OPERATIONAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2021

Vector's operational performance for the year ended 30 June 2021 is attached. Operational performance highlights: o 590,799 electricity network connections, up 1.9% on June 2020 o 116,472 gas network connections, up 2.2% on June 2020 o 8.8% growth of advanced meter fleet since 30 June 2020 (total of 1,864,724 now installed across Aus/NZ) o Over 395,000 advanced meters now installed in Australian market Commentary: The year to 30 June 2021 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 June 2021, total electricity connection numbers grew by 1.9% compared to a year earlier. Electricity distributed volume for the year was up 0.1% compared with the year ended 30 June 2020. Auckland's continuing growth helped drive an uplift in gas distribution network customers, with a 2.2% increase in total connections compared to 30 June 2020. Gas distribution volume for the year was down 1.4% compared with 2020, driven by reduced activity from the industrial and commercial sectors due to COVID-19. Vector's metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 8.8% on June 2020, with a total fleet of 1,864,724. We have now installed more than 395,000 advanced meters in Australia. BottleSwap has seen a 3.1% decrease in the number of 9kg bottles swapped in the year to 30 June 2021 compared with the prior year. This was driven by a significant spike in demand at the start of the COVID-19 Level 4 lockdown in late March 2020. Natural gas volumes and Liquigas LPG tolling are down on the June 2020 comparative year, with the 30.6% 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 LPG 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 three months ended 30 June 2021 are slightly unfavourable compared to the same period last year but still within the year-to-date regulatory threshold and notably favourable compared to earlier years. COVID-19 has impacted Vector's business operations during the year ended 30 June 2021, with New Zealand at alert level 2 and Auckland at level 3 for much of the first quarter as well as for shorter periods in the third 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. Year ended 30 June 2021 2020 % change Electricity Customers1, 5 590,799 580,060 1.9% New connections Net movement in customers2 14,995 10,739 12,231 8,935 22.6% 20.2% Volume distributed (GWh) 8,325 8,315 0.1% SAIDI (minutes) - 3 months to 30 June3 Normal operations - unplanned Normal operations - planned 21.34 11.64 20.0 7.1 6.50% 63.4% Major network events 0.0 0.0 N/A Total 32.9 27.1 21.4% Gas Distribution Customers1,5 116,472 113,960 2.2% New connections Net movement in customers2 3,844 2,512 3,201 2,318 20.1% 8.4% Distribution volume (PJ) 14.1 14.3 (1.4%) Gas Trading Natural gas sales (PJ)6 8.6 12.4 (30.6%) LPG volumes (tonnes)7 45,043 43,338 3.9% 9kg LPG bottles swapped8 Liquigas LPG tolling (tonnes)9 680,099 102,351 701,923 116,024 (3.1%) (11.8%) Metering Electricity: advanced meters1, 10 1,864,724 1,713,674 8.8% 1. As at 30 June. 2. Net number of customers added during the period, includes disconnected, reconnected and decommissioned ICPs. 3. SAIDI (minutes) for the 3 months ended 30 June 2021 is an unaudited value and subject to change. 4. SAIDI in relation to normal operations and major network events has been updated in accordance with the DPP3 regulatory guidelines. 5. Billable ICPs. 6. Excludes gas sold as gas liquids. 7. The group completed the sale of its interests in the Kapuni Gas Treatment Plant (KGTP) and co-generation facility on 31 March 2020. As a result, we have changed the methodology of calculating LPG volumes to reflect continuing activities only. LPG volumes include LPG sold by the OnGas business. LPG and natural gasoline sold by KGTP is now excluded. Comparatives have been restated to reflect this. 8. Number of 9kg LPG bottles swapped and sold during the year. 9. The group has revised the methodology for Liquigas LPG tolling to reflect new contractual terms and calculates product tolling domestic and exports. Product further tolled in South Island has been removed. 10. The number of advanced meters as at 30 June 2021 includes 177,397 meters managed but not owned by Vector (30 June 2020: 168,793). The Excel version can be found at: http://vector.co.nz/news ENDS Investor contact Jason Hollingworth, Chief Financial Officer, Vector Jason.hollingworth@vector.co.nz, 021 312 928 Media contact Jane Luscombe, GM, Public Relations and Communications, Vector Jane.luscombe@vector.co.nz, 021 767 970 About Vector Vector is an innovative New Zealand energy company which runs a portfolio of businesses delivering energy and communication services to more than one million homes and commercial customers across Australasia, and the Pacific. Vector is leading the country in creating a new energy future through its Symphony strategy which puts customers at the heart of the energy system. 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:00375950 For:VCT Type:GENERAL Time:2021-07-21 08:30:49