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For Personal Use Only Use Personal for D Total Number Held in Class: 11,082,245

Disclosure of ceasing to have substantial holding Section 25, Securities Markets Act 1988 To: NZX Limited And: Infratil Limited (IFT) Date this disclosure made: 3 December 2013 Date last disclosure made: 20 December 2012 Substantial security holder(s) giving disclosure Name(s): Julie Louise Nevett and Terence Kevin McAlister as trustees of the Dixieland Trust. Contact details: Address: C/- Morrison Kent PO Box 10035 Wellington 6143 New Zealand Attention: Andrew Stewart Telephone: +64-4-472-0020 Email: [email protected] Date on which substantial security holder(s) ceased to have substantial holding: 29 November 2013 Summary of previous substantial holding to which disclosure relates Class of listed voting securities: Ordinary shares (IFT) Summary for: Julie Louse Nevett and Terence Kevin McAlister as trustees of the Dixieland Trust For last disclosure,— a total number held in class: 4,000,000 b total in class: 585,119,364 c total percentage held in class: 0.683% For current holding after ceasing to have substantial holding,— For personal use only d total number held in class: 11,082,245 e total in class: 586,234,511 f total percentage held in class: 1.890% mor532-012_025.docx Details of transactions and events giving rise to person ceasing to have substantial holding The Dixieland Trust held 4,000,000 ordinary shares in IFT and more than 20% of the voting shares in H.R.L. Morrison & Co Group Limited. As part of a reorganisation of the Morrison & Co group of companies, on 27 November 2013, Woodward Funds Management Limited (‘WFML’) and H.R.L. Morrison & Co Group Limited (‘MCO Group’) amalgamated to become MCO Group under Part 13 of the Companies Act 1993. Consequently, MCO Group succeeded to all of the securities in IFT held by WFML for nil consideration. Upon amalgamation, MCO Group subsequently changed its name to Market Holdings Limited (‘MHL’). As a result of the solvent and voluntary liquidation of MHL (in liquidation) on 29 November 2013 there has been a distribution in specie of IFT shares beneficially owned by MHL (in liquidation) to the shareholders ceasing the substantial holding. Additional information Nature of connection between substantial security holders: N/A. 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: Market Holdings Limited (in liquidation), Robert William Bentley Morrison, Andrew James Stewart and Anthony James William Howard as trustees of the Lloyd Morrison Trust. Declaration I, Andrew James Stewart, 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. For personal use only mor532-012_025.docx .

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