Invest & Manage Airports 2011

London

December 9th, 2011 North Airports (NQA)

„ In January 2009, a consortium led by institutional investors advised by J.P.Morgan Asset Management bought & Mackay airports from the Queensland government

„ NQA owns and manages Cairns and Mackay airports under 99-year leases

– Cairns is 's 7th largest airports with c. 4.0m pax in FY11 and the gateway to World Heritage Great Barrier Reef and Tropical Rainforests of Northern Queensland

– , with c. 1m pax in FY11, is the main airport serving the Bowen Basin, which contains one of the largest deposits of coal in the world

2 NQA - Overview

Cairns Airport

Cairns Airport

„ 758 ha site located c.8 km from the CBD „ Separate domestic & international terminals „ Two runways: main (3,197m) & cross runway (925m) „ Curfew free

Mackay Airport Mackay Airport „ 274 ha site located c.5 km from the CBD „ Single terminal „ Two runways: main runway (1,981m), cross runway (1,344m) „ Curfew free

3 NQA – Passenger Profile

Cairns Mackay 6% 6% 12% 25% 44% 11%

64%

NQA 25%

6% 16%

17% 61%

Leisure Business VFR Other

4 NQA – Strong Traffic performance since Acquisition

FY 2011/2010 Passenger growth

9.9% 9.5%

7.7% 6.9%

4.3% 4.1% 3.6%

NQA APAC MAp QAL NT Airports

5 Continued route expansion and carrier diversification

81 new services and new routes introduced since acquisition equating to over 1.4m new seats

„ Both Cairns and Mackay have experienced strong volumes growth as a result of: – Strategically marketing the airport to tourists and – Incentivising low cost operators such as and Virgin Blue „ Pro-active and coordinated marketing approach/strategy with the different Queensland tourism authorities: – Tourism Tropical North Queensland – Tropical Queensland – Tourism Australia

6 A Diversified Revenue Revenues Base Commercial yield increased by 21.4% Revenues Split (FY11) „ Retail performance was negatively impacted by an old-fashioned terminal fit out and product mix in recent years (over- representation of Food & Beverage, and Other souvenir shops) 12% „ International Terminal Duty Free walkthrough „ New public transport (access charges, taxis, shuttle buses) and car parking strategy Ground Transport „ Future Land Use Plans 16%

Aeronautical Revenues 54% Real Estate 9%

Retail & Advertising 9%

7 Cairns Domestic Terminal Redevelopment (DTR) The DTR was successfully completed in September 2010

„ The DTR increases significantly the domestic retail performance, including:

„ 50% increase in the departures circulation space

„ Additional 350m2 of departures retail space

„ Increase in tenancies from 13 to 21

„ Development of a permanent Food & Beverage offer in the landside area of the terminal building

Retail Offering Post-redevelopment Retail Precinct

8 Refinancing

Successful refinancing at a competitive all-in cost in July 2011

„ Approximately AUD 530m senior debt raised to refinance the existing senior debt (AUD 344m 3- year facilities arranged at privatization) as well as to fund future capex needs

„ Club deal of four Australian banks (Westpac, ANZ, NAB, and Commonwealth Bank of Australia) as well as SMBC

„ Maturity based on a 60/40 split provides pricing benefits and reduces/diversifies refinancing risk going forward

„ Gearing level of c. 50% and c. 7.0x Net Debt / EBITDA

„ 6-month DSRA providing additional liquidity

Facility Tenor Amount Margin Term loan – Tranche A 3 years AUD 315.3m 220 bps Term loan – Tranche B 5 years AUD 139.3m 245 bps Capex facility 5 years AUD 72.2m 245 bps Working capital 3 years AUD 2.0m 220 bps

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