Commercial-in-Confidence PRESS RELEASE Friday, 27 March 2015 CANBERRA Level 1, 39 Brisbane Avenue, Barton ACT 2600, Australia PO Box 6248, Kingston ACT 2604 T +61 2 6273 1222 F +61 2 6273 1223 — LONDON 15th Floor, City Tower 40 Basinghall Street London EC2V 5DE T +44 207 183 6120 — SYDNEY Level 13, 95 Pitt Street Sydney NSW 2000, Australia T +61 2 9220 0600 — www.whitehelmcapital.com ACN 008 636 717 · ABN 68 008 636 717 WHITEHELM CAPITAL LEADS MAJORITY INVESTMENT IN ALPHA TRAINS JUNIOR DEBT Leading independent infrastructure manager Whitehelm Capital has today led the majority investment into the junior debt of Alpha Trains Holdings S.a.r.l, Europe’s largest train leasing company, on behalf of three clients, including MTAA Super and Prime Super. Whitehelm invested €80 million (A$110 million) to the transaction on behalf of its clients, out of a total junior debt size of €125million. This transaction brings Whitehelm’s investments in infrastructure debt to date to over A$1 billion, with an internal rate of return (IRR) of more than 14%. The transaction is part of Alpha Trains’ €1.25 billion refinancing, which also comprises €350 million of senior bonds rated Baa2 by Moody’s, €525 million of senior bank debt and a €250 million institutional private placement. Alexander Waller, Head of Infrastructure Debt, Whitehelm Capital, said: “While infrastructure transactions for large trophy assets have been aggressively bid, infrastructure junior debt remains attractively priced. This transaction demonstrates that there are still compelling infrastructure investments in the market for investors willing and able to consider relative value across the capital structure carefully. “It also underlines the substantial capital available from our Australian clients for attractive debt opportunities that support high-quality borrowers in the infrastructure sector. In uncertain markets, and in the face of spiraling valuation multiples, investments like this provide both premium returns and defensive characteristics, while carrying attractively short duration.” ABOUT ALPHA TRAINS Alpha Trains is the largest private rolling stock lessor in the passenger and freight markets in Continental Europe, providing over €2.1 billion in rolling stock to both public and private operators. Alpha Trains’ locomotives division comprises Europe’s largest and most diversified fleet of almost 370 diesel and electric locomotives, while the passenger train division comprises 334 diesel and electric trains. ABOUT WHITEHELM CAPITAL Whitehelm Capital is one of the world’s largest independent infrastructure managers. Whitehelm Capital has a 16-year track record across 80 acquisitions, a current portfolio of 40 infrastructure assets, over A$4 billion in funds under management and A$10 billion in funds under advice. Whitehelm Capital has strong capabilities in sourcing, executing and managing infrastructure debt investments for clients, investing over A$1 billion in infrastructure debt since inception with an IRR of more than 14% per annum. The company offers investment capabilities across a range of areas including unlisted infrastructure, listed infrastructure, infrastructure debt, emerging markets infrastructure, advisory and real estate. For further information contact:  Australia: Tom Snow on +61 2 9220 0600;  Europe: Gary Withers on +44 207 183 6120. www.whitehelmcapital.com