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Amendment to Infratil - TECT Agreement

17 Nov 2006

Infratil Limited and the Tauranga Energy Consumer Trust (TECT) entered into an agreement on 31 October 2006.

The agreement gave TECT certain options to acquire additional shares in TrustPower Limited and Infratil, upon completion of Infratil's proposed acquisition of all the shares in Alliant Energy New Zealand Limited (Alliant Acquisition). Alliant Energy New Zealand Limited owns approximately a 23.77% interest in TrustPower and a 5% interest in Infratil.

The agreement also provided that Infratil and TECT would propose various amendments to the Constitution of TrustPower and provided that Infratil and TECT both committed to vote in favour of such constitutional changes.

TECT exercised the option to conditionally acquire 14m TrustPower shares from Infratil.

This week the Takeovers Panel contacted Infratil and TECT advising that the Takeovers Panel was concerned that the voting commitment in respect of the proposed constitutional
changes was possibly not permitted under the Takeovers Code.

Infratil and TECT have agreed to amend the agreement to delete the voting agreement that concerned the Takeovers Panel.

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