Operational Performance for the 6 months ended 31 December

Vector's operational performance for the 6 months ended 31 December 2019 is attached. Operational performance highlights: o 576,352 electricity network connections, up 1.6% on the same period last year o 113,094 gas network connections, up 2.4% on the same period last year o 1.7% lift in 9kg LPG bottle swaps o 10.9% growth of smart meter fleet (1,642,635 installed across Aus/NZ) Commentary: Auckland city continues to grow at a pace which in turn continues to fuel Vector's strong network connection numbers. In the six-months to December 31, total ICP connection numbers grew by 1.6% compared with the same period last year. Grid connection point (GXP) volume was up by 0.1% on the equivalent period - a welcome turnaround from the previous quarter which saw volumes drop due to an unseasonably warmer winter. Auckland's rapid growth has also helped drive an uplift in gas network distribution customers, with a 2.4% increase compared with the same period last year. Gas distribution volume is also up on last year's corresponding period. Vector's metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 10.9% on the prior six-month period, bringing the total fleet number to 1,642,635. There has been an uplift in 9kg LPG bottle swap sales, however natural gas, gas liquids and Liquigas LPG tolling sales are down on the corresponding period, with the reduction in natural gas volumes driven primarily by the loss of a large customer in 2019. SAIDI minutes for the nine months ending 31 December are 13.7% lower than the comparable period which is primarily due to fewer extreme weather events and significant investments and other initiatives being undertaken to improve network resilience. Vector remains committed to meeting its regulatory compliance targets with a continued focus on improving electricity network reliability in the 2020 calendar year. ENDS Investor contact Jason Hollingworth, Chief Financial Officer, Vector Jason.hollingworth@vector.co.nz, 021 312 928 Media contact Elissa Downey, Senior Manager Corporate Communications, Vector Elissa.downey@vector.co.nz, 021 866 146 About Vector Vector is New Zealand's leading network infrastructure company which runs a portfolio of businesses delivering energy and communication services to more than one million homes and commercial customers across the country. Vector is leading the country in creating a new energy future for customers and continues to grow and invest in the growth of Auckland, and in a wide range of activities and locations. Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information, visit www.vector.co.nz End CA:00347502 For:VCT Type:GENERAL Time:2020-01-24 08:30:45