NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION

Market pricing Meridian average generation price $/MWh 200 150 123 89 100 83 50 173 130 itili, 2018 2019 2020 2021 2022 2023 Financial Year ended 30 June Meridian. Unit electricity costs (real) c/KWh 35 30 25 25 62 20 (Q1) Source: Meridian Otahuhu ASX futures settlement price $/MWh 15 -Residential Commercial -Industrial excluding GST excluding GST 10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 270 245 220 195 170 145 120 95 70 Q4 2022 Q2 Q4 2023 2023 Q2 Q4 Q2 2024 2024 2025 30 June 2021 30 June 2022 Q4 Q2 Q4 2025 2026 2026 26 October 2022 Source: ASX Source: Ministry of Business, Innovation and Employment NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 9

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