Initial Disclosure Notice Director – Kirsty Mactaggart

Disclosure of Directors and Senior Managers Relevant Interests Sections 297(1) and 298(1), Financial Markets Conduct Act 2013 To NZX Limited; and Name of listed issuer: Infratil Limited Date this disclosure made: 25-Mar-19 Date on which issuer listed or appointment made: 25-Mar-19 Director or senior manager giving disclosure Full name: Kirsty Mactaggart Name of listed issuer: Infratil Limited (IFT) Name of related body corporate (if applicable): Trustpower Limited (TPW) Position held in listed issuer: Director Summary of relevant interest (excluding specified derivatives) Class of quoted financial product: Ordinary shares in IFT Nature of relevant interest: Joint registered holder and beneficial owner Number held in class: 35,500 Current registered holder: Kirsty Mactaggart and Justin Alan Crane Summary of relevant interest (excluding specified derivatives) Class of quoted financial product: Ordinary shares in TPW Nature of relevant interest: Joint registered holder and beneficial owner Number held in class: 8,300 Current registered holder: Kirsty Mactaggart and Justin Alan Crane 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 person authorised to sign on behalf of director or officer: Date of signature: 25 March 2019 Name and title of authorised person: N W Lough Company Secretary End CA:00332442 For:IFT Type:SHINTR Time:2019-03-25 15:41:12