OPERATIONAL PERFORMANCE FOR THE 3 MONTHS ENDED 30 SEPTEMBER

Vector's operational performance for the 3 months ended 30 September 2020 is attached. Operational performance highlights: o 582,990 electricity network connections, up 1.7% on September 2019 o 114,584 gas network connections, up 2.0% on September 2019 o 7.0% lift in 9kg LPG bottle swaps o 9.2% growth of advanced meter fleet (1,746,990 installed across Aus/NZ) o Over 300,000 advanced meters now installed in Australian market Commentary: Covid-19 has continued to impact Vector's business operations during the September quarter, with New Zealand at alert level 2 and Auckland at alert level 3 for much of the quarter. In Australia, our teams have also been impacted by various levels of Government restrictions. As a lifeline utility, Vector has continued to operate essential services during this period across its electricity, gas, fibre and metering businesses. The first quarter has seen Auckland's growth continue, in turn driving strong network connection numbers across Vector's electricity and gas networks. In the year to 30 September, total electricity connection numbers grew by 1.7% compared to a year earlier. Electricity distributed volume for the quarter was down 0.6% on the prior September quarter, driven by reduced activity from the industrial and commercial sectors due to COVID-19. Auckland's continuing growth helped drive an uplift in gas network distribution customers, with a 2.0% increase in total connections compared to September 2019. Gas distribution volume over the September quarter was slightly down compared with the prior year. Vector's metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 9.2% on September 2019, with a total fleet of 1,746,990. We have now installed over 300,000 advanced meters in Australia. BottleSwap has seen a 7.0% increase in the number of 9kg bottles swapped in the quarter compared with the September 2019 quarter. Natural gas, gas liquids and Liquigas LPG tolling are down on the September 2019 quarter, with the reduction in natural gas volumes driven primarily by the loss of a large customer in January 2020. On 31 March 2020, the group completed the sale of its interests in the Kapuni Gas Treatment Plant (KGTP) and co-generation facility. As a result of the sale of KGTP we have changed the methodology of calculating liquids volumes to reflect continuing activities only. LPG volumes include LPG sold by the group's OnGas business. LPG and Natural Gasoline sold by KGTP have been excluded as the plant is no longer owned. Comparatives have been restated. SAIDI minutes for the six months ended 30 September 2020 are 25.8% lower than the comparable period which is primarily due to fewer extreme weather events, network investments to improve resilience and ongoing initiatives to reduce impact on customers. [See attached table] ENDS Investor contact Jason Hollingworth, Chief Financial Officer, Vector jason.hollingworth@vector.co.nz, 021 312 928 Media contact Rachel Reynolds, Senior Communications Partner Rachel.reynolds@vector.co.nz 021 419 501 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:00361788 For:VCT Type:GENERAL Time:2020-10-21 08:31:01