Update on retail sale and Manawa Energy launch

The conditions of the sale of Trustpower's gas, telecommunications, and retail electricity supply business (excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited have been met and completion of the sale is scheduled to occur today (effective as of 1 May 2022). The final sale price of $467m is made up of an underlying price of $426m and a $41m payment for estimated working capital. The working capital value does not include 'accounts payable as at completion' which are retained by Trustpower. After settling all working capital balances Trustpower expects to receive net proceeds from sale between $432m to $442m. Note the sale and purchase agreement includes typical working capital wash-up provisions. No further announcements will be made following completion. The company confirms its name change to Manawa Energy Limited, as previously advised to the market in August 2021, takes effect today. Details of Manawa Energy's strategy, capability and targets will be provided alongside our FY-22 full-year results on 16 May 2022. Launch media release available at www.manawaenergy.co.nz/news Name Change Information in attached release. Investor enquiries: Phil Wiltshire General Manager: Corporate Services phil.wiltshire@manawaenergy.co.nz 027 582 6600 Media enquiries: Abbie Siely Head of Community and Communications abbie.siely@manawaenergy.co.nz 021 276 5319 End CA:00391276 For:TPW Type:GENERAL Time:2022-05-02 08:30:47