Meridian Energy Limited Annual Shareholder Meeting

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MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 12 OCTOBER 2023

CHAIR ADDRESS
SLIDE 2
Moving to today’s business, I declare the 2023 Annual Shareholder Meeting open. The meeting has
been duly convened and a quorum is present. The minutes of last year’s meeting have been posted
on Meridian’s website and are held by the Company Secretary.

Today’s meeting is being held both in-person and online via the Computershare Online Meetings
platform. This allows Shareholders, Proxies and Guests who were not able to travel and attend the
meeting in person, the ability to attend the meeting virtually. All online attendees can watch a live
webcast of the meeting and read the company documents associated with the meeting. In addition,
shareholders and proxies have the ability to ask questions and to submit votes.

For those of you attending the meeting virtually, if you have a question to submit during the live
meeting, please select the Q&A tab on the right half of your screen anytime. Type your question into
the field and press send. Your question will be immediately submitted. Should you require any
assistance, you can type your query and one of the Computershare team will assist via the chat
function. Alternatively, you can call Computershare on 0800-650-034.

Please note, that while you can submit questions from now on, I will not address them until the
relevant time in the meeting. Your questions may be moderated, or if we receive multiple questions
on one topic, amalgamated together. Finally, due to time constraints we may run out of time to
answer all your questions. If this happens, we will answer them via email.

Voting today will be conducted by way of a poll on all items of business. In order to provide all
attendees with enough time to vote, I will shortly open the online voting for all resolutions.

At that time, if you are eligible to vote at this meeting, you will be able to cast your vote under the
Vote tab. Once the voting has opened, the resolutions will allow votes to be submitted. To vote,
simply select your voting direction from the options on screen. You can vote for all resolutions at
once or by each resolution.
Your vote has been cast when the tick appears. To change your vote, simply select ‘Change Your
Vote’. You have the ability to change your vote, up until the time I declare voting closed.

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Persons attending the meeting, who are not shareholders, proxy holders, or corporate
representatives of a shareholder, may not vote. This includes bond holders.

Voting is now open on all items of business. The resolutions will now be open in the vote tab. Please
submit your votes at any time. I will give you a warning before I move to close voting.

SLIDE 3
I will begin by introducing the Meridian Board and some of the Management Team.

SLIDE 4
This year the hybrid meeting invites you to join in person and online. You will note our Management
Team and Board have also followed this approach. Hybrid is largely driven by our commitment to
show leadership in sustainable practice and specifically reduce the carbon and cost associated with
this event. Meridian Board Members present at Durham Street today are: Julia Hoare, Mark Cairns,
Tania Simpson, and David Carter.

Meridian board members joining the meeting online are: Nagaja Sanatkumar, Michelle Henderson,
and Graham Cockroft.

Also present with me at the venue are Chief Executive Neal Barclay, Chief Financial Officer Mike
Roan, General Counsel Jason Woolley, and Claire Shaw, General Manager Sustainability and
Corporate Affairs.

The rest of Meridian’s executive team is here online.

SLIDE 5
With a purpose of Clean Energy for a Fairer and Healthier World, it is only right that a company of
Meridian’s size and stature, is doing what it must do to combat climate change, protect the
environment, and be a good corporate citizen. Helping Aotearoa New Zealand achieve its climate
change goals and transition to net zero, underpins our business decisions and shapes the way that
we operate.

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It has been pleasing to see a large number of industrial decarbonisation projects announced over the
last few years utilising the Government Investment in Decarbonising Industry, or GIDI fund. These
projects will reduce New Zealand’s emissions by more than 1.5m tonnes of CO2 per annum. But
there is much more to do for Aotearoa to reach our Emissions Reduction Targets and the Emissions
Trading Scheme, or ETS, will be key in achieving that outcome. The ETS was developed to provide a
sinking lid on total net emissions and to send price signals that incentivised businesses to act. It is
critical that successive Governments avoid the temptation to tinker with this market mechanism and
that the ETS evolves in a way that the country can have enduring confidence in. The incentives need
to be there for businesses and people to invest in reducing gross emissions. We can’t just offset our
way to a net zero carbon economy.

SLIDE 6
Aotearoa’s electricity market continues to rate in the top 10 of the OECD countries in terms of
affordability, security, and sustainability. This market is working really well. Data from MBIE shows
New Zealanders are benefiting from the range of retail choices available to them. And it is important
not to conflate prices in the electricity wholesale market directly into the prices our customers
pay. Wholesale pricing is an input into end pricing, yes, but no more than that. It is also important to
note that other inputs include the costs of transmission and distribution, which are all reflected in a
customer's bill.

After adjusting for inflation, residential and business prices have trended down in New Zealand for
the last 10 years. Over that same time frame, electricity costs, as a percentage of average household
income, have fallen from 2.4% to 1.8%. This is a reduction of 25%. And while industrial prices have
risen over recent years, they are competitive internationally. Despite this, we recognise the rising
costs of living mean more New Zealanders are finding it hard to pay for the essentials, like power.
We are very conscious of this.

Meridian has been, and intends to always be, fully compliant with the Electricity Authority’s
Consumer Care Guidelines. But that is a base level requirement. Our record on customer care speaks
for itself. We continue to have extremely low disconnection rates and our credit team operate to a
mantra that we do not disconnect any person who genuinely wants to pay their bill, even if
sometimes they cannot.

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We demonstrated our commitment to customers last year when we introduced our Energy
Wellbeing Programme pilot. This pilot aimed to help customers in hardship obtain and afford
adequate energy services in their homes to support their wellbeing and the wellbeing of their
whanau. We were very pleased with the tangible difference the programme made for 130
households that were struggling. Following the success of the pilot, the Board agreed to expand the
Energy Wellbeing Programme to help 5,000 households across the Meridian group by investing $5
million over two years.

The programme involves building partnerships with communities that enable us to offer different
levels of energy-efficiency interventions. So far, we have supported 1,500 households and we will be
doubling this in the next six months.

As a company, we’ve started bringing teams together to think about how we can resolve
decarbonisation and hardship together. For example, giving people ‘energy sovereignty’ that could
involve providing customers in hardship with access to batteries or solar and virtual power plants, or
demand-response-flexibility products. We have many good brains collaborating on this right now.

SLIDE 7
Electrification of transport and industry is one of the best ways for Aotearoa to prioritise and combat
climate change, particularly given these sectors are directly responsible for almost a quarter of this
country’s gross carbon emissions. So, it is vital that we continue to build new renewable generation
assets, and enhance our existing ones, to ensure that we can meet the future growth in electricity
demand. We expect that by 2050 Aotearoa will require around 30 billion dollars of investment in
new renewable generation. For Meridian to do its share of the heavy lifting, we’ll need to build the
equivalent of 20 wind farms in the next 27 years.

This will require massive capital investment, and for that investment to be supported, Aotearoa
must have an enabling Resource Management Framework, especially when it comes to consenting.
Consenting authorities need to be able to balance localised environmental impacts and community
views with the national and global imperative to reduce emissions through large-scale renewable
energy projects. At this stage, it is not clear to us whether the new Natural and Built Environment
Act will make it easier to build renewable generation – key elements like the National Policy
Statement for Renewable Electricity Generation remain a work in progress. A change in Government
could also see policy settings change. Whatever happens, this sector will remain highly aligned and

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engaged with government on the need for a Resource Management Framework that supports and
prioritises renewable generation.

The Government also completed a pre-election drop of a range of consultation papers on energy
topics, including gas transition and a hydrogen roadmap. Cabinet has also decided to further
investigate the Lake Onslow pumped hydro storage scheme and a more market-based portfolio
approach, as the two options under the NZ Battery project. All of this activity is aiming to inform the
NZ Energy Strategy. However, any change in government could see a different approach here too.

But the overarching imperative for New Zealand to achieve net zero carbon by 2050 will not change,
nor will the fact that renewable electricity is the single largest enabler of the economic climate-
related transition before us. So, we are confident that Meridian’s strategy to focus our efforts on
Climate Action is sound. We will continue to develop renewable generation options and to support
customers to decarbonise their homes and businesses, whilst doing what we can to support those
customers suffering hardship. This strategic direction will hold this business in good stead.

SLIDE 8
We continue to advocate for balanced and diverse views at Board level to oversee Meridian’s
strategy and guide the business through the years ahead. We welcomed two new Non-Executive
Directors to our Board this 2023 financial year, Graham Cockroft and David Carter. Graham and
David are both experienced business leaders who we know will add significant value to our business.
We also welcomed Benjamin Bateman (Ngai Tahu) as our next Future Director.

We will also be saying goodbye today to Mark Cairns. Mark has been on the board since 2012 and
Mark has been the chair of our Safety and Sustainability Committee for much of that time. His
leadership has led to an appropriately high focus on these areas of risk for the business, but
importantly on the opportunities to create and enhance long term value by thinking about what
being truly sustainable means. And we will personally miss his zealot-like approach to focussing on
EV infrastructure development to encourage EV uptake. Mark, you have been a champion for the
cause, and you will be missed.

SLIDE 9
I will conclude my comments by making some observations on Meridian’s shareholder returns.

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On the back of a strong cash operating result, the Board has declared a final ordinary dividend of
11.90 cents per share, up 3% on the previous year, bringing the total ordinary dividends declared in
FY23 to 17.90 cents per share, also up 3% on the previous year. The Dividend Reinvestment Plan
remains available for those investors wishing to take advantage of it.

Given we are approaching the 10-year anniversary of Meridian’s listing, it’s worth reflecting that
total shareholder returns since listing have totalled 380%, compared to the NZX50 growth over the
same period of 130%. It’s fair to say the Company has performed well for investors since
listing. Looking forward, the sale of our Australian operations in January 2022 strengthened our
balance sheet considerably and we have the investment capacity to support the growth strategies of
our retail, renewable generation and Southern Green Hydrogen Projects. The Board is therefore
confident that Meridian can play its part in New Zealand’s decarbonisation programme, whilst
continuing to deliver competitive returns for investors.

Thank you for continuing to invest in and support our Company.

I will now ask our Chief Executive, Neal Barclay, to address the meeting.

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CHIEF EXECUTIVE REVIEW
SLIDE 10
Kia ora Mark and tena tatou katoa.
Ko Neal Barclay toku ingoa.

I’d like to start by introducing you to Meridian’s Executive team, who are here with us either online
or in person.

SLIDE 11
They are:
Lisa Hannifin, Chief Customer Officer
Mike Roan, Chief Financial Officer
Bharat Ratanpal, Chief Information Officer
Nic Kennedy is our Chief Executive of Flux Federation.
Tania Palmer, General Manager of Generation
Jason Stein, Chief People Officer
Chris Ewers, General Manager of Wholesale
Claire Shaw, General Manager of Sustainability and Corporate Affairs
Guy Waipara, General Manager of Development
Jason Woolley, General Counsel and Company Secretary

The Executive has proved to be a stable and productive team in the past year.

Nic Kennedy now reports to an independent board, as we want to accelerate growth in that
business. Nic remains a key member of the executive talent at Meridian.

SLIDE 12
It only seems right to start my address talking about the great team that we have in Meridian,
because it is this team that has enabled our business to continue to be successful and to grow.

The rate of change in our industry is only speeding up and our ability as a business to anticipate and
lead change, whilst delivering solutions for our customers, is all down to our people and our
culture.

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This year, we’ve invested a lot of time and effort into ensuring that Meridian continues to offer a
great employee experience, so we continue to attract and retain talent. Our Belonging Strategy is
aimed at building on our diversity and encouraging a true sense of belonging that defies ethnic,
belief and gender constraints. We introduced a Te Ao Māori strategy during the year aimed at lifting
the overall cultural capability of our people and supporting us to better recognise Māori values in
how we operate, and how we attract and retain Māori in our workforce.

Remuneration and benefits obviously have a part to play in maintaining a skilled and engaged team,
and with this in mind we refreshed our benefits package, adding some important new features such
as health insurance for all staff and wellbeing leave. We also believe that we have effectively
normalised hybrid ways of working and, in doing so, enhanced productivity across the company.

In the years ahead, as we accelerate our renewable construction programme, we are committed to
managing the safety risks for our people, and to doing so we will continue to work alongside other
sector safety groups. This year we have reviewed and rebuilt our understanding and controls to
manage critical risks. We ended the year with a calculated total recordable injury frequency rate for
employees and contractors per 200,000 hours worked of 1.76, compared with 1.58 in FY22. Overall
these results compare well with industry averages.

SLIDE 13
It is important to us, as the largest renewable energy generator in Aotearoa, that we walk the talk
when it comes to sustainability and climate action. But, to succeed, we must work together across
the Meridian team, with communities, our customers and sector peers. Whether we’re working on
material actions or small details, we need to continue to challenge ourselves to make the changes
that will have the most impact in supporting New Zealand’s transition to net zero by 2050.

It was pleasing to see that our sustainability efforts were once again recognised this year, when
Meridian was named one of Aotearoa’s most sustainable companies in the Kantar Better Futures
Report. This is good recognition, but the overarching sentiment in our business is that we must
continue to maintain and grow momentum, because significant and meaningful change is needed,
right now.

This is why we’ve continued to focus on our Climate Action Plan, which includes ambitious targets
for renewable electricity generation, customer decarbonisation, and managing our own emissions.

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A great example of progress can be seen in our approach to our Harapaki wind farm development in
Hawkes Bay. We estimate that we have avoided construction-related emissions of between the
equivalent of 15,000 and 20,000 tonnes of C02, through a detailed focus on the reduction of
embodied carbon in the design stage and careful on-site actions during construction. We have
specific sustainability roles, and we continue to build intellectual property that will benchmark
sustainable practice for all future projects in our development pipeline.

Our Forever Forests project, which is our plan to create a permanent native forest carbon sink, will
eventually see 1.5 million trees sequester the remaining carbon that we cannot remove from our
operations after our Half by 2030 targets have been achieved. Now, we have around 1,214 hectares
of land in the programme and around 300,000 trees planted. We are on track to have 700,000 trees
in the ground by the end of this financial year.

SLIDE 14
We need to invest heavily in renewable electricity generation to support Aotearoa’s goal of net zero
emissions by 2050.
To achieve this scale of development, we firstly need to make sure that we have the capability to
deliver it. Having retained a Renewable Development Team for a number of years, we are investing
strongly in supporting their progress. This has seen that team double in size over the last couple of
years. This has helped us more than double the size of potential renewable projects and has created
a deep pipeline of development options, totalling more than 11,000 GWhs. This is equivalent to 90%
of our existing generation portfolio. This pipeline will undoubtedly change over time, but our focus is
to create a portfolio of options that will support business growth for the next 30 years.

We are continuing to progress well with our Ruakākā Energy Park in Northland. At Ruakākā we are
building New Zealand’s first grid scale battery and we have also lodged consent for a 120MW solar
farm, as part of the same development.

In May this year, we lodged consent for our Mount Munro wind farm, a 90MW development in the
Wairarapa. And we are currently expecting to lodge consent for our 130MW Swannanoa solar
project near Christchurch early next year.

And hot of the press, this morning we announced an agreement with Parkwind, an experienced
European offshore wind developer, to jointly explore offshore wind generation in New Zealand. The

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risks and complexities of building wind farms in the ocean are far different than onshore, and it is
great to have an experienced partner on board to position us to harness Aotearoa’s offshore wind
potential.

Our work to reconsent the Waitaki Power Scheme reached a significant milestone in August when
we lodged a new consent application. We are seeking a further 35-year operating consent from April
2025. The consent seeks to cover the six hydro power stations that we manage within that scheme
under the same conditions as we have today. We have been working with many interested people
for many years to ensure our application has strong support across the board. Importantly, we’ve
reached agreement with DOC to turbo charge Project River Recovery. And we are developing a
strong partnership with the Waitaki Rūnaka of Ngāi Tahu that will deliver environmental and cultural
benefits for generations to come.

The Harapaki wind farm has worn the impacts of three ex-tropical cyclones and a number of other
large rainfall events during the first two years of construction. Cyclone Gabrielle, we all know,
caused widespread damage over a large area, including within our construction site. As we signalled
in the middle of the year, we’ve lost around 3 months to the schedule, but the project is now out of
the ground and large turbine components are being transported to and erected at site. We should
get the whole thing stood up and operating by September next year. The Harapaki wind farm will
produce enough power to supply around 70,000 homes and just as importantly, will help improve
grid resilience into the Hawkes Bay region.

We are working with credible and committed partners on Southern Green Hydrogen. Woodside and
Mitsui are there, and we have secured the option for Ngāi Tahu to join the Joint Venture at the point
of financial commitment. There is complexity in the technical and commercial terms of the
development phase, so progress has been careful because we need the Joint Venture foundations to
be right. What we have here is real, hydrogen will play a significant part in the future low carbon
energy system in New Zealand. For me Southern Green Hydrogen represents not only a strong
commercial opportunity for our business but even more importantly, a significant step toward
energy independence for our country.

SLIDE 15
We signalled last year that we would be evolving our customer approach to concentrate on
developing energy solutions focused on electric vehicles, rooftop solar and batteries, process heat

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and demand flexibility. This customer strategy aligns with our company’s decarbonisation agenda
and will support customers to take emissions out of their own operations whilst saving money on
their overall energy bills.

We have quietly built up the country’s second largest Public EV charging network and now have 269
Zero branded charging points across both North and South Islands.

Our Certified Renewable Energy product has also enabled around 100 large business customers to
purchase more than 660GWh of Renewable Energy Certificates this year. This enables those
customers to legitimately offset their scope 2 emissions and improve the sustainability and
marketing of their products. Renewable Energy Certificates are of particular value to customers who
are engaged in export markets, as they reflect New Zealand’s competitive advantage inherent in our
highly renewable electricity system.

Further, we’ve committed to reinvest all the proceeds from our Renewable Energy Certificates sales
into a new decarbonisation fund. To date, more than $1.2 million has been raised and all of that is
going into projects that support climate action.

We have been working with 15 companies over the last 3 years to support them to reduce their
emissions profiles from process heat. These businesses that you can see on screen today, including
some well-known South Island brands, are making significant changes to their businesses to help
combat climate change. We commend them for showing leadership and getting on with it.

We continue to support demand response opportunities wherever possible. Customers who can
manage their demand down and reduce their electricity usage when supply is constrained, for
example when the southern hydro lakes are low or during very cold winter morning or evening
peaks, can be paid handsomely for not using energy at those times and that also avoids having to
add gas and coal fired generation into the system. It is like creating megawatts without having to
build them and it is a strong win/win opportunity for those customers and the electricity system as a
whole. Meridian has commitments of up to 90MW of seasonal demand response from customers,
the equivalent of the annual capacity of the next wind farm we are looking to build. This is also a key
reason we are pursuing our Southern Green Hydrogen Project. With the right incentives in place,
Southern Green Hydrogen can flexibly manage its demand on the electricity system in a way that
could eliminate up to 40% of New Zealand’s dry year risk.

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And there’s a lot more to come.

SLIDE 16
Despite a range of weather challenges during the last financial year, healthy electricity generation
numbers and continued growth in retail sales, ensured a strong financial result.

Whilst we reported a net profit after tax of $95 million for the year ended 30 June 2023, the
accounting result was heavily influenced by a negative $375 million net change in fair value of
energy hedges. These non-cash fair value adjustments relate to transactions that will mature in
future years. As a better measure of actual performance within the year, EBITDAF of $783 million
was up 10% on the prior year and underlying net profit after tax, which is a non-GAAP measure, was
also up 35% to $315 million.

I think, overall, the business is in very good shape. We’ve continued to deliver incremental cash
earnings, supporting a progressive dividend approach, whilst also building on our pipeline of future
growth opportunities.

To finish up, I’d like to thank you, our shareholders, for continuing to invest in Meridian. I’d like to
thank our Board, for their support, challenge and clear focus on creating long term value. And I’d
like to thank my management team and the broader Meridian whānau who are unwavering in their
efforts to deliver on our company purpose - clean energy for a fairer and healthier world. We’re
looking forward to embracing the challenges ahead and growing our business in a way that supports
our country’s net zero emissions goals.
Thank you.

ENDS

---

2023 Annual Shareholder Meeting
12 OCTOBER 2023

Chair’s address
Chief Executive’s review
Shareholder questions
Resolutions and voting
Today’s business
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
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Cover: Completed first turbine at the Harapakiwind farm, Hawke’s BayPart of Meridian’s EV Zero electric vehicle charging network

3
Chair’s address
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Lake Benmore and the Waitaki River in the South Island’s Waitaki District

4
Our Board
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Nagaja Sanatkumar
Julia Hoare
Graham Cockroft
David Carter
Benjamin Bateman
Michelle Henderson
Mark Verbiest
Tania Simpson
Mark Cairns (ret.)

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New Zealand decarbonisation
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
38.238.2
39.8
38.2
36.6
41.3
41.3
32.7
22.8
11.4
79.579.5
72.5
61.0
48.0
0
20
40
60
80
100
2014-172018-212022-252026-302031-35
Mt CO2e
New Zealand average annual emissions
TotalNon agricultureAgriculture
2014-172018-21
Source: Stats NZ, Aotearoa New Zealand’s First Emissions Reduction Plan
Emissions Reduction Plan Targets
2022
actual
75.3

§Retail electricity pricing continuing to
decline in real terms
§Meridian is fully compliant with the
Electricity Authority’s consumer care
guidelines
§Launched a $5 million Energy
Wellbeing Fund to work with 5,000
households over next two years
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Customer outcomes
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
10
15
20
25
30
35
40
20132014201520162017201820192020202120222023
c/KWh
Unit electricity costs (real)
ResidentialCommercialIndustrial
Source: Ministry of Business, Innovation & Employment HīkinaWhakatutuki
excluding GSTexcluding GSTincluding GST

7
Policy and regulation
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
30
35
40
45
50
55
60
65
70
199720002003200620092012201520182021202420272030203320362039204220452048
TWh
Financial Year ended 30 June
Annual market demand for generation
Source: Meridian
history
range of future growth
$30+
billion of
new
generation
investment

§Graham Cockroftelected as a
Director a year ago
§David Carter appointed as a Director
in July 2023 and standing for election
at this meeting
§Mark Cairns retiring today after 11
years as a Director
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Board changes
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING

16.42
16.9016.90
17.40
17.90
4.88
2.44
0
5
10
15
20
25
20192020202120222023
Financial Year ended 30 June
Total dividends declared
Ordinary dividendsSpecial dividends
60%
10%
12%
-8%
25%
-20%
0%
20%
40%
60%
80%
20192020202120222023
Financial Year ended 30 June
Total shareholder return
1
Meridian TSRNZX50 Index
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Shareholder returns
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Source: Meridian
Source: Meridian, Refinitiv
1
share price change plus gross dividend yield
380%
TSR
since
2013

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Chief Executive’s review
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Electric boiler at Meadow Mushrooms site in Hornby, Christchurch

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Executive team
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Neal Barclay
Tania Palmer
Mike Roan
Lisa Hannifin
Guy Waipara
Jason Woolley
Claire ShawJason Stein
Nic Kennedy
Chris EwersBharat Ratanpal

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Our people
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING

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Meridian’s decarbonisation
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Cl!ma"e Ac"!on Plan
Mer!d!an#s purpose of Clean energy for a fa!rer and health!er world !s at
the centre of everyth!ng we do on our $ourney to a res!l!ent% net zero future&
Our
purpose
Our key
init!tives
* Meridi!n’s oper!tion!l emission bound!ry includes !ll Scope 1, 2 !nd 3 c!tegories, excluding !ll one-time construction emissions from m!jor projects !nd !ll !ctivities th!t !re c!pit!lised !s p!rt of renew!ble energy projects. From our FY21 b!seline (excluding Meridi!n Austr!li!).
These key init!tives !lign with our commitment to contribute me!ningfully to the United N!tions (UN) Sust!in!ble Development Go!ls (SDGs) where we c!n h!ve most imp!ct – such !s SDG13 Clim!te Action.
See our Sust"in"bility Policy for further det!il. Where we c!n’t reduce our oper!tion!l emissions right now, we offset using Gold St!nd!rd Verified Emission Reductions !nd h!ve done since FY19
Our
priorities
Renewable
generat!on
Customer
decarbon!sat!on
Manag!ng our em!ss!ons
and ensur!ng res!l!ence
Renew'ble energy
development pipeline
Cre!ting ! pipeline of grid-sc!le projects
re!dy for construction. First horizon “7x7”
focused on 7 projects in the 7 ye!rs to 2030.
Construction of new gener'tion 'ssets
Beginning with H!r!p!ki wind f!rm, we’re
building new !ssets to incre!se supply from our
existing 100% renew!ble energy !sset b!se.
New opportunities – hydrogen
Adv!ncing ! new p!rtnership opportunity to
develop ! green hydrogen centre to support
dec!rbonis!tion in Aote!ro! !nd !bro!d.
Process he't
Helping businesses repl!ce fossil fuel boilers
with electrode boilers !nd he!t pumps.
Electric vehicles
'nd ch'rging network
M!king it e!sier for NZers to drive electric.
Dem'nd flexibility
Pl!ying our p!rt in cre!ting ! more flexible
energy system th!t en!bles sm!rter use of
electricity !nd widespre!d electrific!tion.
Construction emissions
Reducing emissions !s we build new gener!tion
!ssets, !nd our new offsetting commitment
H'lf by 30
*

Our science-!ligned gross emissions reduction
t!rget for Scope 1, 2 !nd 3 oper!tion!l emissions.
H!lving tot!l emissions by FY30 on ! FY21 b!seline.
Forever Forests
Our n!ture b!sed response to grow ! perm!nent,
!nd over time 100% n!tive, emissions sink.
Clim'te risk 'nd 'd'pt'tion
Our continued commitment to !ssess !nd
m!n!ge our clim!te-rel!ted risks, including
!d!pt!tion.
AUGUST 2023

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Meridian’s renewable development pipeline
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
§Doubling of pipeline in FY23 to 4.7GW (11.1TWh) of development options
§1.5GW secured, 3.2GW in advanced prospects

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Customer decarbonisation
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
§237 Zero charging points operating
§640GWh of Certified Renewable Energy
§40MW of committed demand flexibility
§472GWh of committed process heat demand, including;
Building Resilience Spotlight
An incre!se in upt!ke of distributed energy resources,
such !s, sol!r !nd b!tteries deployed !t the source of the
dem!nd such !s !t homes or within the community, could
provide the opportunity to build resilience in the event of
extreme we!ther events.
Process he!t electrific!tion
Our process he!t electrific!tion offer helps our customers to
get off co!l. By providing long term competitive price cert!inty
!nd funding support plus p!rtnering with businesses to develop
tr!nsition pl!ns !nd !ccess co-funding, we’re supporting
businesses to tr!nsition to low c!rbon fuel sources.
Electric vehicles
Meridi!n is rolling out ! n!tionwide EV Ch!rging network c!lled
Zero to support the upt!ke of electric vehicles. Our home !nd
business ch!rging solutions support the much-needed upt!ke
of priv!te sm!rt ch!rging.
Commerci!l sc!le sol!r
We support our l!rge customers with commerci!l-sc!le sol!r
solutions. We offer p!yment flexibility with ! buy-now option
or customers c!n choose ! Power Purch!se Agreement with
no upfront c!pit!l costs !nd where we’ll design, inst!ll !nd
m!int!in ! sol!r system for you.
Dem!nd Flexibility
In our efforts to dec!rbonise Aote!ro! by electrifying industry
!nd tr!nsport, the dem!nd for electricity is growing. With much
of our energy supply reli!nt on intermittent renew!ble gener!tion,
this puts pressure on our electricity system. Dem!nd Flexibility
is !bout being sm!rt with how !nd when we use electricity to
en!ble ! cost-effective dec!rbonis!tion journey – th!t still meets
!ll our electricity needs. By working sm!rtly with EV ch!rgers,
industri!l he!t processes, sol!r, b!tteries, hot w!ter cylinders !nd
our customers, we !re cre!ting m!rket le!ding dem!nd flexibility
products en!bled through ! Virtu!l Power Pl!nt !nd m!king
things simple for customers to m!ximise upt!ke.
Certified Renew!ble Energy
Meridi!n’s Certified Renew!ble Energy product en!bles
customers to m!tch their electricity consumption with our
renew!ble energy gener!tion through Renew!ble Energy
Certific!tes !nd report their m!rket-b!sed scope 2 emissions
!s zero. Net proceeds from Renew!ble Energy Certific!tes
!re then invested into our Dec!rbonis!tion Fund.
Dec!rbonis!tion Fund
This Fund h!s been est!blished to reinvest !ll net proceeds
from RECs b!ck into either business or community-led
dec!rbonis!tion projects th!t reduce emissions !nd incre!se
distributed gener!tion. Community groups c!n !pply for
funds to help with the cost of purch!sing EVs, inst!lling EV
ch!rging, or !dding sol!r p!nels to help lower energy bills.
Our longer-term !ppro!ch
We h!ve ! new te!m focused on Energy Innov!tion in our
Ret!il business unit to help us better lever!ge clim!te-rel!ted
opportunities. In 2024 we look forw!rd to sh!ring our longer-
term !ppro!ch to t!rgets !nd metrics th!t focus on our progress
helping our customers lower their emissions !nd how we cre!te
more flexibility in the New Ze!l!nd power system.
We’re t!king !ction to ensure customers c!n p!rticip!te in the
tr!nsition to net zero, without widening the g!p for vulner!ble
customers or those f!cing energy h!rdship. This ye!r we l!unched
the Energy Wellbeing Progr!mme to ! pilot group of vulner!ble
customers to reduce the imp!ct of four key drivers of energy
h!rdship. In FY24 we will !lso be m!king it e!sier for customers
to purch!se EV ch!rgers by m!king it possible for them to p!y
the costs b!ck through their energy bill.
Cus"omer dec!rbonis!"ion
We !re committed to helping reduce the c!rbon emissions of homes !nd businesses
by developing !nd delivering products th!t help to m!ke the energy tr!nsition.
cle!ner !nd che!per
for our customers.
Distributed Gen/Stor!geProcess He!tTr!nsport Dem!nd Flexibility
VPP
Predict
Optimise
Aggreg!te
Products/offers for customers th!t m!ke
electrific!tion e!sier !nd more !fford!ble
Me!sured by customer C0" reduction
Active m!n!gement of
flexible dem!nd or stor!ge
Me!sured by customers p!rticip!ting in
Virtu!l Power Pl!nt & MW !v!il!ble
Meridi!n supports customer
dec!rbonis!tion by m!king energy
cle!ner !nd che!per for NZ homes,
businesses !nd communities
+=
↓↓↘↙
Meridi
!
n Energy Limited

Clim
!
te Action Pl
!
n
4

774
787
692
709
783
0
100
200
300
400
500
600
700
800
20192020202120222023
$M
Financial Year ended 30 June
EBITDAF
1
339
175
415
451
95
0
100
200
300
400
500
20192020202120222023
$M
Financial Year ended 30 June
Net profit after tax (continuing operations)
16
Financial performance
1
Earnings from continuing operations before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losses on sale of assets
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Source: Meridian
Source: Meridian

17
Shareholder questions
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Blade transport at the Harapakiwind farm in Hawkes Bay

18
Resolutions and voting
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Forever Forests tree planting at West Wind farm, near Wellington

19
Resolution 1
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.
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING

20
Resolution 2
Election of David Carter
That David Carter (appointed as a
Director of the Company by the Board
with effect from 25 July 2023), who
retires and is eligible for election, be
elected as a Director of the Company.
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING

Resolution 1:Resolution 2:
Re-election of Mark
Verbiest
Election of David
Carter
Postal and online votes already cast
For1,996,654,1292,008,542,969
Against13,740,3881,844,320
Abstain199,833226,793
Votes appointed to proxies not yet cast
1
12,416,05912,396,327
Total2,023,010,4092,023,010,409
21
Vote totals
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
1
Votes held by the Chair, Directors and other proxies

22
Closing
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING
Lake Manapōuri, Fiordland National Park, Southland

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 ofnon-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
2023 and is available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
12 OCTOBER 20232023 ANNUAL SHAREHOLDER MEETING