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New investment product: Renewable Investment Notes

Media Release
For immediate release: Monday 2 February 2009

Meridian offers new investment product: Renewable Investment Notes

New Zealand’s largest state-owned generator is offering Renewable Energy Notes so investors can help support its business in renewable energy.

Meridian’s Chief Financial Officer, Neal Barclay, says: “Investors will value knowing they are getting a good rate of return from a New Zealand company.”

“We’re committed to building new generation by harnessing our natural resources. The money raised through this investment programme will help us to continue to focus on our business goals, including generating renewable energy through our hydro stations and wind farms.”

Meridian has been working with independent experts in the market to build a good model for managing and operating the offer, which was launched first to its staff late 2008.


What is a Renewable Energy Note?
The RENs constitute direct, unsecured and unsubordinated debt obligations of Meridian. RENs are fixed-rate interest-bearing New Zealand dollar investments for a fixed period of 18 months or less.

Details of Renewable Energy Notes
Meridian has a Standard and Poor’s BBB+ financial rating and is offering Renewable Energy Notes as an investment product.
• Type: Term Investment
• Terms available: 9,12 and 18 months
• Interest paid quarterly
• Minimum investment: $2,000 and integral multiples of $500 thereafter.
• Offer period will close 31 March 2009

Interest Rates as at 2 February 2009

Term Interest rate
9 months 5.25% p.a.
12 months 5.00% p.a.
18 months 5.00% p.a.
Interest rates are subject to change.

How the RENs work
The investor can choose how much they want to invest, and pick a term that suits. The interest rate is fixed for the term selected and interest will be paid at the end of each quarter.

To request an Investment Statement, call 0800 635 736 or visit www.meridianenergy.co.nz/investments <http://www.meridian.co.nz/investments>

The Issuer is Meridian Energy Limited (“Meridian”). The Renewable Energy Notes (“RENs”) are senior, unsecured debt obligations of Meridian. The RENs are guaranteed by the companies that are from time to time guaranteeing group members under the trust deed that constitutes the RENs, currently being Meridian, MEL Holdings Limited, MEL (West Wind) Limited, MEL (Te Ä€piti) Limited and MEL (White Hill) Limited. The guarantee is not secured. The RENs are not guaranteed by the Government. The minimum holding of RENs is $2,000 and multiples of $500 thereafter.


ENDS

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