2021 Investor Day Presentation

Financials ☐ NZ$395M capital investment 41 turbines | 176MW | 542 GWh 35% capacity factor ■ NZ$35M to NZ$39M EBITDAF p.a. On a $/kW basis, Harapaki construction is expected to be 17% lower than Mill Creek The technology change to direct drive turbines gives rise to two benefits: Lower operational costs due to less moving parts and consumables (no gearbox) Greater longevity, resulting in a contracted 30-year life backed with availability warranty Estimated Levelised Unit Energy Cost of NZ$62.4/MWh Meridian. 11 MAY 2021 2021 INVESTOR DAY PRESENTATION | 55

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