We are writing to you as a holder of bonds ("Bonds") issued under the trust deed dated 11 November 1999, as amended from time to time, ("Trust Deed") between Infratil Limited ("Infratil") and Trustees Executors Limited ("Trustee").

Infratil has elected for the requirements of the Financial Markets Conduct Act 2013 ("Act") to apply to it in relation to the Bonds with effect from 11 September 2015. As such, Infratil has amended the Trust Deed to comply with and reflect the Act and to make other tidy up amendments.