Infratil and Mercury confirm FIRB approval for offer

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




4 September 2018



Infratil and Mercury confirm FIRB approval obtained for full takeover offer for Tilt
Renewables

Infratil Limited (“Infratil”) is pleased to advise that Infratil 2018 Limited and Mercury NZ Limited
("TLT JV") have obtained approval from the Australian Foreign Investment Review Board
(“FIRB”) to acquire up to a 100% interest in Tilt Renewables Limited ("Tilt Renewables"). This
satisfies the only substantive condition of TLT JV’s takeover offer for Tilt Renewables despatched
yesterday.

In addition, TLT JV has notified Tilt Renewables this morning (see the Tilt Renewables’ NZX
announcements page) that the 50% condition has also been satisfied.

The offer remains subject to certain customary conditions. The key outstanding condition is TLT
JV confirming that persons who are parties to any material contracts with any member of the Tilt
Group have provided any required consents, waivers or releases in respect of their rights to
terminate, vary, accelerate or enforce such contracts (or similar rights) which may arise as a
result of TLT JV’s takeover offer. TLT JV expects to receive shortly information from Tilt
Renewables to confirm its expectation that condition can be waived or declared satisfied.

TLT JV currently intends to waive or declare as satisfied (to the extent permitted by law) the
remaining conditions once the material contracts condition is waived or satisfied. Payments to
Tilt Renewables shareholders who accept the offer would commence within 7 days thereafter.



Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com