Investor Presentaiton

The challenges Government price settings on the ETS materially lag the Climate Change Commission's recommendations Resource management legislative reforms risk unintended consequences Driving too early towards a 100% renewable electricity grid and related interventions on dry year risk could distort investment signals Smelter exit could further supress demand NZU spot price and ETS settings $/tCO2e 250 200 150 100 Meridian. 50 2022 2023 2024 2025 2026 2027 2028 Govt price trigger Dec 22 NZU spot CCC price trigger (tier 1) July 22 advice CCC price trigger (tier 1) April 23 advice Source: Ministry for the Environment, Climate Change Commission 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 8

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