Allotment of securities

15 March 2019

Section 1: issuer information

Transpower advises the following securities have been issued on 14 March and will be quoted on the NZX debt market from 15 March.

Name of issuer Transpower New Zealand Limited (TRP)

NZX ticker code TRP060

Class of Financial Product Fixed Rate Bonds

ISIN NZTRPD0060L0

Section 2: capital change details

Number issued/acquired/redeemed/ 150,000,000

Nominal value (if any) NZ$150,000,000

Issue/acquisition/redemption/ price NZ$1.00 per bond

Nature of the payment (for example, cash or other consideration) Payment in cash

Amount paid up (if not in full) Fully paid

Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence) 100%

For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date) The principal terms of the fixed rate bonds are set out in pricing supplement (no. 12) dated 7 March 2019.

Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here) The net proceeds from the issue are intended to be applied for the general corporate purposes of the Transpower group.

Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the

total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption.100%

In the case of an acquisition of shares, whether those shares are to be held as treasury stock Not applicable.

Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made. Not applicable.

Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements) As set out in pricing supplement (no. 12) dated 7 March 2019.

Date of issue/acquisition/redemption 14/03/2019

Section 3: authority for this annoucement

Name of person authorised to make this announcement Chris Sutherland

Contact phone number 021 994 925

Contact email address Chris.Sutherland@transpower.co.nz

Date of release via MAP 14/03/2019

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