Pursuant to section 45 of the Takeovers Act 1993, the Takeovers Panel gives the following notice (to which is appended a statement of reasons of the Takeovers Panel).

1 Title 2 Application 3 Expiry 4 Interpretation 5 Exemption from rule 6(1) of Code

1	Title This notice is the Takeovers Code (Tauranga Energy Consumer Trust) Exemption Notice 2008.
2	Application This notice applies to acts or omissions occurring on or after 29 February 2008.
3	Expiry This notice expires on the close of 28 February 2013.

4	Interpretation
(1)	In this notice, unless the context otherwise requires,- Act means the Takeovers Act 1993 Code means the Takeovers Code under the Act TECT means the Tauranga Energy Consumer Trust established by deed of trust dated 21 December 1993 trust deed means the TECT trust deed in force on 1 January 2008.
(2)	In this notice, a reference to a person increasing voting control is a reference to the person becoming the holder or controller of an increased percentage of the voting rights in TrustPower Limited.
(3)	Any term or expression that is defined in the Act or the Code and used, but not defined, in this notice has the same meaning as in the Act or the Code.

5	Exemption from rule 6(1) of Code Every person who is appointed a trustee of TECT in accordance with the trust deed is exempted from rule 6(1) of the Code in respect of any increase in that person's voting control resulting from the appointment.

Dated at Wellington this 24th day of June 2008.

The Common Seal of the Takeovers Panel was affixed in the presence of:

This notice applies to acts or omissions occurring on or after 29 February 2008 and expires on 28 February 2013.

The Takeovers Panel has granted an exemption from rule 6(1) of the Takeovers Code (the Code) to every person who is appointed a trustee of the Tauranga Energy Consumer Trust (TECT) and who, as a result of the appointment, becomes the holder or controller of an increased percentage of the voting rights in TrustPower Limited (TrustPower). This notice effectively replaces the Takeovers Code (Tauranga Energy Consumer Trust) Exemption Notice 2003 which expired on 28 February 2008.

The Panel considers that it is appropriate to grant the exemption and that the exemption is consistent with the objectives of the Code, for the following reasons:

• any trustee of TECT exercising control over voting rights in TrustPower does so in his or her capacity as a trustee and is subject to duties and obligations arising under the trust deed and at law:
• the cost of obtaining the approval of shareholders of TrustPower other than TECT or its associates to the appointment of a trustee of TECT is not justified when the appointment would not, in substance, represent any change in the control of TECT's shares in TrustPower:
• shareholders of TrustPower would not be disadvantaged in not having the opportunity to vote on the appointment of a new trustee at a meeting of shareholders, as the appointment would have no real effect on those shareholders.

Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 3 July 2008
This notice is administered by the Takeovers Panel.