Historic Summary

Five year economic summary	March 05	March 06	March 07	March 08	March 09
Electricity customer numbers 000's	225	220	219	222	227
Telecommunication customers numbers 000's	-	-	16	26	30
Customer sales (GWh)	5,873	4,724	4,575	4,540	4,032
Weighted average spot price of electricity purchased ($/MWh)	43	94	63	64	120
Hydro generation production (GWh)	1,811	1,523	1,667	1,472	1,568
Wind generation production (GWh)	260	268	274	546	558
Weighted average spot price of electricity generated ($/MWh)	39	91	62	63	112
	$M	$M	$M	$M	$M
Operating Revenue	612	677	626	681	785
EBITDAF	173	186	196	208	260
Fair value movements on financial instruments	-	-	2	1	(20)
Amortisation and Depreciation	(28)	(28)	(28)	(32)	(44)
Interest Paid	(33)	(29)	(27)	(40)	(52)
Tax Expense	(39)	(48)	(39)	(38)	(39)
Operating Surplus	73	81	102	98	105
Shareholders' Equity	883	896	1,217	1,257	1,430
Current and Other Assets	78	133	122	154	114
Fixed Assets	1,257	1,263	1,905	2,057	2,373
Intangible Customer Base Assets	42	39	38	40	40
Total Assets	1,377	1,435	2,065	2,351	2,527
Current and other Liabilities	88	131	132	231	114
Deferred Tax Liability	46	48	207	207	251
Term Debt	360	360	509	656	732
Total Liabilities	494	539	688	1,094	1,097
Net Assets	883	896	1,217	1,257	1,430
Earnings Per Share (cents)*	23	26	32	31	33
Dividends Per Share (cents)*	20	23	27	30	43**
Return on average Shareholders' Funds	8.3%	9.1%	9.7%	7.9%	8.8%

Information for years prior to 1 April 2006 have been prepared under existing NZ FRS and have not been restated to NZ IFRS.

* Adjusted for a 2:1 share split on 2 April 2004.

** Includes a 10 cent per share special dividend.