Valuation Report

In accordance with Regulation 19 (4) of the Electricity Information Disclosure

Requirements 2004, the following disclosures are made in relation to the OtagoNet Joint Venture's line business system fixed assets:

• A valuation of the line business system fixed assets of the OtagoNet JointVenture Limited has been carried out as at 31 March 2004.
• The valuation report is dated 22 December 2004.
• The Optimised Deprival Valuation (ODV) of the OtagoNet Joint Venture's line business system fixed assets as at 31 March 2004 was $91,372,000.

A copy of the latest valuation report can be obtained by contacting us at PowerNet on phone 03 211 1899, email powernet@powernet.co.nz