Investor Presentaiton

Mass 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

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