QUARTER: TPW: TrustPower Operating Results 3 mths ending 30 June 10

30 Jul 2010 2:30 pm

TPW 30/07/2010 QUARTER

REL: 1430 HRS TrustPower Limited

QUARTER: TPW: TrustPower Operating Results 3 mths ending 30 June 10

Market Announcement Friday, 30 July 2010

TrustPower Limited First Quarter Operating Results for the Three Months Ended 30 June 2010 TrustPower's operating statistics for the quarter ended 30 June 2010 together with prior period comparatives are provided at the end of this announcement. The first quarter of the 2011 financial year has seen lower than average wholesale electricity prices due to above average hydro storage levels across the country. TrustPower's New Zealand generation production was 556 GWh in the first quarter, 14 per cent above same period last year and in line with expected long term average production. New Zealand hydro storage levels have fallen close to long term average during July and wholesale spot electricity prices have begun to firm as a result. The Snowtown Wind Farm produced 68 GWh during the first quarter which was down 16 per cent on prior period and 22 per cent down of long term expectation due to poor wind conditions during April and June. Mass market customer sales were down 7 per cent for the first quarter compared with the first quarter of the prior period due to the impact of lower customer numbers and lower average usage due to milder temperatures during the current quarter. In contrast, Time of Use sales were up 6 per cent compared with prior period as TrustPower successfully placed more product into this market. Following the Budget Announcement in May 2010, TrustPower has been assessing the likely impact of the change in company tax rate and the removal of depreciation for long life buildings both of which will take effect from 1 April 2011. The impact of these changes for the 2012 financial year onwards is estimated to be an increase in net profit after tax of $2.4 million. There will also be a one-off adjustment to deferred tax liabilities which will occur in the current financial year. Further analysis is required to determine how buildings which are integrated with generation equipment will be impacted by the change to tax depreciation rules. At this stage it is expected that a one-off non cash adjustment to tax expense will be required to be made in the current financial year which could reduce net profit after tax by up to $9 million. While it is too early to make predictions with respect to TrustPower's full year trading result the Directors are satisfied with the Company's year-to-date trading performance.

BJ HARKER CHAIRMAN

3 Months 3 Months 12 Months Operating Statistics June 2010 June 2009 March 2010 Electricity customer numbers (000's) 221 228 225 Telecommunication services provided (000's) 34 30 33

Mass market sales (GWh) 506 543 2,057 Time of use sales (GWh) 543 512 2,046 Total customer sales (GWh) 1,049 1,055 4,103 Weighted average spot price of electricity purchased ($/MWh) 58 50 56

North Island hydro generation production (GWh) 160 130 615 South Island hydro generation production (GWh) 262 233 820 Total hydro generation production (GWh) 422 362 1,435 Wind generation production (GWh) 134 125 582 Total New Zealand generation production (GWh) 556 488 2,017 Weighted average spot price of electricity generated ($/MWh) 52 43 50

Australian wind production (GWh) 68 79 373

Resource consent non-compliance events 1 2 5 Staff numbers (full time equivalents) 417 403 411 TrustPower's operating statistics for the quarter ending 30 June 2010 End CA:00197844 For:TPW Type:QUARTER Time:2010-07-30:14:30:20

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