Meridian Energy monthly operating report for November 2018

Attached is Meridian Energy Limited's monthly operating report for the month of November 2018. Highlights this month include: ? In the month to 10 December 2018, national hydro storage increased from 83% to 95% of historical average ? South Island storage sat at 100% of average and North Island storage at 72% of average on 10 December 2018 ? Meridian's November 2018 monthly total inflows were 123% of historical average ? Meridian's Waitaki catchment storage at the end of November 2018 was 114% of historical average ? Storage in Meridian's Waiau catchment was slightly below average at the end of November 2018 ? Meridian made calls on load under the Genesis Swaption in early November 2018 ? National electricity demand in November 2018 was 2.8% lower than the same month last year ? November 2018 saw very wet and cooler conditions in eastern and inland parts of the South Island, with temperatures across the rest of the country above average ? New Zealand Aluminium Smelter's load lifted during November 2018 as new cells were cut in on potline 4 ? Meridian's retail sales volumes in November 2018 were 10.8% lower than November 2017 End CA:00328315 For:MEL Type:MKTUPDTE Time:2018-12-14 08:30:11