Annual Meeting Speeches and Presentation

TIL LOGISTICS
GROUP LIMITED
ANNUAL SHAREHOLDERS’ MEETING
26 OCTOBER 2018
1

BOARD AND MANAGEMENT
BOARD
•Trevor Janes, Independent Chair
•Greg Kern, Non-executive Director
•Lorraine Witten, Independent Director
•Danny Chan, Independent Director
•Jim Ramsay, Executive Director
TIL Logistics’ Board comprises highly experienced
Directors with particular strength in corporate
governance and oversight of growing companies.
EXECUTIVE LEADERSHIP
•Alan Pearson, CEO
Alan has over 35 years commercial experience in both
public and private companies, including ten years as
Managing Director of Halls Group Limited, which is one
of New Zealand’s largest transport & logistics
companies (primarily involved with temperature
controlled supply chains for both domestic and export
food markets)
•Greg Whitham, CFO
•Alan Terris, International & Group Marketing
Director
2
TIL Logistics Group Annual Meeting October 2018

BECOMING A LEADING NZ
TRANSPORT & LOGISTICS COMPANY
TIL Logistics Group Annual Meeting October 2018
1869 –
1925
John Hooker sets up business as an “Ox Conductor”. Buys an express
(wagon) and 2 horses and set up as a General Carrier. In 1883, begins
shipping agency work for Northern SS Co Buys first motor Truck in 1916.
1925Hooker Bros Ltd is formed
1936Last horses replaced by trucks. By 1952, the fleet is 16 lorries with a staff
of 26
1976Sold/Merged with TNL (Newman's Group)
1987 -
1988
Newmanssell Freight companies to Transpac. In 1988, Transpacgoes
broke
1989Hooker Bros bought back by Taranaki owners
1989 -
2017
Ongoing M&A activity to build a leading position in the New Zealand
transport sector
2017Establishes strong presence in the logistics sector, creating an end to end
customer supply chain
Dec 2017Listed on NZX via a reverse listing with Bethune Investments.

JOINING THE NZX
•Long term exit strategy for founders, that would ensure the continuance
and growth of the company and attract a professional Executive Team to
lead the company into the future
•Alternatives to listing: Continue as private –not practical; Dismantle and
sell –reluctant; Sell group –Trade and Private Equity interest
•Comprehensive process undertaken to consider alternatives and complete
reverse listing
•Reverse listing met the partner and company’s needs: Allows for
controlled exit for partners; Ability to attract highly experienced CEO and
Directors; More robust governance model; Allows for staff participation;
Opens up the business to other interested parties
THE RESULT
•A listed entity –anyone can share in the fortunes of TIL Logistics Group
•Platform which enables the future growth of the company
•We remain New Zealand owned and operated and in control of our destiny
TIL Logistics Group Annual Meeting October 2018

TIL LOGISTICS GROUP
TIL Logistics Group Annual Meeting October 2018
•One of New Zealand’s largest
domestic freight and logistics
platforms
•Nationwide network of branches,
depots and warehouses with 60
locations and over 185,000m2 of
warehousing space
•Dedicated team of over 1,700
employees and contractors
•Fleet of some 930 trucks, 1,216
trailers, 310 forklifts and 179 light
vehicles with the acquisition of
Specialised Lifting and Transport
Group
•Operates one of the largest
petroleum product Dangerous
Goods (DG) road tanker fleets in the
country
5

GROWTH DRIVERS AND
OPPORTUNITIES
INCREASE THE VOLUME OF FREIGHT TRANSPORTED BY TIL:
•Selectively target new customers that align with TIL Logistics’ platform
•Capture a greater proportion of existing customers’ supply chains
IMPROVE UTILISATION LEVELS OF EXISTING AND NEW NETWORKS:
•Increase volumes on existing platform with minimal investment
•Intermodal expansion –utilisationof rail and coastal shipping
OFFER CUSTOMERS A BROADER RANGE OF SERVICES:
•Ability to offer a full range of logistics services
MINIMISE COSTS OF SERVICES PROVIDED:
•Make the most of TIL Logistics’ inherent operating leverage
•Leverage technology, exploit available cost efficiencies and scale
GROWTH THROUGH ACQUISITION
TIL Logistics Group Annual Meeting October 20186

Management
Presentation
TIL Logistics Group Annual Meeting October 20187
Alan Pearson

FY18 KEY EVENTS
Busy year with highlights being the successful reverse listing transaction and expansion of Logistics
division
•Significantly expanded Warehousing and Logistics offer -successful integration of acquired businesses
•Implemented a new Warehouse Management System throughout MOVE sites
•Negotiated a number of major new customer contracts (including renewal of partnership with Z
Energy post-year end)
•Continued to upgrade the Fleet with around 90 new vehicles, including trucks and trailers, entering
the operation
•Completed reverse listing on 6 December 2017, changed name to TIL Logistics Group Limited (NZX:
TLL) and appointment of a new Board including three independent Directors
•Alan Pearson commenced as the new TIL Logistics Group CEO from March 2018
•Year on year uplift in results, mainly driven by acquired businesses, however down on PFI due to
increased operating expenses and other business and operational factors not included in PFI
8
TIL Logistics Group Annual Meeting October 2018

YEAR ON YEAR UPLIFT
On an adjusted basis excluding non-trading costs
239.3
331.5
0
100
200
300
400
Total Income
FY17FY18
9TIL Logistics Group Annual Meeting October 2018
17.6
6.9
26.2
0
10
20
30
EBITDA
FY17FY18FY18A
5.9
-12.2
7.1
-15
-10
-5
0
5
10
NPAT
Total income $331.5m
Sales revenue $325.6m, up 38% YoY
Strong sales in 1H18 carried through into 2H18
Reflects benefit of new business acquisitions and
expanded Logistics offer
EBITDA $6.9m
Operating expenses impacted by rising fuel prices,
increased wage and rent cost and higher fleet lease costs
Adjusted EBITDA* $26.2m, up 49% YoY
NLAT$(12.2)m
Adjusted NPAT* $7.1m, up 20% YoY
Dividend2.3 cents per share for second six months of FY
229.8
337.2
0
100
200
300
400
Operating Expenses
•Non-trading costs of $6.5m associated with the reverse listing process and $11.6m in
share based payments (as noted in the PFI) and $1.2m relating to revaluation of
deferred consideration for acquisitions in the prior period.
•See the glossary slide for an explanation of FY18 EBITDA, adjusted EBITDA and adjusted
NPAT.
•Non-GAAP information: A reconciliation of non-GAAP to GAAP measures is included in
the FY18 Financial Statements.

FY18 PFI TO REPORTED EBITDA AND NPAT
10TIL Logistics Group Annual Meeting October 2018
Operating expenses were
higher than PFI forecast due
to:
•Rising fuel prices;
•Increased wage costs as
an acute shortage of
drivers has led to
increased wage rates
across the industry;
•Increased property rent
costs reflecting additional
warehouse capacity; and
•Higher fleet lease costs
with TIL now leasing more
trucks rather than
purchasing them outright.

SEGMENT REVENUE AND EARNINGS
0
100
200
300
400
FY17FY18
$ Millions
REVENUE
11
TIL Logistics Group Annual Meeting October 2018
0
5
10
15
20
25
30
FY17FY18
$ Millions
ADJUSTED EBITDA
FY18 REVENUE
FY18 ADJ EBITDA
Freighting: Solid performance from existing
businesses. Initiatives in place to drive sales
growth
Logistics: Primarily comprises NZL Group and
Move Logistics, acquired in late FY17, both of
which are performing well
Asset Management: Earnings generated from
leasing of trucks and trailers to TIL Logistics
businesses
Other: Includes small contribution from
freight forwarding services.

THE TRANSPORT
AND LOGISTICS
SECTOR
TIL Logistics Group Annual Meeting October 201812

THE SECTOR
•Highly competitive with a large
number of operators
•Amount of freight activity in New
Zealand is principally driven by:
•the level of business activity or
GDP
•international trade in and out of
New Zealand
•overall population levels.
•Trend for businesses to utilise third
party logistics (3PL) providers
•RBNZ anticipating 2.6% growth in
2018 increasing to >3% growth per
annum in GDP in 2019 and 2020
Reserve Bank of New Zealand Monetary Policy Statement,
August 2018
13TIL Logistics Group Annual Meeting October 2018

NEW ZEALAND
FREIGHT BY
MODE
•Primary mode of freight in New
Zealand is by road
•TIL primarily utilises road
transportation but can utilise rail
or coastal shipping for freight
transport where it makes
economic sense
•Road freight is expected to
increase by almost 60% over the
next 30 years
National Freight Demand Study 2014
14TIL Logistics Group Annual Meeting October 2018

WAREHOUSING AND
THIRD PARTY LOGISTICS
•An increasingly important part of the
transport picture, particularly in NZ
•Growing demand for full services 3PL
providers
•3PL services include transportation,
warehousing, cross-docking, inventory
management, packaging and freight
forwarding
15TIL Logistics Group Annual Meeting October 2018

TIL’S STRENGTHS
•Diverse customer base and sector activities create
broad-based exposure to economic growth
•Nationwide network built on foundations of
regional strength
•One of only a few operators providing a
comprehensive nationwide service offering
•End to end transport and logistics supply chain
solutions
•Leading market positions in niche sectors such as
dangerous goods and specialised transport
•The heritage of TIL’s brands contributes to strong
customer loyalty across multiple regions
16
TIL Logistics Group Annual Meeting October 2018

FREIGHTING
OPPORTUNITIES:
•Grow the client base
•Expansion of specialist trucking operations
•Develop new services within the Group
•Increase the number of owner-operators within the fleet
FY19 INITIATIVES:
•Continue to grow the client base
•Focus on cost reduction, efficiency and waste minimisation projects
including careful management of rising wage and fuel costs
•Investigating opportunities to develop new services within the Group.
Focus on expansion of specialist trucking operations –recent acquisition of
Specialised Transport and Lifting Group
•Increase the number of owner-operators within the fleet
•Initiatives are in place to drive productivity improvements, with benefits
expected to flow through in FY19.
TIL Logistics Group Annual Meeting October 2018
17
TIL Logistics is one of the largest freight transport companies in New Zealand
and has a nationwide network with regional strength and speciality services
FY18 Revenue $220.8m
(68% of group revenue)
FY18 Adjusted EBITDA
$7.2m

SPECIALISED
LIFTING AND
TRANSPORT GROUP
•TranzcarrHeavy Haulage –
movement of heavy and over-
dimensional items throughout NZ
and overseas
•With Multi-Trans HeavyHaul, makes
TIL Logistics one of the leading
heavy haul providers in NZ
•Machinery Movers –extraction,
transportation and installation of
large machinery. New opportunity
for the company
•Machinery Specialists–advisory
services
•Currently generating annualised
revenue of $15 million
TIL Logistics Group Annual Meeting October 2018
18

PACIFIC FUEL HAUL
1
9
•One of the largest operators in the New
Zealand fuel delivery market
•Specialist fuel distribution equipment,
highly trained and Dangerous Goods
certified staff
TIL Logistics Group Annual Meeting October 2018

INTERNATIONAL
FREIGHTING
International freight forwarding with
a specialisationin the oil and gas
energy sector, IOS tank leasing and
shipping and full agency services
OPPORTUNITIES:
•Growth organically or by
acquisition
•Objective to materially increase
TIL International’s earnings and
consequently drive increased
volume through the TIL network
TIL Logistics Group Annual Meeting October 2018
20
Credit: Brian Carlin/Volvo Ocean Race
TNL International was heavily involved in shipping in containers from Lisbon, Cape
Town, Melbourne and Hong Kong during the Volvo Ocean Race, and shipping them
back out to Philadelphia, Gothenburg, Punta Arenas and Brazil for the next stages.

LOGISTICS
OPPORTUNITIES:
•Grow customer base
•Acquisition of complementary bolt-on businesses
•Cross sell 3PL offer within the Group
FY19 INITIATIVES:
•Continue to attract and retain customers
•Expect to realise benefits from new customer contracts inFY18
including Ports of Auckland and LytteltonPort
•Three new warehouse openings planned for FY19, taking total
capacity to 195,000m2
TIL Logistics Group Annual Meeting October 201821
Revenue $97.3m (30% of group revenue)
Adjusted EBITDA $7.1m
TIL Logistics’ expanded warehousing offering provides tangible
opportunities for increased customer engagement and growth

ASSET MANAGEMENT
Comprises the majority of the Group’s trucks and
trailers. Revenue generated from leasing of assets to
TIL Logistics Group businesses
•Increased assets and earnings reflecting expanded
TIL Logistics Group portfolio of businesses
•MOVE’s Southern Fleet Lease company added in
FY18
TIL Logistics Group Annual Meeting October 201822
FY18 Adjusted EBITDA $11.4m

THE OPPORTUNITY
FOR TIL
•Leverage scale and nationwide
network
•Diverse exposure to NZ industry –
grow our presence across a number
of different sectors
•End to end supply chain offer
•Strength in niche positions eg
Dangerous Goods
•Significant opportunity for
continued growth, both organic and
by acquisition
TIL Logistics Group Annual Meeting October 2018

TIL Logistics Group Investor Presentation December 2017
24

25

OUTLOOK
FY19 EBITDA expected to be between
$28m and $32m
Activity levels across the industry remain
high and long term outlook is positive
Additional $2.5m in costs and investments
expected in FY19, compared to PFI
-Commissioning of three new warehouses
for MOVE
-Investment into technology, people,
health & safety
-Additional fleet leasing
Half yearly dividend payments expected
to continue in FY19, in line with dividend
policy
Continue to assess acquisition
opportunities
Focus on organic growth -increasing
freight volumes, improving utilisation,
expanding the offer and driving
efficiencies.
TIL Logistics Group Annual Meeting October 2018
26
“There is growing demand for high quality, end to end freight
and logistics supply chain solutions, and TIL has the reputation,
expertise and capability to take advantage of this.”
Trevor Janes, Chairman

SHAREHOLDER
DISCUSSION
TIL Logistics Group Annual Meeting October 201827

RESOLUTIONS
TIL Logistics Group Annual Meeting October 201828

RESOLUTIONS
AUDITORS
•RESOLUTION 1: That the Directors be authorised to fix the fees and expenses of PricewaterhouseCoopers as the
Company’s auditor.
DIRECTOR ELECTIONS
•RESOLUTION 2: That Trevor Janes, who retires as a Director in accordance with the Company’s constitution and,
being eligible, offers himself for election by shareholders, be elected as a Director of the Company.
•RESOLUTION 3: That James Ramsay, who retires as a Director in accordance with the Company’s constitution and,
being eligible, offers himself for election by shareholders, be elected as a Director of the Company.
•RESOLUTION 4: That Gregory Kern, who retires as a Director in accordance with the Company’s constitution and,
being eligible, offers himself for election by shareholders, be elected as a Director of the Company.
•RESOLUTION 5: That Lorraine Witten, who retires as a Director in accordance with the Company’s constitution and,
being eligible, offers herself for election by shareholders, be elected as a Director of the Company.
•RESOLUTION 6: That Danny Chan, who retires as a Director in accordance with the Company’s constitution and,
being eligible, offers himself for election by shareholders, be elected as a Director of the Company.
29TIL Logistics Group Annual Meeting October 2018

OTHER BUSINESS
CLOSE OF THE MEETING
TIL Logistics Group Annual Meeting October 201830
Results of the voting will be released to
the NZX
Presentations available online at
www.til.kiwi

GLOSSARY
•Pro forma historical financial information has been sourced from audited and unaudited financial statements and management reports that are available
on the TIL Logistics Website under Investor Centre/TIL Transaction. Details of consolidation and other pro forma adjustments canbe found in the
Supplementary Financial Information on the TIL Logistics website under Investor Centre/TIL Transaction.
•Non-GAAP financial information: TIL Logistics Group uses several non-GAAP measures when discussing financial performance. These include Earnings
Before Interest, Tax, Depreciation and Amortisation, Share of (Loss)/Profit of Associates and Impairment of Goodwill (EBITDA), adjusted EBITDA excluding
non-trading costs and adjusted Net Profit/Loss After Tax (NPAT/NLAT) excluding non-trading costs. Management believes that thesemeasures provide
useful information on the underlying performance of TIL Logistics’ business.Reconciliations of the non-GAAP measures to GAAP measures, can be found
in TIL Logistics Group’s FY18 Financial Statements that are available on the company’s website.
•EBITDArefers to Earnings Before Interest, Tax, Depreciation and Amortisation excluding income from associates. EBITDA and pro formaEBITDA are non-
GAAP profit measures. TIL considers that pro forma EBITDA, which normalises performance for certain structural changes withinthe business and
removes the impact of a number of non-recurring items, allows for a better comparison of operating performance over the historical and PFI period and
for comparison with that of other company. Reconciliations between pro forma EBITDA and GAAP profit measures are contained within the
Supplementary Financial Information.
•FY18 EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation, Share of (Loss)/Profit of Associates and Impairment of Goodwill(EBITDA)
•NPAT/NLAT refers to net profit/loss after tax. Pro forma NPAT in FY2015-FY2018F represents NPAT after allowing for pro forma adjustments as discussed
under the heading “Financial Information Presented” above. There are no pro forma adjustments included in the FY2019F NPAT. Pro forma NPAT is a
non-GAAP measure. Reconciliations between pro forma NPAT and GAAP profit measures are contained within the Supplementary Financial Information.
•Adjusted EBITDA/Adjusted NPAT: Removes the impact of non-trading costs. The Board believes this provides a better reflection of the company’s
underlying performance.
•Pro forma net cash flows from operating activities is a non-GAAP profit measure. Pro forma net cash flows from operating activities have been calculated
as net cash flows from operating activities adjusted for the cash impact of the pro forma adjustments. The SupplementaryFinancial Information contains
reconciliationsbetween pro forma net cash flows from operating activities and GAAP profit measures.
31TIL Logistics Group Annual Meeting October 2018

32
DISCLAIMER
This presentation has been prepared by TIL Logistics Group Limited (“TLL”).The information in this presentation is of a general nature only. It is not a
complete description of TLL.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such
offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor.It does not take into
account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the
information that a prospective investor may require. Any person who is considering an investment in TLL securities should obtainindependent
professional advice prior to making an investment decision, and should make any investment decision having regard to that person’s own objectives,
financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon (and is not) an indication of future performance.This
presentation may also contain forward looking statements with respect to the financial condition, results of operations and business, and business
strategy of TLL. Information about the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothinginthis presentation is a
promise or representation as to the future or a promise or representation that an transaction or outcome referred to in this presentation will proceed
or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters mayprove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information
provided in the TLL Listing Profile.
TLL and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation and will have no liability (including for negligence)for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.
TIL Logistics Group Annual Meeting October 2018

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TIL LOGISTICS 2018 ANNUAL SHAREHOLDERS’ MEETING
26 October 2018

Trevor Janes, Chairman
SLIDE 1. WELCOME
Good afternoon everyone. I’m Trevor Janes, Chairman of your company. Thank you for coming along
to our first annual meeting as a listed company.
Before we get going, there are a few formalities I need to run through.
The closest emergency exit is in the far right corner of the conference room. The door leading out to
the deck can be used to exit also. Please meet at the assembly point across the road on the corner of
Hobson Street.
Restrooms are down the stairwell and to your right.
Now, I’m aware it’s after 4 o’clock on a Friday afternoon, so we’ll try to be as brief as possible.
Today, you’ll hear from both myself and our CEO, Alan Pearson, on our company and the
opportunities for our growth.
There will then be an opportunity for questions about the presentation. Please note that the only
persons entitled to speak at the meeting are shareholders, proxy holders or corporate
representatives of a shareholder.
We’ll then move to the formal part of the meeting and the resolutions. Once the voting is completed
and the meeting concluded, we invite you to stay and join the Board and management for
refreshments.
You’ll see we’ve brought along one of our driver training simulators. When we’re through here, I
invite you to test your truck-handling skills on it without 20 tonnes piling along behind you.
I would particularly like to welcome any Bethunes shareholders to the meeting. You may have been
somewhat surprised last year to see your investment move from auction houses and stamp
collections to transport and logistics, but we are working hard to ensure it is a rewarding transition
for you.
SLIDE 2. BOARD AND MANAGEMENT
So, here we are. We’ve been listed for nearly a year now, and we’ve put in place a strong
management structure and governance arrangements. You’ll hear from our CEO, Alan Pearson,
shortly, and you’ll have the opportunity to hear from each of our Board members later at this
meeting, when we come to the resolutions.
A quick introduction to the people up here with me – Alan Pearson our CEO, Lorraine Witten who is
head of the audit and risk committee, Jim Ramsay, one of the original founders of TIL Logistics and
now an executive director, Greg Kern, who helped steer the company through the reverse listing
process last year and Danny Chan, a very experienced independent director.

Also here today is Greg Whitham, our chief financial officer and a number of our staff and advisers.
Welcome to you all.
SLIDE 3. BECOMING A LEADING TRANSPORT AND LOGISTICS COMPANY
As I said in our recent Annual Report, it’s been quite a journey to becoming a listed company. John
Hooker started us off in 1869 with a wagon and two horses, but we really gained our national
presence and our scale of operations with a cluster of acquisitions from 2013.
The logical next step was to access the capital markets to fund our growth plans.
SLIDE 4. JOINING THE NZX
Most of you will have read in the media that we initially examined an IPO. But we were advised the
market conditions weren’t right.
Among other things, some institutional investors indicated we weren’t large enough. That did
surprise me, given we’ve just reported sales revenue for the 2018 year of $325 million.
In last November’s listing profile we gave prospective revenue for financial 2019 of $335 million.
The heavy haulage (Tranzcarr) acquisition we’ve just announced is currently generating another $15
million of annualised revenue ...giving us annualised revenue of around $350 million.
That’s hardly a small company!
So we proceeded with a reverse listing via Bethunes, and we’re very pleased with the result.
SLIDE 5. TIL LOGISTICS GROUP
The company you own shares in is one of real substance. Owning physical assets may not be in
fashion among tech-minded investors, but the assets we own are the sinews of the economy.
Business and consumers are always going to need things moved, stored and shifted. As the economy
grows, freight will grow with it.
SLIDE 6. GROWTH DRIVERS AND OPPORTUNITIES
But we don’t plan to cruise along and simply follow the GDP/freight link upwards.
Customers don’t just want their goods moved from A to B. They increasingly demand a transport and
logistics partner who can warehouse, move, and manage the links. On time, reliably, and at an
acceptable cost.
With our scale, reach, and depth of expertise, we can work our assets and networks more efficiently,
and keep our costs down.
We can expand by acquisition where it makes sense and adds long term value.
I’m confident that when I stand before you this time next year, we’ll have a good story to tell.
Before I hand over, I’d like to tell you about the thinking behind the introduction of the Dividend
Reinvestment Plan.
Long story short, TIL needs capital over time to pursue our growth strategy.

And inviting shareholders to reinvest some or all of their dividends conserves our cash. This is much
cheaper than placing shares at a discount to professional investors, or raising capital by way of a
rights issue.
We’ll still go to the market, and/or to the bank, from time to time for the bigger ticket items, such as
acquisitions.
But we’re aware some shareholders don’t need a cash income from their investment. And we can
put that money to good use. It also allows our shareholders to build their shareholding at a
discounted price and without the associated brokerage costs.
One of the reasons for the reverse listing was to provide the founders with a way to reduce their
exposure to the company, while ensuring it had a strong future. With this in mind, two of our largest
shareholders recently sold down a part of their holdings – Bowker Holdings which is the
shareholding vehicle of some of the company’s founders and Kern Group.
They both retain significant shareholdings, and remain supportive shareholders of the company.
SLIDE 7. MANAGEMENT PRESENTATION
I’ll hand over now to Alan Pearson to take you through the past year and give you some more detail
on what we’re working on.
SLIDE 8. FY18 KEY EVENTS
Welcome everyone. For those of you I haven’t met, I’ll be around after the meeting, and I hope
you’ll be able to say hello and ask any questions you may have.
We have a few other members of the senior management team here today. You’ve met Greg
Whitham, also here are:
• Richard Mather, the CEO for Move Logistics;
• Andy Stanley who is Pacific Fuel Haul’s CEO who retires next year and the incoming division
CEO, Stephen Owles;
• John Kyle CEO For TIL Freight;
• Warwick Bell, the new CEO for our recently acquired specialist business;
• Clayton Imbs who is CEO of International;
• Brent Leak, GM for NZL;
• Lee Banks, our group financial controller; and
• Allan Terris, Group GM Marketing.
Please feel free to introduce yourself to them after the meeting, they will be more than happy to
chat with you about their different businesses.
I’ve been around this industry for a long time, in both private and public companies, although this is
the first time I’ve headed a listed company. There’s a whole range of aspects to a public listed
company that are different from being private but probably the biggest difference is the level of
disclosure. In my opinion, this is a good thing. This is your company and we want to make sure you
are informed on our progress and performance.
We’ve covered the main events of the past year pretty comprehensively in the listing profile, in the
half year and annual preliminaries and reports, and in our NZX announcements.

I won’t labour the headline stuff, but there are a few aspects of the financials I’d like to take you
through in a bit more depth.
SLIDE 9. YEAR ON YEAR UPLIFT
We didn’t quite make the numbers we’d projected in our Prospective Financial Information last
November. While that was disappointing, our results were still a solid advance on the March 2017
year.
As our recently acquired businesses came together, sales were up 38% year on year; EBITDA –
adjusted for the costs of listing and share-based payments – was up 49%, and adjusted net profit
was up 20%.
These were great results, driven in part by acquisitions as well as growth in our existing businesses,
and reflect the value of our growth strategy.
SLIDE 10. PFI
Disappointingly, we were down against our PFI expectations which were set almost a year earlier.
This was primarily due to higher operating expenses including:
• Rising fuel prices;
• Increased wage costs as an acute shortage of drivers has led to increased wage rates across
the industry;
• Increased property rent costs reflecting additional warehouse capacity; and
• Higher fleet lease costs with TIL now leasing more trucks rather than purchasing them
outright.
We also had an increase in the expected earnout for Move Logistics, given its positive performance.
SLIDE 11. SEGMENT REVENUE AND EARNINGS
Despite some curve balls from things we can’t do much about, such as the weather and rising fuel
and wage costs, each of our divisions turned in a solid performance.
Freighting remains our largest division, although our newer logistics businesses are giving it a run for
its money.
SLIDE 12. THE TRANSPORT AND LOGISTICS SECTOR
We have talked about our opportunity in the transport and logistics sector quite a bit, but I thought
it worth repeating for any newer shareholders in the room. While we live and breathe this every day,
I’m aware that some people may not have the same exposure and understanding.
SLIDE 13. THE SECTOR
As Trevor has said, demand for freight and logistics closely follows GDP, and the Reserve Bank of
New Zealand is forecasting strong GDP growth over the next two years.
SLIDE 14. FREIGHT BY MODE
Freight by road is the primary mode of transport in New Zealand and we don’t see this changing.
While the current government is putting more investment into rail, we still have limited rail
infrastructure and a high level of time sensitive, inland freight movements which are not suited for
coastal shipping.

What we do expect to see is more multi-modal transport options, using a mix of transport options
such as shipping, rail or road depending on a customer’s needs.
Our expertise in the logistics sector means we are well set up to help our customers utilise the best
option for specific freight loads.
SLIDE 15. WAREHOUSING AND 3PL
There is a growing trend for businesses to move their warehousing and logistics operations to third
party logistics providers – or 3PL providers.
With our acquisition of MOVE last year, we established a real presence in this sector and are well
able to benefit from this trend.
SLIDE 16. OUR STRENGTHS
Our strengths are...
Our diverse exposure to New Zealand industry – we’re not dependent on any one particular sector.
We have a national network with regional strength, so we can offer our customers not only an end
to end supply chain offer, but also a nationwide service.
We also have leading positions in niche market sectors such as Dangerous Goods and I’ll talk more to
this in a minute.
Finally and most importantly, we have strong customer relationships and have worked with many of
our customers for years if not decades.
SLIDE 17. FREIGHTING
Let’s now take a more detailed look at our business and the different divisions.
As the Chairman noted in the Annual Report, there are a lot of very small trucking companies in New
Zealand, and they’re finding the going tougher and tougher.
With five trucks or fewer, you don’t have much clout to negotiate with suppliers.
The tighter regulatory environment for safety is welcome and overdue, but you need depth of admin
and management just to comply with the letter of the law, let alone the spirit.
And your offer is limited to just shifting freight, probably with limited range and flexibility.
So for Freight, we’re confident we’ll see our client base continue to grow over time as businesses
look for strong providers.
And we’ll keep doing those things we can do well using our depth of management expertise and our
financial resources.
Given rising wages and fuel prices, cost control is a big focus. And while we’ve always owned most of
our fleet, we’re now increasing the number of owner-operators and leasing trucks rather than
owning them outright. This results in higher lease costs across the fleet, but we believe these are
more than outweighed by other costs saved, and by increased flexibility.
We’re also investigating opportunities to develop new services within the Group and our recent
acquisition of the Specialised Transport and Lifting Group is a great example of this.

SLIDE 18. SLTG ACQUISITION
We announced the acquisition of Specialised Lifting and Transport Group at the beginning of this
month. These are great businesses and offer multiple synergies with our existing offer.
While we have a really good existing heavy haulage business, Multi-Trans Heavy Haul, we never
really had the scale we needed. The addition of Tranzcarr provides a step change for us in this sector
and makes us one of the leading providers.
Machinery Movers is a new area for us – moving heavy equipment from place to place within an
existing business, or transporting it across New Zealand. And Machinery Specialists provides advisory
services for the transportation of over size items.
SLIDE 19. PACIFIC FUEL HAUL Z ENERGY
Another big achievement for us in this financial year has been the renewal of Pacific Fuel Haul’s
partnership with Z Energy. We have worked with Z for a number of years and have now signed a
long term, exclusive strategic supply contract with increased volumes and wider distribution
coverage.
This is a very specialised area and Pacific Fuel Haul is one of largest operators in the NZ fuel delivery
market. Z Energy is one of our biggest customers, along with Farmlands.
As well as cartage of petrol, diesel and aviation fuel for Z and Caltex, we’re also transporting crude
oil and LPG for our customers.
SLIDE 20. INTERNATIONAL FREIGHTING
International freight forwarding is another specialist service we offer, with a particular specialisation
in the oil and gas industry.
We arrange the transportation of freight domestically and internationally on behalf of our
customers, leveraging our network of strategic alliances.
We see this as offering growth opportunity for our business, with good earnings potential. It will also
benefit our domestic business as we transport freight to ports and airports.
SLIDE 21. LOGISTICS
Our Logistics business is quite new, to us. We bought MOVE only last year, but we’d been observing
for some time before, that customers were getting out of the warehouse-owning business.
But just selling your warehouses to a property owner doesn’t cut it.
Producers, manufacturers and retailers are looking for a partner who can “store” as well as “ship.”
And they want a partner who can make the two functions work efficiently and seamlessly together.
And fit into their operations Just in Time, so they can tailor their production and make sure their
shelves are never empty.
That’s 3PL – Third Party Logistics. With Move, we now have a really strong 3PL offer and provide our
customers with a full end to end supply chain solution, from pick up, transport and storage to
delivery.

SLIDE 22. ASSET MANAGEMENT
Just a brief mention of asset management as you might have seen it mentioned in our annual report
and financial results. This isn’t something you’ll see outside the business – it’s an internal division
that comprises the majority of our trucks and trailers. Revenue is generated from leasing of these
assets to the businesses within our group.
SLIDE 23. THE OPPORTUNITY FOR TIL
Moving back to a Group focus.
Combining our seven businesses gives us opportunities to use our assets smarter, across the Group.
This basically means we can leverage our financial resources and bargaining power to help out our
businesses at the operational level, and boost margins.
So, summing up, as shareholders in TIL you have exposure to a sector that’s linked strongly to the
growth of the economy.
But, as the Chairman said, we’re not just riding the GDP escalator up. We have strong opportunities
to grow our revenue and margins at a rate higher than the sector generally.
We’re very aware of the current and future opportunities in the sector and we’re making sure we’re
at the front of them.
SLIDE 24. REDUCING OUR FOOTPRINT
July this year saw the launch of the Climate Change Leaders Coalition, of which TIL Logistics Group is
a founding member
As I have said in our Annual Report, this is not mere greenwashing. While we will always have some
impact, due to the nature of our business, we are committed to lightening our foot print where we
can.
In joining the Coalition, we also announced a number of specific initiatives:
• We became a cornerstone partner of Z Energy for the use of bio fuels across TIL’s truck fleet
in New Zealand
• We are implementing in-cab technology such as Eroad to monitor driver behaviour for fuel
efficiency
• We are using selective catalytic reduction technology in our fleet to reduce emissions
• And we have invested in LED lighting across all TIL Logistics group warehouses.

SLIDE 25. HYDROGEN FUEL TECHNOLOGY
One of the trends that we feel it’s worth keeping an eye on is the use of hydrogen as a fuel
alternative.
Hydrogen technology offers a zero emission fuel solution – there’s no combustion and the only
emission is water vapour.
Some of NZ’s top experts in the technology are in our backyard and we’re supporting Hiringa to
further investigate the use of hydrogen as a large scale fuel option.

SLIDE 26. OUTLOOK
It’s now been nearly a year since we joined the NZX, and as expected our evolution is taking its
course.
We’ve identified some new investment opportunities which have associated costs that weren’t in
the Prospective Financial Information. These are growth-oriented. What we can’t foresee of course
are the externals, such as oil prices.
We’ve started the current year strongly.
We haven’t seen any affect from the lagging business confidence indicators and the Government’s
investment in to the regions can only be good for our business.
The second half of the year will see us continuing to focus on what we are doing well – growing our
businesses, building our customer base and identifying opportunities to leverage our strengths in the
market.
We are expecting EBITDA for FY19 to be between $28m and $32m, taking into account the changes
in the operating environment as previously advised, additional costs associated with increased
leasing of trucks and the opening of new warehouses, and includes a partial year contribution from
new acquisitions.
I’ll now hand you back to our Chairman now to take questions and conduct the formal business of
the meeting.
ENDS