2021 Investor 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 had existed in the market, older thermal plant closure has brought better balance Demand growth in the last decade has been modest, strong outlook from decarbonisation $2b of new renewable builds are being progressed Meridian. NOVEMBER 2021 2021 INVESTOR PRESENTATION 5

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