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Northpower Electric Power Trust keeps status quo

7th June, 2012

NEPT keeps status quo

All Northpower shares to be retained under NEPT stewardship…

The Northpower Electric Power Trust (NEPT) will retain all Northpower Limited shares in Trust ownership.

Following a comprehensive five month review of future ownership options for Northpower, the NEPT has today announced its intention to continue the ownership of the Kaipara and Whangarei based electricity lines company in its current state.

NEPT Trustees held a public meeting today to give full and final consideration to all the submissions received since the ownership review began in February.

The Trust has subsequently confirmed its decision at a meeting with Northpower Directors.

In announcing the decision to retain all the shares, NEPT Chairman Erc Angelo has expressed appreciation to all Northpower consumers who have shared their opinions on the ownership review in recent months – particularly those who made written submissions and also presented on those.

He says trustees carefully considered the mood of the public throughout the consultation – a necessary and worthwhile process that warranted a considerable investment of time.

“The ownership review is an important issue for the consumer owners of Northpower,” says Mr Angelo.

“In a process like this it is the weight of formal submissions, along with views offered at the various public meetings we hold throughout the Kaipara and Whangarei Districts, combined with comments made publicly by consumers, which contribute to the final decision. It is our role and responsibility as Trustees elected by consumer/electors to make a carefully considered decision.

Mr Angelo says it has become clear throughout the 2012 ownership review that there is minimal support from consumers for any of Northpower shares to be placed in a separate community trust, as distinct from the existing consumer trust.

“Only a small minority (three out of 45 formal submissions) argued for change and we welcome that discussion. It is healthy and that is what this process is all about. In the end, there was a very clear mandate to Trustees to retain the status quo.

“This review also gave Trustees a firm mandate to ensure Northpower keeps a strong focus on maintaining a safe, reliable, hassle free network which services the Whangarei and Kaipara Districts. It has also become clear that consumers want Northpower to continue bringing additional benefits to consumers through sound growth in the company’s current and future activities,” says Mr Angelo.

In accordance with the Trust Deed, the next Northpower ownership review will be held no later than 5 years from now.

ENDS

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