Third Supplementary Bidder's Statement

• The Independent Expert's Report has omissions and unreasonable assumptions
• The Bidder's Offer is superior to Atlas Arteria's proposed alternative
• The Independent Directors' claims about additional value creation are not credible

Atlas Arteria's third supplementary bidder's statement, issued by Diamond Infraco 1 Pty Ltd, a subsidiary of IFM Global Infrastructure Fund, addresses concerns about the Target's Statement and the Independent Expert's Report. The statement argues that the Independent Expert's Report has omissions and unreasonable assumptions, leading to an unbalanced and potentially misleading document. It also asserts that the Bidder's offer provides a superior alternative to Atlas Arteria's proposed actions, including the sale of Chicago Skyway. The Bidder claims that the Independent Directors' assertions about creating additional value through asset sales or operational initiatives are not credible and that the proposed use of a US$1.2 billion bridge facility will increase financial risk. The offer represents a limited opportunity for securityholders to realize cash certain value.