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Infratil Issue of Executive Redeemable Shares

16 Oct 2008

Pursuant to Infratil Limited’s Executive Share Scheme, the Company has today issued 293,500 executive redeemable shares. The following information is provided:

Class of security: Executive Redeemable Shares

ISIN:    NA

Number of executive redeemable shares issued:     293,500

Issue Price: With respect to each executive share, the volume weighted average market price of   Infratil Limited ordinary shares over the 20 business days immediately preceding the date on which the shares are issued to each executive, being $2.0395.

Payment of Initial Call due:  In cash, within 10 business days of the date of issue, if not paid prior to or on that date.

Amount paid up/to be paid up:  1 cent per share paid up in cash with the balance of the issue price payable when the executive becomes eligible to receive the long term incentive bonus in accordance with the terms of the Infratil Executive Share Scheme Trust Deed, dated 22 August 2008 and the current Prospectus and Investment Statement.

Percentage of the total class of securities issued (after the acquisition):  100% of the executive redeemable shares.  If fully paid in accordance with the terms of the offer, 0.0006% of Infratil Limited’s ordinary shares (assuming the number of shares is the same as today).

Reason for the issue: Issued pursuant to the Infratil Limited Executive Share Scheme Trust Deed and the current Prospectus and Investment Statement for the Scheme.

Specific authority for the issue: Shareholder approval dated 18 August 2008 & Board resolution dated 26 September 2008.

Terms or Details of the issue: Issue of 293,500 Executive Redeemable Shares pursuant to the Infratil Executive Share Scheme Trust Deed. The Executive Redeemable Shares may be issued annually to certain executives of the Company and its subsidiaries with an initial call payable within 10 business   days of the date of issue, and a further call of the balance of the issue price on  the date the executive becomes eligible  for the long term incentive bonus in accordance with the terms of the Infratil Executive Share Scheme Trust Deed, dated 22 August 2008.

Total number of executive redeemable shares in existence after the issue:     293,500

Date of issue:    16 October 2008

K M Baker

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