1 Envestra Limited Ian Little Chief Financial Officer July 2002 New Zealand Investor Presentations

2 Envestra

3

4 Envestra Limited

5 Competitive Advantages

6 Our Focus - The Distribution Sector “Stable” distribution sector delivers consistent results

7 Envestra’s Distributions $MCents Operating profit before financing and income tax Distributions

8 Energy Industry Structure Generation (production ) Distribution Gas NSW Vic SA Qld WA NT Retailing    Electricity Envestra’s operations  Transmission 50+ Entities

9 Industry Commentary

10 Stapled Securities

11 Envestra Limited

12 Summary of First Half Performance *Envestra’s stapled securities pay interest to shareholders which is included ‘above the PAT line’ Six months ended 31 December 2001

13 Investing in Envestra

14 Comparison to New Zealand Utilities

15 Why invest in Envestra?

17 Appendices

18 Where we operate

19 Our Shareholders Support from two major energy companies

20 Consumers (900,000) Gas delivered (108 PJ) Revenue ($270 million) Value of domestic and small I&C consumers 99.99%41 PJ 67 PJ 90% 10%

21 Gas Industry Full contestablity to be introduced  Regulated monopolies  ENVESTRA  Competitive  May be regulated; may compete Distributors Transmission Retailers Consumers Producers & Generators Electricity Gas  Competitive

22 Energy Distribution and Transmission Companies

23 Envestra Gearing Envestra’s gearing is appropriate for a regulated gas distributor

24 Regulatory Environment

25 Victorian Regulatory Re-set

26 Financial Summary *Envestra’s stapled securities pay interest to shareholders which is included ‘above the PAT line’

27 Yield Comparison

28 Comparative Financials - Listed Pipeline Companies