Media release

14 February 2003

Orion New Zealand Limited increases shareholding in Energy Developments Limited

Orion New Zealand Limited announced today that it had acquired a further 4.9% shareholding in Energy Developments Limited (“EDL”), a listed Australian renewable energy company.

The acquisition cost approximately NZ$11.7 million and the shares were purchased on-market at A$1.90 per share.

In July 2002 Orion purchased 10% at A$3.60 per share (NZ$48 million) and the latest purchase takes its shareholding in EDL to 14.9% - the maximum allowed under its revised shareholder agreement with EDL. Orion’s average entry price is now approximately A$2.75 per share.

Orion’s Chairman, Linda Constable said; “We are pleased to obtain this additional stake at what we believe is good value for our shareholders.”

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