5 April 2023 Level 1, 151 Cambridge Tce

PO Box 1151
Christchurch 8140
Paul Munro New Zealand
Chair
+64 3 941 8475
Orion New Zealand Limited www.cchl.co.nz

Via email: paulmunro26

Dear Paul

ORION DIVIDENDS

Introduction

Following my letter of 22 March to all CCHL group companies, CCHL has reviewed the dividend income
from our trading subsidiaries for the current financial year to 30 June 2023 (FY23) based on the year to
date results and forecasts for the balance of the financial year. We have also considered forecast
dividends for the FY24 financial year.

We are comfortable, based on year to date results, that CCHL

in respect of FY23. However,
FY24 year depending on how the current economic
situation evolves. We continue to be reliant on investments such as Orion to provide

Against this background CCHL is requesting that the Orion board formally consider the
, which has been informally discussed with Orion management, as outlined below.

To assist CCHL in in FY24 CCHL would like to

request Specifically, it is requested that

We understand from our discussions with Orion management that this delay should have minimal
impact
financial years (noting Orion’s 31 March balance date).

This proposal has been discussed with who have confirmed in writing
they are comfortable t CCHL is very appreciative of
support and is grateful for the collaborative relationship we continue to have with
Next Steps

We would be grateful if you would discuss this proposal with your Board and, assuming the Orion
board supports the proposal, that it is reflected in the final version of the Orion FY24-FY26 Statement
of Intent, noting that CCHL and Christchurch City Council feedback on Orion’s draft Statement of Intent
will be provided in due course.

If you require any further clarification please feel free to contact us.

We look forward to your feedback in due course.

Yours sincerely

Abby Foote
Chair
Christchurch City Holdings Limited

cc:
Nigel Barbour, CEO, Orion New Zealand Limited