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Sale of Luebeck Airport

2 Nov 2009

Infratil Limited announces that on Friday 30 October it exercised its put option in respect of its 90% shareholding in Lübeck Airport and ownership has transferred to the City of Lübeck.

When Infratil acquired this shareholding from the City in 2005 it also acquired a put option that allowed it to require the City to reacquire this shareholding if passenger numbers failed to reach an agreed threshold.

The exercise price of the put option is approximately Euro25.5 million (which converts, after existing foreign exchange contracts, to NZ$64 million), with payment due in early November.

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