2021 Investor Presentation

New 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 deliver 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 2021 2021 INVESTOR PRESENTATION 3

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