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Warrant Issue Update

10 Jul 2009

Infratil is pleased to announce that as at 4pm 10 July 2009 since 1 April 2009 approximately  74.7 million of the outstanding IFTWB series warrants have been exercised or partly paid.

Approximately half have been exercised by payment of $1.62 and the other half partly paid by payment of 55 cents resulting in cash proceeds of approximately $81.5 million.

This issue was partially underwritten by First NZ Capital Securities and because the exercise threshold of 68 million has been exceeded, no call will be made on the underwriters.

This issue had been underwritten by First NZ Capital Securities for the exercise or part payment of 68 million warrants. Because this threshold has been exceeded, no demand will be made on the underwriters.

Infratil expects to complete the processing of exercise and part payment notices over the next few days and will advise of the final position in due course.

In accordance with the underwriting agreement with First NZ Capital Securities, next Tuesday 14 July 2009 Infratil intends to invite offers for approximately 8.5 million shares and, provided that tenders are equal to or in excess of $1.62 per share, to place at least 8.2 million shares.
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