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ContactOrigin Merger Proposal – Progress Update

10 May 2006

ContactOrigin Merger Proposal – Progress Update

Contact Energy and Origin Energy advise that good progress is being made with the relevant regulatory authorities in New Zealand and Australia in working through the various approvals, exemptions and waivers required for the ContactOrigin merger proposal to proceed.

In-principle approvals for the various exemptions, waivers, and approvals sought by Contact Energy and Origin Energy have been received from:

- The New Zealand Takeovers Panel
- The Australian Securities and Investment Commission; and
- The Australian Stock Exchange.

Approval has also been obtained from the Foreign Investment Review Board in Australia.

In addition, the companies are progressing the process for approvals and waivers from the NZX and the New Zealand Overseas Investment Office.

Full detail of approvals, exemptions and waivers will be made available once they are finalised.

A revised indicative timetable for the merger proposal is:

- Explanatory memorandum mailed to shareholders by early July 2006;

- Contact Energy and Origin Energy shareholder meetings by early August 2006;

- Completion of transaction by end August 2006.

ENDS

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