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NEW ZEALAND GAZETTE, No. 37

26 FEBRUARY 2008

MATTERS RELATING TO THE PUBLICATION OF THE AUDITED FINANCIAL STATEMENTS
IN THE NEW ZEALAND GAZETTE

This audit report relates to the financial statements of Counties Power Limited for the year ended 31 March 2007 that have
been published in the New Zealand Gazette. The New Zealand Gazette is required to publish hard copies of audited financial
statements and the related audit report of Counties Power Limited for the year ended 31 March 2007, and to include an
electronic version of the published New Zealand Gazette on the New Zealand Gazette’s website.

We have not been engaged to report on the integrity of the financial statements of Counties Power Limited that have been
published on the New Zealand Gazette’s website. We accept no responsibility for any changes that may have occurred to the
financial statements since they were initially signed and published.

This audit report refers only to the financial statements named above. If readers of this audit report are concerned with the
inherent risks arising from electronic data communication, they should refer to the original signed and published hard copy of
the audited financial statements and related audit report dated 21 February 2008 to confirm the information included in the
audited financial statements published in the New Zealand Gazette or on the New Zealand Gazette’s website.

Legislation in New Zealand governing the preparation and dissemination of financial information may differ from legislation in
other jurisdictions.

PRICEWATERHOUSECOOPERS

In addition to the audit we have carried out an audit related assignment for the Counties Power Limited. This involved issuing an audit opinion on the annual financial statements for the year ended 31 March 2007 as well as audit certificates pursuant to the Commerce Act Electricity Lines Threshold Notice 2004. Other than these assignments, we have no relationship with or interest in Counties Power Limited.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion –

• proper accounting records have been maintained by Counties Power Limited – Lines Business as far as appears from our examination of those records; and

• the financial statements of Counties Power Limited – Lines Business on pages 4 to 21:

  (a) comply with generally accepted accounting practice in New Zealand; and

  (b) give a true and fair view of Counties Power Limited – Lines Business’s financial position as at 31 March 2007 and the results of its operations and cash flows for the year ended on that date; and

  (c) comply with the Electricity Information Disclosure Requirements 2004.

Our audit was completed on 21 February 2008 and our unqualified opinion is expressed as at that date.

Graeme Pinfold
PricewaterhouseCoopers
On behalf of the Auditor-General
Auckland, New Zealand

MATTERS RELATING TO THE PUBLICATION OF THE AUDITED FINANCIAL STATEMENTS
IN THE NEW ZEALAND GAZETTE

This audit report relates to the financial statements of Counties Power Limited for the year ended 31 March 2007 that have been published in the New Zealand Gazette. The New Zealand Gazette is required to publish hard copies of audited financial statements and the related audit report of Counties Power Limited for the year ended 31 March 2007, and to include an electronic version of the published New Zealand Gazette on the New Zealand Gazette’s website.

We have not been engaged to report on the integrity of the financial statements of Counties Power Limited that have been published on the New Zealand Gazette’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially signed and published.

This audit report refers only to the financial statements named above. If readers of this audit report are concerned with the inherent risks arising from electronic data communication, they should refer to the original signed and published hard copy of the audited financial statements and related audit report dated 21 February 2008 to confirm the information included in the audited financial statements published in the New Zealand Gazette or on the New Zealand Gazette’s website.

Legislation in New Zealand governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.