2021 Investor Presentation

New Zealand policy and regulation ◉ Current Electricity Authority (EA) focus Implemented new trading conduct provisions, in effect on 30 June 2021 Published a review of wholesale market competition in the wholesale market for the period 2018 to early 2021: Confirms that high wholesale electricity prices over the last three years, reflect tight supply and demand conditions, and natural gas scarcity for electricity generation In Meridian's view, included erroneous modelling and incorrect speculation on the nature of the NZAS contract and market response and impacts from a potential closure of the smelter Consultation to December 2021, then possibly again on potential code changes 9 August 2021 power outage reviews Initial EA review (complete) with recommendations to address issues found with Transpower's communication and load management processes A second, broader EA review (now underway) of all roles in the sector, including generators The EA considering a claim lodged by Electric Kiwi and Haast Energy Trading that Genesis and Contact breached the new trading conduct provisions of the Code The EA investigating whether the events of 9 August 2021 constituted an undesirable trading situation A wide-ranging review by MBIE on instruction from the Minister of Energy Meridian. NOVEMBER 2021 2021 INVESTOR PRESENTATION 7

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