Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: Movement
Date of relevant event: 16 January 2014
To: New Zealand Exchange Limited
And: Infratil Limited
Date this disclosure made: 20 January 2014
Date last disclosure made: 6 December 2013

Substantial security holder(s) giving disclosure
Name(s): Utilico Investments Limited
Contact details: David Shillson +64 4 498 0890; david.shillson@kensingtonswan.com

Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary shares
Summary for: Utilico Investments Limited
For this disclosure,—
(a) total number held in class: 49,349,418 ordinary shares
(b) total in class: 561,434,511 ordinary shares (excluding treasury stock)
(c) total percentage held in class: 8.79%.
For last disclosure,—
(a) total number held in class: 66,419,275 ordinary shares
(b) total in class: 561,434,511 ordinary shares (excluding treasury stock)
(c) total percentage held in class: 11.83%.

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure under the instructions to this form:
On market sale of 17,069,857 shares at NZ$2.28 per share.
Details of relevant interests in substantial holding after relevant event
Details for: Utilico Investments Limited
Nature of relevant interest(s): Beneficial owner of the ordinary shares
For that relevant interest,—
(a) number held in class: 49,349,418 ordinary shares
(b) percentage held in class: 8.79%
(c) current registered holder(s) of securities: National Nominees Limited
(d) registered holder(s) of securities once transfers registered: No change

Additional information
Nature of connection between substantial security holders: N/A.
Address(es) of substantial security holder(s): c/- Kensington Swan
97 The Terrace
Wellington
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates:
Duncan Saville as a director of Infratil Limited and of ICM Limited which is a shareholder of Infratil Limited and an investment adviser of Utilico Investments Limited.

Declaration
I, David Shillson, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.