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 of 1% or more
Date of relevant event: 12 November 2015
To: NZX Limited
And: Infratil Limited, ASX Limited
Date this disclosure made: 18 November 2015
Date last disclosure made: 15 January 2015

Substantial security holder(s) giving disclosure
Name(s):Utilico Investments Limited
Contact details: ICM Investment Research Ltd
PO Box 208
Epsom
Surrey KT18 7YF
United Kingdom
info@icmir.net

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: 31,019,418
(b) total in class: 561,875,237
(c) total percentage held in class: 5.52%
For last disclosure,—
(a) total number held in class: 38,949,418
(b) total in class: 561,875,237
(c) total percentage held in class: 6.93%

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 sales of 7,930,000 shares.

Details of relevant interests in substantial holding after relevant event
Details for: Utilico Investments Limited
Nature of relevant interest(s): Beneficial owner of securities
For that relevant interest,—
(a) number held in class: 31,019,418
(b) percentage held in class: 5.52%
(c) current registered holder(s) of securities: National Nominees Limited
(d) registered holder(s) of securities once transfers registered: N/a

Additional information
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

Declaration
I, John Dugald Flinders Morrison, 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.