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The New Zealand Superannuation Fund intends to reduce its 20% shareholding in Z Energy via an institutional book build closing at 4:00pm on Wednesday 30 September 2015, the Guardians of New Zealand Superannuation announced today.

The NZ Super Fund partnered with Infratil in 2010 to purchase Z Energy, then the downstream assets of Shell New Zealand. The initial purchase was for a 50% share in the business. In 2013, the NZ Super Fund reduced its stake to 20% through the successful listing of Z Energy on the New Zealand and Australian stock markets.

Mr Whineray said the NZ Super Fund would retain a stake of more than 10% in the company, reflecting the Guardians’ confidence in Z Energy’s business strategy and management team.

“The current market environment provides an opportunity to reduce the Fund’s large overweight position in Z Energy and realise further value from what has been a highly successful investment,” Mr Whineray said.

“We look forward to continuing our relationship with Z Energy through the retention of our significant minority stake.”

The sale of the Fund’s stake will be coordinated with the sale of a 20% stake (80 million shares) held by Infratil Limited via the same book build. The indicative price range for the book build has been set at $6.00 to $6.20 per share. The book build will be open to NZX broker firms, domestic institutional investors and offshore institutional investors in certain eligible jurisdictions. Deutsche Craigs and Deutsche Bank have been appointed as bookrunners to the transaction.

The Fund has more than $4 billion invested in New Zealand. Major investments include large minority stakes in Kaingaroa Timberlands, Datacom and Metlifecare; a portfolio of dairy farms; and more than $1 billion invested in the New Zealand sharemarket.

ENDS

Media Contacts

NZ Super Fund: Dee Radhakrishnan, Communications Advisor, +64 27 288 5596, [email protected]

Infratil Limited: Mark Flesher, Investor Relations, [email protected]

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