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Agenda

Agenda
Topic	Presenters
Welcome, recap of FY21 and strategy overview	Mike Fuge
Theme 1: Grow demand	James Kilty
Morning tea
Theme 2: Grow renewable development	James Kilty
Theme 3: Decarbonise our portfolio	Jacqui Nelson
Theme 4: Create Outstanding Customer Experiences	Matt Bolton
Enabling our strategy	Catherine Thompson, Jacqui Nelson, Jan Bibby
Our investor value proposition	Dorian Devers
Q&A
Lunch and technology showcase
Tauhara site and rig visit

Presenting

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Mike Fuge CEO

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James Kilty Deputy CEO

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Jan Bibby Chief People Experience Officer

Dorian Devers CFO

Jacqui Nelson Chief Generation Officer Catherine Thompson Chief Corporate Affairs Officer and General Counsel

Matt Bolton Acting Chief Customer Officer .

Welcome, recap of FY21 and strategy overview

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2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand

Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

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2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Our past strategy focused on efficient operations and use of capital

Profitable operations Operating free cash flows per MWh, $/MWh

Strong cash conversion

Operating free cash flows as a proportion of EBITDAF, %, 3-year average

Reducing our cost base

Other operating costs and SIB capex, $M

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33 33
30
21
Peer 1 Contact Peer 3 Peer 2
Energy
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65 64
50
47
Peer 1 Contact Peer 3 Peer 2
Energy
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-37%

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391
357
301
272
248
FY16 FY17 FY18 FY19 FY20
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Strong cash flow generation per unit despite higher cost thermal generation assets in our portfolio

Strong conversion of operating earnings into cash flow, highlighting capital discipline

Controllable CAPEX and OPEX removed through our continuous improvement program

This discipline has delivered stable EBITDAF over the past four years, despite volatile wholesale markets and rising thermal fuel costs

In line with our mean EBITDAF of $480m p.a. and beating our operating free cash flow target

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EBITDAF , $M, continuing operations rolling 12 months average
FY18 FY19 FY20
449 459 465 468 497 509 509 510 510 506 499 497 505 502 492 479 450 445 448 446 446 451 449 454 451 457 466 487 491 480 476 485 492 496 513 Ø 478
Average
Financial year end
circled
Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21
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Net debt has reduced by $408m between 30 June 2018 and 31 December 2020 positioning us well

At the same time, we have developed or acquired distinctive capabilities to position us for growth

Strong geothermal capabilities

Geothermal generation cash-costs excluding transmission, $/MWh

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-2% p.a.
~30%
19
17
FY15 FY16 FY17 FY18 FY19 FY20 Peer
estimate [1]
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Geothermal fixed costs believed to ~30% less than major peers

Operational excellence program achieved 2% p.a. cost reduction off-setting carbon price increase and inflation

Strategic acquisitions and partnerships to build capability

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Strategic acquisitions and partnerships with distinctive capabilities to meet our electrification and development targets

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Enhanced customer experiences driving highly
engaged customers
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Retail NPS, %
+43
35
14 15 14
-8
-3
FY15 FY16 FY17 FY18 FY19 FY20
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Digitisation of key touchpoints and growth into new adjacencies supporting rapid net promoter score (NPS) growth

Based on annual reports total generation cash-costs weighted by the relative capacity of each technology

Two structural shifts impact the NZ electricity market

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Decarbonising
1
the economy
End of NZAS
2
supply agreement
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1. Decarbonisation imperatives and technology improvements will accelerate electricity demand growth

The Climate Change Commission expects electricity demand to grow to meet climate targets Electricity demand, TWh[1]

Key drivers of decarbonisation

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45
Increased focus on climate change globally
~40%
including from the NZ government and consumers,
EVs
e.g. Climate Change Commission
0% p.a.
Increasing carbon and gas prices 40
~40%
Industry
Competitive electricity costs
against alternatives 35
Falling technology costs
including renewables, electric boilers, ~20%
electrolysers and electric vehicles (EVs) Buildings
0
2010 12 14 16 18 20 22 24 26 28 2030
Key drivers
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Source: Climate Change Commission 2021, Contact Energy analysis

Assumes demand equivalent to NZAS is operating

2. Decarbonisation provides the opportunity for growth

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6 Change in electricity demand and supply, TWh
5 Demand, NZAS exit
Demand, including NZAS
4 Implication
New supply (cummulative)
for Contact
3
2.0 Our imperative is to
2 +6 TWh
1.3 1.4 deliver on our commitment
0.9 to decarbonisation and grow
1
demand by electrifying
0 NZ and decarbonising
new global industrial
-1 -0.8 -0.8 supply chains
-0.8 -0.8 -0.8 -0.8
-2
-3
2021 22 23 24 25 26 27 28 29 2030
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Note: New supply includes Turitea (2021, 2022),, Tauhara (2023), and Harapaki (2024). Assumes decommissioning of TCC (2023) and Huntly (2025). Source: Climate Change Commission Draft Report 2021, Contact Energy analysis

Decarbonisation and the end of the NZAS supply agreement could leave the electricity market looking very different by 2030

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How the electricity market will change?
Baseload thermal exits , with low
utilisation for remaining thermal assets
The energy transition
will be bumpy with periods of
Intermittent renewables will dominate the generation mix, increased volatility
with geothermal as the only baseload generation source
Winners will attract new
demand with long-term PPAs
recovering investment costs
Batteries and large-scale demand flexibility will supplement existing
hydro reservoirs and thermal peaking plant to maintain the energy balance
Long-term PPAs secured to supply large sources of demand
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We are best positioned to enable decarbonisation

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New Zealand’s best renewable Proven decarbonisation development pipeline growth platform We have a pipeline of options for high-quality renewable Combining Simply Energy with our developments unmatched by peers, deep market knowledge, and strong with the added benefit of NZ’s only retail brand brings the experience baseload renewable pipeline of and capability to lead the energy ~3 TWh geothermal* transition with innovative customerled solutions

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Leading NZ thermal generation transition

We have led the economic substitution of almost 3 TWh of thermal generation over the last 15 years (twice as much as all our peers combined), while developing advanced trading capabilities and systems to manage changes to our commodity risk position

Low-cost, innovative operations

We have a track record of sustainably reducing costs across the business, with lowest cost geothermal and retail cost-to-serve

Largest NZ electricity brand

We are NZ’s largest electricity brand, catering to changing customer needs with a great customer experience

Future-focused capabilities

Our capabilities will support our growth with major projects, business development and digital & analytics skills recently added

*:Includes Tauhara which is currently under construction

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We’re ready to drive New Zealand’s decarbonisation:

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Our strategy to lead NZ’s decarbonisation

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Strategic Grow Grow renewable Decarbonise

theme demand development our portfolio Objective Attract new industrial demand with Build renewable generation and Lead an orderly transition globally competitive renewables flexibility on the back of new demand to renewables

Create outstanding customer experiences

Create NZ's leading sustainable energy brand that will support renewable development ambitions

ESG : create long-term value through our strong Enablers performance across a broad set of environmental, social and governance factors

Operational excellence : continuously improving our operations through innovation and digitisation

Transformative ways of working : create a flexible and high-performing environment for NZ's top talent

Outcomes

Growth Pivot our business to a new growth era that captures the value unlocked by decarbonisation

Resilience

Deliver sustainable shareholder returns, aligned with our ESG commitment

Performance

Realise a step-change in performance, materially growing EBITDAF through strategic investments

We have set ambitious measures of success across our strategic themes

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Grow demand

Grow renewable development

Decarbonise our portfolio

Create outstanding customer experiences

Attract new industrial Objective demand with globally competitive renewables

Build renewable generation and flexibility on the back of new demand

Lead an orderly transition to renewables

Create NZ's leading sustainable energy brand that will support renewable development ambitions

Senior in-house capability to support industry electrification partnerships by 2021

Metrics & 100 MW of new commercial and industrial demand by 2025 measures Identified 300+ MW of marketbacked demand opportunities, replacing NZAS in the lower SI by end of 2024 (e.g., hydrogen)

Tauhara online by 2023

FID on next renewable build (Wairakei, wind, and/or solar) by 2024

Decision on North Island battery by end of 2023, for delivery in 2024 100 MW demand response capacity by 2025

Complete thermal review in 2021, and executed by the end of 2022

TCC decommissioned by end of 2023

Reduce Scope 1 and 2 GHG emissions 45% compared to 2018 baseline by 2026 ȇ²

Top 10 ‘most trusted brand’ by 2025[1]

+650,000 customer connections by 2025

CTS < $120 per connection

75% of customer interactions through digital channels

As per Colmar Brunton Rep Track report, 2020 ranked 38[th]
Sbti target at 1.5 degrees.

This will be underpinned by three key enablers

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Our ESG commitment Operational excellence Transformative
Create long-term value through our Use innovation to continue to improve ways of working
strong performance across a broad business efficiency
Use technology to modernise our
set of environmental, social and
operating model
Prudent management of
governance factors
stay-in-business CAPEX to deliver value
Increase employee engagement
to attract and retain talent
Capture economies of scale
and further digitise our business
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Create value for all Contact’s stakeholders Improve cash-flows through by driving NZ’s decarbonisation proven ability to execute

Set up the right operating model to deliver on our strategic priorities

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand

Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Grow demand

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Meeting climate change commission targets will require rapid electrification and use of new fuels like hydrogen

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Climate Change Commissions emissions reductions pathway Mt CO2e Electrification of existing industries
50 Emissions New demand
Sector reduction from 2020 projected to 2035
Buildings and
Path under 66% 3 TWh
40 current policies space heat
Climate change
Commission path
2050 target (net zero) Industry
40% 5 TWh
30 and heat
12 TWh addressable
20 Transport 45% 6 TWh
10
Alongside the
emergence of +5 TWh +2 TWh
0 new industries to
2010 2015 2020 2025 2030 2035 2040 2045 2050 replace NZAS H2 Hydrogen Data centres
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Source: Climate Change Commission February 2020, MBIE 2018, Contact Energy analysis

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Contact is well positioned to facilitate NZ’s decarbonisation

Our capabilities and endowments

425 MW of geothermal 784 MW of hydro capacity

Hydrogen capability

with recent feasibility study, and upcoming pilot and EOI process

to support our customers

NZ’s best renewable development pipeline of options for high-quality renewable developments

Willingness to form long-term partnerships backed by PPAs to support customers

Electrification capability through Simply Energy

with a demand flexibility platform enabling demand response and fuel switching products to improve total cost of ownership

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Grow demand

Attract new industrial demand with globally competitive renewables

What we’ll do

Develop NZ’s hydrogen and green chemical industry

Electrify industrial process heat

Electrify space heating

Attract data centres with clean electricity

Facilitate decarbonisation of NZ road transport

In 2026

Identified +300 MW demand in the South Island to replace NZAS

100 MW of new industrial demand supplied by Contact

Extensive electrification project pipeline

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A. Hydrogen will be a critical fuel to decarbonise the global economy

Hydrogen

A light, storable and dense energy source:

Can be used without direct emissions
Can be made from low and no-carbon energy sources

Green hydrogen

Green hydrogen can contribute to a decarbonised energy future in two ways:

1.Decarbonising existing applications, e.g. fertilisers
2.Used in new applications as alternative to current fuels in hard to abate sectors, e.g. steel production, long-haul transport, aviation, space heating

We are seeing the emergence of a global hydrogen economy with over 50 GW of announced green hydrogen projects in anticipation of the opportunity.

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Global H2 demand by subsector in 2050, Mt
642
483 Existing feedstock
New feedstock
Buildings
206
Industry
Transport
Power
Hydrogen Council BP - rapid BP - net zero
22
H2 demand in selected Asian markets 2019, Mt
8
South Korea
2 Singapore
0 Japan
2020 2030 2040 2050
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*Source: McKinsey

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A. We are partnering with Meridian to study the feasibility of the green hydrogen economy in New Zealand

Advisory Board UK/USA/Australia

Three-part study

Registration of Interest process June 2021

Completion date: August 2021

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1 Market scan
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Seeking responses from:

Andrew Murphy Diana Raine

Products
Participants interested in purchasing hydrogen/green chemicals
Transportation costs
Domestic and international markets

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NZ’s possible role
Economics
Participants interested in purchasing large volumes of electricity
Carbon policies

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2 Technology & engineering assessment

Joe Powell

Participants with technology solutions
Development costs
Technology options
Participants with R&D concepts
Transportation / storage options

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Possible locations

Tim Buckley

Health and safety implications

3 Dry year role

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Market requirements

Gary Smith

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Implications for technology options
Comparison with Onslow / NZ Battery
Implications for downstream H2 markets

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A. Initial findings point to a significant opportunity for New Zealand to lead the hydrogen economy

4. Hydrogen offers a dry-year solution

1. Developing international markets for green hydrogen

Electrolysers can be designed to provide demand flexibility to support to New Zealand’s electricity market in moving toward its 100% RE goal
Global demand forecasts are high
Japan and Korea will be key importers
Green hydrogen could be a low-cost solution to solve a significant portion of New Zealand’s dry-year problem
Hydrogen is the only decarbonisation solution for countries with scarce renewables and for hard-to-abate sectors

5. A solution focus will enable a hydrogen future

2. New Zealand can lead the world

There are several uncertainties to be resolved: government support, certification of green hydrogen, technology developments, alternative fuels, and consumer preferences
New Zealand has a key competitive advantage as we can produce green hydrogen with baseload renewables at an internationally competitive price
New Zealand’s abundance of low-cost renewables can support long-term growth
Growing global support and capability will address these uncertainties

6. Government support would bridge economic gaps

3. This will be a transformational economic change

Green hydrogen is projected to remain more expensive than conventional sources of energy in the medium-term
New Zealand’s competitive advantage provides an opportunity to create an entirely new industry with long-term economic value
Bridging this cost differential will require government support, but it will be critical to meet global decarbonisation goals
Developing a hydrogen economy will help to decarbonise both international and domestic markets

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Report to be published June 2021

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A. Hydrogen projects are accelerating globally with >200x growth until 2030

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50.1
Global electrolyser projects (announced) [1 ] GW
43.8
~50 GW
38.4 March 2021
32.2
25.8
Capacity installed as of 2020
~240 MW 20.8
~28 GW
Jun 2020
11.3
6.8
3.8 ~3 GW
1.6
0.1 0.2 Jun 2019
2019 20 21 22 23 24 25 26 27 28 29 2030
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For projects without known deployment timeline capacity additions were interpolated between known milestones Source: McKinsey Hydrogen Project Database

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A. Our next steps in hydrogen

This year we will

Assess New Zealand’s hydrogen opportunity

Investigate the feasibility of large-scale renewable energy hydrogen production in New Zealand

Determine the benefits of using hydrogen for dryyear energy supply management

Seek expressions of interest for offtake

Explore appropriate incentive mechanisms to kickstart the hydrogen economy

Investigate potential business models and partnerships

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29
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WORKING DRAFT

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B. Electrification of food industries can bring +13 TWh of new demand, abating ~3% of NZ carbon emissions

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Dairy, meat, and food manufacturing can
be the most readily electrified
48.1 TWh
7.6 Other
2.5 Non-metallic minerals
9.7 Petroleum, chemicals
& rubber
15.7 Wood, pulp & paper
2.0 Meat
2.1 Retail food
8.5 Dairy
Energy consumption, TWh
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Process heat overview

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35%
NZ energy emissions
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55%

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Supplied by burning fossil fuels
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68%

Process heat comes from boiler systems

+12.6 TWh

Total energy demand identified to decarbonise key process heat industries[1]

5 TWh

Expected additional electricity from process heat by the Climate Change Commission by 2035

Includes all coal and natural gas use in dairy, meat processing, and other food processing Source: MBIE Process Heat fact-sheet

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B. Process heat is a profitable source of energy as carbon costs rise Increasing carbon prices will drive further coal boiler electrification Break-even for 15MW coal boiler electrification

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Key assumptions Breakeven electricity price, $/MWh
Climate Commission 2030 ETS target
Capex: 100
$18/MWh for electric Current carbon price Firmed renewables LRMC
$35/MWh for coal
80
Non-fuel Opex:
~$0/MWh for electric
$15/MWh for coal 60 Unfirmed renewables LRMC
Coal price:
40
$6.5/GJ
Electricity network charges:
$26/MWh 20
Life: 20 years
WACC: 7%
0
Carbon price, $/tCO2e
20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150
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Source: Climate Change Commission 2021, Contact Energy Analysis

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C. Space heating is a major part of New Zealand’s energy use

The Climate Change Commission’s decarbonisation pathway will see a 14% increase in electricity use for space heating

Building emissions pathway Energy use , TWh

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40
35
30 ~3 TWh
25 expected demand
+3
growth from space
20 heat electrification
15 Demand avoided through by 2035
efficiency improvements
Gas
10
Coal
5
Biomass
Electricity
0
2010 15 20 25 30 2035
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Source: Climate Change Commission February 2021

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C. Heat pumps will soon be economic with gas boilers as carbon costs continue to rise Increasing carbon prices will drive further space heating electrification Break-even for heat pumps vs. high efficiency gas boilers

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Key assumptions Breakeven electricity tariff, $/kWh
Climate Commission 2030 ETS target
Installed cost annualised:
$410 for gas 0.8
$610 for electric Current carbon price
Maintenance cost annualised:
$70 for gas 0.6
$105 for electric
Energy used for 225m2 space:
0.4
15 MWh of gas
Current
10 MWh of electricity average
SME tariff
Gas boiler properties: 0.2
Heat rate 7.5 GJ/MWh
Carbon rate 0.4 t/GJ
Life: 15 years
0.0
WACC: 7% 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150
Carbon price, $/tCO2e
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Note: Assumes 3 one-ton split units for heat pumps with 16 year lifespan, 15 year lifespan for gas boilers, load to heat ~225 m[2] space, current residential gas tariff of ~$0.13/kWh remains constant Source: NREL Electrification Fuel Survey, MBIE, Climate Change Commission, Contact Energy Analysis

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D. Contact is partnering to supply a 10MW data centre in the lower South Island

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https://www.youtube.com/watch?v=nlGGFNgUwic

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D. Data processing will drive increased electricity demand as the world becomes more digitised

The global cloud data centre market is growing as more processing moves to the cloud

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Worldwide Installed Cloud Data Center Capacity
Success factors for data centres
million m [2]
Reliable green electricity supply
100
Rigorous data sovereignty laws Data centres
which promote data centre common in countries with
80
onshoring large-scale hydro, with
industrial electricity prices
linked to aluminium markets
60 Access to major international
data connections
40
Close to centre of load to
20 decrease latency
0 2013 14 15 16 17 18 19 20 21 22 2023 Cold climate to reduce cooling costs
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Source: Size of the Digital Universe (IDC/EMC, Apr 2014); Visual Networking Index (Cisco, Feb 2016); Data Center Forecast (Gartner, Q2 2014); Global Power and Cooling in the Data Center Market (Frost & Sullivan, May 2015); Worldwide Datacenter Installation Census and Construction Forecast, 2019-2023 (IDC, Apr 2019)

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E. Electric vehicles use is expected to grow quickly in New Zealand once economic, driving higher electricity demand

The Climate Change Commission path expects EV electricity demand to grow quickly, reaching ~6 TWh by 2035

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No new conventional cars
EV Electricity demand, TWh (approx. Million EVs)
entering NZ’s fleet
6 (3) ~6 TWh
expected demand
growth from electric
vehicles by 2035
4 (2)
Battery electric vehicle TCO [1] expected
to break-even with petrol cars
> 400 new models launched
2 (1)
Government announces all
government fleet to be EVs
0
2010 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 2035
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Total cost of ownership = all costs associated with owning the vehicle, including purchase, maintenance and fuel Source: Climate Change Commission 2021, IHS Automotive, McKinsey Powertrain Model

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We are actively working to capture opportunities to drive decarbonisation

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The time is now: with NZAS exit in 2024, increasing carbon prices, and new technology we are at a tipping point

The scale opportunities lie in hydrogen, boiler electrification, and data centres as we can capture additional value from flexibility and demand profiles

We have built a knowledge of decarbonisation and have the capabilities to partner with industry to deliver projects

Decarbonisation panel

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James Kilty Deputy CEO

Andy Sibley Simply Energy Chief Business Officer

Morning tea

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

New generation

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The renewable generation market is evolving: The right renewables are an attractive investment

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Falling renewable technology costs
Levelised cost of energy
-77%
-34%
2010
2018
Solar PV Onshore Wind
Renewables economics have
improved, potential for attractive
returns against carbon based
alternatives
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Demand growth accelerated
by decarbonisation
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It is important to be ready to meet this opportunity

Renewable electricity aspirations

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IMAGE TO BE REPLACED
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New renewables and low-carbon flexibility sources needed to operate highly-renewable system

Source: IRENA 2020

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We have the core capabilities needed to grow renewable generation

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----- Start of picture text -----

High quality resource
consents and pipeline World-class geothermal operator
~3 TWh
30-40%
p.a. of geothermal generation
lower fixed costs than our peers
Roaring 40s wind partnership Operational excellence
provides access to sites 37%
reduction in controllable costs in last five years
~1 GW
Long-term wind pipeline
Western Energy acquisition
Solar partnership under development
to continue to drive geothermal efficiency gains
to access international expertise and technology
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Grow renewable development

Build renewable generation and flexibility on the back of new demand

What we’ll do

Build Tauhara to extend our geothermal capacity
Grow our generation footprint through Wairakei geothermal
B replacement, and/or wind and solar if they are better economics
C Deploy large scale batteries

Lead the market in demand flexibility

In 2026

Tauhara is online

Wairakei replaced with most efficient combination of geothermal, wind, solar & batteries, if market conditions allow

100 MW+ demand response capacity

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A. We’ve broken ground on Tauhara and expect to complete in mid-2023

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Tauhara construction timeline
2021 Early Jan
Preparatory
15 [th] Feb
earthworks begin
Announcement of
building power station Early March
Drilling commences
March-October Mid 2021
Site earthworks Construction
of foundations
commence onsite
2022
Q3 2022 Q3 2022
Drilling completed Turbine arrives onsite
Q4 2022
Grid connection complete
2023
Mid 2023
Power station is expected
to be completed
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A. Tauhara appears to be more cost effective than other recent renewable builds or acquisitions in NZ

OUTSIDE-IN ESTIMATES

Comparison to recently announced projects / acquisitions

				Tauhara/
Project name/	Waipipi/Tilt/	Harapaki/Meridian/ Hawkes	Mercury purchase	Contact/Taupo/
Owner/Location/ Technology	Taranaki/Wind	Bay/Wind	of Tilt NZ/Wind	Geothermal
Capacity	133.3MW	176.3MW	330MW	152.5MW
Annual generation Capacity factor	455GWh 39%	542GWh 35%	1,119GWh 39%	1,250GWh 96%
Total capital	$277m	$395m	$770m	$678m
Capex/($m/MWh p.a.)	$0.61m/MWh	$0.73m/MWh	$0.69m/MWh	$0.53m/MWh
Useful life remaining	30 years	30 years	20 years	60 years1
EBITDAF	$22m	$35 - 39m	$50m	$85m
Indicative IRR	~5%	~6-7%	~2%2	~10%

Tauhara appears to offer the best NZ generation investment returns of recent investment examples

Based on Contact’s operation of the Wairakei geothermal power plant
Excludes value from development

Source: Company, Forsyth Barr estimates, Contact Energy Analysis. Note: Care needs to be taken with the comparisons above. We have taken company reported information but there are some variances including treatment of capitalised interest and how each company has assessed the forward wholesale prices

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A. We have world-class geothermal capability

Our recent geothermal developments

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Operational experience on the world’s second longest electricity producing geothermal field (Wairakei, since 1958)

Capability in construction management, consenting and stakeholder engagement

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We have maintained a dedicated, internationallyrecognised, subsurface team and continued R&D to lower the cost of operations

We believe we are New Zealand’s lowest $ cost geothermal operator[1]

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Te Huka
(2010) 28MW
Bioreactor
(2012)
Te Mihi
(2014) 166MW
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Of the large scale geothermal operators in New Zealand: Mercury and Contact.

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B. Geothermal: we will tailor investment to meet market conditions, backed by a strong pipeline of development options

Investment decisions will be based on market conditions and relative economics against other options

Low demand growth scenario

Moderate demand growth scenario (base case) $1.3b investment in new geothermal development

High demand growth scenario

$580m investment in new geothermal development

$1.8b investment in new geothermal development

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TWh
6
5
4
3
2
1
0 0 0
Tauhara Stage II Geofuture Te Huka II Tauhara Ohaaki Wairakei A&B Wairakei Binary Te Huka Poihipi Te Mihi
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
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Mean current production: ~3.3 TWh

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B. Wind: We are assessing new wind options

Build a portfolio of attractive, low-cost development options to assess for the next generation build after Tauhara

Up to 10 TWh wind generation growth is expected by 2035

Wind can play a key role in our future renewable portfolio

Roaring40s adds wind development capability

Wind generation forecast: TWh

Climate Change Commission (2021)

Hedge against technology improvements that risk our geothermal LRMC

Assessment and consenting of low-cost wind sites in an exclusive partnership

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+10
13
8 Current
additional
consents
5 total ~6 TWh
3
2021 2025 2030 2035
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Secure options, in addition to current geothermal consents, for upside demand scenarios

Experience supporting development of 70% NZ wind projects

200 MW wind options expected to be consented by mid-2024

6 sites currently in pre-consent consideration

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Source: Climate Change Commission, NZ Wind Energy Association, Roaring40s

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C. Green flexibility will be valuable as NZ’s energy market becomes more volatile

Pursuit of 100% renewables target will see thermals exit the market

Volatile wind and solar capacity will only continue to grow

Falling technology costs Battery LCOE, $/MWh

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-30%
2015 20 25 30 2035
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Green flexibility will be required as thermal exits and capacity margins reduce

Increasing volatility in hour-to-hour wholesale prices

More economic to invest in green flexible technologies than ever before

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C. Battery technology will provide attractive returns to firm electricity

Difference between maximum and minimum half hourly prices by day $/MWh, 12 month moving average

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$240
$220 High intra-day price volatility
makes grid-scale batteries
$200
economically feasible
$180
$160
$140
$120
$100
$80 Estimated battery LCOE
$60
$40
$20
$0
2010 2012 2014 2016 2018 2020 2022 2024 2026
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Our battery feasibility study

50 MW battery in the North Island

Importance of batteries will increase as wind penetration increases

Contact Energy is exploring battery OEM partnerships

Key NZAS mitigation

Potential CAPEX: ~$50M FID decision due: 2023

Source: EMI, Energy Link

D. Leading the market in demand flexibility

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https://www.youtube.com/watch?v=zDh42R2Uf-8

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D. Simply Energy is the leading provider of demand flexibility in New Zealand; we plan to grow this 10x by 2025

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Demand flexibility capacity forecast , MW
100 100
70
40
15
6
FY20 FY21 FY22 FY23 FY24 Stratford Peaker
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Our demand flexibility technology allows customers to reduce their demand when wholesale prices are high, and sell this capacity to market operators

10 MW capacity across 40 sites online , with potential for 400 MW identified

We are the largest provider of demand flexibility in NZ, through Simply Energy, with sales growing rapidly

Demand flexibility will assist in meeting the market’s needs in peak periods at the lowest cost

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Decarbonise our portfolio

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The role of thermal generation is changing in New Zealand; an orderly transition is in the interests of all stakeholders

Increasing thermal costs struggle to compete with renewables Contact gas plant fuel cost ($/MWh)

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+56%
92
76 77
62
59
Carbon
Gas
FY17 FY18 FY19 FY20 FY21(f)
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Intermittent renewables will require firming

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Renewable electricity aspirations

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Our costs are rising, and we’re at risk of being pushed off the cost curve

Thermal firming assets will be required over the next decade, hydro firming is not costless

New renewables and low-carbon flexibility sources will be needed to successfully operate a highlyrenewable system

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Decarbonise our portfolio

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2 Change in thermal generation,
3 year rolling average TWh
1
We have been
0 leading the
decarbonisation
-0.7 TWh Peer 1 of NZ’s electricity
-0.8 TWh Peer 2 sector
-1
-2
-2.8 TWh Contact
-3
FY05 FY08 FY11 FY14 FY17 FY20
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3. Decarbonise our portfolio: Facilitate an orderly transition to renewables

Decommission TCC

Lead NZ's’ thermal portfolio structure to ensure it can support security of electricity supply through the energy transition at the lowest possible cost to consumers

In 2026

TCC is decommissioned

Reduced GHG emissions by 45%[1]

Thermal assets moved to aligned ownership model

Scope 1 and scope 2 emissions compared to 2018 baseline year

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A. We expect to decommission TCC as Tauhara comes online in 2023, creating shareholder value

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95
Investment in Tauhara is lower
cost to Contact in the long-term 60-85
than continued investment in TCC
Approximate LRMC, $/MWh
~40%
TCC is approaching end of life: $80 million investment is
required to sustain operations (C6)
We are exposed to fuel price and fuel security risk,
as we are not integrated with upstream operations to
effectively mitigate these risks
Investment in Tauhara is a lower LRMC alternative
We will not undertake C6 investment to extend TCC’s life
We expect TCC to be decommissioned in 2023
High
Low
TCC * New Renewables
geothermal,
firmed wind, etc.
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TCC is approaching end of life: $80 million investment is required to sustain operations (C6)

Not time weighted, gas at $10/GJ and carbon at $40/T

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B. Flexible thermal generation still has an important role in providing Kiwis with reliable and affordable electricity

As demand grows and renewable penetration increases, the winter capacity margin will fall below optimal range, while thermal asset utilisation falls

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NZ winter capacity margin (NI), MW Gas asset utilisation , % Installed gas capacity , MW
1,200 50% 1,400
Optimal range
1,200
1,000 Capacity margin to
40%
meet peak winter demand likely
1,000 to decrease below optimal
800 range after Huntly and TCC
30% exit, dispatchable thermal will
800
still be required.
600
600 Low utilisation for thermal
20%
plants jeopardising its
400 profitability, with the risk of
400
extreme price volatility.
10%
200
200
Utilisation
0 0% 0 Installed capacity
2020 22 24 26 28 2030 2020 22 24 26 28 2030
TCC & Huntly Rankines retired, Tiwai exit Low gas asset utilisation unlikely to be economic
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Source: Climate Change Commission demand and supply assumptions, Transpower Security of Supply method

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B. Our thermal review will identify an operating model to optimise the value of our flexible thermal assets add to security of supply and benefit our shareholders

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Act on our commitment to ESG, contributing to better outcomes for our communities and the environment Ensure secure 24x7 electricity supply for Contact’s customers and all other market participants Design principles for Capture the value flexibility offers to the targeted thermal electricity market portfolio structure Provide an integrated system to support the transition to renewables by providing risk-coverage to the market and reducing price volatility Reduce fixed costs by finding cost reductions, synergies and highest-value ownership

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B. We are engaging with key stakeholders to explore establishment of ‘ThermalCo’ to achieve a return on assets and facilitate the energy transition

Structure

Process

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Ownership
Optimise ownership structure
Assets
Peakers Reserve Co-generation Fuel storage Fuel supply Upstream fuel
agreements assets
Mandate
Provide risk management Operate to fill risk Find synergies and
to the market management contracts return on assets
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Create high level design principles for new thermal structure

Agree high level design principles 2 with existing holders of thermal assets

Engage 3[rd] party to undertake and structure detailed ThermalCo structure through engagement with thermal holders and wider industry

Structure agreed by owners and regulators

Spin assets off into ThermalCo and
5 buy back PPAs to manage risk

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Create Outstanding Customer Experiences

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Our scale, presence in adjacencies, lowest cost-to-serve and strong brand position us well against our peers to add value to shareholders

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Large market share Lowest cost-to-serve Strong and trusted brand
Electricity mass market share; Percent Leader by region $/connection against peers NPS
+43
19
12
35
23
250
14
204
187
14 15 14
154 159
17
Contact Peer 1 -8
-3
Peer 2 Peer 5 Market Share
FY15 FY16 FY17 FY18 FY19 FY20
Contact Peer 3 Peer 2 Peer 1 Peer 4
Peer 3
0% 40%
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The market is becoming more competitive as customer expectations continue to change

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Retail energy market is competitive

Digital attackers and platforms are emerging with low cost-to-serve business models putting further pressure on profit margins, scale will be critical for incumbents to win

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Customers are becoming more environmentally conscious

Consumers are more conscious of the environment and are looking to minimise their carbon footprints and relate with sustainable brands

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Digital experiences are shaping customer expectations

Consumers are connecting with the world digitally and looking for new digital services

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4. Create Outstanding Customer Experiences

Create NZ's leading energy sustainability brand that will support renewable development ambitions

What we’ll do

A Continue to improve our customer experience
B Add decarbonisation and adjacent products
C
Decrease our cost to serve through simplification, growing connections and developing a strong digital platform

In 2026

Top 10 ‘most trusted brand’ by 2026[1]

+650,000 customer connections by 2026

Lowest cost to serve energy retailer, CTS < $120 per connection

As per Colmar Brunton Rep Track report, 2020 ranked 38[th]

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A-B. We are gearing up to grow in new and existing verticals, building on our strong growth in broadband, targeting 650,000 connections by 2026

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We’ve proven that we can grow
We will build on our success in broadband to grow across four verticals
into new markets and products
ICPs by fuel
Energy Telco Green homes Green transport
535
Electricity
Today Broadband N/A N/A
Gas
510
50
Insultation
493 26 Future Solar Mobile EV charging
Heat pumps
484 options Batteries Wireless internet Carbon click
12 Energy mngt.
2
65 63
65 67 Market size $6.8 billion [1] $5.3 billion [1] $2 billion $500 million [2]
by revenue
417 414 419 422
Scale and cost-to-serve advantage
Enablers
Trusted brand
of success
FY18 FY19 FY20 FY21 E Strong culture and an execution track record
Electricity Natural gas Broadband
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Aggregation of revenue of NZ majors 2. Energy provision to forecast EV load

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We will digitise to simplify our business and improve the customer experience

A track record of delivery

Our success so far

The End to End Customer Journeys program has directed our digitisation efforts toward improving customer experience, therefore satisfying customers, lowering costs, and delivering key enablers, including:

Reimagining Billing
CSR Experience
A-Sync messaging
AI-Driven Voice-to-Text and Smart IVR
Broadband experience

Our priorities going forward

In FY22 we will continue optimisation efforts but shift focus toward growth opportunities, including:

Product architecture and customer choice

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Lowest cost to serve of Tier 1 energy retailers in New Zealand.

59% of all customer interactions are completed via digital channels, up from 10% in 2019.

Contact’s mobile app is top-rated energy app in New Zealand.

Enterprise Digital strategy completed, outlining roadmap to scale digital efforts

Automating customer communications, roll-offs and price changes
Smart meter data disaggregation

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand

Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Enabling our strategy ESG, Operational Excellence, and Transformative Ways of Working

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Our strategy to lead NZ’s decarbonisation

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Strategic Grow Grow renewable Decarbonise

theme demand development our portfolio Objective Attract new industrial demand with Build renewable generation and Lead an orderly transition globally competitive renewables flexibility on the back of new demand to renewables

Create outstanding customer experiences

Create NZ leading sustainable energy brand that will support renewable development ambitions

ESG : create long-term value through our strong Enablers performance across a broad set of environmental, social and governance factors

Operational excellence : continuously improving our operations through innovation and digitisation

Transformative ways of working : create a flexible and high-performing environment for New Zealand’s top talent

Outcomes

Growth

Pivot our business to a new growth era that captures the value unlocked by decarbonisation

Resilience

Deliver sustainable shareholder returns, aligned with our ESG commitment

Performance

Realise a step-change in performance, materially growing EBITDAF through strategic investments

We have a deep commitment to ESG, which will enable us to drive New Zealand’s decarbonisation

We are taking care of our environment and communities to deliver value to all our stakeholders

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New Zealand

Acting as good stewards to conserve our environment and help communities thrive

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Shareholders

Align with shifts to grow shareholder value and manage climate risk across five dimensions

Grow our revenues

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Customers

Providing affordable access to clean and reliable electricity to power their energy needs

Reduce our costs
Maintain our licence to operate

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Employees

Being a fair and equitable workplace where our people can help drive positive change

Engage our employees
Optimise our capital allocation

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Build on our strong ESG commitments

Environment

Social

Governance

Reduce Scope 1 & 2 emissions by 45% by 2026, compared to 2018 (Science-based targets)
95% renewable generation by 2025
Displace 1 PJ industrial heat by 2024
We will reduce our impact on the Waikato river system
100% of passenger fleet electric by 2023; 100% of total vehicle fleet to be zero emissions by 2030
Support 100 community initiatives and organisations annually
Families in energy hardship supported
Committed to understanding and removing modern slavery from our supply chains
Ensure all Contact employees and contractors are paid a fair and equitable wage
40-60% gender balance throughout Contact’s board, management and workforce
Ensure no bias from our recruiting procedures
Maintain our rainbow tick accreditation
Convert all bi-lateral bank facilities to sustainability-linked loans and certify all eligible debt as ‘green’

Our operational improvement priorities moving forward

We’ve been successful at reducing our cost base

In the next horizon, we will innovate to continue to optimise our operations

Other operating costs and SIB capex , $M

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-37%
391
357
301
272
248
FY16 FY17 FY18 FY19 FY20
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Use digitisation and analytics to improve our generation, trading and customer businesses

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Improve generation operations, leveraging Western Energy, a teamof-teams approach, and best-in-class reservoir management

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Reduce fugitive emissions costs with cutting edge carbon capture and storage technology for geothermal

Transformative Ways of Working will enable Contact to attract and retain the right talent to execute on the strategy, while delivering financial benefits

A deliberate program to redesign and reimagine the ways in which we work, enabled by technology to create a great experience for our people

TWOW has 3 objectives

Our success so far

1 Good for our employees: attract and retain engaged and productive employees
2 Good for our stakeholders: sustainable and responsible operations
3 Good for Contact: improve our financial health

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30 initiatives identified delivering $4.9M in recurring benefits

Examples of TWOW initiatives

Substituting business travel with virtual meetings to increase flexibility, reduce emissions, and z reducing operating expenses
Consolidating our property footprint in Auckland and Wellington, subletting space to realise financial benefits, reducing from 4 floors to 1 in Wellington
Establishing Contact ‘villages’ to support our distributed working model and ensuring continued connectivity
A new leadership framework – Shaping our Contact Community
Upskill our people to effectively lead distributed teams
Supported teams to connect and thrive through COVID-19

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72% reduction in travel emissions

203 tonnes of Co2 saved through reduction in commuting

+29 eNPS

7.7 engagement

100% of our people on a new Windows 10 platform +51 NPS

Our stories

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The empowerment our people have gotten from being able to work from home has increased productivity. I’m a complete convert to a fully flexible work location.

Now with the awesome technology we have, I regularly join team meetings and connect with my people more often. I think I am a better leader and far more connected to the wider business.

P.S. the dog also loves the fact I get up every morning and take him for a walk during my old commuting time.

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By redesigning my ways of working my mornings have gone from leaving the house before my kids woke up 😴, to being able to walk my son to his first day of school 🥰🥳.

5/5 stars Contact.

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Allie decided to trade in living in Wellington and relocated 700kms to Waihi with her three-year-old son.

“Being able to work remotely from anywhere makes me feel trusted and respected as an employee to get my work done.

The hours I choose to work may not be the society acceptable, but it works for me and gives me a better quality of life.

2021 Highlights Overview: Introduction to Contact26 Theme 1: Grow Demand Theme 2: Grow Renewable Development Theme 3: Decarbonise Our Portfolio Theme 4: Create Outstanding Customer Experiences Enabling our strategy Our investor value proposition

Our investor value proposition

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Disciplined capital allocation will continue to be important

Investment in renewable supply

demand-supply balance key Decarbonisation growth opportunities

We will transform to support demand growth, new renewable development across technologies, and new customer products

Strategic theme

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Grow Demand

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Grow renewable development Decarbonise our portfolio

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Create outstanding customer experiences

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	Today Contact26 Reactive to decarbonisation Providing commoditised electricity to C&I customers Proactively forming partnerships with industryto electricify their energy use through long-term PPAs, gaining market share from fossil fuel providers Focus on improving operational performance, with Contact’s last power station commissioned in 2014 Invest in generation and green flexibility, starting with Tauhara followed by a pipeline of future growth options across generation technologies Generation across baseload and peaking plants, with escalating thermal fuel costs Support NZ’s security of supplywith access to generation and firming assets to meet the market’s needs with the most cost- and carbon-efficient assets Retain customers and improve profitability by digitising and improving customer experience Achieve economies of scaleby growing connections in new and existing products, supported by further simplification	Outcomes Provide a platform for renewable generation growth Deliver ROI >3% above the cost of capital on geothermal Maximise shareholder value by changing portfolio structure and reduce asset stratding risk Improve profitability per customer

Our financial strategy grows shareholder value by generating cash flows from strategic investments, backed by new demand

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Grow our business
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Generate returns on our capital investments

Fiscal discipline to maximise returns

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Build a
pipeline of
demand
Capabilities
and
endowments
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Collaborate with customers across industry to generate new demand opportunities

Use our high-quality renewable resources and distinctive capabilities to capture value from new projects

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Strategic
capital Generate
deployment and sell
Strong
Operational
cashflows
excellence
Operate our assets to meet NZ’s evolving energy needs
Actively manage channels to balance fuel risk and returns
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Continue to operate efficiently through our operational excellence program

Invest in a portfolio of projects with returns above the cost of capital

Return capital to shareholders Pay out stable and predictable dividends to shareholders with dividends between 80—100% of operating free cash flows over the preceding 4 years

$272m

$309m

4-year average Expected FY21 operating free cash ordinary dividend flows (FY17 – 20) (35 cps)

Current payout of 88% at DPS of 35 cps

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Capital allocation framework to deliver

Guiding principles

Our commitments

What this means

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Continue to attract capital

Deliver competitive shareholder returns including dividend commitment

Efficient deployment of 1 stay-in-business Capex

Invest early to reduce risk around platform and station availability in a fuel scarce market - ~$100m over 5 years above normal levels

Balance sheet strength

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Optimise existing operations and manage risk

Reduce carbon exposure
Manage market volatility during the thermal transition
Disciplined approach to sustaining capital spend
Strong operating cash flow

Invest to deliver value accretive growth

Decarbonised customer solutions
Geothermal development (IRR) >10%

Reliable ordinary dividends 2 that grow in line with cash flow delivery

Allocate capital to strategic 3 priorities, with an ability to scale down in downside scenarios Investment grade credit 4 metrics through the cycle

Pay-out ratio of 80-100% of average operating free cash-flow over the preceding 4 years (currently target FY21:35cps)

Average growth cash Capex of around $280m p.a. over the next 5 years dependent on market conditions

Growth ambitions funded off balance sheet

Contact’s policy is to distribute ordinary dividends targeting a pay-out ratio of between 80 and 100% of the average Operating Free Cash Flow of the preceding four financial years. This includes Board consideration of the sustainable financial structure of Contact including the targeting of a long-term investment grade credit rating. Dividend payments are expected to be split into an interim dividend paid in March, targeting around 40% of the total expected dividend for the financial year, and a final dividend to be paid in September. It is the intention of the Board to attach imputation credits to dividends to the extent they are available.

Growth investment funding strategy Complementing conventional debt funding and potential hybrid debt instruments, Contact has already accessed equity funding to support our base case investment programme

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Medium-term capital investment programme
(uncommitted)
50
60
30
Investments
$1,420m 700 will be sized to
580 meet the market
z
Wairakei Decarbonisation spend
Tauhara (committed) Hydro refurbishment
Battery
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Potential sources of funding

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235 244
Debt capacity pre-equity
Equity raise
Hybrid credits
Capacity through Long-life renewable
291 $1,420m EBITDAF growth (FY24) generation assets are
400 Balance
capital intensive and
require equity support
250 Wairakei investment
decision provides
balance sheet
Balance includes dividend reinvestment plan take-up, which can be increased flexibility
to support upside demand growth, and retained operating free cash flow in
excess of the ordinary dividend.
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Commitment to maintaining S&P investment grade credit rating continued.

The market will react to changes in supply and demand

While the market will balance post NZAS, our ambition is to maintain South Island demand at current levels to enable new renewable build to displace baseload thermal generation

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Potential changes in demand and supply balance over next 5 years, TWh Undersupply Oversupply
Very high-cost, economically displacable coal and diesel -1.5
Current market conditions
New renewable projects:
3.1 1.6
Harapaki, Waipipi, Turitea and Tauhara
Immediate lower South Island new demand opportunities 0.1 1.5
Potential large industrial closures (incl NZAS) 0.6 5.0 5.7
Transmission expansion and thermal subsitution and increased line losses
0.9 4.0 0.8
LSI supply demand changes in the North Island
with potential NZAS supply
agreement finished Underlying demand growth 0.75% p.a. -0.6 1.5
Wairakei expansion 0.6
0
Even in an NZAS exit the market should remain in balance
2035
+2027
Transitional
Wind
Supplied by 1.2
Additional decarbonisation
related opportunities 21.0 4.5 3.5 Contact’s high 1.8 3.3 Solar
supplied post 2025 (TWh p.a) quality renewable Geothermal
prospects 0.3
To maintain South Island demand
Climate Change Commission Hydrogen | Process levels
I Hydrogen I Data centres Heat | Aluminium
87
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Delivering on strategic capital deployment

The base business earnings in the short-term are leveraged to fuel uncertainty. Longer term the effective deployment of strategic capital should drive earnings growth

Assumptions

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FY26 run rate
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Complementary
NZAS load has not been fully FY24 products
replaced. FY26 is a recovery Complementary products Productivity 14
phase (per previous slide) Productivity 8 M&A 10
Ambition to maintain South 7 15
M&A
Island demand at current levels 8
provides the upside of firmer EBITDAF $m 104 200
prices and a further 3.5TWh of
renewable development
opportunities 81
Geothermal
Value from thermal strategic
161
review will be additive
Geothermal
Will require growth opex
Includes full value from WRK investment but
only 0.6 GWh of the 1.4 TWh is incremental to
current Wairakei generation .
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Our operational plan: What you can expect in the next 18 months

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H1-FY22
Strategic theme
Hydrogen expression of interest
Grow
Finalise data centre partnerships
Demand
Engage on boiler electrification
Build Tauhara
Grow renewable
development Prepare further geothermal consents
Secure solar partnership
Complete thermal review and design
Decarbonise
principles for structure
our portfolio
Engage 3 [rd] party to structure ‘ThermalCo’
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Launch wireless broadband Launch time of use offer, with extension into EVs AI-driven optimised service channels Implications of Trustpower strategic review

Create outstanding customer experiences

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H2-FY22 Select hydrogen position Build data centres Lock in major boiler electrification Build Tauhara Further geothermal consenting Secure and consent wind sites Complete battery feasibility

Align future-state thermal structure Agree structure with owners and regulators Execute ‘ThermalCo’ and buy back PPAs Launch data driven energy monitoring Customer technology upgrade

H1-FY23

Develop hydrogen option Build data centres Commence boiler electrification Complete Tauhara Tauhara phase II consent Secure solar consents Battery FID

Prepare for end of TCC scheduled hours

Review and refresh loyalty offers Customer technology upgrade (cont.)

Questions

Thank you

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AI assistant

CONTACT ENERGY LIMITED — Investor Presentation 2021

64638_rns_2021-05-19_0bfffefa-f967-46a6-867e-f2a9f4512a7b.pdf

Agenda

Presenting

Welcome, recap of FY21 and strategy overview

Our past strategy focused on efficient operations and use of capital

Strong cash conversion

Reducing our cost base

This discipline has delivered stable EBITDAF over the past four years, despite volatile wholesale markets and rising thermal fuel costs

At the same time, we have developed or acquired distinctive capabilities to position us for growth

Strong geothermal capabilities

Two structural shifts impact the NZ electricity market

1. Decarbonisation imperatives and technology improvements will accelerate electricity demand growth

Key drivers of decarbonisation

2. Decarbonisation provides the opportunity for growth

Decarbonisation and the end of the NZAS supply agreement could leave the electricity market looking very different by 2030

We are best positioned to enable decarbonisation

Leading NZ thermal generation transition

Low-cost, innovative operations

Largest NZ electricity brand

Future-focused capabilities

Our strategy to lead NZ’s decarbonisation

Outcomes

Resilience

Performance

We have set ambitious measures of success across our strategic themes

This will be underpinned by three key enablers

Grow demand

Meeting climate change commission targets will require rapid electrification and use of new fuels like hydrogen

Contact is well positioned to facilitate NZ’s decarbonisation

Our capabilities and endowments

Hydrogen capability

Electrification capability through Simply Energy

Grow demand

What we’ll do

In 2026

A. Hydrogen will be a critical fuel to decarbonise the global economy

Hydrogen

Green hydrogen

A. We are partnering with Meridian to study the feasibility of the green hydrogen economy in New Zealand

Three-part study

Seeking responses from:

2 Technology & engineering assessment

3 Dry year role

A. Initial findings point to a significant opportunity for New Zealand to lead the hydrogen economy

4. Hydrogen offers a dry-year solution

1. Developing international markets for green hydrogen

5. A solution focus will enable a hydrogen future

2. New Zealand can lead the world

6. Government support would bridge economic gaps

3. This will be a transformational economic change

A. Hydrogen projects are accelerating globally with >200x growth until 2030

A. Our next steps in hydrogen

This year we will

B. Electrification of food industries can bring +13 TWh of new demand, abating ~3% of NZ carbon emissions

+12.6 TWh

5 TWh

C. Space heating is a major part of New Zealand’s energy use

C. Heat pumps will soon be economic with gas boilers as carbon costs continue to rise Increasing carbon prices will drive further space heating electrification Break-even for heat pumps vs. high efficiency gas boilers

D. Contact is partnering to supply a 10MW data centre in the lower South Island

D. Data processing will drive increased electricity demand as the world becomes more digitised

E. Electric vehicles use is expected to grow quickly in New Zealand once economic, driving higher electricity demand

We are actively working to capture opportunities to drive decarbonisation

Decarbonisation panel

Morning tea

New generation

The renewable generation market is evolving: The right renewables are an attractive investment

We have the core capabilities needed to grow renewable generation

Grow renewable development

What we’ll do

In 2026

A. We’ve broken ground on Tauhara and expect to complete in mid-2023

A. Tauhara appears to be more cost effective than other recent renewable builds or acquisitions in NZ

OUTSIDE-IN ESTIMATES

Comparison to recently announced projects / acquisitions

A. We have world-class geothermal capability

Our recent geothermal developments

B. Geothermal: we will tailor investment to meet market conditions, backed by a strong pipeline of development options

Low demand growth scenario

CONTACT ENERGY LIMITED Investor Presentation 2021