Capital Change Notice - Issue of Share Rights

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 , 9 8 C u s t o m h o u s e Q u a y , W e l l i n g t o n 6 0 1 1

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)
Capital Change Notice - Issue of Share Rights
2 November 2026
Meridian Energy Limited provides the attached Capital Change Notice pursuant to NZX Listing Rule
3.13.1. This Notice relates to the issue of 147,863 Deferred Share Rights and 756,056 Performance
Share Rights for senior executives and members of Meridian’s senior management. The share rights
are being issued pursuant to the Company’s short-term and long-term incentive schemes.

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 147,863 Deferred Share Rights
756,056 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, 0.0340% of the
ordinary shares in Meridian Energy
Limited (based on the number of
ordinary shares currently on issue).
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 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 Deferred Share Rights
will vest provided the holder continues
to be employed by Meridian during the
performance period.
The number of Performance Share
Rights that vest depend on Meridian
Energy Limited’s total shareholder

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

return over a 3-year performance
period from 1 July 2026 to 30 June
2029, relative to the company’s cost of
equity and performance of a peer
group of other S&P/NZX50 companies
over the same period. Performance
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 performance
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)
Deferred Share Rights Issued under
the Meridian Energy Limited Deferred
Short Term Incentive Plan, approved
by the Meridian Board on 26 August
2025.
Performance Share Rights 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.
2,658,014,828 Ordinary Shares
1,600,151 Treasury Stock
147,863 Deferred Share Rights
2,054,384 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
Equity Scheme Rules and Board
resolutions for the purposes of Listing
Rules 4.9.1(b)(i), dated 26 September
2019 and 26 August 2025

Template
Capital Change Notice

Updated as at June 2023
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
The terms and details of the issue are
contained in the Meridian Energy
Limited Equity Scheme Rules.
Date of issue/acquisition/redemption
2
30 October 2026
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 2 November 2026




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).