Disclosure of ceasing to have substantial holding Section 279, Financial Markets Conduct Act 2013

To NZX Limited
and
To Infratil Limited, ASX Limited

Date this disclosure made: 22 January 2016

Date last disclosure made: 18 January 2016

Date on which substantial holding ceased: 20 January 2016

Substantial product holder(s) giving disclosure

Full name(s): Utilico Investments Limited

Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares

Summary for Utilico Investments Limited

For last disclosure,—
(a) total number held in class: 30,019,418
(b) total in class: 561,875,237
(c) total percentage held in class: 5.34%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 25,019,418
(b) total in class: 562,325,645
(c) total percentage held in class: 4.45%

Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: on market sales of 5,000,000 shares.

Additional information
Address(es) of substantial product holder(s): UK Contact: PO Box 208, Epsom, Surrey KT18 7YF, United Kingdom

Contact details: ICM Investment Research Ltd info@icmir.net
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, John Dugald Flinders Morrison, 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.