NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION

New Zealand electricity market New Zealand's hydro generation is managed against limited controlled storage Bulk of hydro inflow is anti-correlated to winter demand peak ■ Thermal capacity and fuel storage has historically managed potential hydro inflow deficit and other renewable intermittency Efficient and well-functioning wholesale market manages this supply risk Significant oversupply has existed, older thermal plant closure has brought balance ■ Demand growth in the last decade has been modest, strong outlook from decarbonisation $2.3B of recent or in progress renewable builds Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 7

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