SSH: PLU: SSH (Dene Peter Biddlecombe and Peter John Hine)

13 Aug 2010 3:14 pm

PLU 13/08/2010 SSH

REL: 1514 HRS Pulse Utilities New Zealand Limited

SSH: PLU: SSH (Dene Peter Biddlecombe and Peter John Hine)

Disclosure of beginning to have substantial holding Section 22, Securities Markets Act 1988

To: NZX Limited And: Pulse Utilities New Zealand Limited Date this disclosure made: 13 August 2010

Substantial security holder(s) giving disclosure Name(s): Dene Peter Biddlecombe and Peter John Hine; Dene Peter Biddlecombe Contact details: C/- Matt Yates, 04 474 0768, mattyates@quiggpartners.com Date on which substantial security holder(s) began to have substantial holding: 11 August 2010 Summary of substantial holding to which disclosure relates Class of listed voting securities: Ordinary Shares Summary for: Dene Peter Biddlecombe and Peter John Hine For this disclosure,-- (a) total number held in class: 1,312,103 (b) total in class: 27,449,818 (c) total percentage held in class: 4.780% Details of relevant interests currently in substantial holding Details for: Dene Peter Biddlecombe and Peter John Hine Nature of relevant interest(s): Registered holders of ordinary shares

For that relevant interest,-- (a) number held in class: 1,179,488 (b) percentage held in class: 4.297% (c) current registered holder(s) of securities: Dene Peter Biddlecombe and Peter John Hine (d) registered holder(s) of securities once transfers registered: N/A Details for: Dene Peter Biddlecombe Nature of relevant interest(s): Registered holder and beneficial owner of ordinary shares For that relevant interest,-- (a) number held in class: 72,615 (b) percentage held in class: 0.265% (c) current registered holder(s) of securities: Dene Peter Biddlecombe (d) registered holder(s) of securities once transfers registered: N/A Details for: Dene Peter Biddlecombe Nature of relevant interest(s): Indirect beneficial owner of ordinary shares by being a 50% shareholder and a director of the registered holder. For that relevant interest,-- (a) number held in class: 60,000 (b) percentage held in class: 0.219% (c) current registered holder(s) of securities: ANZIC Limited (d) registered holder(s) of securities once transfers registered: N/A Details for: Dene Peter Biddlecombe and Peter John Hine Nature of relevant interest(s): Registered holder and beneficial owner of unlisted Series 2 convertible notes which may convert to ordinary shares and thereby give rise to a relevant interest in un-issued ordinary shares. For that relevant interest,-- (a) number held in class: 500,000 (b) percentage held in class: 74.074% (c) current registered holder(s) of securities: Dene Peter Biddlecombe and Peter John Hine (d) registered holder(s) of securities once transfers registered: N/A Details for: Dene Peter Biddlecombe and Peter John Hine Nature of relevant interest(s): Registered holders of unlisted share options issued under the Company's employee share option plan and thereby giving rise to a relevant interest in un-issued ordinary shares. For that relevant interest,-- (a) number held in class: 275,000 (b) percentage held in class: 38.328% (c) current registered holder(s) of securities: Dene Peter Biddlecombe and Peter John Hine (d) registered holder(s) of securities once transfers registered: N/A

Details of transactions and events giving rise to person beginning to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: Subscription for 500,000 unlisted series 2 convertible notes on 11 August 2010 for a face value of $1.00 each. Convertible Notes may be converted into ordinary shares of the company at the option of the holder at a conversion price of $0.60 per share. Additional information Nature of connection between substantial security holders: Dene Peter Biddlecombe and Peter John Hine are the trustees of the Dene Biddlecombe Family Trust.

Address(es) of substantial security holder(s): 56 Calgary Street, Mount Eden, Auckland Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: None

Declaration I, Matthew Wallace Yates, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00198343 For:PLU Type:SSH Time:2010-08-13:15:14:15

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