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Vector Confirms New Executive Structure

29 September 2005

Vector Confirms New Executive Structure

Vector today announced a new executive management structure for the merged Vector and NGC business following the delisting of NGC as a share issuer and the recently advised changes to the NGC board. This completes the first stage of the integration process.

Eight executive positions will report directly to the Vector Group's existing chief executive officer, Mark Franklin.

Divisional business lines have been established for the company's three core businesses: electricity, gas and technology with each led by a divisional CEO.

They will be supported by a number of shared services working in partnership to provide a range of corporate services across the Group.

Mr Franklin says the new executive structure differs from that of either of the previously separate businesses.

"Vector has grown significantly in recent years and is a much different business to what it has ever been before. The new executive structure takes into account the multi-faceted scope of our business and allows us to use the specialised skills and expertise contained across the group more cost effectively.

The new structure will ensure we remain focused on service delivery to our customers, which is fundamental to the future success of our business."

Mr Franklin says the executive team possesses a wealth of commercial, industry and leadership skills.

"The new structure incorporates a highly experienced group of executives who will be supported by a strong leadership team. Together they have an extensive collective knowledge of both businesses."

The new executive team is:

David Tompkins, Divisional CEO Electricity. This role includes the Vector and UnitedNetworks electricity networks in Auckland and Wellington. David was General Manager Service Delivery for Vector.

Bryan Crawford, Divisional CEO Gas. Essentially this covers the NGC gas processing, transmission and distribution businesses as well as the Vector Auckland gas business, the On gas LPG business and natural gas trading business. Bryan was previously NGC CEO.

Simon Mackenzie, Divisional CEO Technology. Our Technology businesses include the NGC Metering business, the Stream Limited metering JV as well as the Vector Communications business. Simon was previously General Manager Networks with Vector.

Peter Fredricson, Chief Financial Officer. Peter is the current Vector CFO.

Andy Knight, Group GM Strategy. Andy joined Vector earlier in the year from AGL to take up this role.

Steve Bielby, Group General Counsel. Steve is currently the General Counsel with NGC and, in addition to the legal, company secretarial and group governance responsibilities, will assume the company's regulatory relationship accountability.

Peter Brown, Group GM Organisation Services. Peter is the current General Manager Corporate with Vector and will provide HR, HS&E, property and procurement services for the business as well as leading the company's Utilitech training business.

Hanno Schupp, Chief Information Officer. Hanno will be joining the company in November from Deloitte Consulting in Australia where he is currently Principle of their Enterprise Applications and CIO Services Team. Hanno commenced his career with SAP in Germany. Until Hanno joins the company, Sonja Lowe from NGC will be Acting CIO.

With the exception of the CIO, these appointments are effective on Monday 3 October 2005.

Mr Franklin says the company will now begin the second stage of the integration process with the appointment of management roles. The third and final stage, involving the appointment of specialist and professional roles, is expected to be completed in early 2006.

ENDS

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