Retail Roadshow

1. Retail Roadshow • Kerrie Mather • Chief Executive Officer

2. Disclaimer • General securities warning • This presentation has been prepared by Sydney Airport Limited (ACN 165 056 360) (“SAL”) in respect of ASX-listed Sydney Airport (“SYD”). SYD is comprised of the stapled entities SAL and Sydney Airport Trust 1 (ARSN 099 597 921) (“SAT1”). The Trust Company (Sydney Airport) Limited (ACN 115 967 087/ASFL 301162) (“TTCSAL”) is the responsible entity of SAT1. • This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in SYD, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. • Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in SYD or any other entity. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature are subject to uncertainty and contingencies, many of which are outside the control of SAL and TTCSAL. Past performance is not a reliable indication of future performance.

3. Consistently Strong Performance 3

4. Welcome to Sydney Airport • Sydney Airport is Australia’s gateway airport welcoming 38 million passengers last year on 37 airlines and serving 95 destinations • Sydney Airport Gateway to Australia, an integral component of Australia’s national transport network Serving Australia’s largest population centre, most popular tourist destination as well as its financial capital 11th largest airport in the Asia Pacific region and 31st in the world by passenger numbers 37 airlines, serving 95 destinations One of the largest A380 airports in the world 3 runways, 3 terminals and 99 aircraft parking bays

5. 2013 Key figures 37.9 • Total passengers up 2.6% 2.0% 22,910,914 Domestic million 4.1% 2,128,644 Regional 12,752,543 international 1.1%

6. Resilient passenger growth • Traffic trends demonstrate resilient growth through cycles and shocks

7. Track Record Passenger growth EBITDA growth Cash flow outcomes Reduced risk Investor returns • Distribution • EBITDA • Total Passengers Revenue 2014 Distribution Guidance

8. Strong investor return over time • Over 19% total investor return in 2013; compound annual return of 22.5% since simplification began in 2009 + 19%

9. Distribution guidance reaffirmed • Distribution guidance 23.5 cents, 4.4% growth over 2014 23.5 4.4% growth in 2014 22.5 21.0 Notes: This guidance is subject to external shocks to the aviation industry and material changes to forecast assumptions

10. The Investment Model

11. Powerful Investment Fundamentals • Sydney Airport enjoys a number of strong investment characteristics The Business • Balanced and diverse airlines, nationalities and revenues from aeronautical, retail, car parking and property businesses • High quality, surplus aviation capacity • Supportive ‘monitoring based’ regulatory environment The Performance • Proven track record of traffic growth, 23 consecutive halves of EBITDA growth • Reliable, resilient cash flows • Robust, low risk business • Operational leverage and high EBITDA margin

12. Diverse revenue mix • Four key revenue generating businesses with strong growth drivers and significant down side protections 2013 Revenue Breakdown Growth Drivers Commercial Aeronautical Passenger Growth Car Parking& Ground Transport (12%) Investment Property & Car Rental (17%) Key drivers of growth Inflation Retail (22%) Management Initiatives

13. 2013 Operational performance snapshot • Strong operational performance across all key revenue generating businesses for the calendar year 2013 1 Retail EBITDA in 2012 has been adjusted for tobacco, to provide a normalised like for like comparison

14. Recent Developments

15. Second Sydney Airport • Australian Government’s decision on site for Second Sydney Airport as expected The federal government recently announced its decision to select Badgerys Creek as the location for Sydney’s second airport Infrastructure surrounding any potential site will be the focus in the short term Sydney Airport acquired the valuable first right to develop and operate the second airport when the airport was privatised in 2002 We’re committed to engaging in constructive discussions with government and will work through process as and when appropriate 15

16. Duty Free retender • Request for proposal launched, interest very strong Issued request for tender for our Duty Free business Strong market interest surrounding retender Right partner will be instrumental in ensuring we continue to meet our passenger’s needs Duty Free is a valuable franchise at Sydney Airport Strong value proposition, with significant discounts Enviable passenger mix Decision expected to be announced before the end of calendar year 2014

17. 2014 Ground transport improvements • Ground Transport investment will improve access and circulation, particularly in peak periods Sydney Airport and State government are jointly investing almost $500 million to improve traffic flows in and around the Airport Works at T1 commenced, T2/T3 works to commence shortly New roads, road widening, one way systems, new entry and exit points plus increased public transport are all included in the integrated plan All works to be completed by 2018 17

18. Questions