Infratil Limited's 30 June 2024 independent valuation update is attached.

As noted in the attached, CDC, Longroad, Galileo, Mint, Qscan and RetireAustralia values reflect the midpoint of the 30 June independent valuations. CDC’s key valuation methodologies and assumptions were presented as part the NZX valuation announcement on 4 July 2024.

Key valuation methodologies and assumptions underpinning the remaining independent valuations are summarised in the attached and remain consistent with the 31 March 2024 valuations [1], except for Longroad (refer below), and an update for the inclusion of storage for Galileo.

The decrease in the Longroad independent valuation is largely attributable to an increase in discount rates outweighing minor positive updates to operating forecasts.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited

info@infratil.com

[1] 1. Valuation methodologies and assumptions for 31 March 2024 included here: https://api.nzx.com/public/announcement/431367/attachment/418814/431367-418814.pdf