Dividend Reinvestment Plan

Channel has established a Dividend Reinvestment Plan, which offers you the opportunity to reinvest the net
proceeds of cash dividends payable on some or all of your existing Shares, in additional fully paid Shares.
This Offer Document explains how the Plan works. Participation in the Plan is optional.
This is an important document. You should read the whole document before making any decisions. If you have any
doubts as to what you should do, please consult your broker, financial, investment or other professional adviser.
This Offer Document has been prepared as at 26 August 2025. Capitalised terms used in this Offer Document have
the meanings set out in the definitions on page 9 of this Offer Document.
Dividend
Reinvestment Plan
Offer Document

Contents
Key Features
3
Plan Terms
4
Definitions
9
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

Key Features
Shares acquired with the Net Proceeds of Cash Dividends
The Plan provides Shareholders with an opportunity to reinvest the net proceeds of cash dividends payable or credited
on their Shares, by acquiring further Shares. This allows you to increase your investment by acquiring further Shares free
of brokerage charges.
Eligibility
The Plan is open to all Shareholders whose address is in New Zealand or Australia.
Full or partial participation
You do not have to participate in the Plan.  Participation in the Plan is optional and you can join at any time.
You may elect to participate in the Plan in respect of all or some of your Shares. Participation in the Plan applies to all
future dividends on Participating Shares (unless you vary your level of participation in the Plan in accordance with the
Plan Terms).
Your participation in the Plan will be effective immediately upon you making your Participation Election online at
www.investorcentre.com/nz or on receipt by Channel’s Share Registrar of your Participation Notice, provided that any
such notice received after 5pm on the Business Day immediately following the Record Date will be
effective for the
next following Record Date.
If you do not wish to participate in the Plan and you have not previously elected to participate, you do not need to do
anything. If you do not participate in the Plan you will receive in cash any dividends paid on all of your Shares.
Flexible variation and withdrawal arrangements
You can choose to vary your participation in the Plan or withdraw from the Plan at any time either online at
www.investorcentre.com/nz or by sending a new Participation Notice (in the case of variation) or a Participation Notice
with the relevant boxes completed (in the case of withdrawal), to the Share Registrar. Any notice will take effect on
receipt by the Share Registrar, provided that any such notice received after 5pm on the Business Day immediately
following the Record Date will be effective for the next following Record Date.
Issue price
Under the Plan, additional Shares acquired will be issued or transferred to you at the “Strike Price” as determined
in accordance with the Plan Terms. The Strike Price is calculated over a period of five trading days starting on the
Business Day before the Record Date (unless otherwise determined by the Board), to determine the volume weighted
average sale price. The Board may, at its discretion, apply a discount to the volume weighted average sale price in
determining the Strike Price.
The amount of the discount (if any) and the period over which the Strike Price is calculated are announced on NZX
when the dividend is announced. The price itself will be announced on NZX when it is calculated.   
Fractional entitlements to additional shares will be rounded down, and any surplus amount of dividend proceeds
arising from rounding will be retained by Channel and not refunded to you.
Shares rank equally and can be sold
Shares issued or transferred under the Plan will rank equally in all respects with existing Shares and can be sold at
any time.
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

Plan Terms
1.
Introduction
1.1This document (Offer Document) contains the
terms and conditions of the Channel Infrastructure
NZ Limited (Channel) Dividend Reinvestment Plan
(the Plan).
1.2This Offer Document is issued in compliance
with the exclusion for dividend reinvestment
plans contained in Schedule 1 to the Financial
Markets Conduct Act 2013. Accordingly, no product
disclosure statement is required in respect of
the Plan.
1.3The Plan is available to you (you) if, subject to
clauses 3 and 4, you are the holder of ordinary
shares in Channel (Shares).
1.4Under the Plan, you may elect to reinvest the net
proceeds of cash dividends payable or credited on
all or some of your fully paid Shares by acquiring
further Shares (Additional Shares).
1.5Further information about Channel, including
its current dividend policy, can be found in
the Investor Centre section of its website at
channelnz.com/investor-centre/
2.
Available Options
2.1You may elect to participate in the Plan by
exercising one of the following options:
a) Full Participation – If you choose full
participation, the Plan will apply to the cash
dividends payable or credited from time to time
in respect of all Shares registered in your name.
b) Partial Participation – If you choose partial
participation, the Plan will only apply to the cash
dividends payable or credited from time to time
in respect of your nominated number of Shares
registered in your name.
2.2
The Shares, if any, which you have chosen to
participate in the Plan at each Record Date will be
your “Participating Shares”.
2.3If you do not wish to participate in the Plan and
instead wish to receive any dividends payable or
credited in respect of your Shares from time to time
in cash you do not need to do anything. However, if
you are a current participant in the Plan, to opt out
or reduce your participation you will need to vary
your participation in accordance with clause 16.
3.
Overseas Shareholders
3.1Subject to clause 3.2, as at the date of this Offer
Document, you are eligible to participate in the
Plan if, as at 5.00pm on the Record Date:
a) you hold Shares;
b) you are resident in New Zealand or Australia; and
c) you either hold your Shares directly or indirectly
through a nominee whose address is recorded in
New Zealand or Australia.
3.2Channel may, in its absolute discretion, elect not
to offer participation in the Plan to shareholders
whose address is outside New Zealand if Channel
considers that to do so would risk breaching the
laws of any other jurisdiction and it would be,
in Channel’s reasonable opinion, unduly onerous
to ensure that the laws of those jurisdictions
are complied with. As at the date of this Offer
Document, the Plan is only available to those
holders of Shares who have an address in New
Zealand or Australia. The Board may amend this
policy at any time, in its sole discretion.
3.3
If you reside outside New Zealand, Australia or
any other jurisdiction in which the Plan is made
available and participate in the Plan through a
nominee in New Zealand, Australia or any other
such jurisdiction you are deemed to represent
and warrant to Channel that you can lawfully
participate through your nominee. Channel accepts
no responsibility for determining whether any
person is able to participate in the Plan under laws
applicable outside of New Zealand or Australia or
any other jurisdiction in respect of which the Plan is
made available.
4.
Exclusion where Liens or Charges over Shares
4.1If you hold any Shares over which Channel has a
lien or charge, those Shares will not be eligible to
participate in the Plan.
5.
Participation Form
5.1a) Online Participation Election – by
visiting the website of Channel’s Share
Registrar, Computershare Investor Services,
www.investorcentre.com/nz
b) Participation Notice – by completing the
Participation Notice available from the Share
Registrar which accompanies this
Offer
Document and returning it to Channel’s Share
Registrar in one of the following manners:

Mail
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142

Scan and email
drp@computershare.co.nz
5.2
You can make your Participation Election at any
time while this Plan is in effect by following the steps
in clause 5.1. Participation Notices can be obtained
from Channel’s Share Registrar at any time.
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

5.3If your Participation Election does not specify
your degree of participation in the Plan,
you will be deemed to have chosen full
participation if your Participation Election is
otherwise correctly completed.
5.4Channel may accept or reject a Participation
Election that is not properly completed or signed,
and correct any error in, or omission from, a
Participation Election, before acceptance under
the Plan.
5.5The record date for determining your entitlement
to Additional Shares under the Plan is the date
fixed by Channel for determining entitlements
to dividends payable or credited on Shares
(Record Date).
5.6The last time and date for receipt of a Participation
Election for participation in any dividend will be
5pm (NZ time) on the first business day (being a
day the NZX Main Board is open for trading) after
the relevant Record Date or such later date as
may be set by the Board and advised to NZX
(Election Date).
6.
Participation Applies from First Election Date
6.1Net proceeds of cash dividends payable
or credited on your Participating Shares
will be reinvested in Additional Shares from
the first Election Date which occurs after
receipt by Channel of a properly completed
Participation Election.
7.
Formula for Calculation of Additional Shares
7.1If you choose to participate in the Plan, the
number of Additional Shares issued or transferred
to you will be calculated in accordance with the
following formula:

N =   PS x D
              P
Where:
N is the number of Additional Shares you will receive
(with fractional entitlements to be rounded down to
the nearest whole number).
PS is the number of your Participating Shares.
D is the net proceeds of cash dividends paid or
credited per Share by Channel (expressed in cents
and fractions of cents, including any applicable
supplementary dividends in respect of Participating
Shares payable to non-resident shareholders but
excluding any imputation or other taxation credits
and after deduction of any withholding or other
taxes, if any).
P
is the volume weighted average sale price in New
Zealand dollars (expressed in cents and fractions of
cents) for a Share calculated on all price setting
trades of Shares that took place through the
NZX Main Board over a period of five trading
days starting on the Ex Date, unless otherwise
determined by the Board, less a discount (if any)
as determined by the Board from time to time. Any
percentage discount determined by the Board, as
well as the period of time over which the price will
be set, shall be notified to NZX. If no sales of Shares
occur during that period, then the volume weighted
average sale price will be deemed to be the sale
price for a Share on the last trade of Shares which
took place prior to such pricing period.
7.2
The variable “P” calculated above (the Strike
Price) may be reasonably adjusted by Channel
to allow for any bonus issue or dividend or other
distribution expectation. If, in the opinion of the
Board, any exceptional or unusual circumstances
(including unusual or irregular transfers) have
artificially affected the price “P”, Channel may
make such adjustment to that price as it considers
reasonable. The determination of the Strike Price
for the Additional Shares by the Board, or by
some other person nominated by the Board, will be
binding on all participants in the Plan.
7.3
Any net proceeds of cash dividends (being those
described in the definition of “D” in clause 7.1) paid
on your Participating Shares that are not applied to
acquire a part of an Additional Share (further to the
definition of “N” in clause 7.1) shall be retained by
Channel for its sole benefit and will not be refunded
or paid to you nor held by Channel or the Share
Registrar on your behalf.
8.
Compliance with Laws, Listing Rules
and Constitution
8.1The Plan will not operate to the extent that
the issue or transfer of Additional Shares under
the Plan would breach any applicable law,
any applicable listing rules or any provision of
Channel’s constitution.
8.2If, for any reason, and subject to clause 7.3, Channel
cannot issue or transfer your Additional Shares, the
relevant dividend on your Participating Shares will
be paid or distributed to you in the same manner as
to shareholders not participating in the Plan and at
the same time as the dividends are paid to those
shareholders. You will not be paid interest on any
such payment.
9.
Issue or Transfer of Additional Shares
9.1Channel will issue or transfer your Additional Shares
to you in accordance with clauses 7 and 8 on
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

the day that you would otherwise have been paid
a dividend.
10.
Share Price Information Publicly Available
10.1Channel will ensure that at the time the Strike Price
is set under clause 7.1 it has no information that is
not publicly available that would, or would be likely
to, have a material adverse effect on the realisable
price of the Shares if it was publicly available.
Channel may suspend the Plan in respect of a
dividend in any case where it is not able to ensure
that material information has been made publicly
available by disclosure to the NZX Main Board.
11.
Terms of Issue or Transfer and Ranking of
Additional Shares
11.1Your Additional Shares will be issued or transferred
on the terms set out in this Plan, subject to the
rights of termination, suspension and modification
set out in clause 14. Your Additional Shares will,
from the date of issue or transfer, rank equally in all
respects with each other and with all other Shares
of Channel on issue as at that date. Your Additional
Shares will be subject to the same rights as the
Additional Shares issued or transferred to all holders
of Shares who agree to receive Additional Shares.
12.
Source of Additional Shares
12.1Your additional shares may, at the Board's
discretion be:
a) new Shares issued by Channel;
b) existing Shares acquired by Channel or a
nominee or agent of Channel; or
c) any combination of (a) and (b) above.
13.
Statements
13.1If you choose to participate in the Plan, Channel
will send a statement to your address or electronic
mail address (if you have elected to receive
communications electronically) as set out in
Channel’s share register within five trading days of
the issue or transfer of Additional Shares detailing:
a) the number of your Participating Shares as at
the Record Date;
b) the amount of your cash dividend reinvested
in Additional Shares and the amount paid in
respect of any of your Shares that are not
participating in the Plan (if applicable);
c) the Strike Price and number of Additional Shares
that were issued or transferred to you under
the Plan;
d)
the amount of any tax deductions or
withholdings, imputation or other taxation
credits in respect of the cash dividend; and
e) such other matters required by law with respect
to dividends and/or reinvestment.
14.
Termination, Suspension and Modification
14.1In addition to any other clauses in these Plan Terms
granting the Board discretion, the Board may, in its
sole discretion, at any time:
a) terminate, suspend or modify the Plan. If the
Plan is modified, your Participation Election will
be deemed to be a Participation Election under
the modified Plan unless you withdraw or modify
your Participation Election in accordance with
clause 16;
b) resolve that some or all of a dividend will be
paid in cash only instead of the Plan applying
and Shares being issued or transferred under
the Plan;
c) make a determination in respect of any of the
matters for which the Board is granted discretion
under clause 7.1 (which, for the avoidance
of doubt, is not a modification to the Plan
which requires notice to be given to you under
clause 15);
d) resolve that in the event of the subdivision,
consolidation or reclassification of the Shares
into one or more new classes of shares, your
Participation Election will be deemed to be a
Participation Election in respect of the Shares
as subdivided, consolidated or reclassified unless
you withdraw or modify your Participation
Election in accordance with clause 16;
e) resolve that your Participation Election will
cease to be of any effect, for example, if
the Participation Notice has been incorrectly
completed or is unclear or if the number
of Shares you hold is insufficient to enable
participation as requested;
f) determine that Shareholders in specific
jurisdictions outside New Zealand and Australia
may participate in the Plan;
g) determine that Additional Shares may be issued
or transferred at a discount to the market
price of Shares and the amount of any such
discount; or
h) determine that the Plan may be underwritten
on such terms as agreed between Channel and
an underwriter.
14.2
Any modification, suspension or termination under
clause 14.1(a) will be notified to NZX.
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

14.3No decision by the Board to terminate, suspend
or modify the Plan will give rise to any liability for
Channel or the Board, or any right of action for you
against Channel or the Board.
15.
Notice
15.1Notice of any modification, suspension or
termination under clause 14 will be given via the
NZX market announcement platform prior to the
Record Date on which any modification, suspension
or termination will take effect.
15.2Notwithstanding clauses 14.1 and 14.2, Channel may
at any time, without the need of any notice:
a) modify, suspend, or terminate the Plan to comply
with any applicable law, the NZX Listing Rules, or
any provision of Channel’s constitution; or
b) make minor amendments to the Plan where
such amendments are of an administrative or
procedural nature.
16.
Variation or Withdrawal
16.1You may at any time:
a) increase or decrease the number of your
Participating Shares by making a new
Participation Election in accordance with clause
5.1; or
b) withdraw by terminating your participation
in the Plan online by visiting the website
of Channel’s Share Registrar, Computershare
Investor Services, www.investorcentre.com/nz or
by completing the relevant boxes on the
Participation Notice and sending it to Channel’s
Share Registrar at the address set out in
clause 5.1.
16.2
Such variation or withdrawal will take effect on the
first Election Date after receipt by Channel’s Share
Registrar of the same, as the case may be.
17.
Partial Dispositions
17.1If you dispose of some but not all of your Shares
and you are participating in the Plan in respect
of some but not all of your Shares then, unless
you vary your participation in accordance with
clause 16:
a) the Shares disposed of will be deemed to
be your Shares which are not Participating
Shares; and
b) if the number of Shares disposed of is greater
than the number of your Shares which are
not Participating Shares, the balance will be
attributed to Participating Shares, and you
will be deemed to have terminated your
participation in the Plan with respect to those
Shares from the date Channel’s Share Registrar
registers a transfer of those Shares.
17.2If you dispose of some but not all of your Shares
and you are participating in the Plan in respect
of all of your Shares, you will be deemed to
have terminated your participation in the Plan with
respect to the Shares you dispose of from the date
Channel’s Share Registrar registers a transfer of
those Shares.
18.
Dispositions of all of your Participating Shares
18.1If you dispose of all of your Participating Shares,
you will be deemed to have terminated your
participation in the Plan from the date Channel’s
Share Registrar registers a transfer of those Shares.
19.
Death of a Participant
19.1If you die, your participation in the Plan will cease
upon receipt by Channel of a notice of your
death. If you hold your Shares jointly with two or
more shareholders, the death of one of the joint
shareholders will not automatically terminate the
others' participation in the Plan.
20.
Taxation
20.1Channel does not accept any responsibility
for the financial or taxation effects of your
participation or non-participation in the Plan.
Channel recommends that you obtain professional
financial and taxation advice.
20.2None of Channel, its directors or officers, employees
or agents:
a) take any responsibility or assume any liability for,
or as a consequence of, the tax liabilities of any
person in connection with the Plan; or
b) represent or warrant that any person will gain
any taxation advantage, or will not incur a
taxation liability or disadvantage, as a result of
participation in the Plan.
21.
Information for Australian Shareholders
21.1The offer of newly issued Shares under the Plan
does not require disclosure for the purposes of
section 706 of the Corporations Act 2001 (Cth)
because of the operation of section 708(13) of that
Act. Accordingly, this Offer Document will not be
lodged with Australian Securities and Investments
Commission (ASIC).
21.2Australian resident Shareholders should note that:
a) this Offer Document does not take into account
your personal objectives, financial situation
or needs;
b) Channel is not licensed to provide financial
product advice in relation to the Shares offered
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

under the Plan and you should consider
obtaining your own financial product advice
in relation to the proposed offer from an
independent person who is licensed by the ASIC
to give such advice; and
c) there is no cooling-off regime that applies in
respect of the issue of Shares under the Plan.
22.
Costs
22.1You will not be charged for participation or
withdrawal from the Plan. You will not incur any
brokerage costs on the issue or transfer of your
Additional Shares.
23.
Stock Exchange Quotation
23.1Channel will apply for quotation of Additional
Shares on the NZX Main Board after they have
been issued or transferred. However, NZX does not
accept any responsibility for any statement in this
Offer Document.
23.2Following issuance or transfer, Shares can be
traded on the NZX Main Board by instructing an
NZX Firm. The FIN and CSN will be required to be
given to the NZX Firm being instructed to effect the
trade. Brokerage fees may be payable in respect
of those trades. Financial and tax advice should be
sought before effecting any trade of Shares.
24.
Listing Rules
24.1The Plan is subject to any applicable listing rules
and to any rules for clearing and/or settlement
which apply to Channel as a result of its listing on
the NZX Main Board from time to time (together,
the Rules) and in the event of any inconsistency
between the Plan and the Rules, the Rules
will apply.
25.
Governing Law
25.1The Plan and its operation will be governed by the
laws of New Zealand.
26.
Other Information
26.1You can download an electronic copy of Channel’s
most recent Annual Report and Channel’s most
recent audited financial statements and auditor’s
report from Channel’s website at channelnz.com/
investor-centre/reports-presentations/
26.2Alternatively, you can contact Channel at
investorrelations@channelnz.com to request a copy
of these documents free of charge.
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

Definitions
In this Plan:
Additional Shares has the meaning given to it in clause
1.4 of the Plan Terms.
Board means the board of directors of Channel.
Business Day means a day on which the NZX Main Board
is open for trading.
Channel means Channel Infrastructure NZ Limited.
Constitution means the constitution of Channel.
CSN means Common Shareholder Number.
Election Date means the first Business Day following a
Record Date, or such later date as may be set by the
Board and notified to NZX.
Ex Date means the first Business Day before the relevant
Record Date, unless NZX determines otherwise.
FIN means Authorisation Code.
NZX means NZX Limited.
NZX Firm means an entity designated as an NZX Firm
under the Participant Rules of NZX.
NZX Listing Rules means the listing rules of the NZX Main
Board from time to time.
NZX Main Board means the main board equity security
market operated by NZX.
Offer Document means this booklet, which sets out the
Plan Terms.
Participant means any eligible Shareholder who
has validly completed (and has not withdrawn) a
Participation Election that has been accepted by the
Board (or its delegates).
Participating Share means a Share registered in the
name of a Participant, the net proceeds of cash
dividends on which are subject to the Plan, and in
respect of a particular Election Date, the Participating
Shares participating in the Plan on that date.
Participation Election has the meaning given to it in
clause 5.1 of the Plan Terms.
Participation Notice means the participation notice for
the Plan in the form approved by Channel from time
to time.
Plan means the Channel Dividend Reinvestment Plan
established by the Board on the terms and conditions
set out in this Offer Document, as amended from time
to time.
Plan Terms means the terms and conditions of this Plan.
Record Date means the date and time fixed
by the Board for determining entitlement to the
relevant dividend.
Share Registrar means Computershare Investor
Services Limited.
Shareholder means a holder of Shares from time to time.
Shares means fully paid ordinary shares in Channel.
Strike Price has the meaning given to it in clause 7.2 of
the Plan Terms.
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Channel Infrastructure NZ Limited | Dividend Reinvestment Plan Offer Document

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Participation Notice
DIVIDEND REINVESTMENT PLAN
Do not complete this notice if you wish to continue receiving in cash all dividends declared in respect of all your
Shares in Channel Infrastructure NZ Limited (Channel).
Full details of the Plan are set out in the Offer Document dated 26 August 2025 (Offer Document), available at
www.channelnz.com/investor-centre/. Complete this notice to participate in the Dividend Reinvestment Plan (Plan),
or if you already participate in the Plan and wish to vary your existing participation election or withdraw your
participation in the Plan. Alternatively, you may make your participation election, vary an existing participation
election, or withdraw by visiting www.investorcentre.com/nz.
Capitalised terms not defined in this Participation Notice have the meanings given to those terms in the Definitions of
the Offer Document.
PERSONAL
Name(s) ______________________________________________________________________________________________________
Address ______________________________________________________________________________________________________
Email ________________________________________________________________________________________________________
CSN/Holder number______________________________ Daytime phone______________________________________________
PARTICIPATION
In terms of Channel’s Dividend Reinvestment Plan, I/we wish to participate in/amend an existing participation election in the Plan/
withdraw from the Plan, and request (Choose one option only):
◯
Full participation in the Plan for all the Shares I/we may hold from time to time or
◯
Partial participation in the Plan for the following number of Shares I/we may hold from time to time or
◯
Withdraw from participation in the Plan
Please specify the number of shares to participate________________________________________________________________
SIGNATURES
Joint holders must each sign. Companies must execute by an authorised officer or attorney. If signed by an attorney, a non-
revocation declaration must accompany this notice, and the relevant authority must either have been exhibited previously to the
Registrar or accompany this notice.
Channel may suspend, vary or terminate your participation, subject to the Plan Terms.
I/We acknowledge that I/we have received or obtained from Channel's website, www.channelnz.com/investor-centre/ and read a
copy of the Offer Document dated 26 August 2025 and agree to be bound by Plan Terms set out in the Offer Document.
I/We hereby direct that the net proceeds of all cash dividends I am/we are entitled to be paid or credited in respect of my/our
Participating Shares be applied toward the acquisition of additional Shares in accordance with the Plan.
I/We warrant that if at any time I/we reside outside New Zealand or Australia and accept or continue to participate in the Plan,
the offer of the Plan and my/our participation in it do not breach any laws in my/our country of residence.
Signature of Shareholder___________________________________________ Date _____ /_____ /_____
Signature of Shareholder___________________________________________ Date _____ /_____ /_____
This Participation Notice may be returned at any time to the Registrar by one of the methods below
BY POST NEW ZEALAND
c/- Computershare Investor Services Limited
Private Bag 92119 ,Victoria Street West
Auckland 1142, New Zealand
SCAN AND EMAIL
drp@computershare.co.nz
Please put Channel DRP in the subject line for
easy identification.
You may update you participation election by visiting www.investorcentre.com/nz

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26 August 2025
Dear Shareholder,
Channel Dividend Reinvestment Plan
Following the successful capital raise last year, the Board recognises that some shareholders would prefer the
opportunity to increase their investment in Channel Infrastructure NZ Limited (Channel) instead of receiving a
cash dividend. Therefore Channel has established the Channel Dividend Reinvestment Plan (Plan), offering you the
opportunity to reinvest the net proceeds of cash dividends from some or all of your existing Channel ordinary shares
(Shares) in additional, fully paid Shares.
By participating in the Plan, you can increase your investment in Channel without incurring brokerage charges.
The enclosed Offer Document explains how the Plan works.
Eligibility
Channel has determined that, for the time being, the Plan is only available to shareholders residing in New Zealand
or Australia.
Your Choices
Participation in the Plan is optional and it’s flexible too.
You may elect to participate in respect of all or only some of your Shares (in which case you’ll receive a mixture of both
cash dividends and Shares) and you may change your mind if it doesn’t suit your investment needs in the future.
If you wish to continue to receive only cash dividends, you don’t need to do anything.
How to Participate
If you wish to participate in the Plan you need to:
•apply online by visiting www.investorcentre.com/nz; or
•complete the enclosed Participation Notice and return it to Computershare Investor Services (Computershare),
following the instructions on the Participation Notice.
If you wish to participate in the Plan for the upcoming interim dividend, you need to apply by no later than 5:00pm on
Wednesday, 10 September 2025 (Election Date).
We encourage shareholders that wish to participate to apply online, so as to ensure that your application is received
by the Election Date. If you are returning a hard copy Participation Notice, please ensure that you post it sufficiently in
advance of the Election Date so that it is received by Computershare in time. 
The Price
The first dividend to which the Plan will apply is the 6.25 cents per Share dividend, being the interim ordinary dividend
to be paid on Wednesday, 24 September 2025.
The price of the Shares issued or transferred under the Plan will be calculated and announced on NZX on Monday,
15 September 2025. The price is based on the volume weighted average sale price of Shares on the NZX over the
five trading days starting on the business day before the record date for the dividend (full details of how the price
is calculated are set out in the Offer Document for the Plan). Further, Channel has determined that Shares issued or
transferred under the Plan in respect of the HY2025 interim dividend will be issued or transferred at a discount of 1% to
that price.
Fractional entitlements to additional shares will be rounded down, and any surplus amount of dividend proceeds
arising from rounding will be retained by Channel and not refunded to you.
Going forward, Channel will determine whether the Plan will apply to a future dividend, the period over which the
market price is calculated, and whether a discount to the price at which Shares are issued or transferred under the
Plan will apply. This information will be announced on the NZX at the time future dividend payments are determined.

Other Information
Please read the information in the Offer Document for the Plan carefully before deciding whether to participate.
You should consult your financial and/or tax advisers if you have any questions in relation to the Plan. If you
have any questions on how to participate, please contact Computershare at the details provided in the Q&A
document enclosed.
You can download an electronic copy of Channel’s most recent Annual Report and Channel’s most recent
audited financial statements and auditor’s report from Channel’s website at channelnz.com/investor-centre/reports-
presentations/.
Alternatively, you can request a copy of these documents free of charge by contacting Channel
at investorrelations@channelnz.com.
Yours sincerely,
James Miller
Chair
Channel Infrastructure NZ Limited

Questions & Answers
What is the Channel Dividend Reinvestment Plan (“Plan”)?
The Plan enables shareholders to reinvest all or part of
the net proceeds of cash dividends paid on their Shares
in additional Shares, instead of receiving those dividends
in cash. The price at which the reinvestment happens is
explained further below under the question ‘What price
will shareholders pay?’.
The Board will determine whether the Plan will apply in
respect of a dividend and announce the same to NZX.
Am I eligible to participate?
The Plan is only available to shareholders who have an
address on the Channel share register in New Zealand
or Australia. Channel may amend this policy at any time,
at its sole discretion, in accordance with the terms of
the Plan.
Is there a minimum number of shares that I need to own before I
can participate?
No.
Is there a fee to participate in the plan?
There are no charges for participating in or withdrawing
from the Plan or changing the number of Shares
nominated by you that will participate in the Plan. No
brokerage or commission costs will be payable in respect
of the Shares you receive under the Plan.
What options do I have regarding participating in
 the plan?
You should read the Offer Document for the Plan carefully
before deciding whether to participate.
Participation in the Plan is optional. If you wish to
participate in the Plan, you may elect:
Full participation: Where all of your Shares (including
Shares held now and acquired in the future, including
where issued or transferred to you under the Plan) will
be treated as participating in the Plan for all future
dividends to which the Plan applies (unless you vary your
participation in the Plan in accordance with the terms
and conditions of the Plan); or
Partial participation: Where only the number of Shares
nominated by you will participate in the Plan for all
future dividends to which the Plan applies (unless you
vary your participation in accordance with the terms and
conditions of the Plan). Note that you will continue to
receive cash dividends on any of your Shares that are not
part of the Plan.
How do I elect to participate online?
You can apply online by visiting the website of the Share
Registrar, Computershare, at www.investorcentre.com/nz.
Log into www.investorcentre.com/nz, and select ‘My
Profile’. Then select ‘Reinvestment Plans’ from the left-
hand menu. Select Channel Infrastructure NZ Limited in
the holding line and ‘Apply’ to select your participation
level. If you do not have an Investor Centre account, you
will need your CSN/Investor Number and FIN to register. If
you don’t have this information available you can email
enquiry@computershare.co.nz or phone +64 9 488 8777.
How do I elect to particiapte with a hard copy
participation notice?
You can complete and return a Participation Notice to
Channel’s Share Registrar, Computershare, by post to
Computershare Investor Services Limited, Private Bag
92119, Victoria Street West, Auckland 1142, New Zealand.
You can also scan your Participation Notice and email it
to drp@computershare.co.nz.
If I want to participate, when do I have to participate by?
Unless the Board determines otherwise, the due date for
participation is 5:00pm on the first business day after
the record date for the relevant dividend (Election Date).
This date will be announced by Channel on NZX for each
dividend to which the Plan applies.
If you are late, your Participation Notice will only
be effective for the following dividends to which the
Plan applies.
What if I don’t want to participate in the plan?
If you do not wish to participate in the Plan, you do not
need to do anything. You will continue to receive cash
dividends on your Shares.

What if I want to change my participation or leave the plan?
You can join the Plan or vary your participation at any
time online via Channel’s Share Registrar, Computershare,
at www.investorcentre.com/nz or by delivering an
updated Participation Notice to Computershare.
If you choose to participate in the Plan and then change
your mind, you can opt out by informing Computershare
either online or by completing the relevant boxes on the
Participation Notice and delivering it to Computershare.
Participation Notices are available online or from
Computershare on request.
Such variation or termination will be effective
immediately upon receipt by Computershare provided
that any online application or Participation Notice that
is received after 5:00pm on an Election Date will
be effective for the following dividends to which the
Plan applies.
What price will shareholders pay?
Unless otherwise determined by the Board, the price of
Shares is based on the volume-weighted average sale
price of Shares sold on the NZX Main Board over a period
of five trading days starting on the first business day
before the record date for the dividend. The Share price
may be subject to a discount set by the Board from time
to time. Please see the Offer Document for the Plan, for
further details on how the price is calculated.
Therefore, the Share price will not be known when you
decide whether to participate in the Plan, but it will
be announced by Channel on NZX as soon as it is
calculated. The discount, if any, as well as the pricing
period will be announced by Channel on NZX at the
same time that the dividend is announced for the
relevant period.
Can the plan be changed in
 the future?
Yes. Channel may change, suspend or terminate the Plan
at its sole discretion. If that occurs, notice will be given
through NZX as required by the terms and conditions of
the Plan.
Can I sell the shares?
Yes. Shares acquired under the Plan can be
 sold at
any time.
Please note that if you sell any of the Shares which you
have elected to participate in the Plan, those Shares
will no longer be part of the Plan. For example, if you
have 1,000 Shares, of which 500 Shares participate in the
Plan, and you sell 750 Shares, then you will only have 250
Shares left participating the Plan.
Similarly, if you sell all of your Shares, you will be deemed
to have terminated your participation in the Plan.
Are there any tax implications?
The taxation consequences for each shareholder should
they elect to participate in the Plan will depend on their
particular circumstances. Accordingly, each shareholder
should consult their own tax adviser as to the taxation
implications of the Plan. Channel does not accept
any responsibility for the financial or taxation effects
of a shareholder’s participation or non-participation in
the Plan.
Where can I find information on the channel dividend policy?
You can find a copy of the Channel dividend policy on its
website at www.channelnz.com/investor-centre/.
How do I find out how many shares I have received?
Shortly after the issue or transfer of Shares under the
Plan, Computershare will send all Plan participants an
updated Securities Transaction Statement, along with a
dividend remittance advice.