Scheme of Arrangement Update

On 11 September 2024 Manawa Energy Limited (‘Manawa’) (NZX Code: MNW) announced it had entered into a Scheme Implementation Agreement (‘SIA’) with Contact Energy Limited (‘Contact’) under which Contact agreed to acquire all of Manawa's shares through a Scheme of Arrangement (Scheme). The SIA is conditional upon the satisfaction of certain conditions, including New Zealand Commerce Commission (‘NZCC’) approval. The NZCC has issued a Statement of Issues (SoI) as part of its ongoing process to assess the competitive effects of the proposed transaction. The issue by the NZCC of a SoI is a regular part of the merger clearance process – it is not a final decision and does not mean that the NZCC intend to decline or to clear a merger. The SoI aims to set out potential competition issues that the NZCC wish to explore further, and invites the applicant, target and interested parties to provide further information relating to those matters. Manawa remains confident in the merits of the Scheme for shareholders and New Zealand consumers and will work with the NZCC as required to respond to the SoI. The NZCC is scheduled to issue its clearance decision by 31 March 2025. Subject to receiving clearance on or prior to this date, Manawa expects the remaining conditions to be satisfied and completion of the Scheme to occur by the end of June 2025. -ends- Investor enquiries: Phil Wiltshire Chief Financial Officer Ph 027 582 6600 investor.relations@manawaenergy.co.nz Media enquiries: Jen Spence Communications Ph 027 306 2618 comms@manawaenergy.co.nz