News and announcements

SIGNIFICANT IMPAIRMENT REPORTED BY TILT RENEWABLES REQUIRES CHANGE TO INDEPENDENT DIRECTORS’ RECOMMENDATION On 19 October 2018, Tilt Renewables Limited ("Tilt Renewables") announced that it expects to write-down the carrying value

Infratil intends to announce its half year results for the period ended 30 September 2018 on Tuesday 13 November 2018. There will be a briefing for institutional investors, analysts and

Bond interest notice attached.

INFRATIL AFFIRMS ITS COMMITMENT TO THE TILT RENEWABLES OFFER - NO PRICE INCREASE Infratil affirms its commitment to the takeover offer for Tilt Renewables Limited ("Tilt Renewables") on the terms

Memorandum To: Market Participants From: NZX Product Operations Date: Friday, 5 October 2018 Subject: Infratil Limited Infrastructure Bonds (“IFT180”) – Maturity Message: Further to the announcement made by Infratil Limited

QUOTATION NOTICE: NZX DEBT MARKET INFRATIL LIMITED (“IFT270”) BONDS Issuer: Infratil Limited (“IFT”) Security Code: IFT270 ISIN: NZIFTD0270L5 Details of Issue: An offer of unsecured, unsubordinated, fixed rate Infrastructure Bonds.

QUOTATION NOTICE: NZX DEBT MARKET INFRATIL LIMITED (“IFT260”) BONDS Issuer: Infratil Limited (“IFT”) Security Code: IFT260 ISIN: NZIFTD0260L6 Details of Issue: An offer of unsecured, unsubordinated, fixed rate Infrastructure Bonds.

NZX Regulation Decision Infratil Limited (“IFT”) Application for waiver from NZX Main Board Listing Rule 7.11.1 28 September 2018 Waiver from Listing Rules Decision 1. Subject to the conditions in

Infratil Infrastructure Bonds 4.75% p.a. due 15 December 2024 and 4.85% p.a. (with a reset after 5 years) due 15 December 2028 Infratil announces that the offer of the above

Notice pursuant to clause 20(1)(a) of schedule 8 of the Financial MarketsConduct Regulations 2014 Infratil Limited ("Infratil") gives notice under clause 20(1)(a) of schedule 8 of the Financial Markets Conduct

Infratil advises that its Underlying EBITDAF guidance for the year to 31 March 2019 has now been revised from $500 to $540 million to $540 to $580 million. The revision

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