QIC’S STORY

Damien Frawley and Brian Delaney

May 2014

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BEYOND PREDICTABLE

Alternatives

Outcomes

Global Infrastructure

Global Real EstateGlobal Private Equity

Global Liquid Strategies

Global Multi-Asset Solutions

Long-sighted

Clients... first... last... only

Long-serving essential partners

Diversified

ReliabilitySecurity

Performance

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PREDICTABILITY HAS BUILT OUR REPUTATION. TO DELIVER IT, WE HAVE TO GO BEYOND.

WE WERE BORN WITH AN INVESTOR MINDSET…

4

… and have grown into a global diversified alternatives business

Global Infrastructure

Global Real Estate

Global Liquid

Strategies

Global Private Equity

GlobalMulti-Asset

Solutions

Established in 1991 by the Queensland Government to serve its long-term investment responsibilities

Grown to $77.2 billion in funds under management1

We have over 90 clients including government, pension plans, sovereign wealth funds and insurers. Spanning Australia, Europe, Asia, Middle East and US.

With over 500staff with offices in Brisbane, Sydney, Melbourne, London, Los Angeles, San Francisco and Copenhagen

1As at 31 March 2014.

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GLOBAL INFRASTRUCTURE

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• Ranked in the top ten infrastructure managers globally by funds under managment1

• Our heritage as a solution provider to sovereign wealth funds has created our global infrastructure platform

1Towers Watson Global Alternatives Survey 2013 . 2 As at 28 February 2014. 3Current as of today but excludes junior debt investments that have been realised.

Over $11.2 billion2

AUM

10 direct investments,

7 fund investments and

2 co-investments3

97% by value are direct

investments, which

range from minority

stakes to 100% owned assets

Strong 8 year track

record in global

infrastructure

investing2

18 professionals with over 270 years of

combined

infrastructure advisory,

investment and

management

experience2

Tight knit, high

conviction

infrastructure experts

GLOBAL INFRASTRUCTURE (CONT’D.)

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Largest port operator in Spain

Largest water utility in the UK

Our team are infrastructure experts. We specialise by sector and seek investments that deliver predictable long-term cash flows and sustainable returns.

Client outcomes drive everything and capital preservation is key.

We invest with a long-term mindset, looking beyond the assets to the business. We build value over the long term through human capital not just investment capital.

We have a quality global platform: • Transport: roads, airports, ports, parking• Utilities: gas, electric, water • Telecommunications • PPP investments

GLOBAL REAL ESTATE

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• Consistently ranked as a top performing client-focused investment manager vs. peers1

• Long standing, respected team with true depth of expertise• We are known for our discipline, consistent returns and focus

1Source: Peter Lee Associates Investment Management Surveys 2009-2013. 2QIC economic interest in AUM as at 31 December 2013, converted to AUD at Spot FX rate for offshore assets. Does not include QIPF indirect funds FUM. 3Includes 100% AUD value of QPF, QIPF, QGOF and FCJV assets. Source : QIC GRE as at 31 December 2013. 4As at 31 December 2013.

Over $11 billion2

AUM

Long-term strategic

focus – 33 direct real

estate assets with

average value of circa

$450 million3

23 years in domestic

and international real

estate

More than 150 professionals in

offices in Brisbane,

Sydney, Melbourne, Los

Angeles and London4

GLOBAL REAL ESTATE (CONT’D.)

With over A$11 billion* invested in Australian and international retail and office, we have developed a reputation for delivering predictable outcomes for clients over the long term.

Our team has true depth of experience from deal origination and execution to asset management, leasing, marketing and development.

• High-quality assets: Focus on investments with high barriers to entry with ongoing scope to add value

• All strategic services in-house: fully-integrated real estate ownership, management and development platform and risk management

* As at 31 December 2013.

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Retail Office

GLOBAL LIQUID STRATEGIES

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• A leading manager of global fixed interest solutions including inflation, absolute return and hedge fund strategies

• Provider of innovative overlay and implementation solutions across global listed markets• A strong risk culture supported by a proven and disciplined, repeatable investment process to clearly

articulate accountability and effectively manage portfolios

Over $36.8 billion1

AUM

We construct portfolios

for outcomes not just

benchmark returns

A 12 year history of

successfully managing

strategies that are

structured to meet

changing market

dynamics to meet client

objectives

Experienced team of

24 professionals

across

•Research &

Strategy

•Portfolio

Construction

•Execution

1As at 28 February 2014.

GLOBAL PRIVATE EQUITY

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• One of Australia’s largest and most sophisticated global private equity investors• We’ve evolved with the market and actively invest in all forms of global private equity, including direct

investments

• We back great management teams and provide the support to build great companies that ultimately

deliver outcomes for our clients

1 Total NAV and unfunded commitments as at 31 December 2013. 2 Inception 2005.

Over $5.2 billion1

AUM

A global investment

platform with:

- Over 150 funds

across multiple clients

- 17 direct/co-

investments with NAV

over $400m1

8 year track record2A global team of

11 investment

professionals based in

Australia, Europe and

North America1

GLOBAL MULTI-ASSET

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• We were born with an investor mindset - we know that predictability of outcomes is what our clients value most

• Our research defines our thinking. We analyse the consequences of every investment we make at an individual and a whole of portfolio level

• We apply this mind set to our specialist strategies as well as portfolio management

Managed multi-asset

portfolios since QIC’s

foundation in 1991

Our entire investment

framework is built

around delivering

against our clients’

objectives

Our proprietary multi-

asset class risk model

has been developed

and refined for more

than a decade

20 year heritage in

managing multi-asset

class portfolios

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OUR PEOPLE. WE BELIEVE OUTCOMES ARE THE END-ALL AND KNOW THAT GETTING THERE ISN’T OBVIOUS.

OUR PEOPLE

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QIC has some of the best investment and technical professionals in the industry and through their efforts we drive strong returns for our diverse range of clients.

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CORPORATE STRUCTURE

• QIC is independent and operates with pure investment management focus

• Shareholders are Queensland State Government Ministers

• QIC has a Board of Directors, who delegate day-to-day operation to QIC’s Executive Committee (ExCo).

• ExCo consists of Chief Executive Officer and senior executives.

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DAMIEN FRAWLEYQIC Limited Chief Executive Officer

Corporate Management Group

CLAIRE BLAKEChief Financial Officer

ADRIAAN RYDERChief Investment Officer

BRIAN DELANEYChief of Global Clients

and Marketing

DAVID CLARKEChief Risk Officer

PAUL LEITCHChief Operating Officer

Asset Management Group

ADRIAAN RYDERGlobal Multi-Asset

SUSAN BUCKLEYGlobal Liquid Strategies

MARCUS SIMPSONGlobal Private Equity

STEVE LEIGHGlobal Real Estate

ROSS ISRAELGlobal Infrastructure

GOVERNANCE, RISK & COMPLIANCE

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QIC Limited: Three lines of defence designed to proactively identify, assess and manage risks

1st line of defence• Board committees, executive,

investment teams• Execution policies and procedures• Counterparty selection guidelines• Liquidity polices

2nd line of defence

• Independent investment compliance and risk management team

• Compliance training, advice, corporate policies and standards

• GLS portfolio risk and construction meeting

3rd line of defence

• Internal and external audit function

• Assurance over risk management control activities.

• Excellent feedback from internal audit review

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

• QIC became a signatory to the United Nations-backed Principles for responsible Investment Initiative (UNPRI) in 2008.

• QIC’s approach to Responsible Investment is outlined on our website, www.qic.com

• Each QIC investment team has a documented approach on how it integrates the consideration of ESG factors into its investment process.

• QIC is committed to reducing its environmental footprint and offsetting environmental impacts it cannot avoid. QIC encourages its employees to be environmentally responsible and we work with our stakeholders to find practical and innovative ways to deliver our joint business and environmental objectives.

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EVOLUTION OF OUR OPERATING MODEL

House of Boutiques Evolution to

integrated model

Corporate Strategy

Business Strategy

Client, Sales & Marketing

Infrastructure, Operations & Risk

Asset Mgt Asset Mgt Asset Mgt

Infrastructure , Operations, Risk & Marketing

Asset Mgt

Bus StratProduct

Sales Client

Asset Mgt

Bus StratProduct

Sales Client

Corporate Strategy

Asset Mgt

Bus StratProduct

Sales Client

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STRATEGY SNAPSHOT

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PillarsBuild on our heritage to become the essential partner for clients seeking a global institutional leader in alternative, specialised investments.

Going beyond the predictable to deliver outcomes for clients, shareholders and staff

Vis

ion

M

issi

on

Sustain Grow DiversifySustain

Pill

ars

Stra

tegi

c P

rio

riti

es

We have 5 strategic priorities ranging from transitional to transformational

Co

rpo

rate

KP

Is

Financial Performance

Clients and Market

Process and Governance

Talent and Culture