As outlined in the attached Substantial Security Holder Notice, Infratil Limited and Guardians of New Zealand Superannuation have unwound the joint venture through which they held their 40% shareholding in Z Energy Limited (NZX: ZEL, ASX: ZNZ). The parties now have direct control of their respective 20% shareholdings. The unwind was signalled in the prospectus for Z's IPO last year.

The restrictions put in place at that time of the IPO on Infratil and Guardians transferring their ZEL shares to third parties before the date for the announcement of Z's financial results for the period ending 30 September 2014 remain unaffected.

Jason Boyes, Head of Legal, Infratil Limited
+64-4-473 2399