News and announcements

This newsletter covers investing in electricity generation. It a will be sent to share and bond holders and also available on Infratil's website. Tim Brown +64 4 473 3663

THE TILT RENEWABLES INDEPENDENT ADVISER REPORT IS OVERLY OPTIMISTIC AND NOT SUPPORTED BY MARKET BENCHMARKS On 17 September 2018, Tilt Renewables Limited ("Tilt Renewables") released its Target Company Statement and

Infratil Limited is considering making a new offer of unsecured, unsubordinated bonds ("Bonds") in two separate series, with the first series maturing on 15 December 2024 and the second series

Infratil is reviewing the Target Company Statement released yesterday by Tilt Renewables Limited ("Tilt Renewables") in response to the full cash takeover offer made by Infratil 2018 Limited and Mercury

Attached is the market release from Tilt Renewables Limited correcting its announcement yesterday regarding the Dundonnell Wind Farm Support Agreement.

Attached is the market release from Tilt Renewables Limited (Tilt Renewables) advising that it has accepted an offer from the Victorian Government to enter into a Support Agreement in relation

Infratil Limited ("Infratil") is pleased to advise that all conditions to Infratil 2018 Limited's and Mercury NZ Limited's ("TLT JV") full cash takeover offer ("Offer") for Tilt Renewables Limited ("Tilt

Infratil Limited ("Infratil") notes the statement released by the independent directors of Tilt Renewables Limited ("Tilt Renewables") on 4 September in relation to the full cash takeover offer ("Offer") by

Infratil Limited ("Infratil") is pleased to advise that Infratil 2018 Limited and Mercury NZ Limited ("TLT JV") have obtained approval from the Australian Foreign Investment Review Board (“FIRB”) to acquire

Infratil announces its intention to buy back ordinary shares pursuant to Rules 7.6.1(a) and (f) on the basis outlined in the Notice of Meeting for the 2018 Annual Meeting ("Notice

On 15 August 2018, Infratil Limited (through its subsidiary Infratil 2018 Limited) ("Infratil") and Mercury NZ Limited ("Mercury") ("TLT JV") announced their intention to make a full takeover offer of

Infratil Limited advises that all resolutions put to the Company's annual meeting held today in Wellington were passed by shareholders. The results of the voting by poll were: 1. That

Please find attached the presentation for the 2018 Annual Meeting being held in Wellington today. Marko Bogoievski Chief Executive

Infratil Limited (through its subsidiary Infratil 2018 Limited) ("Infratil") and Mercury NZ Limited ("Mercury") have today announced their intention to make a full takeover offer for Tilt Renewables Limited ("Tilt

Please see attached an Ongoing Disclosure Notice for Paul Newfield of Infratil Limited ("IFT").

Attached is a market release from Tilt Renewables advising that all wind turbines erected at the 54MW Salt Creek Wind Farm located in Western Victoria have been successfully commissioned and

Infratil's Notice of Meeting is attached. The Company's 2018 Annual Meeting will be held at 2.30pm on Friday 24 August 2018 in the Lambton Room, Intercontinental Hotel, 2 Grey Street,

Bond interest notice attached.

Longroad Energy confirms that it has reached major project milestones on two significant greenfield renewable generation projects. The sale of the equity in the Phoebe solar project and confirmation of

Please see attached an Ongoing Disclosure Notice for Paul Newfield of Infratil Limited ("IFT").