INFRATIL LIMITED. — Capital/Financing Update 2021

Apr 18, 2021

16 April 2021

==> picture [56 x 64] intentionally omitted <==

Infratil confirms support for increase in Tilt Renewables scheme consideration

Infratil confirms its support for the announcement today by Tilt Renewables Limited ( Tilt ) that it has amended the Scheme Implementation Agreement ( SIA ) with Powering Australian Renewables ( PowAR ) and Mercury NZ Limited ( Mercury ) to increase the scheme consideration from NZ$7.80 per share to NZ$8.10 per share[1] .

As a result of that increase in the scheme consideration, Infratil’s gross proceeds from the sale of its 65.5% stake in Tilt are now expected to be approximately NZ$2,000.2 million (previously, approximately NZ$1,926.1 million)[2] .

Infratil previously advised that it estimated the International Portfolio Realised Incentive payable upon completion of the sale of Tilt to be NZ$107.1 million (although the actual fee payable will in part depend on when completion occurs and final sales costs). As a result of the increase in the scheme consideration, the fee is now estimated as NZ$118.1 million, which would be payable in April 2022.

A copy of Tilt’s announcement is attached.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

1 Subject to reduction for any permitted dividend paid by Tilt prior to implementation.

2 Subject to reduction for any permitted dividend paid by Tilt prior to implementation.

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com