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Investor Presentaiton

CAPEX 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

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