Annual Shareholders’ Meeting Presentation and Addresses

1


NZX.MPG, ASX.MPP

Metro Performance Glass Limited
Annual Shareholders’ Meeting, 25 July 2019

Chair’s address

Ladies and gentlemen, I’d now would like to make some remarks on Metroglass’ 2019 financial year and our
competitive landscape, reiterate our four strategic pathways, and cover the Board’s priorities.
After an extensive search we were pleased to appoint Simon Mander as Chief Executive in November. He has
been with us for eight months but is already in high gear bringing his style and focus to the successful
delivery of our strategy, which remains focused on consistently delivering high quality products and services
to our customers. You will of course hear from Simon shortly.
The Metro Performance Glass group had a busy and challenging year with both significant positive
achievements and some disappointments.
In New Zealand, which represents approximately 80% of group revenues, we made steady progress this year
with improved operating performance and financial results. Product quality and delivery performance
improvements were sustained well through FY19, supporting a record revenue result. New Zealand’s EBIT of
$31.1 million was also among the highest achieved in the last 10 years.
Market fundamentals in New Zealand remain supportive for Metroglass with annual dwelling consent
numbers now at a 45-year high, alongside a very healthy pipeline of non-residential projects.
In contrast however, our Australia business, the Australian Glass Group continued to struggle to bed in the
substantial changes we have made in the past 24 months. These changes have included: a capital
programme to enhance manufacturing capability and capacity, shifting the supply chain to use imported raw
glass supply, refocusing the manufacturing and sales effort towards double glazing, and opening our third
Australian glass processing factory.
In hindsight, we overestimated our ability to work effectively on this wide range of initiatives. Across the
board, our progress was slower than we expected. Consequently, operational performance and customer
service was negatively impacted in the period. The resultant financial loss and intangible asset impairment
recorded in Australia has overshadowed the strong performance in New Zealand.
The Executive team and the Board recognise that AGG’s results are not acceptable. For some time now AGG
has been executing detailed state-by-state recovery plans and pleasingly I can report that the operating
metrics at every site have now been at much improved levels for more than six months.
Delivering on the opportunities we see in Australia will take time, and we don’t want to repeat our mistake
of being overly confident of our ability to execute rapid change. We’re very focussed on building customer
trust and confidence in the quality of our products and the reliability of our service.
At our current rate of progress, we expect to significantly reduce the EBIT loss in Australia this financial year,
with year on year improvements weighted towards the second half.

2

In November last year we announced our decision to change our capital management stance to prioritise debt
reduction and suspend dividend payments. This decision was made after reviewing the group’s operating
performance, the dynamics of our increasingly competitive landscape, group capital demands and the
uncertainty of how the Australasian building cycles might evolve in the coming years.
Pleasingly, stronger cash flows in New Zealand enabled net debt to be reduced by $11 million in FY19, ahead
of the $7 million we had previously indicated.
At 31 March 2019, the group’s gearing ratio of net debt to EBITDA was 2.1 times. Currently, we expect this
ratio to fall below our target of 1.5 times in the first half of the 2021 financial year. At that point the board
will have the opportunity to review our capital management position again. We will have a range of options
to consider including resuming dividend payments or possibly a share buyback. We will update shareholders
on this matter alongside the company’s FY20 results release in May next year.
The demand for glass products and solutions continues to grow in both New Zealand and Australia,
encouraging capacity investment from both new and existing operators, and stimulated import competition.
Our pivot away from pursuit of top line sales growth to a focus on quality and service performance may see
our share of the total market progressively reduce but we expect our revenues to remain steady while our
profitability improves.
We know that our customers already have many choices on where to buy and we are working hard to
further differentiate and reinforce Metroglass’ value proposition so that we remain the supplier of choice.
During the year a large aluminium extruder, APL, announced plans to build a new glass processing plant near
Cambridge. This announcement had a substantial negative effect on Metroglass’ share price. The board
believes that the market capitalisation does not reflect the underlying value of the enterprise and implies an
overly pessimistic view of the group’s future performance.
Once the APL facility is built and operating reliably, we do anticipate a reduction in our sales to affiliated
window fabricator customers, primarily from those near the plant.
To put this issue into proportion, circa. $25 million of our New Zealand revenue in FY19 of $217 million was
associated with APL affiliated customers in the upper North Island. We expect that some of these customers
will be the initial targets once their new plant becomes operational. We anticipate the APL facility to
commence production in mid-2020 so that these impacts are likely to start over the course of FY21.
You can be assured that we are working on customer retention strategies which will help to mitigate the
impact from increased competition and industry capacity. The board and management are continually
considering a range of future scenarios for the glass industry in Australasia, with many aspects of the market
changing right now. Some participants are accumulating and integrating existing businesses, while others have
changed ownership and are pursuing different strategies.
Metroglass currently holds a key position in both New Zealand and Australia and we are confident we will
generate the appropriate strategic responses as they are required. While some shareholders have asked us to
disclose more details of these options, as the only remaining locally listed operator we consider these
commercially sensitive.
At Metroglass our vision is to be the leader in glass solutions. We seek to do this by providing the best solutions
and service to our key customers and making Metroglass a great place to work.
We continue to believe that we have the correct strategy in place, and we’re focussed on our four strategic
objectives of delivering market-leading service for our customers, developing our organisation capabilities,
utilising Metroglass group’s scale and leadership position across a wide range of channels and markets, and
finally, leveraging our scale and quality assets to deliver solutions efficiently and driving for lower unit costs.

3

In closing I’d like to make a few remarks on governance. From my point of view as Chair it has been
important for the board to be stable for the past year particularly in the absence of a CEO. During this
period, all directors were, and still are, highly engaged and committed to Metroglass’ success.
As a board we constantly seek to be more effective governors of the company by regularly reflecting on our
process and practices. We persistently ask ourselves if we are sufficiently focused on the future and what
the key issues for the group truly are.
We also recently undertook an extensive formal review of the board with an external consultant to support
the board in our pursuit of greater effectiveness.
I’d now like to invite our CEO Simon Mander to speak to you and then we will pause for questions. Thank you.

Chief Executive Officer’s address

Good morning everyone.
Firstly, I’d like to thank you all for attending today. I have spent a lot of my time since joining Metroglass
talking with customers, staff, suppliers and shareholders in NZ and Australia.
One thing that is consistent is that there is a clear desire from all stakeholders to see Metroglass get better.
Our customers want us to get better so their businesses can be more successful, our staff want us to be
better to enable our customers to be more successful and of course our shareholders want and deserve
improved performance.
In Australia it is clear it was a very difficult year for AGG. I spoke about this at some length when we
announced our results in late May. What I can say is that I am greatly encouraged by the improved level of
staff engagement and steady operational improvements I see each time I visit.
It is very clear to me that Metroglass has changed significantly in the last year which may not yet be obvious
to those outside the business. I think it can be best described as a move away from the maths and machines
to a focus more on the people who make it all work and of course refocusing on the customer. We have
been arguably guilty of being too internally focussed – but we had plenty to work on.
Pleasingly, we have seen our operational performance metrics and our staff engagement metrics improve.
When I visit our factories and branches and talk with staff the feedback is consistent – “It’s a different
Metro, we feel in control. It is getting better”.
When I visit customers, I am told that our customer service is good and improving and we are much better at
communicating issues than a year ago. Our recent customer survey shows we still have work to do in
improving our product quality and our delivery performance. I am confident that with our engaged staff and
improved operations we will deliver on this.
Earlier this calendar year we changed the organisational structure of both our NZ and Australian businesses.
In NZ we have moved to a regional structure to improve the speed of internal decision making so we can be
more responsive to our customers. Our factories now report locally rather than nationally.
In Australia, post year end we reduced our overhead and moved to a simpler structure bringing NSW and
Victoria into a single grouping with Tasmania remaining a satellite operation.
How have these changes been reflected in our financial performance?

4

To summarise the group’s financial performance in the 2019 year:
 The group delivered revenue of $268 million in line with the prior comparable period, and EBIT
before significant items of $25 million, below the prior year, but in line with our March guidance.
This resulted in an NPAT before significant items of $14.2 million.
 New Zealand had a good year with revenue growing 2%, to $217 million, and EBIT growing 6%, to
$31 million.
 AGG had a very challenging year and delivered an EBIT loss of $4.8 million for the period. This result
contributed to the decision to impair the value of AGG’s intangible assets by $10 million.
 We continued our focus on debt reduction, decreasing reported net debt by $11 million to $83
million.
 We made good progress on our people and customer focussed initiatives in New Zealand. Our
operational performance with customers improved significantly, along with employee voluntary
turnover which reduced from 31% to 22% in the year and absenteeism reduced by approximately
10%.
 Operational and service improvements have been achieved in Australia following the business reset
during the year, with further remedial milestones in place. I’ll cover this more later.
Further to Peter’s introduction, I’d like to share with you the progress we made against our strategic
initiatives during the year.
To deliver market leading customer service we must make it easy for our customers to do business with us
and we must support our customers’ success. We sought to further understand our customers’ needs by
introducing an ongoing programme of surveys and engagement, first in September 2018 and then last
month. The feedback from our September 2018 survey allowed us to prioritise our initiatives and focus on
driving higher product quality standards and improving delivery performance. While our operational
performance metrics show our quality improving and our delivery performance lifting our most recent
survey tells us our customers need us to do more work in these areas – and we agree. I’ll come back to this
shortly.
During the 2019 financial year, while service levels in New Zealand improved, AGG’s service levels were
volatile and well below target. Following the business reset, AGG has now been delivering at much
improved and more consistent levels for more than six months, and we’re pleased to have had many
customers return to us.
We focussed on developing our organisational capabilities through engaging with our teams, aligning wage
rates, strengthened leadership and supervision in our manufacturing plants, underpinned by a culture
targeting safety and quality.
At Metroglass we believe that all injuries are preventable, and that our people should get home safe every
day. While our total reportable injury frequency rate improved in FY19 versus the prior year, we were
disappointed that the number of lost-time injuries increased after reductions in each of the two previous
years.
We are working hard to ensure safety is at the forefront of people’s minds. In addition to adding a Group
Health and Safety leader, who reports directly to me, we have worked to strengthen our incident
investigation process and even developed improved personal protective equipment ourselves where we
don’t consider the industry standard equipment is good enough to adequately protect our people.
We have also launched an improved performance management program, supporting the relationship
between managers and their direct reports towards meaningful conversations. Pleasingly, voluntary
employee turnover reduced from around 31% to around 22% in the year.

5

Metroglass maintains its position as the largest glass processor in New Zealand and increased both revenue
and profitability in FY19.
In Australia, we commissioned a new Tasmanian facility that achieved its first-year objectives and launched
our best in class range of low emissivity (LowE) double glazed units into the market.
Finally, in regards to our fourth objective of leveraging our scale to deliver solutions efficiently, I was
particularly pleased with the manner in which we reshaped our South Island business to better service the
reduced activity levels in the region, and with the innovation being shown in trialling an improved finished
goods delivery system that will improve efficiency in logistics as it is rolled out.
I’d like to highlight some other achievements from the year, including:
 That 30% of the workforce at our Highbrook plant are now involved in self-led kaizen / continuous
improvement projects focussed particularly on improving our quality proposition
 We reinitiated a staff engagement survey and held more than 30 action planning workshops with
our people to move us forward
 Voluntary employee turnover reduced by 9%
 We had 27 apprentices engaged through the business in FY19 as we seek to develop the capabilities
needed for our workforce from within. This is a big focus for us, and we now have more than 50
apprentices enrolled
 I am also proud to share that we have won a few awards this year:
o We won two Windows and Glass Association of New Zealand awards for designing with glass
in commercial projects
o And, at an individual level, we are proud of Jacob Clayton from Dunedin who won the Most
Promising Apprentice – Glass and Glazing award.

Last September we conducted an internally created customer survey which gave us great insight into what
our customers valued in their glass supplier. The key factors they were looking for were quality, lead time
and delivery in full. Based on this, we launched numerous improvement initiatives to target improvements in
these areas.
In June this year, using an external provider, we surveyed 473 people across 182 of our NZ and Australian
customers. We are pleased that 74% of our customers responded compared to a normal expected response
rate of 56%. In NZ our overall rating was 7.3 out of 10 and in Australia we achieved 8.0 out of 10.
We have committed to conducting this survey every 6 months for the next 2 years so it will be interesting to
see how we improve.
More importantly though it is what our customers are telling us rather than the absolute score. Looking at
the word map – broadly Green is Good and Red is where we need improvement. You’ll notice that the same
word appears in Green and Red – some customers rate us positively on one aspect while others rate us
adversely on the same thing.
In NZ the feedback is that our Customer Service, Account and Project Management is good while we clearly
have more work to do on our delivery performance and quality. In Australia our Customer Service, Account
and Project Management and delivery performance is rated highly although we have more work to do to
improve our quality.
This feedback provides rich information which we are feeding into our improvement plans.
New Zealand’s elevated levels of residential and non-residential construction are persisting, however supply
constraints in the broader market are likely to limit growth.
These macro-factors are supportive of our New Zealand business, as we focus on execution.

6

Given the customer feedback last year we embarked on a suite of performance improvement initiatives.
Pleasingly, our quality and delivery performance improvement initiatives have progressed well through FY19
and into FY20. There has been a notable increase in quality as evidenced by reducing the percentage of
products that reach our customers damaged, or not at the expected quality. As we continue to improve in
this area, we would expect to see our customers reflect this in their feedback.
In Australia, we note the softening of leading indicators of Australian residential construction activity,
particularly in multi‐residential approvals.
Australian Glass Group is primarily involved in new detached houses and alterations and additions, in the
South East of Australia. These segments and regions have been less impacted to date; however, leading
indicators suggest activity levels will soften in the coming 12‐24 months.
Countering this however, we are a smaller player in a fragmented market, and continue to see the
penetration of double glazing increasing alongside supportive regulatory changes in our target markets. I’ll
talk to this in more detail shortly.
Australia has pleasingly continued its operational recovery entering FY20. Not only has our service delivery
to customers improved in DIFOT terms, but the average lead-time has roughly halved from 8-9 days to 4-5
days. In terms of quality, reworks are at their lowest seen in over 12 months.
Energy efficiency in residential buildings plays an important role in lowering energy bills for households. It
also improves the comfort and health of occupants, saves energy and reduces wastage for the wider
economy.
A key thesis behind Metroglass’ expansion into Australia via the acquisition of Australian Glass Group was
the currently low but increasing usage of double glazing in new residential buildings. Metroglass has strong
core competencies in double glazing production and this market provides us with significant opportunity.
In New Zealand, more than 90% of new homes are double glazed. In Australia this is currently much lower,
with Victoria and Tasmania at approximately 70% and New South Wales at 10-15%.
Australia’s revised National Construction Code came into force in May this year, requiring increased energy
efficiency in new commercial buildings. The current expectation is that a similar change will be applied to
residential buildings in the next code review in 2022, with strong initial requirements in colder climates.
This roadmap of increased energy efficiency requirements will continue to support the increased use of
double glazing into the future.
We are well positioned within the market to benefit from these changes in building codes, and with a focus
on getting the customer service and quality right, we can prosper over the long term.
Looking forward to the 2020 financial year:
 While consents in New Zealand have increased, we expect activity levels to be similar to last year
given persistent supply-side constraints
 In Australia, we expect to deliver an improved result despite further contractions in housing starts
 Financially, we currently anticipate:
o Group EBIT of between $25m - $27m. This is before the impact of the changes to lease
accounting standards which we expect will increase EBIT by circa. $2m, and
o Net debt reduction of circa. $15m

7

I’d like to take the opportunity to thank all our shareholders, staff and the Board for their support this last 8
months and for the way you have all welcomed me into Metro Performance Glass. I have really appreciated
this support and have enjoyed my time here.
Thank you.

---

Strictly confidential and not for public release
Annual Shareholders’ Meeting26
th
July 2019
Metro Performance Glass

Strictly confidential and not for public release
Introduction to Metroglass Highbrook
1

Strictly confidential and not for public release
Meeting agenda
1.
Chairman’s address
2.
Chief Executive Officer’s address
3.
General business and shareholder questions
4.
Ordinary business and resolutions
5.
Voting
6.
Refreshments
2

Strictly confidential and not for public release
Board of Directors
3
Angela BullIndependent, non‐executive DirectorChair of People and Culture CommitteeAppointed: May 2017
Gordon BuswellIndependent, non‐executive Director Member of People and Culture CommitteeAppointed: October 2015Russell ChenuIndependent, non‐executive DirectorMember of Audit and Risk CommitteeAppointed: July 2014
Peter GriffithsIndependent, non‐executive ChairMember of Audit and Risk CommitteeAppointed: September 2016
Willem (Bill) RoestIndependent, non‐executive DirectorChair of Audit and Risk CommitteeAppointed: July 2014
Rhys JonesIndependent, non‐executive Director Member of People and Culture CommitteeAppointed: April 2018

Strictly confidential and not for public release
Chairman’s Address

Strictly confidential and not for public release
Key messages
5
Steady progress in New ZealandRecovery plans on track in AustraliaDebt reduction a key focus near termDynamic competitive landscape

Strictly confidential and not for public release
6
Our goals
Deliver market leading customer serviceDevelop our organiza
tional capabilities
Uphold our scale strength throughproduct & channel leadershipLeverage that scale to deliver solutions efficiently

Strictly confidential and not for public release
Governance
7
Key activities during FY19•
Completed recruitment of new Group CEO who joined in November 2
018
•
Formal board review with external consultant
•
Highly engaged board, conducting 15 board meetings, 7 audit and
 risk committee meetings, 6 people and culture 
committee meetings 
Current focus•
Continued evolution of group strategy and monitoring execution
•
Progressing a number of importa
nt sustainability initiatives

Strictly confidential and not for public release
Chief Executive Officer’s Address

Strictly confidential and not for public release
Summary of the FY19 year•
EBIT in line with March guidance, stronger debt reduction
•
Improved financial results in New Zealand 
(80% of group revenue)
•
Good progress made on people and customer focused initiatives i
n NZ, positioning the company well for increased 
competition
•
New Tasmanian plant achieved year one targets including reachin
g EBIT breakeven in Q4
•
Strengthened balance sheet with reported net debt reduced by $1
1m
Balanced by•
Disappointing Australian financ
ial results, including impairmen
t of Australian intangible assets. Remedial actions and clear 
milestones in place for performance improvement
•
Operational improvements began emerging in Victoria and New Sou
th Wales following business reset
•
Increased competition across our markets
9

Strictly confidential and not for public release
10
Executing on Metroglass’ strategic objectives
Deliver 
market leading
customer service
Develop our 
organisational 
capabilities
Uphold scale strength 
through 
product & channel 
leadership
Leverage our scale to 
deliver 
solutions efficiently
•
Good insights from customer surveys
•
Sustained improvements in NZ customer service
•
AGG operational metrics below‐target
•
Employee engagement initiatives deployed
•
NZ workforce stabilised
•
Continue to embed quality management culture
•
Reinvigorated performance management program
•
NZ commercial glazing revenue +9%
•
New Tasmania plant opened and achieved year 1 targets
•
Launched Australian LowEdouble glazing range
•
Right sized Canterbury business
•
Positive trials of improved finished good delivery system
•
Variable operational performance in AGG

Strictly confidential and not for public release
Award winner:
Designing with Glass –Commercial                               
                                                               
Farmers Corner Restroom Pavilion, Metro Performance Glass
11
9%
Reduction in voluntary 
staff turnover vs FY18
30%
Of Highbrook employees (for 
example) involved in self‐led 
continuous improvement 
projects
Award winner: 
Designing with Glass –Commercial under $100K                   
    
The Craft Embassy, Metro Performance Glass
WGANZ –Most Promising Apprentice –Glass and Glazing
30+
Staff engagement 
workshops run across the 
group in FY19
Apprentices 
enrolled
27
50
March 
2019
July 
2019

Strictly confidential and not for public release
Recent customer engagement
Customer contacts: 328Response rate: 74%
12
Customer contacts: 145Response rate: 74%
7.3/10
1
8.0/10
1
Survey question: “On a scale of 
1 to 10, how likely are you to 
recommend Metroglass to a friend or colleague?”

Strictly confidential and not for public release
13
Metroglass NZ product quality: % external reworksMetroglass NZ delivery perfor
mance: DIFOT and late tail
3
2.4 
2.0 
2.0 
4.1 
4.6 
5.2 
FY17
FY18
FY19
South Island
North Island
6.5 
6.6 
8,910 
8,374 
8,528 
21,716 
23,018 
25,988 
FY17
FY18
FY19
South Island
North Island
•
Residential dwelling consents for 12 months to 31 March 19 rose +10%
•
North Island +13%
•
South Island +2% Canterbury 0%
NZ residential consents (by number)
1
NZ non‐residential consents (by value $bn)
2
•
The value of non‐residential dwelling consents for the 12 months to 31 March 19 rose +8%
•
North Island +13%
•
South Island ‐3%
31,392 
34,516
7.1
30,626 
+2.2%
+10%
+8.0%
+2.1%
1. Source: Statistics NZ, number 
of residential dwelling consent
s (12 months to 31 March 2019). No lag has been applied.
2. Source: Statistics NZ, value o
f non‐residential consents (new
 plus altered; 12 months to 31 March 2019).
3. NZ delivery‐in‐full‐on‐time (DIFOT) is based on deliveries wi
thin a fixed lead time (48‐72 hours). Late tail is delivery wit
hin DIFOT + 48 hours.
New Zealand market activity and operational performance
Avg. residential lead time: 3 ‐4 days
0.0%1.0%2.0%3.0%4.0%
Q1‐FY19 Q2‐FY19 Q3‐FY19 Q4‐FY19 Q1‐FY20
50.0%60.0%70.0%80.0%90.0%
100.0%
Q1‐FY19 Q2‐FY19 Q3‐FY19 Q4‐FY19 Q1‐FY20
DIFOT
LateTail

Strictly confidential and not for public release
0.0%1.0%2.0%3.0%4.0%
Q1‐19
Q2‐19
Q3‐19
Q4‐19
Q1‐20
14
AGG product quality: % external reworksAGG delivery performance: DIFOT 
Avg. lead time:
8 ‐9 days
Avg. lead time:
4 ‐5 days
2.7 
2.7 
2.8 
2.7 
2.7 
2.6 
FY17
FY18
FY19
VIC
NSW
ACT
TAS
5.6 
5.7 
5.7 
36,179
38,423
38,275
29,670
29,565
28,868
FY17
FY18
FY19
Victoria
NSW
ACT
TAS
South East Australia detached 
dwelling approvals (by number)
3
South East Australia alterations & additions (by value A$bn)
3
•
Double glazing penetration is increasing
•
Detached dwelling (house) approvals for the 12 months to 31 March 19rose 0.1%
•
Victoria ‐0.4%, NSW ‐2.4%
•
The value of alterations and additions for the 12 months to 31 March 19 rose +0.1%
•
Victoria +0.9%, NSW –3.1%
68,847
71,333
71,405
Australian market activity and AGG operational performance
1. Source: Statistics NZ, number 
of residential dwelling consent
s (12 months to 31 March 2019). No lag has been applied.
2. Source: Statistics NZ, value o
f non‐residential consents (new
 plus altered; 12 months to 31 March 2019).
3. Australian Glass Group delivery‐in‐full‐on‐time (DIFOT) is ba
sed on meeting lead times negotiat
ed with customers at time of 
order acceptance. 
50.0%60.0%70.0%80.0%90.0%
100.0%
Q1‐19 Q2‐19 Q3‐19 Q4‐19 Q1‐20

Strictly confidential and not for public release
Cool Climate
Mixed Climate
Hot Climate
The use of double glazing in new residential buildings in Austr
alia 
remains low, but increasing and provides a significant opportun
ity
15
Management estimates of double glazing penetration in new residential construction
65%‐70%
10%‐15%
70%‐75%
95%
Victoria New South Wales Tasmania New Zealand

Strictly confidential and not for public release
Australia has a clear building code pathway in place that will 
provide 
strong impetus to the increasing use of double glazing
16
Roadmap of planned changes to Australia’s National Construction
 Code (NCC)
Initial trajectory set and changes to the NCC 2022 agreed
Increased energy efficiency requirements: Commercial buildingsRequires double glazing solutions
Increased energy efficiency requirements: Residential buildingsRequires double glazing in cooler zones
Continued progressionFurther minimum performance standards increases 
expected for 
both Commercial and Residential construction
Continued progressionFurther minimum performance standards increases 
expected for 
both Commercial and Residential construction
2018
2019
2022
2025
2028
Source: Council of Australian Governments Energy Council: http://coagenergycouncil.gov.au/publications/trajectory‐low‐ene
rgy‐buildings
.

Strictly confidential and not for public release
FY20 guidance
•
While consents in New Zealand ha
ve increased, we expect activit
y levels to be similar to last year given 
persistent supply‐side constraints
•
In Australia, we expect to deliver an improved result despite f
urther contractions in housing starts
•
We currently anticipate:
•
Group EBIT of between $25m ‐$27m. This is before the impact of 
the changes to lease accounting 
standards which we expect will increase EBIT by ~$2m*
•
Net debt reduction of circa. $15m
* 
The estimated impacts of IFRS
 16 accounting standard changes on
 FY20 results were communicated in the FY19 Annual Report. The 
changes are 
expected to reduce lease costs by $7.2m, increase depreciation 
by $5.3m, increase interest expense by $3.0m, and reduce net pr
ofit before tax by 
$1.1m.
17

Strictly confidential and not for public release
General business and shareholder questions

Strictly confidential and not for public release
Resolutions

Strictly confidential and not for public release
To consider and, if thought fit,
 pass the following ordinary re
solution:
Resolution 1: That the Board be authorised to fix the fees and 
expenses of PwC as 
Auditor for the ensuing year.
Resolutions
20

Strictly confidential and not for public release
To consider and, if thought fit,
 pass the following ordinary re
solution:
Resolution 2: That Angela Bullbe elected as a Director of the company
Resolutions
21

Strictly confidential and not for public release
To consider and, if thought fit,
 pass the following ordinary re
solution:
Resolution 3: That Peter Griffi
ths be elected as a Director 
of the company
Resolutions
22

Strictly confidential and not for public release
To consider and, if thought fit,
 pass the following special res
olution:
Resolution 4: That the company amend its existing Constitution,
 in the manner 
markedup in the Constitution as presented to shareholders at th
e meeting.
Special resolution
23

Strictly confidential and not for public release
Contact information Metro Performance Glass Limited5 Lady Fisher Place, East TamakiAuckland 2013New ZealandPh: + 64 9 927 3000www.metroglass.co.nz/
24
Simon Mander –Chief Executive OfficerSimon.Mander@metroglass.co.nz(+64) 029 636 2661John Fraser‐Mackenzie –Chief Financial Officerjohn.fraser‐mackenzie@metroglass.co.nz(+64) 027 551 6751Andrew Paterson –Investor Relationsandrew.paterson@metroglass.co.nz(+64) 027 403 4323

Strictly confidential and not for public release
25
Disclaimer
This presentation (“
Presentation
”) has been prepared by Metro Performance Glass Limited (Compan
y Number 5267882) (“
Metro Performance Glass
”).
Please do not read this Presentation in isolationThis presentation contains some 
forward looking statements abou
t Metro Performance Glass and the environment in which the comp
any operates. 
Forward looking statements can generally be identified by the u
se of forward looking words such as “anticipate”, “expect”, “li
kely”, “intend”, “should”, 
“could”, “may”, “propose”. “will”
, “believe”, “forecast”, “esti
mate”, “outlook”, “target”, “guidance” and other similar expres
sions. Forward looking 
statements, opinions and estimates provided in this Presentatio
n are inherently uncertain and are based on assumptions and est
imates which are 
subject to certain risks, uncertainties and change without noti
ce. Because these statements are forward looking, Metro Perform
ance Glass’ actual 
results could differ materially. Any past performance informati
on in this Presentation should not be relied upon as (and is no
t)an indication of future 
performance.Media releases, management commentary and analysts presentation
s are all available on the company’s website. Please read thisp
resentation in the 
wider context of material previously published by Metro Perform
ance Glass.
There is no offer or investment advice in this Presentation This presentation is not an offer of securities, or a proposal 
or invitation to make any such o
ffer. It is not investment advi
ceor a securities 
recommendation, and does not take into account any person’s ind
ividual circumstances or objectives. Every investor should make
 an independent 
assessment of Metro Performance Glass on the basis of independe
nt expert financial advice. 
All information in this Presentation is current at the date of 
this Presentation, and all currency amounts are in NZ dollars,u
nless otherwise stated. 
Metro Performance Glass is under no obligation to, and does not
 undertake to, update the information in this Presentation, inc
luding any assumptions.
Disclaimer To the maximum extent permitted by law, Metro Performance Glass
 and its affiliates and related bodies corporate, officers, emp
loyees, agents and 
advisors make no representation 
or warranty (express or implied
) as to the currency, accuracy, reliability or completeness oft
he information in this 
Presentation and disclaim all liability for the information (wh
ether in tort (including negligence) or otherwise) to you or an
y other person in relation to 
this Presentation, including any error in it.