Presentation to CIBC

1. Presentation to CIBC Global Listed Infrastructure March 18 2008 RARE Infrastructure Limited AFSL: 307727 ABN: 84 119 339 052

2. Presentation Team • Richard Elmslie, • Investment Director • 18 years global infrastructure • experience • Gas, electricity, water, telecoms, • airports and communications • Australia, UK, New Zealand, USA • Canada, Asia, Japan • Previously Head of Power and Joint • Head of Infrastructure at UBS • Investment Bank. • Nick Langley, • Investment Director • 10 years global infrastructure • experience • Gas, electricity, telecoms networks, • rail, airports, toll roads and social • infrastructure • 4 years with AMP Capital’s infrastructure • funds management team • CFO of DUET, a AUD 5.5 bn enterprise • value, ASX-listed trust owning gas and • electric networks • Worked with Richard Elmslie 1998 - 2000

3. Contents • What is Infrastructure? • RARE Team • Investment Process • Portfolio Review • Performance • Market Outlook

4. What is Infrastructure? RARE investment universe What RARE is trying to achieve for investors: • We are absolute return focused • We aim to deliver low double digit returns over a 3-5 year period

5. RARE Team • George Raftopulos, • Senior Portfolio Manager • 27 years equities research and funds • management experience • 10 years funds management experience • with UBS Brinson, Lazard Freres and • Constellation Capital • Senior Research Analyst with BZW, Macquarie, • Barings and research sales with CFSB • Career research – all sectors in Australia, • including infrastructure and utilities and • global responsibility with Lazards • Richard Elmslie, • Investment Director • 18 years global infrastructure • experience • Gas, electricity, water, telecoms, • airports and communications • Australia, UK, New Zealand, USA • Canada, Asia, Japan • Previously Head of Power and Joint • Head of Infrastructure at UBS • Investment Bank. • Nick Langley, • Investment Director • 10 years global infrastructure • experience • Gas, electricity, telecoms networks, • rail, airports, toll roads and social • infrastructure • 4 years with AMP Capital’s infrastructure • funds management team • CFO of DUET, a AUD 5.5 bn enterprise • value, ASX-listed trust owning gas and • electric networks • Worked with Richard Elmslie 1998 - 2000 • Sarah Shaw, • Senior Investment Analyst • 8 years investment • experience, including 7 • years with Dresdner • Kleinwort Wasserstein, • based in London covering • telecom utilities. • Head analyst for Asia Pacific • (ex Japan) region, US RBOCs, • Latin America and cross regional • theme analysis in global sector • No.1 Team in Extel 2005 Survey • David Maywald, • Senior Investment Analyst • 8 years funds management • experience, including • Bankers Trust Fund • Management and • Constellation Capital • Researched domestic and • international stocks • Undertaken currency strategy • and dealing • Covered a variety of • infrastructure sectors • including gas, electricity ports, • road, airports and communications • Rod Chisholm, • Senior Investment Analyst • 7 years investment • experience, including 6 • years with HSBC, based in • London covering research • on telecom utilities and • previously in investment • banking covering telecom, • utilities and communications • Head analyst for top ranked • Pan European fixed line • telecoms team • Tim Humphreys, • Senior Investment Analyst • 12 years funds • management • experience, including • Insight Investment • (FUM in excess of • £100bn) and Rothschild • Asset Management • Researched European • transport (airports, road • and rail) and logistics • Member, performance • analyst team (attribution • analysis, risk analysis, • other techniques) • 77 years global infrastructure experience • 46 years funds management experience

6. Investment ProcessObjectives & process Portfolio Focus List RARE 200(Investment Universe) RARE Universe (Infrastructure Characteristics) • Long dated assets • Resilient & predictable cash flows • Ownership of monopoly assets • Attractive yield • Inflation hedge • Low volatility of earnings • Reasonable liquidity • Robust financial profile:- Gearing- Coverage ratios • Relatively undervalued • Attractive RAREs • Strong mgmt & corp gov • Supportive reg environment • Visible cash flows • 80% bottom up • 20% top down 1,200 stocks USD3.3 trillion 30-60 stocks USD0.6 trillion 80-120 stocks USD1.3 trillion 200-250 stocks USD2.3 trillion Screening Portfolio Construction Detailed Research First Research

7. Portfolio ReviewTop stocks & portfolio statistics as at 29 February 2008

8. PerformanceRenaissance Global Infrastructure Fund(RGIF) Recent Performance 12 month Composite Performance 1 1 Represents the performance of the RGIF for the period from December 2007 and the “RARE Strategy” for the March – November period.

9. Market Outlook General – Earnings recession? • Causes • Slowing economy • Dysfunctional debt market • Industrial companies • Earnings downgrades • Negative revisions likely • Reduced/negative EPS growth • outlook • Infrastructure earnings intact

10. Market Outlook (cont) Infrastructure • Many companies oversold • Underlying fundamentals for infrastructure very sound • December results have been as expected or better • Not expecting any ‘surprises’ from companies yet to report • Debt issues not viewed as a concern for RARE’s portfolio companies • Many companies have little or no refinancing in 08 and 09 • 73% of companies in the portfolio have hedged their interest rate exposure • Despite the above points the market is currently being indiscriminate • Infrastructure stocks have fallen but not as much as global equities • Capital flows have and will continue to influence volatility • Emerging markets • Macro economic expectations

11. Contact Details www.RAREinfrastructure.com

12. Appendices • Why Listed Infrastructure • At the beginning of a period of tremendous growth • Emerging asset class with attractive characteristics • Low risk of loss • Who is Treasury Group? • Portfolio Construction Guidelines

13. The closest parallel to growth in listed infrastructure is the significant growth that has occurred in listed property trusts over last 17 years. Why Listed Infrastructure?At the beginning of a period of tremendous growth “RARE 200” US$ 2.5t 220 companies • New Entrants: • US$0.4t market cap • 114 companies US$ 0.4t 106 companies • Primary Drivers of Growth: • Governments looking to divest assets • Rising global GDP means consumers demand better infrastructure • Significant maintenance required for existing global infrastructure 2007 Future 1996

14. Emerging as its own asset class Initial, private equity style, investment characteristics have matured Expected, over time, to rank alongside property Attractive Investment Characteristics Long dated assets Resilient & predictable cash flows Low maintenance capital expediture Largely fixed operating cost base Ownership of monopoly assets Greater leverage Attractive yield Inflation hedge Low volatility of earnings Why Listed Infrastructure? Emerging asset class with attractive characteristics

15. Why Listed Infrastructure?Low risk of loss

16. Who is Treasury Group? Funds under Management ($15.2bn) Treasury Group at a Glance • Australian Securities Exchange listed since 2000 • A$15.2 billion under management at 31 December 2007 • Partnering approach towards “best of breed” boutique fund managers – currently six in the group • Provides non-investment services to its managers • Compliance & risk management • Operations • Accounting & administration

17. Portfolio Construction Guidelines Sector Stock Limits Asset Maturity Regional Note: 1. RARE’s investment approach is to reserve the right to hold up to 20% of a portfolio in cash if no value can be found. Excess cash will be held in high quality fixed rate notes or 11am deposits (term deposits). It is expected that, under normal conditions, cash will represent less than 5% of the portfolio.

18. Important Information • While the information contained in this presentation has been prepared with all reasonable care, RARE Infrastructure Limited (“RARE”) does not accept any responsibility or liability for any errors, omissions or misstatements however caused. This information is not personal advice. This advice has been prepared without taking account of your objectives, financial situation or needs. • Investors should be aware that past performance is not indicative of future performance. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Potential investors should seek independent advice as to the suitability of the investment to their investment needs. The fact that shares in a particular company or asset class may have been mentioned should not be interpreted as a recommendation to either buy, sell or hold that stock. • RARE has been granted Australian financial services licence 307 727. • The RARE Infrastructure Value Fund is open to investors as at the date of this presentation. Treasury Group Investment Services Limited (“TIS”) is the responsible entity for the RARE Infrastructure Value Fund. Applications can only be made on the application form in the product disclosure statement for that fund. The product disclosure statement is available on www.RAREinfrastructure.com or by contacting RARE. Potential investors should consider the product disclosure statement before deciding whether to invest, or continue to invest, in the fund. • Any prospective financial measures referred to in this presentation constitute estimates which have been calculated by the RARE investment team based on RARE’s investment processes and research. • Richard Elmslie and Nick Langley are representatives of RARE.