Manawa transaction update

6 February 2025

Manawa transaction update

Following Contact Energy Limited’s (Contact’s) announcement that it had entered into a Scheme
Implementation Agreement (SIA) to acquire 100% of Manawa Energy Limited (Manawa)
1
, it
acknowledges the New Zealand Commerce Commission’s (Commission’s) Statement of Issues
released as part of its ongoing assessment of the competitive effects of the proposed transaction.
2


Contact and Manawa have each provided substantive supporting evidence to the Commission as part
of its ongoing assessment process and will continue to assist the Commission in its understanding of
the matters noted in the Statement of Issues.

“The strategic rationale for this transaction remains compelling. This combination of Contact and
Manawa will make a stronger, more resilient electricity company for New Zealand with a more
diversified generation portfolio across the North and South Islands. Contact and Manawa hydro
assets are complementary, with different seasonal generation profiles, which will help Contact to
better manage dry year risk and to sell larger volumes of fixed price electricity into the market than we
could independently,” said CEO Mike Fuge.

“The facts and our analysis continue to support clearance of this acquisition under the Commerce Act
and also demonstrate the clear benefits that Contact’s proposed acquisition of Manawa Energy would
have for all of New Zealand,” said Mr Fuge.

The Commission is currently scheduled to issue its clearance decision by 31 March 2025. Contact
continues to target scheme implementation by the end of first half calendar year 2025.




IMPORTANT NOTICE: Neither this announcement nor any other material already released by
Contact or Manawa in connection with the Scheme constitutes, either individually or together, an offer
of financial products to any person in any jurisdiction. Further information, including the offer that is
intended to be made by Contact of new Contact shares to eligible Manawa shareholders under the
Scheme, will be provided in materials that will be sent by Manawa to its shareholders, expected to be
in the first half of 2025. Any shares to be issued by Contact under the scheme of arrangement will be
issued to eligible Manawa shareholders in New Zealand pursuant to the exclusion in clause 19 of
schedule 1 of the New Zealand Financial Markets Conduct Act 2013 and in Australia in reliance on
ASIC Corporations (Compromises or Arrangements) Instrument 2015/358 and in certain other
jurisdictions where the issue may be made under all applicable laws without the need for any
registration, lodgement or other formality (other than a formality with which the Company is willing to
comply). No product disclosure statement or prospectus or other offering document under New
Zealand or Australian law or any other law will be prepared, filed with or approved by any regulatory
authority in New Zealand, Australia or any other jurisdiction).

- ends -


Investor enquiries Media enquiries
Shelley Hollingsworth Louise Wright
Investor Relations and Strategy Manager Head of Communications and Reputation
+64 27 227 2429 +64 21 840 313
investor.relations@contactenergy.co.nz media@contactenergy.co.nz

1
Contact’s 11 September 2024 announcement can be found at: https://www.nzx.com/announcements/437790
2
The Statement of Issues, released 5 February 2025, can be found at: https://comcom.govt.nz/case-register/case-register-
entries/contact-energy-limited-manawa-energy-limited