2021 Investor Presentation

New Zealand electricity market Generators Industrial users Distribution 5 major generators (all listed, 3 majority Govt owned) 1 big industrial user (Rio Tinto/Sumitomo smelter), ~13% of national demand Annual consumption 2% Transmission Substations 1 transmission grid owner (state owned) 29 distribution businesses (various ownership structures) Sources: Electricity Authority and Ministry of Business, Innovation and Employment 35% 7% Meridian. (June 2021) Residential Commercial 32% Agriculture Industrial Other 24% Agriculture includes forestry and fishing Retailers 44 retail brands Annual generation 13% 8% 0% 6% 1% 1% 18% Businesses (June 2021) Households 2.1 million consumers (41 TWh pa) Hydro ■Geothermal ■Biogas Wood 53% Wind ■Solar ■ Oil Coal Gas Waste Heat NOVEMBER 2021 2021 INVESTOR PRESENTATION 4

View entire presentation