SPH Notice – Infratil Limited

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 To NZX Limited (announce@nzx.com) To ASX Limited (maogroup@asx.com.au) And To Tilt Renewables Limited (steve.symons@tiltrenewables.com) Relevant events being disclosed: Change in nature of relevant interest Date of relevant event: 11 December 2018 Date this disclosure made: 12 December 2018 Date last disclosure made: 6 December 2018 Substantial product holder(s) giving disclosure Full name(s): Infratil Limited and Infratil 2018 Limited Summary of substantial holding Class of quoted voting products: Ordinary shares in Tilt Renewables Limited (TLT) Summary for: Infratil Limited (IFT) and Infratil 2018 Limited (Infratil) For this disclosure,-- (a) total number held in class: 204,498,191 (b) total in class: 312,973,000 (c) total percentage held in class: 65.341% For last disclosure,-- (a) total number held in class: 204,497,691 (b) total in class: 312,973,000 (c) total percentage held in class: 65.340% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Change in relevant interest: As notified on 3 December 2018, in accordance with the implementation agreement disclosed on 15 August 2018 (Implementation Agreement) the unincorporated joint venture between Mercury NZ Limited (MCY) and Infratil for the purposes of a proposed full takeover of TLT (Offer) terminated at the end of 30 November 2018 on close of the offer. For the purposes of section 278 of the Financial Markets Conduct Act 2013, the substantial product holders named in this notice advise that there has been a change in the nature of their relevant interests in TLT resulting from Infratil becoming the registered holder of the final 63,301 shares accepted into the Offer before the closing date for which payment has now been sent. Increase in acceptances: Since the last disclosure dated 6 December 2018, acceptances have been received for a further 500 ordinary shares under the Offer (being acceptances received, postmarked or bearing other evidence of postage or dispatch prior to 11.59pm on 30 November 2018). No acceptances have been received for any performance rights in TLT. Details after relevant event Details for Infratil 2018 Limited Nature of relevant interest(s): Infratil 2018 Limited is now the registered holder and beneficial owner of the following ordinary shares in Tilt Renewables Limited that have been accepted into the Offer and in respect of which payment has been sent For that relevant interest,-- (a) number held in class: 204,498,191 (b) percentage held in class: 65.341% (c) current registered holder(s): shareholders (other than Mercury NZ Limited) that have accepted the Offer and in respect of which payment has been sent (d) registered holder(s) once transfers are registered: Infratil 2018 Limited Additional information Address(es) of substantial product holder(s): Refer to the Schedule Contact details: Refer to the Schedule Nature of connection between substantial product holders: Refer to the Schedule Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A Certification I, Steve Nightingale, 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. End CA:00328233 For:TLT Type:SHINTR Time:2018-12-12 09:10:39