1366 NEW ZEALAND GAZETTE, No. 47 3 MARCH 2008

PRICEWATERHOUSECOOPERS

We conducted the audit in accordance with the Auditing Standards published by the Auditor-
General, which incorporate the Auditing Standards issued by the Institute of Chartered
Accountants of New Zealand. We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in order to provide us with
sufficient evidence to obtain reasonable assurance that the financial statements are free from
material misstatements, whether caused by fraud or error. In forming our opinion, we also
evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditor acting on behalf of the Auditor-General, we have no
relationship with or interests in Alpine Energy Limited.

Unqualified Opinion

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

In our opinion -

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

• the financial statements of Alpine Energy Limited – Lines Business on pages 1 to 15:

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

  (b) give a true and fair view of Alpine Energy 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 26 February 2008 and our unqualified opinion is expressed as at
that date.

Robert Harris
PricewaterhouseCoopers
On behalf of the Auditor-General
Christchurch, 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 Alpine Energy Limited – Lines Business 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 Alpine Energy Limited – Lines Business 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 Alpine Energy Limited – Lines Business
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 26 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.