INFRATIL LIMITED. — Capital/Financing Update 2014

Feb 16, 2014

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17 February 2014

Announcement to the New Zealand Exchange

The following information is provided in accordance with Listing Rules 7.12

Class of security: Infratil Limited Infrastructure Bonds (IFT200) ISIN: NZIFTD0200S7 Number of IFT200 bonds allotted: 34,204,000 Percentage of the total class of IFT200 Bonds allotted: 49.9% Issue Price: $1.00 for new bonds. Payment for new bonds: In cash. Amount paid up: Bonds have been fully paid up. Date of allotment: Bonds have been allotted on the 17th of February 2014. Reason for the allotment: Applications received and processed under the simplified disclosure prospectus for the offer of Infrastructure Bonds dated 13 December 2013. Specific authority for the allotment: The copy of the prospectus delivered to the Registrar of Financial Service Providers for registration has been signed by each director of Infratil or by his agent authorised in writing. Terms or conditions of the allotment: Infratil is offering up to $50 million of IFT200 Infrastructure Bonds to all investors in New Zealand (with the option to accept up to $50 million oversubscriptions at Infratil's discretion). Total number of IFT200 bonds in existence after the allotment: 68,500,000

K M Baker