NZX Announcement Powerco Takeover

8 October 2004

NZX Announcement Powerco Takeover – Acceptance by Majority Shareholders

Prime Infrastructure Networks (New Zealand) Limited (“PINNZ”) today announced that it has received from the New Plymouth District Council, Taranaki Electricity Trust Incorporated and Powerco Wanganui Trust Incorporated (“Majority Shareholders”) notice of acceptance under its takeover offer for Powerco Limited.

Each of the Majority Shareholders has a registered address on the Powerco Limited share register that is in New Zealand and has elected to receive its consideration in the form of the Combination Option under the Takeover Offer. The Majority Shareholders’ acceptances under the Takeover Offer represent acceptances in respect of 53.65% of the Powerco Limited shares on issue.

A substantial security holder notice will shortly be filed by PINNZ in relation to the PINNZ interest in these shares in Powerco Limited. For further information please contact: Michael Ryan Company Secretary

ENDS

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