Infratil successfully concludes the Equity Raising

Infratil Limited | www.infratil.com | info@infratil.com | ARBN 144 728 307
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
14 June 2019
Infratil successfully completes Retail Bookbuild, concluding the Equity Raising
Infratil Limited (“Infratil”) is pleased to advise that it has successfully completed the retail
shortfall bookbuild component ("Retail Bookbuild") of its underwritten 1 for 7.46
accelerated pro-rata entitlement offer ("Entitlement Offer”) of new fully paid ordinary
shares in Infratil (the “New Shares”). As a result, Infratil has now successfully completed its
equity raising to support the acquisition of Vodafone New Zealand Limited, raising
approximately NZ$400 million via a NZ$100 million institutional placement (“Placement”)
and NZ$300 million via the Entitlement Offer.
The Retail Bookbuild of approximately 15.1 million Entitlements not taken up under the retail
entitlement offer component of the Entitlement Offer (“Retail Entitlement Offer”) was well
supported by institutional shareholders and broker firm clients, achieving a clearing price of
NZ$4.35 per share. The clearing price represents a premium of NZ$0.35 per share (8.7%)
over the Application Price of NZ$4.00 and a discount of NZ$0.05 per share (1.1%) to the
theoretical ex-rights price of NZ$4.40. Therefore, Eligible Retail Shareholders who elected
not to take up their Entitlements in full and Ineligible Retail Shareholders who were ineligible
to participate in the Retail Entitlement Offer will receive NZ$0.35 for each entitlement not
taken up by them (less any applicable taxes).
The gross proceeds (excluding the premium) raised in the Retail Entitlement Offer and
Retail Bookbuild is approximately NZ$182 million.
Amounts payable to Eligible Retail Shareholders who did not take up their Entitlements in
full or Ineligible Retail Shareholders which, in either case, have nominated Australian dollar
bank accounts will be converted from New Zealand dollars by the Registrar at the prevailing
exchange rate for buying Australian dollars using New Zealand dollars at the time of
payment. That exchange rate may be different to the exchange rate used to set the
Australian dollar Application Price (A$ Price) for the Entitlement Offer.
The ASX settlement date for New Shares issued under the Retail Entitlement Offer and the
Retail Bookbuild is Monday, 17 June 2019. The NZX settlement date for New Shares issued
under the Retail Entitlement Offer and Retail Bookbuild is Tuesday, 18 June 2019.
Allotment of New Shares on ASX and NZX is expected to occur on Tuesday, 18 June 2019.
The Retail Premium will be paid to eligible retail shareholders who elected not to take up
their entitlements in full and ineligible retail shareholders on Tuesday, 18 June 2019.

Infratil Limited | www.infratil.com | info@infratil.com | ARBN 144 728 307
Infratil Chief Executive, Marko Bogoievski, commented, “It was excellent to see strong
participation by institutional and retail shareholders in the Offer, and strong demand in the
bookbuild processes that followed. This meant shareholders who did not or could not
participate were able to get value for their entitlements.”
ENDS
***********
Contact:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com
Note: All capitalised terms used in this announcement and not otherwise defined have the
meanings given in Part 6 (Glossary) of Infratil's Offer Document dated 17 May 2019.
_________________________________________________________________________
IMPORTANT NOTICE
This announcement has been prepared for publication in New Zealand and Australia and may not be released or distributed in
the United States.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and
neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this
announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to
any person who is acting for the account or benefit of any person in the United States (to the extent such person is acting for
the account or benefit of a person in the United States), or in any other jurisdiction in which, or to an person to whom, such an
offer would be illegal. Neither the New Shares or the new shares offered under the Placement) nor the entitlements have
been, or will be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities
laws of any state or jurisdiction of the United States. Accordingly, neither the New Shares or the new shares offered under the
Placement) nor the entitlements may be offered or sold, directly or indirectly, in the United States or to persons acting for the
account or benefit of a person in the United States (to the extent such persons hold existing shares in Infratil and are acting for
the account or benefit of a person in the United States), except in transactions exempt from, or not subject to, the registration
of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States.
Forward looking statements
This announcement may contain forward looking statements, including but not limited to expectations, estimates, beliefs,
assumptions and projections about Infratil, its subsidiaries and associates, the Acquisition, the outcome and effects of the
Placement and/or Entitlement Offer and use of proceeds. Forward looking statements should, or can generally, be identified by
the use of forward looking words such as “believe”, “expect”, “estimate”, “will”, “may”, “target” and other similar expressions
within the meaning of securities laws of applicable jurisdictions. Such statements are not statements of fact and there can be
no certainty of outcome in relation to the matters to which the statements relate. These forward looking statements involve
known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual outcomes to be
materially different from the events or results expressed or implied by such statements.
Those risks, uncertainties, assumptions and other important factors are not all within the control of Infratil or its directors and
management and cannot be predicted by Infratil, its directors or management, and include changes in circumstances or events
that may cause objectives to change as well as risks, circumstances and events specific to the industry, countries and markets
in which Infratil operates. They also include general economic conditions, exchange rates, interest rates, competitive

Infratil Limited | www.infratil.com | info@infratil.com | ARBN 144 728 307
pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may
cause outcomes not to be realised.
None of Infratil, Sole Lead Manager and Underwriter, H.R.L. Morrison & Co Limited or any of their respective subsidiaries,
advisors or affiliates (or any of their respective directors, officers, employees or agents) makes any representation, assurance
or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or
implied in any forward looking statements. Statements about past performance are not necessarily indicative of future
performance.