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Annual Shareholders’ Meeting Presentation and Addresses

AGM20 August 2020MPGReal Estate

NZX.MPG, ASX.MPP

Metro Performance Glass Limited

Annual Shareholders’ Meeting, 21 August 2020


Chair’s address

Good morning ladies and gentlemen. My name is Peter Griffiths, I am the Chair of Metro Performance Glass

Limited and will be chairing today’s meeting.

I’d like to start by commenting on some of the impacts and uncertainties caused by the COVID-19 pandemic

in New Zealand and Australia, and its influence on Metroglass’ operations.

The emergence of COVID-19 has presented global health and economic challenges to everyone, everywhere.

It is uncertain how long this challenge will be with us or just what particular events and impacts will occur in

our Australian and New Zealand markets. As we have seen in both Australia and more recently in New

Zealand, the situation can change very quickly.

At our February board meeting, the virus was already on our radar. If you recall it was making itself felt in

China at the time and our principal concern initially was around ensuring the security of our international

supply chain. Our glass is supplied from a range of suppliers in a range of countries and we were able to

ensure that we continued to receive and unload product throughout the shutdown period. The virus of

course moved quickly and by late March, just before the end of the 2020 financial year, New Zealand went

into level 4 lockdown and stage 3 restrictions were instituted in various Australian states.

Metroglass’ team in both countries worked to respond promptly to the rapidly evolving situation. During

New Zealand’s alert level 4, manufacturing was closed down quickly and safely. Operations in Australia

continued largely unaffected, though a set of COVID-19 safety protocols were in place. Those who could work

from home did so, and our remote working IT systems performed well.

During this period, we applied for and received the first round NZ Government wage subsidy and significantly

wound back all capital and discretionary expenditure. We engaged with our bankers to confirm the

availability of funding under our existing facilities and agreed temporary covenant testing relief in case these

could have been required. We also communicated regularly with the market as the situation evolved.

In line with our company values, we supported our people through the lockdown. This included reassuring

them early on that salaries and wages would continue to be paid. We also maintained frequent conversations

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with our customers, and when we were able to return to manufacturing operations we did so very quickly,

efficiently, and safely.

As with every other enterprise, our view of the future has become much more uncertain, so we have spent

time developing a range of differing scenarios that have provided us with a useful frame of reference when

making decisions or assessing evolving information from inside and outside the business.

Recent events in Auckland and Melbourne have reinforced to us that the threat from the pandemic is very

real and shows just how quickly circumstances can change. Today we are in alert level 3 in the Auckland

region and alert level 2 in the rest of New Zealand. We’re also facing stage 4 restrictions in Metropolitan

Melbourne, stage 3 restrictions in regional Victoria and ongoing restrictions in New South Wales and

Tasmania.

Despite these ongoing challenges, all seven of Metroglass’ manufacturing plants are open and operating, and

we have a strong forward book of orders across the Group, and across our residential, commercial and

retrofit segments.

Simon will update you further on our performance year to date shortly.

The board would like to record its thanks to our teams in New Zealand and Australia who continue to work

hard to ensure the on-going stability and success of this business through this challenging time.

One of the duties of a Chair is to consider the composition of the board, the mix of skills, capabilities, diversity

and tenure of directors. Over the past 2 years we have refreshed of the board with four new directors. As at

today, only two of our directors, being Russell and myself, have more than four years’ service. We also have

several new senior leaders including Simon Mander, our CEO who you met for the first-time last year and

Brent Mealings, our CFO who is with us for his first annual meeting today.

Since our last Annual Meeting, I would like to acknowledge the retirement of two directors, being Gordon

Buswell in December 2019 and Bill Roest in June 2020. I would like to thank both for their service, and in

particular note Bill’s willingness to stay on as the COVID-19 crisis developed and assist with challenges of

preparing annual accounts during the lockdown period. These retirements have been followed with the

appointment of two highly capable new directors in Graham Stuart and Mark Eglinton, who are both seeking

election at this meeting.

Today I consider that our board has an excellent mix of skill and experience, is highly engaged and committed

to Metroglass’ success. Since January, we have held some 25 board and committee meetings and at the

height of the lockdown were meeting on a weekly basis. In my view, we have built a very qualified and

committed team who are all determined to move the company forward.

3

Despite the immediate challenges posed by the COVID-19 pandemic, the board’s longer-term focus is on

ensuring that the company is a successful glass processor that delivers value to its stakeholders. In service of

this, our key near-term goals are:

• To defend our leadership position in New Zealand

• To grow our Australian business, returning it to profitability, and

• To ensure our balance sheet is strong and sufficient to cope with future uncertainty.

We are continuing to make progress on all of these goals.

I’ll now reflect briefly on our financial performance in the 2020 financial year.

In New Zealand, sales in the residential and retrofit segments were in line with the prior year, though sales

in the commercial glazing segment declined as we intentionally reduced our involvement in large vertical

construction projects. While this resulted in lower revenue, it also controlled our risk exposure to challenging

projects and ensured that we focused on our core customers and played to our strengths.

As would be expected competition has increased, however we are successfully and aggressively operating in

this environment every day. We are focussed on maintaining strong relationships across our broad customer

base and ensuring that are consistently providing provide a broad range of high-quality products, delivered

and installed to specification across the country.

In Australia, Australian Glass Group, is continuing to grow and improve. We can now clearly see the

anticipated market response to the new commercial building regulations, which are driving increased

specification and demand for double glazing products. Similar code changes are scheduled to follow for

residential buildings in the next couple of years.

AGG is now achieving strong and consistent operational performance which is being recognised in the market

and is flowing through to improved financial results. The business delivered revenue in FY20 growth despite

the cyclical declines in Australian new housing construction.

AGG has produced a positive EBIT year to date in FY21 and we believe that the business is on a strong footing

with a positive long-term outlook.

Strong operating cashflows, focused capital expenditure and prudent cost management allowed us to further

strengthen the balance sheet, with net debt reducing by $16.5 million to $66.9 million as at the end of March.

Over the past 24 months, we’ve now reduced net debt by 29%.

Our on-going focus on balance sheet improvement has stood us in good stead for weathering the initial

impacts of COVID-19. We saw improvements in debtor management, lower inventory levels and operating

cost reductions during the last year, which have also flowed into the current period contributing to stronger

cashflows.

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During the shutdown we were able to operate on our own operating cashflows and did not need to increase

our debt levels. Actually, we have been able to continue to pay down debt post the year end.

We have had a long-standing goal of reducing our leverage ratio, being net debt to EBITDA, to 1.5 times,

before considering dividend resumption. On a pre-COVID-19 basis we were well on the way to achieving that

target in the 2021 financial year.

If we look through the impact of COVID-19 as principally felt in the month of April, we were at our 1.5x target

at the end of July 2020. However, given ongoing uncertainty and our anticipation of a softening of market

activity later this financial year, and next, the board believes that the prudent approach is to retain our focus

on debt reduction for the current 2021 financial year.

I will hand over to Simon shortly but would like to close with a few points about our share price.

While there are many things that influence the market price of any stock, I believe four elements have

contributed to Metro’s current share price, and I’d like to explain the steps the company have taken to

address them:

(1) Firstly, New Zealand has experienced a sustained period of strong housing consents that has resulted

in increased demand for construction materials, attracted investment in glass processing capacity by existing

suppliers, including Metroglass, and new participants. This additional capacity has now been built and

commissioned and domestic capacity in aggregate has for some time exceeded market demand. We will

vigorously compete as we aim to remain New Zealand’s largest and most efficient provider.


Metroglass has been operating for over 30 years we have the advantages that scale, and experience brings,

including an extensive supply network, diversified manufacturing locations, a range of supply alternatives

and cost efficiency opportunities. The company has developed deep relationships with its customer base.

The added capacity has been in place for a while and we’re competing hard every day. We’re pleased with

the resilience our business is showing and recent revenue performance demonstrates this well.


(2) Secondly, there has been increasing speculation of an approaching cyclical economic downturn,

which has recently been exacerbated by the pandemic. Cycles are a reality of our industry and our scenario

planning takes account of these possible eventualities and we are confident that we will be able successfully

respond. I’d also add that we have been pleased to see several recently announced Government initiatives

which may help to limit the extent of activity declines.


(3) Thirdly, the performance of our Australian business has also had a negative impact on group earnings.

A key part of the rationale for entering this market was the ability to leverage Metro’s NZ capabilities in

double glazing when the penetration of these products increased in South eastern Australia. We’re now

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seeing these changes show through and have also invested in our people and equipment to ensure our ability

to consistently make larger quantities of high-quality products. These changes were harder to put in place

than expected and we incurred losses. While we reported a reduced loss from AGG in FY20, the turnaround

and positive trajectory is now evident. We achieved revenue growth in a challenging market and delivered

an EBITDA positive result in the second half of the year. The foundational changes are now starting to pay off

and we’re optimistic about the growth potential the business has in the coming years.


(4) Finally, a fourth factor that has impacted Metro’s share price has been the suspension of dividends.

For some time now the board has elected to focus on debt reduction to ensure that Metroglass maintains a

strong financial position, and has the agility to respond to surprises like the one we are experiencing with

COVID-19 right now. We continue to consider this to be a prudent measure and will reduce debt further

during this current year. With that said, we also appreciate the value that shareholders, and particularly retail

holders, place on these distributions and we will continue to assess the appropriate timing for resuming these

payments in a sustainable fashion.

Speaking with you today, the uncertainty surrounding each of the four factors I’ve noted has reduced

significantly in our view. We will continue to communicate with existing and prospective investors on the

company’s positive trajectory – as evidenced for example in our trading update today.

Thank you for your attention this morning, I will now ask Simon to follow with his presentation, after which

we will open the meeting for questions.


Chief Executive Officers address

Good morning everyone and thank you all for joining us today.

Firstly, I would like to provide some further detail on the COVID-19 related issues we have faced over the

past six months and are continuing to adapt to. The operational restrictions Metroglass has faced in New

Zealand have been significantly more onerous than those AGG has faced in Australia, where we have been

able to operate relatively normally throughout this calendar year.

As Peter noted, we essentially fully closed our New Zealand based operations from late March to the end of

April. It can be very difficult to scale down production quickly, but our staff worked hard to ensure it was

conducted safely and smoothly. Alternative working arrangements were put in place where possible.

However, this was not possible for the majority of our glass processing and glazing staff.

We committed early on to paying 100% of our staff’s contracted wages and salaries for the five-week period

of Alert Level 4 as we attempted to alleviate stress and anxiety for them at that time. We believe this was

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the right move and we have continued to receive positive feedback from our people on our communication

and general handing of this period.

We were very focused during the April Alert Level 4 period on supporting our customers as much as possible.

This included emergency glazing work for essential service-related projects, supporting customers to develop

their own COVID-19 safety protocols and in ensuring they were aware of all relevant support packages

available to them from the Government agencies and the bank sector.

We have controlled our costs across the group very closely this year, with discretionary costs and capital

expenditure down materially. The Company received $6.5m from the first round of the New Zealand

Government’s wage subsidies. We also agreed short term rent relief with all our New Zealand landlords.

During a highly uncertain period, and for the sake of prudence, we sought relief on financial covenants with

our banks and drew down additional cash balances at year end. As part of this conversation on covenant

relief, we shared our latest plans with the banks which included a reduced capex profile and no dividend

payments in the current financial year. These restrictions were determined by us and were not imposed by

the banks.

We re-opened immediately at Alert Level 3 and ramped back up to normal operating levels quickly. Though

the wider industry did face some restart and productivity issues as it sought to manage demand expectations

and covid-19 safety related restrictions. I will talk more on our year to date trading results shortly.

All seven of our glass processing plants are currently open and operational, including those in Auckland and

Melbourne which are operating under a stricter set of safety protocols including physical distancing, wearing

of masks and increased hygiene requirements. Metroglass and AGG each have geographically distributed

processing facilities with the ability to shift volume between them, this provides us with advantages and the

ability to mitigate some level of risk.

I would like to offer my gratitude and admiration to all our staff in coming together to support one another

and our customers throughout this difficult time.

I’ll now provide you with a summary of the group’s financial performance in the 2020 financial year:

a) Group revenue in FY20 was $255 million, down 5% vs. last year, with earnings before interest, tax and

significant items of $23.2 million down 8%

b) EBIT pre-IFRS-16 was $21.2m which was inside the guidance range we provided in November of $21 to

$24 million, despite the impact of COVID-19 late in the financial year

c) We strengthened the balance sheet and achieved our net debt reduction guidance, reducing net debt

by $16.5 million to $66.9 million at year end

d) In New Zealand, we delivered a revenue of $203.0 million, down 7%, and an EBIT of $28.2 million down

9%. The declines predominantly related to the 24% decline in commercial glazing revenue, which

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resulted from our decision to reduce our exposure to large-scale commercial projects and focus on small

to medium projects

e) Pleasingly, AGG achieved revenue growth of 3% in NZ dollar terms, or 5% in Australian dollar terms, and

reduced its EBIT loss by $1.2 million to loss of $3.6 million. While still not at an acceptable level, we are

encouraged by the significant changes made during the year, and delivery of an EBITDA positive result

for the second half.

f) In line with our strategy to develop our people capabilities, we had outlined an aspiration in March 2019

to double our apprentice in-take. I’m pleased to say that we achieved that goal and have grown our

apprentice pool from 30 in March 2019 to more than 80 today.

g) In 2020 we also introduced a multi-year safety and wellbeing strategy designed to ensure we’re

continuing to drive a heightened focus on safety and wellbeing within the company.

h) My final point on the FY20 results is that at the time we were finalising our accounts, it was clear that

COVID-19 would have a significant impact on the potential outlook for future construction activity and

therefore on group performance. In our Annual Report we provided shareholders with a significant level

of detail on our expectations for the future and the assumptions and methodology we used to determine

our range of potential scenarios. In this context, we recognised an $86.5 million impairment to New

Zealand goodwill this year. This was a non-cash charge and had no impact on the company’s banking

covenants.

In June this year we conducted the third of our 6-monthly customer surveys. This had been planned for April

but was postponed given Alert Level 4 in New Zealand. The results of this particular survey are fairly unique

as they reflect the views of our customers during the post shutdown ramp up period and are the first set of

formal feedback that we’ve received post the emergence of COVID-19.

These surveys with our customers provide us with vital feedback on our offering and our relationship, and

importantly on how we can improve.

In absolute terms, our ratings in New Zealand and Australia were largely consistent with our November 2019

survey, though the real value comes through in the written feedback that comes along with the rating. Our

customers were very complimentary of our people, pleased with the improvements made in our

communications, and our ability to be responsive to their needs. However, inconsistencies in service

performance predominantly with lead times during the post shutdown ramp up period did create some

challenges, which was driven by several factors across the wider domestic supply chain.

We continue to work with our customers to address specific issues and general service levels, and to develop

ways of minimising the productivity impacts resulting from COVID-19 restrictions across the wider sector.

I would now like to update you on the first four months of trading in the 2021 Financial year – being April,

May, June, and July. All the numbers we are presenting are on an unaudited basis.

8

Starting with an update on revenue, as shown in the presentation, revenue in New Zealand in April declined

95% from the same month last year as a result of the Alert Level 4 period. However, the industry quickly

returned to work in May and our sales ramped back up to fairly normal levels from mid-May onwards. Given

the circumstances we have been pleased to see June and July revenue results in line with the same months

last year.

Australian Glass Group has continued to build on the positive trajectory the business achieved through FY20,

despite the restrictions caused by the pandemic and the general deterioration in the housing market over

the past year. AGG’s revenue year to date is running in line with last year, with sales growth offsetting the

impacts of the rationalisation and refocus of our New South Wales business in late calendar year 2019.

With regard to the New South Wales changes, I’d like to acknowledge the Australian management team for

a well planned and executed reorganisation process. The New South Wales operations currently only

represent circa. 15% of AGG’s revenue but are well positioned and fully equipped to grow alongside the

increasing penetration of double glazing in the state.

On a year to date basis, Group profitability has been supported by improved Australian results, with AGG

delivering a positive EBIT result YTD. This is a strong turnaround from the loss incurred in the same four-

month period last year.

In New Zealand for the months of May, June and July, Metroglass has achieved a similar Gross profit margin

% versus the same three-month period last year which demonstrates continued resilience in a competitive

market.

Given the current climate, we are continuing to closely manage our cost base with discretionary costs and

capital expenditure down materially versus the same period last year. We also received a total of $6.5m as

part of the first round NZ Government wage subsidy, of which $6.1m relates to the current 2021 financial

year. The wage subsidy partially offset the impact of the NZ Alert Level 4 closure in April.

We’re also very pleased to have been able to continue our progress in reducing net debt. As at the 31

st

of

July 2020, Group net debt was $54.7m, $12.2m lower than 31 March 2020 and $24.1m lower than 31 July

2019. This has been achieved through strong operating cashflows, focused capital expenditure and prudent

cost management.

As the recent move to Alert Level 3 in Auckland and to Stage 4 restrictions in Melbourne have demonstrated

we are operating in a highly uncertain environment and the outlook for building activity is very difficult to

predict. COVID-19 related impacts will continue to affect the Group for at least the remainder of the 2021

financial year.

In the short term, building activity in New Zealand is supported by the ability to execute on a healthy pipeline

of existing orders and projects. That said, we remain cautious on how quickly this could change.

9

Trading results in June and July were pleasing and key economic data has been stronger than anticipated in

recent months, however we continue to expect building activity to soften in the second half of the financial

year. In Australia, we are confident that the improvements achieved in AGG’s EBIT year to date will be

sustained through FY21.

However, we remain cognisant of the threat COVID-19 presents across the group, and the potential for

increased restrictions or shutdowns that would adversely impact the short- and medium-term outlook.

We will continue to monitor the situation across the group closely and refine our plans accordingly.

We’re not providing formal guidance today but will update shareholders alongside our interim results

announcement in November.

Finally, I would like to reiterate our key goals which remain unchanged. We will defend our strong position

in the competitive New Zealand market, grow our Australian business and continue to improve its

profitability, and reduce debt to provide us with increased optionality for the future.

Our focus must be on building a resilient organisation that provides excellent operational performance,

maintains strong customer connections, and invests in and supports its people.

Before I hand back to Peter, I would like to take the opportunity to thank all our shareholders, customers,

suppliers, staff and the Board for their support over the past 18 months, and in particular over the last six

months.


Thank you.


/Ends

---

2020 ANNUAL
SHAREHOLDERS’ MEETING

21 August 2020

M E T R O P E R F O R M A N C E G L A S S

Today's
agenda

1.Welcome and introductions

2.Chair’s address

3.Chief Executive’s address

4.General business and shareholder questions

5.Formal business and resolutions

2

Peter GriffithsRhys Jones
AngelaBull

Graham Stuart

Mark EglintonRussell Chenu

3

Metro Performance Glass Board of Directors

Chair’s address
4

Key messages
COVID-19 restrictions are the new normal and these

are being closely managed

Refreshed and committed board in place

Good performance trajectory across the Group, with

a strong turnaround in Australia

Continuing to prioritisenet debt reduction over

dividends this year

5

Chief Executive’s address
6

COVID-19
OUR PEOPLE

•Maintained normal pay for all staff

during NZ alert level 4

•Continuing to invest in staff training,

with 80+ apprentices in training –more

than double 12 months ago

•Driving a focus on safety and wellbeing

OUR CUSTOMERS

•Maintained contact and provided

support throughout lockdown

•Latest customer survey

complimentary on our people,

communication and responsiveness.

Key issue related to lead times in the

June ramp up period

OUR BUSINESS

•Business continuity plans activated

with safe and effective closure and

reopening of processing plants

•Wage subsidy received ($6.5m)

•Continuing focus on managing

discretionary costs and capex

•Recent trading has been positive

7

FY20 results NZ$m
1,3

New Zealand

2

Revenue of $203.0m (7)%

EBIT $28.2m (9)%

Australia

2

Revenue of $51.9m +3%

EBIT loss of $3.6m reduced by 25%

Group

Revenue $255.0m (5)%

EBIT $23.2m (8)%

Reported loss for the year $77.9m

including $86.5m goodwill impairment

Net debt reduced by $16.5m to $66.9m

1

Unless otherwise stated, financial results are inclusive of impacts from the new lease accounting standard (NZ IFRS-

16) and excluding significant items. Further details are provided in note 7 to the financial statements.

2

The full segment note is available in note 2 of the financial statements.

3

All percentage change versus the prior comparable period.

8

Highlights of FY20

June 2020 survey:
Positivesin our people, relationship, communication

Improvementssought on lead-times immediately

post lock-down

1

Survey question: “On a scale of 1 to 10, how likely are you to

recommend Metroglass to a friend or colleague?”

7.3

7.6

7.3

June 2019November 2019June 2020

New Zealand

8.08.0

8.1

June 2019November 2019June 2020

Australia

9

Customer feedback

Sales recovered well following the NZ alert level 4 shutdown and were
broadly in line with last year in June and July

Trading update: April to July 2020 (YTD)

1

20192020201920202019202020192020

AprilMayJuneJuly

73

54

FY20 YTDFY21 YTD

NZ revenue (NZ$m)

1

Based on unaudited management accounts.

10

Australian YTD sales running in line with last year. Sales growth is
offsetting the production rationalisation in NSW from late 2019

Trading update: April to July 2020 (YTD)

1

17

17

FY20 YTDFY21 YTD

AGG revenue (A$m)

1

Based on unaudited management accounts.

11

20192020201920202019202020192020

AprilMayJuneJuly

YTD Group profitability supported by improved AGG results
Trading update: April to July 2020 (YTD)

1

12

•AGG has delivered a positive EBIT result YTD which is a strong

turnaround from the loss incurred in the same four-month period

last year

•For the months of May, June and July, the New Zealand business has

achieved a similar Gross profit margin % versus the same three-

month period last year

•Discretionary costs and capital expenditure down materially versus

the same period last year

•The first round NZ Government wage subsidy

1

of $6.1m in FY21

partially offset the impact of the NZ closure in April

1

The Company received a total of $6.5m, of which $0.4m related to FY20.

Strong operating cashflows, focused capital expenditure and prudent
cost management is supporting ongoing net debt reduction

Trading update: April to July 2020 (YTD)

1

94

83

79

67

55

Mar 18Mar 19Jul 19Mar 20Jul 20

Group net debt (NZ$m)

1

Based on unaudited management accounts.

13

•Group trading results and NZ building consents have been stronger
than anticipated in recent months, however we’re still expecting NZ

building activity to soften in the second half of FY21

•We are confident that the underlying improvement in Australian Glass

Group’s EBIT results will be sustained through FY21

•Significant uncertainty remains and further COVID-19 shutdowns would

further adversely impact the short-and medium-term outlook

•We continue to monitor and update our plans under various future

scenarios, including closely managing our operating costs

•Further updates will be provided alongside interim results in November

14

Outlook –uncertainty remains

Building resilience and
defending Metroglass’

leadership position

Sustaining positive

trajectory in Australia,

and benefiting from

growing demand for

double-glazing

Prioritising debt

reduction to provide

increased optionality

for the future

15

Strategy and focus

General business and
shareholder questions

16

Resolutions
17

Resolution 1: Auditors
remuneration

To consider and, if thought fit, pass the following ordinary

resolution:

That the Board be authorised to fix the fees and expenses

of PwC as Auditor for the ensuing year.

18

Resolution 2: Graham Stuart
Metro Performance Glass constitution and NZX Listing

Rule 2.7.1 require that any director appointed by the

board must retire from office at the next annual meeting

but is eligible to seek election.

Director Graham Stuart retires in accordance with this

requirement and offers himself for election.

19

Resolution 3: Mark Eglinton
Metro Performance Glass constitution and NZX Listing

Rule 2.7.1 require that any director appointed by the

board must retire from office at the next annual meeting

but is eligible to seek election.

Director Mark Eglinton retires in accordance with this

requirement and offers himself for election.

20

Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki, Auckland 2013

Ph: + 64 9 927 3000

www.metroglass.co.nz/

Simon Mander –Chief Executive Officer

Simon.Mander@metroglass.co.nz

(+64) 029 636 2661

Brent Mealings –Chief Financial Officer

Brent.Mealings@metroglass.co.nz

(+64) 027 551 6751

Andrew Paterson –Investor Relations

andrew.paterson@metroglass.co.nz

(+64) 027 403 4323

21

Contact information

This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro
Performance Glass”).

Please do not read this Presentation in isolation

This presentation contains some forward looking statements about Metro Performance Glass and the environment in which the

company operates. Forward looking statements can generally be identified by the use of forward looking words such as

“anticipate”, “expect”, “likely”, “intend”, “should”, “could”, “may”, “propose”. “will”, “believe”, “forecast”, “estimate”, “outlook”, “target”,

“guidance” and other similar expressions. Forward looking statements, opinions and estimates provided in this presentation are

inherently uncertain and are based on assumptions and estimates which are subject to certain risks, uncertainties and change

without notice. Because these statements are forward looking, Metro Performance Glass’ actual results could differ materially. Any

past performance information in this presentation should not be relied upon as (and is not) an indication of future performance.

Media releases, management commentary and analysts presentations are all available on the company’s website. Please read this

presentation in the wider context of material previously published by Metro Performance 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 offer. It is not investment adviceor a

securities recommendation, and does not take into account any person’s individual circumstances or objectives. Every investor

should make an independent assessment of Metro Performance Glass on the basis of independent expert financial advice.

All information in this presentation is current at the date of this presentation, and all currency amounts are in NZ dollars,unless

otherwise stated. Metro Performance Glass is under no obligation to, and does not undertake to, update the information in this

Presentation, including any assumptions.

Disclaimer

To the maximum extent permitted by law, Metro Performance Glass and its affiliates and related bodies corporate, officers,

employees, agents and advisors make no representation or warranty (express or implied) as to the currency, accuracy, reliabilityor

completeness of the information in this presentation and disclaim all liability for the information (whether in tort (including

negligence) or otherwise) to you or any other person in relation to this presentation, including any error in it.

Disclaimer

22

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.