St. Louis Lambert International Airport v Gateway Airport Partners - PowerPoint PPT Presentation

St. Louis Lambert International Airport v Gateway Airport Partners 0 o 0 g 0 . l o 0 a m + i 26 November 2019 t n - 7 s e 5 i d u : i 9 o f n 1 l t o : s 5 C @ 1 m 6 1 n - i 1 v r 0 a - g 0 2 0 2 STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL

Contents 01 01 Insert divider title Introduction 3 2 v 0 o 02 A Insert divider title Airport Management Experience 10 7 0 g 0 . 03 Specific Topics 15 l o 0 a m + 04 Driving Value at STL i 21 t n - 7 05 Financial Capability s 26 e 5 i d u : 06 Engaging in the STL Process 29 i 9 o f n 1 l 07 Our Offering 31 t o : s 5 C @ 08 Questions and Answers 33 1 m 6 1 n - i 1 v r 0 a - g 0 2 0 2 STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL g a 2 r 0 C v 2 i n o 0 m n - 0 f @ i d 1 e - s 1 n t 6 l t o i a 1 u l i 5 s : - 1 m 9 o : 5 . g 7 o + v 0 0 0 0 Introduction

I. Introduction Today’s attendees v 0 o 0 g 0 . l o 0 a m + i t n - 7 s e 5 i d u : i 9 o f n 1 l t o : s Ashley Munroe David Stanton Dan Rossetti 5 Michael Johansson Will MacDonald C @ Principal, OTPP Managing Director, OAIL 1 Director, OTPP Snr Operations Manager, Senior Vice President, m CAI Macquarie Capital 6 1 n Over 10 years of experience Joined OTPP in 2015 and Over 25 years of global - 35 years experience in the Over 10 years experience at      i 1 v at OTPP after joining in has over seven years of experience in aviation airline and airport industry Macquarie after joining in r 0 2009, with a focus on global infrastructure strategy, finance and 2008, with a focus on a Broad experience across  - transportation infrastructure investing and asset operations. Board Director transport and infrastructure. g 0 strategic airport projects, management experience for Birmingham Airport, 2 Led OTPP’s acquisition of including: Advised Sydney Airport   London City Airport and the Chicago Skyway Worked on OTPP’s 0 (SYD:ASX) in relation to  Copenhagen Airport. Deputy — Capacity assessments acquisition of London City numerous M&A and 2 Chairman at Copenhagen Sits on the boards of GCT and planning  Airport in 2016 financing transactions. Airport, as well as Chairman Global Container Terminals — Terminal operation and of the Audit and Risk and Sydney Desalination Asset management Further airport financial   development Committee Plant responsibility for GCT Global advisory experience in Container Terminals. — Terminal operational relation to: BRU, CPH, MEL, Chairman of the Health &  Held asset management  PER, ATH, OOL, DUS, requirements Safety Committee at London responsibility between 2009- HAM. City Airport. Previously a 2012 for OTPP’s investment — Project management Board Member of Bristol and into Bristol Airport Recent infrastructure  Brussels Airports as well as Recent projects include:  financial advisory High Speed 1 ASUR Masterplan, CUN T4 experience in relation to the Project Management, MDE Long Beach Container expansion planning Terminal and 407 ETR Toll Road STRICTLY CONFIDENTIAL PAGE 3

I. Introduction Gateway Airport Partners Gateway Airport Partners is a highly integrated team comprising a best-in-class airport investor, investment manager, operator and developer with unrivalled global experience v  OTPP have invested in airports since 0 o 2001 and understand 0 g 0 — Airport operations and risks . l o 0 a m + — Long term view is required through i t n - aviation industry cycles 7 s e 5 i d u  OAIL has significant expertise : i 9 o f — Successfully managing airports n 1 l t o : s — Working closely with local and 5 C @ 1 national governments, management m 6 teams, partners and other 1 stakeholders. n - i 1 v — Actively ensuring achievable r 0 strategies are pursued across a - g 0 OTPP’s airport portfolio 2  CAI has consultancy expertise 0 2 — Adding value to airports globally — Can draw on CPH - one of the most respected airports in the world in terms of efficiency, route development and retail  We have all had experience working together across multiple airports (CPH, BRS, BRU, BRX, LCY) and will bring this experience to improve STL STRICTLY CONFIDENTIAL PAGE 4

I. Introduction Ontario Teachers’ Pension Plan (OTPP) OTPP is one of the world’s largest pension plan managers with net assets in excess of C$201.4 billion (~$150 billion) invested across a mix of equities, bonds, commodities, real estate, infrastructure and absolute return strategies v 0 Investment Strategy o Who we ARE 0 g 0 . Typically up to C$1 billion, with the ability to go larger for the right  l o Proven stewards of infrastructure critical to communities in  0 a opportunity Target Size m which we operate + i t Willing to partner or purchase up to 100% equity ownership  n - 7 Very experienced infrastructure investor with a long history  s e 5 Governance and oversight to protect value i  — We have managed through market peaks and troughs d u Governance : Engagement with local communities and other stakeholders  i 9 o f — We have learned from these experiences n 1 l t o : Patient Long-term to permanent s  We have supported assets with equity when required to 5  C @ Capital Immediate cash yield not required  maximize long term value 1 m 6 Our money comes from the teachers of Ontario  Seek partners that are aligned Partnership  1 n — Long term investment horizon consistent with our Philosophy Local partners can be important in new geographies  - i 1 v teachers’ long-term retirement obligations r 0 OTPP Asset Classes a Diversity and Inclusion are core to our values -  g 0 — Member of the 30% Club Canada 2 EQUITY ($65B) REAL ASSETS ($50B) 0 Public and private equities Real estate and Infrastructure Who we ARE NOT 2 aim to deliver long-term investments provide a hedge investment growth and against paying inflation- value-added performance adjusted pensions We are not a short term closed end fund  — We will partner with you for the long term INFLATION FIXED INCOME ($78B) SENSITIVE ($27B) — We don’t have a 7-10 year investment horizon Provides security and steady Contributes to both income, hedges against interest — We don’t have maximum hold periods diversification and protection rate risks inherent in the plan’s against unexpectedly high liabilities and stabilizes total There is no uncertainty as to where our money comes from  inflation returns CREDIT ($15B) — No politically sensitive LPs Corporate and emerging market debt investments to capture a — No headline risk set of risk premiums STRICTLY CONFIDENTIAL PAGE 5

I. Introduction Ontario Airports Investments Limited (OAIL) Ontario Airports Investments Limited is OTPP’s dedicated airport asset management company Overview OAIL Management Approach v 0 o 0  In 2011 OTPP acquired OAIL as part of its acquisition of Brussels g 0 . and Copenhagen Airports. OAIL is managed by highly l o 0 a experienced airport executives, with over 50 years combined m + i Provide asset t aviation experience Facilitate identification n - management services 7 s and sharing of best e — OAIL is a wholly controlled subsidiary of OTPP 5 on behalf of OTPP for i d practices across u : Airport investments, — Extensive experience working with management of i 9 o OTPP’s Airport f reporting to the OAIL n 1 l international airports – active on Boards / sub committees and portfolio t o : Board s 5 regular contact with management C @ 1 — Active participants / leaders on all strategic, financing, risk m 6 Support and management and talent management activities 1 n challenge business - — Actively facilitate best practices sharing and benchmarking i 1 v Monitor business strategy, finance, across portfolio companies, where sensible r 0 performance operations and risk a - management  OTPP has significant and long-standing experience of investing in g 0 2 decisions the Airport Sector since 2001 0  Since the initial airport investment, OTPP has owned directly a 2 number of airports across the globe, including Birmingham, Bristol, Brussels, Copenhagen, Rome (via MAG), and Sydney Influence through Airports Frequent contact with all formal committees, stakeholders working groups and  Currently OTPP holds joint controlling or co-controlling stakes at informal discussions five airports: Birmingham, Bristol, London City, Brussels, and Copenhagen airports STRICTLY CONFIDENTIAL PAGE 6