#1Meridian. Macquarie Australia Conference Presentation Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 2 MAY 2023#2Today ■ Transition in the New Zealand electricity system ■ New Zealand Government's climate change work programme ■ The future electrification opportunity and the challenges ■ Meridian Energy Meridian. Zero 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 2#3Transition in the New Zealand electricity system Decarbonisation of the economy will require significant electrification Moving to a near fully renewable electricity system will require dry year risk solutions Demand side participation is growing, and hydrogen offers an interesting opportunity Generation by fuel type TWh 12 10 dry swing ■ Hydro ■ Coal 8 +1.3 Gas 6 Geothermal 4 -1.3 Wind 2 Other Sep 22 quarter (wet) Sep 20 quarter (dry) Meridian. 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 3#4Southern Green Hydrogen Large-scale green hydrogen in the lower South Island Moved into a development stage with Woodside Energy and Mitsui Meridian has a 40% holding option for itself and iwi Targeting to produce 500,000 tonnes of green ammonia per year Facility could potentially provide up to 40% of New Zealand's dry year flexibility needs Options being assessed for domestic hydrogen and green ammonia supply and export to Asia and Europe Final investment decision expected in 2025 Meridian. 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 4#5Climate Change Response (Zero Carbon) Amendment Act ◉ Established a new, independent Climate Change Commission Sets a new domestic greenhouse gas emissions reduction target Establishes a system of emissions budgets Requires the Government to develop and implement policies for climate change adaptation and mitigation Meridian. the wind. Meridian. 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 5#6Emissions Reduction Plan ☐ Requires additional emissions reductions in 2022-2025 Targets transport and energy emissions Is supported by $2.9B of funding from the Government's Climate Emergency Fund With $1.2B earmarked for transport, $0.7B in funding for industrial decarbonisation Average annual emissions Mt CO2-e 100 ■Agriculture □ Non agriculture Total Emissions Reduction Plan 90 79.5 79.5 80 72.5 70 61.0 60 41.3 41.3 32.7 48.0 50 22.8 40 11.4 30 20 38.2 38.2 39.9 38.2 36.6 10 O 2014-17 2018-21 2022-25 2026-30 2031-35 Source: Stats NZ, Aotearoa New Zealand's First Emissions Reduction Plan Meridian. 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 6#7The electrification opportunity Annual demand for generation TWh history 70 65 60 55 50 45 40 35 range of future growth 30 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 2048 Financial Year ended 30 June Meridian. Source: Meridian $30+ billion of new generation investment 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 7#8The challenges Government price settings on the ETS materially lag the Climate Change Commission's recommendations Resource management legislative reforms risk unintended consequences Driving too early towards a 100% renewable electricity grid and related interventions on dry year risk could distort investment signals Smelter exit could further supress demand NZU spot price and ETS settings $/tCO2e 250 200 150 100 Meridian. 50 2022 2023 2024 2025 2026 2027 2028 Govt price trigger Dec 22 NZU spot CCC price trigger (tier 1) July 22 advice CCC price trigger (tier 1) April 23 advice Source: Ministry for the Environment, Climate Change Commission 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 8#9Building Meridian's development pipeline Deep pipeline of 4.7 GW (11.1 TWh) of development options 1.5 GW secured, 3.2 GW in advanced prospects Totals 2.4 GW Ruakākā Canterbury (120 MW) (130 MW) Taranaki Auckland (150 MW) (350 MW) $$ 2.1 GW Mt Munro (60 MW) Taranaki (300 MW) Manawatū (200 MW) 0.2 GW Meridian. Ruakākā (100 MW) Manawatū (100 MW) Advanced prospects (1,650 MW) Secured options (140 MW) Advanced prospects (1,400 MW) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2040 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 9#10Evolving Meridian's customer approach From growth Retail sales volume GWh 10,000 8,000 8,941 8,405 7,376 6,000 6,240 5,981 5,727 4,000 2017 2018 2019 2020 2021 2022 Source: Meridian Financial Year ended 30 June To energy solutions Transport Meridian. 333 Distributed Gen/Storage Process Heat VPP 56% growth in 5 years Predict Optimise Aggregate Demand Flexibility 2025 Outcomes Retail to 30% of homes/businesses with an EV Retail to or operate 30% of distributed solar in New Zealand 50MW of flexibility and 600GWh of new demand Utility scale VPP/DF asset by 2025 2 MAY 2023 | 2023 MACQUARIE CONFERENCE PRESENTATION | 10#11Why Meridian? High quality investment फै 儡 K quality, scale assets high free cash flow progressive ordinary dividend balance sheet headroom strong growth outlook deep renewable development pipeline Renewable energy generation Customer decarbonisation Meridian. New markets H₂B 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 11#12Disclaimer 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 condensed financial statements for the six months ended 31 December 2022, available at: www.meridianenergy.co.nz/investors All currency amounts are in New Zealand dollars unless stated otherwise. Meridian. 2 MAY 2023 2023 MACQUARIE CONFERENCE PRESENTATION | 12