Infratil announces opening of Share Purchase Plan

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 12 June 2020 INFRATIL ANNOUNCES OPENING OF NZ$50 MILLION SHARE PURCHASE PLAN Infratil is pleased to announce the opening of its non-underwritten Share Purchase Plan ("SPP") to raise approximately NZ$50 million1. The SPP is part of Infratil's equity raising announced on 9 June 2020, whereby Infratil also undertook a fully underwritten NZ$250 million Institutional Placement ("Placement"). Infratil announced the successful completion of the Placement on 10 June 2020, which was strongly supported and fully subscribed at price of $4.76 per share. The SPP is open to Infratil shareholders who were recorded as having a registered address in New Zealand or Australia as at 5:00pm (Sydney time) on 5 June 2020 (for shareholders on Infratil's Australian sub-register) and 5:00 pm (NZ time) on 8 June 2020 (for all other shareholders) ("Eligible Shareholders"). Eligible Shareholders will receive their application forms to apply for up to a maximum of NZ$50,000 / ~A$47,000 of new shares per shareholder. The price of these shares will be the lower of the Placement share price, being $4.76 per share, or a 2.5% discount to the 5-day volume weighted average price of Infratil shares traded on the NZX during the last 5 days of the SPP offer period (including the closing date). Infratil may accept oversubscriptions at its discretion, and if scaling of the SPP is required, it will be done so having regard to existing shareholder holdings at the relevant record date, and otherwise at Infratil's discretion. The SPP is subject to the terms and conditions included in the SPP offer booklet, being sent to Eligible Shareholders today. Eligible Shareholders are encouraged to read the SPP booklet carefully, and if in any doubt about whether or not to apply for shares under the SPP, to consult with a financial or other professional advisor. The SPP offer booklet is accompanied by a hard copy Application Form, however we encourage Eligible Shareholders to apply online at www.infratilshareoffer.com, rather than using the postal service. The new shares will rank equally in all respects with Infratil's existing ordinary shares. Key dates relating to the SPP are set out in the Appendix to this announcement. A copy of the SPP offer booklet accompanies this announcement. Further information Any enquiries should be directed to: Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com End CA:00354543 For:IFT Type:OFFER Time:2020-06-12 08:31:02