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Security Holder Information

The Company’s register of substantial security holders, prepared in accordance with Section 26 of the Securities Markets Act 1988 recorded the following information at 3 May 2010.

As at 3 May 2010, TrustPower Limited has 315,751,872 ordinary shares on issue.

Substantial Security Holders

VOTING RIGHTS

Every shareholder present in person, by proxy or by representative, on a vote by voices or a show of hands has one vote, and on a poll has one vote for each fully paid share held.

STOCK EXCHANGE LISTING

The Company’s shares and subordinated bonds are listed on the NZSX and NZDX, respectively.

CURRENT CREDIT RATING STATUS

TrustPower does not currently have an external credit rating.

CURRENT NZX WAIVERS

NZX has granted a waiver dated 23 March 2006 from NZSX Listing Rule 8.1.7 (change of option exercise price or number of underlying securities) to enable the Company to issue options under the Company’s Executive Share Option Plan dated 28 February 2006 (as amended on 12 May 2006) in accordance with the exercise price formula contained in the Rules of the Plan. That exercise price formula permits the exercise price to be recalculated on a daily basis which may not be permitted by Listing Rule 8.1.7. The waiver has been granted on the condition that options outstanding issued under the Plan do not exceed 1% of the total shares of the Company. This waiver was varied on 6 July 2006 to permit TrustPower to vary the exercise price of Options issued on 29 May 2006 by amending the formula to permit the dividend with a record date of 26 May 2006 to be included in the calculation of the exercise price, notwithstanding that the record date of such dividends was prior to the issue date of the Options.

NZX DISCIPLINARY ACTION

There has been no action taken by NZX in relation to the Company under Listing Rule 5.4.2.

LARGEST SECURITY HOLDERS (AS AT 3 MAY 2009)

Largest Security Holders