Infratil Limited Strategic Review of NZ Bus

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 Fax +64-4-473 2388 www.infratil.com





7 February 2018

Infratil Limited Strategic Review of New Zealand Bus
Infratil today announced a strategic review of its investment in NZ Bus, which it has held since 2005.

As announced on 25 October 2017 and on 25 January 2018, NZ Bus has successfully concluded its
negotiations to secure long-term scale and stability for its Auckland and Wellington bus operations. The
Auckland contracts have an average term of nine years, and a total contract value of around $1bn, and
the Wellington contracts have an average term of 10.8 years and total contract value of approximately
$323 million. The contracts position NZ Bus well to play an important and ongoing role in the provision of
quality public transport services in Auckland and Wellington, and to be part of the future growth of public
transport in New Zealand.

Infratil will engage with market participants over the coming months to consider proposals which may
include outright sale, merger or other options. The strategic review will assess all options against
retention of the status quo with a view to maximising value and employee and other stakeholder
outcomes. It is expected that this process will be concluded within six months. Infratil has appointed UBS
New Zealand to advise on the strategic review.

We will continue to update the market as material developments unfold.


Marko Bogoievski
Chief Executive Officer
Infratil Limited

For further information contact: Kevin Baker, Chairman NZ Bus (preferred contact or info@infratil.com)