INFRATIL 2012

HALF YEAR RESULT SIX MONTHS ENDED 30 SEPTEMBER 2012 13 NOVEMBER 2012

INFRATIL REPORT TO SHAREHOLDERS

INFRATIL 2012-13

• Improved operating and underlying cash flow performance from well positioned investments

• TrustPower maintaining EBITDAF growth and developing future options

• Strong customer and margin growth in Australian energy sector

• Z Energy delivering despite significant increase in competition

• Continuing investment in key sectors • Strong capital position with significant

headroom for future investment • Interim dividend of 3.25 cps, up 8% on PY • Confidence in year end 2013 group

forecasts

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OVERVIEW ON TRACK WITH AN AGGRESSIVE PLAN

INFRATIL 2012-13

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Half Year Ended 30 September ($Millions) 2012 2011 Variance % Change

EBITDAF (continuing ops) 295.1 276.4 18.7 6.8%

Operating Earnings (continuing ops) 125.2 120.1 5.1 4.2%

Net Surplus after Tax (continuing ops) 70.0 94.1 (24.1) (25.6%)

Net Operating Cash flow 106.2 107.5 (1.3) (1.2%)

Capital Expenditure/Investment 148.1 86.2 58.2 67.5%

FINANCIAL HIGHLIGHTS 6.8% INCREASE IN EBITDAF

INFRATIL 2012-13

CONSOLIDATED PROFIT & LOSS

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Half Year Ended 30 September ($Millions)

HY September

2012

HY September

2011 FY March

2012 Total income 1,257.3 1,144.0 2,218.9 Operating expenditure (962.2) (867.6) (1,698.7) EBITDAF (continuing operations) 295.1 276.4 520.2 Net interest (97.2) (92.3) (187.2) Depreciation & amortisation (72.7) (64.0) (133.7) Operating Earnings (continuing operations) 125.2 120.1 199.3 Net gain (loss) on revaluation of financial derivatives (22.5) 10.7 19.2 Net investment realisations/(impairments) (3.3) 0.2 4.3 Tax (29.4) (36.9) (58.4) Discontinued operations(1) (47.3) (5.3) (37.4) Net Surplus after Tax 22.7 88.8 127.0 Minority interests (39.2) (38.6) (75.4) Net Parent Surplus (16.5) 50.2 51.6 (1) Discontinued operations refer to Infratil Airports Europe Limited which is held for sale

NON-CASH ITEMS IMPACT REPORTED RESULT

INFRATIL 2012-13

RESULT SUMMARY

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EBITDAF (from continuing operations) • $18.7m increase to $295.1m (+6.8%) • Strong performances from Infratil Australia, TPW & WIAL • Reflects revenue growth of 10% from higher customer numbers and

improving operating margins • Z Energy delivering despite increased competition – CCS Operating

EBITDAF +17% NET EARNINGS • Group earnings of $22.7 million and loss after minority interests of

($16.5) million down from $88.8 million and $50.2 million respectively • Improved operating margins and customer growth, offset by

derivative losses and $43.9 million impairment on discontinued operations

OPERATING CASHFLOW • $106 million for the year (-1.2% pcp) reflecting improved operating

results and margins, offset by one-offs and timing of working capital movement

1st HALF DIVIDEND*

- interim dividend of 3.25 cps fully imputed payable on 14 December to shareholders recorded as owners by the registry as at 30 November (last year 3.0 cps)

* The DRP will continue

to operate for this dividend. The price of the DRP shares will be the weighted average price recorded on the NZX over 3rd to 7th of December inclusive. Shares will be issued 14 December

NO SURPRISES FROM KEY INVESTMENTS

INFRATIL 2012-13

EBITDAF BREAKDOWN

• TrustPower – EBITDAF increased 2.8% primarily reflecting trading gains from placement of generation and sale of electricity forward contracts through ASX

• IEA – 54% increase following customer growth of 7%, volume growth and improving margins at Lumo, offset by higher generation costs at Perth Energy

• Wellington Airport – Passenger growth of 1.7% driven by increase in international of 4.2% and domestic 1.3%

• NZBus – EBITDAF satisfactory on 1.6% passenger growth delivering 3% revenue growth offset by cost growth, revenue adjustment relating to prior periods and prior period benefiting from the RWC patronage boost

• Z Energy – Declining industry volumes and strong competition combined with a fluctuating oil price to depress reported result. Current cost EBITDAF increased 17% year on year reflects stronger margins offsetting decline in volumes

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HY 30 September ($Millions) 2012 2011

TrustPower 166.1 161.6

Infratil Energy Australia 71.2 46.2

Wellington Airport 39.5 35.7

NZ Bus 21.8 24.0

Other, eliminations, etc. (11.4) (9.5)

EBITDAF - pre Assoc’s 287.2 258.0

Associates – Z Energy 7.9 18.4

EBITDAF – continuing 295.1 276.4

EBITDAF – discontinued (4.2) (3.5)

Total EBITDAF 290.9 272.9

AUSTRALIA GROWING IN IMPORTANCE

INFRATIL 2012-13

ADJUSTED EARNINGS +17.8% IMPROVEMENT OVER PRIOR YEAR

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Half Year Ended 30 September ($Millions) HY Sep

2012 HY Sep

2011 Var %

Change

Net Profit after Tax – reported 22.7 88.8 (66.1) (74.4%)

- Net (gain)/loss on derivativesi 22.5 (10.7)

- Net investment revals, realisations and impairments 3.3 (0.2)

- Z Energy equity earnings (HCA to CCS adjust)(after tax)ii 15.3 4.4

- Z Energy gain on derivatives (after tax) (4.8) (5.1) - Z Energy net investment revals, realisations and impairments (after tax) 0.6 (0.1)

- Tax effect of changesiii (6.3) 3.0

- Add back result from discontinued operations 47.3 5.3

Net Profit after Tax – adjusted 100.6 85.4 15.2 17.8% i) Mark to market movements on derivatives reflect the market value of interest rate, foreign exchange and energy hedges at a reporting date and are subject to the market prices of

the respective hedges. ii) Z Energy reports its earnings on a historic cost basis, which may be volatile depending on how much the price of oil fluctuates. Current cost earnings are calculated by revaluing

the cost of fuel to its cost at the reporting date. iii) The tax effect reflects the tax change as a result of removing the other adjustments.

INFRATIL 2012-13

Comfortable gearing and strong support from senior lenders • Bank capacity retained with $787m of total facilities and ~$380m of head room at

30 September 2012 • Total group wholly owned debt (including PIIBs) of $1.26bn resulting in Infratil interest expense of

$51.4m for the half year • Wholly owned group gearing 50% (net debt / total net debt + equity capitalisation)

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Active in bond market activity across the group and share buybacks • TrustPower raised $140m new 7 year bonds (including $65m renewals) at 6.75% • Z Energy completed $135m new 7 year bonds at 6.15% • IFT share buybacks of 4.5m shares at average price of $1.92 • New bond and exchange issue announced and opened on 16 October 2012

New sources of capital introduced and bank re-financing completed • Infratil export credit facility for bus acquisitions increased to $79.4 million • Bank facility renewals substantially completed for IFT, Lumo & Wellington Airport • A $100m commercial paper program has been re-established at Wellington Airport

CAPITAL MARKET OVERVIEW ACTIVE IN BANK AND BOND MARKETS

INFRATIL 2012-13

DEBT PROFILE LENGTH SUPPORTS INVESTMENT STRATEGY Bank facility and bond profile summary • Total Infratil and wholly owned subsidiaries(1) borrowing facilities of $787m (net debt drawn $409m at

30 September 2012 including RPS and utilised guarantees) • Senior borrowing facilities include senior debt, RPS and 9 year export credit facility • Maturity profile illustrates access to term debt markets for stable long term infrastructure assets • Infratil will continue to target debt maturities consistent with ownership of long-term assets

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As at 30 September(3)

($Million) 2013 2014 2015 2016 >4 yrs >10 yrs

Bonds $57 $85 - $153 $328 $235

Infratil Bank Facilities(1) $29 $348 $113 $89 $37 -

Vendor Finance(2) $17 $11 - - - -

100% Sub. Bank Facilities $99 $10 $10 $10 $43 -

(1) Infratil and wholly-owned subs excludes TrustPower, WIAL, Perth Energy and Z Energy (includes $140 million RPS) (2) Vendor finance used for Port Stanvac generation development funding (3) Maturity profile based on 31 March financial year ends

INFRATIL 2012-13

NEW BOND ISSUE

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• November 2018 maturity (6 year maturity) • 6.85% coupon • Unsecured, unsubordinated offer, which

does not have a share conversion option • General offer $25m (with option to accept

up to $50m over-subscriptions) • Exchange offer of $57.4m to holders of

15 November 2012 maturing bonds • Proceeds used for general corporate

purposes • Maintains Infratil’s debt profile and tenure

KEY INVESTMENT TERMS

Unsecured, Unsubordinated Infrastructure Bonds : A copy of the simplified disclosure prospectus in relation to the offer is available by contacting Link Market Services on 0800 377 388, emailing lmsenquiries@linkmarketservices.com or through your financial adviser. It is also available free of charge on Infratil’s website www.infratil.com. Application has been made to NZX for permission to list the new Infrastructure Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement. The NZX Debt Market is a registered market operated by NZX Limited which is a registered exchange, regulated under the Securities Markets Act 1988.

INFRATIL 2012-13

NET ASSET VALUES TPW MARKET VALUE +10% FOR THE PERIOD

• TrustPower value change reflects NZX market price (i.e. portfolio per share valuation)

• Change in value of IEA due to currency revaluations, hedges and working capital movements

• WIAL reduction in value reflects fixed asset depreciation and revaluations

• Excess of Z Energy distributions over Infratil’s 50% share of HCA net profit after tax reducing the investment valuation (business valuation and multiple growth not recognised)

• NZ Bus investment in new buses – comparable acquisition multiples suggest uplift in value

• The value of Kent and Glasgow Prestwick airports has been impaired by $44m from 31 March 2012 valuations

• Other investments include iSite, Snapper and Property - including new building investment underway at New Lynn interchange with Auckland Council ($4.2m)

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Investment / Assets(1)

($Millions) 30 Sep 2012

31 Mar 2012

TrustPower 1,274(2) 1,154

Infratil Energy Australia 496 477

Wellington Airport 315 326

Z Energy 322 331

Infratil Airports Europe 28 70

NZ Bus 254 246

Other 67 65

Total 2,756 2,669

(1) Values exclude 100% subsidiaries’ cash balances and deferred tax where CGT does not apply

(2) $8.00 share price at 30 September 2012

INFRATIL 2012-13

NZ ENERGY TRUSTPOWER

• EBITDAF increased 3% over prior period - NZ generation volume decreased 9% versus PY but

consistent with long-term averages - Firm prices in the ASX and spot markets during Q1 - Snowtown I produced 186 GWh, up 5% on pcp - $3.9m FX options expensed prior to decision to

proceed with Snowtown II

• Electricity customer numbers decreased to 206k from 209k at 31 March - Retail competition remained intense during the

period although rate of customer churn decreased • Snowtown II construction commenced following

financial close in July - Final commissioning on schedule for Nov 2014 - Considering competitive sales process following

commissioning of Snowtown South in May 2014 • EA proposals re transmission pricing are complex and

have potentially significant impacts on the industry

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INFRATIL 2012-13

NZ DOWNSTREAM OIL Z ENERGY • Current cost operating EBITDAF increased by

17% despite slower economic recovery and increased price-based competition - sales volumes affected by increased competitor

activity in retail - conscious decision to migrate commercial

portfolio away from marginal accounts - volumes offset by stronger fuel gross margins - increased marketing costs to mitigate

competitor activity - poor refinery margins in Q1 were recovered

through a strong Q2 • Reported earnings negatively impacted by the

effect of historic cost accounting - HCA adjustment after tax of -$15.3m compared

to pcp of $-4.4m • 72 of 100 tier-1 stores refitted with same-store

revenue growth of +5.4% YoY • $82m net proceeds from sale and leaseback of 44

secondary sites, settling 31 March 2013 (+$26m above book value)

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INFRATIL 2012-13

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AUSTRALIAN ENERGY INFRATIL ENERGY AUSTRALIA - LUMO • Strong growth despite intense competition

across all States - EBITDAF A$52.2m +71% – Revenue growth of 19% – Customer growth in NEM of 7% to ~470,000

(annualised growth rate of 14%) – Strong market entry into NSW and continued

net growth in VIC and SA – Improved net electricity and gas margins

• Increased gas sales volumes from a colder than expected Melbourne winter has driven improvement compared to previous guidance

• Diversifying channel partners to enhance sales capacity - majority of Direct Connect connections will flow to Lumo from Q4 of FY13

• Introduction of carbon pricing from 1 July 2012 was largely passed through to retail prices - no material impact on earnings

• 2012/13 outlook has firmed slightly to A$62m – A$72m (including Perth Energy)

INFRATIL 2012-13

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NZ AIRPORTS WELLINGTON INTERNATIONAL AIRPORT • EBITDAF +10.6% to $39.5m

- PAX growth expected to continue for the full year (YTD Int’l +4.2%, Domestic +1.3%) - New 9th Jetstar aircraft forecast to provide an additional 0.5m PAX seats into WIAL - Good cost control and continued focus on passenger services and facilities - Commercial revenue +2.1% driven by growth in car parking revenue on completion of the car park extension

and online promotions • New pricing structure in place from April 2012

- Airline charges better aligned with airport costs and airfield congestion - Average increase over 5 years is 3.6% real per annum

• ComCom released draft S56G report on WIAL - Several draft conclusions re efficiency, innovation, investment and returns - Future airport charges may generate returns above ComCom guidelines but core Input Methodology

assumptions are being challenged. PV of “excess returns” calculated as ~$20m over 5 years by ComCom

INFRATIL 2012-13

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NZ PUBLIC TRANSPORT NZ BUS • EBITDAF declined 9.2% to $21.8m

– Revenue growth of 3.1% from patronage growth of 1.6%, yield improvement and fare increases

– Strong patronage growth at +4.7% adjusted for 2011 RWC boost (Auckland +6%, Wellington 2%)

– Increase in tender revenue due to Central Flagship services (introduced August 11)

– One-off revenue adjustment relating to prior period contract income ($2m)

– Costs running at +4% due to increased services, labour rate increases and some one-off fleet maintenance costs (engines, transmissions & tyres)

• Continued investment in fleet with 49 new buses in service and $21.8m of new investment in the period

• LTMAB progressing through Select Committee stage – commercial, negotiated and tendered route negotiations expected to commence mid 2013

INFRATIL 2012-13

PORTFOLIO ACTIVITY EURO AIRPORTS AND PERTH ENERGY UPDATE

Infratil Airports Europe • Classified as discontinued operations at

31 March 2012 • EBITDAF loss increased to £2.1m versus

£1.8m in the prior period - passenger numbers down 20.9% - freight volume up 1.2%

• Sales process for both Glasgow and Kent has been unsuccessful to date

• Both GPA and KIA have a significant economic contribution to their local economies

• Current intention is to continue to seek a buyer for the airports and review alternatives for each asset

- will engage with a number of stakeholders and interested parties about alternatives for each asset

- continue to actively manage each asset in the interim to encourage PAX and volumes

Perth Energy • Strategic review resulted in commitment to

status quo and retail growth • EBITDAF down 34% to NZ$4.4m following

additional costs associated with engine repairs; – 2nd half result should be stronger

• Attractive asset in a growing market with good financial returns to date;

- cost NZ$58m - book value NZ$84m

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£ millions

Revised Asset Value September 30, 2012

GPA airport £6.5

GPA investment property £7.8

KIA airport £4.5

KIA investment property £3.1

Totals £21.9

INFRATIL 2012-13

CAPITAL EXPENDITURE ANOTHER YEAR OF SIGNIFICANT INVESTMENT

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• TPW outlook includes the construction of the Snowtown II wind farm, Esk Hydro and billing system upgrades

• Australian Energy – organic customer growth and system developments/ enhancements

• Wellington Airport – car park extension

• Public Transport – NZ Bus fleet upgrade to meet future growth and quality standards - 100 new bus acquisitions forecast in 2H13 (dependent on contract extensions and target returns)

• Z Energy – Continuation of reformatting of retail service stations and asset integrity programme

Capex ($Millions) HY Sep

2012 FY 2013 Outlook

TrustPower $99 $215-$230

Australian Energy $11 $30-$40

Wellington Airport $5 $20-$30

Public Transport $22 $50-$55

Euro Airports & Other $11 $20-$30

Z Energy(1) $39 $80-$90

Total $187 $415-$475

(1) 100% of Z Energy Capex

INFRATIL 2012-13

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2012/13 OUTLOOK GROWTH SET TO CONTINUE

• 2013 EBITDAF outlook reaffirmed at $530m – $560m. Major assumptions: - Second half for Infratil Energy Australia is historically weaker than the first half of the fiscal year - Z Energy guidance based on current cost of sales margins - Excludes discontinued businesses - Other subsidiaries to meet 2H13 guidance

• Improvements and benefits from previous capital investment - Continued customer growth in Lumo, targeting ~500,000 customers by March 2013 - TPW construction on Snowtown II to continue

FY 31 March ($Millions) HY 2013 Actual

FY 2013 Outlook

EBITDAF – (continuing operations) adjusted for CCS $310 $530 - $560

Net Interest ($97) ($190 - $200)

Operating Cash Flow $106 $250 - $280

Depreciation and Amortisation $73 ($145 - $155)

INFRATIL 2012-13

• Core businesses hitting targets with confidence around FY results • On-going organic capital investment program to deliver future earnings and free cashflow

growth • Managing capital structure and risk management systems to withstand market volatility • Preparing for potentially significant investment portfolio and recycling decisions in the next

12-18 months • Positioning Infratil to be able to take advantage of future investment opportunities

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INFRATIL GROUP - SUMMARY STRENGTH FROM THE CORE