CHAIR AND CEO – ANNUAL MEETING SPEECHES AND PRESENTATION

Market Release
29 September 2022
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.

I’d like to acknowledge Ngāti Whātua Ōrākei as mana whenua for central Auckland, where we
are today, and also thank them for their partnership this year as Vector worked closely with
them to support COVID-19 vaccination efforts.

As we have a quorum and it’s 2:00pm, I will now declare open the 2022 Annual Meeting of
Vector Limited shareholders.

Today’s meeting is a hybrid meeting, with shareholders attending here in the room as well as
online. We hope this format provides our shareholders with more convenience, while also
allowing them to join proceedings in a way they’re comfortable with.

It is nice to be able to offer this choice, after two years of online-only meetings as a result of
the COVID-19 pandemic.

A hybrid meeting does come with some special instructions to make sure everyone, whether
in person or online, has an opportunity to participate I’ll go through these now.

Today’s meeting is being held both in-person and online via the Computershare Online
Meetings platform. This allows Shareholders, Proxies and Guests who were not able to travel
and attend the meeting in person the ability to attend the meeting virtually. All online 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.

For those of you attending the meeting virtually, 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 and press send. Your question will be immediately submitted. Should
you require any assistance, you can type your query 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.

Please note that while those online 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

Vector market release 29 September 2022 page 2 of 10
or if we receive multiple questions on one topic, amalgamated together. Finally, 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.

For those in the room, we will open the floor to questions at the relevant time in the meeting.
We have a number of microphones which will be available to you.

For all those asking questions, as this is a shareholder meeting, we ask that you please do not
ask operational or customer service questions in this forum. We have members of our
Customer team available to help you with these questions after the meeting at the entrance to
the room. For those online, these types of questions can be put to our customer services team
by phoning 0508 VECTOR, that’s 0508 832 867, or by emailing info@vector.co.nz.

While we welcome any members of the media to our meeting today, please hold your questions
during the meeting and if you want to talk to Simon or myself after the meeting concludes
please talk to one of our communications team who will be at the back of the room or use our
usual media phone number.

Voting today will be conducted by way of a poll on all items of business. I’ll now describe how
you can cast your votes, starting with the online process.

For those online, if you are eligible to vote at this meeting, once I declare the voting to be open,
you will be able to cast your vote under the Vote tab. 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. In order to provide you with enough time to vote, I will shortly open the voting
for all resolutions.

Those of you in the room are able to mark your voting paper at any time, and a team member
from Computershare will collect the voting forms at the conclusion of the meeting.

I will indicate when voting will close, so that you have a final opportunity to cast your vote.

With those instructions now complete, I now declare voting open on all items of business.
Those in the room may mark your voting paper at any time. Those online will see 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.

In addition to those attending this webcast today, 908 shareholders, holding a total of more
than 818,575,744 shares, have appointed proxies.

In my capacity as Chair of the meeting and in my own name I hold proxies for 445 shareholders,
representing 812,782,076 shares. Also included in the proxies are 751,000,000 shares held
by Entrust, our majority shareholder.

It's now my pleasure to introduce my fellow directors: Alastair Bell, Tony Carter, Bruce Turner,
and Dame Paula Rebstock, Anne Urlwin, and Dr Paul Hutchison. 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.

Vector market release 29 September 2022 page 3 of 10
Now to the structure of this meeting. We released our financial results on 26 August in our
annual report, which is available on our website, and has been mailed to all shareholders who
requested a copy. As all shareholders have by now had the chance to review the report, I will
take this opportunity to comment briefly on the dividend, then talk about some key themes from
the year, how Vector is at the forefront of decarbonisation initiatives on behalf of its
shareholders, customers and communities, and give a short summary of the Group’s financial
performance for the year.

I will then hand over to Simon to talk about Vector’s operational performance, and other
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 some important highlights of the year.

Firstly, I commend the efforts of Vector staff across New Zealand and Australia, together with
our contracted field service providers, who have worked extremely hard this year. They have
again worked through COVID-19 lockdowns, ongoing disruption, and unexpected challenges
to keep delivering to our customers. My thanks to you all.

Secondly, I want to call out that this year is significant for Vector, as it marks 100 years since
the creation of the Auckland Electric Power Board. This was a local authority established on
1 April 1922 to manage Auckland’s power assets. It was created by act of Parliament to
supplying electricity to around 8000 customers in the Auckland region, and in that time, all
electricity generation came from within the region too.

Since then Auckland Electric Power Board has become the Vector of today, an innovative and
globally recognised New Zealand energy company with a portfolio of businesses delivering
energy, technology solutions and communication services to more than one million homes and
commercial customers across Australasia and the Pacific.

The board and I are proud of this long heritage, which has always included a strong
commitment to serve the interests of Vector’s customers. Today this commitment is embodied
in Vector’s Symphony strategy, which is enabling Vector to continue delivering today, while
pro-actively rising to the challenges of today and the future.

Finally I’d like to call out that Vector published its second Taskforce for Climate-related
Financial Disclosures report this year, and within that has a detailed Carbon Abatement Curve,
which sets out action to reduce emissions, including actions which save money. Progress has
already been made against some of those initiatives, and Simon will go into that in more detail.

The full year dividend 16.75 cents per share was partially imputed at 10.5%, and was paid to
shareholders on 19 September.

I want to provide some context about the circumstances of our dividends, and I’ll give an
example to illustrate.

In 2016, the Commerce Commission allowed us to earn 7.19% on our regulated assets. But
now, we’re earning 4.57%. This is a function of interest rates, as with low interest rates our

Vector market release 29 September 2022 page 4 of 10
allowable earnings are set lower. Those returns are also impacted by inflation which impacts
the level of cash return versus asset valuation. Currently, inflation is higher than what the
Commerce Commission forecast when setting the current price path, and so we will earn more,
however some of this upside is not recoverable until 2024. The board considers this, as well
as a range of other factors when setting the dividend.

This year we determined that a flat dividend, when compared to last year, was appropriate.

I also want to comment briefly on how else we’re delivering value to shareholders besides our
dividend payments.

Our Total Shareholder Return, which factors in capital gain on share price as well as dividends
paid and imputation credits attached to dividends, compares well against the average across
the NZX 50.

This is a point in time measure, however when looking at the 5 year TSR Vector has
outperformed the market, and over a 10 year period is broadly in line with the market.

Vector invests significant sums into infrastructure growth, resilience and reliability. In the last
year, this investment stood at close to $350 million, or almost $1m per day. This covers what
is needed to ensure the electricity network is ready for the demands of the future, while
ensuring Auckland has the infrastructure it needs now to continue growing, and to support
major changes to our transport and energy systems drive by decarbonisation.

We’ve reached a settlement agreement with the Commerce Commission into historic breaches
of network quality standards, and we’re pleased to have seen full compliance since the period
in question. This reflects our strong focus on improving performance, and a comprehensive
programme of network reliability initiatives in recent years to mitigate the impacts of the
challenges we have experienced in our operating environment. These include meeting
Auckland’s growth requirements, increasing congestion, and weather volatility. That work has
been successful and we’ve seen a sustained improvement in the key network reliability
measures that the Commerce Commission requires electricity regulators to meet, being SAIDI
and SAIFI.

Looking elsewhere across the Group, Vector Metering has been a strong and consistent
success story. Vector started the metering business in 2008, and since then has been steadily
building and growing it, first in New Zealand, then entering into the Australian market and
growing it there too.

The business continues to focus on providing innovative, smart meter data services to energy
retailers from more than 2.3 million electricity and gas meters across both markets.

The strategic review of Vector Metering, which is underway at the moment, is looking ahead
to the next chapter for the business. While there are no certainties as to the outcome of the
review, we believe that there are strong opportunities for a partner to invest with Vector and
drive strong growth.

I’ll now talk a little about Vector’s role in decarbonisation, which was the subject of the video
we played at the start of this meeting. Looking at Vector’s Symphony strategy as it applies to
Auckland’s electricity network helps illustrate this. As the country moves to lower carbon
emissions, transport and other industries will increasingly look to electricity for their energy

Vector market release 29 September 2022 page 5 of 10
needs. Combined with renewable generation, these are key to New Zealand achieving its
decarbonisation commitments.

This will result in a significant increase in demand for electricity. If that demand is unmanaged,
for example where electric vehicle charging at the end of the day increases the period of peak
electricity demand, that will mean Vector must build much more network to accommodate that
extra demand. As the blue line on this chart shows. But that approach of meeting demand
through building more network, is expensive for customers.

Instead, if the growth in electricity demand can be managed, so that overall demand is
managed and controlled, that means the need for costly network upgrades is minimised.

Vector has demonstrated leadership in this thinking for a number of years, and is why Vector
has worked with global technology, most recently Amazon Web Services and X, formerly
Google X, on innovative, new tools. Through its leadership and relationships like these, Vector
has a clear line of sight into what is needed to achieve the energy transition, and can offer a
perspective that others just don’t have.

But it is crucial that policy decisions to support the changes needed are made quickly, so that
the energy transition can be successfully managed.

Vector has delivered a steady result for the 2022 financial year, against a backdrop of
inflationary pressure, sustained supply chain challenges and constant evolution of the impacts
from the COVID-19 pandemic.

The group recorded adjusted EBITDA of $510 million. This was down $3.5 million or 0.7% on
last year’s result, and is in line with guidance provided at the half year result.

Group net profit after tax was $160.9m which was $33.7m lower than the prior year due to a
$40.2m non-cash goodwill impairment of Vector's LPG business. This goodwill impairment
recognises the impact of higher Saudi Aramco contract price of LPG, higher ETS, and a weaker
NZ dollar, all contributing to a higher cost of gas, along with the impact of the increase in
discount rates as at 30 June 2022. This was offset by higher capital contributions, lower
interest cost, and a gain from the sale of Vector's 50% shareholding in Treescape.

Total capital expenditure for the year was $545.9 million, an increase of $4.4 million or 0.8%
on the prior period. The increase reflected continued investment in infrastructure to support
Auckland’s continued growth, higher network replacement expenditure, and continued rollout
of advanced meters in Australia and New Zealand, and the rollout of 4G modem upgrades
across the New Zealand advanced meter base.

Operating cash flow was 3.9% higher at $518.8 million. This increase was largely due to the
higher capital contributions received in the period.

In closing, I thank my board for their support this year, Simon and his Executive team for their
leadership, and Vector staff for all they’ve done to look after their customers, including
navigating through another year of disruption from COVID-19 lockdowns.

I will now hand over to Simon.

Vector market release 29 September 2022 page 6 of 10
CEO, Simon Mackenzie:

Thank you Jonathan.

I’d also like to thank our staff and field service providers for another full year of delivering for
our customers, again with multiple disruptions from COVID-19, not just lockdowns but also the
need to be flexible and adaptable as we saw increased absenteeism from infection and
isolation protocols. Our people have shown a great deal of resilience and commitment to
Vector and our customers in a time of great change and uncertainty.

I’ll start my address by reflecting on what’s different about the Vector of today compared to
what began 100 ago. Then I’ll move to a short summary of our financial performance for the
year, and then provide a few operational highlights, as well as talk about some of the
challenges we see ahead and how we’re addressing them.

A lot has changed since the Auckland Electric Power Board was first created 100 years ago.
Today’s Vector serves more than 600,000 connections on the electricity network, our gas
network has more than 115,000 connections, we served more than 600,000 LPG bottle swaps
around New Zealand in the last year, we operate nearly 2 million advanced meters across
New Zealand and Australia, we have an extensive fibre network across the greater Auckland
region, including our own direct access into over 1000 commercial buildings and we run a
number of other energy related businesses across our portfolio.

We’re continuing to deploy large amounts of capital in our energy networks to enable and
support Auckland’s significant growth, and transform the electricity network to facilitate a future
where consumers increasingly demand and rely on cleaner, more reliable, affordable energy.

Through Vector Technology Solutions we’re looking to sell solutions to help other companies
on similar transformation journeys both locally and overseas.

And as Jonathan mentioned, we’re looking ahead to the next chapter of growth for Vector
Metering.

All these activities reflect the pace of change the energy sector is going through right now, and
the urgency to transform energy systems to address decarbonisation. As you’ve seen on one
of Jonathan’s slides earlier, demand for electricity is going to increase, and we’re still going to
be building traditional network infrastructure. That will include power poles and wires that
would be recognisable to people from 100 years ago. But just doing that is no longer enough.
We’ve got to build new digital infrastructure on top of the physical assets so that the whole
system is more resilient in the face of climate change, and can accommodate the increased
demand for electricity that will come with decarbonisation in the smartest way possible. While
much of what we do is unseen by customers, our solutions are critical to the smooth running
of customers lives at home and at work. Customer needs are at the core of our Symphony
strategy and this includes equitable access to the energy they need to power what is important
to them.

Now I’ll move onto a review of Vector’s operational performance for the year.

Firstly, for the regulated electricity and gas networks:
• Total net connections continue to grow with electricity connections up 1.6% to 600,112,
and gas connections up 1.3% to 117,995

Vector market release 29 September 2022 page 7 of 10
• The level of gross investment continues to be at high levels with capital expenditure for
FY22 at $331.9m
• Electricity volumes overall were up 0.4% at 8,361 GWh with lower business volume offset
by higher residential volume

For Metering:
• We deployed and billed 93,000 advanced meters in Australia, and 18,000 in New
Zealand, with volumes impacted by COVID-19
• Our advanced meter fleet now totals 1.98 million across New Zealand and Australia, with
nearly 490k meters now installed in Australia
• We invested capex of $156.7m or 3.9% lower than the prior year
• Our 4G modem replacement programme is underway in New Zealand with around
200,000 completed to date

For Gas Trading:
• We saw a 7.4% decrease in 9kg LPG bottle swaps to 629,651 in the year
• LPG volumes were down 1.6% to 44,330 tonnes, with bulk volumes and cylinder volumes
down slightly.

I’ll now share some achievements in relation to our carbon emissions.

We achieved a 16.5% reduction in our carbon footprint, across Scope 1, 2, and 3, from our
FY20 baseline.

We also developed a tool that helps us identify and prioritise areas we can focus on to reduce
our carbon emissions. We call this a “carbon abatement cost curve”. It sets out the causes of
our carbon emissions, and what it would cost us, or save us, to remove those emissions,
based on the other alternative which is to pay to offset them.

This important work led to two initiatives this year where we’ve adapted our business
processes to save money and reduce emissions, while maintaining our service delivery
standards.

One of these initiatives involves identifying electricity maintenance jobs that be completed
using a transformer, instead of a diesel generator, to keep the power on for customers while
we do the work. We ran a successful trial of this programme and are now operationalising it
into our maintenance programmes.

The second initiative was around increasing the frequency of inspections on our gas network.
By increasing the inspection frequency, we can identify and fix gas leaks more quickly. The
carbon cost abatement curve was particularly important here in identifying the right balance
between the cost of increasing the inspection frequency, against the higher cost of the gas
leaks going undetected for longer.

This abatement curve will help us reach our science-aligned target of a 53.5% reduction in
Scope 1 and 2 emissions by 2030.

Vector market release 29 September 2022 page 8 of 10
We’ve also published our second TCFD report, which sets out our big picture view of where
the risks and opportunities are for our portfolio of energy businesses, and our overall role in
delivering clean, reliable and affordable energy solutions for customers. You will find this on
our website.

I’ll now talk about a few other highlights from the year.

Earlier this year we announced a strategic review of Vector’s Metering business. This comes
at a key time for the business, when we’re on track with a major modem replacement
programme in New Zealand to future proof the fleet, and the trajectory for the business is
strong as smart metering has become a critical part of the transformation and digitalisation of
the energy sector around the world. We expect to announce the outcome of the strategic
review by the end of this calendar year.

Vector Technology Solutions continues to explore the commercial opportunities for digital
solutions we have co-developed through our strategic alliance with Amazon Web Services and
other global partners. We are already providing services to 5 electricity distribution businesses
across New Zealand. We have several encouraging offshore leads, and more local
opportunities to explore, and we’re getting strong validation from customers that what we are
offering helps them address their key challenges.

We’re continuing our strategic collaboration with X, the moonshot factory (formerly Google X),
which is developing technology and tools to enable the virtualisation of the energy system and
assist in managing the complexities that will arise in both real time and longer term planning.

I’ll now talk about some of challenges we’re seeing in the regulatory landscape and how we’re
engaging with policy makers to find solutions.

The Commerce Commission is reviewing the Input Methodologies for the first time since 2016.
These are the key regulatory rules that underpin the way energy networks are regulated, and
the large-scale investment needed to enable decarbonisation. The key issues fall around
incentives to invest, cashflow, the ability to finance, and how these align with shareholder
expectations, and others such as credit rating agencies. This slide shown here gives you an
idea of the scale of investment already underway. We are advocating that the review needs
to focus squarely on the implications of the Government’s decarbonisation goals for the energy
sector, since these are not accounted for in the current regime. It’s a critical time to ensure
these settings are fit for purpose and properly support the transition to a net zero economy.
We believe the review should be approached with a significantly higher level of engagement
between the Commerce Commission and industry and we look forward to participating fully.

The Commerce Commission has also set the next Default Price Quality Path (DPP) for gas
pipeline businesses for the four years commencing 1 October 2022. The new DPP allows for
a moderate acceleration of asset depreciation. Our view is that this is a step in the right
direction and is aligned with clear and consistent direction from government about the role of
gas in New Zealand by 2050. We’ve been working constructively with the industry, Commerce
Commission, the Gas Industry Company, and the government, both individually and as part of
the Gas Infrastructure Group, to seek a transition plan that works for consumers, government
and infrastructure owners, as well as recognising the option for renewable gas.

More broadly, the Government is looking to develop a National Energy Strategy. The current
regulatory settings and structure of the industry has largely been the same for over 20 years.

Vector market release 29 September 2022 page 9 of 10
This now has to be questioned as to whether it is appropriate for the future, given the
challenges of decarbonisation, new technologies, and customer expectations, not having been
considered in the past settings. We ask that policy makers consider the long-term interests
of consumers in terms of an overall household “energy wallet” rather than just looking
individually at the cost of electricity, or gas. In many instances, electrification may lead to
overall savings for households. A good example is the potential for EVs to reduce household
spending on petrol costs by more than they increase spending on electricity, including the
network investment needed to meet new demand, which consumers pay through electricity
bills.

We will actively engage with government as new policy is developed, as we believe we bring
unique perspectives given our global alliances with leading technology companies as well as
proven experience in trialling, analysing and operating new technology, how it impacts our
ability to deliver customers’ energy for their daily lives.

A final comment on regulatory matters, as Jonathan mentioned, we’re pleased to have reached
a settlement agreement with the Commerce Commission for historic breaches of network
quality standards.

We’re committed to complying with our regulatory quality limits and have put significant effort
and investment over many years into ensuring the network is safe, reliable and resilient, while
also flexible enough to meet the challenges of Auckland significant growth, and supporting
major changes such as the electrification of transport.

We maintained high levels of work even over the last few years through COVID-19 lockdowns
and other disruptions. I want to share some numbers from the last year to put this volume of
work into perspective:
• We completed more than 500 complex customer-requested electricity connection
projects, with an expenditure of $26.3 million.
• In addition, we also completed almost 4000 non-complex new connection requests, with
expenditure of $86 million.
• We did 533,205 preventive maintenance activities, to maintain the reliability of the
electricity network, and spent a total of $18.2 million
• For corrective maintenance, we spent $57.6 million.
• And for reactive maintenance, we spent $29.7 million, responding to 33,441 unplanned
events.

All these numbers illustrate how we’ve maintained productivity despite COVID-19, and we’re
pleased to have seen full compliance with our regulatory quality limits in the two years since
the breaches occurred.

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

Vector is well-positioned to enable decarbonisation, guided by our vision, which is to create a
new energy future. Despite the challenges of climate change today, our Symphony strategy
helps us seize the opportunities of a decarbonised future, by creating a decentralised energy
system that opens future possibilities, delivering decarbonisation consistent with safe, reliable
and affordable energy solutions for customers.

Vector market release 29 September 2022 page 10 of 10
Our wider industry has never seen the level of change that is before us or the critical nature of
getting this transition right. Collaboration across the industry, government and regulators is
vital as is learning from our overseas counterparts. We will continue to participate fully and
advocate for our customers.

We look forward to the next chapter for Vector Metering, with our work to date recognised by
global organisations including AWS. We expect to announce an outcome by the end of the
calendar year.
We intend to provide guidance to the market at our FY23 interim results.

I would like to thank Jonathan and the rest of the Board for their leadership and guidance over
the past year, and of course thanks to all Vector staff, our service contractors and other
partners.

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

---

Annual Meeting
29 SEPTEMBER 2022

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

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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

Dividend (cents per share)
6.00
6.506.506.506.50
6.75
7.00
7.25
7.507.50
7.75
8.00
8.258.258.258.258.25
6.00
6.50
6.75
7.25
7.50
7.50
7.50
7.75
7.75
8.00
8.00
8.00
8.00
8.258.25
8.508.50
FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
InterimFinal

Total Shareholder Return (TSR)
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
5 year10 year
VectorNZX 50

Infrastructure investment and reliability

Vector Metering: a success story
13
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22
Vector Metering Smart Meter installs, NZ and Australia
New ZealandAustralia

Vector’s role in decarbonisation

Overview of financial performance
15
1,279.3
513.5
541.5
194.6 194.6
499.1
1,339.0
510.0
545.9
160.9
201.1
518.8
RevenueAdjusted EBITDACapital ExpenditureNet ProfitNet Profit (excl Impairment)Operating Cash Flow
FY22 FINANCIAL PERFORMANCE ($M)
FY21
FY22
-0.7%+0.8%-17.3%+3.9%+0.0%+3.3%
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to annual report.

Simon Mackenzie
Group Chief Executive

AEPB created 1922

•93k advanced meters
deployed and billed
in Australia
•18k in New Zealand
•1.98 million advanced
meter fleet across
New Zealand and
Australia
•More than 489k
advanced meters in
Australia
•7.4% decrease in 9kg
LPG bottle swaps to
629,651
•LPG volumes down
1.6% to 44,330 tonnes
with bulk volumes
and cylinder volumes
down slightly
Gas Trading
Metering
Electricity and Gas Distribution
•600,112 electricity
connections
•117,995 gas
connections
•16,684 new electricity
and gas connections
•$331.9m Capex
•Electricity volumes at
8,361 GWh
2021 –2022 Operational Performance

20
53.5%
Carbon cost abatement curve
established which sets science aligned
target of 53.5% reduction by 2030
16.5%
Reduction in our carbon
footprint from the FY20
baseline (scope 1, 2 and 3)
TCFD REPORT
Decarbonisationachievements

Accelerating decarbonisation

0
200
400
600
800
1000
1200
2023202420252026202720282029203020312032
Annual capex ($m)
Forecast capex
Non-exempt EDBs (incl Vector)VectorTranspower
Significant investment is needed for energy
transition

Looking ahead

Jonathan Mason
Chair

Ordinary business

Election and re-election of
Directors

Paul Hutchison
MB, ChB, FRCOG, FACOG, Dip Com Health, Member of Institute of Directors
Paul was elected to the AECT (now Entrust) in 2015. He is a clinician at East Tamaki Health Care, a former member of the New
Zealand Medical Council as well as Director of a number of companies and a member of the Institute of Directors. Paul was
the MP for Port Waikato, then Hunuafrom 1999 –2014. He chaired the Health Select Committee from 2008-2014 and was
awarded the NZ Medical Association’s award for outstanding contribution to health services in 2014. His other interests
include science and innovation, sport, music and fishing and he enjoys spending time with his family.

Election of Paul Hutchison
Proxy votingVotes
For 803,751,810
Against
10,152,097
Discretionary
4,587,680
Abstain
114,984

Jonathan Mason
MBA, MA, BA
Jonathan Mason has extensive commercial experience. He has worked in financial management positions in the oil and gas,
chemicals, forest products and dairy industries in New Zealand and the USA for International Paper, ExxonMobil Corporation,
Cabot Corporation and Fonterra. Jonathan also has experience as a non-executive director on boards in both New Zealand
and the USA and his current directorships include Air New Zealand Limited, Westpac New Zealand Limited and Zespri Group
Limited. He is also an Adjunct Professor of Management at the University of Auckland, focusing on finance.

Re-election of Jonathan Mason
Proxy votingVotes
For
807,428,235
Against
6,533,520
Discretionary
4,565,688
Abstain
79,128

Paula Rebstock
BSc (Econ), Dip & MSc (Econ)
Dame Paula Rebstockis a leading Auckland-based economist and company director, who was made a Dame Companion of
the New Zealand Order of Merit in 2015. She is Chair of NZ Healthcare Investments (Asia Pacific Healthcare Group), Kiwi Group
Holdings, National Hauora Coalition, NgātiWhātuaŌrākeiWhaiMaia and the New Zealand Defence Force Board and a
director of SeaLinkGroup, Auckland One Rail and AIA. Dame Paula is the former Chair of the New Zealand Commerce
Commission.

Re-election of Paula Rebstock
Proxy votingVotes
For
810,214,088
Against
3,763,008
Discretionary
4,566,654
Abstain
62,821

Alastair Bell
BCom, CA, CMInstD, PMP, JP
Alastair Bell is a chartered accountant, chartered director and qualified member of the Project Management Institute. He has
more than 30 years’ experience in the corporate, public and not-for-profit sectors. Alastair balances his professional life
between board roles and leading a consultancy specialising in business and infrastructure projects. He is an elected Trustee of
Entrust, chairing the Entrust board’s Regulation and Policy Committee. Formerly, he was Deputy Chair of Foundation North.
Alastair is also Chair of the Orakei Community Association and a trustee of the MotutapuRestoration Trust.

Re-election of Alastair Bell
Proxy votingVotes
For
798,850,421
Against
15,093,738
Discretionary
4,555,470
Abstain
106,942

Doug McKay
ONZM, BA, AMP (HARVARD)
Doug is Chairman of the Bank of New Zealand and Eden Park Trust Board and has directorships with Genesis, National
Australia Bank (NAB), IAG New Zealand Limited and Fletcher Building Limited. Doug began his career with Procter & Gamble,
working in a number of roles both in New Zealand and overseas and subsequently worked in Managing Director and Chief
Executive roles with Lion Nathan, Carter Holt Harvey, Goodman Fielder, Sealord and Independent Liquor where he was also
Chairman.
Doug was the inaugural Chief Executive of the amalgamated Auckland Council until the end of 2013.

Election of Doug McKay
Proxy votingVotes
For
813,645,859
Against
197,889
Discretionary
4,638,399
Abstain
124,424

Appointment and remuneration of
auditor

Appointment and remuneration of auditor
Proxy votingVotes
For
813,534,649
Against
365,773
Discretionary
4,675,322
Abstain
30,827

Alterations to constitution

Alterations to constitution
Proxy votingVotes
For
775,987,630
Against
34,995,551
Discretionary
4,783,445
Abstain
2,839,945

Director remuneration

Director remuneration
Proxy votingVotes
For
812,677,672
Against
1,322,721
Discretionary
4,493,072
Abstain
113,106

General business and Q&A

Final chance for voting

Thank you