2021 Investor Day Presentation

Portfolio tracking Portfolio length is decreasing ■physical generation TWh hedging mass market sales C&I sales NZAS sales financial sales 1H FY21 18 +2.5 +2.6 +1.5 +1.7 17.0 +1.7 +0.7 15.5 15.3 14.8 14.9 14.8 2.7 15 1.1 1.6 13.3 2.0 13.8 12.3 12.3 2.2 2.5 2.2 12 2.3 1.3 1.6 5.4 9 5.3 5.0 5.0 5.0 13.7 13.3 13.6 14.2 6 12.5 3.0 2.2 2.0 2.2 2.3 3 3.8 3.7 3.8 3.9 4.3 0 generation sales generation sales generation sales generation sales generation sales 2016 2017 2018 2019 2020 Financial Year ended 30 June Meridian. Source: Meridian 11 MAY 2021 2021 INVESTOR DAY PRESENTATION 43

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