INFRATIL LIMITED. — Capital/Financing Update 2011

May 16, 2011

APPENDIX 7 – NZSX Listing Rules

EMAIL: announce@nzx.com

Notice of event affecting securities

NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.

Number of pages including this one (Please provide any other relevant details on additional pages)

Full name of Issuer Name of officer make this notic	Full name of Issuer Name of officer make this notic	Infratil Limited	Infratil Limited	Infratil Limited	Infratil Limited	Infratil Limited
		authori e	sed to							Authority for e.g. Directors			event, ' resolution
							KM Baker								Directors Resolution
Contact phone number			64 4 4733663							64 44737219				e		16 05 2011
Nature of event Tick as appropriate				Bonus Issue Rights Issue non-renouncable			If ticked, state whether: Capital Ca change	Taxable ll Dividend X		/ Non Taxable If ticked, state whether: In		Con F terim Y	version ull ear X	Rights Issue Interest Renouncable Special DRP Applies X
EXISTING securiti Description of the class of securities			es affe	cted by this				If more than on		e security is affecte		d by the event, u	se a separate fo ISIN	rm.
				Ordinary shares													NZIFTE 0003S3 / ASX IFZ
																	If unknown, contact NZX
Details of securitie			s issu	ed pursuant	to	this event		If		more than one clas		s of security is t	o be issued, use ISIN	a separ			ate form for each class.
Description of the class of securities Number of Securities to be issued following eve			nt
												Minimum Entitlement					If unknown, contact NZX Ratio, e.g 1 for 2 for
Conversion, Maturity, Call Payable or Exercise Date Strike price per security for an Strike Price available.				y issue in lieu or	da					Tick if paripassu		Treatment of Fractions provide an OR explanation of the ranking
						te Enter N/A if not applicable
M	onies Associated with			Event In dollars	an	Dividen d cents		d payable, Call payable, Exercise price, Source of Payment				Conversion price, Redemption price, Application money.
												Retained earnings
	Amount per security (does not include any ex			cluded income)
					NZ $0.0425
	Excluded income per security (only applicable to listed PIEs)
	Currency Total monies				NZ Dollars						Supplementary Amount per security dividend in dollars and cents details - NZSX Listing Rule 7.12.7 Date Payable							NZ$ 0.0075
					NZ$25,619,272													Friday, 17 June 2011
T In is	axation the case of a taxable bonus sue state strike price										Amountper Security in Dollars and cents to six deci							malplaces
									Resident Withholding Tax		Imputation Credits (Give details) NZ$ 0.001821
							$				NZ$ 0.001821							NZ$ 0.018214
									Foreign Withholding Tax		FDP Credits (Give details) $
											$

Timing (Refer Appendix 8 in the NZSX Listing Rules) Record Date 5pm For calculation of entitlements -

Application Date Also, Call Payable, Dividend / Interest Payable, Exercise Date, Friday, 3 June 2011 Conversion Date. In the case Friday, 17 June 2011 of applications this must be the last business day of the week.

Notice Date

Allotment Date

For the issue of new securities. Must be within 5 business days of application closing date.

Entitlement letters, call notices, conversion notices mailed

OFFICE USE ONLY

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Ex Date: Commence Quoting Rights Security Code: Cease Quoting Rights 5pm Commence Quoting New Securities Security Code: Cease Quoting Old Security 5pm: