Strong market position as the largest electricity and gas retailer and the third-largest electricity generator in New Zealand Limited growth investment opportunities given expected muted demand growth, and surplus generation in the New Zealand market Continued exposure to volatile oil-and-gas sector through joint venture with Kupe At best, flat earnings over the medium term due to muted electricity demand and depressed oil price Low capital spending requirements, which will be primarily directed at maintenance spending Positive free operating cash flows to support some debt repayment Significant decline in the global oil prices expected to temper any potential significant improvement in the leverage compared to our earlier expectations Reduced financial flexibility due to expected increase in dividend payouts over the next
