Announcement

OFFER: TPW: Trustpower Investor Offer update 04:00p.m. 
TPW  
12/07/2019 16:00  
OFFER  
NOT PRICE SENSITIVE  
REL: 1600 HRS Trustpower Limited  
 
OFFER: TPW: Trustpower Investor Offer update  
 
Trustpower Limited (Trustpower) today announced that, due to strong demand  
under its current offer (Offer) of 7 year unsecured, unsubordinated fixed  
rate bonds (Bonds), Trustpower has ceased accepting applications from  
existing Trustpower shareholders and bondholders wishing to apply for Bonds  
via direct debit or cheque settlement under the investor offer (Investor  
Offer) part of the Offer. The Investor Offer remains open to New Zealand  
holders (TPW160 Holders) of Trustpower's existing subordinated bonds (which  
are quoted on the NZX Debt Market under the ticker code TPW160 (TPW160  
Bonds)) who wish to apply to exchange all or some of their TPW160 Bonds for  
the Bonds (on a one-for-one basis) (an Exchange). Trustpower will also make  
a cash payment to each investor who is issued Bonds under the Exchange (see  
"Reinvestment opportunity for TPW160 Holders" in the attached Terms Sheet for  
how this cash payment is calculated).  
 
If a TPW160 Holder does not have details of the Offer and wishes to apply for  
Bonds via Exchange they should contact Computershare Investor Services  
Limited on (09) 488 8777 or by email at trustpower@computershare.co.nz.  
 
The Exchange component of the Investor Offer is expected to close on 19 July  
2019.  
The Bonds are expected to be issued on 29 July 2019 and will mature on 29  
July 2026. The Bonds are expected to be quoted on the NZX Debt Market on 30  
July 2019 under the ticker code TPW180.  
The full details of the Offer are contained in the Terms Sheet which can be  
found at  
https://www.trustpower.co.nz/investor-centre/share-and-bondholder-information  
.  
 
Joint Lead Managers  
 
Deutsche Craigs Phone: 0800 226 263  
Forsyth Barr Phone: 0800 367 227  
 
ENDS  
 
For investor relations and media enquiries, please contact:  
Kevin Palmer, Chief Financial Officer  
kevin.palmer@trustpower.co.nz / 07 572 9776  
End CA:00337602 For:TPW Type:OFFER Time:2019-07-12 16:00:03