Overview Key strengths Key risks Entrenched position as the only container and car terminal port serving Sydney, the largest city in Australia. Likely weaker macroeconomic conditions could adversely affect trade volumes, particularly of containers and motor vehicles. Limited operating risk, given landlord operating model. High capital expenditure (capex) plan of A$70 million to A$150 million per annum over the next two to three years. Flexibility, with strong metrics and ability to defer capex to weather any prolonged softening in trade conditions. Debt-funded shareholder returns from time to time to manage the capital structure. We expect container volumes at Port Botany (the company's container port) to increase by 1.0%-1.5% over fiscal 2023 (year ending June 30, 2023) , somewhat softer than
