Capital Change Notice – Issue of Share Rights

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Capital Change Notice – Issue of Share Rights
31 October 2025
Meridian Energy Limited provides the attached Capital Change Notice pursuant to NZX listing rule
3.13.1. This Notice relates to the issue of 778,614 performance share rights for senior executives and
members of Meridian’s senior management. The performance share rights are being issued pursuant to
the Meridian Executive Long-Term Incentive Scheme.



ENDS

Authorised for release by:

Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Lachlan Forsyth
Media & Content Manager
021 243 5342

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Template
Capital Change Notice

Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer Meridian Energy Limited
NZX ticker code MEL
Class of financial product Share rights which give the holder
options to acquire ordinary shares
ISIN (If unknown, check on NZX website) NZMELE0002S7
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 778,614 Performance Share Rights
Nominal value (if any) N/A
Issue/acquisition/redemption price per security No consideration is payable
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number
of Financial Products of the Class, excluding any
Treasury Stock, in existence)
1

If all share rights vest and the options
are exercised, 0.0327% of the
ordinary shares in Meridian Energy
Limited (based on the number of
ordinary shares currently on issue)
plus the Dividend Adjustment
(described at 'Principal terms of
Conversion' below)
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for example
the Conversion price and Conversion date and the
ranking of the Financial Product in relation to other
Classes of Financial Product) or the Option (for
example, the exercise price and exercise date)
Each Performance Share Right
entitles the holder, upon the vesting
and exercise of the Share Right, to
one ordinary share in the Company.
Each Share Right also entitles the
holder to an additional number of
shares equal to the value of gross
cash dividends per share which would
have been paid to a New Zealand tax
resident who held a share for the
duration of the vesting period,
calculated using a 10-day volume
weighted average price (Dividend
Adjustment). The number of Share
Rights that vest depend on Meridian
Energy Limited’s total shareholder
return over a 3-year performance

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

period from 1 July 2026 to 30 June
2028, relative to the company’s cost of
equity and performance of a peer
group of other S&P/NZX50 companies
over the same period. Share Rights
will lapse where the performance
hurdles are not met. Share Rights will
also lapse if the holder ceases to be
employed by Meridian during the
vesting period subject to the Board’s
discretion to determine that Share
Rights will vest on death, redundancy,
total permanent illness, injury or any
other circumstance the Board
determines. There is no amount
payable by holders on grant or vesting
of the Share Rights or on the transfer
of shares. Share Rights do not entitle
the holder to receive dividends or
other distributions from shares or to
vote in respect of shares. Holders of
Share Rights cannot transfer the
Share Rights. The ordinary shares
transferred upon the vesting and
exercise of Share Rights will rank
equally with all other ordinary shares
then on issue
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason
for change must be identified here)
Issued under the Meridian Energy
Limited Long Term Incentive Plan,
approved by the Meridian Board on 23
August 2019
Total number of Financial Products of the Class after
the issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
2,639,273,336 Ordinary Shares
1,324,495 Treasury Stock
2,151,080 Performance Share Rights
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule pursuant
to which the issue, acquisition, or redemption is made
Meridian Energy Limited Executive
Long Term Incentive Scheme Rules
and Board Resolution for the
purposes of Listing Rule 4.6.1, dated
20 October 2025
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
See 'Principal terms of Conversion'
above. The terms and details of the
issue are contained in the Meridian
Energy Limited Long Term Incentive
Scheme Rules
Date of issue/acquisition/redemption
2
31 October 2025

2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

Template
Capital Change Notice

Updated as at June 2023
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Jason Woolley
Contact person for this announcement Jason Woolley
Contact phone number +64 21 309 962
Contact email address Jason.Woolley@meridianenergy.co.nz
Date of release through MAP

31 October 2025