Investor Presentaiton

Transition in the New Zealand electricity system Decarbonisation of the economy will require significant electrification Moving to a near fully renewable electricity system will require dry year risk solutions Demand side participation is growing, and hydrogen offers an interesting opportunity Generation by fuel type TWh 12 10 dry swing ■ Hydro ■ Coal 8 +1.3 Gas 6 Geothermal 4 -1.3 Wind 2 Other Sep 22 quarter (wet) Sep 20 quarter (dry) Meridian. 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 3

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