Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To New Zealand Exchange Limited
and
To Infratil Limited

Relevant event being disclosed: Movement
Date of relevant event: 14 January 2015
Date this disclosure made: 15 January 2015
Date last disclosure made: 20 January 2014

Substantial product holder(s) giving disclosure
Full name(s): Utilico Investments Limited

Summary of substantial holding
Class of quoted voting products: Ordinary shares

Summary for Utilico Investments Limited
For this disclosure,—
(a) total number held in class: 38,949,418
(b) total in class: 561,875,237
(c) total percentage held in class: 6.93%
For last disclosure,—
(a) total number held in class: 49,349,418
(b) total in class: 561,434,511
(c) total percentage held in class: 8.79%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: On market sale of
10,400,000 shares at NZ$2.95 per share
Details after relevant event
Details for Utilico Investments Limited
Nature of relevant interest(s): Beneficial owner of the ordinary shares100080615/3821103.1
For that relevant interest,—
(a) number held in class: 38,949,418
(b) percentage held in class: 6.93%
(c) current registered holder(s): National Nominees Limited
(d) registered holder(s) once transfers are registered: No change
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable

Additional information
Address(es) of substantial product holder(s): c/- Kensington Swan, 89 The Terrace,
Wellington

Contact details: David Shillson +64 4 498 0890;
david.shillson@kensingtonswan.com

Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: Duncan Saville as a director of Infratil
Limited.

Certification
I, David Shillson, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.

Signature