Annual Shareholders’ Meeting Presentation and Addresses

*Source: Nielsen CMI, fused database: March 2018 (based on population 10 years +). Based on unduplicated weekly reach of
NZME newspapers, radio stations, and monthly domestic unique audience of NZME’s digital channels.


MARKET ANNOUNCEMENT


21 June 2018


Annual Shareholders’ Meeting - Addresses


AUCKLAND, 21 JUNE 2018: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) attaches the
Chairman’s and CEO’s addresses, and presentation which will be delivered at the Annual
Shareholders’ Meeting being held in the NZME iHeart Lounge in Auckland today, commencing
at 3:00pm (NZT).

ENDS

For further information:

Michael Boggs
Chief Executive Officer
NZME
T: +64 9 367 6123
Email: Michael.Boggs@nzme.co.nz




About NZME
NZME is a leading New Zealand media and entertainment business that reaches more than
3.2 million kiwis*. Whether reading, listening, or watching, our audience gets the content
they want - where and when they want it. NZME offers advertisers a unique opportunity to
access its growing audience via a fully integrated multi-platform presence. NZME is listed on
the NZX Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).

www.nzme.co.nz

2



NZME ANNUAL SHAREHOLDERS’ MEETING, 21 JUNE 2018

Order of Events & Script

PLEASE NOTE: this script is to be read in conjunction with the Annual Shareholders’
Meeting Presentation dated 21 June 2018.

NZME SHOWCASE VIDEO
(Refer www.nzme.co.nz/investor-relations)

SLIDE 3 (Photo)

FORMALITIES & CHAIRMAN’S ADDRESS: PETER CULLINANE

Hello and welcome to NZME’s 2018 Annual Shareholders’ Meeting, here at NZME Central. My
name is Peter Cullinane, Chairman of the Board.

Good afternoon to my fellow NZME board members and executives, our shareholders, media
and other attendees. We welcome our visitors here today, thank you for your interest in
NZME, it’s great to have you here. However, I must remind you that this is a meeting of
shareholders and only those shareholders with official registration cards are permitted to
speak or ask questions at this meeting.

Shareholders will be given an opportunity to comment and ask questions prior to voting on
each resolution, as well as during the general business section of the meeting. If you are a
shareholder and you do not have a card, please see the registration desk.

Today’s audio and presentation are being streamed online for those who are unable to
attend in person. There will be a recording of today’s meeting made available online. Thank
you to our Vision and Group Creative Teams for that fantastic video showcasing how NZME
provides targeted access for advertisers to our diverse and growing audience.

Before we begin, I have a few housekeeping matters to run through. In the event of a fire
alarm, please exit through the door just to my left and gather in the western courtyard.
Restrooms are located to the left of the lifts in the foyer. Finally, please ensure that your cell
phones are on silent.

The Company Secretary has confirmed to me that the Notice of Meeting has been sent to
shareholders and other persons entitled to receive it. The Company's constitution prescribes
a quorum of three shareholders. As you can see, this requirement has been met, therefore I
now declare this meeting open.

Firstly, I would like to introduce those seated up the front with me today, from your left to
right; our General Counsel and Company Secretary Allison Whitney, Chief Executive Officer
Michael Boggs, and my fellow Board members, Barbara Chapman, David Gibson and Carol
Campbell.

Our legal advisors, Chapman Tripp, and our auditors, PwC, are also in attendance today and
available to answer shareholder questions.

I’d like to thank our shareholders for their participation in today’s meeting.

3


SLIDE 4 (Agenda)

Today we will begin with my address, followed by an address from our CEO Michael Boggs.
We will then proceed to voting on the ordinary resolutions as set out in the Notice of
Meeting. These are:

• Carol Campbell’s re-election to the board;
• David Gibson’s election to the Board;
• Barbara Chapman’s election to the Board; and
• Authorising the board to fix the remuneration of our auditors, PwC.

As Chairman of this meeting I intend to vote all discretionary proxies that we have received
in favour of these resolutions.

SLIDE 5 (Propeller)

I’ll begin by illustrating how NZME operates today; as a fully integrated, audience-centric,
media business, across print, radio and digital channels. With an unmatched portfolio of
leading brands, delivering premium News, Sport and Entertainment content, we are uniquely
placed to help advertisers engage with their customers.

Bringing Print, Radio and Digital together, to form NZME, has delivered revenue
opportunities, and cost efficiencies. In the medium term, NZME aims to be a growth
business and, as such, we continue to explore ways to further improve efficiency, address
customer needs, and grow new revenue streams.

With our great assets and people, we are well-positioned to grow shareholder value in this
dynamic media landscape.

SLIDE 6 (Results Summary)

Moving to a summary of our FY17 results, which we were pleased with, I’ll just remind you
at the outset that FY17 was our first full year operating as NZME Limited.

Our full year 2017 statutory net profit after tax was $20.9 million, representing earnings of
10.7 cents per share. Our 2016 results were impacted by the demerger from HT&E, formerly
APN, and also included several discontinued businesses. Trading NPAT of $26.7 million, or
13.6 cents per share, is a more meaningful representation of ongoing earnings.

I am pleased to report that in 2017 the Company generated solid trading EBITDA of $66.2
million, down just 2% compared to pro forma 2016, and despite a week third quarter due to
impacts from events such as the New Zealand General Election.

These results enabled our company to pay a fully imputed final dividend of 6 cents per share
in May 2018. This took total dividends paid with respect to the 2017 year to 9 and a half
cents per share, in line with our dividend pay-out policy of 60 to 80% of underlying Net
Profit after Tax.

SLIDE 7 (Board)

Sir John Anderson, having led the Board as Chairman since its formation in 2016, retired in
December last year. On behalf of the Company I would like to acknowledge and thank Sir
John Anderson for his invaluable contribution to NZME, including leading the Board through
the demerger of NZME from HT&E Limited and listing on the NZX.

4


Sir John has made a significant contribution over a long period to the growth of businesses in
New Zealand and his extensive business and governance experience was an asset to the
Company during NZME’s first year as a listed company. All of us at NZME wish Sir John the
very best for his retirement.

At the time of Sir John’s retirement, the Board appointed myself as Chairman and has since
made progress in its recruitment programme, ensuring that the Board has the appropriate
mix of skills and experience to implement the Company’s growth strategy.

David Gibson, who has a strong background in strategy and finance with over 20 years’
experience, was appointed as an Independent Director in December 2017.

Barbara Chapman was appointed as an Independent Director in April 2018, bringing
additional skills to the table including governance, people and culture, marketing and
technology.

Barbara and David are standing for election today and Carol Campbell, who has been on the
Board since NZME’s foundation, is standing for re-election by rotation. I might add that all of
these Directors bring valuable contributions to the Board and I look forward, with the
support of shareholders, to their continued stewardship of your Company.

In addition, I am very pleased to announce the appointment of Independent Director Sussan
Turner to the NZME Board effective 16 July 2018. I am delighted to welcome Sussan to the
Board. Sussan has extensive corporate and governance experience having held three CEO
roles inside the media industry across a 30 year period; the last being that of Group CEO for
MediaWorks. She is currently the CEO of Aspire2 Group Ltd and Pro Chancellor at AUT. A
great complement to the existing mix of skills and experience on our Board.

Sussan’s appointment to the Board marks the completion of NZME’s current Board
recruitment process.

SLIDE 8 (Executive Team)

NZME has highly experienced, dedicated and talented management and staff, ably led by
CEO Michael Boggs. The Executive Team contribute a broad range of skills in the areas of
strategy, marketing, digital, editorial, commercial, finance, transactions, operations and
legal. They bring significant industry experience to the business and continue to enable us to
deliver on our strategy, and value for shareholders.

The Board thanks all of our employees, who have continued to work extremely hard to retain
our traditional revenue streams, launch our three new digital platforms, Driven, YUDU and
OneRoof, and embrace ongoing business transformation.

Before I conclude my address, I would like to emphasise that our core growth strategy
remains unchanged and is focused on delivering shareholder value.

I will now hand over to our CEO Michael Boggs to provide further detail on the performance
of the business and strategy looking forward.

Slide 9 (Photo)

CEO’S ADDRESS: MICHAEL BOGGS

Thank you, Peter.

5



I am really pleased to be here talking to you as CEO of NZME. I would now like to take you
through some of the exciting developments that we have seen across the business during
2017 and in the year to date.

SLIDE 10 (NZ General Election Coverage)

As Peter mentioned earlier, NZME’s transformation is an ongoing project. We aim to be at
the forefront of content delivery to grow and engage our audience in the ever developing
media industry.

Let me briefly illustrate our multi-platform content creation and distribution in action, during
the NZ general election in September 2017.

Taking an innovative approach to driving audiences over this period resulted in over 3.8
million visitors to nzherald.co.nz during the campaign period, consuming a significant 16.7
million pages of content.

We developed interactive online features allowing voters to compare the main parties’
campaign policies, track regional electorate results, and seats “won” in parliament. On
election night, we broadcast 5 hours of live television from here at NZME Central, and a
number of election headquarters nationwide.

This coverage illustrates the extent of our business integration and our ability to create and
deliver great content across our strong brands here at NZME.

SLIDE 11 (Reach)

NZME reaches an impressive 3.2 million New Zealanders.

We have multiple engagement points with our readers, listeners, and watchers, and as such
they remain engaged with our many platforms over the course of an entire day.

Stable NZ Herald print readership, success of market-specific radio shows, expansion of our
radio footprint, and strong digital growth, particularly through the NZ Herald digital platform,
allowed us to maintain leading audience reach in 2017.

SLIDE 12 (Trading Result)

Re-capping on the 2017 financial year, we continued to experience headwinds in the
traditional segments of our business, which is impacted by advertiser transition from print to
digital media, and increased competition from offshore media players.

Given these impacts, we were pleased to continue to limit the overall pro forma revenue
decline to just 4% in FY17, which is in line with the rate of revenue decline experienced in
FY16.

Continued implementation of operational initiatives helped us achieve a 5% reduction in
costs year on year.

Consequently, Trading EBITDA of $66.2 million in FY17 was only 2% lower than the FY16 pro
forma.

6


We are pleased with this result and delivering shareholder returns in the form of fully
imputed dividends totaling 9.5 cents per share for the year.

SLIDE 13 (Print)

In 2017, total Print revenue of $221.3 million was down 7% compared to 2016. Print
advertising revenue was down 9% in 2017, consistent with previous trends, however we see
this result as reasonable given the reported 12% decline in the New Zealand newspaper
advertising market as a whole.

We continue to focus on Print revenue by increasing market share where we can and by
maintaining circulation revenues.

As you know The New Zealand Herald is the country’s leading newspaper and our most
important masthead brand. We are continuing to work hard to extend its readership and
ensure it remains the number one choice for print readers and advertisers.

In the latest ABC, and Nielsen results just released today, we are very happy to report an
8% increase in The New Zealand Herald’s readership in the year to Q1 18, and that the
Herald on Sunday remains the most-read and highest selling Sunday Newspaper in the
country.

The strength of our print brands was recently recognized at the 2018 Voyager Media Awards
where The Weekend Herald won the top prize of ‘Newspaper of the Year’, and ‘Best Weekly
Newspaper’. Our “Break the Silence” youth suicide campaign was also awarded ‘Best
Editorial Campaign’, and many of our journalists awarded, including Matt Nippert taking the
Supreme Prize.

SLIDE 14 (Radio)

We were really pleased to see Radio revenue return to growth in the fourth quarter of 2017.
This achievement contributed to our overall result for the year, down 4% on FY16. We
outperformed estimated growth in the agency segment of the market; however focus
continues to remain on returning total Radio revenues to growth consistently.

We completed a number of initiatives in both sales and content in 2017 to support this focus.
In sales, in the second half we completed a nationwide transformation, ensuring all direct
frontline staff are equipped to sell radio.

We also put in place a new incentive scheme in the second half to optimise the integration of
our sales teams. Additionally, a new CRM system and suite of sales tools has further
supported integrated sales and enhanced customer engagement.

Audience growth is a key driver of revenue growth. And it is great to report that, since the
start of 2017, NZME’s share of total New Zealand radio audience has grown by 2%.

We also saw a 5% growth in share in the major market of Christchurch, supported by our
ongoing focus on talent enhancement, including localised talent. NewstalkZB remains as the
number one commercial radio station in the country, a testament to our focus on premium
and in-depth content, and developing and retaining key talent.

Additionally, at the 2018 NZ Radio Awards last month, NewstalkZB presenters, Mike Hosking
and Marcus Lush, were both awarded ‘Best Talk Presenter’ in their show categories. ZM was

7


awarded ‘Best Music Breakfast Show’, ‘Best Digital Content’, and the ‘Best Video’ award
along with Radio Hauraki, amongst many other achievements for NZME’s brands.

It is fantastic to see our radio brands achieving recognition in the increasingly important
channels of digital and video.

SLIDE 15 (Digital)

We achieved Digital and e-Commerce revenue growth of 8% in 2017, supported by 18%
growth in our digital advertising revenue, which we see as a good result compared to
estimated market growth of 8%. Revenue growth was aided by continued growth in
NZHerald.co.nz’s average unique audience, up 6% in the year to Q1 18.

Additionally, the relaunch of nzherald.co.nz, supported by the Washington Post arc software,
grew revenue in 2017 through innovative ad executions and increased premium inventory.

The success of this relaunch was recently recognized at the 2018 INMA Global Media Awards
held in Washington DC. NZME received Honorable mention in the “Best Brand Awareness
Campaign” award, and third place in the “Best Use Of Mobile” award.

NZMEs’ investigation into youth suicide in New Zealand, “Break The Silence” was also
awarded second place for “Best Public Relations Or Community Service Campaign” at the
INMA awards.

In addition, our NZHerald.co.nz site was recently awarded ‘Best News Website’ at the 2018
Voyager media awards.

The Washington Post arc software suite that supported the site re-launch also provides the
functionality for the implementation of a pay-gate for premium and in-depth content,
targeted for the second half of this year. A strong focus on increasing the quantity of
investigative content produced, and engaging our audience in this content, has been the first
step in this process. We look forward to updating you further on this initiative later in the
year.

SLIDE 16 (Digital Initiatives)

Also in the digital space, we are all pretty excited by our new classifieds platforms in
property, employment and motoring; OneRoof, YUDU and Driven.

We think our leading audience, brands and deep-rooted industry relationships provide a
tremendous opportunity to establish these new brands.

We have created market-leading platforms and consumer experiences in each of the three
verticals. We are not just about emulating existing online offers. Each of the new sites
provides an innovative user experience and proposition that aims to evolve the market, and
consumer behaviour.

OneRoof goes beyond simple home listings to give buyers the latest property insights,
valuations and unique needs-based-search functionality. OneRoof has grown quickly, already
profiling over 50% of total for-sale listings, with more listings added every day.

YUDU is a hub of employment listings, news, advice, trends and insights for job seekers.

8


YUDU also offers a way for employers to engage with the additional estimated 43% of
workers not actively looking for a new job, but open to offers, being the passive component
of the market. Employers can also showcase their values, culture, and career opportunities.

Driven, our motoring platform, now carries more than 34,000 vehicle listings, representing
an estimated 60% of total dealer listings in market. The site utilises video and editorial
content to increasingly engage our audiences. Driven is the destination for motoring
enthusiasts and car buyers alike, “the only place you need to go for everything motoring”.

These three new platforms were launched in April this year and, as such, it’s early days.
Revenue from these businesses, as with any startup, will lag costs in the short term.
Incremental operating expenses in relation to these new platforms are expected to be
$6 million in FY18.

We believe the opportunity in the digital classifieds space is attractive and justifies our
investment of capital and resources. Revenue opportunities from these new platforms are
aligned with our objective of becoming a growth business in the medium term.

SLIDE 17 (FY18 Strategic Plan)

Looking forward, I will now outline our strategic plan, which is based around the three
horizon model; it focuses on optimising our existing business, while launching new ventures
to take advantage of our existing audience and customer relationships, and identifying new
business models that address unmet customer needs.

The priorities supporting each horizon are similar to those that we’ve focused on to deliver
shareholder value since the demerger, although we have refreshed some of our priorities to
reflect the progress we’ve made.

Firstly, we remain very much focused on growing audience and engagement. This will be
achieved through the amplification of NZME’s brands and developing more planned, unique,
local and premium content. This will further be supported by innovation such as the
Washington Post arc roadmap, with the next steps being further customisation of our content
delivery tool, and the implementation of a paid content solution.

Returning total advertising revenue to growth across the business is a focus for the medium
term. Maximising the retention of Print revenue, growing Digital revenue and returning Radio
revenue to growth, will help us to achieve this goal.

Having said that, as evidenced by market trends, traditional advertising markets have
continued to face headwinds in the first half and we anticipate a similar climate for the
remainder of 2018.

We continue to explore opportunities to leverage our existing fixed cost base and ensure a
strong balance sheet, enabling us to invest for growth, reduce debt, maintain financial
stability, and maximise shareholder returns.

While operational efficiency remains a focus, as seen in FY17, the rate of cost reduction is
slowing, and therefore EBITDA will be pressured in the near term.

Engaging and developing our people is core to our success with an emphasis on improving
leadership, engagement, and succession planning for our people and talent. I would like to
echo the Chairman’s comments about the efforts of our dedicated people. Aiming to be a

9


growth business in a challenging industry requires constant innovation and hard work, for
which I am grateful.
As we have just covered, we are growing new revenue streams through initiatives such as
OneRoof, YUDU and Driven, improved data monetisation, and further developing a paid
content proposition. We are investing capital and incremental operating costs in these new
initiatives, and revenue will lag costs in the short term.
Our sixth priority is to continue to work on the merger with Stuff Limited, with a view to
improving our efficiency and to underwrite the competitiveness of New Zealand content
generation and delivery.

As a reminder, the synergies associated with the proposed merger have been estimated to
be between $36.8 and $55.7 million.

Earlier this month, NZME and Fairfax appealed the High Court’s decision not to approve the
merger, in the Court of Appeal, with a judgment expected later this year. If unsuccessful,
there is a further right of appeal to the Supreme Court, with leave on points of general public
interest.

If an appeal is successful, completion of the transaction remains subject to the agreement of
commercial terms, finance and shareholder approval.

NZME continues to share the costs of the legal process with Fairfax. The shared costs for this
appeal are expected to be less than half a million dollars. We believe this is a worthwhile
investment when weighed against the potential benefits of the transaction, for shareholders,
and the long term sustainability of a strong New Zealand media sector.

We look forward to updating you further on our progress against these objectives in our half-
year results briefing in August.

Finally, I would also like to thank the 3.2 million Kiwis we engage with, our suppliers,
business partners, customers and shareholders for their continued support.

Given our market leading brands and audience reach, great people, and unique integrated
offering, we are well placed to optimise returns from existing assets, as well as look beyond
advertising to re-imagine revenue models that address unmet customer needs.

I will now hand back to our Chairman for the formal business of the meeting.

SLIDE 18 (Resolutions) – PETER CULLINANE

Thank you, Michael.

Ladies and Gentlemen, we will now address the matters requiring resolution, which are
outlined in the Notice of Meeting.

There will be an opportunity for shareholders to ask questions on each resolution. When I
call for questions, please raise your hand if you have a question. We will ask you to move to
the microphone at the front on your left. Please clearly state your name, and confirm that
you are a shareholder, before asking the question.

I ask that in the interests of fairness to all shareholders attending this meeting that anyone
wishing to speak be as concise as possible and be considerate to other shareholders wishing
to ask questions.

10


As the audio of the meeting is being streamed online, remember that you will be heard by an
audience outside of this room. Questions raised by shareholders should relate directly to the
resolution being considered. There will be an opportunity to ask general questions at the
conclusion of the formal business.

I propose that voting on each of these resolutions be conducted by way of a poll.
You should all have a voting card which was given to you when you registered. Please mark
this card to indicate your vote. If you are here as a shareholder and do not have a voting
card, please raise your hand and someone will assist you.

Each resolution set out in the Notice of Meeting is to be considered as an ordinary resolution
and, as such, must be approved by a simple majority of the votes cast by shareholders
entitled to vote and voting on the resolution. Details of postal and proxy votes received in
respect of each resolution will be displayed on screen.

SLIDE 19 (Resolution 1: Re-election of Carol Campbell)

Resolution 1 concerns the re-election of Carol Campbell as a Director. The Board
recommends Carol to you as a Director of NZME and unanimously supports her re-election.

Before we vote on this resolution I invite Carol to speak to our shareholders.

CAROL CAMPBELL’S SPEECH

PETER CULLINANE TO CONTINUE:

Thank you, Carol.

Before we move to the vote, are there any questions for the Board concerning the
resolution?

Take questions from floor

I now move, as an ordinary resolution, that Carol Campbell, who retires by rotation and is
eligible for re-election, be re-elected as a Director of NZME.

Voting on this resolution will be conducted by way of poll using your voting cards, where one
vote is cast for each share held.

We have received 44.84% of total votes in advance, 98.90% of which are in support of
Carol’s re-election.

Please mark your voting cards in the way you wish to vote by ticking “FOR”, “AGAINST” or
"ABSTAIN" in the appropriate place on the voting card.

We will collect your voting cards after voting on resolution 4 is complete.


SLIDE 20 (Resolution 2: Election of David Gibson)

Resolution 2 concerns the election of David Gibson as a Director. The Board recommends
David to you as a Director of NZME and unanimously supports his election.

Before we vote on this resolution I invite David to speak to our shareholders.

11



DAVID GIBSON’S SPEECH

PETER CULLINANE TO CONTINUE:

Thank you, David.
Before we move to the vote, are there any questions for the Board concerning the
resolution?

Take questions from floor

I now move, as an ordinary resolution, that David Gibson, who joined the Board after the
last Annual Shareholders’ Meeting, be elected as a Director of NZME.

Voting on this resolution will be conducted by way of poll using your voting cards, where one
vote is cast for each share held.

We have received 44.83% of total votes in advance, 99.03% of which are in support of
David’s election.

Please mark your voting cards in the way you wish to vote by ticking “FOR”, “AGAINST” or
"ABSTAIN" in the appropriate place on the voting card.

SLIDE 21 (Resolution 3: Election of Barbara Chapman)

Resolution 3 concerns the election of Barbara Chapman as a Director. The Board
recommends Barbara to you as a Director of NZME and unanimously supports her election.

Before we vote on this resolution I invite Barbara to speak to our shareholders.

BARBARA CHAPMAN’S SPEECH

PETER CULLINANE TO CONTINUE:

Thank you, Barbara.

Before we move to the vote, are there any questions for the Board concerning the
resolution?

Take questions from floor

I now move, as an ordinary resolution, that Barbara Chapman, who joined the Board after
the last Annual Shareholders’ Meeting, be elected as a Director of NZME.

Voting on this resolution will be conducted by way of poll using your voting cards, where one
vote is cast for each share held.

We have received 44.84% of total votes in advance, 99.02% of which are in support of
Barbara’s election.

Please mark your voting cards in the way you wish to vote by ticking “FOR”, “AGAINST” or
"ABSTAIN" in the appropriate place on the voting card.

12




SLIDE 22 (Resolution 4: Auditor’s Remuneration)

In accordance with the Companies Act, PwC will automatically be re-appointed as the auditor
of the Company. The resolution authorises the Board to fix the auditor’s remuneration for
the forthcoming year.

Before we move to the vote, are there any questions for the Board concerning the
resolution?

Take questions from floor

I now move, as an ordinary resolution, that the Directors of NZME are authorised to fix the
auditor’s remuneration.

Voting on this resolution will be conducted by way of poll using your voting cards, where one
vote is cast for each share held.

We have received 44.86% of total votes in advance, 99.09% of which are in support of
authorising the Directors to fix the Auditors remuneration.

Please mark your voting cards in the way you wish to vote by ticking “FOR”, “AGAINST” or
"ABSTAIN" in the appropriate place on the voting card.

We will now collect your voting cards, thank you. Final resolution results will be released on
the NZX and ASX shortly after today’s meeting concludes.

SLIDE 23 (Shareholder Discussion)

Having now completed the formal business of the meeting we will shortly invite shareholders
to raise any questions of a general nature.

I remind you that only registered persons holding shareholder cards today are to speak or
ask questions at this meeting.

Again, please raise your hand if you wish to ask a question. We will ask you to move to the
microphone at the front on your left. Please clearly state your name, and confirm that you
are a shareholder, before asking the question.

As the audio of this meeting is being streamed online, remember that you will be heard by
an audience outside this room. Do any shareholders now wish to ask a question?

Questions & Answers

SLIDE 24 (Thank you)

Thank you for your questions today, it is important to us that our shareholders have open
lines of communication with our Board and management. Before we conclude, I would like to
reiterate NZME’s focus on growing shareholder value. The company’s FY18 strategic plan
supports this focus by looking beyond advertising, and re-imaging business models to deliver
new revenue streams.

We are a leading New Zealand media and entertainment business that provides advertisers
with a unique opportunity to access a growing audience via our fully integrated, multi-

13


platform brands. We believe that we have the right assets and the right strategy for growing
long term shareholder value in this dynamic industry.

Thank you again to my fellow Board members, executives and staff for your dedication and
hard work, and to our shareholders for your continued support. I now declare this meeting
closed. We will be available to meet you as you depart the iHeart lounge today.

End of Meeting

---

ANNUAL SHAREHOLDERS MEETING
21 JUNE 2018

Disclaimer
The information in this presentation is of a general nature and does not constitute financial product
advice, investment advice or any recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice. This presentation constitutes summary information only, and you should
not rely on it in isolation from the full detail set out in the Consolidated Financial Statements.
This presentation may contain projections or forward-looking
statements regarding a variety of items. Such projections or
forward-looking statements are based on current expectations,
estimates and assumptions and are subject to a number of
risks and uncertainties. There is no assurance that results
contemplated in any projections or forward looking statements
in this presentation will be realised. Actual results may differ
materially from those projected in this presentation. No person
is under any obligation to update this presentation at any time
after it’s release to you or to provide you with further information
about NZME Limited.
A number of unaudited non-GAAP financial measures are used
in this presentation, that are fully explained and reconciled on
pages 30 to 34 of the NZME Full Year 2017 Results Presentation,
available on the Company’s website. You should not consider any
of these in isolation from, or as a substitute for, the information
provided in the audited Consolidated Financial Statements for
the twelve months ended 31 December 2017.
While reasonable care has been taken in compiling this
presentation, none of NZME Limited nor its subsidiaries,
directors, employees, agents or advisers (to the maximum extent
permitted by law) gives any warranty or representation (express
or implied) as to the accuracy, completeness or reliability of the
information contained in it nor takes any responsibility for it. The
information in this presentation has not been and will not be
independently verified or audited.
2

Welcome
PETER CULLINANE
Independent Chair
3

1. Chairperson’s address
2. Chief Executive Officer’s address
3. Ordinary resolutions
1. Re-election of Director – Carol Campbell
2. Election of Director – David Gibson
3. Election of Director – Barbara Chapman
4. Auditor’s remuneration
4. General business and shareholder discussion
Agenda
4

C
A
P
A
B
I
L
I
T
I
E
S
C
O
R
E

C
O
N
T
E
N
T

+

C
H
A
N
N
E
L
S
RADIO
SPORT
NATIVE
CONTENT
EXPERIENTIAL
EVENTS
DIGITAL
MARKETING
SERVICES
BRAND
ENGAGEMENT
DIGITAL
PRINT
ENT.
NEWS
CREATIVE
CONTENT
CREATION
DIGITAL
CLASSIFIEDS
MARKETPLACES
DATA &
INSIGHTS
VIDEO &
PRODUCTION
AUDIENCE
TARGETING
STRATEGY
& PLANNING
CHINESENZHERAL
D.C
O.NZ
A LEADING
NEW ZEALAND
MEDIA AND
ENTERTAINMENT
BUSINESS
NZME off ers advertisers
a unique opportunity to
access a growing audience
via its fully integrated
multi-platform brands.
5

(1) The FY16 Statutory NPAT of $74.5m was impacted by the demerger from HT&E (formerly APN), discontinued businesses and tax payments, and is therefore not comparable with the FY17 results that
are fully explained and reconciled on pages 30 to 34 of the NZME Full Year 2017 Results Presentation available on the Company’s website. (2) All Trading and Pro forma measures shown here are non-
GAAP measures that are fully explained and reconciled on pages 30 to 34 of the NZME Full Year 2017 Results Presentation available on the Company’s website. (3) A supplementary final dividend of 1.06
cents per share was paid to shareholders who were not tax resident in New Zealand and who held less than 10% of the shares in NZME Limited prior to the ex-dividend date of 17th April 2018.
NZME FY17
Results Summary
Trading NPAT2
$26.7m
4%
FY16 Pro forma2 $ 27.8 m
Trading Revenue2
$387.7m
4%
FY16 Pro forma2 $404.7m
Trading Earnings
Per Share2
13.6cps
4%
FY16 Pro forma2 14.2cps
Trading EBITDA2
$66.2m
2%
FY16 Pro forma2 $ 67. 2 m
Full Year Dividends
Totalled3
9.5cps

(Interim 3.5cps, Final 6.0cps3)
Statutory NPAT1
$20.9m
10.7cps
Statutory Earnings Per Share
6

DAVID GIBSON
Independent Director
PETER CULLINANE
Independent Chair
BARBARA CHAPMAN
Independent Director
CAROL CAMPBELL
Independent Director
NZME
Board
7

MICHAEL BOGGS
Chief Executive Off icer
SHAYNE CURRIE
Managing Editor
DEAN BUCHANAN
Group Director, Entertainment
MATTHEW WILSON
Chief Operations Off icer
LAURA MAXWELL
Chief Digital Off icer
MATT HEADLAND
Chief Commercial Off icer
SARAH JUDKINS
Chief Strategy Off icer &
Acting Chief Financial Off icer
NZME
Executive
Te a m
ALLISON WHITNEY
General Counsel & Company
Secretary
8

MICHAEL BOGGS
Chief Executive Officer
9

(1) Nielsen Market Intelligence September 2017
2017PENFOLDSCOLLECTIONAVAILABLENOW
AFAMILYOFFINE WINES,EAC HWITHADISTINCT
CHARACTE RAND PR OVEN ANCE.
ATEST AMENT TO THEENDURING‘HOUSESTYLE’ WHICHHAS
BEEN UPHELDBY PENFOLDS SINCE1844.
nzherald.co.nz|Friday,October20,2017|Monday–Sundayhomedeliverysubscription$18.80/weekEdition:46,882$3.00
123
NEWSPAPEROFTHEYEARCirculation30,000+WEBSITEOFTHEYEAR
JACINDA’S
TRIUMPH
WhyWinstonPetersand
NZFirstchoseLabour
Reports,analysis,reaction—A1-A9,A36,C5
Ifeelextra-
ordinarily
honoured
and
privileged
tobeina
position
toforma
Government
withLabour
atthelead.
Day after the election:
·Second best day for nzherald.co.nz in 2017
·1.2m+ unique browsers, 55% above usual tra� ic1
Pre-election campaign coverage:
·The PM Job Interview: Bill English and
Jacinda Ardern grilled live by our panel
of experts
·Expert analysis from
NZ Herald, Newstalk ZB
political teams and former MPs'
·Election 2017:
"The Great Together" podcast
·Online interactive feature allowed voters to
compare main parties’ campaign policies
LIVE
BROADCAST
LEADERS'
DEBATES
5 HOURS
OF LIVE TV
Broadcast from
NZME and Party HQs
Interactive
electorate
voting map
EXLPORE ELECTORATE RESULTS
Election night live stream:
Over 470k views across
Digital and social channels1
New Zealand
2017 General
Election
NZME’s
Multi-Platform
Content
Distribution
OVER 3.8M UNIQUE
BROWSERS1
OVER 16.7M PAGE
VIEWS1
OVER 1M 33 SECS PER
AVERAGE SESSION1
10

NZME reaches:
Our growing national and local presence allows us to off er advertisers broader
access to their target markets through our integrated multi-platform presence
(1) Nielsen CMI, January 2018 fused database: Q1 17 – Q4 17 (population 10 years +). Based on unduplicated weekly reach of NZME newspapers, radio stations, and monthly domestic unique
audience of NZME’s digital channels.
2.6million1.2million0.7million
in the North Island1
2% YoY
in Auckland1
2% YoY
in South Island1
2% YoY
who read, watch, listen to or otherwise engage
with our brands.
NZME REACHES AN
IMPRESSIVE 3.2 MILLION
NEW ZEALANDERS1
11

(1) All Trading and Pro forma measures shown here are non-GAAP measures that are fully explained and reconciled on pages 30 to 34 of the NZME Full Year
2017 Results Presentation available on the Company’s website. (2) A supplementary final dividend of 1.06 cents per share was paid to shareholders who were
not tax resident in New Zealand and who held less than 10% of the shares in NZME Limited prior to the ex-dividend date of 17th April 2018.
NZME
Trading Result
Trading NPAT1
$26.7m
4%
FY16 Pro forma1 $ 27.8 m
Full Year Dividends
Totalled2
9.5cps

(Interim 3.5cps, Final 6.0cps2)
Trading Earnings
Per Share1
13.6cps
4%
FY16 Pro forma1 14.2cps
NZME Trading
Result1 ($m)
FY17FY16 Pro

forma1
% Change
Trading Revenue13 87.7404.7(4%)
Other Income3.74.0(6%)
Costs(325.3)(341.5)(5%)
Trading EBITDA166.26 7. 2(2%)
12

TRADING REVENUE
1

-7% vs FY16
$221.3m
in FY17
(1) Trading revenue shown here is a non-GAAP measure that is fully explained and reconciled on pages 30 to 34 of the NZME Full
Year 2017 Results Presentation available on the Company’s website. (2) Nielsen CMI Q2 16 – Q1 18 (population 15 years +). Based on
unduplicated weekly reach of NZME newspapers. (3) ABC Circulation 2017.
NZME
Print
• ‘ Break the Silence’ youth suicide
campaign: Best Editorial Campaign
• Investigative Reporter Matt Nippert:
Business Journalist of the Year and
Winner of the Supreme Prize
• NZ Herald Editor Murray Kirkness:
Editorial Executive of the Year
• Newspaper of the Year
• Best Weekly Newspaper
• #1 read Sunday Newspaper
3
+8%
vs Q1 172
NZ HERALD AVERAGE
ISSUE READERSHIP
13

TRADING REVENUE
1

-4% vs FY16
$114.8m
in FY17
NZME Radio
& Experiential
(1) Trading revenue shown here is a non-GAAP measure that is fully explained and reconciled on pages 30 to 34 of the NZME Full Year 2017 Results Presentation available on the
Company’s website. (2) GfK - Radio Trended Network Data, Total NZ Commercial Survey, T1 2018. All 10+ Mon-Sun 12mn-12mn.
• NZME total market
share
+2.0% since the
start of 2017
• 5% share growth in
Christchurch
market
• NewstalkZB #1
commercial
radio
station
T1 2018
RADIO SURVEY
2
2018 WINNERS
• Best Talk Presenters;
Mike Hosking & Marcus Lush
• Best Music Breakfast Show
& Best Digital Content
• Best Videos
PLUS NUMEROUS OTHER AWARDS
14

Best News Website WINNER
(1) Trading revenue shown here is a non-GAAP measure that is fully explained and reconciled on pages 30
to 34 of the NZME Full Year 2017 Results Presentation available on the Company’s website. (2) Nielsen Online
Ratings, Domestic Unique Audience, 2016 – 2017.
NZME Digital &
e-Commerce
TRADING REVENUE
1

+8% vs FY16
$56.3m
in FY17
• NZ Herald’s ‘Break the Silence’
investigation: Second Place, Best
Public Relations or Community Service
Campaign
• nzherald.co.nz redesign: Third Place,
Best Use of Mobile
• ‘Discover More’: nzherald.co.nz relaunch
campaign: Honourable Mention, Best
Brand Awareness Campaign
+6%
vs Q1 172
AVERAGE UNIQUE
AUDIENCE
15

WE’RE
ALL ABOUT
WHAT
YOU DO.
Search for
your property
under
All things property
16

1. Grow audience and engagement through amplification of NZME’s brands
and increased focus on planned, unique, local and premium content, supported by
continued implementation of the Washington Post arc roadmap.
Horizon 3: Re-imagining
Identifying opportunities to develop
new business models that grow
audience engagement and
deliver new revenue streams.
Horizon 2: Beyond Advertising
Growing new revenue streams that
leverage our audiences to generate
new revenue opportunities - Digital
classifieds and paid content.
Horizon 1: Optimising the Core
Offsetting declines in Print
advertising with growth in Radio and
Digital advertising, and streamlining
the cost base.
2. Return advertising revenue to growth by continuing to retain Print revenues, drive
Digital revenue growth and capitalise on Radio coverage, content and talent enhancements.
3. Eff ective cost and capital management through exploring opportunities to
leverage our existing fixed cost base and continued focus on improving balance sheet strength.
4. Engage and develop our people by continuing to focus on improving
leadership and talent succession planning.
5. Grow new revenue streams through the launch of DRIVEN, YUDU and OneRoof,
improved data monetisation and developing a paid content proposition. Identify and
develop new business models.
6. Progress the Stuff merger to further improve our e� iciency and underwrite
the competitiveness of New Zealand content generation and delivery.
FY18 Strategic Plan
17

Ordinary
RESOLUTIONS
18

To consider and, if thought fit, to pass
the following ordinary resolution:
Resolution 1: Re-election of Director
It is hereby resolved, as an ordinary
resolution, that Carol Campbell, who
retires by rotation and is eligible for
re-election, be re-elected as a
Director of NZME.
CAROL CAMPBELL
Independent Director
Ordinary Resolutions
RESOLUTION 1
Proxies & postal
votes received
ForAgainstDiscretionaryAbstain
Number of shares voted
by proxy or postal vote
86,919,642 243,238 720,822 97,6 0 2
19

To consider and, if thought fit, to pass
the following ordinary resolution:
Resolution 2: Election of Director
It is hereby resolved, as an ordinary
resolution, that David Gibson, who
joined the Board after the last Annual
Shareholders’ Meeting, be elected
as a Director of NZME.
Ordinary Resolutions
RESOLUTION 2
DAVID GIBSON
Independent Director
Proxies & postal
votes received
ForAgainstDiscretionaryAbstain
Number of shares voted
by proxy or postal vote
87,0 27,19 2 131,020
721,822
101,270
20

To consider and, if thought fit, to pass
the following ordinary resolution:
Resolution 3: Election of Director
It is hereby resolved, as an ordinary
resolution, that Barbara Chapman, who
joined the Board after the last Annual
Shareholders’ Meeting, be elected
as a Director of NZME.
Ordinary Resolutions
RESOLUTION 3
BARBARA CHAPMAN
Independent Director
Proxies & postal
votes received
ForAgainstDiscretionaryAbstain
Number of shares voted
by proxy or postal vote
87,021,249 140,248 721,822 97,9 8 5
21

To consider and, if thought fit, to pass
the following ordinary resolution:
Resolution 4: Auditor’s remuneration
It is hereby resolved, as an ordinary
resolution, that the Directors of NZME
are authorised to fix the auditor’s
remuneration.
Ordinary Resolutions
RESOLUTION 4
Proxies & postal
votes received
ForAgainstDiscretionaryAbstain
Number of shares voted
by proxy or postal vote
87,131,069
79,605
720,822 49,808
22

Shareholder
DISCUSSION
23

D'Arcy Waldegrave and Goran Paladin
Radio Sport Hosts
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
The NZ Herald, Newstalk ZB and Radio Sport
are joining forces to bring you unbeatable
coverage of the upcoming rugby Series.
Arm yourself, with live results, latest
breaking news, in depth analysis,
and expert opinion.
United in battle
We’ll be there
Laura McGoldrick
NZ Herald Focus Host
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
The NZ Herald, Newstalk ZB and Radio Sport
are joining forces to bring you unbeatable
coverage of the upcoming rugby Series.
Arm yourself, with live results, latest
breaking news, in depth analysis,
and expert opinion.
We’ll be there
Come, join us
We’ve been here before
We’ve shared the battle
We’ve heard that roar
The NZ Herald, Newstalk ZB and Radio Sport are joining forces
to bring you unbeatable coverage of the upcoming Series.
Arm yourself, with live results, latest breaking news,
in depth analysis, and expert opinion.
Greg Bowker
NZ Herald Photographer
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
The NZ Herald, Newstalk ZB and Radio Sport are joining forces
to bring you unbeatable coverage of the upcoming Series.
Arm yourself, with live results, latest breaking news,
in depth analysis, and expert opinion.
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
Patrick McKendry and Gregor Paul
The New Zealand Herald
Our wisdom is our strength
The team is our courage
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.THEY’RE COMING: ARM YOURSELF.
THANK
YOU
24