Successful Outcome For Powerco Shareholders

5 November 2004

Prime Infrastructure Announces Successful Outcome For Powerco Shareholders

Prime Infrastructure today announced that there will be no scaling to either the cash or combination option offered to shareholders under its successful Takeover Offer for Powerco.

Prime Infrastructure offered three options to shareholders: 100% cash, a combination of 37.5% Prime Infrastructure NZ SPARCS and 62.5% cash, or 100% Prime Infrastructure NZ SPARCS.

Chris Chapman, Managing Director of Prime Infrastructure Management Limited said “We are pleased with this outcome for Powerco’s New Zealand shareholders. It is pretty consistent with where we thought it would be.”

The final number of acceptances received under the Offer for ordinary shares by Computershare Investor Services Limited totalled 301,287,438 shares (or 95.29% of the issued share capital).

Total acceptances received by Computershare in respect of the capital bonds was 26,155,000 (or 26.15% of the total number on issue).

The Offer closed on 2 November. Prime Infrastructure will settle with those who have accepted the Offer by 9 November.

ENDS

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