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Infratil Share Buyback

31 Mar 2005

Infratil Limited advises that it has acquired its own securities. The following information is provided in accordance with Listing Rule 7.12.

Class of security: Ordinary Shares

ISIN: NZIFTE0003S3

Number of ordinary shares acquired: 502,100

Acquisition Price (average): $3.326

Payment: In cash

Amount paid up: Fully paid ordinary shares

Percentage of the total class of securities issued (after the acquisition): 0.23%

Reason for the acquisition: Considered by the Directors to be in the best interests of the Company and shareholders.

Specific authority for the acquisition: Shareholder approval dated 24 March 2004 & Board resolution dated 17 August 2004.

Total number of ordinary shares in existence after the acquisition and after deduction of Treasury Stock: 219,298,763

Date acquired: 30 March 2005

Treasury stock: Shares acquired will be held as treasury stock.