Investors who purchased Infratil Infrastructure Bonds from mid March 2006 until the issue closed in June 2006 have today been a sent a letter.

It is highly unlikely that any Bondholders were affected by the error, but Infratil was advised by the Bond Trustee that it was prudent to notify Bondholders.

Any Bondholder who does not feel adversely affected need do nothing. Their rights as Bondholders are not in any way reduced by the prospectus drafting error.

Infratil advises any Bondholder who is uncertain as to the meaning of this communication to contact their broker.

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