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Amendments to Management Agreement

23 Oct 2001

Infratil Limited ("Infratil") announces that it has amended the terms of its Management Agreement with Morrison & Co Infrastructure Management Limited ("Morrison & Co").
Two amendments have been made:

The management fee is now payable monthly, rather than quarterly.

The component of the management fee calculated by reference to the market value of Infratil's listed securities will be now be calculated by reference to the weighted average market prices over the five business days at the end of each calendar month, rather than over the last business day at the end of each calendar quarter.

The amendments took effect on 1 October 2001.

Infratil believes that these amendments will make the fee calculation more representative of its enduring value, and less prone to variation due to the timing of capital raisings or daily share market volatility.

Infratil believes that the amendments are in its best interests and fair to all shareholders. Independent advice on the amendments was obtained from Arthur Andersen Corporate Finance. Arthur Andersen considers the amendments to be fair to the non-Morrison & Co associated shareholders in Infratil.

The New Zealand Stock Exchange, after considering the views of the independent directors of Infratil and the advice of Arthur Andersen, granted Infratil a waiver from the requirement of Listing Rule 9.2.1 to seek shareholder approval for these amendments.

A copy of the Deed of Amendment has been provided to the New Zealand Stock Exchange.


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