IFT090 Maturity and Exchange for IFT300

Memorandum To: Market Participants From: NZX Product Operations Date: Thursday, 9 January 2020 Subject: IFT090 Maturity and Exchange for IFT300 Message: NZX Operations ("NZXO") advises that the Infratil Bonds with the ticker code IFT090 are due to mature on Saturday, 15 February 2020. Under the Exchange Offer announced on Monday, 6 January 2020, IFT090 bond holders have the option (subject to availability) to exchange each IFT090 bond for one IFT300 bond. Alternatively, holders of IFT090 bonds who do not wish to participate in the Exchange Offer will have their IFT090 bonds redeemed on Friday, 14 February 2020 in accordance with the terms and conditions of the IFT090 bonds. Trading in IFT090 bonds will be halted and suspended at close of business Monday, 3 February 2020. The terms and details of the IFT300 bonds have been provided in a Quotation Notice, which was released to market on Tuesday, 22 October 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:00346880 For:IFT Type:MEMO Time:2020-01-09 09:24:42