Receipt of Deferred Consideration in relation to UFF Sale

WEL Networks Limited ("WEL") advises that the company has received the deferred sale consideration of $200 million in relation to the sale of UFF Holdings Limited, the holding company for Hamilton-based fibre business Tuatahi First Fibre Limited (formally Ultrafast Fibre Limited), to First Sentier Investors on 30 September 2020. WEL acknowledges First Sentier Investors for the constructive working relationship that has been developed over this time. WEL will use these proceeds to execute the company's strategy of building network resilience to meet the growth electrification needs of the region, which includes the building of a 35 MW battery storage facility to support the electricity reserves market, maximise the benefits of renewable generation, providing back-up during grid emergencies and other strategic initiatives in discussion with the WEL Energy Trust. The WEL Networks $150 million subordinated bond, which matures in August 2023, will remain in place. ENDS For more information please contact: David Barnett Chief Financial Officer David.Barnett@wel.co.nz End CA:00389266 For:WEL Type:GENERAL Time:2022-03-22 15:29:51