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New shares to be issued under the Retail Offer will be issued at the lower of the Placement Price or a 2.5% discount to the five-day VWAP of Infratil on the NZX up to, and including, the closing date of the Retail Offer. Statements made in this announcement are made only as at the date of this announcement. These forward-looking statements include forecast financial information and guidance, statements about IFT’s expectations about the performance of its businesses, statements about the future performance of IFT and statements about the use of proceeds from the Offer. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the control of IFT, its directors and management, are difficult to predict and may involve significant elements of subjective judgement and assumptions as to future events which may not be correct and could cause actual results to differ materially from those expressed in the forward-looking statements. Reader Question - Does Xero have any intention of implementing stock/inventory control?

Do you want an electrical automation system that gives you control over the entire house? There are some important strategic reasons for doing Personal which I don’t want to go into publicly. I have been concerned with the amount of time being spent on building Xero Personal which is a completely different target market. We have some big features coming for annual accounts and reporting over the next few months.I was concerned that people would think that we were losing focus on doing Xero Personal. Traditional media can be very expensive so we tend to piggyback on our partners spend for that which is why we have built marketing partnerships with banks and telecommunications carriers. We can help you with some small changes that could mean huge savings on your power bill. Morrison & Co has managed Infratil since its inception in 1994. Morrison & Co is a global infrastructure investment management specialist, founded in 1988. Morrison & Co manages multiple client mandates, with total funds under management of approximately NZ$30 billion at 31 March 2023. Morrison & Co is a pioneer in innovative infrastructure investing, supporting businesses that help enhance the lives of local communities.

New Zealand Reserve Bank on its website at 3.00pm New Zealand time on the closing date of the Retail Offer), shares having a total issue price equal to NZ$50,000 (converted in accordance with the Retail Offer booklet), which may be less than A$45,000, will be issued to the shareholder and they will be refunded the excess cash amount. Investors are strongly cautioned not to place undue reliance on any forward-looking statements, such as indications of, and guidance on, outlook, future earnings and financial position and performance, which reflect the Company’s views only as of the date of this release. We’re also worried about ensuring that broadband investment takes place which is why we are such advocates. It is a place of comfort. Answer: Yes, if you use software such as VideoDownloader or Google Video Downloader, etc to download and then use software such as Super or MediaCoder to covert the video file to avi format and then put it into the player. The black appearance of this PMP gives it a serious manly look and probably more appealing to man than ladies, especially video (also music) geeks. Renovations are a good opportunity to look at house rewiring. RD - Nope. The opportunity is significant enough.

Most questions are from me but some have been submitted by Share Investor readers. The information in this announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement under the FMCA or a prospectus under the Corporations Act 2001 (Cth). Further details of the acquisition of One NZ and the Equity Raising are set out in the Investor Presentation provided to the NZX and ASX today. These forward-looking statements are not historical facts but rather are based on IFT’s current expectations, estimates, beliefs, assumptions and projections about IFT, its portfolio companies (including One New Zealand), the industries in which it operates, the outcome and effects of the Offer and use of proceeds. New Shares to be issued under the Retail Offer will rank equally with existing Infratil shares on issue and will be quoted on the NZX and ASX from the date of Retail Offer allotment.

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