Tilt Renewables Target Company Statement

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




18 September 2018



Tilt Renewables Target Company Statement

Infratil is reviewing the Target Company Statement released yesterday by Tilt Renewables
Limited ("Tilt Renewables") in response to the full cash takeover offer made by Infratil 2018
Limited and Mercury NZ Limited (“TLT JV”).

Infratil’s Chief Executive Marko Bogoievski commented: “It is clear that there are significant
differences between Infratil’s view of a fair and reasonable offer price and the view of the Tilt
Renewables independent directors. We believe there are a number of areas where the
independent adviser’s assumptions are significantly more favourable than market comparatives,
with material differences in both the expected rates of return on contracted and uncontracted
cash flows, as well as the valuation of the Dundonnell wind farm development.”

“Cumulatively, these assumptions amount to a very optimistic view of the long-term prospects of
Tilt Renewables which, as a long-term development business, is exposed to significant changes
in market conditions as well as regulatory settings and requires ongoing access to equity and
debt financing to realise the value of its development options.”

Infratil will take the opportunity to fully review the Target Company Statement and expects to
respond comprehensively to the statement within the next week.



Any enquiries should be directed to:

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