p. 1 section on "ORGANISATIONAL STRUCTURE

AND OPERATIONS"

"ORGANISATIONAL STRUCTURE AND OPERATION Mercury is primarily a generator and retailer of electricity, contributing to the energy needs of New Zealanders. We generate electricity from 100% renewable sources: hydro, geothermal and wind. stations situated in the central North Island of New Zealand. All our hydro stations are based on the Waikato River, and 5 geothermal stations situated in the northern part of the Central Volcanic Plateau, which include shared ownership arrangements with Maori land trusts at Rotokawa and Mokai. Mercury owns 5 wind farms in the lower North Island and the Mahinerangi windfarm in Otago. Our retail operations supply energy to residential, commercial (small and medium sized businesses) and industrial customers. We have offices in Auckland, Hamilton, Rotorua, Taupo, Palmerston North, Papamoa, and Wellington. In FY21, Mercury entered into a Sale and Purchase Agreement with Trustpower Limited whereby Mercury will acquire Trustpower’s retail business and assets, with the transaction scheduled to complete in FY22 (subject to satisfaction of conditions precedent)."