RELINT: IFT: Ongoing Disclosure Notice (Duncan Saville)

25 May 2010 12:33 pm

IFT 25/05/2010 RELINT

REL: 1233 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, ANZ Nominees Limited and Duncan Saville 7. Class and type of security (as required by regulation 6B or regulation 8) Ordinary shares, IFTWB Warrants and 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 disposal 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) The disposal 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 disposed of by Utilico Limited. (2) $21,017,121.44 for the exercise of the IFTWB Warrants by Utilico Limited. (3) $2,912,000 for the exercise of the IFTWB warrants 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, 18,990,287 IFTWB Warrants and 9,225,513 IFTWC Warrants. (2) For HRL Morrison & Co. Group Limited: 23,748,730 ordinary shares, 2,600,000 IFTWB Warrants and 2,164,177 IFTWC Warrants. (3) For Duncan Saville personally: 8,772 ordinary shares and 877 IFTWC 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 exercised 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: 121,038,296 ordinary shares and 9,225,513 IFTWC Warrants. (2) HRL Morrison & Co. Group Limited: 26,348,730 ordinary shares and 2,164,177 IFTWC Warrants. (3) Duncan Saville: 8,772 ordinary shares and 877 IFTWC Warrants.

Signature (as required by regulation 14) End CA:00195305 For:IFT Type:RELINT Time:2010-05-25:12:33:35

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