Annual Meeting Agenda Opening Address from the Chair Apologies Minutes of Previous Annual Shareholders Meeting Presentation from CEO Resolutions General Business Close 2

Governance update 1.Linda Robertson appointed as a Director of the Company 2.Babu Bahirathan and Tim Cosgrove resigned as Directors of the Company 3.Vincent Hawksworth and Paul Ridley-Smith appointed as Directors of the Company 4.Brian Gurney advised KCE he would retire at the end of his current term as a Director of the Company 5.Robert Carter appointed as an observer 6.Change of balance date 7.Two special resolutions proposed by Trustpower to be voted on today 3

Key Highlights of 15 months to March 2016 Introduction of Trustpower as major shareholder Nova Energy sold its majority shareholding to Trustpower Limited at $4.78 per share As part of this transaction Trustpower made a takeover offer for the remaining shares in KCE resulted in Trustpower holding 64.5%. With the change in majority shareholder KCE has changed its financial year end to 31 March (from December) to align with Trustpower. Accordingly, statutory audited accounts are for a 15 month period to March

Key Highlights of 15 months to March 2016 Generation business experienced favourable conditions for hydrology and spot prices, particularly autumn and winter. Retail business continues to experience reducing retail margins and increasing retail operating costs Operating revenue was $57.2m and operating cash flow generated was $14.5 m for the 15 month period. Net debt position was $20.4m on 31 March Retail electricity sales volume of 305 GWh (annualised increase of 4.5%) 6

Key Highlights of 15 months to March 2016 EBITDAF $15.9m NPAT $8.1m Operating Cash Flow $14.5m Generation Volume 225 GWh Gross Dividend per Share 33.35c Note: Comparison previous corresponding periods are not able to be provided due to the current 15 month period following a 9 month period 7

Financial performance history 9

EBITDAF history 10

Quarterly Production (15 Months) 11 Both Q1 periods saw weaker than anticipated generation All other quarters hydrology exceeded expectations

Hedge Profile Review 12

Dividends and Cash 13 Note: Data to December 2014 is for 9 months. Data relating to dividends (cash dividends paid, dividends per share) relate to both 9 and 12 month periods for all periods due to the months in which dividends were paid - June/August and December.

Debt Relative to Peers 14 Note: Analysis covers 12 months of data. Data for KCE is unaudited (12 months to 31 March 2016)

Share price performance 15

Comparable historic total shareholder return 16

Challenging sector environment 18 KCE as a medium size full service player faces headwinds Electricity Authority regulatory intervention increasing – Removal of embedded generation benefits a real likelihood No current generation development opportunities Retail sector dominated by reduced margins Traditional trading area continues to provide retail stability, but negative growth – Currently 66% King Country market share (71% in 2014) Operational Excellence in customer service key – KCE systems upgrades required Sector amalgamation likely to feature going forward

Resolutions 1.Linda Robertson be elected as a Director of the Company 2.Vincent Hawksworth be elected as a Director of the Company 3.Paul Ridley-Smith be elected as a Director of the Company 4.Robert Carter be elected as a Director of the Company 5.Directors to fix auditor remuneration 6.Revoke current constitution and replace with a new constitution 7.Company to repurchase shares held by shareholders who cannot be located and who hold fewer than 2,000 shares. 20