Meridian Energy monthly operating report for January 2019

Attached is Meridian Energy Limited's monthly operating report for the month of January 2019. Highlights this month include: ? In the month to 11 February 2019, national hydro storage decreased from 92% to 89% of historical average ? South Island storage sat at 90% of average and North Island storage at 86% of average on 11 February 2019 ? Meridian's January 2019 monthly total inflows were 99% of historical average ? Meridian's Waitaki catchment storage at the end of January 2019 was 98% of historical average ? Storage in Meridian's Waiau catchment was slightly below average at the end of January 2019 ? Meridian made calls on load under the Genesis Swaption in January and early February 2019 ? National electricity demand in January 2019 was 1.9% higher than the same month last year ? January 2019 was New Zealand's 3rd warmest January on record. Rainfall was below average except in Hawke's Bay, Otago and Southland. Soil moisture levels are at or below average across the country ? New Zealand Aluminium Smelter's load during January 2019 was close to the contract level of 622MW ? Meridian's retail sales volumes in January 2019 were 10.3% higher than January 2018 End CA:00330526 For:MEL Type:MKTUPDTE Time:2019-02-14 08:30:38