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Contact Issues Notice Of Meeting

21 January 2005

Contact Issues Notice Of Meeting

Contact Energy Ltd is proposing that shareholders adopt a new Constitution in its Notice of Meeting sent to shareholders today ahead of the company’s Annual Meeting in Wellington on 15 February 2005.

The proposed new Constitution is being updated to reflect recent changes to the New Zealand Stock Exchange (NZSX) Listing Rules and Companies Act 1993, to standardise and modernise various provisions and to clarify certain powers conferred on the Board.

As signalled in its Annual Report, Contact is not proposing to adopt the new Listing Rule that allows NZSX listed companies to update their constitutions to reflect Listing Rule changes via a one-time shareholder approval, after which relevant constitutional changes would be deemed to be adopted by companies as soon as they are promulgated by NZSX.

The Board’s view, shared by the New Zealand Shareholders’ Association, is that constitutional changes should always be referred to shareholders for consideration as a matter of principle. This provides an appropriate and important safeguard on fundamental shareholder rights.

Under the proposed new Constitution, therefore, all changes to the company’s Constitution will continue to be debated and voted on by shareholders.

Contact’s Notice of Meeting and proxy form for the Annual Meeting are available at the company’s website, and are being mailed to shareholders from today.


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