SSH: IFT: SSH Notice (Utilico Limited)

24 May 2010 4:38 pm

IFT 24/05/2010 SSH

REL: 1638 HRS Infratil Limited

SSH: IFT: SSH Notice (Utilico Limited)

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: Movement Date of relevant event: 21 May 2010 To: New Zealand Exchange Limited And: Infratil Limited Date this disclosure made: 24 May 2010 Date last disclosure made: 25 March 2008

Substantial security holder(s) giving disclosure Name(s): Utilico Limited Contact details: David Shillson +64 4 498 0890 david.shillson@kensingtonswan.com Summary of substantial holding to which disclosure relates Class of listed voting securities: Ordinary shares Summary for: Utilico Limited

For this disclosure,-- (a) total number held in class: 121,038,296 ordinary shares (b) total in class: 606,642,031 ordinary shares (assuming all outstanding IFTWB warrants were exercised on 21 May 2010) (c) total percentage held in class: 19.95%

For last disclosure,-- (a) total number held in class: 85,227,508 (b) total in class: 443,310,684 (c) total percentage held in class: 19.2%

Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure under the instructions to this form: Conversion of 18,765,287 IFTWB Warrants into 18,765,287 ordinary shares upon exercise of IFTWB Warrants. Details of relevant interests in substantial holding after relevant event Details for: Utilico Limited Nature of relevant interest(s): Beneficial owner of the ordinary shares For that relevant interest,-- (a) number held in class: 121,038,296 ordinary shares (b) percentage held in class: 19.95% (c) current registered holder(s) of securities: National Nominees Limited ( d) registered holder(s) of securities once transfers registered: No change

Additional information Nature of connection between substantial security holders: N/A. Address(es) of substantial security holder(s): c/- Kensington Swan? 97 The Terrace? Wellington Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: N/A.

Declaration I, David Shillson, declare 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.

Signature End CA:00195258 For:IFT Type:SSH Time:2010-05-24:16:38:54

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