Investor Presentaiton

Continuing 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

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