International Roadshow Presentation June 2022

11
We’re ready to
drive New Zealand’s
decarbonisation:
International Roadshow
Europe, London / June 2022

22
Disclaimer and important information
While all reasonable care has been taken in compiling this presentation,
neither Contact nor any of its directors, employees, shareholders nor any
other person gives any representation as to the accuracy or completeness
of this information or accepts any liability for any errors or omissions.
This presentation may contain certain forward-looking statements with
respect a variety of matters. All such forward-looking statements involve
known and unknown risks, significant uncertainties, assumptions,
contingencies, and other factors, many of which are outside the control of
Contact, which may cause the actual results or performance of Contact to
be materially different from any future results or performance expressed or
implied by such forward-looking statements. Such forward-looking
statements speak only as of the date of this presentation. Except as
required by law or regulation (including the NZX Listing Rules and the ASX
Listing Rules), Contact undertakes no obligation to update these forward-
looking statements for events or circumstances that occur subsequent to
the date of this presentation or to update or keep current any of the
information contained herein. Any estimates or projections as to events that
may occur in the future (including projections of revenue, expense, net
income and performance) are based upon the best judgement of Contact
from the information available as of the date of this presentation.
EBITDAF, free cash flow and operating free cash flow are financial measures that are “non-GAAP (generally
accepted accounting practice) financial information” under Guidance Note 2017: ‘Disclosing non-GAAP
financial information’ published by the New Zealand Financial Markets Authority, “non-IFRS financial
information” under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ and “non-GAAP
financial measures” within the meaning of Regulation G under the U.S. Exchange Act of 1934.
Such financial information and financial measures (including EBITDAF, free cash flow and operating free cash
flow) do not have standardised meanings prescribed under New Zealand equivalents to International Financial
Reporting Standards (“NZ IFRS”), Australian Accounting Standards (“AAS”) or International Financial
Reporting Standards (“IFRS”) and therefore, may not be comparable to similarly titled measures presented by
other entities, and should not be construed as an alternative to other financial measures determined in
accordance with NZ IFRS, AAS or IFRS accounting practice) measures. Information regarding the usefulness,
calculation and reconciliation of these measures is provided in the supporting material.
This presentation does not constitute financial or investment advice. This presentation does not constitute an
offer to sell, or a solicitation of an offer to buy, Contact securities and may not be relied on in connection with
any purchase of a Contact security.
Numbers in the presentation have not all been rounded and might not appear to add.
All references to $ are New Zealand dollar unless stated otherwise.
Alltrademarks, service marks andcompany namesare thepropertyoftheir respective owners. All company,
product and service names used in this presentation are for identification purposes only. Use of these names,
trademarks and brands does not imply endorsement or that they are or will be customers of Contact and
reflectspublic announcements of intention only.

33
Presenters
Dorian Devers
Chief Financial Officer
Dorian joined Contact in December 2018 as Contact’s Chief Financial Officer.
Dorian is experienced in business transformations having led successful turnarounds of businesses in both the UK and South
Africa. He has successfully delivered several acquisitions including ones in the Australian and New Zealand energy sector. Hehas
governance experience having served on the Board of Afrox a publicly listed company and the largest industrial gases businessin
Africa, as well as being a previous Board member of Liquigasa New Zealand LPG infrastructure business.
Mike Fuge
Chief Executive Officer
Mike Fuge was appointed CEO in September 2019 and joined Contact in February 2020.
Mike was previously the chief executive of Refining New Zealand and has a long history in the energy sector, both in New
Zealand and internationally. He has previously been the chief executive of global renewable energy owner operator and
developer Pacific Hydro in Australia and held senior roles at Genesis Energy and Royal Dutch Shell Group.
3

44
<IR>
ESG CREDENTIALS
The investment opportunity in our core market is largeand in line with our unique capability which will deliver cash
flow growth ultimately flowing through to dividends.
Resilient generation portfolio: Strong cash flow
generation and operational performance
Strong balance sheet to support growth with clear
distribution policy to reward shareholders
Shares offer relative value and liquidity when
benchmarked against peers
World class geothermal resources being developed
~$1.5bn medium term investment programme identified
Unique geothermal expertise
Committed to decarbonising
our portfolio and New Zealand
Why invest in Contact?
Delivering for
shareholders

55
Agenda
1
2
Introduction: New Zealand electricity market6 -7
Market fundamentals8 -17
Contact’s business and value drivers18 -26
1/Distinctive capabilities27 -30
2/Development pipeline31-34
3/Leading New Zealand’s thermal generation
transition
35 -38

66
New Zealand
electricity market
6

77
New Zealand enjoys a reliable, affordable and
environmentally sustainable electricity system
Spot
electricity
pool
Million consumers
2.2
4
Major generators
Competitive
29
Distribution
businesses
National
transmission
grid operator
1
Regulated monopolies
8
Retailers
over 50k connections
Competitive
12%
33%
16%
Other
17%
13%
Channel
by volume
C&I
57%
NZAS
30%
Retail
15%
20%
22%
16%
27%
% by ICP
(parent company)
21%
Source: Forsyth Barr PowerPoints, Jun 2021 -May 2022
Source: EMI, Jun 2021-May 2022

8
8
8
Market fundamentals:
Price setting

99
Hydro storage is crucial, but limited
Maximum controlled storage of ~4 TWhspread across four key catchments, ~9% of annual generation of 43TWh.
Hydro schemes are mostly run-of-river, with flows into key catchments weighted to summer, while demand is winter biased.
CluthaWaitakiManapouri Taupo
Average annual generation of 3,900 GWh
Max storage of ~300 GWh
Summer inflows
Wet to dry range of 1,000 GWh
Average annual generation of 7,000 GWh
Max storage of~2,500 GWh
Shared between Genesis (Lake Tekapo) and Meridian
(all lakes downstream of Lake Tekapo)
Summer inflows
Wet to dry range of 3,000 GWh
Average annual generation of 4,800 GWh
Max storage of ~800 GWh
Highest inflow intra year volatility of all catchments
Wet to dry range of 2,000 GWh
Average annual generation of 4,000 GWh
Max storage of ~500 GWh
Winter inflows
Wet to dry range of 1,300 GWh
National controlled storage (GWh)
Source: NZX hydro
0
1,000
2,000
3,000
4,000
Jan-
16
Jan-
10
Jan-
13
Jan-
17
Jan-
12
Jan-
11
Jan-
14
Jan-
15
Jan-
18
Jan-
19
Jan-
20
Jan-
21
Jan-
22
North Island
South Island
Ø 2,645
Supply fundamentals

1010
Major thermal
generators
Sources
of flexibility
Contact:
gas and diesel
with long-term
contract for
gas storage
Genesis:
coal and gas
Nova/
Todd Energy:
gas
“Dry year”:
Genesis’scoal stock pile
Daily andseasonal:
Gas storage
“Wet year”:
Gas storage
Winterpeaks/
outages:
Diesel
Contingent/
emergency
hydro storage
Thermal generation costs sets the opportunity cost of storable renewables
Thermal generation is currently the most economic swing fuel to manage the seasonal supply and demand mismatch.
Supply fundamentals
Flexible thermal
production is required
5TWh
per annum
National annual supply (TWh)
43.0
10.9
5.95.9
2.9
7.3
1.8
2.0
21.0
5.0
1.4
Minimum
Residual
Thermal
Generation
Requirement
(i.e. wet
year)
Displaceable
thermal
2021
Generation
(including
losses)
GeothermalWindMaximum
Residual
Thermal
Generation
Requirement
(i.e. dry year)
0.8
Co-
generation
Minimum
Hydro
Hydro SwingCurrent
minimum
thermal
0.6
0.2
Renewables
under
development
* Includes Tauhara (Contact 2023), Turiteai:(Mercury 2021 and ii) 2023), Harapaki(Meridian 2024), and Rangitaiki(Nova: 2023)
*

1111
Longer-term the market is reacting to these price signals and adding new capacity
Aluminium
Demand
Short-term external factors that
can influence the market
Changes as at end May 2022,
in comparison to June 2021
Wholesale and futures electricity pricing ($/MWh)
Source: EMI wholesale pricing
Short-term
wholesale
electricity
prices
There is currently extreme volatility across commodity markets, driven by a combination of global energy supply and security concerns, exacerbated by the impact of theRussian invasion of Ukraine, with subsequent
unprecedented increases in international energy prices including coal, gas and oil. Domestically, gas field outages and highcoal and gas prices have contributed to a steep escalation in wholesale electricity prices.
Gas availability -
Pohokura
production
continues to
decline. Maui and
Kupe interventions
appear more
sustainable
Carbon prices up
104% to $76/New
Zealand Unit
Methanol pricing
up to a $9.75/GJ
gas equivalent
Demand in line with expectation
Aluminium prices higher
(+$1,183/t, up 35%).
Coal prices increasing
+$293/t (244%)
0
50
100
150
200
250
300
Jun-
19
Jun-
12
Jun-
11
Jun-
13
Jun-
14
Jun-
15
Jun-
16
Jun-
18
Jun-
17
Jun-
20
Jun-
21
10 year
average
spot price =
$98/MWh
Short-dated futures (<12 months)
Long-dated futures (>12 months)
Monthly average spot price
Long-run prices below LRMC of new generation
Fuel supply and pricing impacts
Controlled hydro storage
as at 13 June 81% of
mean (500GWh below
mean)

1212
12
Market fundamentals:
demand outlook

1313
Sources: New Zealand's Greenhouse Gas Inventory 1990 2020 snapshot, 2022 Inventory, TeRārangi
HaurehuKati Mahanaa Aotearoa 1990-2020 -He whakarāpopotoNew Zealand and WhakamanaiTe
Mauri Hiko-Empowering our Energy Future, March 2020, Climate change commission 2021 final
advice
Meaningful reductions in carbon emissions are possible with renewable
electricity displacing carbon intensive fuels.
With high renewable penetration, electricity is the solution to reducing carbon emissions, not the problem.
Paris agreement target, Mt CO2e
52
16
17
21
Net zero
2050
Gross
emissions
ex. agri
2017
2
Net
growth
Other
abatement
required
Electri-
fication
Forestry
carbon
capture
0
Carbon reduction opportunity
Our future energy profile
29
35**
Renewable
electricity as % of
total energy use*
*Based on Consumer Energy use rather than Primary Energy use
**Government emissionsreductionsplan, released subsequently
targets 50% renewable electricity of total usage.
Greenhouse gas emissions by sector
2022
2035
Total
electricity
(TWh)
41
51
To meet this annual emissions reduction,
Transpowerestimates 70% more renewable
generation is required to electrify heat and
decarbonisetransportation. This amounts to
~23TWh p.a..
This is the equivalent investment
of around $610m every year for
27.5 years.**
>50
2050
58-75
* Based on the cost of the Meridian Harapakiwind farm as per February
2021 NZX announcement ($395m, 542GWh p.a.)

1414
Bi-partisan support for the New Zealand regulatory framework is being adapted to deliver on this societal imperative.
Society is demanding action on climate change, with clear progress expected.
¹ Covering electricity, hydrogen, gas transition, and industry decarbonisation.
² Premilitary finings release, under consultation.
Government
Energy
Strategy¹
Current
Tiwai
contract
ends 2024
Ban on
offshore
oil and gas
exploration
Transport
policies
Net zero
New
Zealand
carbon
emissions
by 2050
Government
Procurement
Wholesale
market
review²
Significant
increase in
GIDI
Resource
consenting
reform
Transmission
Pricing
Methodology
First
Emissions
Reduction
Plan
Emission
Trading
Scheme
review
Potential electricity demand impactPotential renewable generation impactPotential wider electricity sector impact
In progress
Announced
New
Zealand
Battery
Project
Climate change and regulation

15
15
Government support for decarbonisation
The Government has recently released its first Emissions Reduction Plan
An economy wide plan to meet New Zealand’s net zero emissions target by 2050. It includes specific actions government will undertake, as well as policies and strategies to influence
emissions from private firms. There are three key impacts for Contact Energy:
1. Target of reaching 50%
total energy consumption
from renewable sources
by 2035
Government developing an ‘Energy
Strategy’ by the end of 2024
Strategy will include an action plan
for decarbonising industry
Strategy will also consider how to
make it easier to gain consent for
renewable generation
2. A large boost in financial support for decarbonisation3. New Zealand carbon prices expected to
continue to rise
Carbon priced at $76 unit at June 2022 auction. Price is
expected to rise as number of auctioned credits reduces which
is creating demand for increased electrification.
Government has allocated a further $200m+ to decarbonise the public
sector, focussing on replacing coal boilers
Government has committed $650m+ over the next four years to
contribute to the costs of industry decarbonisation projects.
$27.8m
$28.0m
$13.0m
$69.6m
$151.4m
$207.4m
$223.8m
$68.7m funded to date
$652.2m allocated
2019/202020/212021/222022/232023/242024/252025/26
GIDI¹ Fund commitment
Carbon Price Trajectory estimate
New Zealand Climate Change Commission, 2021
2020202520302035204020452050
0
100
200
300
$ per
tonne
CO
2
e (real 2019 NZD)
¹ GIDI: Government Investment In DecarbonisingIndustry

1616
New Zealand in the early stages of decades-long
transformation from reliance on fossil fuels to
renewable electricity
35
14122010162618202224282030
0
40
45
0%p.a.
The Climate Change Commission expects electricity demand
to grow to meet climate targetsElectricity demand, TWh
1
Key drivers of decarbonisation
Increasedfocus on
climate change globally
incl. from New Zealand government and
consumers, e.g. Climate Change
Commission
Increasingcarbon, gas and
coal prices
Competitiveelectricity costs
against alternatives
Falling technology costs
including renewables, electric boilers,
electrolysers and electric vehicles (EVs)
1.Assumes demand equivalent to NZAS is operating
Source: Climate Change Commission 2021, Contact Energy analysis
Key drivers
~40% EVs
~40% industry
~20% buildings

1717
Electrification needs will require renewable
energy sources as demand increases
35% of total energy
consumption from
renewable sources
by 2035
Net zero
target
Source: 2035 using Climate Change Commission 2021 final advice; 2050 TranspowerNZGP1
Scenarios Update Dec 2021
33
47474747
8
1313
1111
7
8
17
44
20212050 Global
51
2035
107
2050 Disruptive
41
58
75
Additional demand
anticipated
4
3
4
Renewable Generation
Additional Electric Vehicle demand
Thermal Generation
Additional Process Heat demand
Hydrogen -Ammonia
Hydrogen -Buses
Hydrogen -Heavy Vehicles
The aspiration to
replace thermal
generation with
renewable
generation and
batteries will
require relevant
infrastructure to
support the
overall system.
Electricity demand (TWh)
New data centre build
Several credible data centre owners have
publicly announced they are planning to invest
in New Zealand. The baseload characteristics
of data centres make them attractive.
Data centres proposed by:
Hyperscale data centres
Edge data centres
20222024
2023
DataGrid
Woodside Energy
Group and
Fortescue Future
Industries have
entered final stage
negotiations.
Final selection of
lead developer to be
announced soon
after detailed
proposals sent
through end of
August 2022.
Hydrogenand data
centre demand will
further increase
electricity demand
4
Hydrogen
Additional demand expected beyond electrification
Alltrademarks, service marks andcompany namesare thepropertyoftheir respective owners.
All company, product and service names used in this presentation are for identification
purposes only. Use of these names, trademarks and brands does not imply endorsement or that
they are or will be customers of Contact and reflectspublic announcements of intention only

1818
Contact’s business
and value drivers
18

1919
2017 -2021generationbystationandtype(five-year average)
3,774GWh
1,585GWh
Whereweare
Roxburgh(320MW)
Clyde(432MW)
2,075
1,669
Hydro
TeRapaand
Whirinaki(199MW)
Stratford–Peakers
(210MW)
Stratford–CCGT
(377MW)
TeHuka(28MW)185
Ohaaki(44MW)313
Poihipi(55MW)375
Wairākei(132MW)
1,060
TeMihi(166MW)1,318
3,252GWh
1,400
Our assets
GeothermalThermal
Tauhara(168MW)
Under construction
Expected online
second half 2023
8.6TWh
Average
generated
214
351
1,020

20
20
How we add value
May-22
Jun-21
Jun-20
Connectionsbyaccounttype(k)
These connection figures include SimplyEnergy connections.
417
416
436
6565
71
26
51
69
ElectricityNatural GasBroadband
424
420
449
58
52
53
27
59
75
BusinessResidentialOther
(inclBroadband)
Connectionsbyenergytype(k)
Wegenerate
Wetrade
Weinnovate
Wesellandserve
UPPLIERS
Hydro
Clyde
Roxburgh
Geothermal
Temihi
Wairākei
Tauhara
(under construction)
Ohaaki
Poihipitehuka
Thermal
Stratford –CCGT
Stratford –peakers
TeRapa
Whirinaki
576k
totalcustomerconnections

2121
National demand and supply fluctuationContact’s current portfolio
Virtual
generator I
Huntly swaption
–100 MW until
Dec 22
Whirinaki
155 MW
diesel peaker
Hawea
286 GWh storage,
~500 GWh p.a.
throughout
Virtual
generator II
Demand Flex
platform –15 MW
and growing
Gas storage
contract
+ gas peakers
0-200 MW
Geothermal
Thermal
Hydro
FY21 SRMC¹
•World-leading geothermal expertise delivering
innovative cost reductions and improving the cost
of production.
•Building Tauhara (online 2-half 2023)
62%
Average daily demand (MWh)
Winter
Summer
A range of flexible fuels and “virtual generators” allows for effective risk management and fuel substitution
opportunities in a market with significant daily, seasonal and annual variations in supply and demand.
Sources of portfolio flexibility –most diverse risk management tools within the industry
Annual hydrology 2000 -2021
$129/MWh
$13/MWh
$16/MWh
•Thermal costs will continue to rise
•83% renewables is hedge against rising costs.
•Gas storage allows for opportunistic gas purchases.
•Control closure of the assets
•Strong operational efficiency focus.
•Seasonal variation smoothed with lake storage.
Contact advantage
Min 22.7 TWh| Mean 25.3 TWh| Max 27.7 TWh
Average seasonal demand (TWh)
9.5
11.1
Jan-MarJul-Sep
+16.7%
¹ Short-run marginal cost: Fuel and carbon costs, direct operating costs (inc. gas storage)
SepJunMarDec
How we manage risk

22
57
855
942
852
1,068
-245
-258
-252
-258
-76
-167
-184
-152
-230
FY20
43
FY18
46
-40
Variable fuel costs
-51
-46
FY19
49
553
FY21
Electricity sales revenue
Other gross margin
Fixed operating costs
Location losses
449
505
446
Operating earnings (EBITDAF)
103
103
105
111
0.7
3.9
FY18
3.8
0.8
FY19
3.7
0.8
FY20
3.6
4.6
0.7
FY21
4.6
4.6
4.3
RetailLong-term sales
68
84
83
101
FY18FY19
1.9
0.5
1.5
0.6
1.4
0.3
FY20
1.7
0.6
FY21
2.4
2.1
1.8
2.2
ThermalAcquired
Electricity sales
Variable fuel costs
1111
3.5
3.3
FY18FY19
3.3
3.8
3.3
4.2
FY20
3.7
3.1
FY21
6.8
7.5
7.1
6.8
GeothermalHydro
(i) Renewables
(ii) Thermal and acquired
Annual sensitivities
82
93
87
125
1.3
0.6
1.0
4.3
1.8
2.2
3.4
1.0
FY18
5.0
0.6
3.0
FY19
0.9
FY20
1.9
0.9
FY21
4.6
4.7
Commercial and IndustrialCFDsSpot sales
(i) Long-term channels
(ii) Market channels
Price
($/MWh)
Volume
(TWh)
Price
($/MWh)
Volume
(TWh)
Fuel cost
($/MWh)
Volume
(TWh)
Fuel cost
($/MWh)
Volume
(TWh)
Flexible portfolio
301
341
290
371
-201
-251
-280
-274
Operating free
cash flow
FY20FY18FY19
90
FY21
Dividends paid
100
10
97
Strong cash flow distributed
Continuing operations ($m)
1
3
4
5
Electricity revenue: Electricity sales (net of network,
meters costs) for all sales channels
•Pricing: Long-term channels linked to inflation, market
channels are linked to futures pricing
•Volumes: Variable, dependant on hydrology and fuel
Other gross margin: Steam sale revenue, retail gas
gross margin, broadband gross margin and other
income
•Growing broadband contribution offsetting gas retail
margin decline.
Fixed operating costs: Electricity and gas
transmission, gas storage costs and other operating
costs (includes labour, maintenance expenses, cost
to serve, cost to acquire and development)
•Inflation linked
Location losses: Difference between wholesale
revenue from generation assets and costs to
purchase electricity to support sales
•Expected to approximate ~6 to 7% of electricity sales
revenue
Variable fuel costs: Gas, carbon and acquired
generation to manage risk
•Cost: Thermal generation costs continue to rise on
higher gas and carbon costs
•Volumes: Variable, dependant on hydrology and
wholesale prices vs fuel costs
EBITDAF
32393935
Declared dividends (cps)
Cash retained
2
1
3
4
5
2
1
5
67%67%65%67%
Cash conversion (%)

23
23
Our strategy to lead NZ’s decarbonisation
Transformative ways of working: create
a flexible and high-performing environment
for New Zealand’s top talent
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
Attract new industrial
demand with globally
competitive renewables
Build renewable generation
and flexibility on the back of
new demand
Lead an orderly transition
to renewables
Create New Zealand's leading
sustainable energy brand that will
support renewable development
ambitions
Operational excellence: continuously
improving our operations through
innovation and digitisation
ESG: create long-term value through our
strong performance across a broad set of
environmental, social and governance factors
Grow
demand
Grow renewable
development
Decarbonise
our portfolio
Create outstanding
customer experiences
Enablers
Outcomes
Objective
Strategic
theme

24
24
1.As per Colmar Brunton Rep Track report, 2021 ranked 44
th
2.Science Based Targets Initiative (Sbti) target at 1.5 degrees.
We set ambitious measures of success
across our strategic themes in May 2021
Tauhara online in second half of
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
Top 10 ‘most trusted retailer’ by 2025
1
+650,000 customer connections by 2025
CTS < $120 per connection
75% of customer interactions through
digital channels
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 2026ȇ²
aligning to our Science
based targets commitments
Senior in-house capability to
support industry electrification
partnerships by 2021
100 MW of new commercial
and industrial demand by 2025
Identified 300+ MW of market-
backed demand opportunities,
replacing NZAS in the lower SI
by end of 2024 (e.g., hydrogen)
Attract new industrial demand
with globally competitive
renewables
Build renewable generation
and flexibility on the back
of new demand
Lead an orderly
transition to renewables
Create New Zealand's leading
sustainable energy brand that will
support renewable development
ambitions
Grow
demand
Grow renewable
development
Decarbonise
our portfolio
Create outstanding
customer experiences
Metrics &
measures
Objective

2525
We are best positioned to enable
New Zealand’s decarbonisation
1/ Distinctive capabilities
Deep understanding of energy applications
Unique in-house geothermal capability
Wind capability
Solar partnership
3/ Leading New Zealand's thermal
generation transition
We have led the economic substitution of almost
3 TWhof 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
2/ New Zealand’s best renewable development pipeline
Geothermal +2.9TWh
p.a
Under development
+1.4TWh p.a
Medium-term target–
+1.5TWh p.a(net)
Wind 600MW
Land access
arrangements
Solar target
200MW
Initialtarget
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 New Zealand electricity brand
We are New Zealand’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
and analytics skills recently added
100% Subsidiaries16.5% investment
Partnership
Joint Venture

2626
1/ Distinctive capabilities

2727
Contact is a globally significantgeothermal
operator
Source: Think GEOENERGY, UDI world electric power plants data base (2021); NZGA;
Contact Energy financials; Mercury Energy financial reports; Company websites
3,714
2,133
1,918
1,526
1,027
PhilUSNZIndoTurk
Global geothermal power generation 15,608MW
44%
467
168
103
80
431129
1,027
135
168
125
Mercury Energy
Contact Energy
Other
Contact share
Operational
Under
construction
Potential
(by 2026)
Contact under construction project is
Tauhara (168MW)
Planned
(post
2026)
Contact potential includes GeoFutures
(incremental 53MW) and TeHuka (50MW)
Contact planned post 2026 includes
Tauhara expansion (incremental 80MW)
New Zealand's geothermal
capacity
44%
Top 5 global producers
With executable development options

2828
Contact has a world class suite of capabilities in Geothermal
Engineering, Development and Operations
ExplorationDevelopmentOperations
Source: Expert interviews; Management discussions; Western / Contact Capability Map
Preliminary
survey
ExplorationTest drillingOperations & maintenance (O&M)
Resource
assessment
Field
development
Plant
construction
Underlying
capabilities, but
limited survey
experience
Underlying
capabilities, but
limited
exploration
experience
Strong in-
house drilling
management
capability
Strong geological
and reservoir
assessment
capabilities.
Increasingly rare
skill set
Strong drilling
management &
well capabilities
(design, test).
Increasingly rare
skill set
Contact has
experience of full
plant construction
(e.g., design, spec,
manage)
Deep experience operating and optimising
legacy assets provides some differential
capabilities vs. global peers
Well managementProject executionPlant managementSteamfieldmanagement
Strong well design, engineering,
and management capabilities
Overall project execution capabilities
including project management, procurement,
construction management, regulatory
management, and value engineering
Strong overall plant O&M capabilities
including equipment selection &
optimisation, and use of automation
Deep experience upgrading legacy plants
Recognisedstrong internal reservoir
capabilities, which are increasingly rare skill set
Deep experience managing legacy steamfields
Contact
Distinctive well service suite (e.g., live
clean outs, interventions, testing etc.)
Service capabilities (e.g., customer
management and sales)
Western
Allows cost-effective management of
wells and increased well productivity
Ensures overall delivery of efficient O&M
Allows efficient plant with minimal downtime
and cost-effective maintenance
Ensures sustainable operation of field while
maintaining cost-effective delivery of fuel
Source
of value

2929
Contact's costs to deliver geothermal power stations are at the low end of global benchmarks
Geothermal O&M cost $/MWh USD​
World-class geothermal resources
0.18
Novel techniques to reduce operating and capital costs
Contact / Western Energy specific cost savings, $m NZD
Reduced cost of well abandonments
(Rig 16) using coil tubing unit vs rig
Reduced cost of cleaning mineral scale
from production well using coil tubing
techniques vs rig
2012202020122020
0.18-0.22
-80%-86%
Contact vs. Global geothermal benchmarks
Sources: Lazard’s LevelisedCost of Energy Analysis –Version 15.0, 2021, U.S. Department of Energy, Mckinseyexpert interviews
3,067
$4,325k/MW
$5,575k/MW
Tauhara
Global benchmark
11
Geothermal Capital cost $k/MW capacity USD​
$9/MWh
$28/MWh
range
Contact
$3,067k/MW
range
Contact O&M
$11/MWh
1.3
1.0

3030
Strategic acquisitions and partnerships
to build capability
Solar: LightsourceBP partnership adds solar development capability
Wind: Roaring40s adds wind development capability
Capability and resourcing to accelerate Contact’s position in grid-scale solar
Immediate access to world-leading solar development Strong connections into solar
supply chains and dedicated procurement functions to source solar components for
LSBP’s projects around the globe. Utilisedinnovative contracting approaches eg
reverse auctions
Extensive experience, legal documentation and processes for establishing special
purpose vehicles (SPV) and undertaking project financing activities
Likely will provide on-going operations and maintenance (O&M) services to any
developed solar farms.
Creditworthy counterparty to support a Power Purchase Agreement (PPA) which is
a major hurdle to securing project finance and de-risking a project
Significant experience in the New Zealand's electricity market for both trading and
development providing assurances to LSBP on risks associated with entering a new
market
Strong stakeholder relationships
Immediate wind development
experience having been involved in
70% New Zealand wind projects
Deep knowledge of New Zealand’s
undeveloped wind sites, giving us a
head start
Strong balance sheet to support build
of renewable generation
Ability to incorporate and trade wind
developments into market
Strong consenting and community
relationships
Assessment and consenting of low-cost wind sites
in an exclusive partnership until April 2026
Exclusive partnership to deliver a series of grid-scale solar generation projects initially targeting 200MW by 2026

3131
2/ New Zealand’s
best renewable
development pipeline
31

32
32
Low carbon resource*
Estimated MW (net export to grid)
Estimated plant capacity
factor/ annual generation
Estimated cash costs of generation
2
% of production/injection capacity secured
Total estimated construction
costs related to this phase of
development (2008 –2024)
3
Estimated forward capital
expenditure (cash)¹
¹ Excluding capitalised interest as at31 May 2022. $550m as of 31 December 2021
² Includes operating costs, carbon costs and stay-in-business capex (excluding make-up drilling and major mid-life capex replacement)
3
The total addition to PPE on Tauhara commissioning will include ~$18m capitalisedtransmission asset, ~$80m of capitalisedinterest ($27m sunk)
and $24m of residual sunk capex related to the next phase of development of the field expected total of $940m ($818m + $18m +$80m + $24m)
Investing to deliver renewable energy
Tauhara development key metrics
~$15/MWh
~$390m
0.05T of C02e/MWh
*(Gas CCGT ~9x more, Gas Peaker ~11x more)
168MW
95% / ~1,400GWh
~100% / ~100%
$818m
($4.9m/MW)

3333
To meet expected market demand
Market leading development pipeline
Tauhara
(under construction)
2.8
0.2
0.4
0.3
Current capacity
1.4
Te Huka (development option)
0.4
2.7
1.41.1
GeoFutures
(net of Wairakei retirement*)
3.1
0.7
Tauhara (remaining)
0.3
Potential generation
under current consents
3.3
6.2
+2.9
Geothermal generation potential (TWhp.a.)
Geothermal field responses to extraction and
injection will determine the ultimate geothermal
generation potential beyond current consents.
Wairakei field
Tauhara field
Ohaakifield
*Expected enthalpy decline at Wairakei is expected to be offset through continuous improvement projects
2021
Potential geothermal development projects
2025
Tauhara
(168MW)
investment
decision
Under
construction
TeHuka
(50MW)
Development
option currently
being assessed
GeoFutures
(168MW)
Development
option currently
being assessed
Generation impact
2022202320242026
>2027
Tauhara
Tauhara
stage 2
(90MW)
Remaining
capacity
TeHuka
GeoFutures
Subject to Board investment decision
Wairakei
closure
(115MW)
Net addition

3434
To meet expected market demand
Market leading development pipeline
200 MW wind
expected
to be
consented
Exclusive partnership
to deliver a series of
grid-scale solar
generation projects
(up to 200MW)
Additional renewable development
Wind
2.01.4
0.4
Solar
3.4
3.8
Additional generation
potential (TWhp.a.)
Land access agreements signed
Lightsource BP partnership, initialtarget
Other near-term prospects
Currently progressing
Other near-term prospects
Today
Data collection
underway
Land access agreements
signed for 600MW,
targeting at least
1000MW potential.
Further wind
masts erected
Ecology
and
landscape
reviews
underway
2026
In the process
of assessing 425MW
of solar options
Execution
characteristics
of solar are
appealing
Secured land
agreements
for 125MW
Pursuing locations
across New
Zealand
Contact with
the option
to purchase
offtake through
long-term PPA

3535
3/ Leading New Zealand's
thermal generation
transition
35

3636
Decarbonising our portfolio: Leading an
orderly transition to renewables
Key outcomes of the pillar:
•Act on our commitment to ESG, contributing to better outcomes for our communities and the environment
•Support secure 24x7 electricity supply for Contact’s customers and all other market participants
•Capture the value flexibility offers to the electricity market
•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
Other external commitments
Our targets have been approved by the Science-based targets
initiative (1.5 degree warming)
Reduce Scope 1 and 2 GHG emissions 45% compared to 2018
baseline by 2026
30% reduction of 2018 Scope 3 GHG emissions by 2026
2021
2022
2023
200
Closure
of TCC
16
450
Geothermal
additions
FY21
1,046
600
Closure of
Te Rapa
330
Non-renewal
of swaption
Retail
gas sales
reduction
120
516
254
2026
emissions
648
260
SBTI target
Scope 1&2
Scope 3
1,646
Thermal review announced
ThermalCodiscussion paper released
Closure of TeRapa announced
Develop market based -risk
management products
Complete review of thermal assets
TCC closure once operating hours end (est2024)

3737
Our strategy grows shareholder value by generating cash flows from strategic investments, backed by new demand.
Fiscal discipline to maximisereturns
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.
Operate our assets to meet New Zealand’s evolving energy needs.
Actively manage channels to balance fuel risk and returns.
Continue to operate efficiently through our operational excellence program.
Invest in a portfolio of projects with returns above the cost of capital.
Pay out stable and predictable dividends
to shareholders with dividends between
80-100% of operating free cash flows over
the preceding four years.
Grow our businessGenerate returns on our capital investments
FY22 payout of 84% at DPS of 35 cps.
Financial strategy
Build a pipeline
of demand
Capabilities and
endowments
Return capital to shareholders
Strategic capital
deployment
Generate and sell
Operational
excellence
Strong cashflows
4-year average
operating free
cash flows
(FY18-21)
$326m
Expected
FY22 ordinary
dividend
(35 cps)
$273m

3838
38
Appendix

39
Hydrogen -domesticmarketdevelopment
KeydomestichydrogenapplicationsDomesticmarketpotential(H
2
ktpa)
New Zealandisanetimporterof“grey”fertiliser.
LowerSouthIslandisamajorsourceofdemand.
BEVsareill-suitedto
heavytransportsector.
Fuelblendingoptions.
Coastalandinternationalshipping.
Supportsdistributionnetwork.
Longertermoption.
e-Fuelopportunity.
Exporting could create immediate economies of scale that will accelerate domestic demand growth
FertiliserShippingHeavytransportAviation
510
Total600MW
130
100
40
300
40
H

40
168 MW
Completion H2 2023
~50 MW
Up to 168 MW
Geothermal projectslocations
Tauhara
TeHukaUnit 3
GeoFutures

41
Geothermal projects –GeoFutures
Estimated MW (net export to grid)
168MW
Bringing field total ~400 MW`
Estimated plant generation
1,400GWh
(3.5% of New Zealand’s current
generation)
Field in operation since
1958
With oldest WRK A&B station to be replace

4242
Thank you