CHAIR AND CEO – ANNUAL MEETING SPEECHES AND PRESENTATION

Annual Meeting
29 SEPTEMBER 2021

This presentation contains forward-looking statements.
Forward-looking statements often include words such as "anticipates", "estimates", "expects",
"intends", "plans", "believes“and similar words in connection with discussions of future
operating or financial performance.
The forward-looking statements are based on management's and directors’ current
expectations and assumptions regarding Vector’s businesses and performance, the economy
and other future conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. Vector’s actual results may vary materially from
those expressed or implied in its forward-looking statements.
Disclaimer

Jonathan Mason
Chair

Asking questions online
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Agenda
•Ordinary business
•Chair’s Address
•Group Chief Executive’s Address
•Resolution and Final chance for voting
•General Business
•Questions & Answers
•Meeting Close

Southern Paprika
A commercial customer in Warkworth
Vector’s Vision

Decarbonisation
We aim to provide solutions that give our customers
the choice and opportunities to help lower their emissions

We will continue to engage as final decisions are
worked through on the best possible transition plan
Public policy

Jonathan Mason
Chair

Simon Mackenzie
Group Chief Executive

Thank you to our essential workers for
continuing to deliver for our customers

Overview of financial performance
13
1,294.0
490.0
488.7
97.3
397.3
165.0
1,279.3
513.5
529.5
194.6
499.1
167.5
RevenueAdjusted EBITDACapital ExpenditureNet ProfitOperating Cash FlowFull Year Dividend
FY21 FINANCIAL PERFORMANCE ($M)
FY20
FY21
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to page29 of this presentation.

$529.5m
Gross capex
Highlights
10.9% EBITDA growth
in Metering business
Vector Technology
Services

Smart, dynamic charging,
helps make EVs more affordable
EV Smart Charging

Strategic alliance
Vector has an innovation track record and is experienced
in working with, and is culturally aligned, with AWS

Vector and X strategic collaboration
A strategic collaboration between Vector and X will include virtualising
New Zealand’s largest electricity network

Climate change brings both risks and opportunities for Vector
Taskforce on Climate-related
Financial Disclosure

Simon Mackenzie
Group Chief Executive

Jonathan Mason
Chair

Ordinary business

Election and re-election of
Directors

Anne Urlwin
BCom, FCA, CFInstD, MAICD, ACIS, FNZIM
Anne is a professional director with experience in a diverse range of sectors including construction, health, infrastructure,
telecommunications, renewable energy, regulation and financial services.
Her current governance roles include directorships of Precinct Properties New Zealand, Summerset Group Holdings,
Queenstown Airport Corporation and City Rail Link.
Anne is a former director of Tilt Renewables, Chorus, and Meridian Energy, and a former Chair of national commercial
construction group Naylor Love Enterprises and the New Zealand Blood Service.
Anne is a Chartered Accountant with experience in senior finance management roles in addition to her governance roles.

Election of Anne Urlwin
Proxy votingVotes
For
802,653,668
Against
130,216
Discretionary
4,795,077
Abstain
72,881

Bruce Turner
BE (Hons), ME, BCom
Bruce Turner is a highly experienced senior executive with deep experience across the dairy and energy sectors, both in New
Zealand and internationally.
Working in the energy industry for more than 30 years, Bruce was extensively involved in the development of the energy
industry in New Zealand, Singapore and Europe as a member of the dispatch rules working group, the NZEM Rules
Committee, the MARIA governance board and the development of industry common quality standards. He was a member of
the Electricity Authority’s Security and Reliability Council and heavily involved in sector reforms. As well as the Vector board,
Bruce’s governance experience includes joint venture boards for both Mercury and Fonterra.
Bruce is an advisory board member at the University of Colorado’s JP Morgan Centerfor Commodities, and was a member of
the AUT Business School Industry Advisory Board (retired by rotation).

Re-election of Bruce Turner
Proxy votingVotes
For
802,197,188
Against
615,751
Discretionary
4,821,129
Abstain
17,774

Tony Carter
BE (Hons), ME, MPhil
Tony Carter was Managing Director of Foodstuffs New Zealand Ltd for 10 years until he retired in 2010. Tony is currently Chair
of Datacom Ltd, My Food Bag Group Ltd and TR Group Ltd. He was previously Chair of Air New Zealand Ltd until 2019, Chair of
Fisher & Paykel Healthcare Limited until August 2020 and a director of ANZ Bank New Zealand Ltd until August 2021. He was
made a Companion of the New Zealand Order of Merit in 2020.

Re-election of Tony Carter
Proxy votingVotes
For
802,444,037
Against
366,054
Discretionary
4,803,722
Abstain
38,029

Appointment and remuneration of
auditor

Appointment and remuneration of auditor
Proxy votingVotes
For
802,151,951
Against
528,094
Discretionary
4,931,795
Abstain
40,002

General business

Final chance for voting

Thank you

---

Market Release
29 September 2021
Vector Limited Annual Meeting of Shareholders
Speaking Notes


Chair, Jonathan Mason:

Ngā mihi o te ata ki a koutou katoa
Nau mai haere mai ki tēnei hui.
Ko Jonathan Mason toku ingoa.

Good afternoon to you all and welcome to this event. My name is Jonathan Mason, and I am
Vector’s Chair.

As we have a quorum and it’s 2:00pm, I will now declare open the 2021 Annual Meeting of
Vector Limited shareholders.

Today’s meeting is being held online, as we find ourselves once again uniting in response to
Covid-19. As many of you will recall from last year, there are some special instructions for this
online meeting to enable participation from our shareholders. I will briefly run through these
now.

Today’s meeting is being held online via the Computershare Online Meetings platform. This
allows Shareholders, Proxies and Guests to attend the meeting virtually. All attendees can
watch a live webcast of the meeting and read the company documents associated with the
meeting. In addition, shareholders and proxies have the ability to ask questions and submit
votes.

Shareholders have received full instructions on how to access the meeting, ask questions, and
vote, in the Virtual Meeting Guide on page 6 of the Notice of Meeting. I will now briefly run
through the instructions for asking questions and voting.

If you have a question to submit during the live meeting, please select the Q&A tab on the right
half of your screen anytime. Type your question into the field, select which topic the question
applies to, and press send. Your question will then be submitted.

Please note that while you can submit questions from now on, I will not address them until the
relevant time in the meeting. Please also note that your questions may be moderated or if we
receive multiple questions on one topic, amalgamated together. Due to time constraints we
may run out of time to answer all your questions. If this happens, we will answer them in due
course via email.

Vector market release 29 September 2021 page 2 of 9
Should you require any technical assistance, you can type your query, select the “technical
support” topic, and one of the Computershare team will assist with the chat function and reply
to your query. Alternatively, you can call Computershare on 0800-650-034.

We ask that you please do not ask individual operational or customer service questions in this
forum. In an in-person meeting, we often have members of our Customer Excellence team
available to help you with these questions after the meeting. As we are meeting online, these
questions can instead be sent to info@vector.co.nz.

While we welcome any members of the media to our meeting today, as this is a meeting for
shareholders, please hold your questions during the meeting and reach out to Simon or myself
separately via our usual media phone.

Voting today will be conducted by way of a poll on the item of business. In order to provide you
with enough time to vote, once voting is open you will be able to vote at any time throughout
the presentation.

I will shortly open voting on the resolutions. At that time, if you are eligible to vote at this
meeting, you will be able to cast your vote under the Vote tab. Once the voting has opened,
the resolutions will allow votes to be submitted at any time during the meeting. To vote, simply
select your voting direction from the options shown on screen. You can vote for all resolutions
at once or by each resolution. Your vote has been cast when the tick appears. To change your
vote, simply select ‘Change Your Vote’. You have the ability to change your vote, up until the
time I declare voting closed.

I now declare voting open on all items of business. The resolutions will now be open in the
vote tab, please submit your votes at any time. I will give you a warning before I move to close
voting. This will be towards the end of the meeting.

In addition to those attending this webcast today, 617 shareholders, holding a total of more
than 803,831,133 shares, have appointed proxies. In my capacity as Chair of the meeting and
in my own name I hold proxies for 525 shareholders, representing 52,165,404 shares.

Also included in the proxies are 751,000,000 shares held by Entrust, our majority shareholder.
Entrust is represented at the meeting today by William Cairns.

It's now my pleasure to introduce my fellow directors: Alastair Bell, Tony Carter, Bruce Turner,
and Dame Paula Rebstock, and a special welcome to Anne Urlwin, who you will hear from
later. We would also like to thank Mike Buczkowski, who stepped down from the Vector board
this month, after serving us for the past three years. Also joining us are our Group Chief
Executive Simon Mackenzie and John Rodger our Chief Legal & Assurance Officer and
Company Secretary. We also have our Chief Financial Officer, Jason Hollingworth and
Graeme Edwards from our external auditors KPMG joining us via webcast.

Now to the structure of this meeting. We released our financial results on 24 August and the
details on this are extensively covered in our annual report, which is available on our website.
Rather than repeat what’s in the annual report, I will instead provide a strategic view of where
Vector is now, opportunities and how we are working to achieve these for our shareholders,

Vector market release 29 September 2021 page 3 of 9
customers, and wider community. I will then hand over to Simon to talk about the financials,
and a summary of the key highlights from the year.

After that, we will open the meeting for specific discussion on the annual report, including the
financial statements and audit report, as well as anything raised in our respective addresses.
We will then move to the formal business of the meeting.

Before I move to my address I want to acknowledge all Vector staff across New Zealand and
in Australia, who have worked tirelessly through multiple lockdowns and unexpected
challenges to keep delivering to our customers. My thanks to you all.

As we say on the cover of this year’s annual report: Vector’s vision is bold. We all know the
imperative to transform the energy system, because legacy energy systems are being
challenged to meet the demands that are placed on them today – let alone tomorrow. Vector
has long recognised this and started working towards, and discussing, a very different energy
future with our shareholders and customers about five years ago. You’ve heard us talk about
our Symphony strategy to grasp opportunities and manage risks in a more affordable way.

Today, energy is no longer just critical for our customers’ daily life at home, at work and in
industries. Clean energy is critical to decarbonisation goals, not just in New Zealand but around
the world. There is hugely increasing demand for renewable energy to fuel the transition to a
low carbon economy. The electrification of transport, the role of low emission gas, and
increasing demand for renewable energy generation are all key themes that are driving
significant new challenges into our sector. Energy systems of tomorrow must be much more
sophisticated and adaptable than those of today, while remaining reliable, resilient and
affordable. These are all key tenets of Vector’s strategy.

Our strategy is to develop and build energy systems that enable decarbonisation, provide
customer choice, are affordable, while remaining safe, reliable, and secure. It is about seeking
to complement our existing energy system solutions with new technologies, whether they are
digital, analytics-driven, or new technologies like smart EV chargers. This transformation has
to occur to enable the much more complex energy system that will be needed in a low carbon
future, while still ensuring efficiency outcomes are achieved.

Simply put, we will spend less to achieve decarbonisation and the increased demands for
electricity, than we would if we followed a traditional, asset investment methodology.
Innovation and smart, digital technology, can accomplish much more, and cost much less, than
old technology and systems. Smarter investment, better outcomes for customers.

For consumers, this provides more choices to lower energy costs making energy more
affordable, and enhance the value of electric vehicles and smart homes.

This benefits consumers, aligns with government decarbonisation goals, and is strongly in the
commercial interest of shareholders.

When I think about Vector’s role in enabling future low carbon economy, it’s clear that journey
presents significant opportunities for us to create new solutions and drive efficient, cost
effective, sector-wide decarbonisation.

Vector market release 29 September 2021 page 4 of 9
At a global scale, the decarbonisation challenge in energy is huge. Vector’s approach is to
build solutions for ourselves with our partners and then consider offering them to our sector
locally and around the world.

We are actively working on solutions to continue delivering for our shareholders, customers,
and stakeholders, and we are well-positioned to enable decarbonisation within New Zealand,
the Asia-Pacific region, and globally. Simon will discuss these partnerships in more detail but
they include work with AWS to improve data analytics on our smart meters and the partnership
announced yesterday with X focused on improving network resiliency and readiness for
renewables and EVs. These partnerships allow us to gain access to complementary skills and
capabilities that let us innovate faster and are further validation of our Symphony strategy.

Our Symphony strategy aims to transform the traditional one-way energy chain into an
intelligent, multi-directional energy system that gives the customer more choice and control.
Fundamentally, it is about creating a decentralised energy system that opens up future
possibilities, delivering decarbonisation consistent with reliable and affordable energy
solutions for customers.

Each part of the Vector Group has a role to play, whether it’s providing energy choice, data,
enabling connectivity, advising on renewable solutions, building new digital platforms – the
benefits of our diverse portfolio of businesses are clear.

As we do this, we will continue to engage with government to share our view of how a
transformed energy system can enable greater progress in affordable decarbonisation, and
what changes to the regulatory framework would help achieve this goal.

I’ll talk briefly now about some of the changes we would like to see.

Public policy and strategies to achieve decarbonisation goals are due in the Government’s
Emissions Reduction Plan, now due in May and moving to the consultation phase soon. A
significant input into the Government’s decisions is of course the Climate Change
Commission’s final report. We were pleased to see an acknowledgement of a number of
important factors we have raised that would benefit the transformation of the energy sector
along the lines I have outlined.

These include a strong acknowledgement of the opportunities presented by distributed energy
resources to achieve affordability, resilience and decarbonisation; the benefit of developing a
national energy strategy to help coordinate the sector; and the importance of accelerating the
adoption of electric vehicles to reduce emissions from light transport.

We were pleased to see the Commission call out that electricity networks should be
appropriately equipped, resourced and incentivised to innovate, because this will enable them
to play their role in helping decarbonisation happen faster, and more equitably.

In particular, we agree strongly with the Commission’s comment, that our regulatory framework
should be “sufficiently adaptive to enable Electricity Distribution Businesses to undertake the
innovation and investment required to meet climate change outcomes”.

Vector market release 29 September 2021 page 5 of 9
Of course, a major part of the Commission’s advice, now before Government, and significant
for our business, has been around the future of gas in New Zealand’s energy system.

We were pleased to see the Commission’s final advice recognises the complexities of a
transition away from the use of fossil gas as an energy source in homes, businesses and
industry.

We support a gas transition designed to meet the Government’s carbon reduction objectives
while considering the needs of business and residential customers. To us, this means a smooth
transition that manages costs for customers, and enables network operators to continue to
operate safe and reliable networks while preserving their options for lower carbon fuels in the
future.

The new timeframe recently announced for the country’s first Emissions Reduction Plan will
allow us needed time to achieve clarity on the Government’s plan to resolve these
complexities. We will continue to engage with the Government, and officials as part of the Gas
Infrastructure Group, and on our own behalf, as final decisions are made on the transition plan.

When I reflect on my first year as Chair, there are a number of highlights in what has been a
strong financial year. We’ve achieved the best SAIDI and SAIFI performance in the past five
regulatory years, which speaks to the reliability of the electricity network in spite of continued
impacts from traffic and unpredictable weather. Unregulated revenue from the metering
business has increased 53% from $148m five years ago to $227m in FY21. And we continue
to see significant gross capital expenditure of $314.7m in Auckland to enable growth and
reliability supporting New Zealand’s largest city. The potential of Vector Technology Services
is clear and evidenced by the strength of our global partnerships. Finally, we are making steady
progress to support Auckland and New Zealand to face the great existential challenge of the
21
st
century, being climate change.

In closing, I thank my board for their support, and Simon and his Executive team for their
leadership this year.,

I will now hand over to Simon.

CEO, Simon Mackenzie:

Thank you Jonathan.

You’ve heard about our vision, Symphony strategy, and our role in enabling decarbonisation
both here and overseas. I’ll start with a quick recap of our overall financial results, and then
provide a few highlights from the year that demonstrate how we’re committed to continuing
investment in the reliability and safety of the Auckland electricity network, and some which
show our progress against those key themes Jonathan spoke about.

But before I begin, like Jonathan I too would like to acknowledge Vector’s staff and key partners
for their year, and once again call out Vector’s essential workers, and our Field Service
Providers, for their dedication and commitment to delivering our essential services, particularly
through the various alert levels we have experienced both here and in Australia.

Vector market release 29 September 2021 page 6 of 9
Vector delivered a strong result for FY21, recording adjusted EBITDA of $513.5 million. This
was up $23.5 million or 4.8% on last year’s result and is in line with guidance provided at the
half year result.

Group net profit after tax was $194.6 million or $97.3 million higher than the prior year’s result
due to a number of factors including higher earnings, lower interest cost, the impact of a non-
cash impairment in last year’s result, and an increase in capital contributions.

Gross capital expenditure was $529.5 million, $40.8 million (8.3%) higher than last year. This
increase reflected ongoing investment in infrastructure to support Auckland’s continued
growth, and increasing deployments of advanced meters as market demand continues to
accelerate in Australia. Note that this increase in capital expenditure was partly funded by a
$36.1 million increase in capital contributions recognised as income under IFRS.

Operating cash flow was 25.6% higher at $499.1 million. This increase was largely due to an
increase in capital contributions and lower tax paid as a result of the reduction in the level of
dividend imputation.

The final dividend of 8.50 cents per share, partially imputed at 10.5%, was paid to shareholders
on 16 September, taking full year dividend to 16.75 cents per share.

I’ll now share a few highlights from the year.

We continue to invest in Auckland, the fastest growing city in New Zealand. Gross regulated
capital expenditure across the electricity and gas networks in Auckland continues to be at
historically high levels, due to the continued growth in connections and infrastructure projects,
as well as investment to improve the reliability and resilience of our networks. As Jonathan
mentioned, we have achieved a strong SAIDI result and this is due to a combination of
continued improvement and innovation across our teams and our Field Service Providers, and
our ongoing capital investment programme. While we are maintaining our focus on improving
network performance for our customers, we are also transforming our electricity network
through a combination of new engineering solutions and digitalisation to meet the needs of the
future.

We are excited at the prospects for Vector Technology Services, which has been established
to take to market solutions developed as part of our digital transformation journey. This is how
we will accelerate and support other companies who are on their own digital transformation
journeys to have access to world leading solutions. We have already engaged with around 15
of the other Electricity Distribution Businesses in New Zealand, with more sessions scheduled
later in the year, about what we have developed and how these solutions may be helpful to
them. We are also pleased with the development of our property company, Vector Property
Services, which is exploring commercial potential of our property and facilities assets, for
example co-location with other infrastructure providers. These two entities – Vector
Technology Services and Vector Property Services are examples of how we are leveraging
our assets or services to others in the sector.

Vector’s metering division has seen strong growth in the least year. Our advanced meter base
grew 8.8% to 1.86 million. Advanced meters are a key building block to enable greater use of

Vector market release 29 September 2021 page 7 of 9
data in the transformation of the energy sector. Vector is playing a key role here through our
strategic alliance with AWS to develop the New Energy Platform. We have begun deployment
of the first product developed through that strategic alliance and are well underway with
developing the next.

I now want to talk briefly about our EV Smart Charging trial, which demonstrates how we are
enabling the electrification of transport, while using innovation and technology to keep the
costs of supporting infrastructure investment affordable.

The trial has shown that smart, dynamic charging, using new digital platforms, enables us to
add more EVs into the system while managing the load on the network. This softens demand
peaks as more and more people come home at the end of the day and plug their cars in to
charge. This also helps us lower the need for capital investment to meet increased peak
demand, ensuring we can keep power as affordable and reliable as possible.

With 90% of EV charging happening at the home, this type of innovation is essential to help
New Zealand achieve our carbon emission reduction goals and ensure the changes are
affordable.

Our view is this sort of technology is critical to enable government goals over EV adoption are
affordable for consumers, and were pleased to see the Climate Change Commission
recommending EV smart charging in their final advice to the Government. In the UK, there has
been a decision to regulate for the introduction of EV chargers with ‘smart’ capability, with
legislation to be introduced this year.

One year into the strategic alliance between Vector and Amazon Web Services, we have made
solid progress on our New Energy Platform.

The first services to be delivered from the New Energy Platform are the advanced gas data
services. The platform stores, processes and delivers advanced gas meter data which has
been enabled through technology we have built and deployed through this strategic alliance.

We are now well advanced in building the solution to provide electricity meter data at five-
minute intervals for our Australian customers. This is the next step in our data services
transformation programme, and will enable us to provide data services to other parties, such
as network operators.

The strategic alliance is a multi-year agreement, and one of a handful that AWS has across
the world. It will benefit our energy and utility customers and, ultimately, consumers in New
Zealand, Australia, and beyond, through more flexible, efficient and faster processing of data.
The alliance has around 60 people across the two companies, and all engaged in product
development on cutting-edge public cloud computing services. It’s a true co-development
between our two organisations with our teams across Auckland, Seattle and Atlanta working
together to build the NEP.

You may have seen yesterday we announced a strategic collaboration between Vector and X,
where we are working together on network virtualisation and simulation technology.

Vector market release 29 September 2021 page 8 of 9
For those who don’t know, X is the ‘moonshot factory’ within Alphabet, the company which
runs Google.

Our collaboration is part of a shared vision to enable vastly more sophisticated and adaptable
electricity networks, get ahead of increasing demands for clean energy, and transform the
network in order to support decarbonisation. We are working to virtualise our network and run
simulations to model how the network will perform under certain scenarios – for example an
influx of EVs or rooftop solar. We want to ensure that we are never in the way of customers
wanting to opt for clean energy solutions.

This is another significant example of how we’re looking outside the energy sector to partner
with leading global organisations who can help us achieve our goals, and enable
decarbonisation.

We are continuing to evolve our thinking on climate risk and opportunity as we prepare
ourselves and others for the opportunities a decarbonised future will bring.

Given our own goal of Net Zero Carbon by 2030 and increasing demand from investors,
shareholders and other stakeholders, it is imperative we keep pace with disclosure
expectations around carbon emissions and climate risk.

For the two years previously, we have made disclosures under the Carbon Disclosure Project
framework. This year, we have moved from that framework to the Taskforce for Climate
Related Financial Disclosure. This is in line with stakeholder expectations, and ahead of
mandatory reporting under this framework, set to come into effect in 2024. We are moving
earlier on this as we believe it’s important to provide our shareholders with the information
given the breadth of our portfolio in both regulated networks and competitive businesses.

Our TCFD report shows that climate change brings both risks and opportunities for Vector, and
that with our diverse portfolio of energy solutions businesses, we are well positioned to
embrace the significant opportunities presented by the energy transition. We are also able to
accelerate the energy transition for the New Zealand economy.

Our TCFD report is available on our website.

In closing, I’ll talk briefly about the year ahead.

As you have heard from Jonathan, the infrastructure, products and services we provide are
increasingly critical. We must continue to leverage new technology, and business models, to
provide our customers with cleaner, more reliable and affordable energy solutions into the
future.

In the coming year, while ensuring we deliver essential services efficiently and safely to our
customers remains paramount, we are also focussed on several key priorities - delivering
growth in our Australian metering business, the rollout of next-generation connectivity via our
modem replacement programme for our advanced meter fleet in New Zealand, developing and
growing Vector Technology Services, supporting HRV in its return to profitability while
acknowledging that lockdowns are a setback, supporting Vector Powersmart to take

Vector market release 29 September 2021 page 9 of 9
advantage of consulting opportunities in the context of growing interest in solar development,
supporting Vector Fibre as it leverages its fibre assets in the wholesale market, exploring
opportunities with Vector Property Services, successfully responding to the challenges we’re
seeing around resources, enabling Auckland growth, and ensuring a sensible gas transition.

In conclusion, I would like to thank Jonathan and the rest of the Board for their leadership and
guidance over the past year.

Thank you.



ENDS

Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
jason.hollingworth@vector.co.nz, 021 312 928


Media contact
Matthew Britton, Senior Communications Partner, Vector
matthew.britton@vector.co.nz, 021 224 2966


About Vector
Vector is an innovative New Zealand energy company which runs a portfolio of businesses
delivering energy and communication services to more than one million homes and
commercial customers across Australasia and the Pacific. Vector is leading the country in
creating a new energy future through its Symphony strategy which puts customers at the heart
of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker symbol
VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information,
visit www.vector.co.nz