INFRATIL LIMITED. — Capital/Financing Update 2012

Mar 5, 2012

APPENDIX 7 - NZX CONDUCT RULES

TO FAX ++64-4-473-1470

Notice of event affecting securities

New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. For change to allotment, 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)

Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities
Full name of Issuer	Infratil Limited
Name of officer authorised to make this notice						Authority for event, e.g. Directors' resolution
			Kevin Baker				Interest payment
Contact phone number		04 473 3663				04 473 2388		3 2012 5
Nature of event Bonus Tick as appropriate Issue Rights Issue				If ticked, state whether: Taxable Capital		/ Non Taxable Conversion If ticked, state		Rights Issue Interest X Renouncable Full
non-renouncable						Dividend whether: Interim		Year Special
EXISTING securities affected by this					If more than one	security is affected by the event, use a separate form.

ISIN NZIFTD0006S8 If unknown, contact NZX

Description of the class of securities Infratil 15 September 2013 Bonds

Details of securities issued pursuant to this event

Details of securities issued pursuant to this event If more than one class of security is to be issued, use a separate form for each class. Description of the ISIN class of securities If unknown, contact NZX Number of Securities to Minimum Ratio, e.g be issued following event Entitlement 1 for 2 for Conversion, Maturity, Call Treatment of Fractions Payable or Exercise Date Enter N/A if not Tick if provide an applicable pari passu OR explanation Strike price per security for any issue in lieu or date of the Strike Price available. ranking

Monies Associated with Event

Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.

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In dollars and cents
Source of
Payment
Interest at 8.5%
Amount per security
Supplementary Amount per security
Currency NZD dividend in dollars and cents $
details -
Listing Rule 7.12.7
Total monies $1,803,144 Date Payable 15 March, 2012
Taxation Amount per Security in Dollars and cents to six decimal places
In the case of a taxable bonus $ Resident $ Credits $
issue state strike price Withholding Tax (Give details)
Timing (Refer Appendix 8 in the Listing Rules)
----- End of picture text -----

Record Date 5pm

For calculation of entitlements - must be the last business day of a week 5 March, 2012

Notice Date

Entitlement letters, call notices, conversion notices mailed

Application Date

Also, Call Payable, Dividend / Interest Payable, Exercise Date, Conversion Date. In the case 15 March, 2012 of applications this must be the last business day of the week.

Allotment Date

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

OFFICE USE ONLY

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

Security Code:

Security Code:

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APPENDIX 7 - NZX CONDUCT RULES

TO FAX ++64-4-473-1470

Notice of event affecting securities

New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. For change to allotment, 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)

Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities
Full name of Issuer	Infratil Limited
Name of officer authorised to make this notice							Authority for event, e.g. Directors' resolution
				Kevin Baker					Interest payment
Contact phone number		04 473 3663					04 473 2388			3 2012 5
Nature of event Bonus Tick as appropriate Issue Rights Issue					If ticked, state whether: Taxable Capital		/ Non Taxable Conversion If ticked, state			Rights Issue Interest X Renouncable Full
non-renouncable							Dividend whether: Interim
EXISTING securities affected by this If more than one Description of the class of securities Infratil 15 June 2016 Bonds						If more than one	security is affected by the event, use a separate form.
			Infratil 15 June 2016 Bonds					ISIN			NZIFTD0150S4
											If unknown, contact NZX

Details of securities issued pursuant to this event If more than one class of security is to be issued, use a separate form for each class. Description of the ISIN class of securities If unknown, contact NZX Number of Securities to Minimum Ratio, e.g be issued following event Entitlement 1 for 2 for Conversion, Maturity, Call Treatment of Fractions Payable or Exercise Date Enter N/A if not Tick if provide an applicable pari passu OR explanation Strike price per security for any issue in lieu or date of the Strike Price available. ranking

Monies Associated with Event

Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.

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In dollars and cents
Source of
Payment
Interest at 8.5%
Amount per security
Supplementary Amount per security
Currency NZD dividend in dollars and cents $
details -
Listing Rule 7.12.7
Total monies $2,125,000 Date Payable 15 March, 2012
Taxation Amount per Security in Dollars and cents to six decimal places
In the case of a taxable bonus $ Resident $ Credits $
issue state strike price Withholding Tax (Give details)
Timing (Refer Appendix 8 in the Listing Rules)
----- End of picture text -----

Record Date 5pm

For calculation of entitlements - must be the last business day of a week 5 March, 2012

Notice Date

Entitlement letters, call notices, conversion notices mailed

Application Date

Also, Call Payable, Dividend / Interest Payable, Exercise Date, Conversion Date. In the case 15 March, 2012 of applications this must be the last business day of the week.

Allotment Date

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

OFFICE USE ONLY

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

Security Code:

Security Code:

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APPENDIX 7 - NZX CONDUCT RULES

TO FAX ++64-4-473-1470

Notice of event affecting securities

New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. For change to allotment, 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)

Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities	Number of pages including this one (Please provide any other relevant New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities
Full name of Issuer	Infratil Limited
Name of officer authorised to make this notice							Authority for event, e.g. Directors' resolution
				Kevin Baker					Interest payment
Contact phone number		04 473 3663					04 473 2388			3 2012 5
Nature of event Bonus Tick as appropriate Issue Rights Issue					If ticked, state whether: Taxable Capital		/ Non Taxable Conversion If ticked, state			Rights Issue Interest X Renouncable Full
non-renouncable							Dividend whether: Interim
EXISTING securities affected by this If more than one Description of the class of securities Infratil 15 June 2017 Bonds						If more than one	security is affected by the event, use a separate form.
			Infratil 15 June 2017 Bonds					ISIN			NZIFTD0160S3
											If unknown, contact NZX

Details of securities issued pursuant to this event

Details of securities issued pursuant to this event If more than one class of security is to be issued, use a separate form for each class. Description of the ISIN class of securities If unknown, contact NZX Number of Securities to Minimum Ratio, e.g be issued following event Entitlement 1 for 2 for Conversion, Maturity, Call Treatment of Fractions Payable or Exercise Date Enter N/A if not Tick if provide an applicable pari passu OR explanation Strike price per security for any issue in lieu or date of the Strike Price available. ranking

Monies Associated with Event

Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.

==> picture [556 x 163] intentionally omitted <==

----- Start of picture text -----

In dollars and cents
Source of
Payment
Interest at 8.5%
Amount per security
Supplementary Amount per security
Currency NZD dividend in dollars and cents $
details -
Listing Rule 7.12.7
Total monies $1,408,548 Date Payable 15 March, 2012
Taxation Amount per Security in Dollars and cents to six decimal places
In the case of a taxable bonus $ Resident $ Credits $
issue state strike price Withholding Tax (Give details)
Timing (Refer Appendix 8 in the Listing Rules)
----- End of picture text -----

Record Date 5pm

For calculation of entitlements - must be the last business day of a week 5 March, 2012

Notice Date

Entitlement letters, call notices, conversion notices mailed

Application Date

Also, Call Payable, Dividend / Interest Payable, Exercise Date, Conversion Date. In the case 15 March, 2012 of applications this must be the last business day of the week.

Allotment Date

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

OFFICE USE ONLY

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

Security Code:

Security Code:

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