Meridian Energy Limited Annual Shareholder Meeting

Page 1 of 11

MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING: 1 OCTOBER 2020
CHAIR ADDRESS
SLIDE 3
Now to my Chairman’s address.
Meridian’s purpose of clean energy for a fairer and healthier world provides our company with the
foundation and context for all our decisions. And as a 100% renewable energy generator that is
committed to sustainability, we focus our efforts in areas in which we think we can make a
meaningful difference.
We are proud to have been once again named one of the top 5 leaders in sustainability, through the
Colmar Brunton Better Futures Report. But we know that now isn’t the time to take our foot off the
pedal, and we need to accelerate the pace of action on climate change.
SLIDE 4
As we have seen through the COVID-19 pandemic, businesses across the globe have re-evaluated
what is important, and what value they are providing. As a leading New Zealand business and one of
the largest on the New Zealand stock exchange, we too need to be confident in the direction that we
are heading. We are privileged to have such a strong Board and Management team driving this
company and delivering results for you, our shareholders, and for New Zealand.
As of today, we have had 1,836 probable and confirmed cases of COVID-19 in this country. We have
been extremely lucky in comparison to many other parts of the world, but there is still a long way to
go. The impact on our business community is yet to be fully understood and realised. We do know
the effects on our economy will be far reaching and long lasting. Meridian has been and will remain
focused on working with our customers who were impacted by COVID-19. We’ve supported
customers with tailored payment solutions, while making sure that no one had their power
disconnected due to COVID-19. In our efforts to lessen the impact we haven’t charged late payment
fees or credit reminder fees to customers across our brands in both New Zealand and Australia.
We’ve supported our suppliers with quicker payment terms, and we’ve supported our non-senior
staff with working from home allowances during lockdown.

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We also wanted to do something more to help families facing hardship. So, we matched the $1
million donation made by generous Kiwis to our charity partner KidsCan. After working with Julie
Chapman and her team at KidsCan for a number of years, we know that this additional contribution
is providing targeted help for families who need it most and at a time when it has been most
needed.
SLIDE 5
At Meridian, the product we generate and sell is needed by everyone, so the COVID-19 pandemic’s
impacts on demand and on our business to date have not been significant. We will play our part to
assist the economy to recover as quickly as possible and to help shape the opportunities that will
deliver sustainable economic and environmental outcomes.
It is those environmental outcomes in particular that Meridian is pleased to see being prioritised by
the Government. We are strongly supportive of the Government’s approach to tackling climate
change, and regardless of the outcome of this year’s General Election, we hope that the same focus
remains a key priority for any future Government.
This year, there have been considerable efforts made at the policy level to support New Zealand to
meet its zero carbon aspirations. The Climate Change Response (Zero Carbon) Amendment Bill was
passed, the Climate Change Commission was established, and we also now have a package of
Emissions Trading Scheme (ETS) reforms that are a key policy tool driving emission reductions and
helping to guide the efforts of businesses.
In June a water reform package outlined proposed changes to how freshwater is managed and steps
to improve water quality. These changes protect the flexibility and output of existing large hydro to
support further decarbonisation, whilst aiming to improve the health of our waterways and,
importantly, better recognise the values and perspectives of tangata whenua.
These policies provide a runway for us all to radically reduce our emissions and transform our
economy for the benefit of every New Zealander. Meridian will continue to champion change that
delivers on clean energy for a fairer and healthier world and you will see us act and be a part of that
change.
Outside of the electricity sector, where the renewable share of generation was 82% for the four
quarters ended June 2020, most of the energy New Zealand consumes still comes from burning fossil
fuels – the fuels that power our cars and provide heat for industries, homes and public

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infrastructure. Combined, these energy sources account for around 41% of New Zealand’s
greenhouse gas emissions. About half of that’s from transport. And only 4% of that comes from
electricity generation.
We strongly support policy options like the Clean Car Standard for newly imported vehicles – that
will prevent New Zealand becoming a dumping ground for cheap high emission vehicles.
We also think the Government should lead the way in converting the Crown’s light vehicle fleet to be
powered by electricity, as a number of large corporations, including Meridian, have committed to.
That could occur quite quickly and would be a meaningful way of assisting to develop a second-hand
market for electric vehicles to stimulate demand, without subsidy. More co-funding of charging
infrastructure and EV purchases would be money well spent to both stimulate the economy and
reduce a significant percentage of our emissions. Let’s not stay in the slow lane with Australia.
The opportunity to electrify transport and industrial energy use – the demand side of the equation -
with renewable electricity is massive for our country and, once it’s done, will go a long way to
eliminating our non-agricultural emissions.
We need to do all this while keeping electricity affordable and maintaining investment in renewable
generation. It is important that all options are canvassed before significant public investment is
committed. Public investment in pumped hydro could lead to an uneconomic generation overbuild,
crowd out private investment and push up electricity prices – slowing down the electrification of the
economy. This risk has been highlighted by independent experts like the Productivity Commission
and Interim Climate Change Committee. Meridian encourages any future government to proceed
with caution when investigating such options.
We need to be a nation of climate activists and Government and business need to work together to
decarbonise our country and accelerate the pace of change to achieve our emissions targets. We are
in a fortunate position in New Zealand with our renewable energy advantage, and the time to act is
now.
It is an exciting time and provides us with a real opportunity to make a meaningful difference and
help combat climate change. We know that the work Meridian does in the coming years to navigate
the transformation of our market once Tiwai closes, will bring us closer to our purpose, while
demonstrating our commitment as a sustainable business which is focused on combating climate
change.

Page 4 of 11


SLIDE 6
Turning now to the year that was.
The Board and the Executive are proud to have achieved another record result this year.
Group EBITDAF (a measure of our underlying operating performance) increased by 2% to $854
million. Due to higher depreciation on previously revalued assets and non-cash movements in
forward prices and rates on financial instruments used to manage risk, net profit after tax decreased
48%. Underlying net profit after tax also decreased 5%.
The Board has declared a final ordinary dividend of 11.20 cents per share, 4% higher than the
previous year. This brings the total ordinary dividends declared in FY20 to 16.90 cents per share, 3%
higher than last year’s, and represents a 75% payout of free cash flow. Meridian also declared an
interim special dividend of 2.44 cents per share in February 2020 under the company’s capital
management programme. With Rio Tinto’s announcement of its intention to close the Tīwai
aluminium smelter, the Board has now ceased this programme.
Meridian continues to deliver strong returns for shareholders. In the 2020 financial year, Meridian’s
total shareholder return was again stronger than other major electricity companies we measure
ourselves against. In fact, if you bought Meridian shares in the 2013 IPO, our latest dividend, which
will be paid on the 16th October, will take your total gross return since listing to 318%.
Before we move onto re-elections, I would like to take this opportunity to thank you, our
shareholders. The significant developments of COVID-19 and upcoming closure of the Tiwai Point
Smelter have created more uncertainty for our business and your Board appreciates your continued
support for and investment in clean energy for a fairer and healthier world.
I will now ask our Chief Executive, Neal Barclay to address the meeting.

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CHIEF EXECUTIVE’S REVIEW
Executive team
Kia ora Mark and Tenei Koutou Katou.
Ladies and Gentlemen, I’d like to start by quickly introducing you to Meridian’s Executive team, who
are mostly present here today. They are:
Mike Roan, Chief Financial Officer
Tania Palmer, Chief People Officer
Guy Waipara, General Manager of Generation and Natural Resources
Lisa Hannifin, Chief Customer Officer
Chris Ewers, General Manager Wholesale
Nic Kennedy, Chief Executive of Flux Federation
Claire Shaw, General Manager of Corporate Affairs and Sustainability
And Jason Woolley our General Counsel and Company Secretary.
Jason Stein, Chief Executive of Meridian Energy Australia and Powershop Australia can’t be here but
he is clearly a very important member of the Team.
There are four new faces in the Executive Team this year and I’m pleased that the introduction of
new blood has not caused the business to lose any momentum at all. That is both due to the quality
of the new people appointed and also the fact that they are all internal appointments and were able
to hit the ground running.
Jason Stein, who was previously our General Counsel, has taken on responsibility for our Australian
operations. And Lisa Hannifin, Claire Shaw, Chris Ewers, and Jason Woolley were all promoted from
within the ranks. Each of the appointees were tested through recruitment processes that included
external candidates. So I think these appointments show that the skills and leadership we’re
developing here at Meridian, tests very well against the market.

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Employee Engagement and injury rates
Employee engagement has remained strong and engagement scores across all of the major business
Groups lifted to 85% or more. This tells me that our people are proud to work for Meridian and are
committed to the company. This is confirmed by the fact that nearly 60% of Meridian’s New Zealand
employees now own shares in the company through our employee share ownership scheme.
So that is all good but on the flip side, our health and safety results have not been nearly as positive.
The thing that worries me most in our business is keeping our people safe and clearly our safety
performance needs to improve. We had eight Lost time Injuries during the year and three of those
resulted in serious injuries. But worrying about it doesn’t make it better, so we remain very focussed
on making tangible progress and evolving our workforce safety culture. I am confident that the
backward-looking injury rate indicators will start to improve in line with what we are doing to
manage all aspects of our work safely. The most important thing at Meridian is that our people go
home safely at the end of each day.
Covid-19 impacts on electricity demand
Financially, last year was a very good year for Meridian with another record EBITDAF result. But the
global impact of the COVID-19 pandemic and the announcement of the closure of the Tiwai Point
Aluminium Smelter has presented us with some unique challenges and opportunities for the next
few years.
Throughout the COVID-19 pandemic we have maintained full operational capability. Our people right
across our businesses have been exceptional in both looking after each other and looking after our
customers – and I’m very proud of them for that.
We did see a significant drop in demand for electricity during the Level 4 lock down, but demand has
bounced back to pre-COVID levels since that time. I would say however, that the long-term effects
on demand from COVID are still far from certain.
I can assure you that your company is already adapting the way it operates and I am confident that
we have the team and the strategies to manage through these uncertain times.
2020 results - customers
Growing our retail businesses is one way we are adapting.

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Powershop in Australia, once again, achieved outstanding growth as customers continued to choose
cleaner energy options. Customer numbers grew by 24% and there was also a 24% increase in the
volume of electricity sold, whilst gas sales were up three-fold. Our retail success in Australia means
we’re looking at new generation options that the business will need in the medium term. These
include the 130-megawatt Rangoon wind farm development that we have secured in northern New
South Wales. The wind farm would power the equivalent of 58,000 Aussie homes when built.
In New Zealand across both the Meridian and Powershop brands, we grew customer numbers by 7%
and the volume of energy sold by 18%. Even more pleasing, our overall customer satisfaction ratings
and our customer retention rates improved and set the benchmark for the industry.
We’re also extending the capability of Flux Federation, our software-as-a-service business that has
developed the Powershop IT platform. We are doing that to support the migration of Meridian
customers to the platform and to open up new sales opportunities for Flux offshore. The complexity
of Meridian’s customer base has meant that the Flux migration project, which started in 2018, has
needed to be extended by nine months and is now scheduled for completion during September
2021. Despite the delay, the benefits and business case for the project and for Flux remain very
positive.
2020 results - generation
The wholesale trading conditions during the year were far more challenging for our Generation
businesses on both sides of the Tasman.
In New Zealand, we generated a record amount of electricity due primarily to healthy inflows into
our hydro storage lakes and good availability of our wind fleet. But it wasn’t all handed to us on a
plate as we did cope with some significant transmission outages, most notably the Cook Strait Cable
outage during January to March which limited our ability to generate electricity during those
months. So achieving a record amount of generation was a very good outcome.
But the big story for generation was a 28% reduction in the average wholesale price for electricity
compared to the prior year. This was expected and prices fell as the gas system reliability issues that
emerged during FY 19, were progressively overcome.
All up, whilst generation volumes were up 5%, overall spot generation revenues were down 24% on
the prior year.

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The generation trading conditions in Australia throughout the year were also very challenging.
Wholesale electricity prices trended down as oil prices and then gas prices collapsed. And generation
volumes from our hydro assets were down year on year due to the deepening drought conditions.
Our risk management processes were put to the test particularly during a number of high price
events during the summer. Temperatures soared and bush fires raged whilst people consumed
energy to stay cool. And that energy could cost as much as $14,000/MWh at peak times. We were
hard pressed to make headway, but we avoided any significant losses during those events.
Group EBITDAF
EBITDAF (or cash operating earnings) is the primary performance metric that investment analysts
look at to assess Meridian’s comparable performance. As you can see the trend has been very good.
So whilst the wholesale trading conditions during the year were challenging in both New Zealand
and Australia:
- our continued success in growing our retail businesses
- our ability to get the most out of the renewable resources that we had available
- and our ability to manage wholesale trading risk
meant that, for the eighth consecutive year, we delivered EBITDAF growth.
Tiwai Point aluminium smelter
In October 2019 Rio Tinto announced that it was undertaking a strategic review of New Zealand’s
Aluminium Smelter at Tiwai Point in Southland. And on 9 July 2020, Rio Tinto announced the
termination of its contract with Meridian and its intention to close the smelter by 31 August 2021.
Rio Tinto’s decision is hugely disappointing for the smelter workforce and the Southland community,
of which we’re a part. During the Rio Tinto strategic review, Meridian was able to put together a
package of contractual amendments that would have delivered a significant reduction in the cost of
delivered energy to the smelter, well in excess of $60 million per annum. We believe that this offer
was fair and in the interests of Meridian shareholders, the smelter owners and New Zealand more
broadly. As part of that package we asked the smelter owners to commit to New Zealand for a
period of at least four years. Rio Tinto were not willing to make that commitment and instead chose
to terminate the contract with Meridian.

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The loss of roughly 13% of electricity demand within a relatively short space of time will undoubtedly
be disruptive for our industry and Southland in the short term. To better adapt to this disruption, we
have offered Rio Tinto terms to exit over a longer period of time. We have also noted the Prime
Minister’s announcement earlier this week that the Government are also in discussion with Rio Tinto
to provide the smelter with a discounted transmission bill, also in support of a longer exit term. To
date nothing has been resolved and it appears unlikely that anything will be, until after the General
Election.
What we can be confident of, is the smelter will close sometime within the next few years, and with
that challenge comes opportunities. Our team is working hard on our plan to mitigate the effects of
the closure, maintain our balance sheet strength and build an even stronger business for the future
– all still while remaining committed to 100% renewable generation.
One of the tough decisions the Board has had to make as a result of Rio Tinto announcing its exit
from New Zealand is the deferral of our Harapaki windfarm in the Hawke’s Bay. While the business
case for Harapaki is very sound, the market needs time to adjust to Rio Tinto’s decision to exit New
Zealand. We’re still confident that we’ll build Harapaki in the future as it remains one of the
country’s best new renewable options.
Transmission pricing methodology (TPM)
In the regulatory space there has been some good and some bad for Meridian.
Let’s start with the good news. Just before the end of the financial year the Electricity Authority
released its final decision on the Transmission Pricing Methodology guidelines. We’re pleased that a
benefits-based approach to transmission pricing was adopted by the Authority. It will provide
certainty, be fairer and enable more efficient investment and use of the transmission grid. And it
will be positive for Meridian financially.
Undesirable trading situation
Now the not-so-good.
In December 2019, a claim was made to the Electricity Authority by some of our competitors that
the trading actions of Meridian and Contact during November and December had caused an
Undesirable Trading Situation (or UTS). The claim covered a period of truly exceptional South Island
flood conditions with inflows among the highest ever recorded.

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On 30 June the Electricity Authority released its preliminary decision, determining that a UTS had
occurred between 3 and 18 December 2019. The Authority have observed that in their opinion, too
much water was spilled and prices were too high during periods where water was being spilled.
We disagree with the Authority’s preliminary finding and we stand by our decisions during the flood
events to manage both the safety of those downstream from our dams and our environmental
obligations first. The conditions dictated that proactive spill was necessary.
We also believe our trading conduct was within the normal, and previously observed, operation of
the market.
That said, we have certainly taken some learning from this event and we are also asking the
Authority to support the market by providing clearer guidance on generation offers at times of
spill. Their preliminary decision has created significant uncertainty in that regard and the whole
industry needs that uncertainty resolved.
At this stage there has been no timeline provided by the Authority in terms of when we can expect a
final decision. To be conservative our financial statements have been prepared on the basis that the
Authority does not change their preliminary decision.
Decarbonisation
I’ll now make a few concluding comments in support of Marks’ earlier observations around New
Zealand’s decarbonisation opportunity.
For Meridian, this means that our commitment to 100% renewable energy and helping New Zealand
achieve its zero-carbon goals remain our focus. Renewable electricity is the solution to combating
climate change in New Zealand, as it will enable us to reduce our emissions and reliance on fossil
fuels. It also creates real opportunity for our company to grow value, not only for ourselves but for
others.
The key to taking advantage of renewable electricity is to keep electricity affordable. Both to ensure
that we’re playing our part to reduce energy hardship and to ensure the right priority is put on vital
decarbonisation projects.
We expect the current trajectory to continue with renewable electricity generation only getting
cheaper relative to other options. Meridian’s modelling indicates that electricity generation in New
Zealand will be in excess of 95% renewable by 2035. Which is why we don’t think there is a case for

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intervention in the electricity generation market. Renewables are already the most economical new
generation investment option and we’re seeing that in the new builds currently underway – they’re
all windfarms, geothermal, and solar.
Under current market settings I think we can expect the right investment signals will exist that will
encourage private investment in new generation at the right time. The Government are best to
focus on supporting users of fossil fuelled based energy, to transition to electric. It would seem that
smart use of the Emissions Trading Scheme is the best way to do this. The ETS will provide cost
signals that drive businesses to innovate to compete and deliver the lowest cost emissions
abatement solutions.
It is really hard for any one entity or person, as a central planner, to pick the winning technology
solutions of the future. That is why competition works and in the ETS we have a market based tool
that, with some refinements, can help foster competition of ideas and deliver the most efficient
solutions. We need to use that tool.
Where Government can, and are, helping on the electricity supply side, is evolving New Zealand’s
environmental law to support new renewables to be built whilst also preserving our backbone of
hydro generation. Hydro is part of New Zealand’s legacy but is also absolutely the key to the future
expansion of renewables as it can flex and fill the gaps between intermittent wind and solar
generation. As Mark referred to earlier, the Governments direction on fresh water reform seems
balanced and pragmatic.
The argument for renewable electricity is even stronger in Australia. Around 80% of electricity
generated in Australia comes from coal gas, and with a large number of coalfired plants approaching
the end of their 20- to 30-year lives, we’re confident that there will be significant opportunities for
renewable electricity developments across the ditch.
Meridian will work with government, industries and our customers to support the future
electrification and decarbonisation of the New Zealand economy. There’s much to do and I’m
excited about the future challenges ahead and the opportunity this company has to help shape the
future.

---

2020 Annual Shareholder Meeting
1 OCTOBER 2020

1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
2
Today’s business
Chair’s address
Chief Executive’s review
Shareholder questions
Resolutions and voting

3
Chair’s address
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

Tailored payment solutions
No disconnection of customers impacted
by COVID-19
Removal of late payment fees
Suppliers being paid on 7-day terms
Working from home allowances for non-
senior staff
$1 million donation to KidsCan
4
Our COVID-19 response
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

4%
21%
16%
48%
6%
5%
Electricity
Transport
Stationary energy*
Agriculture
Industrial proceses**
Waste
5
New Zealand 2018 gross carbon emissions by sector
Source: Ministry for the Environment, New Zealand’s Greenhouse Gas Inventory 1990-2018
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
*Manufacturing (including milk processing), construction and commercial
sectors and domestic heating
**Metal and chemical production, refrigeration and air conditioning
Energy 41%

6
2020 financial results
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Source: Meridian
13.50
14.03
14.32
16.42
4.88
4.88
4.88
4.88
0
5
10
15
20
25
20162017201820192020
CPS
Financial Year ended 30 June
Dividends declared
Ordinary dividendsSpecial dividends
2.44
16.90
21.30
To t a l
19.2018.91
18.38
19.34
31%
17%
14%
59%
9%
11%
18%
8%
43%
-8%
-10%
0%
10%
20%
30%
40%
50%
60%
20162017201820192020
Financial Year ended 30 June
Total shareholder return
MeridianPeer group median
Source: MeridianSource: Meridian

7
Chief Executive’s review
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

8
Executive team
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

9
Employee engagement and injury rates
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
1.9
1.7
4.2
3.4
3.1
4.5
13.6
15.0
7.4
0
3
6
9
12
15
18
20162017201820192020
Financial year ended 30 June
Lost time injury frequency rate
Meridian employeesMeridian on-site contractors
0.0
80.0%
78.0%
85.0%
73.0%
80.0%
85.0%
60%
65%
70%
75%
80%
85%
90%
201820192020
%
Financial year ended 30 June
Employee engagement
Meridian New ZealandMeridian Australia
Source: MeridianSource: Meridian

10
COVID-19 impacts on New Zealand electricity demand
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
600
650
700
750
800
850
900
05-Jan05-Feb05-Mar05-Apr05-May05-Jun05-Jul05-Aug05-Sep05-Oct05-Nov05-Dec
GWh
National demand (weekly)
Range (2015-2019)20192020
Alert level
4
Alert
level
3
Alert
level 2
Alert level 1
Alert
level
2
(AKL
3)
Alert level
1
(AKL 2.5-2)
Source: Electricity Authority, covid-19.govt.nz

11
2020 results - customers
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
5,969
5,727
5,981
6,240
7,376
0
2,000
4,000
6,000
8,000
20162017201820192020
GWh
Financial Year ended 30 June
New Zealand retail sales volumes
345
493
549
553
683
0
200
400
600
800
20162017201820192020
GWh
Financial Year ended 30 June
Australian retail sales volume
+18% on 2019+24% on 2019
Source: MeridianSource: Meridian

12
2020 results - generation
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
$NZ57
$NZ51
$NZ83
$NZ123
$NZ89
$A106
$A96
$A110
$A156
$A138
0
20
40
60
80
100
120
140
160
20162017201820192020
$/MWh
Financial Year ended 30 June
Average generation prices
New ZealandAustralia (wind)
Source: Meridian
Note: average Australian wind generation prices
include prices for large-scale generation certificates

477
584
585
618
650
657
666
838
854
400
500
600
700
800
900
201220132014201520162017201820192020
$M
Financial Year ended 30 June
13
Group EBITDAF
1
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Source: Meridian
1
Earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losses on sale of assets

14
Tiwai Point aluminiumsmelter
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Rio Tinto
announces
Strategic Review
October 2019
Rio Tinto
expected to
close Tiwai Point
August 2021
Rio Tinto gives
contract
termination
notice
July 2020
Contract
amendments
offered to Rio
Tinto
Extended exit
offers made to
Rio Tinto

Electricity Authority published final
decision in June 2020
Replaces current HVDC
1
charge with
benefit–based and residual charges
New TPM expected to be in place by April
2023 with transitional cap on charges
Is the subject of legal appeal
15
Transmission pricing methodology (TPM)
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
93
65
39
0
20
40
60
80
100
FY20 actualstatus quo
[RCP3] (FY21)
new TPM
(FY24)
$M
Meridian's annual HVDC costs
Source: Electricity Authority, Meridian
Note: EA’s estimates based on NZAS as an industrial electricity consumer
1
High voltage direct current transmission link between New
Zealand’s North and South Islands

16
Undesirable trading situation
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Source: Electricity Authority
0
50
100
150
200
250
300
01-Jul01-Aug01-Sep01-Oct01-Nov01-Dec01-Jan01-Feb01-Mar01-Apr01-May01-Jun
GWh
Meridian’s 2019/20 daily combined catchment inflows
early December 2019
Source: Meridian

17
Decarbonisation
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

18
Shareholder questions
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

19
Resolutions and voting
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

20
Resolution
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Re-election of Mark Verbiest
That Mark Verbiest, who retires by rotation
and is eligible for re-election, be re-elected
as a Director of the Company

21
Vote totals
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING
Re-election of Mark
Verbiest
Postal and online votes already cast
For1,892,123,730
Against11,182,324
Abstain2,336,769
Votes appointed to proxies not yet cast
1
8,324,936
To t a l1,913,967,759
1
Votes held by the Chair, Directors and other proxies

22
Closing
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING

23
Disclaimer
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 2020 and is available
at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
1 OCTOBER 20202020 ANNUAL SHAREHOLDER MEETING