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EME Offer For Contact Lapses

4 February 2002

Edison Mission Energy (EME) announced today that its offer for the minority interest in Contact Energy has not achieved the 90% threshold of acceptances required and that its offer had therefore lapsed.

“We have notified the Takeovers Panel, the New Zealand Stock Exchange and the independent directors of Contact Energy and make this announcement so that those shareholders who have sent in their acceptance forms know their shares have this morning been released for trading,” EME Asia Pacific senior vice president Bob Driscoll said.

“The lapsing of the offer means no shares will be purchased by EME pursuant to the offer,” he said. For EME to purchase any shares under the offer the 90% threshold had to be reached and all other conditions satisfied or waived.

“We regret we are not able to purchase the shares of those shareholders who had wanted to accept our offer,” Mr Driscoll said.

All shares that had been offered to EME had been released for trading by the share registry before the stock exchange opened this morning. Shareholders do not need to wait for the return of their acceptance forms to trade in their shares if that is what they wish to do.

Mr Driscoll emphasised that the lapsing of the offer did not affect Edison Mission Energy’s commitment to Contact Energy or New Zealand.

“We are Contact’s majority shareholder and plan to remain so. We are confident Contact will continue to perform well. We are committed to being a long term player in the New Zealand energy sector.”

ENDS


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