King Country Electric Power Trust Ownership Review November 2012 Ownership review of the King Country Electric Power Trust 15 April 2011 Mr Brian Gurney Chairman King Country Electric Power Trust PO Box 421 Taumarunui 3946 7 November 2012 Dear Brian, Ownership review We are pleased to provide our report on the following: the performance of King Country Electric Power Trust, including a review of the performance of King Country Energy Limited and The Lines Company Limited, since the last review the advantages and disadvantages of trust ownership a review of the share ownership options in respect of King Country Energy Limited and The Lines Company Limited. Our report will contribute to the five yearly ownership review, as required of the Trustees by Clause 4 of the Trust Deed of King Country Electric Power Trust. This report is provided in accordance with the terms of our Engagement Letter dated 30 August 2012. Our key findings are contained in the Executive Summary of the report. Yours sincerely Craig Rice Partner
[email protected] T: 09 355 8641 PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz Table of Contents 1. Introduction ............................................................................................................................................................ 4 2. Executive summary .................................................................................................................................................