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TrustPower - Restricted Transfer Notice

9 May 2001

Alliant International New Zealand Limited has today issued a Restricted Transfer Notice in respect of TrustPower indicating that Alliant may acquire up to a further 21% of the shares in TrustPower.

Because Infratil and Alliant are associated through an Investment Agreement signed in February 1999, Infratil is now obliged to give its own Restricted Transfer Notice in respect of TrustPower. This Notice will be given shortly.

Under the Investment Agreement Infratil has an option to acquire 60% of any of the shares acquired by Alliant.

Infratil has formed no view as to whether or not it would exercise this option, in the event that further TrustPower shares are acquired.

Infratil is currently considering a range of options in respect of its TrustPower shareholding.

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