Tauranga Energy Consumer Trust ends Consultation Process

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21 March 2018


Tauranga Energy Consumer Trust ends Consultation Process

Attached are a market release from Trustpower and a related press release from the Tauranga
Energy Consumer Trust (TECT). These releases advise that TECT will not be proceeding further
with its previously announced proposal to re-settle TECT and cease to pay the TECT cheque to
Trustpower customers in the Tauranga / Western Bay of Plenty region.

Infratil is a 51% shareholder in Trustpower.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

21 March 2018


Trustees of the Tauranga Energy Consumer Trust withdraw proposal to cease payment of TECT
cheques
The trustees of the Tauranga Energy Consumer Trust ("TECT") have announced that, following
consultation, they will not be proceeding further with their proposal previously announced on 25
January 2018. Under that proposal, the trustees proposed to move all the assets of TECT into a separate
charitable trust (and wind up TECT), and to cease payments of the annual TECT cheque to Trustpower's
electricity customers in the Tauranga and Western Bay of Plenty region from 2023 onwards.
The effect of this announcement is that the status quo, and the payment of TECT cheques, will continue.
Trustpower continues to respect the right of the TECT trustees to run consultation processes and is
pleased that on this important matter a robust debate has occurred where the TECT trustees have
canvassed, heard, and acted on the views of their beneficiaries. It looks forward to maintaining its
strong relationship with TECT, and continuing to ensure that the success of Trustpower remains the
success of its local customers.

Vince Hawksworth
Chief Executive

Media Release: 5.00pm Wednesday 21st March, 2018



AFTER CONSULTATION TECT TRUSTEES WITHDRAW CHEQUE PROPOSAL

After a robust consultation process, TECT Trustees have announced they are withdrawing the
proposal to evolve TECT into an entirely charitable trust by 2023.

“We maintained throughout this process that the wishes of consumers would remain at the
heart of our decision-making and the consumers have clearly spoken,” says TECT Chairman
Bill Holland.

“The Trustees acknowledge the efforts of the entire TECT community for their thoughtful
engagement in this process.”

The proposal, which was put out as a starting point for discussion, suggested the creation of
a transformational fund for the Western Bay development and associated causes, after a
$2,500 sum payout to consumers followed by five years’ worth of $360 TECT cheques.

Although one-third of written submitters supported the proposal, the majority were opposed
with many providing suggestions about other alternatives. The Trustees are unanimous that
the representation from consumers is to withdraw the proposal rather than taking it to a
referendum.

“The discussions at the four information sessions, as well as the feedback from the 21,000
written submissions and four days of oral hearings from approximately 130 individuals,
showed there to be immense passion within the community for the trust,” says Mr Holland.

The Trustees instead intend to work through the feedback and suggestions and will fully
analyse the content of submissions to ensure that all the good ideas are captured to benefit
the long-term future of the trust.

“This feedback will provide valuable information that will inform TECT’s future planning. We
also intend to communicate our findings with consumers once we have had time to work
through the large amount of feedback,” said TECT Chairperson Bill Holland.

“The debate became a philosophical one between those who want to keep the status quo,
where individuals receive a cheque and those who wanted to take the compensation offered

and see the trust evolve into one that could help Tauranga and Western BOP communities
for generations to come. “

“There were a lot of complex questions because this was a complex matter. This was never
going to be an easy discussion but we felt it was a discussion the public deserved to have”

The submissions showed several themes starting to emerge which the trustees feel they are
now obliged to address.

“This was always intended to be a discussion and that’s what we’ve had. It has been extremely
useful for us (and future trustees) to have access to this sort of feedback. That’s our job as
trustees.”

TECT Trustees will now release a 2018 distribution plan for consumer comment in the coming
weeks which will outline the proposed amount of the TECT cheque distribution for November
2018 and the funds available for community organisations. “Consumers should anticipate a
distribution plan that looks very similar to that from 2017,” Mr Holland said.


ENDS