Disclosure of beginning to have substantial holding
Section 22, Securities Markets Act 1988

To New Zealand Stock Exchange
And Infratil Limited
Date this disclosure made: 17 January 2014

Substantial security holder(s) giving disclosure
Name(s): The Capital Group Companies, Inc.
Contact details: Christopher Aquino, ++213.615.0469, GRGroup@capgroup.com
Date on which substantial security holder(s) began to have substantial holding: 16 January 2014

Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary Shares
Summary for The Capital Group Companies, Inc.
For this disclosure,—
(a) total number held in class: 30,423,179
(b) total in class: 561,566,011
(c) total percentage held in class: 5.4176%

Details of relevant interests currently in substantial holding
Details for The Capital Group Companies, Inc.
Nature of relevant interest(s): Non-beneficial owner of securities
For that relevant interest,—
(a) number held in class: 30,423,179
(b) percentage held in class: 5.4176%
(c) current registered holder(s) of securities: Please refer to attached schedule
(d) registered holder(s) of securities once transfers registered: n/a

Details of transactions and events giving rise to person beginning to have substantial holding
Details of the transactions or other events requiring disclosure under the instructions to this form: On 16 January 2014, 22,654,000 shares were purchased at NZD 2.28 per share.

Additional information
Nature of connection between substantial security holders: n/a
Address(es) of substantial security holder(s): 333 South Hope Street, 55th Floor, Los Angeles, California 90071, USA
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: n/a

Declaration
I, Christopher Aquino, declare 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.