Ann: Infratil Investor Day 2024, page-9

It was never meant to be an explicit measure to determine valuation, I was more curious from a solely MW capacity how much you were paying per company, as I said I am aware there are hundreds of other factors that go into the valuation of a company.

Some factors that would affect the quality of data centre sites from one another would be:

- What uptime tier certifications does the data centre have?
- What NABERS ratings does the data centre have?
- Is the data centre carrier or vendor neutral?
- Where is the data centre located, what is its proximity to central business districts or key clients for low latency & interconnectivity?
- Does the current data centre site have further land capacity attached for upgrades - this is much easier than acquiring a new site completely especially where land is in limited supply near CBD's.

Initially I was trying to compare a lot of these factors between providers, however CDC & Airtrunk being private businesses only disclose so much information publicly - likely for security purposes given government contracts.

NextDC & Maquarie DC list some of these specifications on their websites for their data centres so you have a little more visibility.