Macquarie Sydney 8 May 2014

8 May 2014

Mighty River Power Macquarie Conference 7- 9 May 2014

Presented by:

Doug Heffernan Chief Executive MIGHTY RIVER POWER MACQUARIE CONFERENCE 7-9 MAY 2014

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MACQUARIE CONFERENCE

Disclaimer The information in this presentation has been prepared by Mighty River Power Limited with due care and attention. However, neither the company nor any of its directors, employees, shareholders nor 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 supplied in 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, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward looking statements in this presentation will be realised. 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 to you or to provide you with further information about Mighty River Power Limited.

Forward looking statements are subject to any material adverse events, significant one-off expenses, non-cash fair value movements or other unforeseeable circumstances including hydrological conditions and other risks described in the Investment statement and Prospectus issued in April 2013.

The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes legal, financial, tax or other advice.

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Mighty River Power at a glance

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Interim Results and FY2014 Outlook > HY2014 EBITDAF up 4% to $270m despite low inflows > Geothermal reached 40% for the first time

TAUPO STORAGE

> Portfolio decisions delivering value

> Improvement in Taupo storage of almost 10% in the last 3 weeks

500

FY2014

450

FY2013

400 350 300 GWh

> On track to meet FY2014 PFI of $498m EBITDAF subject to hydrology

Average since 1999

250 200 150

100

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

0 Aug

> Market interest and optimal configuration

50 Jul

> Reviewing options for gas-fired Southdown

> Fraser Whineray will become Chief Executive from 1 September 2014 MIGHTY RIVER POWER MACQUARIE CONFERENCE 7-9 MAY 2014

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A leader in metering > Advanced Metering Infrastructure (AMI) metering propositions commercially driven by energy retailers > Metrix is the second largest meter provider in New Zealand with more than 330,000 AMI meters deployed > National AMI coverage over 50% with 2 major retailers seeking AMI deployment arrangements > Opportunities to increase Metrix’s national and international footprint > FY2014 PFI capex spend was $13 million

NZ METERING MARKET (31 DECEMBER 2013)

Metrix AMI, 338 Legacy upgrade assigned, 499

AMS AMI, 598

Other, 944 Legacy upgrade uncommitted, 445

Arc AMI, 135 MIGHTY RIVER POWER MACQUARIE CONFERENCE 7-9 MAY 2014

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Demand dynamics > Decline in industrial demand pre-dates GFC; anecdotally rate of decline reducing > Residential demand broadly flat reflecting net migration offset to long-term per household decline > Just 750 connections1 of small scale generation including solar PV - less than 10MW of capacity ELECTRICITY CONSUMPTION PER AUCKLAND CUSTOMER3

14,000

3.0%

13,000

2.0%

12,000

1.0%

11,000 kWh

GWh

INDUSTRIAL AND RESIDENTIAL ELECTRICITY CONSUMPTION (EXCLUDING TIWAI) CY1999–CY20122

10,000 9,000

0.0% -1.0% -2.0%

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

8,000

-3.0%

MIGHTY RIVER POWER MACQUARIE CONFERENCE 7-9 MAY 2014

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Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Q4 2011

Q3 2011

Q2 2011

Q1 2011

PowerTracker – April 2014 MBIE, Transpower Information Exchange (TPIX) Vector Operating Statistics Q3 2014

Q4 2010

1.

2.

3.

Residential

Q3 2010

Industrial

Q2 2010

-4.0%

MACQUARIE CONFERENCE

Strength of New Zealand renewables envy of the world > 1,200MW of unsubsidised renewable generation over the past 10 years; displacement of fossil fuels – renewables over 73% in the last 3 years > Over 25% additional national demand could be met with already consented renewable generation projects > NZ does not face the significant upward pressure in prices still required overseas – towards clean-tech economy > NZ ranked No.8 globally by World Energy Council > 2013 Index: security + affordability + sustainability > Good policy a key differentiator

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0 Iceland Norway Brazil Colombia Austria New Zealand Venezuela Canada Switzerland Sweden Peru Portugal Finland Chile Italy Spain Phillipines Pakistan Turkey Argentina Germany China Russia France Mexico India Japan United States United Kingdom Indonesia Poland Australia

1.

2.

EDF, Foundation Energies Pour Le Monde MBIE, OECD, IEA, Infratil Update, September 2013

MIGHTY RIVER POWER MACQUARIE CONFERENCE 7-9 MAY 2014

-2 Austria

8

Portugal

Australia

Poland

Germany

Ireland

Other Countries

Denmark

Hungary

Turkey

Average

France

Japan

Italy

Finland

Czech Republic

United Kingdom

20

New Zealand

30

Slovak Republic

40

Korea

50

Mexico

60

Netherlands

100

Norway

70

NZ c/KWh (PPP exchange rates)

RENEWABLE PRODUCTION1

United States

%

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Strength of New Zealand renewables envy of the world NOMINAL PRICE INCREASE 2009 to 20122 14

90 12

80

10

8

6

4

10 2

0

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Leveraging Green Energy Advantage for New Zealand > Low-cost renewables-based electricity is a strong competitive advantage > Offers ‘green’ premium that could better leverage exports > substitution in fossil fuel-based sectors, ie transport

> Transport policies beginning to look at electrification > 57 new electric trains being rolled out in Auckland > Auckland City Council 2040 plan lays foundation to encourage Electric vehicles and charging networks

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QUESTIONS

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