MRP Fact Book

MightyRiverPowerFacts

Mainheadline

INTRODUCTION

© Mighty River Power, 2013.

About us MIghTy RIveR POweR is one of New Zealand’s largest electricity companies – with its core business based on reliable, low fuel-cost electricity generation complemented by sales to homes and businesses.

The Company generates about 16% of New Zealand’s electricity. It operates the nine hydro stations on the Waikato River, five geothermal power stations in the Central North Island and a multi-unit gas-fired station in Auckland. More than 90% of its electricity production is from renewable sources. Mighty River Power sells electricity through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power’s metering business, Metrix, provides electricity retailers with advanced metering infrastructure solutions for their residential and commercial customers.

Mighty River Power is one of the world’s largest geothermal power station owners, and has a successful track record in geothermal development, investing more than $1.4 billion in geothermal development since FY2006. The Company is applying this capability and experience – gained through domestic geothermal exploration, development, construction and operations – to invest in international growth opportunities.

2012OveRall eNeRgy COMPaNy OF The yeaR: Mighty River Power

eNeRgy exeCUTIve OF The yeaR: Doug Heffernan

INNOvaTION IN eleCTRICITy: GLO-BUG

2011eNeRgy ReTaIleR OF The yeaR: Mercury Energy

2010OveRall eNeRgy COMPaNy OF The yeaR: Mighty River Power

eNeRgy PROjeCT OF The yeaR: Nga Awa Purua

aT The DelOITTe eNeRgy exCelleNCe awaRDs

COveR IMage

Penstock inspection walkway at Whakamaru Dam.

This document has been prepared by Mighty River Power solely for the purpose of providing general information about the Company. It is not intended to be the basis of any evaluation of Mighty River Power for investment purposes. While all reasonable steps have been taken to ensure the information is true and accurate at the time of publication, there has been no independent audit or verification of the information and neither Mighty River Power nor its officers warrants the accuracy of the information, or accepts any responsibility whatsoever for any loss which might be suffered by any party as a result of errors or omissions in the document.Published August 2013.

01/Key FaCTs

02/03INTegRaTeD PORTFOlIO

04/05MaNageMeNT PROFIle

06/07BOaRD PROFIle

08/11FINaNCIal hIghlIghTs

12/14OPeRaTINg sTaTIsTICs

CONTeNTs

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At a Glance

Key FaCTs

Key

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Produce about 16% of New Zealand’s electricity

16 %

9 5 11hyDRO Power Stations

gas Power Station

geOTheRMal Power Stations

Average annual growth in declared dividends over the past five financial years

Invested in geothermal assets between 1 July 2005 and to 30 June 2013

251 in 5Supply nearly 1 in 5 New Zealand homes and businesses

One of the world’s largest geothermal power station owners

Reliable, renewable geothermal generation normally runs 24/7, operation not weather dependent

90 More than 90% of our generation comes from renewable sources

%

24/7

%

ONE B

$ 1.4

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geNeRaTION aND ReTaIl

we have ThRee different and complementary fuel sources for generation. Our core business is based on low fuel cost hydro and geothermal generation, with more than 90% of our annual production from these renewable sources.

As a vertically-integrated business with generation and retail, Mighty River Power is able to manage exposure to wholesale market conditions and reduce earnings risk. We actively manage our sales book (number of customers and segment mix) and use our high degree of operational flexibility, with different fuel sources and generating units, to optimise value and provide stability.

OUR geNeRaTION asseTs

Integrated Portfolio

OUR geNeRaTION PORTFOlIO

61%

7%

32%

gas-FIReD

hyDRO

geOTheRMal

geOTheRMal5 stations through the central North Island

Steady base-load geothermal runs at full capacity more than 95% of the time.

hyDRO9 stations on the waikato River

Flexible and rain-fed, hydro output can be increased or decreased quickly and efficiently.

gas-FIReD1 station, 4 units, southdown

Flexible gas-fired generation can respond to wholesale market opportunities and reduce risk in a dry year.

See opposite page for locations.

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10-29

30-49

50-69

ReTaIl MaRKeT shaRe (%)

MeRCURy eNeRgy is one of New Zealand’s longest-established retail electricity brands and our largest, accounting for more than 96% of the Company’s end-user sales volume.

OUR ReTaIl PORTFOlIO

MeTRIx provides electricity retailers with advanced metering infrastructure (AMI) solutions for their residential and business customers. As at 30 June 2013, Metrix had deployed almost 330,000 AMI meters in Auckland and Dunedin.

OUR MeTeRINg BUsINess

MIghTy RIveR POweR supplies nearly 20%, or about 1 in 5 New Zealand homes and businesses with electricity through multiple retail brands and channels.

eleCTRICITy sales TO CUsTOMeRs1

49%

6%

23%

19%MeDIUM BUsINess

ResIDeNTIal

sMall BUsINess

laRge BUsINess

Our pre-pay service glO-BUg provides an industry-leading solution for residential customers to monitor their electricity use and align with their income cycles.

BOsCO CONNeCT specialises in servicing inner-city apartments, supplying more than half of the contestable Auckland CBD apartment market.

1 Excludes industrial and inter-generator sales via CFD market.

TINy MIghTy POweR focuses on servicing customers in smaller regional towns.


MaNageMeNT PROFIle

Executive Management

james Munro General Manager RetailJames Munro joined Mighty River Power in 2008 with responsibility for the retail and metering businesses. James has a broad range of commercial experience having started his career as an accountant, and with a background in media, finance and banking. James has over 20 years’ experience in complex retail services businesses. Previously, he has worked for a number of companies including The Economist in London, TVNZ, and St George Bank.

william Meek Chief Financial Officer BCom (Hons)

William Meek joined Mighty River Power in 1999 and heads the finance, treasury, investor relations and information services functions. William was previously responsible for the Company’s generation investment strategy and enterprise risk functions. He has 15 years’ industry experience in areas such as risk management, power development, wholesale markets and forecasting.

Dr Doug heffernan Chief Executive BE (Elect.) (Hons), ME, PhD, DistFIPENZ

Doug Heffernan has been Chief Executive of Mighty River Power since it was formed in December 1998 and now has over 35 years’ experience in the New Zealand electricity industry. He has led the Company through a period of sustained growth and evolution from its beginnings as a hydro-only operator to a diversified electricity generator and retailer with a significant geothermal business. Doug is a director of Tuaropaki Power Company and was, until 2012, Chair of Rotokawa Joint Venture Limited and the Nga Awa Purua Joint Venture. Doug was formerly Chief Executive of Power New Zealand Limited (distributor and retailer) from 1991 to 1997, leading it through the processes of corporatisation, merger and listing with NZX through demutualisation and initial development of the Rotokawa geothermal field. Prior to that Doug worked for the Electricity Corporation of New Zealand working in national transmission grid and generation development and sales and marketing.

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Marlene strawson General Manager Human Resources BSocSc, MMgt (HR)

Marlene Strawson joined Mighty River Power in 2012 with responsibility for delivering Mighty River Power’s human resources strategy. Marlene has over 20 years’ experience in HR, with a strong organisational development background. Prior to joining Mighty River Power, Marlene held a number of human resources roles in a wide range of sectors including telecommunications, banking and health sectors, including a period at Yellow Pages after it was acquired from Telecom.

Mark Trigg General Manager Development BE (Chem)

Mark Trigg is responsible for Mighty River Power’s generation development and growth strategy, both within New Zealand and internationally. He joined Mighty River Power in 2010 following 14 years’ experience in the New Zealand power sector where he has held a number of senior executive roles. Mark brings a range of experience in operations, business development, trading and risk management and strategy development. Before moving to the energy sector, Mark spent ten years in the financial markets, predominantly in trading roles.

Fraser whineray General Manager Operations BE (Chem) (Hons), MBA (Cambridge), GRADDIP DY.SCI.TECH (Distinction)

Fraser Whineray is responsible for optimising the performance of all of Mighty River Power’s domestic generation operations, portfolio and industrial sales activities. He joined Mighty River Power in 2008 from Carter Holt Harvey where he was Director Operational Improvement. Prior to that he held a number of senior roles in the dairy industry and with Credit Suisse First Boston in New Zealand and Australia. He has considerable experience in performance management, strategy, mergers and acquisitions and international business. Fraser is an independent non-executive director of Opus International Consultants.

Matthew Olde General Manager Business Strategy & Solutions BCom (Hons) / LLB

Matthew Olde is responsible for facilitating the development and delivery of Company strategy. In addition, he is responsible for the communications and legal functions, as well as group information services. Matthew joined Mighty River Power in 2010, prior to which he spent over a decade as an investment banker in Auckland, Sydney and London with Deutsche Bank and ABN AMRO, predominantly providing corporate finance advice across a wide range of sectors.


BOaRD PROFIle

Board of Directors

joan withers Chair MBA, AFInstD

Joan Withers was appointed a director of Mighty River Power in August 2009 and Chair of the board in October 2009. She is Chair of Auckland International Airport, Deputy Chair of Television New Zealand, a director of ANZ and of The Treasury Advisory Board, a Trustee of Pure Advantage, the Sweet Louise and the Tindall Foundations and was previously a director of Meridian Energy. Joan has more than 20 years’ experience at a senior executive level in the New Zealand media industry, including serving as Chief Executive Officer of Fairfax New Zealand and the Radio Network of New Zealand. Joan is author of the book “A Girl’s Guide to Business”. Joan is a former director of Feltex Carpets and is one of several defendants to a civil class action suit brought by investors in relation to the IPO of that company. Joan is defending that claim.

Dr Michael allen Director BE (Chem) (Hons), PhD

Michael Allen was appointed a director of Mighty River Power in November 2009 and is also a director of Mid Century Design. With a background in engineering, he has 25 years’ experience in the management, promotion and marketing of international geothermal engineering consulting. He has been involved in more than 20 geothermal developments in 12 countries and has undertaken project consultancy in South East Asia, Africa, Japan, and Central and South America. More recently he has been active in brokering finance from banking and private equity sources for clean energy projects internationally. Michael is also Executive Chairman of ReEx Capital Asia Pte (Singapore).

Prue Flacks Director LLB, LLM

Prue Flacks joined the Mighty River Power board in May 2010. She is a barrister and solicitor with extensive specialist experience in commercial law and, in particular, banking and finance and securities law. Prue is a consultant to Russell McVeagh, where she was a partner for 20 years. She is a director of Chorus Limited and Bank of New Zealand Limited, and Chair of Bank of New Zealand Life Insurance Limited and BNZ Insurance Service Limited, and is a Trustee of the Victoria University of Wellington Foundation.

Trevor janes Deputy Chair BCA, CA, FCFIP, FInstD

Trevor Janes joined the Mighty River Power board in June 2005. He is Chair of the Public Trust, Chair of Abano Healthcare, Deputy Chair of the Accident Compensation Corporation and a director of ProCare Health. Trevor is also a member of the Ministry of Foreign Affairs and Trade International Development Advisory and Selection Panel, a member of the NZ Post Network Access Committee and an issuers’ representative on the New Zealand Markets Disciplinary Tribunal. He was a director of finance company Capital + Merchant Finance Limited from 30 March 2005 to 31 October 2006. That company was placed into receivership on 23 November 2007. Trevor is a Chartered Accountant and Fellow of the Institute of Directors and the Institute of Financial Professionals NZ Inc. He is a member of the CFA Institute (USA) and the UK Society of Investment Professionals.

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james Miller Director BCom, FCA, AMInstD

James Miller was appointed a director of Mighty River Power in May 2012. He is a director of NZX, New Zealand Clearing and Depository Corporation (a subsidiary of NZX), the Accident Compensation Corporation and Auckland International Airport and is a member of the Financial Markets Authority. He was previously Chair of listed investment companies Barramundi, Kingfish and Marlin Global and on the respective boards of Vector, the Institute of Finance Professionals and the New Zealand Institute of Chartered Accountants’ Financial Reporting Standards board. He has 15 years’ experience in the capital markets, having recently retired as a director and Head of NZ Wholesale Equities with Craigs Investment Partners in Auckland. James’ relevant prior roles were Head of Equities and Head of Research at ABN AMRO in New Zealand and as a Research Analyst focusing on the energy and infrastructure sectors with Barclays de Zoete Wedde in New Zealand. James is a fellow of the Institute of Finance Professionals New Zealand Inc. He is also a Fellow of the Institute of Chartered Accountants of New Zealand. James has completed the Advanced Management Program (AMP) at Harvard University.

Tania simpson Director BA, MMM, AMInstD

Tania Simpson became a director of Mighty River Power in November 2001, making her the longest serving member of the current board and is Chair of its Human Resources Committee. Tania is the founding director of Māori policy advisor, Kōwhai Consulting. She has previously held management positions in Housing Corporation, Ministry of Māori Development and Office of Treaty Settlements and has worked on social policy, environment, economic development and Treaty-related matters. She is of Tainui, Ngāi Tahu and Ngā Puhi descent. Tania is Deputy Chair of Landcare Research, a Member of the Waitangi Tribunal, a director of Oceania Group, AgResearch and a Trustee of Te Reo Irirangi o Maniapoto Trust, Waikato Endowed Colleges Trust, Kōwhai Trust and Tui Trust.

Keith smith Director BCom, FCA

Keith Smith was appointed a director of Mighty River Power in May 2009 and is Chair of its Risk Assurance and Audit Committee. He is Chair of a number of companies including Tourism Holdings and Goodman (NZ), and is Deputy Chair of The Warehouse Group and various private companies covering a range of industry sectors. Keith was previously a director of PGG Wrightson and NZ Farming Systems Uruguay and was Deputy Chair of Genesis Energy. He is a past President of the New Zealand Institute of Chartered Accountants.


Five Year Financial Review

FINaNCIal hIghlIghTs

For the year ended 30 June ($ million) 2013 2012 2011 2010 2009

Income Statement Energy Margin 678.3 684.6 654.7 534.7 589.9Other income 31.0 41.3 21.2 22.8 40.7Operating expenses (318.8) (264.4) (232.8) (229.7) (183.5)EBITDAF 390.5 461.5 443.1 327.8 447.1Depreciation and amortisation (149.8) (158.4) (145.4) (98.7) (104.9)Change in fair value of financial instruments 25.6 (92.8) (25.6) 8.1 (47.2)Impairments (85.1) (4.0) (19.8) (31.4) (46.9)Equity accounted earnings of interest in jointly controlled entities and associates

62.9 (24.8) 5.0 (33.7) 2.9

EBIT 244.1 181.5 257.2 172.1 251.0Net interest expense (57.0) (72.6) (71.8) (30.7) (24.2)Income tax expense (72.4) (41.3) (58.4) (56.7) (67.2)NET PROFIT AFTER TAx (NPAT) 114.8 67.7 127.1 84.6 159.6

Net Profit After Tax (NPAT) to Underlying Earnings NPAT 114.8 67.7 127.1 84.6 159.6Change in fair value of financial instruments (25.6) 92.8 25.6 (8.1) 47.2Change in fair value of financial instruments of associate companies

(2.4) 1.5 1.4 17.5 0.0

Change in fair value of financial instruments of jointly controlled entities

(37.6) 24.2 1.9 21.3 0.0

Equity accounted share of the income statement impact of the capital return from jointly controlled entities excluding fair value movements

0.4 – – – –

Restructure costs of international geothermal interests

37.2 – – – –

Impairments 85.1 4.0 19.8 31.4 46.9Gain on sale of Marsden generation – – – – (20.4)Income tax expenses on adjustments 7.6 (27.5) (12.9) (10.0) (21.6)Impact of tax legislative changes – – (0.8) 2.7 –UNDERlyING EARNINGS 179.5 162.7 162.2 139.6 211.7

Declared DividendsSpecial dividend – – – – 150.0Interim dividend 67.2 74.8 64.7 56.2 0.0Final dividend 100.8 45.0 45.7 30.3 79.8TOTAl DIvIDEND 168.0 119.8 110.4 86.5 229.8

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For the year ended 30 June ($ million) 2013 2012 2011 2010 2009

Cash Flow Statement Net cash receipts 430.4 423.4 431.9 326.8 417.1Net interest paid (84.6) (83.5) (76.0) (49.3) (38.3)Taxes paid (59.8) (62.9) (63.0) (78.0) (61.7)Net operating cash flow 286.0 277.0 292.8 199.5 317.1Investing cash flow (83.9) (291.6) (202.4) (296.4) (221.8)Financing cash flow (230.3) 27.8 (68.8) 48.0 (72.5)

Balance SheetTotal shareholders' equity 3,181.7 3,014.2 2,906.5 2,689.0 2,621.6Current assets 311.5 394.3 271.7 238.2 387.2Non-current assets 5,490.5 5,483.1 5,104.9 4,656.7 4,000.9Total assets 5,802.0 5,877.4 5,376.6 4,894.9 4,388.1Current liabilities 399.4 642.1 225.5 310.8 355.0Non-current liabilities 2,220.9 2,221.1 2,244.6 1,895.1 1,411.5Total liabilities 2,620.3 2,863.2 2,470.0 2,205.9 1,766.5TOTAl NET ASSETS 3,181.7 3,014.2 2,906.5 2,689.0 2,621.6

Capital Expenditure (accrual basis) Geothermal 172.6 274.2 119.2 280.2 225.4Other new investment 10.4 13.6 43.9 41.9 37.7Reinvestment 69.4 73.8 57.3 65.9 26.1TOTAl CAPITAl ExPENDITURE 252.4 361.6 220.0 388.0 289.2

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Financial Summary

FINaNCIal hIghlIghTs

UNDeRlyINg eaRNINgs

TOTal DeClaReD DIvIDeND

eBITDaF

0

50

100

150

200

250

300

350

400

450

500

$m

2009 2010 2011 20132012

NeT PROFIT aFTeR Tax (NPaT)

2009 2010 2011 20120

20

40

60

80

100

120

140

160

180

2013

$m

2009 2010 2011 20132012

$m

0

50

100

150

200

250

2009 2010 2011 20120

50

100

150

200

250

$m

2013

Financial year

Financial year

Financial year

Financial year

Special dividend

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OPeRaTINg exPeNDITURe

$m

2009 2010 2011 2012 20130

50

100

150

200

250

300

350

CaPITal exPeNDITURe

2009 2010 2011 20120

50

100

150

200

250

300

350

400

$m

2013

OPeRaTINg Cash FlOw

2009 2010 2011 20120

350

300

250

200

150

100

50

2013

$m

ChaNge IN FaIR valUe OF FINaNCIal INsTRUMeNTs

2009 2010 2011 2012 2013

$m

-100

-90

-80

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

Financial year

Financial year

Financial year

Financial year


Operating Statistics

OPeRaTINg sTaTIsTICs

Twelve months ended 30 June 2013 2012 2011 2010 2009

vWAP volume vWAP volume vWAP volume vWAP volume vWAP volume($/MWh)1 (GWh) ($/MWh)1 (GWh) ($/MWh)1 (GWh) ($/MWh)1 (GWh) ($/MWh)1 (GWh)

Electricity SalesFPVV Sales to Customers 117.28 5,252 115.48 5,021 110.09 4,776 102.52 4,857 97.52 4,316

– Residential Customers 2,590 2,609 2,652 2,612 2,387

– Business Customers 2,702 2,412 2,124 2,245 1,929

FPVV Purchases from Market 5,539 5,323 5,089 5,178 4,671

Spot Customer Purchases 2,058 2,035 2,136 2,129 1,938

Total NZEM Purchases 75.8 7,596 94.68 7,358 56.76 7,226 61.28 7,307 64.00 6,609

Electricity Customers (number) 388,000 386,000 392,000 412,000 372,000

North Island Customers 349,000 350,000 355,000 379,000 362,000

South Island Customers 39,000 36,000 37,000 33,000 10,000

Dual Fuel Customers 41,000 41,000 40,000 42,000 41,000

Contracts for Difference Buy CFD 2,644 1,708 1,263 1,163 1,204

Sell CFD 3,841 3,224 2,947 2,567 3,005

Net Sell CFD 1,196 1,516 1,684 1,404 1,801

vWAP volume vWAP volume vWAP volume vWAP volume vWAP volume($/MWh) (GWh) ($/MWh) (GWh) ($/MWh) (GWh) ($/MWh) (GWh) ($/MWh) (GWh)

Electricity GenerationHydro 75.45 3,944 87.89 4,294 52.87 4,368 62.86 3,730 68.10 4,350

Gas 102.53 425 100.97 589 119.90 273 86.41 504 100.31 444

Geothermal (consolidated)2 70.54 1,855 82.11 1,946 47.38 1,956 56.87 1,322 52.02 1,077

Geothermal (equity accounted)3 70.92 237 81.80 239 48.96 236 54.32 240 56.02 226

Biomass – – – – – – 59.71 16 61.90 32

Total 75.65 6,462 87.18 7,068 53.83 6,833 63.18 5,812 67.12 6,129

lWAP/GWAP4 1.00 1.09 1.05 0.97 0.95

$/GJ PJ $/GJ PJ $/GJ PJ $/GJ PJ $/GJ PJGas Purchases5

Retail Purchases 8.88 1.09 8.73 1.1 8.15 1.05 6.85 1.23 5.95 0.99

Generation Purchases 8.66 4.17 8.18 5.47 7.97 2.97 7.38 5.22 6.28 4.57

Carbon Emissions (‘000 tonnes CO2e)6 537 628 502 540 n/a

% % % % %Generation AvailabilityHydro 95.89 85 88 87 92

Gas 83.62 84 89 88 97

Geothermal 87.95 95 93 91 96

Health and SafetyTotal Recorded Injury Frequency Rate

0.76 0.92 1.28 2.34 2.18

Near Miss Incident Frequency Rate

10.80 9.70 4.05 4.65 4.90

1 VWAP is volume weighted average energy only price sold to FPVV customers after lines, metering and fees2 Includes share of Nga Awa Purua generation3 Tuaropaki Power Company (Mokai) equity share4 Load weighted and generation weighted average price. This ratio gives an indication of electricity purchase costs compared to the sales price

of the electricity produced5 Prices exclude fixed transmission charges6 Emissions Trading Scheme (ETS) came into effect on 1 July 2009

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2009 2010 2011 20132012

GWh

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3000

4000

5000

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TOTal geNeRaTION

Hydro Gas-fired Biomass

Geothermal

Financial year

2009 2010 2011 2012

%

20130

10

20

30

40

50

60

70

80

90

100

Hydro Gas-fired Geothermal

geNeRaTION avaIlaBIlITy

Financial year

2009 2010 2011 2012

LWAP/G

WAP

20130.85

0.9

0.95

1

1.05

1.1

1.15

lwaP/gwaP

Financial year

PhysICal aND FINaNCIal sales

2009 2010 2011 2012

GWh

20130

1000

2000

3000

4000

5000

6000

7000

8000

9000

Business FPVV

Sale CFDs Residential FPVV

Financial year


OPeRaTINg sTaTIsTICs

Debt ProfileGWh

0

50

100

150

200

250

300

202220212020 2023 2024 2025 202620152014 2016 2017 2018 2019

DeBT MaTURITIes As at 30 June 2013

Undrawn facilities Drawn facilities

30 June2013

30 June 2012

30 June 2011

30 June 2010

30 June 2009

Financial Ratios

Net Debt ($m) 1027.8 1115.6 975.8 970.9 585.7

Equity/Total Assets (%) 54.8 51.3 54.1 54.9 59.7

Net debt/net debt+equity (%) 24.4 27.0 25.1 26.5 18.3

Interest (net) cover (times) 4.4x 5.3x 5.6x 6.4x 11.6x

FFO/interest expense (times) 3.7x 4.1x 4.8x 5.1x 6.7x

FFO/debt (%) 24.6 25.0 30.9 23.7 40.7

Type of Debt Currency Amount Maturity Drawn/Undrawn

(NZD)

Coupon

Commercial Paper Programme NZD 200 100.0

Revolving bank facility NZD 100 31/12/14 –

Revolving bank facility – Tranche A NZD 150 3/12/15 75.0

Revolving bank facility – Tranche B NZD 50 3/12/15 50.0

Revolving bank facility – Tranche C NZD 70 11/03/15 –

Revolving bank facility NZD 130 11/03/15 –

Revolving bank facility NZD 100 19/02/16

Fixed Rate Retail Bonds NZD 75 6/03/19 75.0 5.03%

Fixed Rate Retail Bonds NZD 25 6/03/19 25.0 5.79%

Fixed Rate Wholesale Bonds NZD 70 12/10/16 70.0 7.55%

Floating Rate Wholesale Bonds NZD 50 12/10/16 50.0

Fixed Rate Wholesale Bonds NZD 30 11/02/20 30.0 8.21%

Floating Rate Wholesale Bonds NZD 300 7/09/21 300.0

USPP Notes USD 125 8/12/20 162.7 4.25%

USPP Notes USD 30 8/12/22 39.1 4.35%

USPP Notes USD 45 8/12/25 58.4 4.6%

Financial year

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If you require any further information please contact us:

Investor Relations [email protected]

Media Relations [email protected]

MIghTy RIveR POweR

level 14, 23-29 Albert StreetAuckland 1010, PO Box 90 399 Auckland, New Zealand P +64 9 308 8200 F +64 9 308 8209 www.mightyriver.co.nz

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