1

YEAR ENDED 31 MARCH 2011 RESULTS PRESENTATION 17 MAY 2011

2

INFRATIL GROUP – 2010/11 OVERVIEW

Strong value creation with fundamentally less risk

• Significant growth in operating earnings

and cash flows with strong momentum

leading into FY12 and FY13

• $475 million of capital deployed in new

investments or high-return capex and

greenfield projects

• Net revaluation gains pre-tax of

$96 million

• Substantial refinancing of bonds and

bank facilities

• Final dividend of 4.25 cps, up 13% on

prior year final

3

INFRATIL GROUP – FINANCIAL HIGHLIGHTS

Growth in operating earnings and capital valuations

Full Year Ended 31 March ($Millions) 2011 2010 Variance % Change

EBITDAF (excl. fair value gains on acquisition) $459.6 $363.3 96.3 26.5%

Operating Earnings $173.1 $90.0 $83.1 92.3%

Net Parent Surplus $64.5 $29.0 $35.5 122.4%

Net Comprehensive Income (parent) $118.2 $29.2 $89.0 304.8%

Net Operating Cashflow $178.5 $131.8 $46.7 35.4%

Capital Expenditure/Investment $475.3 $193.0 $282.3 146.3%

4

INFRATIL GROUP – 2010/11 REPORTED EARNINGS

26% EBIDTAF growth leading to 122% NPAT growth

Full Year Ended 31 March ($Millions) 2011 2010

Operating Revenue $2,028.2 $1,835.9

EBITDAF (excl. fair value gains on acquisition) $459.6 $363.3

Net Interest ($168.1) ($159.3)

Depreciation & Amortisation ($118.4) ($114.0)

Operating Earnings $173.1 $90.0

Fair value gains on acquisition of equity interest $60.7 -

Net (loss) on revaluation of financial derivatives ($3.9) ($67.5)

Net investment realisations/(impairments) ($34.9) $83.8

Tax (1) ($75.4) ($11.3)

Net Group Surplus $119.6 $95.0

Minority interests ($55.1) ($66.0)

Net Parent Surplus $64.5 $29.0 (1) includes $35m of non-cash tax charges related to removal of tax depreciation on long life buildings

5

INFRATIL GROUP – 2010/11 REPORTED EARNINGS and CASHFLOW

Final result has delivered against our commitments

• EBITDAF (excl. fair value gains on acquisition)

- $96.3 million increase to $459.6 million (+26.5% pcp)

- Reflects revenue growth of 10% from plant investment, higher

overall customer numbers, and improving margins

- Encouraging performance improvement from Infratil Energy

Australia, NZ Bus and Wellington Airport

- $55.1 million from equity accounting Z Energy, which reported a

stand-alone CCS EBITDAF of $166.8 million (including $9.8m of

NZRC associate) and $228.3 million HCA EBITDAF

• Operating Earnings

- 92.3% increase to $173.1 million (pcp $90.0 million). Improved

operating leverage demonstrated through stable net interest

costs, and depreciation & amortisation

- Net Earnings

- Group earnings up 26% to $119.6 million, and parent entity

earnings up 122% to $64.5 million

• Operating Cash Flow - $178.5 million for the year (+35% pcp) reflecting the improved

margins and working capital management

2nd HALF DIVIDEND*

- Final dividend of 4.25

cps fully imputed payable on 17 June to shareholders recorded as owners by the registry as at 3 June (last year 3.75 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 7th – 13th June inclusive. Shares will be issued 17th June

6

INFRATIL GROUP – EBITDA BREAKDOWN

Biggest gains from Lumo and Z Energy

• TrustPower – credible performance given

subdued wholesale electricity prices and

above average South Island storage

• IEA – strong winter sales and absence of

gas overhang. Top line revenue growth

+28%

• Wellington Airport – satisfactory growth

in international pax (+4.5%), offset by

small decrease in domestic

• NZ Bus – EBITDAF improvement +38%,

reflecting management initiatives,

passenger growth, cost reduction and

avoidance of 2009 industrial disruption

• Z Energy – excellent first year

performance with higher market share,

volumes and earnings

• IAE – continued focus on costs given

pressure on operating revenues

FY 31 March ($Millions) 2011 2010

TrustPower

$274.4

$273.9

Infratil Energy Australia $55.0 $11.0

Wellington Airport $72.3 $68.3

Infratil Airports Europe ($11.3) ($8.6)

NZ Bus $40.1 $29.1

Other, eliminations, etc. ($26.0) ($10.4)

EBITDAF pre assoc $404.5 $363.3

Associates – Z Energy $55.1 -

Total EBITDAF $459.6 $363.3

7

INFRATIL GROUP – NORMALISED EARNINGS

Adjusted earnings provide a clear view of performance

($Millions) 2011 2010 Variance % Change

EBITDAF as reported 459.6 363.3 96.3 26.5%

Z Energy equity earnings normalisation adjustment to CCS and tax

(16.4) - (16.4) -

Normalised EBITDAF 443.2 363.3 79.9 22.0%

Depreciation & Amortisation (118.4) (114.0) (4.4) 3.9%

Normalised EBIT 324.8 249.3 75.5 30.3%

Interest (168.1) (159.3) (8.8) 5.5%

Normalised Earnings Before Tax 156.7 90.0 66.7 74.1%

Normalised Taxation Expense (50.8) (31.6) (19.2) 60.7%

Normalised Net Earnings (pre Minority Interests)

105.9 58.4 47.5 81.4%

After Tax Excluded Items 13.7 36.6 (22.9) (62.7%)

Reported Earning After Tax (pre Minority Interests)

119.6 95.0 24.6 25.9%

Excluded items (net of tax) are FV gains and CCS adjustments in Z Energy, MtM movements on derivatives,

investment impairments and realisations and changes in tax rates due to legislation. Refer Appendix A.

8

INFRATIL GROUP – CAPITAL EXPENDITURE

2010/11 investment activity will drive future growth

FY 31 March ($Millions) 2011 2010

TrustPower

$109

$29

Infratil Energy Australia $116 $116

Wellington Airport $15 $23

Infratil Airports Europe $7 $5

Public Transport $18 $20

Total Capex $265 $193

Z Energy Investment $210 -

Total Capex & Investment $475 $193

• TrustPower commissioned first

stage Mahinerangi wind farm and

first stage Highbank irrigation

project

• Infratil Energy Australia

completed generation plants in

Perth and South Australia and

acquisition of generation

development site in NSW

• Wellington Airport completed

“The Rock” international terminal

• Public Transport reflects

investment in new buses and

ticketing systems

• Z Energy investment is the cost of

acquiring the initial 50%

shareholding in the Shell NZ

downstream oil business

9

INFRATIL GROUP – CAPITAL STRUCTURE

Active capital management and good execution

• Gearing 39% (dated debt / total debt + equity capitalisation)

• $139 million increase in net bank debt to $80.6 million, following investment in Z Energy

• Bank capacity retained with $692 million of total facilities and $344 million of head room at March 31, 2011

• Total group debt (including PIIBs) of $1.1 billion resulting in Infratil interest of $87 million

Comfortable gearing and strong support from senior

lenders

• Infratil $100 million 5 years (including $26 million roll-overs of 2011 maturities) and $66 million 6 years (including $16 million of 2011 rollovers) at 8.5%

• 15 May 2011 $69.7 million bond maturity repaid

• Z Energy $147 million 6 years at 7.35% and TrustPower $75 million at 7.1%. Z Energy likely to access bond market to achieve further duration

Active in bond market activity across the group

• Infratil $40 million export credit facility for bus acquisitions (executed April 2011)

• TrustPower $50 million export credit facility for wind farm developments completed

New sources of capital introduced

10

INFRATIL WHOLLY-OWNED GROUP - FACILITIES AND MATURITY PROFILE

Access to committed capital and financial flexibility

• Total Infratil and wholly owned subsidiaries(1) borrowing facilities of $692 million (net

cash drawn $220.6 million 31 March 2011 including RPS)

- Senior borrowing facilities increased $57 million during the period and a further $40 million since

year end

• Maturity profile extended with new bond issues and additional term on bank debt

(1) Infratil and wholly-owned subs excludes TrustPower, WIAL, Perth Energy and Greenstone

(1) Infratil and wholly-owned subs excludes TrustPower, WIAL, Perth Energy and Z Energy

• Infratil will continue to target debt maturities consistent with ownership of long-term

assets

FY 31 March ($Millions) 2012 2013 2014 2015 >4 years >10 years

Bonds $99 $57 $85 - $381 $238

Infratil Bank Facilities $175 $61 $199 - $32 -

100% Sub. Bank Facilities $85 - $140 - - -

11

INFRATIL GROUP - NET ASSET VALUATIONS

Real NTA growth not effectively captured by IFRS

• Market or book value of assets

- $210 million invested in Z Energy (50%

interest) + share of net income. Fair

value gain on acquisition of $60.7 million

(business valuation and multiple growth

not recognised)

- increase in value of IEA due to

revaluations, completion of Kwinana and

Port Stanvac and cash earnings (NSW

privatisation suggests implicit value of

dual-fuel customers are higher)

- TrustPower value change reflects NZX

market price (i.e. passive portfolio per

share valuation)

- NZ Bus comparable acquisition multiples

suggest value uplift

- write down in the value of European

assets of $35 million

Assets: FY 31 March ($Millions) 2011 2010

TrustPower

$1,146

$1,153

Infratil Energy Australia $375 $206

Wellington Airport $297 $289

Z Energy $312 -

Infratil Airports Europe $101 $138

NZ Bus $208 $214

Other $56 $55

Total $2,495 $2,055

Other value changes reflect earnings, investment,

depreciation, and revaluations. Values exclude deferred tax

and 100% subsidiaries’ cash balances

12

NZ ENERGY – TRUSTPOWER

Core strength with growing options

• Earnings consistent with prior year - reduced sales volumes due to lower customers and a

mild winter, offset by increased time of use sales

volumes

• Capital investment in 2011 & beyond

- First stage of 36MW Mahinerangi Wind Farm

completed ahead of schedule and under budget

- First stage of irrigation development strategy using

Highbank hydro generation scheme for approximately

8,000ha of land. Significant future irrigation options

(principally Canterbury/Coleridge)

- Planning consent for additional 250MW of capacity at

Snowtown Wind Farm in Australia

- Secured consents for approximately 400MW of wind

farm and 120MW of hydro developments in the South

Island during the year

• Capital raising

- Raised $75 million of seven year bonds from retail

investors

13

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

Performing ahead of original expectations

• Continued to operate safely and reliably, while being

tested regularly, e.g. earthquakes, NZRC outages

• Stand alone functions established for Treasury, IT,

Procurement, Strategy

• ~70 transition projects completed by the end of

January with run rate cost savings of $12.7 million

• Risks in IT systems mitigated through combination of

investment, process improvement and capability

• Strategy project completed by December and

implementation plans developed for FY2012

• Extensive research project informed decisions around

both Brand and new customer offers

• Employee morale and motivation remains strong

throughout all of these changes

14

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

A closer look at the first year earnings …

• 2H sales volumes higher than 1H,

with the full year +5.8% on 2009

• Integrated (refining and marketing)

gross margins are constant

between periods at ~14.7cpl

• 2H marketing gross margins lower

by 2.4cpl compared to 1H due to

rapidly rising prices causing price

lag and pricing decisions taken in

response to the earthquake

• The impact of the earthquakes

were $5.9m over insurance cover,

of which $3.0m was a result of

decisions to support our people

and the wider community.

• Realised Transition savings of

$6.4m at a run rate of $12.7m

($Millions)

FY

March

2011

Year to

Dec

2009

Sales Volume (ml) 2,654 2,508

Gross Margin 394 368

Operating Costs (237) (230)

Operating EBITDAF 157 138

Associate Income 10 3

EBITDAF (CC) 167 141

CCS Adjustment 62 38

EBITDAF (HC) 229 179

External Interest (30) 4

Depreciation (27) (22)

Derivatives/Revaluations 112 -

Tax (52) (38)

NPAT 232 123

15

96

97

98

99

100

101

102

103

104

105

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11

Z Energy Industry (excl. Z)

98

100

102

104

106

108

110

112

114

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11

Z Energy Industry (excl. Z)

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

Z Energy’s competitive position has improved

Retail

• Site average volume grew to 5.8mlpa

against an industry average of ~3mlpa

• Fly Buys penetration has grown by 1.5%

• Store sales up 1% with in store gross

margins flat year on year at 22%

Commercial

• New accounts secured in diesel markets

• No significant accounts lost in any sector

and key accounts re-contracted

Supply and Distribution

• Greater commercial thinking is improving

sourcing costs

• Capital recovery charge piloted at Timaru

Petrol Volumes – all channels

Diesel Volumes – all channels

16

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

Z Energy is much more than a rebrand from Shell

• There was a considered decision in November to

change from Shell based on extensive research

• Post that decision, further consumer testing of

potential brands and retail offers

• Company name changed to Z Energy Limited and

other corporate rebranding complete by end June

• Supported by full marketing campaign

• 10 Retail pilots operating between June and

October

• Reimaging project team assembled and final

rollout plans being developed

• Expected completion between March to June

2012

• Staff and customer response has been very

positive

• See the brand story on www.z.co.nz

17

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

Strategy projects underpin growth in earnings

• Manufacturing is

optimised for each

product grade

• Grow scale in both

supply & manufacturing

• Process improvement in

managing inventory

• Work with NZRC to

explore growth options

• Renegotiate relevant

industry agreements

• Capital recovery

charge for terminals

• Invest in tankage to

balance Z Energy

system and create

growth options

• Process improvement

in Distribution

• Returns focused and

not volume driven

• Upgrade store format

and retail experience

• Invest in new and

rebuilt retail sites

• Commercial portfolio

restructuring with

integrated margin

management

Supply and Manufacturing Terminals and Distribution Sales and Marketing

18

NZ FUEL DISTRIBUTION & MARKETING – Z ENERGY

Guidance for FY2012

FY March 2012 FY March 2011

Gross refinery margin (USD/bbl) $7.50 $7.53

NZRC Processing Volume (ml) 2,076 1,901

Sales Volume (ml) 2,695 2,654

Operating Costs $250-265m $237m

Capex $80-95m $29m

Operating EBITDAF (CC) $170-190m $157m

• Gross refinery margin consistent with NZRC guidance but includes additional margin for upside captured from sourcing activities outside of the processing agreement

• Processing volumes assumes no planned or unplanned shutdowns in FY2012

• Opex increases related to marketing campaign associated with Brand rollout, run rate on headcount associated with new functions, and strategy projects

• Capex covers majority of costs (75%) associated with rebranding and upgrading of stores to new Z format with the balance in FY2013

19

AUSTRALIAN ENERGY – LUMO and PERTH ENERGY

IEA/LUMO delivering on potential

• EBITDAF A$42.7 million (+A$33.9 million over pcp)

• Revenue growth +28% over pcp from growing customer base and new

generation plant

• Mass market retail customers net decline of -1% (yoy) to 409,730 billable

accounts at 31 March 2011 - net growth in SA, QLD and NSW. Slight decline in VIC

- VIC annualised churn now approaching 28% as lower wholesale costs encourage competitive

activity

• Retail EBITDAF improved strongly - improved electricity and gas margins (cumulative effect of higher electricity margins, higher gas

consumption and non-recurrence of high gas wholesale supply costs)

- improved credit performance versus last year

• Port Stanvac A$55 million, 65MW diesel peaker completed in South Australia

• Generation development site acquired at Bamarang, NSW, for A$9 million

• Perth Energy A$120 million, 120MW dual-fuel power station at Kwinana

completed on schedule and within budget

20

AUSTRALIAN ENERGY - LUMO and PERTH ENERGY

IEA should build significantly from 2012/13

• Australian energy market is a sector still

emerging from government ownership and

monopoly provision

• No straight line growth, but expect rewards for

growing into a maturing market

• Lumo and IEA are building customer

incumbency and generation capacity

• 2012 outlook A$37-A$40 million - 2012 EBITDAF – flat to slight decline possible given final

year of gas oversupply, offset in part by electricity retail

growth and generation revenue

- 2013 – strong EBITDAF improvement following increase

in electricity demand consistent with customer growth,

generation expansion and balanced gas supply position

21

NZ AIRPORTS – WELLINGTON AIRPORT

Good growth in operating earnings despite challenges

• Earnings EBITDAF +6% to $72 million

- Infratil cash income up 15% to $27 million

- Contribution from passenger services +12% to

$29 million

• Completion of new international terminal

“The Rock”

- Concluding a 5 year $145 million capex

programme

• Flat aviation market

- Departure of Pacific Blue from domestic services

- Weak economy and Christchurch earthquakes

- Strong performance on the Tasman and regional

services

• Future activity

- Airline schedules indicate that FY12 growth will

be back on long-term trend rates

- Car park & domestic terminal expansion

• Regulation/Pricing consultation

- Court review of Commerce Commission

information disclosure requirements

- Five-yearly consultation to set 1 April 2012

aeronautical prices

22

NZ PUBLIC TRANSPORT – NZ BUS and SNAPPER

PAX growth and system improvements show promise

• Encouraging earnings improvement - Reflecting strong patronage growth in Auckland

(+7.4%) and Wellington (+1.3%) year on year

- Fare increases in Auckland in Feb 2010 and both

Auckland and Wellington in Oct 2010

- Reduced overhead and lower corporate costs

• Major refurbishment of bus fleet

- Investment in new bus fleet and entry into significant

bus procurement contract with ADL UK (local

assembly by Tauranga-based Kiwi Bus Builders)

• Improving contracting environment

- Positive progress on new Public Transport Operating

Model (“PTOM”) with central and regional authorities

• Snapper growth and rollout to Auckland

- worked with Auckland Transport on introduction of

the “Hop Card” in May 2011

- Over 160,000 Snapper card sales and over

40 million transactions

23

INFRATIL GROUP - OUTLOOK

2012 Outlook: EBITDAF momentum should continue

FY 31 March ($Millions) FY 2011

FY 2012 Outlook

EBITDAF - normalised $443 $460 - $490

Net Interest ($168) ($180 - $190)

Operating Cash Flow $179 $150 - $170

• 2012 EBITDAF range $460-$490 million - major assumptions:

- Incremental gains for TrustPower, Wellington Airport, NZ Bus & Z Energy

- Slight reduction in contribution from Infratil Energy Australia due to lower gas contribution,

expectation of warmer winter, partially offset by full year Kwinana and Port Stanvac

• Improvements and benefits from previous capital investment

- Kwinana, Port Stanvac and Mahinerangi power stations full year contribution

- continued customer growth in IEA

- Z Energy: benefits expected from re-brand, new retail offers and further volume growth

• Operating cash flow reflects EBITDAF, slightly higher interest rate environment, tax

and anticipated growth in working capital

24

INFRATIL GROUP - OUTLOOK

2012 Capex outlook: a lighter programme

FY 31 March ($Millions) 2011 2012

TrustPower

$109

$60-$75

Australian Energy $116 $25-$35

Wellington Airport

$15 $25-$35

European Airports

$7 $8-$12

Public Transport $18 $55-$65

Z Energy investment(1) $210 -

Total $475 $170 -$220

(1) Z Energy amount excludes its own direct capital expenditure

• TrustPower – maintenance capex,

completion of Highbank pumping, 9MW

diesel generation facility near Marsden

Point, generation enhancement projects

and customer care and billing systems

• Infratil Energy Australia – organic

customer growth and ongoing system

enhancements

• Wellington Airport – carpark

expansion, new private aircraft hangar,

and further apron developments

• Public Transport – NZ Bus fleet

upgrade to meet future growth and

regulatory requirements and Snapper

growth

• Z Energy – internal (non-consolidated)

capex shown separately as an associate

25

INFRATIL GROUP – SUMMARY

Strong earnings growth set to continue

• Capital investment programme and recent portfolio decisions have built a strong

platform for growth in free cash flow and earnings

- future periods will benefit from significant recent greenfield investments in generation plant and

new facilities

- Z Energy earnings contribution likely to respond to aggressive investment programme

- Australian energy businesses set to benefit from improved capability and a balanced gas portfolio

- favourable sector trends and exposure to rising energy prices, air travel, and urban mobility

• Operating leverage and optionality a feature of our core businesses

- Z Energy only one year into a multi-year restructuring of the New Zealand fuels industry

- TrustPower development pipeline in Australia and New Zealand

- continuing changes and consolidation of the Australian energy market creating opportunities for

committed integrated players

• Infratil’s expertise and access to capital will continue to draw opportunities

- organisational capability to address attractive opportunities (including a track record of high quality

project management and delivery)

- the Z Energy investment illustrates the value that can be created from having access to expertise

and capital

- constraints on government spending will mean increased private provision of infrastructure

- other sectors and investment ideas continue to be actively monitored

26

27

INFRATIL GROUP RESULT - APPENDIX

Appendix A: Underlying Earnings Adjustments

Excluded items of Income/Expenditure ($Millions) 2011 2010 Variance % Change

FV gain on Z Energy 60.7 - 60.7 -

Z Energy equity earnings normalisation adjustment to CCS

16.4 - 16.4 -

MtM energy, IRS and FX derivatives (3.9) (67.5) 63.6 (94.2%)

Impairments/realisations (34.9) 83.8 (118.7) (141.6%)

Excluded items – pre-tax 38.3 16.3 22.0 134.9%

Tax effect of excluded items 1.2 20.3 (19.1) (94.2%)

Effect of change in corporate tax rate and removal of depreciation on buildings

(25.8) - (25.8) -

Post tax excluded items 13.7 36.6 22.9 62.6%

Tax expense as reported 75.4 11.3 64.1 567.3%

Tax effect on MtM of derivatives 1.2 20.3 (19.1) (94.2%)

Effect of change in corporate tax rate and removal of depreciation on buildings

(25.8) - (25.8) -

Tax Expense – normalised 50.8 31.6 19.2 60.9%

Normalised effective tax rate 32.4% 35.1% (2.7%) 135.0%

28

INFRATIL GROUP RESULT - APPENDIX

Appendix B: Z Energy underlying earnings

($Millions)

Reported IFRS CCS Adj

CCS EBITDAF

Tax Adj

Underlying Result

Operating EBITDAF HCA 218.5 (61.5) 157.0 - 157.0

NZRC equity earnings 9.8 - 9.8 - 9.8

Operating EBITDAF HCA 228.3 (61.5) 166.8 - 166.8 Depreciation & amortisation (26.9) - (26.9) - (26.9) EBIT 201.4 (61.5) 139.9 - 139.9 Interest – external (30.3) - (30.3) - (30.3) Interest – shareholders (28.2) - (28.2) - (28.2) Earnings before tax & FV 142.9 (61.5) 81.4 - 81.4 FV gain 121.4 - - - -

Derivative revaluations (9.0) - (9.0) - (9.0)

Earnings before tax 255.3 (61.5) 72.4 - 72.4 Taxation (51.9) 18.5 (33.4) 10.2 (23.2) Earnings after tax 203.4 (43.0) 39.0 10.2 49.2 Infratil share earnings 101.7 24.6 Shareholder interest 14.1 14.1 Total Infratil contribution 115.8 38.7 Equity earnings 55.1 38.7 FV Gain 60.7