Governance Roadshow Presentation – July 2022

18 July 2022
PRUE FLACKS
Chair
MERCURY.
GOVERNANCE ROADSHOW
JAMES MILLER
Chair, Risk Assurance and
Audit Committee

DISCLAIMER.
This presentation has been prepared by Mercury NZ Limited and its group of companies (“Company”) for informational purposes. This disclaimer applies to this document
and the verbal or written comments of any person presenting it.
Information in this presentation has been prepared by the Company with due care and attention.However, neither the Company norany of its directors, employees,
shareholders nor any other person gives any warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum
extent permitted by law, none of the Company, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss
(including, without limitation, arising from any fault or negligence) arising from this presentation or any information suppliedin connection with it.
This presentation may contain projections or forward-looking statements regarding a variety of items.Such projections or forward-looking statements are based on current
expectations, estimates and assumptions and are subject to a number of risks, and uncertainties, including material adverse events, significant one-off expenses and other
unforeseeable circumstances, such as, without limitation, hydrological conditions. There is no assurance that results contemplated in any of these projections and forward-
looking statements will be realised, nor is there any assurance that the expectations, estimates and assumptions underpinningthose projections or forward-looking
statements are reasonable.Actual results may differ materially from those projected in this presentation.No person is under any obligation to update this presentation at
any time after its release or to provide you with further information about the Company.
A number of non-GAAP financial measures are used in this presentation, which are outlined in the appendix of the presentation. You should not consider any of these in
isolation from, or as a substitute for, the information provided in the consolidated interim financial statements for the 6 months ended 31 December 2021, which are
available at www.mercury.co.nz.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation
does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security.
Nothing in this presentation constitutes legal, financial, tax or other advice.
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MERCURY AT A GLANCE.
>Vertically integrated 100% renewable
generator and national multi-product
utility retailer
>New Zealand’s second largest gentailer by
market cap, NZ’s largest wind generator
and largest electricity retailer by customer
market share
>Generation market share of ~18%
>51% owned by the New Zealand
Government
>Market Capitalisation: ~NZ$8.1 billion
1
>Credit Rating: BBB+/Stable (S&P Global)
>FY22 EBITDAF Guidance: NZ$570 million
NORTH ISLAND
CONNECTIONS
2
Electricity: ~473K
Gas: ~83K
3
Telco: ~89K
Mobile: ~9K
WIND
~1,570GWh
(WITH 370GWhIN
CONSTRUCTION)
HYDRO
~4,050GWh
GEOTHERMAL
~2,600GWh
4
~8,200GWh
ANNUAL MEAN
GENERATION
3
WAIPIPI
MAHINERANGI
TARARUA I –III
TURITEA North
(Turitea South Under
Construction)
HYDRO STATIONS
GEOTHERMAL STATIONS
WIND FARMS
+ Not all 100% owned by Mercury
SOUTHISLAND
CONNECTIONS
2
Electricity: ~103K
Telco: ~27K
Mobile: ~3K
1
As at 13 July 2022
2
As at 31 March 2022
3
Reticulated gas only (excludes ~10k LPG customers)
4
Excludes equity accounted geothermal generation at Mokai (~200GWh pa)

4
STRATEGIC FRAMEWORK LINKING THREE-YEAR OBJECTIVES WITH LONG-TERMGOALS.

5
HY2022 RESULT REFLECTS SIGNIFICANT CHANGE.
TILT NZ ACQUISITION
Acquired five operating wind farms
which combined with Turitea North
make Mercury NZ’s largest wind
generator
1
TURITEA OPERATING
All 33 turbines in Turitea North
operating, generated 105GWh in
HY2022 (annual mean 470GWh);
Southern section works progressing
TRUSTPOWER RETAIL
Trustpower Retail acquisition
completed; integration underway
$242m EBITDAF
Down $48m versus HY21 reflecting
lower hydro generation, Kawerau
outage and Norske Skog hedging
transaction, partially offset by new
wind generation
HYDRO STORAGE
MANAGED
Hydro storage lifted despite lower
inflows in preparation for expected
dry conditions in 2H-FY2022
THRIVE
Evolving our culture and the way we
work to deliver FY2022 continuous
improvement target of $30m
FY2022 GUIDANCE
$570m reflecting HY2022 conditions
and Tilt & Trustpower acquisitions
(including accounting impacts)
8cps
INTERIM DIVIDEND
Increase of 18% versus HY2021;
full-year ordinary dividend guidance
maintained at 20cps
CAPITAL MANAGEMENT
Dividend Reinvestment Plan
announced, interim dividend
underwritten. $250m capital bond
issued.
1
In GWh based on currently operating wind generation assets

>Acquisition of Tilt Renewables New Zealand operations completed in
August 2021. Initial bid announced in March at $7.80 per share,
subsequently increased to $8.10 per share in April. Funded through sale
of Mercury’s 19.9% Tilt shareholding (cost $144m, sold for $608m
1
) and
additional net debt of $189m
>All output sold via PPA to Manawa, CFD with Genesis (Waipipi) and
conditional Kaiwaikawe offtake CFD also with Genesis
>Adds over 1,100GWh of wind generation and a development pipeline.
Including Turitea North (470GWh), Mercury NZ’s largest wind generator.
>Wind development and operations capability boosted with NZ based Tilt
staff joining Mercury
>Acquisition lifts wind operating assets, capability, wind generation
development potential and core earnings.
6
TILT RENEWABLES OPERATIONS BOOSTS GENERATION PORTFOLIO
3
Waipipi(wind)
Commissioned: 2021
Capacity: 133MW
TararuaI & II (wind)
Commissioned: 1998, 2004
Capacity: 68MW
TararuaIII (wind)
Commissioned: 2007
Capacity: 93MW
Mahinerangi(wind)
Commissioned: 2011
Capacity: 36MW
Operating assets
1
Comprised of $603m share sale and $5m special dividend

7
MERCURY ADVANCING GENERATION DEVELOPMENT OPPORTUNITIES.
Kaiwaikawe(wind)
Potential capacity: 75MW
MahinerangiII (wind)
Potential capacity: 160MW
KaiweraDowns (wind)
Potential capacity:
40MW (stage I)
200MW (stage II)
Development OptionsPotential Capacity (est.)Commentary
Puketoi~230MWConsented lapse period extended to 2031
Constructability work and consent enhancements progressing
Kaiwaikawe~70MWResource consent granted, PPA agreed with Genesis
MahinerangiII~160MWConsented
KaiweraDowns Stage 1~40MWConstructability work underway
KaiweraDowns Stage 2~200MWConsented
Ngatamariki~35MWConsent lodged
Mercury also holds a portfolio of early stage options in addition to the above
Ngatamariki OEC5 (geothermal)
Potential capacity: 35MW
>Advancing development options in response to high market price signals and
need to support decarbonisation
>Mercury committed to NZ’s low carbon future. We are building new
generation (e.g.Turitea), have a good portfolio of wind development options
and the balance sheet to fund further renewable generation development
>Appropriate policy settings critical to meet NZ’s decarbonisationgoals
>Government energy strategy and industry response must “balance” energy
trilemma
>Need for coordinated policy (e.g.RMA) that recogniseselectricity as the
platform for other industries to decarbonise.
Puketoi(wind)
Potential capacity: 230MW

TRUSTPOWERRETAIL ACQUISITION TRANSFORMING.
>Mercury now NZ’s largest energy multi-product utility retailer
>Acquisition of Trustpower’sretail business enables Mercury to accelerate its retail
strategy, delivering the right product mix and enhanced value for customers on a faster
trajectory
>Going from a dual utility provider to a truly multi-product retailer adds material value
for our customers in terms of convenience, cost efficiencies and the delivery of
innovative and exciting new products
>Greater scale will also allow Mercury to invest in the underlying technology platform,
enabling better services and improved customer experience
>As New Zealand transitions to a low carbon economy, Mercury wants to ensure this
shift is equitable for all consumers, including those experiencing hardship
>Our focus moves quickly to how we integrate the two retail businesses supported by
our outstanding generation assets, and how we can be innovative, responsive and
streamlined in the way we operate
>Smooth transition of Trustpowerretail business in May and additional 570 staff.
Integration team established focusing on:
•integration of processes and systems
•good change management to minimise customer impacts and improve UX
•grow retail earnings and realise synergies
8

0
100
200
300
400
2012201320142015201620172018201920202021
$m
Financial Year (ending 30 June)
OPEX
1
Operating expenditure
One-off costs
MERCURY’S LONG TERM TRACK RECORD.
9
570
0
200
400
600
2012201320142015201620172018201920202021
2022F
$m
Financial Year (ending 30 June)
EBITDAF
0
100
200
300
2012201320142015201620172018201920202021
2022F
$m
Financial Year (ending 30 June)
DISTRIBUTIONS
Share buybackSpecial dividend
Final dividendInterim dividend
0
30
60
90
120
150
0
300
600
900
1,200
1,500
2012201320142015201620172018201920202021
$m$m
Financial Year (ending 30 June)
DEBT & INTEREST
Net debt
Interest expense (RHS)
Flat from FY2014
1
Material non-cash acquisition accounting impacts included in FY22 EBITDAF guidance from Norske Skog hedge transaction and Tilt Renewables NZ operations acquisition (positive to
EBITDAF) and Trustpower retail purchase (adverse EBITDAF impact)
FY2022F includes the partial year contribution
of ex Tilt assets, Turitea & Trustpower retail
1
>EBITDAF lifts with increase in core business performance and addition
of wind generation
1
>Debt: gearing ratios within BBB+ band of 2.0 –3.0x debt/EBITDAF
>Distributions: FY22 ordinary dividend guidance of 20 cents per share
will be the 14
th
year of ordinary dividend growth

10
> VINCE HAWKSWORTH
CHIEF EXECUTIVE
> PHIL GIBSON
GENERAL MANAGER PORTFOLIO
>New roles established in CY21:
>General Manager Sustainability
>General Manager Generation
>General Manager Customer
>Retail executive structure aligned to expanded retail
business, with the creation of General Manager
Customer Operations role to complement General
Manager Commercial Operations –Retail
LEADERSHIP TEAM.
> JULIA JACK
CHIEF MARKETING OFFICER
> WILLIAM MEEK
CHIEF FINANCIAL OFFICER
> MARLENE STRAWSON
GENERAL MANAGER PEOPLE & PERFORMANCE
> LUCIE DRUMMOND
GENERAL MANAGER SUSTAINABILITY
> STEW HAMILTON
GENERAL MANAGER GENERATION
> CRAIG NEUSTROSKI
GENERAL MANAGER COMMERICAL OPERATIONS -
RETAIL
> FIONA SMITH
GENERAL MANAGER CUSTOMER OPERATIONS

BOARD OF DIRECTORS.
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JAMES MILLER
DIRECTOR
HANNAH HAMLING
DIRECTOR
PRUE FLACKS
CHAIR
>Appointment of Dennis Barnes made to complement Board’s collective capabilities and to add operational experience at the highestlevel in the New Zealand energy industry
>Future Director Kim Gordon appointed under the Institute of Directors Future Directors Programme in May 2021 for 18 month term
DENNIS BARNES
DIRECTOR
.
MIKE TAITOKO
DIRECTOR
KIM GORDON
FUTURE DIRECTOR
.
PATRICK STRANGE
DIRECTOR
.
ANDY LARK
DIRECTOR
SCOTT ST JOHN
DIRECTOR

ASMRESOLUTIONS.
>Re-electionofJamesMiller
>Potentialdirectorappointments/succession
12

REMUNERATION.
13
Chief Executive’s remuneration performance pay
for FY22
Long Term Incentives Granted (2024 vesting)
Annual Variable
Base Salary & Benefits
FY22 Mercury’s Key Performance Indicators (KPIs)
For FY22, Mercury’s KPIs were aligned to our six 3-year
objectives (see slide 4).
>Mercury’s remuneration policy is founded on three guiding principles:
>Remuneration is aligned to long-term sustainable shareholder value
>Remuneration for individuals will reflect the level of performance and delivery of successful outcomes
>Simplicity over complexity will be reflected in the design
GoalWeighting (%)
EBITDAF40
Licence to operate / stakeholder collaboration10
Transforming culture10
Organisational resilience10
Lead role in transition to low carbon economy15
Executable options for new growth15

ESG MATTERS.
>Climate change strategy articulated in FY2021 Annual report and TCFD
Report
>Climate change scenario analysis evolving
>Actively considering climate change based targets
>Successful Bond issuance under Mercury’s green financing framework
>AUD200m Australian Medium Term Notes (AMTN). A first for a NZ corporate
>NZD200m MCY030 1.56%GreenRetail Bond, maturingSept. 2027
>NZD200m MCY040 2.16%Green Retail Bond, maturing Sept. 2026
>NZD150mGreenWholesale Bond, 1.92%, maturing Oct. 2030
>Inclusionanddiversity
>Annual measurable objectives well-established, and we want more progress
>FY22initiatives included: support for employee networks; growing Māoriand
Pasifika employee base; capability building and awareness; policy frameworks
supporting inclusive culture
>Payequity
14

STABLE CAPITAL STRUCTURE.
>Mercury’s dividend policy is to make distributions with a pay-out ratio of 70-85% of Free Cash Flow on average through time
subject to:
•Consideration of the Company’s working capital requirements and medium-term asset investment programme;
•Maintaining a sustainable financial structure for the Company, recognising the Company’s targeted long-term credit rating of
BBB+ assigned by S&P Global
1
(Debt/EBITDAF within range of 2.0 –3.0 times); and
•The risks from predicted short and medium-term economic, market and hydrological conditions, and estimated financial
performance
>S&P re-affirmed Mercury’s credit rating of BBB+/stable in November 2021 which includes a one-notch upgrade from stand-alone
credit profile of ‘bbb’ due to Mercury’s status as a government-related entity due to 51% Government ownership
31 Dec 202130 June 202130 June 202030 June 201930 June 201830 June 2017
Net debt ($m)1,6401,3291,1491,0961,264
5
1,038
Gearing ratio (%)26.324.123.523.727.7
5
23.9
Debt/EBITDAF(x)
2
2.6
3
2.52.01.91.91.8
Issuer Credit
Rating
BBB+/stableBBB+/stableBBB+/stableBBB+/stableBBB+/stableBBB+/stable
Ordinary dividend20.0cps
4
17.0cps15.8cps15.5cps15.1cps14.6cps
15
1
Or equivalent from another recognised credit rating agency
2
Adjusted for S&P treatment of Capital Bonds
3
Based on FY2022 EBITDAF guidance
4
Based on FY2022 ordinary dividend guidance
5
Restated to reflect changes in IFRS

16