Barrenjoey Markets Pty Limited (acting jointly with Forsyth Barr Limited) and UBS New Zealand Limited are Joint Lead Managers. The New Zealand Stock Exchange has announced Tim Bennett will replace Mark Weldon as its chief executive, effective May. I like working with Mark Weldon at the NZX because he is also super smart and thinks strategically. To those outside the software business or indeed the company, Xero seems like a hard business to understand. The Market Intelligence Pacifecon provides keeps us informed on who is doing what in the market place and enables us to start conversations between companies to grow our business relationships. All you need to do is copy the video from your computer, VCD, DVD over and it will play without doing anything else! Infratil intends to conduct a non-underwritten Retail Offer to eligible existing shareholders to raise up to NZ$100 million, with the ability to scale applications or accept over subscriptions at Infratil’s discretion. Post equity raise and completion of the One NZ transaction, Infratil’s wholly owned group gearing is expected to be 18.7% with NZ$927.7 million of available liquidity.

"The equity raise is a $750 million underwritten placement, which happens today, and then a $100 million retail offer that runs until 27 June and is not underwritten. The Placement will comprise the issue of 81.5 million new shares, representing approximately 11.2% of existing issued capital, what is control cable to raise NZ$750 million. Infratil will fund the NZ$1.8 billion acquisition via a NZ$850 million equity raising, cash reserves and debt facilities. One NZ has been transformed since Infratil’s initial acquisition in 2019 and today holds a strong market position in mobile and is delivering growth across multiple segments. 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. The maximum application size has been selected with the objective of enabling as many retail shareholders as possible to apply for their pro rata share of the equity raising via the Retail Offer. All Infratil directors intend to participate in the equity raising. 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.

The directors of Speirs Group Limited announce that Christopher Newton has been appointed General Manager of Speirs Foods, the fresh food commercial arm of the company. 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). The Interactive Advertising Bureau of New Zealand (IAB NZ) has announced that Liz Fraser, head of MSN New Zealand has been elected as its new chairperson and general manager of Yahoo! Geoff Brown has quit his role at NZX as head of market products at NZX. One NZ has an integrated network with a full-service telecommunication offering, a strong market position across mobile, and is delivering growth across multiple segments. 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.

Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or other professional adviser if necessary. Telecom has appointed professional company director Sue Sheldon as an independent director. The Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority. 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. Pacifecon gives us the knowledge that allows us to be informed about the market place. RD - NZ has been a great first market because we were able to leverage our profile and being listed to create a brand. The profile of Xero and the newPacific Fibre cable has attracted significant inward investment making New Zealand a global player in the Internet economy. Infratil CEO Jason Boyes said, "Further investment in One NZ is strategically and financially compelling for Infratil and our shareholders.