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Trustpower is considering making an offer of new seven year bonds to refinance these maturing bonds and for general corporate funding. The offer will comprise an exchange offer and a general offer, in total Trustpower intends to raise $100 – 125 million.

The Exchange Offer will provide existing holders of the TPW080 bonds an opportunity to exchange their bonds (up to an aggregate cap of $50 million) on a first come, first served basis.

The General Offer is expected to seek to raise up to $75 million from retail and institutional investors.

Trustpower has appointed Westpac Banking Corporation (acting through its New Zealand branch) as sole Arranger to manage the offer process.

The issue will be undertaken in reliance on the exclusion for an offer of debt securities of the same class as a quoted debt security under the Financial Markets Conduct Act 2013. We expect this will enable a more efficient issue and documentation process.

Trustpower intends to provide roadshow presentations to NZX broking firms in Wellington on Friday 7 November and Auckland on Monday 10 November.

The interest rate for the intended offer is expected to be set through a bookbuild process with selected NZX broking firms and persons invited to participate in the bookbuild process, on or about Friday 14 November.

The General and Exchange Offers are expected to open on or about Monday 17 November, with the Exchange Offer to close on or about Tuesday 2 December and the General Offer to close on or about Monday 8 December. Full details of the offer are expected to be released on or about Friday 14 November.

No money is currently being sought and no applications for securities will be accepted or money received until the offer opens and a subscriber has received the limited disclosure document required to be provided under regulations to the Financial Markets Conduct Act 2013.

MEDIA ENQUIRIES

Robert Farron

Chief Financial Officer

Phone

021 224 7275