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Infratil Market Update and Share Buyback

27 Sep 2013

Attached is a Market Update for Infratil.  In summary:

• Following the recent partial sale of Z Energy, Infratil has significant capital flexibility and a strong capital structure. Given the significance of the changes, Infratil is providing an interim update of its outlook and capital position. The update includes confirmation of a significant share buyback and expectations of higher future dividends.

• Infratil believes a buyback of Infratil shares provides compelling value for remaining shareholders. Infratil therefore intends to commence an on-market buyback of up to 24.8 million shares through a tender offer at a maximum share price of $2.60 per share on 22 October 2013.

• Infratil also intends to ensure that shareholders benefit from the Company’s robust cash flow and funding position via higher dividends. Over the last five years dividends have risen from 6.25cps to 9.25cps (last year the uplift was 1.25cps) and this rate of growth is expected to be maintained. The interim dividend for the current year will be announced on 12 November.

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