Global Interconnection Group

Investor Presentation • Sep 28, 2023

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Global InterConnection Group

Investor Presentation: Global SuperReturn Conference

XAMS: CABLE

September 2023

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The document and any opinions contained herein are provided as at the date of publication of this document and will be subject to updating, revision, verification and change without notice and such information may change materially. In publishing this document, the Company does not undertake any obligation to provide the recipient with access to any additional information or to update this document, or to correct any inaccuracies in this document, including any data or forward-looking statements. This document does not purport to be full or complete and does not purport to contain the information that would be required to evaluate the Company, its financial position and/or any investment decision. Nothing contained in this document is or should be relied upon as a promise or representation as to the future. This document has not been reviewed or approved by any regulatory or supervisory authority.

Industry and market data

This document contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to the Company's business and markets. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain, no facts have been omitted which would render the reproduced information provided inaccurate or misleading. To the extent available, the industry, market and competitive position data contained in the Information and the related documentation comes from official or third party sources, which may or may not be publicly available. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates, and the Company's analysis and best estimates which are in turn based upon multiple third party sources. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change.

Forward-Looking Statements

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Global Market Opportunity

• Inexorable demand for electricity
• Drive energy security
• Solutions for intermittent power sources
• Transmission grid upgrades to save costs and CO2

Barriers to Growth

• Shortage of HVDC cable production
• Shortage of capital for development and transformation
• Shortage of expertise

Addressing the Market Gap by building:

• World-class integrated cable producer
• Portfolio of interconnectors and transmission assets
• Exceptional long term cash generation

About Global Interconnection Group

Global Interconnection Group

(XAMS:CABLE) is building an integrated platform to service, supply and invest in interconnector cables and wider energy transmission infrastructure projects, comprising three divisions:

• ❖ Global Interconnectors: a diversified portfolio of development, construction and operation stage interconnectors and grid upgrades
• ❖ Advanced Cables: high voltage direct current ("HVDC") cable manufacturing to address long-term supply shortage
• ❖ GIG services: commissioning, designing, planning and operational management for grids and interconnectors

About GIG Interconnector Highlights

Interconnected grids are more efficient and flexible in the face of rising energy demand and increasingly volatile supply:

• ❖ Interconnectors are central to the energy transition and energy security: interconnected grids are more flexible, more efficient, and better able to respond to market stress. They are crucial to moving intermittent renewable power to where it is needed, and replacing coal and gas in times of shortage
• ❖ Strong tailwinds from national and international energy strategies; the EU is targeting 15% interconnection of power by 2030
• ❖ Energy price upside: interconnectors directly benefit from higher energy prices and price volatility. Ability to harness hydro pumped storage and geothermal and nuclear baseload to meet intermittent energy shortfalls.
• ❖ Downsideprotection: inexorable rise in demand for electricity.
• ❖ Many interconnectors and grid upgrades enjoy a high degree of contracted, inflation-linked minimum cashflows via government underpinned'cap and floor' regimes and/or fixed price PPAs

GIG Board & Management

• ❖ Management team have worked on most of Europe's interconnectors, subsea cables and recent HVDC cable tenders
• ❖ Advisory board with industry veterans to oversee capital allocation and strategy
• ❖ GIGboard, management and advisers highly aligned and heavily invested in Global InterConnectionGroup
• ❖ World class strategicpartners, leading advisers and consultants

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Strategic Vision and GIG's positioning

Climate change adaption driving significant industrial requirements

Global InterConnection Group Team

Depth of expertise across infrastructure investing and capital allocation

Edi Truell

Executive Group Chairman

• Long Term Assets and Disruptive Capital founder, Life-time net IRR over 30% • Founder and former CEO of Pension
• Insurance Corp • Former Chairman London Pension Fund Authority. Co-founder of GLIL

Matthew Truell

CEO, Global InterConnectors

• Head of Power at Red Penguin, leading undersea cable services and expertise provider
• HVDC cables design, planning, construction and operations

Henry Tilbury Corporate Finance Director

• Associate Director at Disruptive Capital
• 8 years' experience in private equity and infrastructure

Julien Fournier Finance Director, GIGSA

• Managing Partner Dafico SA, fiduciare and financial accounting.

Chrissie Boyle UK Political Advisory

• 8 years experience in campaigns across 3
• General Elections • Former Executive Director of prominent think tank

Fridjon Fridjonsson IcelandPolitical Advisor

Contract in abeyance while Alþingi MP

• Managing Partner at KOM Consulting
• Member of the Board of 'Business Iceland'

Management Board Members

Luke Webster Non-Executive Group Director

• CIO Greater London Authority, overseeing multi-£bn infrastructure deals
• Major projects: Elizabeth Line; Northern Line extension
• Previously CFO at London Pension Fund Authority

Jennie Younger Independent Non-Executive Group Director

• Executive Director, Development, King's College London

• Ex Global Head of Communications, Deutsche Bank, Astra Zeneca; GSK

• Independent Non-Executive Group Director

• Former Head of Energy at world leading engineering project manager, AFRY

Roger Le Tissier

• Non-Executive Group Director • Previously senior partner of law firm Ogier
• from inception in 1998 2013
• NED with leading asset managers, private

Cédriane de Boucaud

• Non-Executive Director, GIGSA
• CEO of Health Destinations.

equity, pension insurer

• Turnaround of ex-Soviet aerospace and nuclear industries, airports and energy infrastructure

Michael Ridley

Director , Global InterConnectors SA

• Former Vice Chairman, Investment Banking of JP Morgan and co- head of debt capital markets
• Adviser to governments of Iceland and Georgia

Non-Executive Director, Global Interconnection Group SA

• Managing Director, Real Estate at Signa
• Former Global Head of Business Development (Private Markets) at UBS
• 30+ years across all sectors of the major real estate markets of APAC, EMEA, and North America

Advisers

Gerard LaMarche Senior Adviser

Henrik Erhnrooth

winner

• Former director of Total and Engie
• Ex CEO of Groupe Bruxelles Lambert
• Former board member of Total, Tractebel, Electrabel, International Power, and Distrigaz

• Former Chairman of Poyry, current Board member of Afry • Founding member of the Climate

Consultant, Advanced Cables

Leadership Coalition • 2019 Energy Global 'Medal of Honor'

• Chris Sturgeon
• Senior Marine Cables Adviser

• Founder and CEO of Red Penguin, leading undersea cable services and expertise provider

• Senior Adviser

• Former Group CEO of Sampo and Executive Chairman of If Insurance

• Former Vice Chairman of Nokia, including subsea cables subsidiary 6

• Richard Pinnock

Partners

operators

World class resources and expertise complement management

❖ Ongoing power price modelling and projections for major grid

Partnership* for Atlantic SuperConnection	Joint Venture* for Advanced Cables
UK Market Leading Grid and Renewable Energy Operator	World-Leading HVDC Cable Manufacturer
❖ Exclusivity Agreement signed with Atlantic SuperConnection ❖ UK Grid operator ❖ Hydro pumped storage and offshore wind operator	❖ JV MOU signed with Advanced Cables ❖ Winning tenders for European interconnectors in 2023, to lead to firm orders for Advanced Cables
* There can be no guarantee that these negotiations will lead to final completion
Owner's Engineer	Interconnector specialists
RTE International	Red Penguin
❖ Consultancy arm of RTE, Europe's largest grid operator	❖ Market leader in support for the submarine cable sector
❖ RTE is a major interconnector owner-operator, with five in its portfolio	❖ Services cover all stages from project strategy to construction and asset management
❖ Global advisor on grid upgrades and interconnector projects	❖ Have completed work on 10 interconnectors including IFA-2000
Consultant engineers & energy market analysis	Infrastructure consultants
AFRY	AECOM
❖ World-leading energy consultant and engineer	❖ World leading infrastructure consultancy
❖ Just completed build out of NKT's HVDC factory in Sweden	❖ Advisors on over project construct and site selection
❖ ASC feasibility & impact studies	❖ Leading the extensive and detailed RFP processes

Global Interconnectors

Introduction: GIG InterConnectors

Planned Strategic Build-Up of Interconnector Portfolio

Opportunity

• ❖ Grids face massive domestic capex requirements that outstrip their financing capacity
• ❖ Need to divest international operations
• ❖ Shortage of capital + expertise for Interconnector development
• ❖ Scarce Supply of HVDC cable leads to costly delays for new projects

Challenges

• ❖ Regulatory: Ownership of interconnectors and grids subject to interwoven thicket of regulation
• ❖ 'Excess Profits': current Return on unlevered Capital above regulatory thresholdleads to clawback of 'excess returns' by regulators
• ❖ Future Price Uncertainty: consensus view that prices will decline if Ukraine war resolved. Will price volatility remain elevated?
• ❖ Supply chain: proliferation of interconnectors and grid upgrades is driving higher prices and shortage of key inputs,
• ❖ HVDC cable, converters, and transformers; specialist installation equipment and services
• ❖ Project risk: interconnector projects carry inherent binary risks of success or failure that challenge most institutional investors
• ❖ Macro risk: each interconnector is subject to specific geographical, energy source and international political risks
• ❖ Expertise: investment in, and development and operation of, interconnectors requires deep but scarce expertise

	Vehicle for a Global portfolio of interconnector projects and assets to capture exceptional interconnector economics, while enjoying diversification and economies of scale ► Diversification reduces risk
Solution:	► Resilient cashflows from operating assets, paired with ► Capital appreciation from development and construction-stage projects
GIG	► Mitigate project and macro risks specific to each interconnector ► Economies of scale
	► 'Coalition of the Willing' with major TSOs as shareholders ► Pooled expertise for assessing, executing, and managing interconnector investments ► Advanced Cables to secure access to critical HVDC cable for GIG's interconnector projects

'Coalition of the Willing'

Strategic Build-Up of Interconnector Portfolio

Strategy

Harness GIG's capital market access and expertise to buy-build-transform interconnectors at attractive prices to produce a balanced portfolio. Buy with GIG Shares as well as cash to align interests

• ❖ Portfolio construction: a portfolio approach to investments, managing exposure to each geography, energy source, and project stage. Build integrated network
• ❖ Financial discipline: strict acquisition pricing criteria, conservative leverage, minimum proportion of contracted cashflows.
• ❖ Origination:
• ❖ Differentiation: access to scarce expertise and HVDC manufacturing capacity marks GIG as an attractive partner
• ❖ Network: TSO partners, GIG's team, advisers and owner-operator relationships engender early access to opportunities
• ❖ Risk mitigation:
• ❖ Exposure spread across projects and operating assets, across different energy sources, and across geographies
• ❖ Cashflows from portfolio's operating assets
• ❖ Development-stage acquisitions limited to more mature projects: feasibility established, visibility on offtake
• ❖ Construction-stage risks mitigated via EPC contracts

Acquisition Parameters

Typical characteristics of interconnector acquisitions at each stage

Stage	Discount Rate	Time Horizon	Notes
Development	30-50%	1-3 years to construction	Feasibility established; near-term visibility on offtake arrangements and construction commencement
Construction	16-20%	3-7 years to operation	Key construction risks insured via EPC contract Offtake arrangements already in place (PPA, cap and floor)
Operating	7-13%	50-year operating life [25-year regulated asset life]	Contracted cashflows inflation-linked. Typically 25-year cap and floor agreements and 10-20 year PPAs

Atlantic SuperConnection

Proposed UK-Iceland interconnector

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Introduction: Atlantic SuperConnection

GIG Infrastructure's first interconnector project

Project Overview

• ❖ Atlantic SuperConnection is developing a 1,708km subsea cable to transmit up to 1.8GW of renewable energy to and from Iceland and the UK
• ❖ Strategic partnerships with global leaders in grids; interconnectors; renewable energy; storage; power trading
• ❖ RTE International,
• ❖ Major European utility company
• ❖ Iceland has abundant, cheap, dispatchable, green energy
• ❖ Geothermal, hydro, potential for hydro pumped storage and wind
• ❖ Increasing UK dependence on intermittent solar and wind is creating price and grid volatility
• ❖ Surplus UK wind power to Iceland for hydro pumped storage
• ❖ Supports Governments' initiatives for Net Zero, energy security and grid stability to meet energy security risks
• ❖ ASC to deliver equivalent of a nuclear power station of zerocarbon energy, expected to cut UK energy emissions by 3%, so 1.1 million tonnes of CO2
• ❖ Market leading UK Energy Trading platform opportunity
• ❖ Using 'clean battery' to supply peaking power
• ❖ Long term power purchase agreements ("PPAs")
• ❖ Substantial progress to date includes:
• Establishment of technical feasibility by RTEi
• Seabed survey confirming optimal route

• UK Connection agreement with the National Grid

• ❖ Expected project timeline:

• Final Investment Decision ("FID"): 2024
• Commercial Operations Date ("COD"): 2029
• ❖ Business case assumes:
• ❖ Energy prices revert to pre-Ukraine levels in long-term
• ❖ Revenue share with Iceland rather than fixed input price
• ❖ Inflation linked prices

ASC & other UK Interconnectors

£3.55 billion investment for interconnector

Needs	Sources
❖ £3,550 million cost to reach full commissioning ❖ Includes £ 800 million contingency	❖ £2,350 million debt, £1,200 million equity
❖ Budget and delivery assumptions informed by ❖ Board, management and advisers ❖ Two leading grid operators as partners ❖ RTE International as Owners' Engineer ❖ Operator with existing interconnectors ❖ European Utilities trading platform ❖ Pumped storage and wind operator ❖ Landsvirkjun, Red Penguin, MMT survey ❖ National Grid TSO grid connection terms ❖ Negotiations with Iceland ❖ OfGem discussions for cap and floor exemption	❖ 66% debt / equity ❖ Long-term sustainable debt ❖ Financing may be enhanced by: ❖ Fixed price capex EPC contracts to mitigate contingency ❖ Tax and carbon credits ❖ Equity to be cornerstoned by GIG, European Utilities Company [operating partner] ❖ RTEi has 3% stake ❖ Strategic co-investors at subsidiary level ❖ Iceland 'plc' and private infrastructure funds.
► Target IRRs with strong cash flows: - From FID project 11% - 14% Equity 15% - 20% - over 50+ year project life	► GIG and co-investors to provide: ► £2,350 million debt funding ► £1,200 million equity

Advanced Cables

HVDC Cable Manufacturing Project

Introduction: Advanced Cables

World-leading HVDC factory to address global shortage

Background

• ❖ Advanced Cables is building an HVDC cable manufacturing facility capacity to address global supply shortages
• ❖ Global shortage of HVDC cable forecast to persist for decades, driven by demand from:
• ► Offshore wind
• ► Grid upgrades
• ► Interconnectors
• ❖ Projected 18,000km p.a. global HVDC demand by 20301 vs 5,560km p.a. current industry capacity2
• ► In UK and Europe alone, 41 interconnector projects under development requiring 45,000km+ of HVDC cable in total3
• ❖ Advanced Cables is negotiating a joint venture with worldleading HVDC cable manufacturer to operate the factory and to co-invest
• ❖ Preferred site at in North East England. Direct access to Read the Risk Factors in the Circular carefully deep water quay for most efficient handling and transshipment. Investment Zone status confers substantial benefits. Comprehensive training, R&D and innovation services.

Project Overview

• ❖ 1,600km / year HVDC UK factory to be built.
• ❖ Offtake
• ❖ 3,416 km probable order from ASC4
• ❖ Orders already secured from other major cable operators by JV partner
• ❖ Supports government policies on:
• ► Net Zero
• ► Energy security
• ► Increasing manufacturing and exports
• ► Economic regeneration
• ❖ Construction expected to commence in UK Q4 2023; completion in 2025; full operations by early 2026 after stress testing and quality control

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1Global Market Insights, 2021 Advanced Cables is highly complementary to the build out of GIG's interconnector portfolio.

Hydro Pumped Storage (HPS)

A vital component of sustainable energy systems

HPS efficiently stores and managed electrical energy, contributing to grid stability and renewable energy integration

❖ During periods of excess energy (e.g strong winds or high solar output), surplus electricity is sued to pump water from into the existing hydro dam's reservoir

Energy Generation

❖ During peak demand or low renewable energy production, water from the reservoir is released. Gravity pulls it down, spinning turbines and generating electricity

Grid Stabilisation

❖ Provides grid stability by responding rapidly to fluctuations in demand and acts as a backup power source during outages or emergencies

Energy Storage Advantages of HPS

• ❖ Grid Balancing:
• o Smoothes out intermittent renewable energy sources
• o Enhances grid reliability
• ❖ Energy storage:
• o Stores excess energy for future use, with longer life than conventional batteries
• o Mitigates energy supply fluctuations
• ❖ Environmental Benefits:
• o Low greenhouse gas emissions across 'whole of life'
• o Minimal impact on local ecosystems (as dams already built)
• o No disposal problems

Conclusion

Hydro Pumped Storage is a proven, versatile, large scale and reliable energy storage solution. Essential for integrating renewable energy into the grid. Invaluable asset. 16

Iceland financing : £ 4.5 billion

New Equity Investor Economics from current portfolio

• New Investors are being offered either GIG shares or private coinvest into ASC Energy and / or Advanced Cables
• Lower entry price gives scope for value uplift as GIG subsidiaries reach milestones
• First Refusal / Options to put up funding for:
• ASC interconnector £3.6 billion
• Grid Upgrade £ .5
• Pumped Storage upgrades £ .4
• Key milestones:
• ► Listing ('IPO')
• ► Advanced Cables JV commences
• ► ASC pre-FID financing round
• ► ASC commences construction
• ► Advanced Cables factories certified
• ► Grid Upgrade construction
• ► Hydro Pumped Storage upgrades
• ► Commissioning

Prospective Dividends

• Cash generated from Advanced Cables JV dividends
• Cash generated on ASC FID recap

Modelling outcomes have been produced by GIG for illustrative purposes and should not be relied upon. Share prices are derived from the model and are not forecasts. Shares can go down as well as up. Underlying assumptions commercially sensitive. Read the Risk Factors in the Circular carefully. ¹⁷

('Factory JV') ('Pre-FID') ('FID')

('Factory CoD')

Be Good Investors - Positive Impact

Deliver meaningful, positive change for the environment and society, within a framework of pristine governance.

THE TRUELL CONSERVATION FOUNDATION

ASC Example : UK Save 1.1 million tonnes of CO2 emissions every year Enhanced energy security Create over 800 jobs in world-class manufacturing Save consumers £0.5 bn in lower peak electricity prices

ASC Example : Iceland 1.1 million tonnes of carbon credits Enhanced grid and energy security Up to 600 permanent jobs Enhance GDP by 6% with export revenues

Global InterConnection Group not only seeks to do no harm, but to deliver material and long-lasting societal and environmental good. The UK charity, Truell Conservation Foundation, is a major shareholder in Global InterConnection Group. The Charity is guided by the Forum for the Future's Net Positive Principles.

Four Principles define our Net Positive Strategy

Material

Focusing on what matters most

Greatest impact on society and the environment

Positive Impact across the company's full value chain, and internal and external stakeholders

One positive impact cannot compensate for negative impact in another material area

Regenerative

Creating long-term, sustained and absolute impact

Work in harmony with the natural world, strengthen social communities, and improve individual outcomes.

Long-term beneficial impacts, not causing irreversible losses

Use evidence-based methodologies

Systemic

Influencing change across entire systems

Influence wider environmental and economic systems

Collaborate and enter into transformative partnerships

Recognise our role within international systems to provide energy security

Transparent

Sharing progress openly and honestly

Action, progress, and measurement that is clear, credible and accessible

Attribution of all material impacts – both positive and negative

Information presented within clearly defined sustainability context and reporting boundaries

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Global Interconnection Group

• ► Multi-\$trillion global transformation of energy transmission under way
• ► Positive Impact supporting greater energy security and Net Zero, materially reducing CO2 emissions
• ► Margins and returns supported by shortage of HVDC cable, shortage of capital and shortage of expertise
• ► Long term resilient cash flows, paired with capital appreciation
• ► Global Interconnection Group: platform to build a 'coalition of the willing' with three interlocking divisions:
• ► Global Interconnectors portfolio
• ► Expertise: design, planning and operational consultancy and management for grids and interconnectors
• ► HVDC Cable manufacturing
• ► Capital: Drive to scale and diversification of risk, via:
  • ► Add-on acquisitions of operating assets to gain immediate access to cashflows
  • ► Government underpinned grid upgrades and interconnector developments
  • ► Interconnector developments for capital appreciation
• ► Portfolio approach to make interconnector investments in risk-controlled manner
• ► HVDC supply to address supply chain constraints
• ► Acquisition targets: interconnector assets, offshore grids, cable manufacturers, specialist sector assets
• ► GIG investor proposition
• ► Strategic partnerships with major HVDC manufacturer, interconnector operators, grid owners: co-invest and joint venture
  • ► paves the way to a coalition of interconnected partners as fellow GIG shareholders.
• ► Institutional investors: GIG equity listed on Euronext; and/or long dated inflation-linked sustainable debt, listed on TISE
• ► Private co-investment as alternative route into either interconnectors portfolio or cable manufacturing

Harness Global Interconnection Group's integrated platform to enjoy resilient long term cashflows and capital appreciation