrastructure

Investment strategy

• Core, long term strategy focused on developed markets; target net return of 10% per annum, which will vary between 8 and 12% depending on the stage of the market cycle

• Target assets: monopolistic; high barriers to entry; limited demand elasticity; long lives; cashflow certainty, predictable regulatory environment

• Focus on large and mid-scale infrastructure

• Avoid distressed assets and excessive leverage

• Investment-grade ratings

• Portfolio weighted average leverage of 41.4%(1)

Strong Governance

• Minority or majority stakes

• Always take board membership

• Proactive asset management

Competitive Advantages

• Open-end fund structure: long-term ownership outlook

• Acquisition firepower: ability to transact as a single entity, reducing execution risk

• Existing portfolio: ability to inject further equity through bolt-ons, capex programs, etc.

1

4

2

3

(1) Weighted average leverage of underlying assets in Master Fund as at March 31, 2017.

19

Our open-ended fund structure aligns us with our investor base

Ability to participate across the spectrum of transaction sizes

Appropriate structure for long-lived assets and concessions

Reinforces the long-term orientation of manager

Mature portfolio of assets (unlike a blind pool)

Reduced j-curve: quicker investment period, no fees on undrawn commitments and cash yield on drawn commitments from day one

Vintage diversification: no pressure to invest or divest assets in poor markets

Exclusive access to certain acquisitions due to long-term ownership structure – industrial companies prefer long term partners; governments prefer long term investors

LPs partner with long-term, like-minded, institutional investors only

Robust redemption policy and quarterly valuations conducted by external independent valuers

Long-term infrastructure investments matched to long-term liabilities

Key benefits of open-end funds

20

Airports

Electricity Transmission &

Distribution

Liquefied Natural Gas

Pipelines & Related Infrastructure

Steam & Hot Water Supply

Telecommunications

Toll Roads

Water & Wastewater

Other Net Assets & Undrawn

Commitments (USD)1,2

Diversified core infrastructure portfolio

12 Core Infrastructure

Investments

(1) Other Net Assets & Undrawn commitments includes all cash held at the feeder fund level plus all undrawn investor commitments(2) Also includes certain commitments of ~US$1,015 million, of which ~US580 million will be drawn to fund budgeted construction-related expenses at Freeport LNG and the remaining ~US$435

million will be used to purchase the additional 24.01% stake in OPI (the unlisted holding company of Conmex)(3) FUM represents total NAV of the Global Infrastructure Master Fund plus all undrawn investor commitments and cash available for investment from Feeder Funds in USD.

All figures as at March 31, 2017

The IFM Global Infrastructure Fund is diversified by sub-sector, geography, vintage year and currency.

$15.9bFUM(3)

United Kingdom

Poland

United States of America

Mexico

Austria

Germany

Global

Other Net Assets & Undrawn

Commitments (USD)1

21

IFM Global Infrastructure FundDiversified global portfolio of 12 investments(1,2,3)

Water & SewerageAcquired in 2006

AirportsAcquired in 2014/2016

Electricity TransmissionAcquired in 2010

Energia Polska

District Heating & Cogeneration

Acquired in 2006/2010/2011

North America Europe

PipelinesAcquired in 2007

TelecommunicationsAcquired in 2004

AirportsAcquired in 2013

Natural gas liquefaction Acquired in 2014

Toll RoadAcquired in 2015

(1) On May 5, 2017, IFM GIF reached financial close on the divestment of its 25.18% interest in DQE Holdings LLC, the parent company of Duquesne Light Holdings. (2) In October, 2016, IFM GIF executed a binding agreement for the investment in an additional 24.01% stake in OPI (the unlisted holding company of Conmex) bringing IFM GIF’s ownership

percentage to 49%. The initial 14% closed on April 26 and the remaining 10.01% is expected to close by the end of 2017.(3) VTTI’s marine terminals are distributed globally. Acquisition and asset management led by North American Investment Team.(4) On April 11, 2017 IFM Investors announced that it had acquired a controlling stake of c. 70% of the outstanding commercial debt of M6toll road in the West Midlands region of the United

Kingdom.

Toll RoadAcquired in 2017(4)

Toll RoadAcquired in 2015/2017(2)

Marine TerminalsAcquired in 2017(3)

Global

22

Strong Track Record of Investment

Since 2013, we have executed 7 new and 2 follow-on investments, investing ~US$10bn,including over US$5.7bn in the last two years to March 31, 2017.

Manchester Airports Group (UK)

$1.3bn

Freeport LNG (US)2014

$2.4bn

2013 2017201620152014

M6Toll Road2017(3)

(1) The fund initially invested US$3.4b in May-15 and subsequently syndicated an equity stake of 3% in Dec-15 and another of 12% in May-16(2) In October, 2016, IFM GIF executed a binding agreement for the investment in an additional 24.01% stake in OPI (the unlisted holding company of Conmex) bringing IFM GIF’s ownership percentage to 49%. The initial

14% closed on April 26 and the remaining 10.01% is expected to close by the end of 2017.(3) On April 11, 2017 IFM Investors announced that it had acquired a controlling stake of c. 70% of the outstanding commercial debt of M6toll road in the West Midlands region of the United Kingdom.

Vienna Airport (Austria)$640mn

Indiana Toll Road (US)

$2.8bn(1)

Conmex (Mexico)$620mn

Vienna Airport (Austria)Follow-on Investment

$191mn

VTTI B.V. (Global)$575mn

Conmex (Mexico)Follow on Investment(2)

$435mn

23

Disciplined investment process

Deal Team

Risk Director

Peer Review

InfrastructureSub-Committee

InvestmentCommittee Review

Board Investment Committee Review

Initialopportunityidentified

Initial investment review

Decision to proceed

Detailed due diligence

Decision to bid

Negotiation and acquisition

Post acquisition process

EVALUATION INVEST

Deal teams sized to ensure robust due diligence and analysis

The IFM Investors Board Investment Committee has final approval authority (deal size >AU$500m)

24

IFM Investments Committee

Note: For full biographies of the senior team members, please refer to the Appendix.

Infrastructure

Sub-committee

<AU$100 million

Infrastructure

Investments

Committee

>AU$100 million

Board

Investments

Committee

>AU$500 million

Kyle ManginiGlobal Head of Infrastructure

• 27 years’ experience

• 10 years with IFM Investors

• Credit Suisse First Boston and SBC Warburg

Michael HannaHead of Infrastructure Australia

• 26 years’ experience

• 10 years with IFM Investors

• Victorian Treasury and Arup

Christian SeymourHead of Infrastructure Europe

• 26 years’ experience

• 13 years with IFM Investors

• Duke Energy, BHP Billiton and Bechtel

Julio GarciaHead of Infrastructure North America

• 22 years’ experience

• 9 years with IFM Investors

• Viant Capital, Bank of America, Robertson Stephens and Gemini Consulting

Robin MillerSenior Advisor & Chair of Investments Committee• 41 years’

experience, 31 years in finance

• NAB, NAM, ME Bank

Judith SmithDeputy Chair• Former head of

private equity• 31 years financial

services experience

• National Mutual, Colonial Mutual

Kyle ManginiGlobal Head of Infrastructure

• 27 years’ infrastructure experience

• Credit Suisse First Boston and SBC Warburg

Joshua LimChief Commercial & People Officer

• 14 years’ corporate, commercial and tax experience

• PricewaterhouseCoopers, Allens Arthur and Ashurst

Neil CarterExecutive Director, Listed Equities

• 19 years’ portfolio management experience

• Macquarie Investment Management, Rutherglen Capital, ABN Amro and The L.E.K Partnership

Murray BleachNon Executive Director

• 31 years’ finance industry experience

• Former Head of North America and co-CEO of Macquarie Capital

And at least:One other IFM Investors’ Board Director

Susan OliverIndependent Investments Committee Member

• Former Transurban Group Chairman of Risk committee

• 21 years’ experience in governance of listed, unlisted and mutual companies

Alex JoinerChief Economist

• Former Chief Economist at Bank of America Merrill Lynch (Australia and New Zealand)

• Over 10 years experience of global economies with a focus on financial markets

Steven LipchinHead of Private Equity

• Former co-head of Champ Ventures focusing on mid market growth investments

• 30 years experience

• Wingate Group, Horizon Equity Partners, Berkshire Partners

25

InFRAME encompasses portfolio risk analysis and construction tools

What are the underlying revenue streams of each asset and what are their risk characteristics?

Risk Matrix Tool characterizes asset revenue streams according to IFM Investors’ seven revenue types

Each revenue stream is assessed according to its exposure to 20 key drivers/risk attributes

How do equity returns at the asset and portfolio level react to different macro-economic scenarios?

What asset and revenue stream allocations produce optimal robust equity returns?

The InFRAME analysis leads to a strategic asset allocation for a balanced robust infrastructure portfolio

1. Risk profiling 2. Scenario analysis

RISK MATRIX TOOL

3. Portfolio optimization

0%

5%

10%

15%

20%

25%

30%

35%

40%

Airports Ports Roads Midstream Pipeline Reg Utility

Port

folio

Allocation

Portfolio Allocation – Stochastic Optimization

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

2016 2017 2018 2019 2020 2021

GDP Deltas to Baseline

China hard landing

Fed tightens

Secular stagnation

Oil price plunge

Combined global downside

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

2015 2016 2017 2018 2019 2020

CPI Deltas to Baseline

China hard landing

Fed tightens

Secular stagnation

Oil price plunge

Combined global downside

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

2015 2016 2017 2018 2019 2020

Interest Rates Deltas to Baseline

China hard landing

Fed tightens

Secular stagnation

Oil price plunge

Combined global downside

Veolia Energia Polska

District Heating Tariff Electricity Price Certificates

Revenue Type Regulated Market Regulated

Proportion of EBITDA 83.00% 15.00% 2.00%

NOTE: A positive sign indicates risk beneficial to value

Drivers/Risk Factors

Regulatory Change (adverse) Medium Negligible Med-High

Population Growth (decrease) Low Low-Med N/A

Economic Growth (decrease) Low Med-High Low-Med

Inflation (increase) +Med-High +Low-Med +Low-Med

Foreign Exchange (lower LC) Low Low N/A

Commodity Prices (increase) Low-Med Med-High Low-Med

Opex (increase) Medium Low N/A

Contract Extension Risk N/A N/A N/A

Capital Expansion Risk Medium Medium Low

Extreme Weather Risk Medium Low-Med Low

Carbon Price (increase) Low-Med High +Low

Land Value (decrease) N/A N/A N/A

Counterparty Risk Low Low-Med Low

Level of Competition Negligible Medium Medium

Substitution Risk Low Low Medium

Customer Concentration Low Low-Med Low

Refinance Risk Low-Med Low-Med Low-Med

Leverage Low-Med Low-Med Low-Med

Concession Length +High +High +High

Cashflow Risk Low Med-High Med-High

Revenue Streams

Asset Management

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Active asset management

IFM Investors brings operational expertise - and the team’s experience in finance,engineering and regulatory management - to add value to the infrastructure portfolio.

ProtectManage risks to reputation and strive todeliver target returns over the long-term.

EnhanceImprove the value of individual assets via sustained involvement and oversight in company long term planning.

ExceedDeliver world-class expertise across investments’ management teams through sharing of information and experience.

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Asset management strategy

Each portfolio investment presents unique opportunities and challenges. IFM has developed a bespoke strategy at each portfolio company to maximize value to investors and minimize risk.

Asset IFM Investors’ Asset Management Strategy

IFM Investors is actively pursuing growth opportunities to outperform business plan as well as complete Project PUSH (Pavement Upgrade for a Superior Highway) and travel plaza redevelopment

IFM Investors is strengthening its governance and consolidating Conmex’s position as a standalone company

Through active asset management, IFM Investors has incentivized management to execute accretive growth opportunities and acquisition, specifically the Port Arthur Products Station (PAPS) export opportunity

IFM Investors’ asset management strategy is premised on improving contract administration, quality and engineering processes to deliver the project on time and on budget

IFM Investors has improved the management team and optimized the capital structure via a number of concerted refinancings.

IFM Investors has been instrumental in maximizing the allowed regulatory return and implementing a performance culture

IFM Investors significantly improved its strategic and financial position with the bolt-on acquisition of SPEC and strong relationship with Veolia

IFM Investors led the acquisition of Stansted Airport and has subsequently been focused on the airport's integration and redevelopment together with the expansion at Manchester Airport

IFM Investors has driven non-core divestitures, favorable regulatory outcomes and improvements to the Management Team and composition of the Board

IFM Investors is working with Management and co-shareholders to optimize the cost structure and streamline operations

IFM Investors is focused on building relationships with Management, co-shareholders and other stakeholders to drive further value improvements

IFM Investors is focused on improving the asset’s capital structure and enhancing the investment decision making process for capital investment at the company

Energia Polska

29

How we add value: ITR Case Study

IFM has delivered on its key priorities for ITR since acquisition

Completed successful syndication to co-investor and new buyers following de-risking of the asset to reduce portfolio concentration

Implemented a first rate management team and seconded IFM employees to the asset to effectively transition from bankruptcy

Improved capital structure by significantly reducing refinancing and interest rate risk through successful debt issuance and interest rate hedging

Launched the most significant capex project since the road was constructed in the 1950’s (Project PUSH) to reduce lifecycle costs and increase route safety

Improved stakeholder relationships to drive value by achieving an eleven month extension of the electronic tolling subsidy for light vehicles

Environmental, Social & Governance

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Environmental, social and governance (ESG)

Engagement

In-house expertise

Workplace safety

Climate changeBoard reviews

IFM has been signatory to the Principles for Responsible Investment since 2008.

We are a member of ESG Research Australia and the Investor Group on Climate Change.

We benchmark ourselves against global best practice standards.

IFM is dedicated to sustainable and responsible investment.

ESG principles are embedded into investment decision making.

Executive Director Responsible Investment, Chris Newton, works with investment teams to enhance responsible investment strategies.

Internal expertise

External commitment

Ongoing engagement

IFM believes engagement in genuine dialogue is the best way to bring about ESG improvements and change.

ESG considerations are incorporated into our asset management and transactional due diligence.

32

Sustainable investment is fundamental to IFM

The focus on sustainable investment is fundamental to our investment approach, as it:

Will enhance our investment returns

Matches our long-term investment philosophy of sustainable client returns and active involvement

Aligns with the culture and heritage of our business

Underscores our belief that business has a positive role to play in an inclusive and sustainable society

IFM strives to provide safe and secure retirement funding for

millions of beneficiaries around the world, while acting as a

responsible owner of infrastructure

Sustainable investments aregood business

33

Sustainable investment is fundamental to IFM

• Exporting LNG to Asia and Europe will facilitate those countries intransitioning away from carbon‐intensive coal and oil

• In addition to the environment aspects, the Freeport project hasconsiderable social benefits:

– Creation of ~3,500 construction jobs in the US

– A total economic stimulus of US$5‐7bn pa in the US

– Support economic development in recipient countries through delivering a relatively low cost form of energy

• Key strategic targets of AWG are the reduction of emissions and the conservation of the world’s natural resources

• Results of the “love every drop” campaign:

– Reduced carbon emissions from operations by 10%

– Increased generation from renewable technologies, saving£16m over the last 5 years and ongoing annual savings ofover £1.6m

– Achieved the lowest level of water leakage of any water company in England and Wales

– Positive EBITDA impact; reduced 2015 household bills by 7% inreal terms

• Reduced Stansted’s carbon footprint by 66% in the firstyear of IFM ownership, by switching to MAG’s groupcontract for purchasing low carbon electricity

• Manchester is the first airport in the UK to be awardedLevel 3+ carbon neutral status

• Reported carbon emissions reduced from 72,000 tonnes in2006/2007 to zero

• 100% of energy purchased from renewable sources

• Over £7.5m of cost savings in energy conservation, with all projects meeting investment hurdles, including a 3‐year payback period

• Established Health & Safety Commission and increased training:

– 2015 injuries down ~20% vs. pcp

– 2015 lost time from employee injuries down ~30% vs. pcp

• Improved road conditions and increased active road monitoring

– Cameras installed on 100% of road providing real‐timemonitoring

– Conmex received the highest score from SAASCAEM(regulator) among State of Mexico concession highways for quality of service

• Enhanced reporting of safety for employees and road users; sharing experience and leveraging learnings with ITR

IFM looks to ensure best practice and share knowledge on ESG matters across the portfolio.

Fund Terms

35

Global Infrastructure FundTerm Sheet

Summary of Principal Terms

The Partnership IFM Global Infrastructure (U.S.) L.P. is a Delaware limited partnership which invests in the Master Fund

The Master Fund IFM Global Infrastructure Fund (the “Master Fund”) holds the underlying infrastructure investments

Base currency The Master Fund is denominated in US Dollars; the U.S. Partnership is denominated in US Dollars

Currency hedging As far as is practicable and prudent, returns will be hedged to U.S. Dollars

Minimum commitment US$10 million

Management fee • No fees on undrawn capital• 0.77% pa for NAV or total commitments <US$300m• 0.65% pa for NAV or total commitments ≥US$300m

Performance fee • 10% over 8% per annum• 33.3% catch-up• 50% held back each year to cover underperformance in subsequent year• Paid annually

Other fees No transaction, monitoring, financing, consulting fees, etc. Partnership establishment cost/expenses shared pro rata among investors

Term Open-end

Reporting • Monthly Statement of Limited Partner’s Capital within 8 business days of month end• Quarterly performance reports within 45 days of the end of a calendar quarter• Annual audited financial statements of feeder fund and Master Fund by May 1 following the year end• Annual meetings and regular fund updates by phone or face-to-face meetings• Customised – specific reporting requirements accommodated to the extent information is available

Valuations Quarterly independent valuations conducted for all portfolio companies

Redemptions Clear redemption policy created with assistance and approval of investors; available upon request

These terms are fully qualified by the fund constituent documents including the Private Placement Memorandum

CONTACT:

Paul BurrastonDirector, Global Relationship GroupRegistered Representative Phone: +1 415 729 9315Email: paul.burraston@ifminvestors.com

IFM (US) Securities, LLC.

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