DISCLOSURE OF INFORMATION RELATING TO FINANCIAL STATEMENTS UNDER THE

ELECTRICITY INFORMATION DISCLOSURE REQUIREMENTS 2004, SCHEDULE 1 PART 2

Continued

| | 2004
| $000's | 2003
| $000's | 2002
| $000's |
|--------------------------|---------|------------------------------------|---------|------------------------------------|---------|
| 12. Operating Expenditure continued |
| (g) Amortisation of- |
| (i) Goodwill | - | - | - | - | - |
| (ii) Other intangibles | - | - | - |
| (iii) Total amortisation of intangibles (sum of (i) and (ii)) | - | - | - |
| |---------| |---------| |---------|
| (h) Corporation and Administration |
| (i) Human Resources Expenses | 1,051 | 535 | 705 |
| (j) Marketing/Advertising | 332 | 108 | 295 |
| (k) Merger and Acquisition Expenses | - | - | - |
| (l) Takeover Defence Expenses | - | - | - |
| (m) Research and Development Expenses | 5 | 24 | 23 |
| (n) Consultancy and Legal Expenses | 127 | 176 | 190 |
| (o) Donations | - | - | - |
| (p) Directors' Fees | 89 | 84 | 82 |
| (q) Auditors' Fees |
| (i) Audit fees paid to principal auditors | 15 | 12 | 12 |
| (ii) Audit fees paid to other auditors | - | - | - |
| (iii) Fees paid for other services provided by principal and other auditors | 3 | 3 | 3 |
| (iv) Total auditors' fees (sum of (i) to (iii)) | 18 | 15 | 15 |
| (r) Cost of Offering Credit |
| (i) Bad debts written off | - | - | - |
| (ii) Increase in estimated doubtful debts | - | - | - |
| (iii) Total cost of offering credit (sum of (i) to (ii)) | - | - | - |
| (s) Local Authority Rates Expense | 26 | 18 | 19 |
| (t) AC Loss-Rental Rebates (Distribution to Retailers/Customers) expense | 1,097 | 857 | 1,609 |
| (u) Rebates to Consumers Due to Ownership Interest |
| (v) Subvention Payments | - | - | - |
| (w) Unusual Expenses | - | - | - |
| (x) Other Expenditure Not Listed in (a) to (w) | - | - | - |

| 13. Total Operating Expenditure (sum of 12 (a) to 12 (x)) | 22,401 | 21,529 | 22,060 |

| 14. Operating Surplus Before Interest and Income Tax | 8,926 | 8,802 | 7,369 |

| 15. Interest Expense |
| (a) Interest expense on borrowings | - | 3 | 23 |
| (b) Financing charges related to finance leases | - | - | - |
| (c) Other interest expense | - |
| |---------|
| | - | 3 | 23 |

| 16. Operating Surplus Before Income Tax (14 - 15 (d)) | 8,926 | 8,799 | 7,346 |

| 17. Income Tax | (2,532) | (2,322) | (2,414) |

| 18. Net Surplus After Tax (16 - 17) | 6,394 | 6,477 | 4,932 |