IFT200 Maturity and Exchange for either IFT300 or IFTHC

Memorandum To: Market Participants From: NZX Product Operations Date: Tuesday, 22 October 2019 Subject: IFT200 Maturity and Exchange for either IFT300 or IFTHC Message: NZX Operations ("NZXO") advises that the Infratil Bonds with the ticker code IFT200 are due to mature on Friday, 15 November 2019. Under the Exchange Offer announced on Tuesday, 22 October 2019, IFT200 bond holders have the option (subject to availability) to exchange each IFT200 bond for either one IFT300 bond or one IFTHC bond. Alternatively, holders of IFT200 bonds who do not wish to participate in the Exchange Offer will have their IFT200 bonds redeemed on Friday, 15 November 2019 in accordance with the terms and conditions of the IFT200 bonds. Trading in IFT200 bonds will be halted and suspended at close of business Friday, 1 November 2019. The terms and details of IFT300 have been provided in a Quotation Notice, which was released to market on Tuesday, 22 October 2019. The terms and details of IFTHC have been provided in a Quotation Notice, which was released to market on Friday, 13 September 2019. A timetable of events is attached. Please contact NZX Product Operations on +64 4 496 2853 or email productoperations@nzx.com with any queries. ENDS End CA:00343026 For:IFT Type:MEMO Time:2019-10-22 15:17:55