RELINT: IFT: Ongoing Disclosure Notice (Duncan Saville)

24 May 2010 4:37 pm

IFT 24/05/2010 RELINT

REL: 1637 HRS Infratil Limited

RELINT: IFT: Ongoing Disclosure Notice (Duncan Saville)

DISCLOSURE NOTICE Disclosure of Directors and Officers Relevant Interests

(Section 19T, Securities Markets Act 1988)

A. Disclosure obligation (tick box to note which disclosure obligation applies) Initial disclosure (complete Parts A, B, C, D, F, and G of this notice)

Ongoing disclosure (complete Parts A, B, C, E, F and G of this notice) X

B. Preliminary 1. Name Duncan Saville 2. NZX company code of issuer IFT Name of issuer Infratil Limited 3. Name of related body corporate (if applicable) NA

4. Position you hold in the issuer Director 5. Date of this disclosure notice 24 May 2010

C. Nature of relevant interest 6. Name of registered holder(s) of security (as required by regulation 6A(b) or regulation 7(b)) National Nominees Limited and ANZ Nominees Limited 7. Class and type of security (as required by regulation 6B or regulation 8) (1) ordinary shares (2) IFTWB Warrants (3) IFTWC Warrants

8. Nature of relevant interest in security (as required by regulation 6A (a) or regulation 7(a)) Beneficial and Non-beneficial: Holds a relevant interest in the shares and warrants held personally and by Utilico Limited, HRL Morrison & Co. Group Limited and their subsidiaries pursuant to sections 5(1)(c) and (e) of the Securities Markets Act 1988 by virtue of being a director and associated person of Ingot Capital Management Limited which is the investment adviser to Utilico Limited and is a shareholder in HRL Morrison & Co. Group Limited.

D. Date (for initial disclosure) 9. Date of disclosure obligation (as required by regulation 6C) N/A

E. Transaction (for ongoing disclosure) 10. Date of last disclosure (as required by regulation 13) 27 July 2009 11. Date(s) of acquisition(s) or disposal(s) (as required by regulation 9) (1) The sale of 225,000 IFTWB Warrants by Utilico Ltd occurred on 18 May 2010. (2) The acquisition of ordinary shares by Utilico Limited and HRL Morrison & Co. Group Ltd pursuant to the exercise of their IFTWB Warrants occurred on 21 May 2010. 12. Number of transactions (as required by regulation 12(2), if applicable) 3 13. Nature or type of transaction (as required by regulation 11(1)(a)) (1) Sale of 225,000 IFTWB Warrants by Utilico Limited. (2) 18,765,287 ordinary shares have been acquired by Utilico Limited pursuant to the exercise of 18,765,287 IFTWB Warrants. (3) 2,600,000 ordinary shares have been acquired by HRL Morrison & Co. Group Limited pursuant to the exercise of 2,600,000 IFTWB Warrants. 14. Consideration (as required by regulation 10) (1) $120.887.55 for the IFTWB Warrants sold by Utilico Limited. (2) $21,017,121.44 for the exercise of the IFTWB Warrants held by Utilico Limited. (3) $2,912,000 for the exercise of the IFTWB warrants held by HRL Morrison & Co. Group Limited. 15. Number of securities held prior, set out by class and type (as required by regulation 8) (1) For Utilico Limited: 102,273,009 ordinary shares and 18,990,287 IFTWB Warrants. (2) For HRL Morrison & Co. Group Limited: 23,748,730 ordinary shares and 2,600,000 IFTWB Warrants. 16. Number of securities subject to acquisition or disposal (as required by regulation 11(1)(b)) (1) 225,000 IFTWB Warrants sold by Utilico Limited. (2) 18,765,287 IFTWB Warrants exercisded by Utilico Limited. (3) 2,600,000 IFTWB Warrants exercised HRL Morrison & Co. Group Limited.

F. Extent of relevant interest 17. Number of securities held now, set out by class and type (as required by regulation 6B or regulation 8) (1) Utilico Limited holds 121,038,296 ordinary shares and no IFTWB Warrants. (2) HRL Morrison & Co. Group Limited holds 26,348,730 ordinary shares and no IFTWB Warrants.

Signature (as required by regulation 14) End CA:00195257 For:IFT Type:RELINT Time:2010-05-24:16:37:48

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