Notice of Indemnity Notice of indemnity given pursuant to section 59 (1) of the Public Finance Act 1989. Pursuant to section 59 (2) of the Public Finance Act 1989, the Minister of Finance makes the following statement: In relation to the split of the Electricy Corporation of New Zealand (ECNZ), I, the Honourable Simon William English, Minister of Finance, gave the following guarantees, executed 1 April 1999, pursuant to section 59 (1) of the Public Finance Act 1989: a guarantees of ECNZ's debt obligations in favour of: [sp'ii']i the Trustee and bondholders under ECNZ's Domestic Bond Programme; [sp'i']ii the noteholders under ECNZ's Medium Term Note Programme; and iii the counterparties to ECNZ's swap agreements and the creditors under ECNZ's Norwegian export finance arrangement with A/S Eksportfinans. b a guarantee of ECNZ's hedge contract obligations in favour of the counterparties to ECNZ's hedge contracts. In relation to the split of the ECNZ, I, the Honourable Simon William English, Minister of Finance, gave an indemnity, executed 22 December 1998, pursuant to section 59 (1) of the Public Finance Act 1989. The indemnity: a provided ECNZ with a legal mechanism to obtain sufficient funding from the Crown to meet various liabilities or obligations should they arise as a result of the split; and b indemnified ECNZ against any liability, which might arise under its debt and swap arrangements as a result of ECNZ entering into the Agreements for Sale and Purchase on 22 December 1998. Dated at Wellington this 10th day of May 1999. SIMON WILLIAM ENGLISH, Minister of Finance.