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Wellington International Airport Bond Offer Opens

2 Dec 2008

Wellington International Airport Limited's (the Airport Company) retail bond programme opened today, with an initial interest rate of 7.5% per annum. Applications will be accepted from Thursday 4 December 2008.

The Airport Company is making an offer of $50 million of bonds with the ability to accept oversubscriptions of up to $50 million.

The Airport Company reserves the right to allocate up to $50 million Bonds by way of firm allocation to clients of NZX Firms, institutions and other approved intermediaries. Bonds not taken up under firm allocations will be available through a public pool.

The interest rate offered on the issue may change for those bonds not already allotted. Applicants can obtain up-to-date details of the interest rate applicable from time to time by contacting Joint Lead Managers First NZ Capital Securities (0800 005 678) and ANZ National Bank Limited (0800 800 372), or their investment advisor.

Interested members of the public should contact their investment advisors or share brokers and request an investment statement.
An issue flyer, prospectus and investment statement is also available through Wellington International Airport's website: www.wellingtonairport.co.nz
or www.infratil.com

The bonds will be direct, unsecured, unsubordinated debt obligations of the Airport Company. The bonds will have a maturity date of 15 November 2013. However, WIAL has the option to redeem the Bonds early at the higher of par plus accrued interest or market. The minimum holding in respect of the bonds is $10,000 and in multiples of $1,000 thereafter.

Application has been made to NZX for permission to list the bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of distribution of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement.

Standard and Poor's have assigned a rating of 'BBB+' to the bonds.

The offer may remain open until 1 April 2009 or such earlier date that the Airport Company may determine. No applications for the bonds will be accepted or money received unless the subscriber has received an investment statement.

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