SSH: PLU: SSH Notice

13 Aug 2010 3:17 pm

PLU 13/08/2010 SSH

REL: 1517 HRS Pulse Utilities New Zealand Limited

SSH: PLU: SSH Notice

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: Change in nature of relevant interest

Date of relevant event: 11 August 2010

To: NZX Limited And: Pulse Utilities New Zealand Limited

Date this disclosure made: 13 August 2010 Date last disclosure made: 18 June 2010 Substantial security holder(s) giving disclosure Name(s): Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited Contact details: Matt Yates, mattyates@quiggpartners.com, 04 474 0768 Summary of substantial holding to which disclosure relates Class of listed voting securities: Ordinary Shares

Summary for: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited For this disclosure,-- (a) total number held in class: 3,829,051 (b) total in class: 27,449,818 (c) total percentage held in class: 13.949% For last disclosure,-- (a) total number held in class: 3,700,000 (b) total in class: 27,374,952 (c) total percentage held in class: 13.516% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure under the instructions to this form: (1) Conversion of 30,000 unlisted series one convertible notes of Pulse Utilities New Zealand Limited. In accordance with the terms of the convertible notes, they were issued for a face value of $1.00 and converted to ordinary shares by reference to the volume weighted average market price of shares, being $0.405 per share. (2) The substantial security holders subscribed for and have been allotted 125,000 unlisted Series 2 Convertible Notes from Pulse Utilities New Zealand Limited having a face value of $1 each. In accordance with the terms of issue of those Notes, at maturity they may be converted into ordinary shares at the option of the holder with ordinary shares issued for $0.60 per share. Accordingly the convertible notes give rise to a relevant interest in un-issued shares.

Details of relevant interests in substantial holding after relevant event Details for: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited Nature of relevant interest(s): Registered holders of ordinary shares. For that relevant interest,-- (a) number held in class: 3,774,074 (b) percentage held in class: 13.749% (c) current registered holder(s) of securities: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited (d) registered holder(s) of securities once transfers registered: N/A

Nature of relevant interest(s): Associated persons of the substantial security holders are the registered and beneficial owners of ordinary shares.

For that relevant interest,-- (a) number held in class: 54,977 (b) percentage held in class: 0.200% (c) current registered holder(s) of securities: Michelle Stephanie Famularo (44,977 shares) and Sara Antonia Famularo (10,000 shares) (d) registered holder(s) of securities once transfers registered: N/A Nature of relevant interest(s): The substantial security holders are registered holders of unlisted Series One Convertible Notes which may convert to ordinary shares under their terms of issue and thereby give rise to a relevant interest in un-issued ordinary shares. For that relevant interest,-- (a) number held in class: 200,000 (b) percentage held in class: 5.611% (c) current registered holder(s) of securities: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited (d) registered holder(s) of securities once transfers registered: N/A

Nature of relevant interest(s): The substantial security holders are registered holders of unlisted Series Two 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: 125,000 (b) percentage held in class: 18.52% (c) current registered holder(s) of securities: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited (d) registered holder(s) of securities once transfers registered: N/A Nature of relevant interest(s): The substantial security holders are registered holders of unlisted, $0.50 options expiring on 22 September 2010 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: 250,000 (b) percentage held in class: 100% (c) current registered holder(s) of securities: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited (d) registered holder(s) of securities once transfers registered: N/A

Additional information Nature of connection between substantial security holders: Robert Famularo, Kerry Margaret Famularo and KM Trustee Services Limited are the trustees of the Famularo Family trust. Michelle Stephanie Famularo and Sara Antonia Famularo are children of Robert Famularo and Kerry Margaret Famularo. Address(es) of substantial security holder(s): 284a Remuera Road, Remuera, Auckland 1050 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: N/A

Declaration I, Matthew 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:00198345 For:PLU Type:SSH Time:2010-08-13:15:17:37

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