Meridian Energy launches fixed rate retail bond offer

PG 1

Notice pursuant to clause 20(1)(a) of schedule 8 of the Financial
Markets Conduct Regulations 2014

11 June 2018
Meridian Energy Limited ("
Meridian
") gives notice under clause 20(1)(a) of schedule 8 of the Financial Markets
Conduct Regulations 2014 ("
Regulations
") that it proposes to make an offer for the issue of fixed rate bonds due 27
June 2025 ("
New Bonds
") in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct
Act 2013 ("
FMCA
").
The main terms of the offer and the New Bonds are set out in the attached Terms Sheet. Except for the interest rate and
maturity date, the New Bonds will have identical rights, privileges, limitations and conditions as Meridian’s fixed rate
bonds maturing on 14 March 2023 which are quoted on the NZX Debt Market under the ticker code MEL030 and
Meridian’s fixed rate bonds maturing on 20 March 2024 which are quoted on the NZX Debt Market under the ticker
code MEL040 (together the “
Existing Bonds
”) and therefore are of the same class as the Existing Bonds for the
purposes of the FMCA and the Regulations. The Existing Bonds have been continuously quoted on the NZX Debt
Market over the preceding 3 months.
As at the date of this notice, Meridian is in compliance with:
(a) the continuous disclosure obligations that apply to it in relation to the Existing Bonds; and
(b) its financial reporting obligations (as defined in the Regulations).
As at the date of this notice, there is no excluded information required to be disclosed for the purposes of the
Regulations.
As at the date of this notice, there is no other information that would be required to be disclosed under a continuous
disclosure obligation or which would be excluded information required to be disclosed for the purposes of the
Regulations if the Existing Bonds had had the same redemption date or interest rate as the New Bonds being offered.
ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Claire Shaw
Corporate Communications Manager
021 370 677

---

PG 1

Meridian Energy launches fixed rate retail bond offer
11 June 2018
Meridian Energy Limited (Meridian) announced today that it is offering up to NZ$150,000,000 unsecured,
unsubordinated fixed rate bonds (Bonds) to institutional and New Zealand retail investors, with the ability to accept up to
NZ$50,000,000 oversubscriptions at Meridian’s discretion.
Full details of the Bond offer are contained in the Terms Sheet, available through
www.meridianenergy.co.nz/investors

or by contacting the Joint Lead Managers, Co-Managers or an NZX Participant,
and must be obtained by investors before they decide to acquire any Bonds.
The Bonds are expected to be quoted on the NZX Debt Market and have a long term credit rating of BBB+

from S&P
Global Ratings.
The Bonds have a maturity date of 27 June 2025 and the indicative margin for the Bonds is 1.30 to 1.40 percent per
annum, subject to a minimum interest rate of 4.20 percent per annum. The margin and interest rate will be set following
a bookbuild process on 15 June 2018 and will be announced by Meridian via NZX shortly thereafter.
The offer will close on 15 June 2018 following the bookbuild process, with the Bonds expected to be issued on 27 June
2018.
There is no public pool for the Bonds, which will be reserved for the clients of ANZ Bank New Zealand Limited,
Westpac Banking Corporation (acting through its New Zealand branch), Deutsche Craigs Limited, Forsyth Barr Limited
and NZX participants.
Joint Lead Manager

Joint Lead Manager






Phone:
0800 269 476

Phone:
0800 942 822

Co-Manager

Co-Manager


Phone:
0800 226 263

Phone:
0800 367 227

ENDS
Neal Barclay
Chief Executive Officer
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Claire Shaw
Corporate Communications Manager
021 370 677

---

JOINT LEAD MANAGER
CO-MANAGERCO-MANAGER
JOINT LEAD MANAGER
Indicative terms sheet
fixed rate bonds
MATURING 27 JUNE 2025
11 JUNE 2018

BETTER ENERGY FUTURE
1
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
Indicative Terms Sheet
11 JUNE 2018
This Terms Sheet sets out the key
terms of the offer (“Offer”) by Meridian
Energy Limited (“Meridian”) of up to
$150,000,000 (with the ability to accept
oversubscriptions of up to $50,000,000
at Meridian's discretion) fixed rate
bonds maturing on 27 June 2025
(“2025 Bonds”) under its master trust
deed dated 1 December 2008 (as
amended from time to time) (“Trust
Deed”) as modified and supplemented
by the supplemental trust deed dated
11 June 2018 (together, “Trust
Documents”) entered into between
Meridian and Trustees Executors
Limited (“Supervisor”). Unless the
context otherwise requires, capitalised
terms used in this Terms Sheet have
the same meaning given to them in the
Trust Documents.
Important Notice
The offer of debt securities by Meridian
is made in reliance upon the exclusion
in clause 19 of schedule 1 of the
Financial Markets Conduct Act 2013
(“FMCA”).
The offer contained in this Terms Sheet
is an offer of bonds that have identical
rights, privileges, limitations and
conditions (except for the interest rate
and maturity date) as:
• Meridian’s bonds maturing on 14
March 2023, which have a fixed
interest rate of 4.53% per annum
and are currently quoted on the NZX
Debt Market under the ticker code
MEL030; and
• Meridian’s bonds maturing on 20
March 2024, which have a fixed
interest rate of 4.88% per annum
and are currently quoted on the
NZX Debt Market under the ticker
code MEL040,
(together the “Existing Bonds”).
Accordingly, the 2025 Bonds are the
same class as the Existing Bonds for
the purposes of the FMCA and the
Financial Markets Conduct Regulations
2014.
Meridian is subject to a disclosure
obligation that requires it to notify
certain material information to NZX
Limited (“NZX”) for the purpose of that
information being made available to
participants in the market and that
information can be found by visiting
www.nzx.com/companies/MEL.
The Existing Bonds are the only debt
securities of Meridian that are
currently quoted and in the same class
as the 2025 Bonds.
Investors should look to the market
price of the Existing Bonds referred to
above to find out how the market
assesses the returns and risk premium
for those bonds.
Contact details
ISSUER
Meridian Energy Limited
33 Customhouse Quay
Wellington Central
Wellington, 6011
REGISTRAR
Computershare Investor
Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
Auckland, 1142
ORGANISING PARTICIPANT
AND JOINT LEAD MANAGER
Westpac Banking
Corporation
(ABN 33 007 457 141)
(acting through its
New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland, 1010
JOINT LEAD MANAGER
ANZ Bank New Zealand
Limited
Level 10, ANZ Centre
171 Featherston Street
Wellington, 6011
CO-MANAGERS
Deutsche Craigs Limited
Level 36, Vero Centre
48 Shortland Street
Auckland, 1010
Forsyth Barr Limited
Level 9, Forsyth Barr House
The Octagon
Dunedin, 9054
SUPERVISOR
Trustees Executors Limited
Level 7, 51 Shortland Street
PO Box 4197
Shortland Street
Auckland, 1140
LEGAL ADVISERS TO MERIDIAN
Russell McVeagh
Level 24, 157 Lambton Quay
Wellington, 6143

BETTER ENERGY FUTURE
2
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
KEY TERMS OF THE 2025 BONDS
IssuerMeridian Energy Limited
DescriptionThe 2025 Bonds are unsecured, unsubordinated, fixed rate interest bearing debt obligations
of Meridian.
GuaranteeThe 2025 Bonds are guaranteed by various subsidiaries of Meridian that are from time to time
Guaranteeing Group Members, as detailed below under “Financial covenants”.
PurposeMeridian will use the net proceeds of the Offer for general corporate purposes, including the
partial re-finance of Meridian’s bank bridge facility used for the recent acquisition of hydro
assets in Australia.
Credit RatingsIssuer Credit RatingIssue Credit Rating
S&P Global Ratings BBB+ BBB+
A rating is not a recommendation by any rating organisation to buy, sell or hold the 2025
Bonds. The above credit ratings are current as at the date of this Terms Sheet and may be
subject to suspension, revision or withdrawal at any time by S&P Global Ratings.
Issue AmountMeridian is offering up to $150,000,000 of 2025 Bonds with the ability to accept
oversubscriptions of up to $50,000,000 at Meridian’s discretion. The offer is not
underwritten.
Opening DateMonday 11 June 2018
Closing DateBids due by 2pm, Friday 15 June 2018
Rate Set DateFriday 15 June 2018
Issue Date and Allotment DateWednesday 27 June 2018
Maturity DateFriday 27 June 2025
Interest RateThe Interest Rate will be the sum of the Issue Margin and the Base Rate, but in any case will be
no less than the minimum Interest Rate of 4.20% per annum.
The Interest Rate will be announced by Meridian via NZX on or shortly after the Rate Set Date.
Indicative Issue MarginThe indicative range of the Issue Margin is 1.30 – 1.40% per annum.
Issue MarginThe Issue Margin will be determined by Meridian in consultation with the Joint Lead Managers
following completion of the book-build process and announced via NZX on or shortly after the
Rate Set Date.
Base RateThe mid-market rate for an interest rate swap of a term matching the period from the Issue
Date to the Maturity Date as calculated by the Joint Lead Managers in consultation with
Meridian, according to market convention, with reference to Reuters page ICAPKIWISWAP1 (or
any successor page) on the Rate Set Date and rounded to 2 decimal places, if necessary, with
0.005 being rounded up.
Interest PaymentsInterest will be payable semi-annually in arrear in equal amounts on 27 June and
27 December of each year up to and including the Maturity Date. The First Interest Payment
Date will be 27 December 2018.
If an Interest Payment Date is not a Business Day, the due date for the payment to be made
on that date will be the next following Business Day and no adjustment will be made to the
amount payable as a result of the delay in payment.
Record Date5.00pm on the tenth calendar day before the due date for that payment or, if that day is not a
Business Day, the preceding Business Day or such other date as is advised by the Registrar to
Holders from time to time.
Issue Price$1.00 per 2025 Bond
Minimum ApplicationThe minimum application is $5,000, with multiples of $1,000 thereafter.
RegistrarComputershare Investor Services Limited

BETTER ENERGY FUTURE
3
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
Early repaymentThe Holders of the 2025 Bonds have no right to require Meridian to redeem the 2025 Bonds
early except through the Supervisor in the case of an Event of Default (as set out in the Trust
Documents). If the 2025 Bonds are repaid early following an Event of Default, interest will be
payable up to (but excluding) the date of repayment.
Meridian does not have the right to redeem the 2025 Bonds early.
Further indebtednessMeridian may, without the consent of the Holders of the 2025 Bonds, issue additional
securities or other debt obligations on such other terms and conditions as Meridian may think
fit.
Financial covenantsThe Trust Documents contain the following financial covenants:
(a) the ratio of EBITDA of Meridian and all of its subsidiaries and associates (the "Group") to
Interest and Financing Costs of the Group must not be less than 2.5 to 1.0 (tested semi-
annually by reference to any two of the three previous 12 month periods);
(b) at all times Debt will not be more than 55% of the Debt plus Equity;
(c) at all times Equity will not be less than $1,250,000,000; and
(d) at all times the Total Tangible Assets of the Guaranteeing Group will not be less than 80% of
Total Tangible Assets of the Group.
As at the date of this Terms Sheet, the Guaranteeing Group Members are Meridian Energy Limited,
Three River Holdings No. 1 Limited, Three River Holdings No. 2 Limited, Meridian Wind Monaro
Range Holdings Pty Limited, Meridian Wind Monaro Range Pty Limited, Meridian Australia
Holdings Pty Ltd, Meridian Wind Australia Holdings Pty Ltd, Meridian Energy Markets Pty Ltd, Mt
Mercer Windfarm Pty Ltd, Meridian Energy Australia Pty Limited, Meridian Finco Pty Limited and
Mt Millar Wind Farm Pty Ltd.
Negative pledgeThe Trust Deed contains a negative pledge which provides that no Guaranteeing Group
Member will create or permit to arise or subsist any Security Interest over its assets except
under certain limited exceptions set out in the Trust Deed.
How to applyAll of the 2025 Bonds, including oversubscriptions, are reserved for clients of the Joint Lead
Managers, the Co-Managers, institutional investors and other primary market participants invited
to participate in the book-build. There will be no public pool for the offer. Accordingly, retail
investors should contact a Joint Lead Manager, a Co-Manager, their financial adviser or any primary
market participant for details on how they may acquire 2025 Bonds. You can find a primary market
participant by visiting www.nzx.com/investing/find_a_participant.
In respect of oversubscriptions or generally, any allotment of 2025 Bonds will be at Meridian's
discretion, in consultation with the Joint Lead Managers. Meridian reserves the right to refuse all
or any part of an application without giving any reason.
Each investor's financial adviser will be able to advise them as to what arrangements will need to
be put in place for the investors to trade the 2025 Bonds including obtaining a common
shareholder number (CSN), an authorisation code (FIN) and opening an account with a primary
market participant as well as the costs and timeframes for putting such arrangements in place.
ISINNZMELDT042C4
TransfersHolders are entitled to sell or transfer their 2025 Bonds at any time subject to the terms of the
Trust Documents and applicable securities laws and regulations. Meridian may decline to register
a transfer of 2025 Bonds for the reasons set out in the Trust Documents.
The minimum amount of 2025 Bonds a Holder can transfer is $1,000, and integral multiples of
$1,000 thereafter. No transfer of 2025 Bonds or any part of a Holder’s interest in a 2025 Bond will
be registered if the transfer would result in the transferor or the transferee holding or continuing
to hold 2025 Bonds with an aggregate principal amount of less than the minimum holding of
$5,000 (other than zero).
NZX has approved these transfer restrictions in accordance with NZX Debt Market Listing Rule
11.1.5 on the condition that Meridian will only allot the 2025 Bonds in multiples of $1,000.
Repo-eligibilityMeridian intends to apply to the Reserve Bank of New Zealand for the 2025 Bonds to be
included as eligible securities for domestic market operations.

BETTER ENERGY FUTURE
4
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
NZX quotationMeridian will take any necessary steps to ensure that the 2025 Bonds are, immediately after
issue, quoted. Application has been made to NZX for permission to quote the 2025 Bonds on
the NZX Debt Market and all the requirements of NZX relating thereto that can be complied
with on or before the distribution of this Terms Sheet have been duly complied with. However,
NZX accepts no responsibility for any statement in this Terms Sheet. NZX is a licensed market
operator and the NZX Debt Market is a licensed market under the FMCA.
NZX Debt Market Ticker CodeMEL050
Expected Date of Initial Quotation
on the NZX Debt Market
Thursday 28 June 2018
Selling restrictionsThe selling restrictions set out in the schedule to this terms sheet apply.
Organising ParticipantWestpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)
Joint Lead ManagersANZ Bank New Zealand Limited
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)
Co-ManagersDeutsche Craigs Limited
Forsyth Barr Limited
SupervisorTrustees Executors Limited
Governing LawNew Zealand
NZX WaiversNZX has granted Meridian a waiver in respect of the 2025 Bonds from NZX Debt Market
Listing Rule 5.2.3 (as modified by NZX's ruling on NZX Debt Market Listing Rule 5.2.3 issued
on 29 September 2015) to enable Meridian to apply for quotation on the NZX Debt Market
even though the 2025 Bonds may not initially be held by at least 100 members of the public
holding at least 25% of the 2025 Bonds issued. The waiver has been granted for a period of six
months from the quotation date of the 2025 Bonds. The effect of the waiver from NZX Debt
Market Listing Rule 5.2.3 is that initially the 2025 Bonds may not be widely held and there may
be reduced liquidity in the 2025 Bonds. To the extent that there is a material reduction in the
spread of the 2025 Bonds, Meridian will notify NZX accordingly.
NZX has also granted Meridian a waiver from NZX Debt Market Listing Rule 7.11.1 to allow
allotment of the Bonds to occur within eight business days after the Closing Date.
The dates set out in this Terms Sheet are indicative only and are subject to change. Meridian has the right in its absolute discretion and without notice
to close the Offer early, to accept late applications, to extend the Closing Date or to choose not to proceed with the Offer. If the Closing Date is
extended, subsequent dates may be extended accordingly.
Copies of the Trust Documents are available at Meridian's website at www.meridianenergy.co.nz/investors.
Any internet site addresses provided in this Terms Sheet are for reference only and, except as expressly stated otherwise, the content of any such
internet site is not incorporated by reference into, and does not form part of, this Terms Sheet.
Investors should seek qualified independent financial and taxation advice before deciding to invest. In particular, you should consult your tax adviser
in relation to your specific circumstances. Investors will also be personally responsible for ensuring compliance with relevant laws and regulations
applicable to them (including any required registrations).
For further information regarding Meridian, visit www.nzx.com/companies/MEL.

BETTER ENERGY FUTURE
5
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
Schedule – selling restrictions
Part A – initial selling restrictions
The Bonds may only be offered in New Zealand
in conformity with all applicable laws and
regulations in New Zealand. In respect of the
initial offer of Bonds by Meridian under this
Terms Sheet (Initial Offer), no Bonds may be
offered in any other country or jurisdiction
except in conformity with all applicable laws
and regulations of that country or jurisdiction
and the selling restrictions set out below in this
Part A. This Terms Sheet may not be published,
delivered or distributed in or from any country
or jurisdiction except under circumstances
which will result in compliance with all
applicable laws and regulations in that country
or jurisdiction and the selling restrictions set
out below in this Part A. For the avoidance of
doubt, the selling restrictions set out below in
this Part A apply only in respect of the Initial
Offer.
No action has been or will be taken by
Meridian which would permit an offer of Bonds
to the public, or possession or distribution of
any offering material, in any country or
jurisdiction where action for that purpose is
required (other than New Zealand).
By purchasing the Bonds, each Holder agrees
to indemnify Meridian in respect of any loss,
cost, liability or expense sustained or incurred
by Meridian as a result of the breach by the
Holder of the selling restrictions.
Relevant Member States of the European
Economic Area
Each Joint Lead Manager and Co-Manager has
represented and agreed that it has not offered,
sold or otherwise made available and will not
offer, sell or otherwise make available any
Bonds which are the subject of the offering
contemplated by this Terms Sheet to any retail
investor in the European Economic Area. For
the purposes of this provision:
(a) the expression retail investor means a
person who is one (or more) of the
following:
(i) a retail client as defined in point (11) of
Article 4(1) of Directive 2014/65/EU (as
amended, MiFID II); or
(ii) a customer within the meaning of
Directive 2002/92/EC (as amended,
the Insurance Mediation Directive),
where that customer would not
qualify as a professional client as
defined in point (10) of Article 4(1) of
MiFID II; or
(iii) not a qualified investor as defined in
the Prospectus Directive; and
(b) the expression an offer includes the
communication in any form and by any
means of sufficient information on the
terms of the offer and the Bonds to be
offered so as to enable an investor to
decide to purchase or subscribe the
Bonds.
In relation to each Member State of the
European Economic Area which has
implemented the Prospectus Directive (each, a
Relevant Member State), each Joint Lead
Manager and Co-Manager has represented
and agreed that with effect from and including
the date on which the Prospectus Directive is
implemented in that Relevant Member State
(the Relevant Implementation Date) it has
not made and will not make an offer of Bonds
which are the subject of the offering
contemplated by this Terms Sheet to the public
in that Relevant Member State except that it
may, with effect from and including the
Relevant Implementation Date, make an offer
of such Bonds to the public in that Relevant
Member State:
(a) at any time to any legal entity which is a
qualified investor as defined in the
Prospectus Directive;
(b) at any time to fewer than 150 natural or
legal persons (other than qualified
investors as defined in the Prospectus
Directive) subject to obtaining the prior
consent of the relevant Joint Lead Manager
or Co-Manager nominated by Meridian for
any such offer; or
(c) at any time in any other circumstances
falling within Article 3(2) of the Prospectus
Directive,
provided that no such offer of Bonds referred
to in (a) to (c) above shall require Meridian or
any Joint Lead Manager or Co-Manager to
publish a prospectus pursuant to Article 3 of
the Prospectus Directive, or Supplement a
prospectus pursuant to Article 16 of the
Prospectus Directive.
United Kingdom
No communication, invitation or inducement
to engage in investment activity (within the
meaning of section 21 of the Financial Services
and Markets Act 2000 (FSMA)) has been or
may be made or caused to be made or will be
made in connection with the issue or sale of
the Bonds in circumstances in which section
21(1) of the FSMA applies to Meridian.
All applicable provisions of the FSMA with
respect to anything done in relation to the
Bonds in, from or otherwise involving the
United Kingdom must be complied with.
Japan
The Bonds have not been, and will not be
registered, under the Financial Instruments
and Exchange Act of Japan (Act No. 25 of 1948,
as amended) (the FIEA). The Bonds have not
been offered or sold and will not be offered or
sold, directly or indirectly, in Japan or to or for
the account or benefit of any resident of Japan
(which term as used herein means any person
resident in Japan, including any corporation or
other entity incorporated or organized under
the laws of Japan), or to, or for the account or
benefit of, others for reoffering or resale,
directly or indirectly, in Japan or to, or for the
account or benefit of, any resident of Japan,
except (i) pursuant to an exemption from the
registration requirements of, and otherwise in
compliance with, the FIEA and (ii) in compliance
with any other applicable requirements of
Japanese law, regulations and ministerial
guidelines.
Singapore
This Terms Sheet has not been registered as a
prospectus with the Monetary Authority of
Singapore. Accordingly, this Terms Sheet and
any other document or material in connection
with the offer or sale, or invitation for
subscription or purchase, of the Bonds may
not be circulated or distributed, nor may the
Bonds be offered or sold, or be made the
subject of an invitation for subscription or
purchase, whether directly or indirectly, to any

BETTER ENERGY FUTURE
6
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
person in Singapore other than (a) to an
institutional investor (as defined in Section 4A
of the Securities and Futures Act (Chapter 289
of Singapore) (SFA) pursuant to Section 274 of
the SFA, (b) to a relevant person (as defined in
Section 275(2) of the SFA) pursuant to Section
275(1) of the SFA, or any person pursuant to
Section 275(1A) of the SFA, and in accordance
with the conditions specified in Section 275 of
the SFA or (c) otherwise pursuant to, and in
accordance with the conditions of, any other
applicable provision of the SFA.
Where the Bonds are subscribed or purchased
in reliance on an exemption under Section 274
or Section 275 of the SFA, the Bonds shall not
be sold within the period of six months from
the date of the initial acquisition of the Bonds,
except (i) to an institutional investor (as defined
in Section 4A of the SFA), (ii) to a relevant
person (as defined in Section 275(2) of the SFA),
or (iii) to any person pursuant to an offer
referred to in Section 275(1A) of the SFA, unless
expressly specified otherwise in Section 276(7)
of the SFA or Regulation 32 of the Securities
and Futures (Offers of Investments) (Shares
and Debentures) Regulations 2005 of
Singapore (SFR).
Where the Bonds are subscribed or purchased
under Section 275 of the SFA by a relevant
person which is:
(a) a corporation (which is not an accredited
investor (as defined in Section 4A of the
SFA)) the sole business of which is to hold
investments and the entire share capital of
which is owned by one or more individuals,
each of whom is an accredited investor; or
(b) a trust (where the trustee is not an
accredited investor) whose sole purpose is
to hold investments and each beneficiary
of the trust is an individual who is an
accredited investor,
securities (as defined in Section 239(1) of the
SFA) of that corporation or the beneficiaries’
rights and interest (howsoever described) in
that trust shall not be transferred within six
months after that corporation or that trust has
acquired the Bonds pursuant to an offer made
under Section 275 of the SFA except:
(1) to an institutional investor or to a
relevant person (defined in Section
275(2) of the SFA);
(2) (in the case of a corporation) where
the transfer arises from an offer
referred to in Section 276(3)(i)(B) of
the SFA or (in the case of a trust)
where the transfer arises from an
offer referred to in Section 276(4)(i)(B)
of the SFA;
(3) where no consideration is or will be
given for the transfer;
(4) where the transfer is by operation of
law;
(5) as specified in Section 276(7) of the
SFA; or
(6) as specified in Regulation 32 of the
SFR.
Hong Kong
This Terms Sheet has not been and will not be
registered with the Registrar of Companies in
the Hong Kong Special Administrative Region
of the People’s Republic of China (Hong Kong).
No Bonds have been offered or sold or will be
or may be offered or sold in Hong Kong, by
means of any document other than (a) to
professional investors as defined in the
Securities and Futures Ordinance (Cap. 571) of
Hong Kong (SFO) and any rules made under
the SFO; or (b) in other circumstances which do
not result in the document being a prospectus
as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32)
of Hong Kong (C(WUMP)O) or which do not
constitute an offer to the public within the
meaning of the C(WUMP)O.
No advertisement, invitation or document
relating to the Bonds may be issued or in the
possession of any person or will be issued or
be in the possession of any person in each case
for the purpose of issue, whether in Hong Kong
or elsewhere, which is directed at, or the
contents of which are likely to be accessed or
read by, the public of Hong Kong (except if
permitted to do so under the securities laws of
Hong Kong) other than with respect to the
Bonds which are or are intended to be
disposed of only to persons outside Hong Kong
or only to professional investors as defined in
the SFO and any rules made under the SFO.
Australia
No prospectus or other disclosure document
(as defined in the Corporations Act 2001 of
Australia (Corporations Act)) in relation to the
Bonds has been, or will be, lodged with, or
registered by, the Australian Securities and
Investments Commission (ASIC) or any other
regulatory authority in Australia. No person
may:
(a) make or invite (directly or indirectly) an
offer of the Bonds for issue, sale or
purchase in, to or from Australia (including
an offer or invitation which is received by a
person in Australia); and
(b) distribute or publish, any Terms Sheet,
information memorandum, prospectus or
any other offering material or
advertisement relating to the Bonds in
Australia,
unless:
(i) the aggregate consideration payable
by each offeree or invitee is at least
A$500,000 (or its equivalent in an
alternative currency and, in either
case, disregarding moneys lent by the
offeror or its associates) or the offer
or invitation otherwise does not
require disclosure to investors in
accordance with Part 6D.2 or Part 7.9
of the Corporations Act;
(ii) the offer or invitation is not made to a
person who is a “retail client” within
the meaning of section 761G of the
Corporations Act;
(iii) the offer, invitation or distribution
complied with the conditions of the
Australian financial services license of
the person making the offer, invitation
or distribution or an applicable
exemption from the requirement to
hold such license;
(iv) such action complies with all
applicable laws, regulations and
directives; and
(v) such action does not require any
document to be lodged with ASIC or
any other regulatory authority in
Australia.
By applying for the Bonds under this Terms
Sheet, each person to whom the Bonds are
issued (an Investor):
(a) will be deemed by Meridian and each of
the Joint Lead Managers and the
Co-Managers to have acknowledged that if
any Investor on-sells the Bonds within 12
months from their issue, the Investor will
be required to lodge a prospectus or other
disclosure document (as defined in the
Corporations Act) with ASIC unless either:
(i) that sale is to an investor within one
of the categories set out in sections
708(8) or 708(11) of the Corporations
Act to whom it is lawful to offer the

BETTER ENERGY FUTURE
7
MERIDIAN ENERGY LIMITED Bond Issue Terms Sheet
Bonds in Australia without a
prospectus or other disclosure
document lodged with ASIC; or
(ii) the sale offer is received outside
Australia; and
(b) will be deemed by Meridian and each of
the Joint Lead Managers and the
Co-Managers to have undertaken not to
sell those Bonds in any circumstances
other than those described in paragraphs
(a)(i) and (a)(ii) above for 12 months after
the date of issue of such Bonds.
This Terms Sheet is not, and under no
circumstances is to be construed as, an
advertisement or public offering of any Bonds
in Australia.
Switzerland
The Bonds may not be publicly offered in
Switzerland and will not be listed on the SIX
Swiss Exchange Ltd. (SIX Swiss Exchange) or
on any other stock exchange or regulated
trading facility in Switzerland. This Terms Sheet
does not constitute a prospectus within the
meaning of, and has been prepared without
regard to the disclosure standards for issue
prospectuses under art. 652a or art. 1156 of
the Swiss Code of Obligations or the disclosure
standards for listing prospectuses under art.
27 ff. of the SIX Swiss Exchange Listing Rules or
the listing rules of any other stock exchange or
regulated trading facility in Switzerland.
Neither this Terms Sheet nor any other offering
or marketing material relating to the Bonds or
the offering may be publicly distributed or
otherwise made publicly available in
Switzerland.
Neither this Terms Sheet nor any other offering
or marketing material relating to the offering,
Meridian or the Bonds have been or will be
filed with or approved by any Swiss regulatory
authority. In particular, this Terms Sheet will
not be filed with, and the offer of Bonds will
not be supervised by, the Swiss Financial
Market Supervisory Authority, and the offer of
Bonds has not been and will not be authorised
under the Swiss Federal Act on Collective
Investment Schemes (CISA). The investor
protection afforded to acquirers of interests in
collective investment schemes under the CISA
does not extend to acquirers of Bonds.
Part B – general selling restrictions
The Bonds may only be offered for sale or sold
in New Zealand in conformity with all
applicable laws and regulations in New
Zealand. No Bonds may be offered for sale or
sold in any other country or jurisdiction except
in conformity with all applicable laws and
regulations of that country or jurisdiction. No
offering document or other offering material in
respect of the Bonds may be published,
delivered or distributed in or from any country
or jurisdiction except under circumstances
which will result in compliance with all
applicable laws and regulations in that country
or jurisdiction. No action has been or will be
taken by Meridian which would permit an offer
of Bonds to the public, or possession or
distribution of any offering material, in any
country or jurisdiction where action for that
purpose is required (other than New Zealand).
By purchasing the Bonds, each Holder is
deemed to have indemnified Meridian in
respect of any loss, cost, liability or expense
sustained or incurred by Meridian as a result of
the breach by the Holder of the selling
restrictions contained in the above paragraph.

---

MERIDIAN
ENERGY.
Joint Lead Manager
Joint Lead Manager
Co-Manager
Co-Manager
RETAIL BOND OFFER PRESENTATION JUNE 2018.

2
Important notice.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
The offer of debt securities by Meridian Energy Limited (Meridian or the Issuer) is made in reliance upon the exclusion in clause 19 of schedule 1
of the Financial Markets Conduct Act 2013 (FMCA).
The offer of Meridian’s fixed rate bonds, maturing on 27 June 2025 (“2025 Bonds”), is an offer of unsecured, unsubordinated, fixed rate, interest
bearing bonds that have identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as Meridian’s
$150,000,000 bonds maturing on 14 March 2023 and $150,000,000 bonds maturing on 20 March 2024 (together the “Existing Bonds”)which are
currently quoted on the NZX Debt Market under the ticker code MEL030 and MEL040 respectively. The 2025 Bonds are of the same class as the
Existing Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014.
The Issuer is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX)for the purpose of that
information being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/MEL.
The Existing Bonds are the only debt securities of Meridian’s that are currently quoted and of the same class as the 2025 Bonds.
Investors should look to the market price of the Existing Bonds (MEL030 and MEL040) (which have a fixed interest rate of 4.53% and 4.88% per
annum respectively) to find out how the market assesses the returns and risk premium for those bonds.
This document does not constitute a recommendation by the Issuer, ANZ Bank New Zealand Limited and Westpac Banking Corporation
(together “Joint Lead Managers”), Deutsche CraigsLimited and Forsyth Barr Limited (together “Co-Managers”), Trustees Executors Limited
(Supervisor), nor any of their respective directors, officers, employees, affiliates or agents to subscribe for, or purchase,any of the 2025 Bonds.
This document is for preliminary information purposes only and is not an offer to sell or the solicitation of an offer to purchase or subscribe for
the 2025 Bonds and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The
information in this document is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of
preparation, but its accuracy, correctness and completeness cannot be guaranteed.
A terms sheet (Terms Sheet) has been prepared by the Issuer in respect of the offer of the 2025 Bonds, which sets out how 2025 Bonds may be
applied for.
Application has been made to NZX for permission to quote the 2025 Bonds on the NZX Debt Market and all the requirements of NZX relating
thereto that can be complied with on or before the distribution of the Terms Sheet have been duly complied with. However, NZXaccepts no
responsibility for any statement in this document. NZX is a licensed market operator, and the NZX Debt Market is a licensed market under the
FMCA.

3
Agenda.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
About Meridian
•The business
•Generation assets
•Financial highlights
•The NZ industry
•Political scene
•Current strategic focus
•Growth opportunities
•Risk management
•Key financial metrics
•Funding
•Credit rating
The offer
•Key terms, dates and process
Investment highlights

24%
15%
19%
7%
35%
FY2017 RETAIL SALES EXCL TIWAI
Residential
Small/medium
business
Agricultural
Corporate/large
business
Industrial
4
Meridian.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Over $7bn total market capitalisation, listed in
2013, and 51% Government owned
•Generation solely from renewable sources
•The biggest of five vertically integrated retailer
generators in the NZ market
•288,500 NZ customers with Meridian and
Powershop
•Further 102,000 Powershop customers in
Australia
•25,000 UK customers through Powershop
franchise with npower
•Diversified NZ customer sales, weighted
towards business, commercial and agricultural
•40% of generation covered by Tiwai Point
contract (price guarantee, not supply)
•Typically hold a long generation position to
manage variable hydro inflows
13,148
13,332
13,707
13,315
10,765
10,978
10,993
10,738
FY2014FY2015FY2016FY2017
GWh
GENERATION AND CONTRACTED SALES
Physical generationContracted sales
82%
82%
80%
81%
Source: Meridian
Source: Meridian

5
Meridian.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
New Zealand’s largest generator, with all
production from purely renewable sources
•Seven big hydro stations –flexible plant with
the country’s largest storage
•Typically hold a long generation position to
manage variable hydro inflows
•With low operating costs and capital needs
•Five NZ wind farms, two in Australia
•Proven success operating in high wind
environments
•Backed with more than a decade of
construction and operational experience
•Recent acquisition of Green State Power assets
adding an additional ~300GWh p.a. of
renewable generation in Australia

6
Financial highlights.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Five successive years of earnings and operating cash flow growth
$477M
$584M
$585M
$618M
$650M
$653M
201220132014201520162017
Financial Year ended 30 June
EBITDAF
1
1. Earnings before interest, tax, depreciation, amortisation, changes in fair value of
hedges and other significant items
Source: Meridian
Source: Meridian
Improvement from:
•Earnings growth
Improvement from:
•Lift in NZ retail profitability
•Customer growth in Australia
•Commissioning of new wind farms
•Operating cost discipline
$322M
$416M
$433M
$440M
$452M
$470M
201220132014201520162017
Financial Year ended 30 June
OPERATING CASH FLOW
Source: Meridian

7
Earnings.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
•$25M (7%) decrease in EBITDAF from:
Business specific changes
•Higher business sales
•Higher corporate sales, lower average price
from timing of a large customer signing
•Some cost expansion to support this
customer growth
•Some transmission cost relief
•Tiwai price increase from 1 January 2017
•Growth in Australian and UK earnings
Market and environmental impacts
•1,100 GWh less physical generation leading
to more acquired generation
•Higher market prices on derivative, physical
and acquired generation sales
•Higher irrigation sales
•Higher market costs to purchase customer
load
268
324
332
354
329
317
294
318
299
585
618
650
653
20142015201620172018
$M
Financial Year ended 30 June
EBITDAF
InterimFinal half-year
Source: Meridian
FY18 Interim Result

8
The New Zealand industry.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
5 main
generators
(all listed)
retail
wholesale
1 transmission
grid owner
(state owned)
1 large industrial
user
(Rio
Tinto/Sumitomo
owned)
Source: Electricity Authority, Meridian
29 distribution
businesses
(various
ownership)
35 retail
companies
(5 major
retailers)
2 million
consumers
(41TWh pa)

-0.6%
-0.8%
-1.5%
+1.2%
+1.8%
-1.4%
+1.1%
2011201220132014201520162017
Calendar Year ended 31 December
ANNUAL DEMAND CHANGE SINCE 2010
9
NZ demand.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Little demand growth in the last 7 years
•+Economic growth
•+Positive net migration
•-Industrial and manufacturing closure
•-Warmer than average temperatures
•-Growing impact of technology and
efficiency gains
•+/-Variable irrigation load depending on
rainfall
Future demand is expected
•Likely to be modest, estimated between
0.5% and 1% pa on average
•New generation capacity will be needed,
probably after 2020
Source: Electricity Authority

10
New Zealand political
scene.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Positive government policy development
•Conversion of the government car fleet to
electric by 2025/26 is positive
•Establishment of an independent Climate
Change Commission
•Target of 100% renewable generation by 2035
•Winter energy payment support to
superannuitants and beneficiaries
Electricity price review
•Terms of reference finalised and review panel
appointed
•Looking at all aspects of the sector;
technological changes, environmental factors,
whether pricing mechanisms are efficient
enough, whether consumers are paying fair
prices and whether costs are spread equitably
across all consumers

11
Australian political
scene.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
National energy guarantee
•State support is mixed
•Further analysis on multiple fronts
•Deadline for final agreement is mid 2018
ACCC report
•Preliminary report has concerns about national
electricity market operation and affordability
•Final report with reform recommendations in
June 2018
Thwaites review (Victoria)
•Victorian government is still considering the
review panel’s final report
•Appears broad support for the nine
recommendations which do not advocate re-
regulation and these may be advanced first

12
Strategic focus.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Champion benefits of
competitive markets,
through
•Competing vigorously
•Leadership in sustainability
in NZ and Australia
•Supporting wholesale
liquidity
Grow NZ retail, through
•Simpler systems
•Reduced cost
•Faster adaptation
•Relentless focus on customer
experience
Grow overseas earnings,
through
•Expansion of challenger
brand
•Strengthening our vertically
integrated position
•Flux client success
Clean energy for a fairer & healthier world.
Support retail growth & protect
our generation legacy, through
•Demonstrating the contribution
of hydro to the 100% renewable
aspiration
•Maintaining a best in class
generation portfolio (safety,
efficiency & cost)
•Best placed renewable energy
pipeline

13
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Sustainability
is what we do
GENERATION
RETAIL
MARKETS
GROWTH
STRATEGY
Financial
Assets and technology
People and expertise
Relationships and
reputation
Natural resources
RESOURCES
Sustainable shareholder
returns
Top notch generation assets
Engaged employees
Strong brand and customer
loyalty
Social licence to operate
Access to ‘fuel’
Innovation and growth
VALUE
TO US
Reliable & affordable
electricity
Renewable energy
Reduction in NZ’s carbon
footprint
NZ’s economic prosperity
Long-life assets
Environmental stewardship
Respect for Māori in NZ
Prosperous communities
Satisfying, safe & fair
employment
VALUE
TO
OTHERS
UNITED
NATIONS
SUSTAINABLE
DEVELOPMENT
GOALS
Details of Meridian’s
sustainability framework are in
Meridian’s 2017 Integrated
Report, which can be found
online at
www.meridianenergy.co.nz

14
Growth opportunities.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
New Zealand
•Low growth in a highly competitive market
•Retail electricity price increases have been less
than inflation, not expected to change
•Underweight residential position may provide
future load growth
•Other customer segments have growth
potential, including commercial solar
•Intending to transfer Meridian customers to
the Flux Federation platform, to increase
agility and reduce costs
•Wholesale prices may gradually lift as demand
slowly grows
•Meridian is well positioned with future wind
generation options
26.9
27.8
28.6
28.1
28.8
Mar-13Mar-14Mar-15Mar-16Mar-17
c/kWh
AVERAGE RESIDENTIAL ELECTRICITY COST
Energy
Lines
+1%
+7%
+3%
+4%
+0%
+7%
-3%
-1%
+1%
+4%
Source: Ministry of Business, Innovation & Employment

15
Growth opportunities.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Australia
•Potential retail growth off the back of recently
acquired new physical and virtual generation
(incl. power purchase agreements)
•Dual fuel offering will support further uptake in
Victoria
•Unlikely to build new generation in the current
environment
UK
•Powershop now in-market in the UK through a
franchise with npower
•Dual fuel functionality delivered earlier in the
year could offer meaningful growth

16
Risk management.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Meridian operates an active risk management
programme
Key risks include:
•Tiwai
•Adverse hydrological conditions
•Catastrophic events
•Plant failure
•Use of and access to water
•Legislative and regulatory risks
Details of Meridian’s risk management structure
are in Meridian’s 2017 Integrated Report, which
can be found online at www.meridianenergy.co.nz

17
Tiwai Point smelter.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
12% of New Zealand’s total annual demand
•CfDcontract with Meridian on NZAS perpetual
12-month termination right
•International aluminium is recovering, LME prices
up 12% in the last year
•Meridian’s modelling suggests smelter is
currently making healthy cash profits
•Additional 50MW contract announced in May 18
•Aluminium remains a commodity exposed to
cycles and Chinese supply decisions
•Meridian not expecting smelter closure, change
in ownership may occur (view backed by the
reinstatement of the 4
th
potline)
•A smelter closure would trigger further South
Island grid investment (majority of lower South
Island generation can be dispatched now)
•Greater HVDC capacity and North Island line
uprating possible in the medium term

18
Key financial metrics.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
SUMMARY GROUP BALANCE
SHEET
30 Jun
2015
$M
30 Jun
2016
$M
30 Jun
2017
$M
31 Dec
2017
$M
Total Assets7,6618,5388,6838,694
TotalLiabilities2,9133,4883,5883,761
Equity4,7485,0505,0954,933
Debt1,0761,2141,1921,366
RATIOS & MULTIPLES
Debt/(Debt+Equity)
1
18%19%19%22%
Net Debt/EBITDAF (x)
2
1.71.81.92.2
EBITDAFInterest Cover (x)
1
7.68.38.67.8
1
Per Guaranteeing Group (excludes certain Meridian entities)
2
Per S&P Global Ratings key metrics
268
324
332
354
329
317
294
318
299
585
618
650
653
20142015201620172018
$M
Financial Year ended 30 June
EBITDAF
1
InterimFinal half-year
192
217
206
203
162
241
223
246
267
433
440
452
470
20142015201620172018
$M
Financial Year ended 30 June
OPERATING CASHFLOW
InterimFinal half-year
1
Earnings before interest, taxation, depreciation, amortisation, changes in fair value of financial
instruments, impairments and gain/(loss) on sale of assets
24
23
19
19
17
34
37
31
28
58
61
50
47
20142015201620172018
$M
Financial Year ended 30 June
STAY IN BUSINESS CAPEX
InterimFinal half-year
Source: Meridian
Source: Meridian
Source: MeridianSource: Meridian

19
Funding.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
•Total borrowings as at 31 December 2017 of
$1,366M
•Committed bank facilities of $685M of which
$375M were undrawn as at 31 December 2017
•Minimum headroom required in addition to
forecast requirements is $200M
•2018 retail bond issue proceeds used for
general corporate purposes including the
partial re-finance of Meridian’s bank bridge
facility used for the recent acquisition of hydro
assets in Australia
•Next capital market maturity is April 2019
($271M USPP)
5
363
235
85
183
460
194
201820192020202120222023+
$M
Financial Year ending 30 June
DEBT MATURITY PROFILE AS AT 31 DECEMBER 2017
Drawn debt maturing (face value)Available facilities maturing
26%
6%
20%
7%
29%
12%
SOURCES OF FUNDING AS AT 31 DECEMBER 2017
NZ$ bank facilities drawn/undrawn
EKF - Danish export credit
Retail Bonds
Floating rate notes
US private placement
Commercial paper
Source: Meridian
Source: Meridian

20
Credit rating and bond covenants.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Meridian targets a long term credit rating of BBB+
S&P Global Ratings BBB+/Stable
•Rating supported by strong market position as New Zealand’s largest electricity generator
•Modest capital expenditure over the medium term absent any compelling investment proposition
•Adequate headroom in credit metrics for the rating, expected to be managed through capital
management subject to hydrological conditions, and positive free operating cash flow
•Rating reaffirmed in Jul-2017
Key MetricsDebt/EBITDA
BBB+ Stable outlook2.0-2.5x+
BBB+ Downside scenario >2.8x sustained basis
BBB+ Upside scenario <2.0x commitment to maintain
31 December 20172.2x
Bond Covenants –consistent across capital providers
31 December 2017
Debt/(Debt + Equity) <=55%22%
EBITDA/Interest >=2.5x7.8x

21
The Offer.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer

22
Key terms of the offer.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
IssuerMeridian Energy Limited
Descriptionof the
Debt Securities
Unsecuredunsubordinated fixed rate bonds
Guarantee
The 2025 Bonds are guaranteed by various subsidiaries of Meridian, that are
members of the Guaranteeing Group
Purpose
General corporate purposes, including the partial re-finance of Meridian’s bank
bridge facility used for the recent acquisition of hydro assets in Australia
Issue AmountUp to $150,000,000 with the ability to accept oversubscriptions up to $50,000,000
MaturityDate27 June 2025
InterestRate
Equal to the sum of the Base Rate plus the Issue Margin, on the Rate Set Date, but
will be no less than the minimum interest rate.
Indicative Issue
Margin
Announced via NZX on 11 June 2018
Interest Payments
Semi-annual in arrear in equal amounts on 27 June and 27 December of each year
up to and including the Maturity Date, commencing 27 December 2018
DenominationsMinimum denomination of $5,000 with multiples of $1,000 thereafter

23
Key terms of the offer(continued).
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
IssuerMeridian Energy Limited
Listing
Application has been made to NZX to quote the 2025 Bonds on the NZX Debt
Market under the code MEL050
Issue Credit RatingBBB+ (S&P Global Ratings)
Financial covenants
The Trust Documents contain the following financial covenants:
(a)EBITDA / Interest >=2.5x
(b)Debt / (Debt plus Equity) <= 55%
(c)Minimum Equity NZ$1,250,000,000
(d)Total Tangible Assets (TTA) of the Guaranteeing Group >= 80% TTA of the Group.
(Referto the Trust Deed for further detail including calculations and relevant testing
periods)
Negative pledge
Trust Deed contains a negative pledge. No Guaranteeing Group Member will create
or permit to arise or subsist any Security Interest over its assets except under certain
limited exceptions

24
Key dates and offer process.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
Date
11June (Monday)Offer opens
11 –13 JuneRoadshow –Wellington, Auckland, Dunedin and Christchurch (plus
conference call)
15 June (Friday)Offer closes –bids due 2pm
15 June (Friday)Allocations and rate set
27 June (Wednesday)Issue date
28 June (Thursday)Expected quotation date
27 June 2025Maturity date

25
Investment highlights.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer

26
Investment highlights.
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
•New Zealand’s largest hydro generator and wind
farm operator
•100% renewable, low operating cost generation
•Vertically integrated generation and retail
operations
•Strong and stable operating cash flows
•Strong credit metrics supporting BBB+ credit
rating
•Modest capital expenditure over the medium
term
•Crown majority shareholding

27
Questions?
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer

28
MERIDIAN ENERGY LIMITED | 2018 Retail Bond Offer
The information in this presentation was prepared by Meridian Energy with due care
and attention. However, the information is supplied in summary form and is
therefore not necessarily complete, and no representation is made as to the
accuracy, completeness or reliability of the information. In addition, neither the
company nor any of its directors, employees, shareholders nor any other person shall
have liability whatsoever to any person for any loss (including, without limitation,
arising from any fault or negligence) arising from this presentation or any
information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These
reflect Meridian’s current expectations, based on what it thinks are reasonable
assumptions. Meridian gives no warranty or representation as to its future financial
performance or any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its release, even if
things change materially.
This presentation does not constitute financial advice. Further, this presentation is
not and should not be construed as an offer to sell or a solicitation of an offer to buy
Meridian Energy securities and may not be relied upon in connection with any
purchase of Meridian Energy securities.
This presentation contains a number of non-GAAP financial measures, including
Energy Margin, EBITDAF, Underlying NPAT and gearing. Because they are not
defined by GAAP or IFRS, Meridian's calculation of these measures may differ from
similarly titled measures presented by other companies and they should not be
considered in isolation from, or construed as an alternative to, other financial
measures determined in accordance with GAAP. Although Meridian believes they
provide useful information in measuring the financial performance and condition of
Meridian's business, readers are cautioned not to place undue reliance on these non-
GAAP financial measures.
The information contained in this presentation should be considered in conjunction
with the company’s financial statements, which are included in Meridian’s integrated
report for the year ended 30 June 2017 and is available at:
All currency amounts are in New Zealand dollars unless stated otherwise.
Disclaimer.

Thank you.