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TrustPower Share and Dividend Announcement

13 Feb 2004

The Directors' of TrustPower Limited wish to notify shareholders and the market that the share buy back announced on 24 October 2003 will not proceed. The buy back was to be by way of a Court ordered scheme of arrangement with the intention of returning not less than $85 million. It was to be subject to regulatory and shareholder approvals.

The decision not to proceed has been made because it is apparent there is not a satisfactory level of shareholder support for the arrangement.

As noted in the recently released quarterly result announcement, to 31 December 2003, the Company is experiencing strong financial performance. The Directors' therefore consider it appropriate to pay a special dividend of ten cents per share (fully imputed) on 2 April 2004 to all shareholders registered on 19 March 2004.

In addition a share subdivision resulting in two shares for every one held will take place at 5:00 p.m. on 2 April 2004, effective immediately after the dividend payment.

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