Meridian Energy Limited 2021 Annual Shareholder Meeting

Release






M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
L e v e l 2 , 5 5 L a d y E l i z a b e t h L a n e , P O B o x 1 0 8 4 0 , W e l l i n g t o n 6 1 4 3

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy Limited 2021 Annual Shareholder
Meeting

6 October 2021
Please find attached the following announcements that will be delivered at Meridian Energy Limited’s
Annual Shareholder Meeting today at 10.00am which will be held as a virtual meeting:
a) Chair’s address
b) Chief Executive’s review
c) Presentation to shareholders.
The meeting can be accessed through Computershare’s Meeting Platform
meetnow.global/nz
.
To access the meeting:
- Click ‘Go’ under the Meridian Energy Limited meeting;
- Click ‘JOIN MEETING NOW’

Shareholders will require their CSN/Securityholder Numbers which can be found in their email
broadcasts and on their proxy forms for verification purposes.



ENDS
Jason Woolley
Company Secretary
Meridian Energy Limited



For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772

For media queries, please contact:

Polly Atkins
Senior Communications Specialist
021 174 1715

---

1

MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 6 OCTOBER 2021

CHAIR ADDRESS

SLIDE 3
I will now move to my Chair’s address and I will begin by introducing the Meridian Board and some
of the Management Team.

SLIDE 4
- Meridian Board Members online today are: Nagaja Sanatkumar, Anake Goodall, Julia Hoare,
Deputy Chairman Peter Wilson, Mark Cairns, Jan Dawson and Michelle Henderson.
- Our new independent director Tania Simpson is also online today.
- And with me today is Chief Executive Neal Barclay.

SLIDE 5
Meridian’s purpose of clean energy for a fairer and healthier world drives all of our business
decisions. We’re proud to be Aotearoa’s largest 100% renewable energy generator, and our
commitment to sustainability ensures that we focus our efforts in areas where we believe we can
make a meaningful difference. Over the last 12 months we’ve put even more focus into accelerating
the work we are doing to help combat climate change – and we will cover some of those actions
during this meeting. Given our scale and size we know we can, and we must, play a material role in
supporting Aotearoa to transition and to thrive in a net zero emissions future.
We’re proud to continue to hold our position as one of the top 5 leaders in sustainability, recognised
through the Colmar Brunton Better Futures Report. But there remains a lot to do.
The COVID-19 pandemic continues to have a large impact on our day to day lives. Meridian is
fortunate that as an essential service we’re able to continue to operate relatively normally, which
has allowed us to continue to deliver for New Zealanders and for you our shareholders.
Meridian has been and will remain focused on working with our customers who have been and
continue to be 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

2

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. And we’ve supported our suppliers with quicker
payment terms.

SLIDE 6
Meridian was supportive of the Climate Change Commission’s final advice to the Government and
our Government’s willingness to adopt it. We must remain alert to the very small window we have
to make progress, which we must make - the urgency of the challenge was revealed in the recent UN
Climate Change report that draws on the most up to date physical science. It is a sobering read. At
the same time Government is working through RMA reforms. There appears to be a potential
conflict between the principle of protecting New Zealand’s physical environment and New Zealand’s
decarbonisation goals. We think that there needs to be serious consideration to ensure that
decarbonisation is prioritised so that we don’t end up with an unworkable policy platform that
creates a barrier to building at pace the renewable generation that is needed.

SLIDE 7
Alongside climate change policy, there’s also been plenty going on in the regulatory space for the
electricity sector. There are a number of reviews underway into what is now being called ‘Black
Monday’ when, unfortunately, the sector failed consumers and the lights went out for some
households on one of the coldest nights of the year. The Electricity Authority released its
preliminary findings on this event last month, which determined that there were shortcomings from
system operator Transpower and other areas for improvement.
These events created a very poor outcome for affected customers, and the industry as a whole is
acutely aware of our collective failure to provide a basic need during the relevant time.
Alongside the Electricity Authority’s review, the Minister for Energy and Resources has also asked
MBIE to conduct a wide-ranging review that relates to the August outage – the outcomes of this are
due before the end of this year.
The Electricity Authority is also undertaking a review, specifically of wholesale market competition
for the period 2018 to early 2021. And while we believe there are some adjustments that can be
made to the market, we also know that New Zealand’s electricity market is one of the best
performing markets in the world. We are consistently ranked in the top 10 by the World Energy

3

Council for security, sustainability and affordability, all while delivering for customers. We believe
that the electricity market will evolve, as it has done for the last 20 or so years, to meet the
challenges that it faces today. And Meridian is committed to engaging in discussions and ensuring
that as a sector we’re able to deliver the best possible market outcomes for consumers and invest in
the renewable generation that is needed to help Aotearoa achieve its climate change goals.

SLIDE 8
We all know, the electricity sector is leading some key areas of change and will start to look quite
different in years to come. One of the changes that will see the sector evolve is the exit of New
Zealand Aluminium Smelters at Tiwai Point. The smelter owners and Meridian agreed a contract
extension which will see the smelter exit New Zealand at the end of 2024. Given that NZAS currently
consumes a third of all energy that Meridian produces, we’re focused on ensuring that when they do
exit, Meridian is able to create new opportunities that grow value for our shareholders and New
Zealand.

We have a solid strategy in place and a big part of that strategy is building clean energy systems that
help New Zealand decarbonise and achieve its climate goals. We know that converting to electricity
is one of the most significant ways that we can help combat climate change given Aotearoa’s unique
abundance of renewable energy and we’re working with a range of companies and partners on
projects that will see us accelerate this transition. I will leave our Chief Executive Neal Barclay to
update you on those actions.

This year we’ve continued to focus on reducing our own emissions and as we seek to increase
transparency we look forward to sharing our plan to halve our operational emissions by 2030. Our
Forever Forests programme continued this year, which has seen us plant more than 60,000 stems to
offset the remainder of our scope three emissions - that’s the emissions we account for in our supply
chain - that we cannot remove ourselves. Our goal is to plant 1.5 million trees within the next few
years.

The most material impact we can make is in working to increase the country’s renewable energy. We
estimate at least $7 billion of new renewable generation must be built in the next 10 years for our
industry to ensure New Zealand achieves its climate goals and Meridian is committed to delivering a
significant share of that build programme. Work began on our $395 million Harapaki wind farm in
the Hawke’s Bay this year, which is a tangible step on this path, with more to come.

4

This year we issued our first Modern Slavery Statement and released our third TCFD (Taskforce on
Climate-related Financial Disclosure) report. The first of these reports provides all our stakeholders
more insight into the steps we’re taking to ensure ethical business practice is encouraged and
observed not only in our business, but through our entire supply chain. The TCFD report shares
further information on how we think about the risks and opportunities relating to climate impacts
on our business. Expectations of the entire business community are growing in relation to best-in-
class reporting and transparency, and you’ll continue to see us challenge ourselves to lead and
improve our performance in this space.
We continue to work closely with the communities in which we operate. Our community fund Power
Up has been running for more than 14 years now and in that time has invested more than $8.5
million into local communities through over 1,100 projects.

Recently we announced that Meridian has extended its partnership with KidsCan, committing to
being the charity’s Principal Partner for another three years. Meridian has supported KidsCan since
2013 and it is a privilege to work with Julie Chapman and her team. I know I speak for every member
of this company in recognising the important role KidsCan plays giving children access to the basics
they need so they can succeed in learning at school.


SLIDE 9
The Board and the Executive are proud to have achieved a sound result this year, despite a
challenging hydrological period, ie, a dry spell for a number of months. Whilst group EBITDAF (a
measure of our underlying operating performance) was down 15% to $729 million it was still a
sound result. And while you might have noticed that Net Profit After Tax lifted on last year, this was
primarily due to non-cash movements in the value of derivative instruments and any cash benefit
from these will play out in future years. So EBITDAF provides a better measure of performance
across the year in our view.
The Board has declared a final ordinary dividend of 11.20 cents per share, unchanged from the
previous year. This brings the total ordinary dividends declared in FY21 to 16.90 cents per share, also
unchanged from last financial year. This year, Meridian announced the introduction of a Dividend
Reinvestment Plan, that will apply from this year’s final ordinary dividend. The Board has resolved to
apply a 2.0% discount to this dividend under the DRP.

5

Meridian continues to deliver strong returns for shareholders. In the 2021 financial year, Meridian’s
11% total shareholder return was again stronger than the benchmark NZX50 index.
There’s never been a more exciting time to be a part of the electricity sector. The role Meridian will
play in transitioning our country to a low carbon economy presents many opportunities to get
meaningfully close to our company purpose – clean energy for a fairer and healthier world. As a
purpose-led company we know our actions can grow value and impact for those we serve - our
customers, communities, and our shareholders. And in doing this work we will not lose sight of the
responsibility we have to transition the energy sector to a zero-carbon future that is good for
everyone.

Finally, I would like to take a moment to acknowledge and thank Board members Peter Wilson,
deputy chair and Anake Goodall who are retiring at this meeting. Both Peter and Anake have served
on the Board since 2011 and both have steered Meridian through its listing on the NZX, several wind
farm developments and significant customer growth. Above all Peter and Anake have been strong
supporters of our aims to lead in the sustainability space. We thank them for their significant
contributions, leadership and guidance and indeed for their friendship over the past decade.
Before we move on, I would like to take this opportunity to thank you, our shareholders, 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.

6

CHIEF EXECUTIVE’S REVIEW
SLIDE 10
Kia ora Mark and Tena Koutou Katoa.
I’d like to start by quickly introducing you to Meridian’s Executive team, who are online with us
today.
They are:

SLIDE 11
Tania Palmer, Chief People Officer
Mike Roan, Chief Financial Officer
Lisa Hannifin, Chief Customer Officer
Guy Waipara, General Manager of Development
Jason Woolley, General Counsel and Company Secretary.
Claire Shaw, GM of Corporate Affairs and Sustainability
Jason Stein, Chief Executive of Meridian Energy Australia and Powershop Australia
Nic Kennedy, Chief Executive of Flux Federation
Chris Ewers, GM of Wholesale
And also present is Richard Griffiths, Acting GM of Generation.

During the year we announced that Jason Stein would be stepping away from the role of Chief
Executive of Meridian Energy Australia and Powershop Australia in December 2021. Jason has
recently agreed to stay on as Chief Executive until March 2022, or until the ownership review of
Meridian Energy Australia is completed. Jason has done an exceptional job of steering our
Melbourne-based team through a prolonged lockdown and difficult trading conditions. I thank Jason
for his hard work and look forward to working with him through to the end of his time with us.

7

SLIDE 12
At Meridian we pride ourselves on our employee engagement and our health and safety culture.
This year, our team’s overall engagement scores have remained high, and we know we have a
committed, resilient team who are up for seizing opportunities, looking after our customers and
doing right by each other.
This year we also appointed a Future of Work lead to help us develop strategies that will continue to
support our people to learn, grow and adapt to new technology and ever more agile ways of
working.
However, disappointingly, our health and safety statistics slipped, with an increase in our reportable
injuries, more injuries overall and more time off work due to injuries. While none of the injuries
suffered by our people were serious or long lasting in nature, the Board and Management are not
accepting our level of performance and we continue to have an absolute focus on keeping our
people safe from harm.

SLIDE 13
FY19 and FY20 saw successive record results powered by strong generation and growth in retail
sales. This year, we maintained our customer growth momentum. However, we ran into tough
drought conditions that reduced our generation levels and increased our financial hedge costs.
That's just the nature of our business as we are very dependent on the variable New Zealand
weather for our generation fuel.
Also, in January we completed negotiations with the owners of the Tiwai Point Aluminium Smelter to
extend our electricity supply contract until the end of 2024. And that extension was done at a
significant discount to the existing contract.
Both of these events impacted financial performance with EBITDAF and Underlying NPAT down on
prior year by 15% and 27% respectively. But we do believe the underlying drivers of future business
value are strong.
It’s worth noting that since 2018, Meridian has grown the size of the combined New Zealand
Meridian and Powershop brands by 40%, and our sales momentum has not wavered this year. We
believe there is still plenty of scope for further growth and enough liquidity in hedge markets to
allow us to manage the wholesale price risk associated with that growth.

8

SLIDE 14
Our focus on delivering great value for our customers continued to pay off in FY21, and we saw
strong growth in our customer numbers on both sides of the Tasman.
In New Zealand, Powershop led the industry in engaging with customers, as was evidenced in its
winning the Canstar and Consumer New Zealand awards for customer satisfaction and trust.
In Australia we continued to set the benchmark for a great customer proposition. Powershop
Australia was once again recognised by Canstar Blue, Finder and Roy Morgan for customer
satisfaction and market leading products and services.
We made very good progress on our digitisation journey with around 95% of customers’ accounts
successfully migrated to our Flux customer care and billing platform. We believe Flux provides a
world-class, integrated platform that will enhance our ability to delight our customers with best in-
class products and services.
And we remain committed and focused on helping our customers decarbonise and reduce their
emissions.
Earlier this year, we kicked off our Process Heat Electrification Programme and it has received a
great response from companies wanting to decarbonise their industrial processes. We already have
292GwH of new annual electricity consumption under MoU. These projects will start to take shape
over the next 12 to 24 months and when commissioned they will remove around 106,000 tonnes of
Co2 from the environment each year. That’s equivalent to the annual emissions from 40,000 cars.
Meridian can bring to the table sharp long-term pricing, but an emerging barrier to getting more of
these projects up, particularly as it relates to the financials, is the cost of transmission and
distribution upgrades. Businesses are clearly trying hard to decarbonise and this transmission
infrastructure is critical to support a timely transition to cleaner process heat for New Zealand.
Our contract with our largest customer, the aluminium smelter, will end in December 2024. As a
business, we have always planned for a smelter closure and we are making the most of the time we
have to mitigate the impact of that closure.
The most important parts of the mitigation plan concern the improvement of transmission capability
so that, when the smelter closes, all the energy produced by the Manapouri and Clutha hydro
schemes can be transmitted North and not just spilled down the rivers. To that end the Clutha to
Upper Waitaki Lines Project continues to track well and Transpower will deliver that upgrade a
couple of years before the smelter closes. We’ve now also secured a North Island site for a grid scale

9

battery that can provide north Island reserve and greater effective capacity on the HVDC link
between the South and North Island. An asset like this would have also made a big difference during
an event like 9th August. So, we’ve upped the priority on this project and are looking at ways to
bring forward deployment to early 2023.
We are also working with many potential new and existing customers to grow the demand for
electricity in the South Island which will more efficiently utilise the hydro generation made available
when the smelter closes. These opportunities include the electrification of process heat used in
existing manufacturing as I mentioned earlier, a large scale green mega datacentre and the potential
to create the world’s first large scale green hydrogen manufacturing facility.
New Zealand has something the world wants, renewable energy, and the opportunities to grow the
New Zealand economy through new green industries for both export and domestic use are truly
exciting.

SLIDE 15
This year we experienced the third worst drought that we have seen in the Waitaki catchment. The
amount of water that didn’t turn up in FY21 compared to FY20 was the equivalent of the entire Lake
Pukaki operating range. Twice over.
Our catchments are generally fed by a small number of significant rainfall events each year and there
was clearly a lack of those between November and June. As a result, generation in FY21 was 11%
lower than the year before.
The good news is we have seen record inflows over winter which have now alleviated our fuel
squeeze and we’ve started the new financial year in good shape.
The low inflows earlier this year, combined with some, yet to be resolved, supply constraints in the
gas market that first emerged during 2018, resulted in a period of very high wholesale prices. I
believe our Wholesale Team managed our hydro storage exceptionally well during the period of
drought and ensured we were able to conserve water while still meeting customer needs.
We are expecting the gas deliverability issues to take another year or two to resolve, so relatively
high wholesale prices could be a feature of the market for some time to come. Fortunately, the
vertically integrated business model Meridian has adopted means we have been able to shield most
of our retail customers, from those high wholesale prices. But we do acknowledge that some of our

10

commercial customers have been doing it tough. We have been working with these customers to
assist with extended contract solutions that help to smooth their costs over time.

SLIDE 16
Over the ditch, while our Australian retail sales volume increased, wholesale prices fell to
unsustainably low levels and this impacted the performance of our generation assets. Overall, the
Meridian Energy Australia result was down on the prior year even though we had more hydro
generation available as the drought conditions, that had been a feature of the last few years, began
to ease.
Recently, Australian wholesale prices have lifted from the low levels during the 2021 financial year.
Also the strategic rationale for investing in renewable energy in Australia is still sound, given that
only around 30% of Australia’s electricity is generated from renewable sources and the potential for
growth in renewables is large as Australia looks to decarbonise its economy. But the energy market
in Australia is highly politicised, and government and regulatory interventions at both State and
Federal levels are creating significant uncertainty for our business.
So just before the end of the financial year, Meridian announced a strategic review of the ownership
of our Australian business. This review is still ongoing and is considering all options including partial
or full divestment of the business or continued ownership.
We have engaged advisory firm Lazard to manage this review process and we expect to be able to
make a decision about the future of Meridian Energy Australia before the end of the calendar year.

SLIDE 17
Ultimately the outlook for growth in the electricity sector is huge as Aotearoa embarks on a path to
Net Zero emissions by 2050. Our country’s electricity industry, whilst not perfect, does deliver world
leading outcomes for New Zealanders across the trilemma of reliability, sustainability, and cost.
In real terms the cost of electricity has not increased in New Zealand for residential customers for
more than a decade and the long-term trend is for the cost to consumers to reduce further. I know
that may not seem obvious, when we look at recent high wholesale prices, but it is hard to argue
against given the forecast future costs of both wind and solar which will continue to plumet. Most
importantly the market is delivering clear investment signals and the industry is responding with a
strong new renewable build programme.

11

I don’t think anyone doubts the importance of achieving a zero emissions economy, and the science
is telling us we must do it much sooner than 2050. Rapid growth in renewable energy is inevitable
as costs fall and I believe a 100% renewable electricity grid by 2030 is on the cards. But the
opportunity for electricity is far greater than a renewable electricity grid and we need to support the
electrification of much of the rest of the energy sector in New Zealand.
There will undoubtedly be challenges, particularly the need to manage dry years where the lakes run
low and hydro generation is reduced. I think we are likely to need a small amount of reserve gas
generation for particularly dry years, but other innovative hydro firming solutions are emerging.
Most importantly, the electricity market does deliver clear incentives to participants to manage
security of supply and to do that efficiently.
We believe by staying true to our sustainability values and company purpose, and by continuing to
strengthen our brands, our people and our renewable asset base, Meridian can deliver on our
customer and renewables generation growth strategies and continue to provide value for all our
stakeholders.

We will now play a short clip of some of the highlights from the last financial year.

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2021 Annual Shareholder Meeting
6 OCTOBER 2021

6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING
2
Today’s business
Chair’s address
Chief Executive’s review
Shareholder questions
Resolutions and voting

3
Chair’s address
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

4
Our Board
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING
Nagaja SanatkumarAnakeGoodallJulia Hoare
Peter Wilson
Mark Cairns
Jan Dawson
Michelle Henderson
Mark Verbiest
Tania Simpson

Meridian’s purpose: clean energy for a
fairer and healthier world
Meridian is New Zealand’s largest 100%
renewable generator
A material role supporting Aotearoa’s
transition to a net zero emissions future
COVID-19 support for our customers,
suppliers and employees
5
Sustainability
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

Meridian supports the Climate Change
Commission’s final advice
The climate challenge is urgent
Potential conflict between Resource
Management Act reforms and
decarbonisationgoals
6
Climate change
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

Reviews into 9 August 2021 power outages
Electricity Authority review of wholesale
market competition
Ranked in the top 10 by the World Energy
Council for security, sustainability and
affordability
2024 exit by the Tiwai Point smelter
7
The electricity market
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

Building clean energy systems that help
New Zealand decarbonise and achieve its
climate goals
Reducing our own emissions
New renewable generation
Customer and community focus
8
Meridian’s focus
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

19%
15%
60%
10%
12%
10%
18%
19%
9%
11%
0%
20%
40%
60%
80%
20172018201920202021
Financial Year ended 30 June
Total shareholder return
MeridianNZX50 Index
14.03
14.32
16.42
16.90
4.88
4.88
4.88
2.44
0
5
10
15
20
25
20172018201920202021
CPS
Financial Year ended 30 June
Dividends declared
Ordinary dividendsSpecial dividends
9
2021 financial results
16.90
19.34
To t a l
21.3019.20
18.91
16.90
Source: MeridianSource: Meridian
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

10
Chief Executive’s review
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

11
Executive team
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING
Neal Barclay
Tania Palmer
Mike Roan
Lisa Hannifin
Guy Waipara
Jason WoolleyClaire Shaw
Jason Stein
Nic Kennedy
Chris Ewers

0.0
1.7
4.2
3.4
8.0
4.5
13.6
15.0
7.4
9.1
0
3
6
9
12
15
20172018201920202021
Financial year ended 30 June
Lost time injury frequency rate
Meridian employeesMeridian on-site contractors
80.0%
78.0%
85.0%
78.0%
73.0%
80.0%
85.0%
76.0%
60%
65%
70%
75%
80%
85%
90%
2018201920202021
%
Financial year ended 30 June
Employee engagement
Meridian New ZealandMeridian Australia
12
Employee engagement and injury rates
Source: MeridianSource: Meridian
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

584
585
618
650
657
666
838
854
729
400
500
600
700
800
900
201320142015201620172018201920202021
$M
Financial Year ended 30 June
13
Group EBITDAF
1
Source: Meridian
1
Earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losses on sale of assets
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

14
Customers
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

0
2,000
4,000
6,000
8,000
10,000
200720082009201020112012201320142015201620172018201920202021
GWh
Financial
year
Meridian’s combined catchment inflows (November – March)
Nov-Mar87 year average
15
Generation
Source: Meridian
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING
3
rd
lowest
November to
March period
inflows on record

96
110
156
138
71
0
20
40
60
80
100
120
140
160
180
20172018201920202021
$NZ/MWh
Financial Year ended 30 June
Australian average wind generation price
16
Australia
Source: Meridian
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING
Note: average Australian wind generation prices
include prices for large-scale generation certificates

17
Outlook
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

18
Shareholder questions
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

19
Resolutions and voting
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

20
Resolution 1
Re-election of Mark Cairns
That Mark Cairns, who retires by rotation
and is eligible for re-election, be re-elected
as a Director of the Company
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

21
Resolution 2
Election of Tania Simpson
That Tania Simpson (appointed as a
Director of the Company by the Board with
effect from 24 August 2021), who retires
and is eligible for election, be elected as a
Director of the Company
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

22
Resolution 3
Directors’ fees
That the total annual director fee pool be
increased by $99,000 (9%) from $1,100,000
to $1,199,000, with the first annual
increase to be backdated to take effect
from 1 July 2021
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

23
Vote totals
Resolution 1: Re-
election of Mark
Cairns
Resolution 2:
Election of Tania
Simpson
Resolution 3:
Director fee pool
increase
Postal and online votes already cast
For1,940,803,5091,944,208,3251,941,594,190
Against4,187,076765,9803,345,128
Abstain247,970254,750461,746
Votes appointed to proxies not yet cast
1
8,205,5878,215,0878,043,078
To t a l1,953,444,1421,953,444,1421,953,444,142
1
Votes held by the Chair, Directors and other proxies
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

24
Closing
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING

25
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 2021 and is available
at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
6 OCTOBER 20212021 ANNUAL SHAREHOLDER MEETING