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No increase in base directors’ fees

23 October 2008

Contact announces no increase in base directors’ fees

Contact Energy today declared the poll results of the four resolutions put to the company’s annual meeting in Auckland this morning. The results of the four resolutions are included below.

Contact Energy Chairman Grant King said Resolution Four, seeking to increase the directors’ fee pool from $770,000 to $1.5 million, was passed and would proceed.

Mr King said the decision to increase the directors’ fee pool remained appropriate, in order to bring the aggregate fee pool into line with similar sized New Zealand companies.

“It is important that the increased fee pool gives the company the ability to provide for a range of possible future scenarios, such as the appointment of additional directors to the Board."

Mr King also said, “following approval of the resolution to increase the fee pool, and after due consideration for the current economic environment, the board considered the base level of fees to be paid to directors and has determined that there will be no increase in base fees at this time."

The Board has also determined, in accordance with Listing Rule 3.3.1A, that Phillip Pryke, John Milne and Tim Saunders are independent directors.

Total Contact Energy Limited voting shares on issue is 576,633,982. KPMG, the
scrutineer of the polls, has confirmed the following results.

Auditors
Resolution one: That Contact’s Board of Directors be authorised to fix the auditor’s fees
and expenses.

Votes for: 400,664,057 (99.87 per cent)
Votes against: 504,695 (0.13 per cent)
Resolution passed.

Re-election of Directors
Resolution two: That Phillip Pryke be re-elected as a director of Contact.

Votes for: 327,928,559 (82.63 per cent)
Votes against: 68,919,418 (17.37 per cent)
Resolution passed.

Resolution three: That John Milne be re-elected as a director of Contact.

Votes for: 335,719,338 (84.64 per cent)
Votes against: 60,926,461 (15.36 per cent)
Resolution passed.

Resolution four: That the total directors’ remuneration payable annually to all directors
taken together for their services as directors of Contact be increased by $730,000 from
$770,000 to $1,500,000 and that such increase take effect from 1 July 2008.

Votes for: 315,728,503 (78.96 per cent)
Votes against: 84,118,413 (21.04 per cent)
Resolution passed.


ENDS

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