Infratil Limited today announced that following the successful Exchange Offer for its offer of 7 year unsecured, unsubordinated, fixed rate infrastructure bonds that mature on 16 June 2032 (New Bonds) it has allocated $22,559,333 of New Bonds. The Exchange Offer has now closed.

Combined with the Firm Offer issuance of $100,000,000 this takes the total Issue Amount to $122,559,333.

A copy of the Final Terms Sheet for the New Bonds is attached.

Arranger and Joint Lead Manager:

Bank of New Zealand

Joint Lead Managers:

Craigs Investment Partners Limited

Forsyth Barr Limited

Tom Robertson

Infratil Treasurer

Phone: +64 4 550 5432

Email: Tom.Robertson@infratil.com

Authorised for release by:

Brendan Kevany

Infratil Company Secretary