Air NZ 2020 Annual Shareholders’ Meeting Materials

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ANNUAL SHAREHOLDERS’ MEETING
TUESDAY 29 SEPTEMBER 2020

CHAIRMAN’S ADDRESS

2020 has been a year of unprecedented challenge and disruption. The Covid-19 pandemic has
had a rapid and devastating impact across all areas of society, and in particular has dealt a huge
blow to the aviation and tourism sectors both here in New Zealand and around the world.

As you will have seen from the 2020 financial results we reported in August, the impact on our
business has been significant. However, I am extremely proud that in the midst of dealing with
this crisis, Air New Zealand played a pivotal role in getting the New Zealand economy back up
and running, providing repatriation flights to bring Kiwis home and ramping up our cargo offering
to enable critical supplies to flow in and out of New Zealand. This was crucial to keep New
Zealand and New Zealanders connected to global markets. I want to say thank you to our people,
for everything they have done for our airline and our country, to make this happen.

Turning now to the financial summary for the 2020 financial year, you can see that we reported
operating revenue of $4.8 billion, a decrease of 16 percent from the prior year and that our
overall result was a loss before other significant items and taxation of $87 million. If you include
other significant items of $541 million, the majority of which related to the impairment of our
Boeing 777-200 fleet and the cost of re-organising our labour base, we made a loss before
taxation of $628 million.

We also reported short-term cash of $438 million as at 30 June 2020. The $900 million
Government loan facility had not been drawn at this time. I will be giving an update on our cash
and liquidity position later on in today’s meeting.

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The financial results on this slide are certainly not the results that you would typically see Air
New Zealand present. It was extremely disappointing for everyone here to announce our first
loss in 18 years, particularly given we know that our team has been working harder than ever to
deliver for our customers and for our airline. Sadly, it has also meant that for the first time since
2005, we have not paid a dividend to our shareholders.

These results are not a reflection of the actions or efforts of the incredible team of Air New
Zealanders, nor are they a reflection of the path we were on when we announced our interim
result in February. Rather, they show that even the most financially strong and resilient of airlines
is not immune to the impacts of Covid-19.

I think this graph paints a really sobering picture of just how challenging Covid-19 has been for
the aviation industry, and how it really is like nothing we have experienced before.

You can see here that some really significant events in global history, such as the SARS
outbreak, the Global financial crisis, and swine flu, all had a sizeable impact on demand for air
travel. However, the impact of these all look reasonably insignificant when you compare them to
Covid-19.

In late February when we reported our 2020 interim results, we had only recently suspended
services into Shanghai and Seoul and made minor tweaks to our schedule in markets where we
anticipated some flow-on impacts to demand. In March, it became clear very quickly that this
crisis was larger and would likely have a bigger impact on both the New Zealand economy and
Air New Zealand, than anyone had originally anticipated.

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As the spread of Covid-19 gained momentum globally, the New Zealand Government developed
an elimination strategy, which saw New Zealand enter into a 7-week period of intense lockdown.

This graph, with a blue line representing passenger bookings in 2020 and a purple line
representing bookings in the prior year, shows very clearly the impact of that lockdown on our
business. Across the period from late March through to the end of April, with all non-essential
travel prohibited, demand reduced to almost zero. This resulted in Air New Zealand operating
less than 5 percent of our total network. Never in our 80-year history have we had to reduce
network capacity to this extent.

After a strong start to the financial year, and an interim profit before other significant items and
taxation of $198 million dollars, Air New Zealand had been tracking well to deliver profit in line
with the earnings guidance provided to the market in February, which was a profit of between
$300 to $350 million. We were focussed on growing our presence in new markets and stimulating
domestic leisure demand. We were also preparing to launch the first ever non-stop link between
New Zealand and New York.

However, following the declaration of a global pandemic and ultimately the closure of New
Zealand’s borders to all foreign nationals, within a very short space of time we went from
transporting more than 330,000 passengers a week, to transporting just 8,000 customers a week
in April. To put it very simply we, like all our global peers, were an airline that could not really fly.
This meant that we quickly swung from a profit position, to a loss before other significant items
and taxation of $87 million dollars.

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In response to this unprecedented event, Air New Zealand’s management team and Board acted
quickly, pulling every available lever to safeguard our balance sheet and reduce our cash
outflows. This included reducing executive and Board pay, renegotiating terms with our lessors
and other suppliers, suspension of all dividends and prohibiting discretionary spend. Please be
assured that we have left no stone unturned in our efforts to safeguard the future of our airline
and we will continue to review this even now.

Regretfully, we also had to make the difficult decision to reduce our workforce by more than
4,000 people as we prepare to be a smaller airline for a time. Without the ability to mandatorily
furlough staff, like airlines in other jurisdictions have, we did not have the flexibility to keep our
team employed while we wait for demand to return. This has been a gut-wrenching decision for
management and the Board – it is no secret that our people are a key competitive advantage
and are second to none when it comes to taking care of our customers. Sadly, these decisions
were vital to the airline’s survival.

As the true extent of this crisis came to light and credit markets began to tighten up, even for
investment grade airlines such as Air New Zealand, we made the decision to engage with the
New Zealand Government, and negotiate a short-term liquidity solution in the form of a $900
million dollar standby loan facility. We felt that it was necessary to obtain this funding and obtain
it quickly to maintain continuation of our operations for what was shaping up to be an extended
period of reduced demand.

This loan was negotiated on an arm’s length basis, for a term of two years. We have recently
drawn down on a portion of the loan and will continue to draw incremental amounts on an as
needed basis to ensure we are not paying more interest than necessary.

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Since we announced the annual financial results in August, we have incrementally drawn down
$110 million of the $900 million Crown Standby loan Facility.

Our total available liquidity as at 25 September is approximately $1 billion, comprising $215
million of cash on hand and $790 million remaining on the Crown standby loan facility. We
continue to expect average monthly cash burn to be between $65 and $85 million on a go
forward basis. Cash burn for August and September was higher than this, as we expected, due
to the timing of refunds, remaining redundancy payments and fuel hedge close out costs. The
additional two-week period of lockdown that we entered in August 2020, and the subsequent
weeks of social distancing requirements on planes, also increased cash burn over this period.

The Crown Standby loan Facility provides Air New Zealand with the necessary liquidity support
as we work through a plan for the future shape and size of our business post Covid-19. The
facility was always intended to provide the necessary time for the airline to reposition its
operations and facilitate the implementation of a long-term capital structure.

We continue to evaluate a range of scenarios on how the pandemic may develop and the
subsequent impacts on our operations, fleet, operating cost structure and capital requirements.
Assuming there are no further material adverse developments, we expect to complete the capital
structure review by early 2021 and be in a position to proceed with capital raising before June
2021.

We are pleased that the New Zealand Government has recently reaffirmed its commitment to
maintaining its majority shareholding in Air New Zealand, and the Board is engaging
constructively with the Crown in its capital structure and funding discussions.

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With the outlook for future passenger demand clearly uncertain, and highly dependent on the
removal of travel restrictions both here in New Zealand and globally, we know that Air New
Zealand will continue to be a smaller business for some time to come. Although a month has
now passed since we announced our annual results, a high degree of uncertainty still remains.

Given the uncertainty surrounding travel restrictions and the level of demand as these
restrictions lift, Air New Zealand is currently not able to provide specific 2021 earnings guidance.
However, each of the scenarios we are currently modelling suggest we will make a loss in 2021.

Before I hand over to Greg, I would like to say thank you to our shareholders, for your continued
support of Air New Zealand and your patience as we navigate through this extraordinarily difficult
time. We appreciate your commitment to the success of our airline.

With that, I will now hand over to Greg.

CHIEF EXECUTIVE OFFICER’S ADDRESS
Thank you, Dame Therese. Tena koutou oku rangatira. Nga mana whenua. Koutou katoa, Nga
mihi.

Kia Ora and good afternoon everyone. Thank you for taking the time to join us here virtually for
our Annual Shareholders’ Meeting today.

I wanted to start by re-iterating Dame Therese’s earlier comments. 2020 has dealt us some of
the worst trading conditions in history and Covid-19 has fast evolved into the most financially
threatening event that has ever faced our industry and indeed our economy.

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In my career to date I’ve dealt with a number of different disasters and crises, but I have never
been part of an organisation where effectively your entire revenue base disappears in a matter
of weeks, for a substantial period of time.

There is however a common characteristic that I have observed come out during times of crisis.
That is, that difficult times tend to bring out the best in people. Whether we register it consciously
or not, I believe we are aware that something greater than ourselves is at stake.

As the Covid-19 crisis continues to unfold, we see this play out every day in our business. It may
be something small, like our crew reassuring a nervous passenger about the stringency of our
enhanced cleaning protocols. It may be a larger, more critical action, like our Cargo team
remodelling the entire cargo business in the space of 48 hours to enable the airline to tap into a
vital source of additional revenue, at a time when passenger demand was virtually nil.

Our people and their commitment to our airline, truly do make all the difference. Air New
Zealanders from across the entire business have made significant personal sacrifices, with more
than 3,500 people sadly losing their roles, over 600 staff taking voluntary exit, and almost 400
taking significant reductions to their work hours. This is all to ensure that Air New Zealand
emerges strongly from this crisis.

As we navigate through the 3 stages I have spoken about previously; Survive; then Revive and
finally Thrive, I remain excited about the opportunities that have emerged from our strategy
refresh and am confident that Air New Zealand is well positioned to take advantage of those
opportunities. I will talk some more about the strategy refresh a little later on.

One thing I would like to be really clear on however, is that there is still a huge degree of
uncertainty, both in terms of how long this crisis will continue, and what the landscape will look

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like when we do emerge from Covid-19. The actions we are taking are based on a range of
scenario’s that may or may not play out in the way we envision, but they are necessary in order
to ensure we can pivot our business and our planes quickly to those routes that make sense in
the new world order.

When I think about our business, there are five key stakeholder groups that are fundamental to
the success of our airline. These are customers, our people, shareholders, suppliers, and the
communities in which we operate.

During the last eight months every stakeholder has been impacted significantly by Covid-19.
From our customers dealing with constantly changing travel plans and trying to access their flight
credits, to our people who have worked through some of the most onerous and complex
operating conditions in history; to you our shareholders with no dividend payment this year. From
our suppliers who have been asked to work with us as we reduce our cost base; to communities
being less connected throughout New Zealand. This has been a total Company fight; everyone
is contributing, and everyone has been impacted.

While these are undoubtably difficult times, I could not be prouder of our airline now in its 80th
year and the amazing team we have both within the company and supporting us externally. The
way that everyone has stepped up to deal with this crisis is nothing short of inspiring. I want to
thank all of our stakeholders for your support.

I would now like to spend a few minutes detailing the work we have underway with each of the
stakeholder groups I mentioned earlier.

Our Customers
To our customers. Firstly, let me say thank you.

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From over 30,000 seats sold on our domestic network each day in 2019 to just a handful during
Level 4. From nearly 600 international flights per week to effectively nil for several months.
Never has Air New Zealand experienced this degree of change in such a short period of time.
This tested every aspect of our customer service proposition and although this situation was
entirely unforeseen, and even our most pessimistic black swan event planning could not have
predicted this, at times we did not just stumble, we fell. For that I sincerely apologise.

Having to cancel four million seats in the space of a few short weeks saw us implement a credit
solution quickly but not fast enough. That had calls reaching 56,000 in just one day in our call
centres. In late July, we were able to launch a partial online solution, enabling around 70 percent
of customers to access their credits and redeem them online – this was an important milestone
to rectifying the situation for our customers.

However, we do recognise that there is still some work to be done to enable us to provide a fully
self-serviced digital solution for customers with more complex bookings or those who booked
via a travel agent. Please be assured that we continue to work on this and have implemented
additional tools, such as allowing customers to pool credits with family members or use them on
an entirely different ticket type or destination. I hope this shows that we are committed to
providing our customers flexibility and demonstrating as much care as possible.

I have often commented to people that our Domestic business is the heart of our airline. New
Zealand is our home and we protect and nurture our Domestic business accordingly. Although
New Zealand’s second lockdown provided further challenges, we were once again encouraged
by the domestic demand we saw immediately following the removal of social distancing on the
14
th
of September. We sold more than a quarter of a million tickets in a 72-hour period - the
strongest volume of domestic sales we have ever seen over a three-day period.

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Business traffic is also rebounding, particularly with respect to our SME travellers, who appear
eager to get back out there, in person, to do business again. We remain confident that demand
in this critical part of our business is strong and resilient. This is only possible because of the
loyalty our customers have shown us and we are very grateful for that support.

Our People
Are the core of our business and a key competitive advantage for Air New Zealand. They have
shown a level of resilience in this environment that is incredibly admirable. I want to take this
opportunity to thank each and every one of our Air New Zealand whanau for their commitment
and dedication to our airline and our customers. That includes those that have sadly lost their
roles as a direct result of Covid-19. With less flying and the likelihood that this crisis will extend
for a protracted period of time, it is clear that we require fewer people until demand recovers.

We are consciously aware of the impact of these decisions on all Air New Zealanders and have
been doing everything we can to assist, including offering CV services, financial assistance
programs and helping to find redeployment opportunities. We have also provided wellbeing
check-ins and support mechanisms for those staff that remain. To assist our people on the
frontline we have ramped up our private Covid-19 testing facilities and worked hard with the
Ministry of Health to ensure that our crew are kept safe, while also not facing overly onerous
isolation requirements.

Our Shareholders
The interests of our shareholders are clearly aligned to those of Air New Zealand – that is, to
maximise the long-term value of our airline and to deliver a strong return on invested capital as
soon as possible. We have a strong, well-run airline, and I am confident that the actions we are
taking now will help us to deliver returns to our shareholders in the future. You will see us
continue to reduce costs where it makes sense, but you should also expect to see us invest in

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the customer proposition, so we are ready to compete strongly as we emerge from this crisis.
We are committed to doing what is best for all of our stakeholders and thank you for your support.

Our Suppliers
Like many businesses during this crisis we have left no stone unturned in our efforts to reduce
our costs in an environment where revenue is constrained. As part of this we have reviewed all
of our purchasing agreements, including within our property portfolio, supplier terms, including
leasing of planes and capex spend.

Through an immense effort from our team and the co-operation of our suppliers who understand
the critical position we find ourselves in, we have been able to make some significant savings in
this area. I would like to say a huge thank you to our suppliers, for stepping up in these
unprecedented times. We continue to engage actively and constructively with all of our suppliers,
so that when demand eventually recovers, we can move forward strongly together.

Our Communities
Are vital to Air New Zealand and we recognise the critical role we play in connecting New
Zealanders to their loved ones. This is a role we take very seriously – unlike other carriers who
will come in and out of routes, we are committed to New Zealand and to offering consistency of
service wherever possible. Even in the depths of our national lockdown we provided services to
our main centres to keep our essential workers moving.

Since moving out of the first lockdown, we have also returned to all domestic locations to ensure
New Zealand communities remain connected. We donated thousands of inflight blankets to
charitable organisations such as New Zealand Red Cross and the Middlemore Foundation, to
provide a bit of extra warmth and comfort to the more vulnerable in our community over winter

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and over the lockdown. We also donated nearly 15,000 food items to Mangere Budgeting
Services Trust and Food Bank for food parcels after hearing that some of our crew were
volunteering their time for this worthy cause. I believe this shows our deep commitment to New
Zealand and to all New Zealanders.

As I mentioned at the annual results a few weeks back, while the outlook for future passenger
demand is clearly uncertain, we have seen some highly encouraging signs in our Domestic
bookings. At that time, with the country in alert levels 2 and 3, we waited with interest to see
what would happen when social distancing requirements were removed. To say we were thrilled
by the response would be an understatement.

On 14 September, when the Government removed social distancing requirements on flights
within New Zealand, we put an additional 180,000 of our cheapest fares on to the Domestic
network. We also waived domestic change fees so our customers could book with confidence
knowing that if their circumstances changed, we would look after them. As I mentioned earlier,
we sold a quarter of a million seats in the first 72-hours. This is fantastic news and shows that
more Kiwis than ever are eager to get out and explore our country or visit friends.

In parallel to dealing with the Covid-19 crisis, the management team and I have been working
on a strategy refresh. Our project was called Kia Mau, meaning ‘get ready’.

Our strategy review showed us that pre-Covid 19, we were a fundamentally strong, resilient, and
efficient airline. Therefore, our refreshed strategy is not turning the dial 180 degrees – rather it
is an evolution of the principles that have guided us for many years.

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Our strategy centres around five key pillars. These are:
1. Prioritising People: taking care of our biggest asset – our people and building a culture
of care from the inside out.
2. Experience Excellence: shaping our network and products around our most loyal
customers and the experiences they desire most.
3. Lifting Loyalty: Strengthening loyalty to create a second growth engine.
4. Do it Digital: putting significantly more control of the travel experience in our customers
hands by developing innovative digital tools and products.
5. Ambitious Action: putting greater focus on leading and advocating for action on
decarbonisation, developing a roadmap specific to our network and operations, with the
goal of achieving net zero emissions by 2050. This roadmap emphasises the importance
of Sustainable Aviation Fuel as a key lever to reduce emissions in the medium and longer
term.

While our strategy review took place in a pre-Covid environment, and it is difficult to know exactly
what the world will look like on the other side of this, we know that we need to be really sure that
everything we do – from the routes we offer, the fleet we fly and the onboard services we provide,
makes sense in this new world. We know that some of the details will only emerge in time and
that we may need to make incremental tweaks to our strategy as that happens.

Importantly our strategy review enabled us to gain some important insights into our customers
and what they value the most. Two of the biggest insights, which we can develop irrespective of
the level of flying we are currently operating, relate to our digital and loyalty propositions.

Digital technology and tools will be at the centre of our future customer innovations and
operational performance enhancements. We have a team dedicated to putting as much control

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of the travel experience, not just with our airline but also with partners, into the hands of
customers. Alongside this they are keenly focused on putting the right digital tools into our
operations functions so that we enhance everything from flight planning through to safety
management, engineering, rostering and on-time performance.
From a loyalty perspective we will bring even more opportunities to earn and use Airpoints
Dollars, while creating innovative new products and services. We are quite excited about the
potential of the programme. While there is not a lot I can share with you today, we are excited
to be undertaking testing with thousands of our customers across the country to make sure that
our refreshed loyalty proposition exceeds their expectations and delivers the products and
services they truly desire.
The Air New Zealand that will emerge from this crisis will be keenly focused on the network and
products that will deliver the highest value to our customers and to you, our shareholders. We
can see an Air New Zealand in the future that is smaller for a time, but even more efficient,
operating fewer wide-body aircraft. The difficult decisions we have made in the past several
months, whilst painful, are with a view to making Air New Zealand even more profitable in the
future. This will allow us to reinvest in our customer experience and share the rewards with our
Air New Zealand whanau and our shareholders.
Tena koutou, tena koutou, tena koutou katoa.

Thank you.

---

1
29 SEPTEMBER 2020
ANNUAL
SHAREHOLDERS’
MEETING
2020

2

Online assistance
3

4
Board of Directors

5
Agenda
Chairman’s address
CEO’s address
Questions on 2020 performance and 2021 outlook
Resolutions
General discussion and questions

$4.8b
Operating revenues
$(628)m
Loss before taxation
$438m
Short-term cash*
$(87)m
Loss before other
significant items and
taxation
$(541)m
Other significant items
2020 Financial Summary
No
dividend
For 2020
* Does not include funds from the $900 million Government standby loan facility. Please refer to slide 12
for details on liquidity as at 25 September 2020.
6
(as at 30 June 2020)

Sources: Financial crisis: IATA, IMF, TradingEconomics.com, Statista.com; DIIO, 2001-2020 data
SARS: Feb 2003
GFC: Sept 2008
H1N1 Infl: Jan 2009
9/11: Sept 2001
Сovid-19: Feb 2020
SARS
9/11
H1N1
GFC
Covid-19
Covid-19 has had an unparalleled impact on
the global aviation industry...
Global ASK (YoY monthly change rate, %)
7

Air New Zealand
capacity drops
more than 95%
in April
24 March
- New Zealand moves
to Alert Level 4 and
begins nationwide
lockdown
- No non-essential
travel
18 March
New Zealand
shuts borders to
all foreign
nationals
11 March
WHO declares
global
pandemic
Group passenger bookings per day
...and the resulting travel restrictions led to a
significant decline in demand
8

1H20:
$198m
2H20:
($285m)
Earnings before other significant items and taxation
Despite a solid 1H20, Covid-19 had a swift and
significant impact on FY20 earnings
9

Cash flow management Capital management Other initiatives
•Permanent reduction in staffing of ~
30%, or more than 4,000 employees
•Cancellation of 2020 interim dividend
•Reduction in CEO, Executive and Board
remuneration
•Suspension of all short-term incentives
•~50% reduction in operating costs
1
•Lease reductions across fleet, property
and other areas for 2021 financial year
•Extension of terms with major suppliers
•Deferral/cancellation of ~$700
million in capex
2
, including reduced
hangar, digital and infrastructure
•Suspension of dividends
•Grounding of the 777 widebody
fleet until at least Sep 2021, saving
significant maintenance and
operational costs
•Deferral of delivery of 5 A321
NEOs into later financial periods,
and 1 ATR72-600 into 2021
•Increased cargo flying, won
competitive tender to restart the
NZ export market
•Government wage subsidy of
~$125 million
3
•Made use of temporary tax relief
and other legislative changes to
increase short-term liquidity by
$80 million
Management responded decisively, adjusting
the business to address these challenges...
1
This excludes redundancy costs.
2
These deferrals/savings are through to Dec 2022.
3
Approximately $75 million relates to the period ended 30 June 2020. A further ~$40 million was received
under Tranche 2 of the subsidy scheme in July 2020 and $10 million under Tranche 3 in August 2020.
10

...and arranged a $900 million short-term
standby facility from the NZ Government
•Enabled the airline to continue to operate while managing the
implications of border and travel restrictions and the resulting reduction
in demand.
•Negotiated on an arms’ length basis, with an effective interest rate of
~7% - 9% p.a and a term of 2 years.
•Air New Zealand continues to closely manage cash and will draw the
loan down in small increments to minimise interest costs.
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12
The Board continues to assess the optimal
capital structure for the airline
•We have drawn ~$110 million of the $900
million Crown Standby Facility and have
~$1billion in short-term liquidity as at 25 Sep
•Assuming no further material adverse
developments, Board to complete capital
structure review by early 2021, with a capital
raise expected before Jun 2021.
•The New Zealand Government has recently
reaffirmed its commitment to maintaining its
majority shareholding and the Board is
engaging constructively with the Crown in its
capital structure and funding discussions.
12
$105m
$110m
$790m
~$1.0 billion in short-term liquidity
(as at 25 Sep 2020)
Remaining Crown
standby facility
Draw down on Crown
standby facility
$215m
cash on
hand

Given the uncertainty surrounding travel restrictions and the level of
demand as these restrictions lift, Air New Zealand is currently not able to
provide specific 2021 earnings guidance. However, each of the scenarios
we are currently modelling suggest we will make a loss in 2021.
The outlook for 2021 remains uncertain
13

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2020 has dealt us some significant
challenges but we have a plan in place
SURVIVE
REVIVE
THRIVE
15

Our
Customers
Our
People
Our
Shareholders
Our
Suppliers
Our
Communities
Our key stakeholders
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12 August
Auckland moves up
to Alert Level 3, the
rest of New Zealand
moves up to Alert
Level 2
13 May
New Zealand moves down
to Alert level 2, meaning;
(a)Able to travel if safe to do so
(b) Social distancing
required on flights
(c) Air New Zealand
increases capacity to 20%
8 June
New Zealand moves down
to Alert Level 1. Covid-19
considered ‘eliminated’
meaning:
(a) No community transmission,
public events allowed
(b) No social distancing
(c) No masks
27 April
New Zealand
moves down
to
Alert level 3
We are encouraged by what we see each
week in our Domestic booking trends
Domestic passenger
bookings per day
14
September
All social distancing
requirements lifted
on Domestic flights
17

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Our Purpose
Enrich our country by connecting New Zealanders to each other and New Zealand to the world
Our Promise
Manaaki – taking care further than any other airline
Our Values
The way forward – Kia Mau, Get Ready

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Our Objectives
Prioritising people
•Grow a culture of care from the inside out
Ambitious action
•Lead and advocate for action on decarbonisation
Experience excellence
•Shape our network and experiences
around our most loyal customers
Do it digital
•Embed digital at the heart of everything we do
Lifting loyalty
•Deepening loyalty to the airline to create a
second growth engine
The way forward – Kia Mau, Get Ready

Optimised
network
World
leading
customer
experience
Fewer
widebody
aircraft
Returning to
profitability
Industry-
leading staff
engagement
Our vision for the future
20

21
THANK YOU

22
QUESTIONS
ON 2020
PERFORMANCE
AND 2021
OUTLOOK

23
RESOLUTIONS

1.Re-election of Linda Jenkinson as Director
2.Re-election of Laurissa Cooney as Director
3.Re-election of Dean Bracewell as Director
4.Re-election of Larry De Shon as Director
Resolutions for voting
24

Proxies and postal votes received
(as at 27 September)
25
ForAgainstAbstainDiscretionForAgainstAbstain
Resolution 1:
Re-election of
Linda Jenkinson102,860,12717,8887,8252,861,458585,067,1851,208,10740,145
Resolution 2:
Re-election of
Laurissa Cooney102,772,606106,70914,6182,853,365585,127,7231,142,75644,958
Resolution 3:
Re-election of
Dean Bracewell102,848,15628,78115,9182,854,443585,154,6091,094,71866,110
Resolution 4:
Re-election of
Larry De Shon102,860,99221,7812,5252,862,000585,150,4681,101,70663,263
Proxy votesPostal votes

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27

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GENERAL
DISCUSSION
AND
QUESTIONS

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THANK YOU