Ongoing Disclosure Notice – Paul Gough

Disclosure of Directors and Senior Managers Relevant Interests Sections 297(2) and 298(2), Financial Markets Conduct Act 2013 To NZX Limited; and Name of listed issuer: Infratil Limited Date this disclosure made: 17-Mar-17 Date of last disclosure: 17-Jun-16 Director or senior manager giving disclosure Full name(s): Paul Gough Name of listed issuer: Infratil Limited (IFT) Name of related body corporate (if applicable): Name of related body corporate (if applicable): Position held in listed issuer: Director Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products: Ordinary shares in IFT Nature of the affected relevant interest(s): Registered holder and beneficial owner For that relevant interest- Number held in class before acquisition or disposal: 176,703 Number held in class after acquisition or disposal: 0 Current registered holder(s): Paul Gough Registered holder(s) once transfers are registered: Unknown Details of transactions giving rise to acquisition or disposal Total number of transactions to which notice relates: 1 Details of transactions requiring disclosure- Date of transaction: 14-Mar-17 Nature of transaction: On-market trade Name of any other party or parties to the transaction (if known): Unknown The consideration, expressed in New Zealand dollars, paid or received for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration: 542,438.70 Number of financial products to which the transaction related: 176,703 If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details-- Whether relevant interests were acquired or disposed of during a closed period: No Whether prior written clearance was provided to allow the acquisition or disposal to proceed during the closed period: Date of the prior written clearance (if any): Summary of other relevant interests after acquisition or disposal: Class of quoted financial products: Nature of relevant interest: For that relevant interest,- Number held in class: Current registered holder(s): For a derivative relevant interest,- Type of derivative: Certification I certify 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. Signature of director or officer: Date of signature: or Signature of person authorised to sign on behalf of director or officer: Date of signature:17-Mar-17 Name and title of authorised person: Nicholas Lough, Company Secretary End CA:00298437 For:IFT Type:RELINT Time:2017-03-17 14:30:31