Redemption of quoted bonds and New Trustpower offer

Market Announcement 19 October 2016

Trustpower – Update on implementation of the Demerger, the Redemption of quoted Trustpower Bonds and New Trustpower's offer of senior bonds
Granting of Final Court Orders and implementation of the Demerger

Further to Trustpower Limited's (Trustpower) earlier announcement on 17 October 2016 that the Trustpower board had resolved to resume the demerger process, Trustpower advises that the final court orders approving the demerger have been granted today.

As at the date of this announcement, all conditions relating to the Demerger have now been met.

Accordingly, as set out in the timetable below, it now is expected that the demerger will be implemented and Trustpower shareholders will receive shares in each of:

• Tilt Renewables Limited (Tilt Renewables): holding Trustpower's Australian and New Zealand wind generation assets and its wind and solar development projects.

• Bay Energy Limited (New Trustpower): which will continue to operate Trustpower's New Zealand and Australian hydro generation assets and its multi-product New Zealand retail business. New Trustpower will retain Trustpower's name and brand.

Each of Tilt Renewables and New Trustpower will be listed on the NZX Main Board.

Renewables is also expected to be listed on the ASX.

Full announcemen: Market_Announcement__Redemption_of_quoted_bonds_and_New_Trustpower_offer__19_Oct_2016.pdf

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