Investment Period

The PIP Fund will invest in Social Infrastructure Assets during the Investment Period. Once the Investment Period is terminated or expires, the PIP Fund must not enter into any commitment to make a new investment other than for ‘follow-on investments’ (being further Investments which the General Partner and Investment Committee believe are appropriate or necessary for the PIP Fund to invest for the purposes of preserving, protecting or enhancing an existing Investment).

Commencement and term

The Investment Period commenced on 30 October 2009 and will last until 29 October 2015, unless extended by the approval of the Advisory Committee. The Investment Period may be terminated by the Limited Partners earlier than 29 October 2015, if:

• within three years from the final closing date (being 29 October 2010 or such other date as the General Partner may determine with the consent of the Advisory Committee), less than 25% of Committed Capital (excluding additional capital committed by the NZ Superannuation Fund as discussed in Section 7 on page 18 of the prospectus and investment statement for NZSIF) has been called or invested by the PIP Fund; or

• there is a substantial change in law or policy of the Government, which in the reasonable opinion of the majority of Limited Partners (as voted on by way of ordinary resolution) would materially diminish the investment opportunities of the PIP Fund; or

• the Advisory Committee requires the PIP Fund to cease making new investments because there has been a change in the Key Persons initially appointed to the Investment Committee; or

• the General Partner / Investment Manager retires or is removed.

The Investment Period can also be terminated earlier than 29 October 2015 by the General Partner.