DALRYMPLE BAY INFRASTRUCTURE LIMITED — AGM Information 2021

May 18, 2021

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ASX Announcement 19 May 2021

Annual General Meeting Distribution Payment

Annual General Meeting

In respect of the Annual General Meeting of Dalrymple Bay Infrastructure Limited (ASX:DBI) to be held at 10.00am today at the Christie Centre, Room A, Level 1, 320 Adelaide Street, Brisbane, Queensland, attached are the following:

• Chair’s Address; and

• Managing Director’s Address.

Distribution

DBI announced on 26 February 2021 a transition to quarterly distributions.

The Board of Directors has approved a Q1 2021 distribution of 4.5 cents per security (in line with guidance), with the following dates:

Record Date: 25 May 2021

Payment Date: 16 June 2021

The distribution will take the form of a repayment of principal on securityholder Loan Notes. No franking credits are attached to the Q1 2021 distribution.

Tax information in respect of the Q1 2021 distribution is available on DBI’s website[1] .

-ENDS-

Authorised for release by the Board of Dalrymple Bay Infrastructure

More information

Media

Investors Media Craig Sainsbury Tristan Everett craig.sainsbury@dbinfrastructure.com.au tristan.everett@marketeye.com.au +61 428 550 499 +61 403 789 096

1 The tax consequences for a securityholder with respect to the Q1 2021 distribution may vary depending upon a securityholder’s individual circumstances. Securityholders should consult their own tax adviser as to the potential tax consequences for them with respect to the distribution

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About Dalrymple Bay Infrastructure

Dalrymple Bay Infrastructure (DBI) through its foundation asset, the Dalrymple Bay Terminal (DBT), aims to provide safe and efficient terminal infrastructure and services for producers and consumers of high quality Australian coal exports. DBT, as the world’s largest metallurgical coal export facility, serves as a global gateway from the Bowen Basin and is a critical link in the global steelmaking supply chain. By providing operational excellence and options for capacity expansions to meet expected strong export demand, DBI intends to deliver value to security holders through distributions, ongoing investment and capital growth. dbinfrastructure.com.au

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Dalrymple Bay Infrastructure AGM

Chairman’s Address Hon. Dr David Hamill, AM

Wednesday 19 May 2021, at 10.00am

Christie Centre Room A, Level 1 320 Adelaide Street Brisbane Qld 4000

Introduction

Ladies and Gentlemen, we are now almost half-way through DBI’s first year as a listed company, following our IPO last December. You would have recently received the first DBI Annual Report, which:

• explained the utility-like features of DBI as an investment;

• reinforced the critical nature of the Dalrymple Bay Terminal (the Terminal ) and the value it provides to the Queensland and Australian economies; and

• confirmed how we have delivered on what we outlined in our IPO Prospectus.

The Terminal plays a vital role in supporting the global steel-making supply chain. It does this by providing a pathway to exports of Queensland coal to 23 countries.

DBI maintains longstanding and productive relationships with its 11 key customers. Access to the Terminal is highly strategic and beneficial for our customers given the Terminal’s close proximity to the world’s largest metallurgical coal export region, containing some of the world’s highest quality metallurgical coal reserves, and to Asia, with its growing demand for metallurgical coal.

Through its 99-year lease over the Terminal, long term take-or-pay contracts for 100% of supply chain capacity through to 2028 and an attractive commercial framework, we expect DBI to continue delivering stable export volumes as well as the potential for growth, which in turn will support growth in cash flows and distributions over the long term.

As we outlined in the Prospectus, and again in the Annual Report, an investment in DBI is an investment in a company that has:

• a utility-like risk profile and an attractive commercial framework that is expected to deliver stable cash flows;

• security of income through long-term take or pay contracts for 100% of supply chain capacity, with 100% pass through of operating costs;

• attractive distributions;

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• a conservative target payout ratio; and

• an investment grade balance sheet.

At the time of our IPO we forecast a distribution for the 6 months ended 30 June 2021 of $45 million or 9 cents per security. At our results announcement in February, the Board confirmed its intention to move to quarterly, rather than half-yearly, distributions.

Today we are pleased to announce that the Directors have declared the first quarterly distribution payment of 4.5 cents per security will be paid on 16 June 2021, keeping us on target to meet our Prospectus forecast.

Take or pay

A key reason for the Board and management’s confidence in the long- term prospects of the business is the commercial framework under which the Terminal has operated since its privatisation in 2001. A critical element of this framework is the long term take or pay contracts, under which customers commit to pay for access to the Terminal based on their contracted capacity. Essentially this means that our customers are required to pay for that contracted capacity irrespective of the actual volume of product they ship.

This, combined with the 100% pass through of operating costs to customers, results in an extremely high quality business with investment characteristics akin to a utility.

QCA Decision

Notwithstanding these attractive features of the business, on 30 March the Queensland Competition Authority released its Final Decision on the Access Undertaking to apply to services at the Terminal from 1 July 2021.

As we said at the time, DBI welcomes the QCA’s decision on the Access Undertaking as it paves the way for DBI to transition from the existing heavy handed regulatory model to a light handed commercial price setting framework in the form of a “negotiate-arbitrate” regime.

DBI will implement the QCA’s required changes to enable the orderly transition to a new pricing framework that better aligns with that used at other Queensland coal export terminals.

Moving towards a commercial price setting framework will allow us to agree tariffs with individual customers that better reflect their needs and the value we provide to them, while supporting local jobs and investment in the region.

DBI’s 100% take or pay contracts, which are in place until 2028, combined with a light handed approach to regulation, will allow DBI to continue to deliver consistent and predictable cash flows and a growing dividend over time while still maintaining its investment grade balance sheet.

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Board and Management

The Board of DBI inherited a framework for the prudent management of DBI, and has refined and adopted its internal controls, risk management processes and corporate governance policies and practices where appropriate for conducting DBI’s business in a listed environment.

The Company maintains a high standard of Corporate Governance with our governance framework underpinned by the ASX Corporate Governance Council’s Principles and Recommendations.

DBI is led by a highly experienced and long tenured management team.

Anthony Timbrell, our Managing Director, has over 24 years of industry experience, including the last 12 years with the Company. Anthony leads an experienced and dedicated team who take pride in managing a world class asset for the benefit of securityholders, customers and the wider community.

The other senior members of the senior leadership team have an average tenure in the business of 16 years.

Corporate strategy

Your Board has approved a corporate strategy, the key elements of which are to:

• deliver an attractive yield for securityholders via distributions that are underpinned by stable and predictable cash flows;

• maintain and enhance relationships with stakeholders across the supply chain including customers, regulators, government and the communities in which we operate;

• manage a smooth transition to a light handed regulatory framework;

• support the expected growth in metallurgical coal exports from the central Bowen Basin through delivering capacity expansion at the Terminal;

• explore long term growth options, including further expansion of the Terminal’s capacity and other infrastructure opportunities where management can leverage their experience and capabilities; and

• focus on long term sustainability of operations in line with the United Nations Sustainable Development Goals by recognising the important role the Terminal plays in the environment, with its employees and within the community.

Environmental, Social and Governance (ESG)

I would like to say a little bit more about the last of these six strategy objectives. DBI is applying industry leading Environmental, Social and Governance ( ESG ) and sustainability principles to its operations. A sustainability strategy for the Terminal has been developed by DBI and the Operator of the Terminal to build on programs and initiatives already in place. As mentioned, the sustainability strategy is aligned with the United Nations Sustainable Development Goals and established principles

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which are embedded in daily operations, decision making and long-term planning to ensure the operation of the Terminal is efficient, safe and sustainable.

Our management team is working towards developing its inaugural sustainability report, which will outline the sustainability performance of the Terminal and provide an update on progress against the strategy.

This is expected to be published in September 2021.

Finally in relation to Item 2 of the formal business, I would like to reiterate the Board’s unanimous recommendation for the re-election of Bahir Manios as a Director. Bahir is a seasoned executive of our 49% cornerstone shareholder, Brookfield. Continued involvement by Brookfield, both at the Board and via the provision of transitional services and support to management, has allowed the transition from private to public ownership to be as seamless as it could be. The Directors believe that Bahir’s continued participation allows all securityholders to share in the benefits that Brookfield’s asset management experience and long history with the business can bring.

Thanks

In conclusion, I would like to thank Directors, management and all employees for their efforts leading up to and since DBI’s listing in December last year.

I would also like to take this opportunity to thank all our stakeholders for their ongoing support and we look forward to updating you on developments over the course of 2021.

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Dalrymple Bay Infrastructure AGM Managing Director’s Address Anthony Timbrell

Wednesday 19 May 2021, at 10.00am

Christie Centre Room A, Level 1 320 Adelaide Street, Brisbane Qld 4000

INTRODUCTION

Good morning everyone.

Becoming a listed company capped off a big 2020 for the team at Dalrymple Bay Infrastructure. The Australian market can once again invest in an infrastructure asset with attractive yields, supported by a regulated utility-like risk profile that generates predictable and stable cash flows.

The need for metallurgical coal

Dalrymple Bay Infrastructure is the world’s largest exporter of high-quality metallurgical coal, responsible for 15 per cent of global export met coal volumes. The Dalrymple Bay Terminal (the Terminal ) operates 24 hours a day handling more than 80 different grades of metallurgical coal from the central region of the Bowen Basin. The Terminal plays an essential role in the global steel manufacturing supply chain.

The Bowen Basin has some of the highest quality metallurgical coal in the world, and demand for it remains strong as countries race to create the infrastructure that will be needed for a lower-carbon future. Add to this the freight advantages we hold into the Asian market, where a large proportion of this infrastructure will be created, and Australia is forecast to remain the largest met coal exporter over the long term.

In 2020, despite the impacts of COVID on global economies, the Terminal shipped 55mt of coal to 23 countries – the main ones being Japan, South Korea, India, Taiwan and China.

Eighty-two per cent of this total was met coal – an increase of 1 per cent on 2019.

While this total 2020 shipping figure was lower than 2019, this is where DBI’s long term take or pay contracts, that David mentioned earlier, come to the fore. We are fully contracted on a 100% take or pay basis until June 2028 with ever-green renewal options. This means that our revenues are immune from the daily volume or commodity price volatility that you hear about in the news headlines.

DBI’s commercial framework will be further enhanced by the transition to a light handed regulatory regime as a result of the recent Queensland Competition Authority’s (the QCA ) Final Decision on the Access Undertaking that David mentioned. We are in the process of implementing the changes required by the QCA to enable the orderly transition to a ‘negotiate-arbitrate’ pricing framework which will take effect from 1 July 2021.

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Australia’s exports of metallurgical coal are forecast to grow from 180Mt in 2019 to 211Mt in 2025, with Queensland and the Bowen Basin being the largest sources of increased volume[1] . DBI is a critical component of the global steel making supply chain and remains a major contributor to the Queensland and Australian economies.

Our People, the environment and our communities

Befitting our role as a major exporter to the world’s global steel supply chain and a major contributor to the Queensland and Australian economies, is our delivery against our environmental, social and governance targets.

David spoke briefly about our ESG objectives and our governance framework for delivering them, but I want to speak briefly in a little more detail about our key ESG focus areas. These are broken down into four key areas:

• ensuring the safety and wellbeing of employees;

• protecting and monitoring the environment in which DBT operates;

• conducting business according to the highest ethical and performance standards; and

• supporting local communities through engagement and investment.

The first, and most important, is safety. At DBI, we do everything in our power to ensure every person goes home from work safe and well every day. The safety of our people, our contractors and surrounding communities is, and will always be, our first priority. I am pleased to report that for 2020, we had no serious safety incidents, and have reduced our lost time injury frequency rate to just 1.2 for 2020 – nearly 60% lower than four years ago.

Other achievements this year across our ESG framework included:

• recycling more than 50% of Terminal waste;

• capturing and reusing over 2,000 ML of water onsite;

• playing an active role in the ‘DBT Community Working Group’ and the ‘Port of Hay Point Community Reference Group’; and

• continuing our financial support of the ‘Mackay-Whitsunday Healthy Rivers to Reef’ partnership.

Maintain an investment grade balance sheet

The prospectus for DBI’s listing nominated the maintenance of an investment grade balance sheet as a key objective for management and the Board and we are pleased to report that DBI’s financing subsidiary has had its investment grade ratings reaffirmed by S&P, Moodys and Fitch since listing. The Board and management consider the business to be appropriately leveraged for its risk profile given the quality of the asset and its highly predictable, contracted cash flows.

1 Coal market and industry data has been sourced from AME Mineral Economics Pty Ltd.

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At 31 December 2020, total reported borrowings were nearly $2.04 billion and non-statutory net debt was $1.68 billion. This delivered a gearing ratio of 71.5% of asset base, which puts DBI in line with other regulated utilities.

The debt book comprises a combination of bank debt and fixed and floating rate bonds, with a weighted average tenor of 5.9 years. DBI continued to receive strong support from lenders in 2020, raising more than A$1 billion in debt, including a successful debt raising in the US private placement market, demonstrating continued investor interest and support for DBI and its investment profile.

Furthermore, currency exposure on the USD-denominated USPP notes is 100% hedged under cross currency interest rate swaps transacted at the time of raising the USD debt. These swaps remove sensitivity to foreign exchange movements for both interest and principal.

Capital returns to our shareholders

DBI’s forecast funds from operations, underpinned by cash flow stability and an investment grade balance sheet, should support a sustainable distribution going forward. The company remains on track to pay $45 million in distributions for the six months to 30 June 2021. Following the end of the 2020 year, DBI’s Board approved an on-market share buyback (the Buyback ) to purchase up to 5 million securities, representing approximately 2% of the 255 million ordinary securities on issue not held by our 49% shareholder, Brookfield. The Buyback demonstrates our commitment to increasing value for shareholders, while maintaining sufficient resources to fund operations, pay distributions and execute our growth plans.

Summary

While the Terminal’s current capacity is fully contracted on a long term take or pay basis, we have scope to expand the Terminal to take advantage of the forecast rise in global metallurgical coal demand. In combination with the approved transition to a light-handed regulatory framework, DBI is well placed to capitalise on the expected increase in demand for high quality metallurgical coal from the Bowen Basin.

DBI offers an attractive yield with distributions expected to increase over time, reflecting the stability of DBI’s cashflow and prospects for growth through both expansions and the transition to negotiated price outcomes.

On behalf of the Board and all the staff, we would like to thank our investors for their support in 2020 and so far this year.

DBI is well positioned for success as a key infrastructure asset in Australia and we look forward to delivering sustainable returns in 2021 and beyond.

Thank you.

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