Capital Change Notice – Allotment of Shares

In accordance with Listing Rules 3.13.1 and 3.15.2, the Meridian Board advises that treasury stock held by Meridian for the purposes of the Executive Long Term Incentive Scheme, implemented by Meridian on 23 August 2019 (Scheme), has been transferred to entitled employees (Participants) pursuant to the exercise of their vested share rights (Share Rights) under the Scheme. The treasury stock transferred is to be quoted on NZX and is to rank pari passu with the ordinary shares in Meridian on issue. For the purposes of Listing Rule 3.15.2, the following details are provided: (a) Number of Financial Products converted and the number and class of Quoted Financial Products into which they have been converted: 418,384 Share Rights cancelled, and 418,384 Share Rights converted into 470,260 ordinary shares in Meridian (the Share Rights give the holder options to acquire ordinary shares in Meridian, which may be exercised if the Share Rights vest); (b) Interest or dividend conditions attaching to the Financial Products into which they have been converted: None – to rank pari passu with the ordinary shares in Meridian on issue; and (c) Number of Financial Products of the same class remaining to be converted: 2,671,899 Share Rights. The attached Capital Change Notice provides further details on the shares transferred.