Infratil Limited ("Infratil") has registered a Simplified Disclosure Prospectus for an offer of Infrastructure Bonds to the New Zealand market.

The offer consists of two separate parts. Under the first part ("General Offer"), Infratil is offering up to $25million of Infrastructure Bonds to all investors in New Zealand (with the option to accept up to $50million oversubscriptions).

Under the second part ("Exchange Offer"), Infratil is offering holders of the Infrastructure Bonds maturing on 15 November 2011, the opportunity to exchange all or some of their bonds for the new Infrastructure Bonds.

The new Infrastructure Bonds have a maturity date of 15 November 2017 and will pay a fixed rate of interest at 8.00%p.a. Interest will be paid quarterly.

Infratil Infrastructure Bonds are unsecured, unsubordinated debt securities of Infratil. Unlike each previous series of Infrastructure Bonds, the Infrastructure Bonds offered in this series are not convertible into shares in Infratil in any circumstances.