Acquisition of Vodafone New Zealand unconditional

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



12 July 2019



Acquisition of Vodafone New Zealand unconditional

On 14 May 2019 Infratil announced that Brookfield Asset Management Inc. and it had executed a
conditional agreement to acquire Vodafone New Zealand Limited from Vodafone Group Plc for an
enterprise value of NZ$3.4 billion (the Acquisition). As set out in that announcement, completion of
the Acquisition was conditional on Overseas Investment Office approvals and Commerce
Commission clearance.

Infratil confirms that each of the conditions has now been satisfied, and completion of the transaction
is expected to occur on 31 July 2019.

At Infratil's FY2019 results announcement on 17 May 2019, Infratil provided an FY2020 Underlying
EBITDAF guidance range of $635 million to $675 million. This included a seven month contribution
from Vodafone NZ, based on a 49.9% share of Underlying EBITDA from 1 September 2019. Based
on an expected completion date of 31 July 2019, Infratil advises that it now expects its FY2020
Underlying EBITDAF to be in the range of $655 million to $695 million, representing an eight month
contribution from Vodafone NZ.


Any enquiries should be directed to:

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