Meridian Energy monthly operating report for October 2019

Attached is Meridian Energy Limited's monthly operating report for the month of October 2019. Highlights this month include: ? In the month to 11 November 2019, national hydro storage increased from 81% to 111% of historical average ? South Island storage sat at 108% of average and North Island storage at 120% of average on 11 November 2019 ? Meridian's October 2019 monthly total inflows were 97% of historical average ? Meridian's Waitaki catchment storage at the end of October 2019 was 91% of historical average ? Storage in Meridian's Waiau catchment was above average at the end of October 2019 ? National electricity demand in October 2019 was 1.5% higher than the same month last year ? Meridian made calls under the Genesis Swaption in October 2019 ? October 2019 saw near average temperatures, with the exception of cooler conditions in the lower South Island. Rainfall was variable and soil moisture was near normal across most of the country ? New Zealand Aluminium Smelter's load during October 2019 was below the contract level of 622MW ? Meridian's New Zealand retail sales volumes in October 2019 were 12.6% higher than October 2018 End CA:00344353 For:MEL Type:MKTUPDTE Time:2019-11-15 08:31:21