Completion of NZ$50 million Share Purchase Plan

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

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

30 June 2020

Completion of NZ$50 million Share Purchase Plan

Infratil Limited ("Infratil") is pleased to announce the completion of its NZ$50 million Share Purchase Plan
("SPP") to existing eligible shareholders. The SPP closed oversubscribed, receiving strong shareholder
support with Infratil receiving applications totaling approximately NZ$131 million. Applications will be
scaled having regard to the number of Infratil shares held by the applicants on the Record Date (5 June
2020 for shareholders on the Australian sub-register, 8 June 2020 for all other shareholders), and
otherwise at Infratil’s discretion. Given the NZ$:A$ exchange rate on the closing date, A$ applications will
be capped at A$46,720. Refunds of the surplus application amounts paid will be made to applicants on or
before 9 July 2020.

The SPP is part of Infratil's equity raising announced on 9 June 2020, whereby Infratil also undertook an
underwritten NZ$250 million placement of new shares to new and existing institutional investors in both
local and offshore markets. This brings the total amount raised under the capital raising to NZ$300
million, with proceeds to provide balance sheet flexibility to fund growth investments across Infratil's
existing portfolio companies and take advantage of new opportunities that may arise as a result of current
market conditions.

The SPP Offer allowed eligible Infratil shareholders the ability to subscribe for up to NZ$50,000 of new
Infratil shares. 10,829 Infratil shareholders applied under the SPP with an average application of
approximately NZ$12,097. The new shares under the SPP will be issued at a price of NZ$4.65 per share,
being a 2.5% discount to the volume weighted average price of Infratil’s shares traded on the NZX during
the last five days of the SPP offer period (including the closing date).

Settlement of the SPP is expected to occur on 1 July 2020 and 2 July 2020 for ASX and NZX
respectively, with allotment of all shares on 2 July 2020. Trading of those shares is expected to
commence on NZX on 2 July 2020 and on ASX on 3 July 2020. The new shares to be issued under the
SPP will rank equally in all respects with Infratil’s existing ordinary shares.


For further information please contact:

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



IMPORTANT INFORMATION

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

The distribution of this announcement in jurisdictions outside New Zealand and Australia may be restricted by law and you should observe
any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this
announcement may not be distributed or released in the United States. This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in the United States or in any jurisdiction in which such an offer would be illegal. The new shares
offered and sold in the SPP have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”)
or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United
States or to any person that is acting for the account or benefit of a person in the United States (to the extent such person is acting for the
account or benefit of a person in the United States).