INFRATIL LIMITED. — Major Shareholding Notification 2012

Mar 29, 2012

Form 2

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both

Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: Change in nature of relevant interest

Date of relevant event: 30 March 2012

To: NZX Limited

And: Infratil Limited (IFT) Date this disclosure made: 30 March 2012

Date last disclosure made: 25 August 2011

Substantial security holder(s) giving disclosure

Name(s): Ms J L Nevett and Mr J.B Morrison as trustees of the H.R.L. Morrison Family Trust

Contact details:

Address: 5 Market Lane PO Box 1395 Wellington 6140 New Zealand Attention: Jason Boyes Telephone: +64-4-473-2399 Email: Jason.Boyes@HRLMorrison.com

Summary of substantial holding to which the disclosure relates

Class of listed voting securities: Ordinary shares

Summary for: Ms J L Nevett and Mr J.B Morrison as trustee of the H.R.L. Morrison Family Trust

For this disclosure, -

• (a) Total number held in class: 65,871,768

• (b) Total in class: 591,430,830 (excluding treasury stock)

• (c) Total percentage held in class: 11.138%

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For last disclosure,

• (a) Total number held in class: 65,871,768

• (b) Total in class: 604,226,597

• (c) Total percentage held in class: 10.902%

Details of transactions and events giving rise to relevant event

Completion of purchase of 5,000,000 IFT shares from Utilico Investments Limited (Utilico) by H.R.L. Morrison & Co Limited (MCO). This is the balance of the IFT shares that MCO agreed to purchase from Utilico pursuant to the agreement for sale and purchase entered into on 12 July 2011. The Trust disclosed a non-beneficial relevant interest in these shares in previous SSH notices.

Details of relevant interests in substantial holding after relevant event

Details for: H.R.L. Morrison Family Trust

Nature of relevant interest(s): Beneficial owner of securities

For that relevant interest, -

• (a) Number held in class: 24,523,038

• (b) Percentage held in class: 4.146%

• (c) Current registered holder(s) of securities: Hettinger Nominees Limited

• (d) Registered holder(s) of securities once transfers registered: N/A

Nature of relevant interest(s): Non-beneficial relevant interest

For that relevant interest, -

• (e) Number held in class: 41,348,730

• (f) Percentage held in class: 6.991%

• (g) Current registered holder(s) of securities: H.R.L. Morrison & Co Limited

• (h) Registered holder(s) of securities once transfers registered: N/A

Additional information

Nature of connection between substantial security holders: N/A

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Address(es) of substantial security holder(s):

Registered office: H.R.L. Morrison Family Trust 5 Market Lane PO Box 1395 Wellington 6140 New Zealand

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: H.R.L Morrison & Co Limited.

Declaration

I, Jason Boyes declare 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.

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