Origin Energy Closes Takeover Offer for Contact Energy

On September 24, 2004, Origin Energy made an offer under the NZ Takeovers Code to purchase fully paid ordinary shares of Contact Energy Limited for NZ$5.57 per share. The offer closed on October 26, 2004.

In addition to the shares acquired from Edison Mission Energy, Origin has received acceptances from 862 shareholders for 769,103 shares. This will bring Origin's total holding in Contact Energy to 296,138,431 shares or 51.4%. As the level of overall acceptances is less than 90%, Origin is not required to proceed with compulsory acquisition. The total consideration paid by Origin is NZ$1,649,491,061.

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