SPH Notice - Robert William Bentley Morrison and others

100616342/3459-6868-7661.1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To Infratil Limited (IFT)
Date this disclosure made: 5 June 2025
Date on which substantial holding began: 5 June 2025
Substantial product holder(s) giving disclosure
Full name(s): Robert William Bentley Morrison, Anthony James William Howard and
Andrew James Stewart
Summary of substantial holding
Class of quoted voting products: ordinary shares (IFT)
Summary for Robert William Bentley Morrison
For this disclosure,—
(a) total number held in class: 54,678,266
(b) total in class: 975,828,430
(c) total percentage held in class: 5.6033%
Summary for Anthony James William Howard
For this disclosure,—
(a) total number held in class: 53,945,495
(b) total in class: 975,828,430
(c) total percentage held in class: 5.52817%
Summary for Andrew James Stewart
For this disclosure,—
(a) total number held in class: 54,091,028.36
(b) total in class: 975,828,430
(c) total percentage held in class: 5.54309%
Details of relevant interests
Details of relevant interests applicable for each of Robert William Bentley Morrison,
Anthony James William Howard and Andrew James Stewart

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(i) Relevant interest as registered holder of IFT ordinary shares, in their capacity
as trustee of the Lloyd Morrison Trust.
For that relevant interest,—
(a) number held in class: 18,813,506
(b) percentage held in class: 1.9280%
(c) current registered holder(s): Robert William Bentley Morrison, Andrew James
Stewart and Anthony James William Howard, in their capacity as trustees of the
Lloyd Morrison Trust
(d) registered holder(s) once transfers are registered: not applicable
(ii) Relevant interest in IFT ordinary shares held by registered holder Morrison &
Co Property Investment Limited ( 7785756), in their capacity as trustees of the
Lloyd Morrison Trust, which has the power to exercise, or control the exercise
of, the right to vote attached to 20% or more of the voting products of H.R.L.
Morrison & Co Group Limited Partnership ( 2593342), the ultimate holding
entity of Morrison & Co Property Investment Limited (7785756).
For that relevant interest,—
(a) number held in class: 34,840,922
(b) percentage held in class: 3.5704%
(c) current registered holder(s): Morrison & Co Property Investment Limited
(7785756)
(d) registered holder(s) once transfers are registered: not applicable
Details of relevant interests applicable for each of Robert William Bentley
Morrison and Andrew James Stewart only
(iii) Relevant interest as registered holder of IFT ordinary shares, in their capacity
as trustee of the H A & M R Morrison No 2 Trust.
For that relevant interest,—
(a) number held in class: 101,656
(b) percentage held in class: 0.0104%
(c) current registered holder(s): Hugh Adair Morrison, Robert William Bentley
Morrison and Andrew James Stewart, in their capacity as trustees of the H A &
M R Morrison No 2 Trust
(d) registered holder(s) once transfers are registered: not applicable
Details of relevant interests applicable for Robert William Bentley Morrison only
(iv) Relevant interest in IFT ordinary shares held by registered holder Morrison
Trustee Holdings Limited (7119053), in his capacity as a director, and person
who has the power to exercise, or control the exercise of, the right to vote

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attached to 20% or more of the voting products, of Morrison Tru stee Holdings
Limited (7119053).
For that relevant interest,—
(a) number held in class: 485,645
(b) percentage held in class: 0.0498%
(c) current registered holder(s): Morrison Tru stee Holdings Limited (7119053)
(d) registered holder(s) once transfers are registered: not applicable
(v) Relevant interest as registered holder of IFT ordinary shares, in his capacity as
trustee of the Rob Morrison Family Trust.
For that relevant interest,—
(a) number held in class: 436,537
(b) percentage held in class: 0.0447%
(c) current registered holder(s): Robert William Bentley Morrison and MK Trustee
(Est) Limited ( 5461182), in their capacity as trustees of the Rob Morrison Family
Trust
(d) registered holder(s) once transfers are registered: not applicable


Details of relevant interests applicable for Anthony James William Howard only
(vi) Relevant interest as registered holder of IFT ordinary shares, in his capacity as
trustee of the Kathryn Howard Family Trust.
For that relevant interest,—
(a) number held in class: 291,067
(b) percentage held in class: 0.0298%
(c) current registered holder(s): Kathryn Hursthouse Howard & Anthony James
William Howard
(d) registered holder(s) once transfers are registered: not applicable

Details of relevant interests applicable for Andrew James Stewart only
(vii) Relevant interest in IFT ordinary shares held by registered holders Robert
William Bentley Morrison and MK Trustee (Est) Limited ( 5461182), in their
capacity as trustees of the Rob Morrison Family Trust, in his capacity as a
director, and person who has the power to exercise, or control the exercise of,
the right to vote attached to 20% or more of the voting products of Morrison
Kent Limited (1510047) the ultimate holding entity of MK Trustee (Est) Limited
(5461182).

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For that relevant interest,—
(a) number held in class: 436,537
(b) percentage held in class: 0.0447%
(c) current registered holder(s): Robert William Bentley Morrison and MK Trustee
(Est) Limited ( 5461182), in their capacity as trustees of the Rob Morrison Family
Trust
(d) registered holder(s) once transfers are registered: not applicable
(viii) R
elevant interest as beneficial owner of IFT ordinary shares.
For that relevant interest,—
(a) number held in class: 63.3575
(b) percentage held in class: 0.000%
(c) current registered holder(s): Sharesies Nominee Limited as custodian for
Andrew James Stewart
(d) registered holder(s) once transfers are registered: not applicable

Details of transactions and events giving rise to substantial holding
Issu
e of 7,742,298 IFT ordinary shares at a price per share of $10.33284925 to
Morrison & Co Property Investment Limited ( 7785756) to partially pay the incentive
fees payable to Morrison Infrastructure Management Limited as consideration for
management services, as announced on 28 May 2025 and authorised by board
resolution dated 27 May 2025, in accordance with the notice given to NZX by IFT on
28 May 2025.


Additional information
Nature of connection between substantial product holders: Robert William Bentley
Morrison, Anthony James William Howard and Andrew James Stewart are associated
persons as they act jointly in relation to their role as trustees of the Lloyd Morrison
Trust.
Address of substantial product holder: 42 Falkirk Avenue, Seatoun, Wellington, 6022,
New Zealand
Contact details: Andrew Stewart, +64 4 472 0020, andrew.stewart@jbmorrison.com
Certification
I, Brendan Richard Kevany, certify that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly authorised to
make this disclosure by all persons for whom it is made.