Pulse Utilities New Zealand Limited Appoints Gary Holden CEO

NZX/Media Announcement
5 March 2012

Pulse Utilities New Zealand Limited Appoints Gary Holden CEO

The Pulse Board is delighted to announce the appointment of Gary Holden to the position of Chief Executive Officer effective from today.

Mr. Holden has been an active CEO, President or Senior Executive for twenty years. During that period, he led TransAlta in NZ including CEO of TransAlta New Zealand (1992 to 1998), Executive Vice President, Generation for TransAlta Canada (1999 to 2001), Chairman and CEO of EnSource Energy Corporation (2001 to disposition in 2003), President of AltaGas Income Trust (2003 to 2005) and CEO of ENMAX Corporation (2005 to 2011).

Pulse Chairman, Joe van Wijk, confirmed that "The Board of Directors are excited to have Mr. Holden join the company. His leadership, breadth of experience and industry knowledge will allow Pulse to further its goals in building a strong and prosperous energy company."

Mr. Holden added, "Pulse is uniquely positioned for rapid growth and delivering success to its shareholders. I am very pleased to be joining an organization that has chosen to be the consumer champion of the electricity industry. Their innovation and value proposition is exactly what the competitive energy market needs and I am delighted to be a part of it."

The remuneration package includes salary and share options to ensure that the position is strongly aligned with increasing shareholder value. Details of the options will be released to the market once granted.

Acting CEO, Craig Parker, will remain within the senior management team. The Pulse Board thanks Craig for his outstanding contribution and leadership during his time as Acting CEO.

Joseph van Wijk
Chairman

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