QIC-led acquisition of Tilt Renewables to grow the Powering Australian Renewables platform.

QIC is pleased to confirm that Powering Australian Renewables (PowAR) on behalf of the QIC Global Infrastructure Fund and its co-investors (together QGIF), the Future Fund and AGL Energy Limited (AGL), together with consortium partner Mercury NZ, have entered into a Scheme Implementation Agreement to acquire a 100% interest in Tilt Renewables. Under the transaction, PowAR will take ownership of Tilt Renewables' Australian assets and Mercury NZ will take ownership of the New Zealand assets.

Please view the public announcement recently released by PowAR here.

We look forward to leveraging our experience in the energy sector and sustainable infrastructure, and working closely with our partners, to drive the growth of this high-quality renewable energy platform and capitalise on the significant momentum around decarbonisation and energy transition.

ABOUT QIC

QIC is a long-term specialist investment manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$85bn (US$65bn) in funds under management1. QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com.

1As at 31 December 2020

ABOUT QIC GLOBAL INFRASTRUCTURE

QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 14-year track record. With a global team of more than 55 professionals across five offices (including an office in New York), QIC Global Infrastructure manages A$14.5bn (US$11.2bn) across 19 global direct investments and has realised a further A$7.2 billion (US$5.6bn) of investments for its clients2. Its sector-centric and thematic-based investment strategy deconstructs risk across sector value chains identifying relative value for investment across market cycles. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients.

2As at 31 December 2020. USD values converted using 31 December 2020 FX rates

For further information, please contact:

Australia

Marc Joshi

General Manager, Marketing and External Communication

Phone: 0424 649 591

Email: m.joshi@qic.com

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