TLT JV declares Tilt takeover offer unconditional

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




6 September 2018



TLT JV declares the Tilt Renewables takeover offer unconditional

Infratil Limited (“Infratil”) is pleased to advise that all conditions to Infratil 2018 Limited’s and
Mercury NZ Limited’s ("TLT JV") full cash takeover offer ("Offer") for Tilt Renewables Limited
("Tilt Renewables") have been waived or satisfied and the Offer is now fully unconditional.

Mercury NZ Limited will now exercise the option it holds to acquire TECT Holdings Limited’s
6.81% shareholding in Tilt Renewables, by acceptance of that holding into the Offer. This will
bring the level of acceptances for the Offer to 77.881%.

Now the Offer is unconditional, Tilt Renewables shareholders that accept the Offer will be sent
NZ$2.30 cash per share within seven days of receipt of their acceptance (or, for any Tilt
Renewables shareholders who accepted prior to today, within seven days from today).

The Offer is scheduled to close on 15 October 2018 (unless extended in accordance with the
Takeovers Code). Tilt Renewables shareholders who wish to accept the Offer must ensure that
their acceptance form is received before the closing date. Tilt Renewables shareholders can also
accept the Offer online at www.TiltTakeover.co.nz.

TLT JV continues to believe the Offer price is attractive, representing a 24.3% premium to the
closing share price before any indication of potential takeover related activity. The Offer price
recognises the value of Tilt Renewables' development pipeline and is higher than all of the broker
analyst 12-month price targets. TECT Holdings Limited, the third largest shareholder in Tilt,
recently sold a 19.99% holding in Tilt Renewables for the same price as the Offer price and, as
noted above, its remaining 6.81% holding will be sold into the Offer consistent with the terms of
the option. The Offer price provides an attractive and certain value, during a time of significantly
increased regulatory uncertainty in the Australian renewable energy sector, affecting Tilt
Renewables’ prospects.

TLT JV looks forward to bringing the Offer to a successful conclusion.



Any enquiries should be directed to:

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