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Infratil Infrastructure Bonds

22 Dec 2010

Due to stronger than expected demand, Infratil expects to close its current offer of unsecured, unsubordinated 15 June 2016 Infrastructure Bonds ("2016 Bonds") in January 2011 at approximately $75 million to $100 million. The offer of 2016 Bonds remains open for now and investors who are dealing with their financial advisers should be able to have their applications processed if they are completed soon.

Infratil is considering making an offer of new Infrastructure Bonds to the public with a maturity date of 15 June 2017 ("2017 Bonds"). No money is currently being sought and no applications for the 2017 Bonds will be accepted or money received unless the subscriber has received the new simplified disclosure prospectus to be prepared for the 2017 Bonds.

The offer of the 2017 Bonds is expected to open around the same time the offer of the 2016 Bonds closes. It is anticipated that the 2017 Bonds will have a fixed interest rate of 8.5% per annum, and will be issued on substantially the same terms and conditions as the 2016 Bonds (other than the maturity date).

As with the offer of 2016 Bonds, the 2017 Bonds will be offered generally to all investors in New Zealand and also to holders of the existing Infrastructure Bonds maturing on 15 May 2011 as an exchange.

While a January closure of the offer of the 2016 Bonds and an opening of an offer of the 2017 Bonds is very likely, a final decision will be made and announced in the New Year.

The 2016 Bonds are offered under the simplified disclosure prospectus dated 24 November 2010.

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