#1MAN ^W^ MANAWA ENERGY#2FY-22 Investor Presentation David Prentice - Chief Executive Phil Wiltshire - GM Corporate Services WWW. N MANAWA ENERGY#3Contents 1. FY22 Overview 2. Generation Performance 3. FY22 Financial Review 4. Introduction to Manawa Energy 5. FY23 Outlook & Guidance маша MANAWA ENERGY#4FY-22 Overview N MANAWA ENERGY#5$119.8 million Group NPAT up 290.0% $204.2 million Total EBITDAF up 2.0% $88.5 million Group underlying earnings down 2.6% $159.7 million Continuing Operations EBITDAF up 2.0% $44.5 million Discontinued Operations EBITDAF up 2.3% 1,760 GWh Generation Volume up 3.0% 37.5c Earnings per share up 244.0% Final ordinary dividend of 16.0c Per share bringing full year dividend to 33 cents per share $467.4 million Sale of mass market retail business (incl. estimated working capital) 35.0c per share (unimputed) Special dividend declared 0.93 Total Recordable Injury Frequency Rate up from 0.60 in FY21 7 Non-compliant incidents across 3,500 resource consent conditions#6. • • FY-22 Overview Solid performance in a year that included operating challenges from lower than average inflows and COVID-19 Successful separation and sale (post year end) of the Mass Market Retail business for $467m EBITDAF ahead of prior year in both Generation and Retail segments • Generation enhancement projects delivered additional output • New generation pipeline accelerated in H2 мал MANAWA ENERGY#7• Retail sale • On 1 May 2022 we completed the sale of our mass market retail business to Mercury NZ. Many years of work have gone into setting our retail business up for a bright future and this was reflected in the sale price. • Our retail operations were in strong shape to hand over, thanks to the significant efforts of our people to maintain momentum in growth and customer service through this transition, and in the required separation activities. 5% increase in customers with two or more services, and 93% increase in mobile connections during FY-22, despite COVID and sale disruption.#8Generation Performance N MANAWA ENERGY#9JAOSI SORH Health, safety, wellbeing • • • We prioritise the safety and wellbeing of our people and the people we interact with. This year we reviewed and improved our public safety and contractor management systems. We carried out a safety and wellbeing culture audit to assess our processes, systems, mindsets and behaviours against best practice. We continued our schedule of Director site visits, with a focus on site safety. Total Recordable Injury Frequency Rate (TRIFR) FY19 FY20+ FY21 FY22 0.0 0.3 0.6 0.9 1.2 1.5 Lost Time Injuries (LTI) FY20 FY21 FY22 0 1 2 3 4 5 + A FY20 incident has since been recategorised changing FY21's reporting of 0.72 to 0.79 Number of lost time and medical treatment injuries, per 200,000 hours worked*. LTI incidents were low consequence with no systemic issues highlighted. Zero Lost Time Injuries in FY20 and FY21 Recognised with an Excellence Award in the Health and wellbeing category of the HRD Confirmed as a finalist in the Wellbeing Category of the NZ Energy Excellence Awards with the winner to be announced in June 2022. MAN W MANAWA ENERGY#10Wholesale prices Electricity spot market prices were volatile but elevated across most of the year, reflecting low inflows and the cost of thermal generation. High prices are continuing to persist into Q1FY23 Weekly average electricity spot prices $/MWh 450 400 350 300 250 200 150 M 100 50 0 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Benmore Otahuhu Note: 9th of August scarcity pricing event is still under consultation by the Electricity Authority and prices are not yet finalised. Source: NZX wwwww MANAWA ENERGY#11Storage (GWh) Inflows and storage Hydro inflows across FY-22 were well below average. This impacted production volumes and lake storage levels, however Waipori storage remains at average levels for this time of year due to planned outage works. 180 160 140 120 100 80 60 40 20 Trustpower Controlled Storage Deviation from mean (GWh) Monthly inflows for all Manawa Energy hydro schemes 00 80 60 40 20 -20 -40 0 -60 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 5 to 10% band 10 to 20% band 20 to 80% band 190 to 95% band 80 to 90% band Total Storage Mean Storage Actual Inflows www MANAWA ENERGY#12Branch Scheme Enhancement • Due to be completed in early FY-23, as part of Manawa's commitment to enhancing our existing fleet of assets, • Will double the intake capacity, enabling the scheme to use its full consented take, and will now be able to operate under most flood conditions. • Advanced hydro scheme modelling was used to select the optimum design and location to ensure the best performance. Enhancement will deliver 10 GWh/year in additional output Mwww MANAWA ENERGY#13Waipori Outage For five months during FY-22, our Waipori scheme in Otago underwent significant planned upgrades and maintenance. • Works completed in challenging COVID times. with a high focus on pre-planning to achieve excellent health and safety outcomes and environmental compliance. ● • Works spanned all four stations, encompassing over 20 individual projects and workstreams, with work force peaking at 91 people, and was the largest outage at Waipori over the last 10 years No loss of water through careful planning and timing. Maintenance works at 2a station Upgrading intake structure for 4 station wwwww MANAWA ENERGY#14Asset Enhancement Programme Focus on strategic asset enhancements is delivering volume and value. ~15 GWh/year worth of enhancements have already been completed, with 15 GWh/year expected to be completed in FY-23. A further ~79 GWh/year worth of enhancements currently planned to be delivered across FY-24 to FY-26. These are at various stages of progress, with three key projects already achieving FID and contract management completion. GWh Strategic Asset Enhancments 120 100 80 60 40 20 0 Already Completed FY-23 FY-24 Approved Scoping FY-25 Cumulative FY-26 MWWW MANAWA ENERGY#15FY-22 Financial Review N MANAWA ENERGY#16Total Group EBITDAF 220 215 210 205 2.1 200.2 200 195 190 185 Total Group EBITDAF - FY-21 to FY-22 1.6 211.5 8.3 -0.7 204.2 -7.3 180 FY-21 Group Other Revenue Energy margin Operating costs Customer margins FY-22 EBITDAF Group EBITDAF Normalised Retail sale costs FY-22 Group EBITDAF Group consists of Manawa Energy Limited & its subsidiaries EBITDAF is a non-GAAP measure refer to slide 41 for a reconciliation of EBITDAF to statutory profit measures • • • Other revenue relates to carbon credit revaluations, partially offset by reductions in transmission revenue and irrigation. Energy margin variance was driven by higher inflows (albeit materially below average) than the pcp, and higher wholesale prices. Higher operating costs in Generation and Retail (compared to COVID-impacted FY-21) were offset by favourable variances in IFRS15 adjustments, and reduced technology spend, as the technology focus was on retail separation activity. Retail sale costs are all one-off expenses incurred in the transaction, as well as separation activities, and the establishment of Manawa Energy. wwwww MANAWA ENERGY#17Discontinued Operations EBITDAF 60 60 50 40 40 Discontinued Operations - FY-21 to FY-22 5.6 0.6 47.6 -2.1 44.5 43.5 -3.0 30 20 20 10 110 . • IFRS15 (non-cash capitalisation & amortisation of direct customer acquisition costs) differential primarily driven by higher selling prices for customer incentives. Operating costs mainly relates to increased customer incentives compared to COVID-impacted FY- 21. Retail sale costs are those one-off project expenses that relate specifically to the sale transaction. 0 FY-21 Discontinued IFRS15 Customer margins Operating costs Operations FY-22 Normalised Discontinued Retail sale costs FY-22 Discontinued Operations EBITDAF Operations EBITDAF EBITDAF wwwww MANAWA ENERGY#18Continuing Operations EBITDAF Continuing Operations - FY-21 to FY-22 180 170 160 156.7 150 140 130 1.0 5.4 -1.6 8.3 -1.7 1.0 164.0 -5.1 -4.3 159.7 • Energy margin variance was driven by higher inflows (albeit materially below average) than the pcp, and higher wholesale prices. Carbon revenue is due to carbon credit inventory revaluations. Generation operations cost increase was driven by higher level of works compared to COVID-impacted FY-21, as well as higher insurance costs, and recharges from Corporate. Retail sale costs are those one-off expenses incurred due to the sale but not directly relating to the sale (e.g., establishment of Manawa Energy and separation activities). wwwww MANAWA ENERGY 120 FY-21 Continuing Energy margin Carbon revenue Customer Transmission margins revenue Other revenue Operations EBITDAF Generation operations costs Other costs FY-22 Normalised Continuing Operations EBITDAF Retail sale costs FY-22 Continuing Operations EBITDAF#19CAPEX 50 45 40 35 30 25 20 20 15 10 10 5 FY21 FY22 • • • Asset investment in FY-22 included significant works at Waipori, Highbank, Branch, Matahina, and Cobb schemes. New development spend mainly related to the purchase of land and monitoring equipment. Other includes corporate technology, regulatory/environment and Retail sale costs including hardware and building fit- out costs. ■Generation - stay in business ■Generation - enhancement ■New Development Retail technology Other Note: Enhancement capex includes stand-alone enhancement projects as well as life cycle projects that include an enhancement of output alongside the replacement and life extension of the existing asset MWANA MANAWA ENERGY#20Debt Capital Management March 2022 ($m) $353 $58 $362 Post June 2022 dividend payment ($m) $79 $291 ■ Bank ■Senior Bonds ■ Unutilised Bank ■ Bank $353 ■ Senior Bonds ■ Unutilised Bank • Majority of the bank facilities. maturing in July 2022 to be repaid Senior bond maturing in December 2022 planned to be refinanced with similar sized issue • Medium term capital structure will flex to ensure sufficient capacity for growth • Alternative funding sources will be considered for new developments MWWW MANAWA ENERGY#21Dividends FY-22 final ordinary dividend (fully imputed) of 16cps (~$50m). Note 1 • Bringing FY-22 total ordinary dividends to 33cps. • Special unimputed dividend of 35cps (~$110m) has been declared. Note 1 Note 1 Both the final ordinary dividend and the special dividend will have a record date of 10 June 2022 and a payment date of 17 June 2022 MAN W MANAWA ENERGY#22Introduction to Manawa Energy N MANAWA ENERGY#23Introduction to Manawa Energy Our core focus is growth though the development of new renewable generation assets - primarily wind and solar, as well as optimising and enhancing our existing generation assets Manawa Energy consists of: • 25 hydro schemes with geographic spread across NZ and operating capacity of ~498MW Approximately 680 commercial & industrial customers • ~240 employees (FTE) A dedicated new generation development team 1 includes 5 King Country Energy (KCE) hydro schemes. Manawa Energy owns 75% of KCE. Refer to page 41 for further details on KCE MWANA MANAWA ENERGY#24Board of Directors Paul Ridley-Smith Board Chair & Non-Independent Director Joanna Breare Independent Director Sheridan Broadbent Independent Director Peter Coman Non-Independent Director Kevin Baker Non-Independent Director Michael Smith Non-Independent Director • We had various changes to the Board of Directors and the Executive Team throughout the year wwwwww MANAWA ENERGY#25Leadership Team David Prentice Chief Executive Catherine Thompson General Manager Regulatory & Risk Phil Wiltshire General Manager Corporate Services ● 3 new executives appointed to the Manawa team in late FY22 The new team brings strong and relevant capabilities across energy sector strategy, regulatory, M&A and finance Rob Buchanan General Manager Growth & Trading Stephen Fraser General Manager Generation Matt Van Deventer General Manager Technology & Delivery MWWW MANAWA ENERGY#26Strategic Context • With the New Zealand economy expected to continue de- carbonising, demand for electricity is expected to grow by 50% over the next 20 years. This growth in demand underpins our strategy of investing in the development and delivery of new renewable generation capacity The market is undergoing change and will continue to do so as we progress through our decarbonisation journey. With this change comes uncertainty and disruption - we are seeking to understand the impact, opportunities, and risks this disruption presents.. We expect price volatility to grow as intermittent generation becomes a larger proportion of the overall mix. Peaking or storage capacity (e.g., our hydro portfolio) will become even more valuable. MANAWA ENERGY#27Strategic plan overview Generation Develop a large portfolio of options. Pursue partnerships with established participants. Focus on areas we can lead the market, such as solar and wind development. Growth Market channels Develop long-term relationships with customers through enhanced product offerings. Utilise relationships with customers to support generation investment. Investigate opportunities at grid-edge. Operational Excellence Market channels Plan and optimise our wholesale risk position in the long-term. Identify the highest value customers for our energy portfolio. Generation Deliver on our established value protection and enhancement strategies. Optimise our existing portfolio through improved decision-making capability. Critical Enablers Technology and innovation Embed a digital mindset in the business. Optimise our systems following retail sale. Use data and automation to enhance our decision-making and create value. Culture and capability Create an environment that brings out the best in our people. Plan for the future to ensure we have the capability we need to succeed. Baseline Excellence Sustainability - Health, Safety and Wellbeing - Reputation and Brand - Iwi Relationships - Business Performance and Financial Management.#28New developments strategy and ambition • We are taking a flexible approach to new development - pursuing our own projects in addition to partnerships and joint ventures with existing developers. - • Our existing assets, capability, and access to capital means we are well placed to take. development concepts through to execution. • This makes us an attractive partner to both. developers and end-use customers - which is being demonstrated by the regular enquiries we are receiving from developers and potential partners. Artist impression of Hawke's Bay Airports proposed solar farm MWww MANAWA ENERGY#29New development pipeline • We have over 30 new solar and wind developments under active consideration, including four solar projects in the feasibility stage. • While the total potential capacity of this pipeline is significant, we are taking a disciplined approach. • Our focus to date has been on securing a wide range of options, given significant development activity in market. • We are now beginning to focus on execution of some of our more advanced options, with the range of structures being considered demonstrating our flexible approach: • c120MW grid connected solar project near Thames, with the consenting process, including community and iwi consultation commencing shortly MoU executed for a joint venture with Hawke's Bay airport in respect of a 24MW solar development on airfield land Advanced stage of consenting in respect of a grid scale solar project in Northland, with potential offtake to a large C&I customer MANAWA ENERGY#30Portfolio Management Long-term hedge with Mercury will provide revenue certainty for the near-term, while providing increased freedom to develop a balanced sales portfolio over time. • As this declines, we will create revenue certainty through developing long-term relationships with potential partners (e.g., large energy users or electricity retailers) and other customers. • We will focus on identifying customers where we can build long-term partnerships and work with these customers to provide products that maximise value for both us and them - exploring new products and business models. Our platform sets us apart We can provide tailored renewable energy solutions for large New Zealand energy users New generation development Manawa hydro portfolio and trading expertise providing firming capability Large energy users seeking firmed renewable energy MWWW MANAWA ENERGY#31Capability to Deliver We have been here before. We pioneered wind development in New Zealand and Australia, including the Tararua and Mahinerangi projects in New Zealand and Snowtown 1&2 in Australia and have retained much of that expertise. In addition we have: • • • • • Supportive, experienced major shareholder Leadership team with significant relevant experience Significant and flexible funding ability Strong existing community and regulatory relationships Diverse portfolio of existing flexible and geographically dispersed generation which will allow us to deliver firmed renewable generation solutions to major industrial energy users маиша MANAWA ENERGY#32Regulatory and Policy Engagement Key Matters Status Manawa Energy Position Transmission Pricing Methodology Final TPM published - will apply from 1 April 2023 Wholesale Energy Market Review Remains underway. Anticipate any code changes to be progressed in 2022 9th August Scarcity Event Number of reviews and investigations undertaken Freshwater Reform NPS:FM effective August 2020. Implementation into regional policy scheduled for 2024. Judicial Review decision remains Regulatory stability Support enduring Continue to seek explicit pending. important to enable improvements to recognition of scarcity event Manawa hydro arrangements. assets. investment. Changes need to be well-justified. National Energy Strategy Development will kick off second half 2022 Opportunity to provide clear direction for energy transition, including aspirational 100% RG target Resource Management system reform Remains underway Opportunity to ensure framework supports decarbonisation • • Prioritise decarbonisation and electrification and support an orderly energy transition; Preserve existing renewable generation and enable investment in new renewable generation and technologies, including via ensuring an efficient and well- functioning wholesale market and supportive resource management statutory framework; Seek to ensure all three pillars of the energy trilemma (reliability, affordability and sustainability) are balanced. wwwwww MANAWA ENERGY#33FY23 Outlook & Guidance N MANAWA ENERGY#34Trading Conditions Trading conditions in the first six weeks of FY-23 have been challenging owing to continued dry conditions resulting in low hydro. inflows and low wind production, combined with high wholesale prices • We also note that hydrological and wind conditions can change quickly, and annual production tends to be less volatile than monthly production малиша MANAWA ENERGY#35Outlook • New generation is expected to provide incremental earnings in the medium term Near term capital expenditure. will remain elevated We expect to invest further in both capital spend and opex relating to new generation projects Refinancing of bank facilities. and retail bonds to commence in Q2 of FY23 MANAWA ENERGY#36FY-23 Guidance Manawa Energy expects FY-23 EBITDAF to be in the range of $140m - $160m. This is underpinned by the following assumptions: Mass Market Retail business sale completed on 1 May 2022 • Generation volumes of ~1,915 GWh Wholesale prices in line with current forward pricing • C&I retail volumes of ~1,300 GWh Average hydrological conditions No material adverse events ACOT contribution of ~$17.1m We expect CAPEX in the range of $45m - $55m. This is comprised of the following expenditure: • $15m - $19m of Generation asset maintenance and lifecycle, including King Country Energy assets • $22m - $26m for Generation asset enhancements and growth $8m $10m for technology, regulatory, environmental, and other capital expenditure Note: Enhancement capex includes stand-alone enhancement projects as well as life cycle projects that include an enhancement of output alongside the replacement and life extension of the existing asset MWWW MANAWA ENERGY#37Thank you Investor contact: [email protected] Media contact: [email protected] M MANAWA ENERGY#38Questions How to ask questions: While you're attending the webcast there are integrated features on the platform which allow you to send questions to the presenters. You can either ask questions via the Q&A feature and type your question, or you can use the Raise Hand feature if you would like to verbally ask your question to the presenters. If you are dialling in via the dial-in phone number, you can only ask questions verbally using the Raise Hand feature. How to use the Q&A feature: Click on the Q&A button and type your question and press the send button to submit. When the presenters are ready to answer your question, they will either answer it live, or they will reply in the Q&A feature where you will be able to read their response. How to verbally ask your question online: Press the Raise Hand button. When the presenters are ready to answer your question, they will acknowledge and unmute you, so you are able to ask your question. How to verbally ask your question via your phone: If you have dialled in via the phone number you can press *9on your phones dial pad which will raise your hand, the presenters will acknowledge and unmute you when they are ready for your question. MWWW MANAWA ENERGY#39Additional Information M MANAWA ENERGY#40Key Facts Manawa Energy is Aotearoa New Zealand's largest independent* electricity generator and renewables developer, with 26 power schemes throughout New Zealand and a total installed capacity of 498MW producing an average of 1,940 GWh of electricity per year. Its commercial and industrial electricity business supplies around 680 customers at more than 14,000 electricity connections nationally, currently supplying ~1,220GWh per annum. Headquartered in Tauranga, Manawa Energy was created after the sale of Manawa Energy's Mass Market Retail business in 2022. * By independent we mean without an integrated mass-market retail business MWWW MANAWA ENERGY#41King Country Energy Manawa Energy owns 75% of King Country Energy (KCE) and consolidates KCE into the Manawa Energy Group KCE consists of: • 5 hydro schemes being, Mangahao, Kuratau, Wairere, Piriaka and Mokauiti • Long run average production is 190 GWh (approx. 10% of total Manawa Energy production) KCE manages their hedge book independently of Manawa Energy Key commercial arrangements: • Manawa Energy operates and maintains the KCE schemes under a long term Operations & Maintenance Agreement • Manawa Energy manages the despatch of the KCE scheme generation • KCE and Manawa Energy do not have a PPA (Power Purchase Agreement) Mwww MANAWA ENERGY#42Non-GAAP Measures Underlying Earnings is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Trustpower believes that this measure is an important additional financial measure to disclose as it excludes movements in the fair value of financial instruments which can be volatile year to year depending on movement in long term interest rate and or electricity future prices. Also excluded in this measure are items considered to be one off and not related to core business such as changes to the company tax rate or impairment of generation assets. EBITDAF is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of performance as it shows the level of earnings before impact of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies across the sector. The EBITDAF shown in the financial statements excludes the Australian business which is a discontinued operation. Reconciliation between statutory measures of profit and the two measures above, as well as EBITDAF per the financial statements and total EBITDAF, are given below: Profit after tax Fair value losses / (gains) on financial instruments Changes in income tax expense in relation to adjustments Underlying Earnings After Tax Operating Profit Continuing Operations Fair value losses / (gains) on financial instruments Depreciation and amortisation EBITDAF Continuing Operations 2022 2021 119,813 30,737 (43,442) 83,508 12,164 (23,382) 88,535 90,863 182,639 50,033 (43,442) 83,508 20,524 23,122 159,721 156,663 Operating Profit Discontinued Operations 17,535 21,284 Fair value losses / (gains) on financial instruments Depreciation and amortisation 26,956 22,220 EBITDAF Discontinued Operations 44,491 43,504 MWww MANAWA ENERGY#43Mass Market Retail sale - indicative financial impact The sale of the Mass Market Retail business was completed on 1 May 2022. In the 31 March 2022 financial statements the mass Market Retail meets the definition of a discontinued operation under NZ IRFS 5 (Non-current Assets Held For Sale and Discontinued Operations). As the transaction occurred after balance date, the gain on sale has not been recognised in the financial statements. Details of the indicative effect of the sale are disclosed in the financial statements as a subsequent event. Sale price including estimated working capital Carrying amount of net assets sold Indicative gain on sale before transaction costs Costs of disposal Indicative gain on sale $000 467,438 130,684 336,754 3,049 333,705 The indicative gain on sale calculated above reflects the working capital that would be included as part of the sale if settlement was 31 March 2022. Manawa Energy is retaining the accounts payable, other than employee entitlements, relating to the mass market retail business on settlement. This working capital adjustment will differ based on the working capital transferred on the actual completion date. Due to the proximity of the sale date to the issue of the financial statements, final working capital and asset values and the resultant gain on sale have not yet been determined. Mercury NZ Limited and Manawa Energy signed a pre-agreed electricity price contract for difference on 2 May 2022 which approximates the volume used by the mass market retail business until 2025 before reducing each year until it matures in 2031. This contract for difference was taken into account when the sale and purchase agreement was negotiated and was transferred at $1 in that agreement. Immediately following the completion of the sale, the fair value of this contract for difference resulted in a negative variance of $530m. MWWW MANAWA ENERGY#44Disclaimer While all reasonable care has been taken in the preparation of this presentation, Manawa Energy Limited and its related entities, directors, officers and employees. (collectively "Manawa") do not accept, and expressly disclaim, any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or its contents. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. All information included in this presentation is provided as at the date of this presentation. Except as required by law or NZX listing rules, Manawa Energy is not obliged to update this presentation after its release, even if things change materially. The reader should consult with its own legal, tax, investment or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not been independently verified by Manawa Energy. Some of the information set out in the presentation relates to future matters, that are subject to a number of risks and uncertainties (many of which are beyond the control of Manawa Energy), which may cause the actual results, performance or achievements of Manawa Energy or the Manawa Energy Group to be materially different from the future results set out in the presentation. The inclusion of forward-looking information should not be regarded as a representation or warranty by Manawa Energy or any other person that those forward-looking statements will be achieved or that the assumptions underlying any forward-looking statements will in fact be correct. This presentation may contain a number of non-GAAP financial measures. Because they are not defined by GAAP or IFRS, they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Manawa Energy believes they provide useful information in measuring the financial performance of the Manawa Energy Group, readers are cautioned not to place undue reliance on any non-GAAP financial measures. This presentation is for general information purposes only and does not constitute investment advice or an offer, inducement, invitation or recommendation in respect of Manawa Energy securities. The reader should note that, in providing this presentation, Manawa Energy has not considered the objectives, financial position or needs of the reader. The reader should obtain and rely on its own professional advice from its legal, tax, investment, accounting and other professional advisers in respect of the reader's objectives, financial position or needs. MWWW MANAWA ENERGY