#1次 Meridian. 2022 Investor Presentation Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA NOVEMBER 2022#2Why Meridian? NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION#3Why Meridian? Leading sustainability performance SUSTAINABLE DEVELOPMENT GRI GOALS TCFD Meridian. Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES $ Green Finance Framework SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION Greenhouse Gas Emissions Inventory Report NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 3#4Why 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 NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 4#5New Zealand electricity market NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 5#6New Zealand electricity market A reliable, affordable and environmentally sustainable electricity system A well functioning competitive market with high level of renewable resources and rational competition Vertical integration is the prevailing market structure Wholesale and retail market regulation provided by an independent regulator - The Electricity Authority (EA) EA's mandate is to promote efficient market operation, security of supply, promote competition No price controls, the non-competitive transmission and distribution sectors have regulated rates of return Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 6#7New Zealand electricity market New Zealand's hydro generation is managed against limited controlled storage Bulk of hydro inflow is anti-correlated to winter demand peak ■ Thermal capacity and fuel storage has historically managed potential hydro inflow deficit and other renewable intermittency Efficient and well-functioning wholesale market manages this supply risk Significant oversupply has existed, older thermal plant closure has brought balance ■ Demand growth in the last decade has been modest, strong outlook from decarbonisation $2.3B of recent or in progress renewable builds Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 7#8New Zealand electricity market 00000 00000 00000 00000 44 retail brands 2.1 million consumers (41 TWh pa) Annual generation (June 2022) 11% 1% 4% 6% olo plo 1% 1% 85% renewable 57% ■ Hydro ■ Geothermal ■ Biogas ■Wood ■ Wind Solar ■ Oil 5 major generators (all listed, 3 majority Govt owned) 1 transmission grid owner (state owned) Annual consumption (June 2022) 35% 1% 34% ■Residential ■Commercial ■ Agriculture ■ Industrial Other 1 very large industrial user (Rio Tinto/Sumitomo smelter), ~13% of national demand 29 distribution businesses (various ownership structures) Sources: Electricity Authority and Ministry of Business, Innovation and Employment 6% Meridian. 24% Meridian. 23% share Meridian. 33% share 19% ■ Coal Gas Waste Heat NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 8#9Market pricing Meridian average generation price $/MWh 200 150 123 89 100 83 50 173 130 itili, 2018 2019 2020 2021 2022 2023 Financial Year ended 30 June Meridian. Unit electricity costs (real) c/KWh 35 30 25 25 62 20 (Q1) Source: Meridian Otahuhu ASX futures settlement price $/MWh 15 -Residential Commercial -Industrial excluding GST excluding GST 10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 270 245 220 195 170 145 120 95 70 Q4 2022 Q2 Q4 2023 2023 Q2 Q4 Q2 2024 2024 2025 30 June 2021 30 June 2022 Q4 Q2 Q4 2025 2026 2026 26 October 2022 Source: ASX Source: Ministry of Business, Innovation and Employment NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 9#10Policy and regulation Emissions Reduction Plan Released in May 2022, it sets out how NZ will meet its first emissions budget for 2022-2025 Requires additional emissions reductions of 4% Plan targets transport and energy emissions Supported by $2.9B of funding from the Government's Climate Emergency Fund $1.2B earmarked for transport, including increased access to low and zero emissions vehicles ■ $0.7B in funding for industrial decarbonisation Average annual emissions Mt CO2-e Emissions Reduction Plan 100 79.5 79.5 80 72.5 61.0 48.0 60 40 20 O 2014-17 2018-21 2022-25 2026-30 2031-35 Source: Stats NZ, Aotearoa New Zealand's First Emissions Reduction Plan Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 10#11National emissions Greenhouse gas emissions by sector Meridian. 50% 1% Meridian. 0.05%, operational emissions offset 4% 6% 6% 7% Electricity Other energy ■Transport 17% 79 MtCO2e ■Manufacturing & construction Agriculture 9% ■Industrial & product ■Fugutive emissions ■ Waste Sources: Meridian, New Zealand's Greenhouse Gas Inventory 1990 2020 snapshot, 2022 Inventory, Climate Change Commission 2021 final advice NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 11#1255 Policy and regulation Resource management reform Reform programme risks renewable projects needing to clear a higher consenting hurdle Generator CEs have collectively written to Ministers outlining issues that need addressing, supported by independent advice Low carbon commitment Meridian is part of a collective sector commitment to deliver a low carbon energy system Development of an independent roadmap by BCG for decarbonisation of the energy system Meridian. 1M4 IKA RERE WIS Meridian MN2141039 Wellington's Ika Rere is the first full-electric ferry in the southern hemisphere NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 12#13About Meridian NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 13#14About Meridian 366,000 customers Meridian Asset Key Wind Farm Auckland Te Uku Hydro Station Meridian Offices Powershop Offices Total shareholder return¹ 80% 60% Harapaki 40% (construction) Mill Creek West Wind Te Āpiti 20% 20% Christchurch Ōhau A Twizel White Hill Manapouri Meridian. Masterton Wellington 0% NZX50 Index Meridian TSR 60% 36% 33% 19% 15% 12% 10% -8% -20% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ōhau B Ōhau C Financial Year ended 30 June Benmore Aviemore Waitaki 1 share price change plus gross dividend yield Source: Meridian, Refinitiv NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 14#15About Meridian New Zealand's largest generator, all production from renewable sources Seven big hydro stations - flexible plant with the country's largest storage With low operating costs and capital needs Five New Zealand wind farms, a sixth under construction and proven success operating in a high wind environment Backed with more than a decade of construction and operational experience The largest retailer of electricity in New Zealand Exposure to new generation and demand growth in New Zealand's low carbon future Meridian. Meridian. the wind. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 15#16Our purpose Clean energy for a fairer and healthier world. We're New Zealand's largest renewable energy generator and a major retailer. Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 16#17Current position 5-year Strategic targets initiatives Our strategy Champion Competitive markets Sustainability Climate action Grow a clear sustainable leadership position Use our 5,000 GWh renewable opportunity to fast-track NZ's decarbonisation Optimise Trading and asset management Re-consenting Financing Execute on options that optimise system and portfolio needs and reduce transition risks Asia Pacific Dow Jones Sustainability Index inclusion Meridian. Grow Retail Generation Flux NZ's highest customer satisfaction Provide the most relevant and impactful options for our customers Develop a high quality and diverse suite of renewable energy options 3 million ICP's on Flux A resilient wellbeing and safety culture 1,500 GWh new demand opportunities identified 385 GWh of new swaptions, 250 GWh of smelter demand response 300 GWh of process heat under MOU 61 public EV chargers installed NZ top quartile staff engagement, improving injury frequency rates Powershop market leading customer satisfaction, Meridian leading gentailer 2.3 GW of sites/opportunities 540,000 ICP's on Flux NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 17#18Our Climate Action Plan Our purpose Meridian's purpose of Clean energy for a fairer and healthier world is at the centre of everything we do on our journey to net zero. Our business Our priorities Our energy generation is from 100% renewable Wind. sources through: Water. Sun. We are continuing development of additional renewable energy generation ⚫ electrifying process heat A vehicle charging infrastructure ⚫green hydrogen production AA These priorities align with our commitment to contribute meaningfully to the United Nations (UN) Sustainable Development Goals (SDGs) where we can have most impact - such as SDG13 Climate Action. See our Sustainability Policy for further detall. 2030 Half by 30 our gross operational Forever Forests Our nature-based commitment to emission removals. We are focused on reducing emissions by half by FY30*. Helping customers and Aotearoa to decarbonise Increasing consumption of renewable electricity through electrification. Where we can't reduce our operational emissions right now, we offset using Gold Standard Verified Emission Reductions and have done since FY19. *Meridian's operational emission boundary includes all scope 1, 2 and 3 categories, excluding all one-time construction emissions from major projects and all activities that are capitalised as part of renewable energy projects. From our FY21 baseline (excluding Meridian Australia). Our Half by 30 focus areas Land Transport Farms Fugitive emissions Air travel Ferry and barge Waste Meridian. Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 18#19Half by 30 Goal to halve our 2021 operational tCO2e land transport emissions by 2030 40,000 air travel Progress against our Half by 30 goal fugitive emissions other (scope 3) farms ferry An approved science-based target -reduction target Today all Meridian's operational emissions are offset 30,000 Meridian. 20,000 10,000 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Financial Year ended 30 June Source: Meridian NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 19#20Forever forests Creating a carbon sink by planting 1.5 million trees Will offset the emissions we can't remove through Half by 30 A mixed planting model of natives and exotics To act as an effective carbon sink and leave a native forest legacy The winds of chang Meridian. Wind former NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 20#21Social focus Local communities ■ Long term relationships, community relationship managers $9M of local project support over 15 years Iwi ■ Recognise the mana whenua of Ngāi Tahu Close association with local rūnanga Focus on strengthening our iwi partnerships KidsCan $1M annual contribution towards supporting under-privileged children Kākāpō Recovery Programme, Project River Recovery Cornerstone partnerships with the Department of Conservation Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 21#22Renewable growth Annual market demand for generation TWh history 70 65 60 55 50 45 40 35 7 in 7 range of future growth 20 in 28 30 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 2048 Financial Year ended 30 June Source: Meridian Meridian. $30+ billion of new generation investment * Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 22#23Harapaki wind farm - Hawkes Bay Meridian. $448m capital costs To power the equivalent of 70,000 homes Local iwi are integral part of our team ■Sustainability focus to design out emissions NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 23#24Renewable development pipeline Deep pipeline of 2.3 GW (5.4 TWh) of development options 1.1 GW secured, 1.2 GW in advanced prospects, further battery site acquired North Island focus, flexibility on South Island options maintained 1.4 GW $$ 0.8 GW XBX 0.2 GW Meridian. Ruakaka (75 MW) Ruakaka (100 MW) Mt Munro (60 MW) Taranaki (200 MW) 2023 2024 2025 2026 2027 2028 2029 Taranaki (100 MW) Auckland (350 MW) 2030 Manawatu (150 MW) Hawke's Bay (100 MW) Secured options (150 MW) Secured options (210 MW) Secured options (100 MW) 2040 Advanced prospects (750 MW) Advanced prospects (100 MW) NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 24#25Portfolio response to NZAS contract termination NZAS Contract: 14 JAN 2021 1 JAN 2022 1 JAN 2023 May 21 Investor Day August 21 Feb 22 Annual Results Interim Results August 22 Annual Results Meridian Portfolio Response: Current Swaption: Exploring options Options discussions Nova swaption Contact swaption CUWLP: - On schedule On schedule 1,180 MW capacity Completion NI Battery: Review of sites Review of sites Site aquisiton Tendering Consent Battery construction Process Heat: 31 GWh in MOU's Data Centre: Review of sites Green Hydrogen: ROI Prework 14 JAN 2021 Meridian. 1 JAN 2024 31 DEC 2024 Battery completion 171 GWh in MOU's or contract 292 GWh MoU's or contract 300 GWh MoU's or contract ECCA Funded Projects 1 ECCA Funded Projects 2 ECCA Funded Projects 3 Site aquisiton Site aquisiton Anchor customer Consent Module 1 construction Feasibility & ROI RFP issued Developers shortlisted Final responses and selection 1 JAN 2022 1 JAN 2023 Trans-Tasman cable in service Project development 1 JAN 2024 Further modules 600 GWh contracted Global cable in service (2025) FID 31 DEC 2024 NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 25#26Green hydrogen H2 Hydrogen H₂ zero emission final responses and selection commercial development late 2022 Meridian. 2023-2024 final investment decision late 2024 NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 26#27Evolving our customer approach...from sales growth Retail sales volume GWh 10,000 8,941 8,000 8.405 56% growth 7,376 in 5 years 6,000 6,240 |5,981 5,727 4,000 2017 2018 2019 2020 2021 2022 Financial Year ended 30 June Meridian. Source: Meridian NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 27#28To energy solutions that enable customers to decarbonise Transport 999 VPP Predict Optimise Aggregate Process Heat Demand Flexibility Distributed Gen/Storage 2025 Draft 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 Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 28#295-year financial performance EBITDAF1 Net profit after tax (continuing operations) Operating cash flows $M $M $M 1,000 500 700 600 800 400 500 600 300 400 451 300 635 400 774 787 200 415 604 692 709 622 339 200 427 431 461 200 100 201 175 100 0 0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Financial Year ended 30 June Earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losses on sale of assets Financial Year ended 30 June Financial Year ended 30 June Underlying NPAT2 $M 350 300 250 200 150 100 50 Net debt³ $B 2.0 1.5 Total dividends declared CPS ■Ordinary dividends 25 ■Special dividends 20 4.88 4.88 2.44 15 1.6 10 1.5 16.42 16.90 16.90 17.40 14.32 0.8 5 illumim! 206 2018 1.0 333 316 1.5 1.4 231 233 0.5 2019 0.0 2020 2021 2022 Financial Year ended 30 June 2Net profit after tax adjusted for the effects of changes in fair value of hedges and other non-cash items 2018 2019 2020 2021 2022 Financial Year ended 30 June 3Drawn borrowings and lease liabilities payable less cash and cash equivalents 2018 2019 2020 2021 2022 Financial Year ended 30 June Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 29#30Disclaimer 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 2022 and is available at: www.meridianenergy.co.nz/investors All currency amounts are in New Zealand dollars unless stated otherwise. Meridian. NOVEMBER 2022 INVESTOR ROADSHOW PRESENTATION 30