2013 Infratil Executive Redeemable Share Scheme

The following information is provided in accordance with NZX Listing Rule 7.12.1:

Class of security: Infratil Ordinary Shares

ISIN: NZIFTE0003S3

Number of Executive Redeemable Shares issued: 237,521

Issue price (average): $2.3180

Date of Conversion: 22 December 2016

Payment of initial call due: $0.01 per share received 17 December 2013.

Amount paid up/to be paid up: Paid in cash in full.

Percentage of the total class of securities issued (after the issuance): 0.042%

Reason for the issue: Executive Redeemable Shares converted into Infratil Ordinary Shares pursuant to the Trust Deed.

Specific authority for the issue: Automatic conversion of Executive Redeemable Shares into Infratil Ordinary Shares, pursuant to the Trust Deed

Terms or Details of the issue: Conversion of 237,521 Executive Redeemable Shares into Infratil Ordinary Shares pursuant to the Trust Deed.

Total number of Shares in existence after the issue: 567,063,166

Total number of Ordinary Shares in existence after the issue and
after deduction of Treasury Stock: 561,053,166

Phillippa Harford
Company Secretary