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Infratil's Investment in Energy Developments Ltd

24 Dec 2002

Infratil has noted the recent announcement by Energy Developments Limited ("ENE") in relation to a conditional proposal to that Company from ABN AMRO Capital Investment and Mr Walter Pahor to acquire shares in ENE with a view to delisting ENE and taking the company private.

Infratil has also noted that the Company's directors have indicated that they do not support the proposal at this time.

Infratil holds 10% of ENE (11.5m shares) purchased in July 2002 and Infratil also entered into an agreement with the company at that time. Amongst other provisions, the agreement contains a provision requiring the Company's consent for any sale of shares by Infratil within the initial twelve months. Other key provisions are summarised on the Infratil website.

Infratil's Chairman, Mr O'Connor said "Infratil purchased ENE shares with a medium to long term view of the Company's prospects in renewable energy covering both landfill gas and waste-to-energy sectors. Infratil remains supportive of the Company and its core energy business growth strategy in key Australian, European and US markets. Infratil also supports the ongoing investment in the waste recycling and waste to energy process (SWERF®) and the immediate focus announced by the Company on achieving full capacity commercial operations at the Whytes Gully project. Infratil also supports the announced direction of seeking a strategic development partner for the SWERF® subsidiary."

Mr O'Connor said "It is hard to see the benefits to the Company of the proposed delisting and Infratil is not currently supportive of the proposal."

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