2021 Investor Day Presentation

Green hydrogen initial conclusions Global demand forecasts are high Many potential pathways Many variables Economic gap Dry year solution NZ has a real opportunity Our overall initial assessment is cautiously optimistic International focus on decarbonisation is driving large increases in demand forecasts for green hydrogen Countries such as Japan and South Korea have limited domestic decarbonisation options Ammonia and liquid hydrogen are the two likely carriers They enable numerous use case options spanning heavy transport, power generation and industrial process substitution Optimal use cases, carrier options and potential partners are unclear Best strategy is to keep our options open for as long as possible The cost of producing green hydrogen is currently significantly higher than fossil fuels. Carbon taxes or subsidies will be key enablers May provide 35-40% of NZ's dry year flexibility requirement Likely to be lowest cost option for NZ The combination of existing generation and transmission infrastructure combined with industrial sites and port access makes NZ's offer unique An initial export opportunity could facilitate a lower entry cost and earlier domestic opportunity Supported by feedback and interest from a number of ongoing external engagements The ROI will be a critical test of this assessment Meridian. 11 MAY 2021 2021 INVESTOR DAY PRESENTATION 40

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