Mercury acquisition of stake in Tilt Renewables

Infratil notes the sale of a 19.99% stake in Tilt Renewables Limited ("Tilt") by the Tauranga Electricity Consumer Trust ("TECT") to Mercury NZ Limited ("Mercury"), and the related six-month option for Mercury to acquire the remaining approximately 6.81% of Tilt shares held by TECT. Infratil is the controlling shareholder in Tilt, with a 51% shareholding. In response to a number of inbound enquiries regarding that transaction, Infratil can confirm the following: o Infratil tabled a proposal to acquire the 26.7% stake held by TECT in Tilt as part of an expedited process run by TECT and its advisors. o As part of that process, Infratil clarified that it was unlikely to provide approval (as the majority shareholder in Tilt) for any other acquirer to move beyond a 19.99% ownership interest or offer any additional governance rights. o While we welcome interest in any of our portfolio businesses, Infratil and Mercury currently have no agreement, arrangement or understanding in relation to Tilt. Any enquiries should be directed to: Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com End CA:00317980 For:IFT Type:GENERAL Time:2018-05-15 11:08:27