Momentum builds as NZME releases three-year strategy

MARKET ANNOUNCEMENT


16 November 2020


Momentum builds as New Zealand Media & Entertainment
releases three-year strategy

AUCKLAND, 16 November 2020: Today NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) is
excited to present its three-year strategy through a virtual Investor Day.

The NZME 2020 Investor Day Presentation is attached to this announcement.

Today, NZME’s Chairman, Barbara Chapman, will introduce the session by setting out the
guiding principles to ensure the priorities and initiatives being worked on by the NZME team sit
within a robust set of parameters designed to ensure they deliver to the expectations of NZME’s
customers, and through them to NZME’s shareholders:

 Customer first
 Win with quality
 Digital acceleration
 Audience expansion
 Top performance

CEO Michael Boggs will introduce NZME’s three strategic priorities through to 2023:

 New Zealand’s leading audio company
 New Zealand’s Herald
 OneRoof – your complete property destination

‘New Zealand’s leading audio company’
Wendy Palmer, Chief Radio and Commercial Officer, will present the three pillars to achieving
NZME’s audio strategy; through creating New Zealand’s best local audio content, growing
broadcast and digital reach and growing market revenue share and digital revenue.

‘New Zealand’s Herald’
Shayne Currie, Managing Editor, will explain the path for the NZ Herald to become New
Zealand’s Herald through consolidating its position as the number one news brand for all New
Zealanders. The path includes a focus on continuing to deliver compelling NZ Herald
Premium content and expanding the New Zealand Herald’s national presence, enabling NZME
to broaden its already extensive audience reach.

Matt Wilson, Chief Operating Officer, will discuss the ongoing evolution of NZME’s subscriber
first strategy. This strategic focus is expected to see digital only subscriptions exceeding print
subscriptions with a goal of more than 210,000 total subscribers by the end of 2023. NZME’s
aim is that by 2025 over 15% of New Zealand households will be New Zealand Herald
subscribers in print or digital.

Mr Wilson will also update shareholders on the growth of the NZ Herald Premium digital print
subscription service. NZ Herald Premium subscribers now total more than 93,000 including
49,000 paid digital subscribers.

Laura Maxwell, Chief Digital Officer, will set out NZME’s plans to be a safe, scalable destination
for advertisers. Key initiatives supporting this strategy include reaching audiences at scale,
increased use of video and talent across NZME and evolving digital advertising products with a
focus on personalisation.

‘OneRoof – your complete property destination’
Ms Maxwell will also present the NZME strategy for OneRoof, NZME’s property platform. This
strategy aims to accelerate OneRoof’s trajectory to become the complete property destination
for all New Zealanders.

Performance Overview
NZME’s Chief Financial Officer, David Mackrell, will provide an update on performance and will
reiterate that cost saving initiatives in FY20 have resulted in permanent savings of $20 million
per annum.

Mr Mackrell will also outline plans for increased reporting transparency with new divisional
reporting for the audio, publishing and OneRoof divisions, along with target profitability margins
into the future.

Investors attending today’s virtual presentation will also be supplied with detail of the EBITDA
margin growth NZME is targeting for each of its strategic divisions as represented in the
following table:



FY20F EBITDA
1
Margin FY23 EBITDA
1
Margin

Target
Audio 14% 15% – 17%
Publishing 19% 19% – 20%
OneRoof 9% 15% – 25%

1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, and excluding exceptional items
(redundancy costs, one-off projects and other exceptional items).
NZME is also announcing today that Grant Samuel has been appointed to explore divestment
options for its GrabOne business. NZME has reviewed the role of GrabOne in our business
against the key strategies announced today and determined that, while GrabOne has been
performing strongly this year and has an impressive team and leadership, the business does
not fit within NZME’s three strategic priorities.

NZME’s revised Dividend Policy, announced Tuesday 10 November, is set out in the NZME 2020
Investor Day Presentation.

NZME’s Board expects to be able to consider a dividend payment when facility terms permit
after 30 June 2021.

ENDS

Authorised by the Board of NZME.

For further information:
Cliff Joiner
GM Communications
NZME
T: +64 21 270 9995
Email: cliff.joiner@nzme.co.nz

---

1

New Zealand Media and
Entertainment Investor Day
16 November 2020

3
Agenda
1.Chairman's AddressBarbara Chapman, Chairman10:00am – 10:15am
2.CEO PresentationMichael Boggs, Chief Executive Officer10:15am – 10:25am
3.AudioWendy Palmer, Chief Radio and Commercial Officer10:25am – 10:35am
4.Publishing
Shayne Currie, Managing Editor
Matthew Wilson, Chief Operations Officer
Laura Maxwell, Chief Digital Officer
10:35am – 11:15am
5.OneRoofLaura Maxwell, Chief Digital Officer11:15am – 11:25am
6.Performance OverviewDavid Mackrell, Chief Financial Officer11:25am – 11:35am
7.SummaryMichael Boggs, Chief Executive Officer11:35am – 11:40am
8.Q&AAll presenters

4
1.
Chairman’s
Address
Barbara Chapman
Chairman

2020 Year
1. Chairman’s Address

Barbara Chapman
Independent Chairman
David Gibson
Independent Director
Carol Campbell
Independent Director
Sussan Turner
Independent Director
Board Members
1. Chairman’s Address

7
2023 Strategy -Guiding Principles
1 Customer First2 Win with Quality3 Digital Acceleration
4 Audience Expansion5 Top Performer
1. Chairman’s Address

2.
CEO
Presentation
Michael Boggs
Chief Executive Officer
8

99
NZME –an audience and customer centric
multi-channel media business
Largest residential for sale
listings platform in Auckland
#1 25-54 year-old
music show in NZ
2*
#1 Daily newspaper in NZ
1
NZ’s #1 radio station and
favourite breakfast talk show
2
NZ’s #1 digital news
provider
3
Now over 93,000 digital
subscribers
SOURCE:
1
Nielsen CMI Q3 19 – Q2 20 AP15+
2
GfK Radio Audience Measurement, Commercial Radio Stations, Total NZ 3/2020, M-S 12mn-12mn & M-F 6am-9am, Commercial Market
Share %, AP10+
2*
AP25-54, Cumulative Audience
3
Nielsen Online Ratings Sept 2020 AP15+ (excludes APP)
2. CEO PresentationThe last two years

STABILISED PROFITABILITY REDUCED DEBT POSITIONED FOR GROWTH
Delivered on Strategic Priorities
3. CREATING NEW ZEALAND’S
LEADING REAL ESTATE
PLATFORM
•Continued listings growth, with
OneRoof having more residential
for sale listings in Auckland than
any other site
•Strong digital audience growth, now
clearly #2 site in NZ
1
•Revenue growth expected to deliver
break even 2020 contribution
•OneRoof Local print launched to
support brand, reach and revenue
2. GROWING RADIO AND
LEADING DIGITAL AUDIO
• Radio revenue returned to
growth prior to Covid-19
• Strong growth in radio
revenue market share
• Successful brand, talent
and content optimisation
• iHeartRadio registered
user and listening hour
growth
1. LEADING THE FUTURE
OF NEWS & JOURNALISM
IN NEW ZEALAND
• Partnered with Washington Post
for world-leading technology
roadmap
• Launched NZ Herald Premium
on 30 April 2019
• More than 93,000 digital
subscribers including over
49,000 paid
• Became #1 news site in NZ in
August 2020
1
SOURCE:
1
NielsenOnline Ratings August 2020 AP15+(excludes APP)
10
2. CEO PresentationThe last two years

Executive Team
Michael Boggs
Chief Executive Officer
Shayne Currie
Managing Editor
Paul Hancox
Chief Revenue Officer
David Mackrell
Chief Financial Officer
Katie Mills
Chief Marketing Officer
Wendy Palmer
Chief Radio & Commercial Officer
Allison Whitney
General Counsel
Matthew Wilson
Chief Operations Officer
Laura Maxwell
Chief Digital Officer
11
Paul Maher
Chief of OneRoof
2. CEO PresentationNZME Today

Our People are
committed to keeping
Kiwis in the know
Promoting a healthy,
diverse and safe workplace
Championing the craft of
journalism and
broadcasting
Equipping our people
• Diverse people and
content toreflect our
audiences
• Resiliency and mental
health
• Supporting new ways of
working
• Cherishing our unique
culture
• Tailored development for
our journalists and
broadcasters
• Internships and cadetships
• Promotion and profiling of
our journalists and
broadcasters
• Supporting the value of the
Fourth Estate
• Leadership
development and
training
• Supporting our
people’s learning
objectives and needs
• Succession planning
12
Best New Initiative
toEmpower and
Retain Talent
2. CEO PresentationNZME Today

13
NZME reaches an audience of more
than3.2 million New Zealanders
1
2.5MILLION PEOPLE ENGAGE WITH
OUR NEWS CONTENT
1
OUR SPORTS BRANDS ENGAGE WITH
807,000 PEOPLE
1
IN ENTERTAINMENT WE ENGAGE
WITH 2.6MILLION PEOPLE
1
Our national and local
presence allows us to
o
ffer advertisers broad
a
ccess to their target
m
arkets
> 85%
of the people
living in the North
Island
1
~ 87%
of the people
living in
Auckland
1
~ 71%
of the people
living in South
Island
1
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+ (Included weekly print,weekly claimed radio & monthly unique digital audience)
2.
Nielsen CMI Fused Q3 19 – Q2 20 August 2020 AP15+ (those who intend to buy/sell/build in the next 12 months who engage with NZME (3.2m))
2. CEO PresentationNZME Today
CLASSIFIEDS
WE ENGAGE WITH 512,000PEOPLE WHO
INTEND TO BUY/SELL/BUILD PROPERTY
2

14
39%
40%
42%
34%
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
0
50
100
150
200
250
300
350
FY18FY19YTD20
Market Share %
Market Revenue ($m)
Total Radio Advertising Market
Revenue and NZME Share %
1
Market RevenueNZME Share
45%
47%
47%
40%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%
0
50
100
150
200
250
300
350
FY18FY19Current
Market Share %
Market Revenue ($m)
Total Print Advertising Market
Revenue and NZME Share %
2
Market RevenueNZME Share
23%
23%
25%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
0
20
40
60
80
100
120
140
160
180
200
FY18FY19YTD20
Market Share %
Market Revenue ($m)
Digital Display Advertising Market
Revenue and NZME Share %
3
Market RevenueNZME Share
Strong market share, growing
on all platforms
CurrentCurrentCurrent
SOURCE: 1. PwC Radio advertising market benchmark report, 12 months to December 2018 – 9 months to 30 September 2020 (current). 2. PwC NPA quarterly performance comparison report, December 2018 - 6 months to 30 June
2020 (current). 3. IAB digital advertising revenue – General Display, IAB NZ Digital advertising revenue report, Q4 2018 - Q2 2020 (current).
2. CEO PresentationNZME Today

15
Real EstateTravelAutomotiveDepartment StoresFinance
$ million
Top 5 Advertising Revenue Categories
9 months YTD FY18 – FY20F
FY18FY19FY20F
Real Estate is NZME’s largest industry
vertical
SOURCE: NZME analysis
2. CEO PresentationNZME Today

16
-50%
-40%
-30%
-20%
-10%
0%
Jan-20 Feb-20Mar-20Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20Oct-20
Advertising Revenue Growth YoY
(excludes Government wage subsidy)
Outlook
74.7
55.2
50.9
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
0
10
20
30
40
50
60
70
80
Dec-19Jun-20Sep-20
Leverage Ratio
Net Debt ($m)
Reduced Net Debt
Net DebtLeverage Ratio
• We continue to see recovery from Covid-19.
• Advertising revenues for Q4 2020 are expected to
be down 7% year-on-year.
• Based on our current expectation, we
expect to deliver a FY20 Operating
EBITDA
1
of $63 – $66 million and net
debt of less than $45 million at 31
December 2020.
1.
Operating EBITDA is a non-GAAP measure and is presented as including the impact of IFRS16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional
items) to allow for a like-for- like comparison between 2019 and 2020 financial years. Please refer to the NZME Half Year ResultsPresentation on NZX and ASX for a full explanation.
2. CEO Presentation2020 Outlook

17
Last year’s strategy
for 2020 and beyond
remains highly
relevant
remains highly
relevant
2. CEO Presentation2023 Strategy

18
2023 Strategic Priorities
New Zealand’s
leading audio
company
New Zealand’s
Herald
Your complete
property
destination
2. CEO Presentation2023 Strategy

19
Increased transparency with new Divisional
Reporting
Total
Print
Radio
Digital
Total Revenue
Operating Expenses:
People and contributors
Print and distribution
Agency commission and marketing
Property
Content
IT and communications
Other
Total Operating Expenses
Operating EBITDA
1
AudioPublishingOneRoofOtherTotal
Reader
Advertising
Other
Total Revenue
Operating Expenses:
People and contributors
Print and distribution
Agency commission and marketing
Other
Total Operating Expenses
Operating EBITDA
1
CURRENT
NEW
1.
Operating EBITDA is a non-GAAP measure and is presented as including the impact of IFRS16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items) to allow for a
like- for -like comparison between 2019 and 2020 financial years. Please refer to the NZME Half Year Results Presentation on NZX and ASX for a full explanation.
2. CEO Presentation2023 Strategy

EVERYONE’S HERE
A leading integrated media company

Wendy Palmer
Chief Radio & Commercial Officer
3.
Audio

3.
Audio

23
Radio remains a solid advertising channel
globally and locally
• Globally radio’s share of
advertising has remained
relatively stable at around 6% of
total advertising spend for the
last five years.
• Radio revenue sits between
10% - 12% of total New
Zealand advertising spend.
6.4%
6.2%
5.9%
5.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2016201720182019
Radio Share of Global Advertising Revenue
SOURCE: Zenith Optimedia
3. AudioBackground

24
NZ radio market revenues are stable
New Zealand’s Radio Advertising revenues have been very stable at around $260 million, even during
periods of low business confidence from FY17 – FY19
• New Zealand’s Radio Advertising
market has demonstrated robust
revenues based on the strong reach
of the medium.
• 2020 has been impacted by Covid-19
but our current revenue run rate is
improving.
• Two radio owners dominate the New
Zealand commercial radio landscape.
264
260
256
261
0
50
100
150
200
250
300
20162017201820192020F
Revenue $m
NZ Radio Advertising Market Revenue
SOURCE:”Radio Advertising Benchmark Report” PwC – September 2020, 7 October 2020. NZME and Mediaworks only. 2020F represents SeptemberYTD 2020annualised.
3. AudioBackground

25
Broadcast radio comprises more than 65% of total radio consumption in the US
1
. In New Zealand
broadcast radio audience has grown to around 3.7 million New Zealanders
3
In-car listening trends in the US are reflected in New Zealand
where vehicle listening represents the largest listening location
US Radio Consumption in 2020
1
Other 4%
Podcasts 2%
Smart
speaker 5%
Mobile apps
7%
Computer
stream 17%
AM/FM
Radio in
vehicle 44%
AM/FM Radio
at home, work,
or school 21%
Broadcast continues to dominate radio
consumption
SOURCE:
1
Jacobs Media 2020
2
GfK , RAM, Commercial Radio Stations, Major Markets S1/2017 - S3/2020, M-S 12mn-12mn, Cumulative Audience (000s), NZ Major Markets, AP10+*Radios 2010-2016 (NOTE: Surveys 2&4 are not
included in the chart).NZ Major Markets include Auckland, Wellington, Christchurch, Northland, Waikato, Tauranga, Rotorua, Hawke's Bay, Taranaki, Manawatu, Nelson, Dunedin and Southland. Total NZ Audience has only been
surveyed since 2017 therefore regional (i.e. non major market) audience is excluded from this chart).
3
GfK New Zealand Commercial TOTAL NEW ZEALAND Survey 3 2020, Mon-Sun 12mn-12mn, People 10+, Cumulative Audience
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1-20102-20101-20112-20111-20122-20121-20132-20131-20142-20141-20152-20151-20163-20161-20173-20171-20183-20181-20193-20191-20203-2020
Cumulative Audience - NZ Major Markets only (000s)
2
All Commercial RadioPopulation Major Markets
3. AudioBackground

26
Globally digital audio advertising revenue is estimated at US$4.6 billion, or 10% of global
audio advertising revenues
0%
10%
20%
30%
40%
50%
60%
70%
80%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
% of Total US Population 12+
Online Audio and Podcast Listening - US
% listened to in the last month
Monthly Podcast ListeningMonthly Online Audio Listening
• Globally digital audio revenue is
estimated at US$4.6 billion, or
10% of total global audio
advertising revenues.
• Podcasting makes up US$1.5
billion
1
or 35% of total digital audio
revenue with the balance being
digital audio advertising revenue.
• Both digital audio and podcast
listening have experienced rapid
growth.
• Podcast revenues substantially
monetised via in-content
advertising.
Digital audio is a revenue growth opportunity
SOURCE:The Infinite Dial 2020, Edison Research, Triton Digital
1
PwC Global Entertainment & Media Outlook 2020-2024, www.pwc.com/outlook
3. AudioBackground

27
5%
6%
9%
10%
3%
5%
0%
2%
4%
6%
8%
10%
12%
2014201620182020
Reach %
Weekly Reach of New Zealand Radio
Streaming Sites
2
iHeartRadioRova
0.0
0.5
1.0
1.5
2.0
2.5
201820192020*
Revenue ($m)
New Zealand Digital Radio Market Revenue
1
New Zealand digital radio consumption
is following global trends
iHeartRadio represents the majority of New Zealand’s digital radio revenue as reported
by IAB, and attracts the largest radio streaming audience in the country
3. AudioBackground
SOURCE:
1
IAB NZ, H1/Q2 Digital Advertising Revenue Report, *annualised
2
"Where are the Audiences?", NZ On Air, July 2020, % all New Zealanders 15+

New Zealand’s
leading audio
company
New Zealand’s
leading audio

29
Grow broadcast and
digital reach
Create New Zealand’s
best local audio content
Grow market revenue
share and digital
revenue
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company
3. AudioNew Zealand’s leading audio company Strategy

30
Current2023 Target
NZME Share of total audience35.6%
1
>1% share point growth per annum
Radio Revenue Share42%
2
>1% share point growth per annum
Digital audio revenue as a % of
total audio revenue
2%5%
Scorecard
3. AudioNew Zealand’s leading audio company
SOURCE:
1
GfK, RAM, Commercial Radio Stations, Total NZ S3/2020, M-S 12mn-12mn, Market Share (%), AP10+
2
Radio Advertising Benchmark Report” PwC – September 2020, 7 October 2020

31
Create New Zealand’s
best local audio content
Grow market revenue
share and digital
revenue
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company
Create New Zealand’s
best local audio content
3. AudioNew Zealand’s leading audio company Strategy
Grow broadcast and
digital reach

32
NZME Brands
Mediaworks Brands
NZME’s radio audience
share has been relatively
stable but there is a key
opportunity to grow core
demographics.
Grow core demographics
Breeze
George
Magic
Mai
More
Edge
Rock
Sound
Coast
Flava
Gold FM
ZB
Hauraki
Hits
ZM
20253035404550556065
Average Age
Relative Radio Audience Size by Demographic
NZME and Mediaworks
More Female | More Male
SOURCE:GfK, RAM, Commercial Radio Stations, Total NZ S3/2020, M-S 12mn-12mn, Cumulative Audience (000s), AP10+
3. AudioNew Zealand’s leading audio company Strategy

33
• Commenced a review of brand portfolio in Q4 2019:
• Audience gaps within the existing portfolio
were identified;
• A comprehensive research project
was undertaken; and
• Music format for each station was refined to
broaden audience appeal.
• Launched two new networks – Gold (greatest hits) and
Gold AM (sport, rural and greatest hits station).
• Result is a portfolio of complementary brands that cover
all core demographics with minimal overlap.
• iHeartRadio extends NZME’s radio reach and provides
a platform for new content formats such as The Alternative
Commentary Collective.
Be the station of choice in each format
3. AudioNew Zealand’s leading audio company Strategy
SOURCE:GfK, RAM, Commercial Radio Stations, Total NZ S3/2020, M-S 12mn-12mn, Cumulative Audience (000s), AP10+

34
NEW TALENT TO NZME
REALIGNED NZME TALENT
• Content strategy has delivered a talent line-up made up of some
of New Zealand’s most popular and well-loved broadcasters,
celebrities and personalities.
• Major changes were completed by mid-July 2020 and early
feedback has been outstanding – social engagement is higher
and momentum is building.
• Talent retention and development program underway for both
on- air and off-air talent.
• Enhancing our local presence is increasingly important as
audiences crave more local connection in a post-COVID
environment.
• Breakfast and Drive shows remain key day parts as the daily
commute continues to represent a significant portion of total
listening in New Zealand.
Identify, attract and retain the best talent
34
3. AudioNew Zealand’s leading audio company Strategy

35
The content changes implemented to date will drive
audience growth in the key 25-54 demographic
SOURCE:
1
GfK, RAM, Commercial Radio Stations, Total NZ S3/2020, M-S 12mn-12mn, Cumulative Audience (000s), AP10+
*
Expected Audience=Management Estimates
Closing the gap in
the 25-54
demographic will
drive incremental
revenue.
Coast
Flava
Coast
Flava
Gold
ZB
Hauraki
Hits
ZM
20253035404550556065
More Female | More Male
Average Age
NZME Current Audience
NZME Target Expected Audience
3. AudioNew Zealand’s leading audio company Strategy
Hauraki
ZB
Hits

36
NZME’s podcast content stable represents the best of NZME’s radio shows
and exclusive special features packaged as Audio-on- Demand episodes for
catch-up listening.
NZME Originals are unique content, comprising both digital-only offerings
and multi-platform content. NZME also delivers bespoke, client-
commissioned series utilising our broad stable of talent and wider network.
NZME Audio on Demand Content
NZME Podcast Content – Originals and Bespoke
• NZME’s podcast audience is growing rapidly with 1.6 million listens in
September 2020
1
.
• NZME Audio-on-Demand podcasts dominate iHeartRadio podcast
listening
2
.
• Continued growth in audience and engagement to support Audio
revenue growth.
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
NZME Podcast Listens
Position NZME as the leading local podcaster
SOURCE:
1
Spreaker
2
Adobe Analytics
3. AudioNew Zealand’s leading audio company Strategy

37
Grow market revenue
share and digital
revenue
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company
3. AudioNew Zealand’s leading audio company Strategy
Grow broadcast and
digital reach
Create New Zealand’s
best local audio content

38
• Across New Zealand NZME holds just
over 35% of all commercial FM
frequencies. Gold FM and Flava
broadcast in limited geographies.
• We will strengthen our national frequency
footprint with strategic acquisitions, such
as the acquisition of the full powered
105.7FM frequency in Christchurch in
August 2020, and ongoing optimisation
of our network.
• iHeartRadio complements our terrestrial
network and provides nationwide
coverage extending our audio reach
across the country.
Owner% ownership of
commercial FM
frequencies in NZ
NZME35%
Mediaworks51%
Other14%
Extend national reach through iHeartRadio, strategic
frequency acquisitions and investing in local content
% ownership of
commercial FM
frequencies in NZ
35%
51%
14%
frequency acquisitions and investing in local content
Auckland 39%
Wellington 33%
Christchurch 36%
Tauranga 35%
Dunedin 33%
SOURCE: NZME analysis
3. AudioNew Zealand’s leading audio company Strategy

39
• iHeartRadio is the leading audio live streaming platform in New Zealand
3
.
• 88% of iHeartRadio listenership is to live radio, with NZME’s live-stream radio stations comprising the vast majority of listening hours
2
.
• Total listening hours on iHeartRadio for October 2020 were 5.2 million and monthly audience reach was 714,000
1
.
• iHeartRadio’s weekly reach has experienced significant audience growth over recent years and now represents 10% of NZME’s terrestrial reach
4
.
• Maintaining this momentum using NZME’s platforms to promote iHeartRadio is key.Overt promotion and integration across all NZME radio brands 'on
air and on iHeartRadio’ has made iHeartRadio a household name.
• We are integrating podcast and live radio features on to nzherald.co.nz, the NZ Herald app and our regional sites.
4%
8%
88%
iHeart Listening by Audio Type
2
Artist Radio
Podcast
Live Radio
Accelerate iHeartRadio utilisation including
cross-promotion across all of NZME’s platforms
SOURCE:
1
Adswizz AudioMetrix (domestic stations)
2
Adobe Analytics
3
"Where are the Audiences?", NZ On Air, July 2020, all New Zealanders 15+
4
iHeartRadio reach will include some terrestrial audience reach and therefore
represents a duplicated reach number
3. AudioNew Zealand’s leading audio company Strategy
-
50,000
100,000
150,000
200,000
250,000
300,000
iHeartRadio Average Weekly Reach
1

40
• Audio content now extends to video, social, mobile and live content.
• Ensuring our content is easily discoverable, wherever the audiences
are, and developing strong online followings for our brands, shows and
talent.
• Extending the reach of our podcast products by continuing to make
them available on all podcatchers.
• Smart speakers represent an opportunity to engage radio listeners in
the home:
• Smart speaker adoption in the US has reached 24%
1
and is
growing rapidly, New Zealand will follow suit; and
• Of those who own smart speakers more than 40% regularly use
them to listen to radio
2.
• Ensuring voice assistant skills (Alexa, Siri) are developed and
maintained as technology evolves, to minimiseuser friction in
accessing NZME content.
Maximise the distribution of content
across multiple platforms
SOURCE:
1
The Infinite Dial Australia 2020, Major Metro Commercial Populations aged 18+
2
VoicebotJan 2020
3. AudioNew Zealand’s leading audio company Strategy

41
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company
Grow market revenue
share and digital
revenue
3. AudioNew Zealand’s leading audio company Strategy
Create New Zealand’s
best local audio content

42
September 2020Revenue Share %
Auckland54%
Wellington47%
Christchurch36%
Regions36%
Total42%
NZME’s revenue share exceeds its
audience share in all measured markets
other than regional New Zealand.
Regional New Zealand represents
an opportunity for NZME
39%
40%
42%
34%
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
-
20
40
60
80
100
120
FY18FY19FY20F
Market Share
Revenue ($m)
NZME Radio Revenue and Market Share
1
Radio RevenueMarket Share
SOURCE:
1
Radio Advertising Benchmark Report” PwC – September 2020, 7 October 2020. NZME and Mediaworks only.
NZME’s share of total commercial radio revenue has been growing since 2018 and is gaining
momentum with September 2020 share at 42%
1
3. AudioNew Zealand’s leading audio company Strategy

•Attract and retain the best sales talent.
•Ongoing Sales Academy focused on best-practice,
learning and development.
•Reward and recognition program in place that
incentivisescustomers receiving the benefit of multi-
platform bookings, early lay down of bookings, and
annual contracted revenue.
•Attracting newbusiness is incentivisedand the team
is focused on a winning culture.
•Non-metro regions are a key revenue opportunity.
Enhance sales
capability with the
best sales talent
43
3. AudioNew Zealand’s leading audio companyStrategy

44
• The combination of print, radio and digital
enables NZME to leverage the power of
the combined audience to achieve reach
and value outcomes for customers.
• Significant efficiencies in content, creative,
production, marketing, customer service
and administration arise from multi-
platform ownership.
• We have grown our multi-platform value
with 39% of our revenue now sitting
across all three platforms.
Further leverage integrated selling
SOURCE: NZME analysis
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Single platformDual platformMulti platform
Multi Platform Revenue Contribution
FY18FY20 Current
3. AudioNew Zealand’s leading audio company Strategy

45
This sustained multi-platform campaign utilised the NZME product portfolio with a powerful mix of content,
activations and advertising toregain trust and measurable social change.
NZME TOUCHPOINTS
• Long and short-form videos
• Radio spots across the network
• Press ads
• Digital banners and mobile assets
• Social media postsacross NZME assets
• Radio integration - promotions/activations
• Radio announcer liners(live reads)
• Thought-provoking native content stories
“Less than a year
after The Vision is
Clear movement
launched, research
showed that our
three-yeargoal
had not only
beenmet, but also
exceeded”
Case study: DairyNZ
–The Vision is Clear
NZME TOUCHPOINTS
•Long and short
•Radio spots across the network
•Press ads
•Digital banners and mobile assets
•Social media posts
•Radio integration
•Radio announcer liners
•Thought
3. AudioNew Zealand’s leading audio company Strategy

46
Second Screen
Retarget users
exposed to the
audio ad on other
websites and
apps.
Audio
Deliver audio
ads across
different
positions and
lengths.
Dynamic Creative
Tailor your creative
based on multiple
data points such as
location,
behavioural data,
time of day, etc.
ShakeMe
Users shake
their mobile or
smartwatch with
a Call To Action
directly into your
audio spot.
Voice
Interaction
Engage with the
listener using
voice
commands.
Audio + Display
Add a companion
ad and show it
whilst the audio ad
is playing.
Audio to Audio
RTG
Retarget users
exposed to the
audio ad.
In App
Notifications
New: Customise
your in-app
message with
call to action.
Sequential
Messaging
Use different ads,
placed sequentially
in different ad
breaks for effective
storytelling.
AD 1
AD 2
AD 3
Join NY S ummer F est
Bring y our f riends t o t he f estival
Buy 1 0 Cokes t o m eet AC/DC
DOOH
Audio + Digital
Out Of Home
Coming soon:
Target your Audio
Ad to users close
to DOOH.
• Advertisers are seeking
more engaging ways of
interacting with audiences.
• Digital audio provides
unique opportunities to
engage listeners.
• NZME leads the New
Zealand market in digital
audio ad technology.
• Keeping at the forefront of
digital audio ad-tech is
critical to maintaining our
market leading position.
Lead the industry in digital audio monetisation
3. AudioNew Zealand’s leading audio company Strategy
iHeartRadio Digital Advertising Products

47
Current2023 Target
NZME Share of total audience35.6%
1
>1% share point growth per annum
Radio Revenue Share42%
2
>1% share point growth per annum
Digital audio revenue as a % of
total audio revenue
2%5%
Scorecard
3. AudioNew Zealand’s leading audio company
SOURCE:
1
GfK, RAM, Commercial Radio Stations, Total NZ S3/2020, M-S 12mn-12mn, Market Share (%), AP10+
2
Radio Advertising Benchmark Report” PwC – September 2020, 7 October 2020

4.
Publishing

4.
Publishing
Shayne Currie
Managing Editor

50
4.
Publishing

NZ Herald becomes
New Zealand’s HeraldNew Zealand’s Herald

52
NZ Herald becomes NZ’s Herald
52
4. PublishingNew Zealand’s Herald
The #1 News brand
for all New
Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
A
U
D
I
E
N
C
E
S
U
B
S
C
R
I
B
E
R
S
A
D
V
E
R
T
I
S
I
N
G
There are three pillars to the Publishing Strategy:
The #1 News brand
for all New
Zealanders
A
U
D
I
E
N
C
E
SOURCE: NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+

53
We've got NZ covered
• NZME is New Zealand’s leadingKiwi media company, with an unrivalled
portfolioof platforms – digital, radio, print, video, social – to tell the best New
Zealand stories. We connect with more than 3.2 million Kiwis across the country
1
.
• Led by the powerhouse NZ Herald and Newstalk ZB news brands, our 24/7 news
operation has New Zealand covered, connecting with more than 2.5million Kiwis
across the country
1
.
• Our 300 editorial staff, part of a nationwide team of 1,200 NZMEers, are backed
up by partnerships with leading and diverse New Zealand partners.
Zealand stories. We connect with more than 3.2 million Kiwis across the country
1
.
Led by the powerhouse NZ Herald and Newstalk ZB news brands, our 24/7 news
million Kiwis
, are backed
NZME’s national network
4. PublishingNew Zealand’s Herald Background
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+ (Included weekly print,weekly claimed radio & monthly unique digital audience)
Partners

54
NZ’s largest news site
• NZ’s largest news website: 1.7million people
each month
1
.
• NZ’s biggest daily newspaper: 546kpeople (Mon-
Sat), with the Weekend Herald reaching 633k
readers every Saturday
2
.
• NZ’s biggest Sunday newspaper, the Herald on
Sunday (354kreaders)
2
.
• NZ's biggest commercial radio station – Newstalk
ZB, with a fast-rising share and an overall
cumulative audience of more than 600,000
people
3
.
• Biggest share of regional newspaper readership
2
.
• NZ’s biggest newspaper magazine – Tuesday
Travel with417,000 readers
2
.
• NZ Herald Facebook followers: 1.1 million
4
.
South Island No.2 (-23k)
Canterbury No.2 (-32k)
Otago No.2 (-7k)
NZ’s biggest news
website
1
No.1
Northland No.2(-1k)
Auckland No.1(+108k)
Waikato No.1 (+2k)
Bay of Plenty No.1 (+33k)
Gisborne No.1
Hawke’s Bay No.1 (+9k)
Taranaki No.2(-10k)
Wellington No.2 (-55k)
Audience differential between #1
and #2 news websites
SOURCE:
1
Nielsen Online Ratings September 2020 AP15+ (excludes APP)
2
NielsenCMIQ3 19 – Q2 20 August 2020 AP15+
3
GfK, RAM, Commercial Radio Stations, Total NZ 3/2020, M-S 12mn-12mn, Cumulative Audience
(000s), AP10+ (Share (%) up against S1/2020, S4/2019 & S3/2019)
4
Facebook Business Manager
4. PublishingNew Zealand’s Herald Background

55
The role of journalism has never been
more important
SOURCE: Colmar Brunton Corporate Reputation Index 2020 – companies spontaneously mentioned for theirinitiatives that impressed New Zealanders during the Covid-19 situation
4. PublishingNew Zealand’s Herald Background
Covid-19 has
led to enhanced
business
ingenuity and
humanity
more important
19 has
led to enhanced
ingenuity and

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20
nzherald.co.nz Desktop vs Mobile Audience Split
Our audience is
becoming more mobile
80per cent of nzherald.co.nz'sdaily 1-million-plusaudience are
accessing us on mobile devices –that's where the magic of NZME lies
Mobile
56
SOURCE: Google Analytics (NZ only)
4. PublishingNew Zealand’s HeraldBackground
Desktop

57
The #1 News brand for
all New Zealanders
57
4. PublishingNew Zealand’s Herald Strategy
Growing our audience
On the Move:
Mobile-first storytelling
A Premium destination:
The best is yet to come
Tools and technology to
support growth objectives
SOURCE: Nielsen CMI Fused Q3 19 – Q2 20 August 2020 AP15+

58
Growing our local and national audience
• A bold plan to grow and leverage
New Zealand's Herald, building our
community connection – including
exploring new regional mastheads.
• Content plans and partnerships that
reflect modern-day New Zealand.
• The Power of NZME's One
Newsroom strategy - using our
unrivalled portfolio of platforms.
• Grow local audiences with
increased resources in:
1. Wellington;
2. Christchurch; and
3. the South Island.
• Personalised and local home pages.
4. PublishingNew Zealand’s Herald Strategy

59
Localised homepages to lift engagement
4. PublishingNew Zealand’s Herald Strategy
Christchurch
Local NZ Herald
Homepage
Local
Stories
Local /
National
Stories
NZ Herald
Premium
Content
Christchurch
Local NZ Herald
Homepage
Local /
National
Stories
NZ Herald

•Developing our storytellers and our
journalism.
•Arming our journalists with the best
tools and data to deliver journalism for
the right time of hour, day and week.
•Personalising the news.
•Enhanced video storytelling.
Enabling our
people to
tell stories
mobile-first
4. PublishingNew Zealand’s HeraldStrategy
60

61
Premium
storytelling:
The best is
yet to come
• Building business, political and investigative journalism.
• New content verticals – sport, puzzles and quizzes, food/drink, travel.
• New partnerships that offer diverse content and storytelling.
• The best digital tools in the business – Washington Post’s Arc Platform,
AI curation, personalised news feeds.
• Premium Plus – money-can’t -buy access to our experts.
• Delivered by the biggest, most trusted news brands in New Zealand, led by
New Zealand's Herald.
4. PublishingNew Zealand’s Herald Strategy

62
New Mobile Application
Braze integration
Subscriptions in the App
Content Recommendation engine
Cutover to PageBuilder Fusion
Rollout of Multisite
URL restructure
Delivered in 2020
Registration and engagement
drivers
New Video destination
New subscription products
New Local sites
Editorial automation
Content management system
upgrade
2021 and Beyond
Digital acceleration
4. PublishingNew Zealand’s Herald Strategy

63
NZ Herald becomes NZ’s Herald
63
4. PublishingNew Zealand’s Herald
The #1 News brand
for all New
Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
A
U
D
I
E
N
C
E
S
U
B
S
C
R
I
B
E
R
S
A
D
V
E
R
T
I
S
I
N
G
There are three pillars to the Publishing Strategy:
Subscriber first
S
U
B
S
C
R
I
B
E
R
S
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+

4.
Publishing
Matthew Wilson
Chief Operations Officer

65
NZ Herald becomes NZ’s Herald
65
4. PublishingNew Zealand’s Herald
The #1 News brand
for all New
Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
A
U
D
I
E
N
C
E
S
U
B
S
C
R
I
B
E
R
S
A
D
V
E
R
T
I
S
I
N
G
There are three pillars to the Publishing Strategy:
Subscriber first
S
U
B
S
C
R
I
B
E
R
S
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+

66
• Digital only subscriptions
exceed print subscriptions
in 2023.
• More than 210,000
subscribers by the end of
2023.
• Over 15% of NZ
households subscribing to
NZ Herald, in print or
digital, by the end of
2025.
Scorecard –2023 and beyond targets
4. PublishingNew Zealand’s Herald A subscriber first publisher
SOURCE: NZME analysis
-
50,000
100,000
150,000
200,000
250,000
300,000
2020F2023F2025F
Target Subscriber Growth
Digital
Print and Digital
Print Only

67
Focus on all subscribers
1. Maintain Print
Subscribers
2. Digital Subscriber
Acceleration
4. PublishingNew Zealand’s Herald
1.Maintain Print
Subscribers

68
• Subscriber revenue stable (CAGR -0.6%).
• Retail revenue decline was accelerated by Covid-19
lockdowns (CAGR -12%).
• Subscriptions now over 75% of Print Reader Revenue
and growing.
• Print reader revenue overtook advertising revenue in 2018.
• 2020 print advertising impacted by Covid-19.
• Print advertising expected to partially recover but not
expected to top reader revenue again.
Print reader revenues have overtaken print
advertising revenue
0
10
20
30
40
50
60
70
80
90
20162017201820192020F
($millions)
Print Reader Revenue Trend 2016 to 2020F
Print Subscription RevenuePrint Retail Revenue
30%
35%
40%
45%
50%
55%
60%
65%
20162017201820192020F
Revenue
Print Reader Revenue Tipping Point
Print AdvertisingPrint Reader
4. PublishingNew Zealand’s Herald Print Subscribers Background
SOURCE: NZME analysis

69
Print subscriber revenue has been stable
0
5
10
15
20
25
30
35
40
45
50
0
10
20
30
40
50
60
70
20162017201820192020F
Subscriber Volume (million)
Subscriber Revenue ($ million)
Print Subscriber Revenue and Volume Trend
Subscriber RevenueSubscriber Volume (total copies)
• Subscriber volumes have
declined by 13% since
2016.
• Subscriber volume
stabilisedin 2020 during
lockdowns.
• Yield increases of 11%
have substantially offset
volume decline.
4. PublishingNew Zealand’s Herald Print Subscribers Background
SOURCE: NZME analysis

70
Subscribers are predominantly buying
6+ days –a strong habit has formed
Over 81% of subscribers receive the
paper 6 or 7 days per week.
NZ Herald makes up over two-thirds
of NZME subscriber base.
1- day
2- day
3- day
4- day
5- day
6- day
7- day
Subscribers by Delivery Frequency
NZ Herald
Hawke’s Bay
Today
Bay of Plenty
Times
Northern Advocate
Whanganui Chronicle
Rotorua Daily Post
Northland Age
Newspaper Subscribers by Title
4. PublishingNew Zealand’s Herald Print Subscribers Background
SOURCE: NZME analysis

71
1. Continue
Acquiring
Customers
2. Improve
Customer
Retention
3. Manage
Customer
Yield
Three strategies to maintain
print subscribers
4. PublishingNew Zealand’s Herald Print Subscribers Strategy

72
Continue to actively sell print
subscriptions
• Optimise free trial program to warm up
leads for direct conversion to paid.
• “Always on” multichannel above the line
gift with purchase offers.
• Free access to NZ Herald Premium is
included in a free print trial –this has
increased conversion to paid
subscription.
Trial program, 39%
EDM, 21%
Win-back, 16%
Above The Line
offers,
15%
Inbound, 9%
Print Subscriber Acquisition
Summary
SOURCE: NZME analysis
4. PublishingNew Zealand’s Herald Print Subscribers Strategy

73
Continue to improve retention with
NZ Herald Premium activation
• Reduce subscriber ‘moments of truth’ –renewal, credit
card expiries, improve self service, distribution service
levels.
• Maintain retention team save rates over 45%.
• Maximise participation in subscriber benefits program.
• Print Product improvement - national + local + lifestyle.
Active SubscribersAnnual Retention %
< 1 Year12,86163.3%
1-2 Years9,56370.6%
2-3 Years8,65582.2%
3-4 Years7,67885.2%
5 Years +73,56290.3%
Total112,31984.4%
SOURCE: NZME analysis
0%
10%
20%
30%
40%
50%
60%
NZ Herald Premium Activations as a % of Print Entitled Subscribers
• Print subscribers of 5+ days are entitled to free NZ Herald
Premium access, 53% have now activated this entitlement.
• Churn on activated digital subscribers is 8% lower than those
that have not utilisedtheir entitlement.
• Continue NZ Herald Premium activation and engagement to
improve retention of print subscribers.
4. PublishingNew Zealand’s Herald Print Subscribers Strategy

74
Yield continues to be optimised
• Cover price of NZ Herald is $3.50
on weekdays and $4.00 on
weekends (incl. GST).
• Continued refinement of
successful Mather Economics
yield management program:
• Add Premium usage
segmentation into yield
management program;
• Continued cover price
reviews; and
• Retention team integration.
• Reduce holiday stop credits for
active NZ Herald Premium users.
$1.25
$1.30
$1.35
$1.40
$1.45
$1.50
$1.55
$1.60
$1.65
0
2
4
6
8
10
12
Q1 2016Q3 2016Q1 2017Q3 2017Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020
Yield Per Newspaper
Newspapers Delivered (million)
Print Subscription Volume vs. Yield 2016 - 2020
Newspaper Subs VolumeNewspaper Subs Yield
4. PublishingNew Zealand’s Herald Print Subscribers Strategy
SOURCE: NZME analysis

75
Focus on all subscribers
1. Maintain Print
Subscribers
2. Digital Subscriber
Acceleration
4. PublishingNew Zealand’s Herald
2. Digital Subscriber
Acceleration

76
Global publishers are proving the digital
s
ubscription business model
The New York Times Digital Metrics
1
:
▪Total subscribers (Print + Digital) 2% of
USA population or 4.2% of average
monthly unique audience (151m).
▪Digital subscription revenue
approaching print circulation revenue.
▪NYT Digital ARPU
3
US$80 per annum,
Print US$583 per annum.
▪NZ Herald Digital ARPU
3
NZ$184 per
annum, Print NZ$511 per annum.
486
513
521
527
526 526
552
533
525
173
168 152
141
127
121
116
109
99
47
114
151
169
193
223
326 378
426
3
6
9
14
22
34
-
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019
US$ million
The New York Times Subscription Revenues
1
Digital-only
other
Digital-only
News
Print other
Print-based
bundles
706
795
824
840
852
879
1,008
1,042
1,084
Digital Subs% HH
4
% Population % UA
5
New York Times
1
6,500,0005.0%2.0%4.2%
News Corp Australia
2
647,6007.0%2.6%3.9%
The Times & Sunday Times
2
336,0001.2%0.6%3.8%
SOURCE: 1. The New York Times second-quarter 2020 Financial Report. 2. News Corp FY 2020 Financial Report. 3. ARPU = average revenue per user. 4. HH = households. 5. UA = unique audience
4. PublishingNew Zealand’s HeraldDigital SubscribersBackground

77
FTI Benchmark
INMA Readers First –on NZH Premium
“It is higher than the 3% enjoyedby the industry
leaders,suchas The NewYorkTimes (after
nine years) and higher than the industry
benchmarks of 2%-4% based on studies by FTI
Consulting and Mather Economics.”
Commentary Source: INMA September 2020
Subscriber Penetration =
Subscribers (Cumulative) / UAs (Monthly)
Avg. Monthly UAs vs. Subscriber Penetration
NZ Herald Premium performing well
vs. global publishers
FTI CONSULTING BENCHMARK
• Target 1.5% - 2.0% in the immediate
term; 2.5%+ in the long term
SOURCE: FTI Consulting Digital subscriptions Analysis, 2019
Each dot
represents an
individual
global publisher
Monthly Unique Audience
4. PublishingNew Zealand’s HeraldDigital SubscribersBackground

78
Top quartile performance:
• % active users
• % registered users
• % subscribed
Opportunities:
• % fly -bys (one-time visitors)
• % exposed to offer
• % that renew after one month
NZ Herald Premium progressing well
vs. market conversion benchmarks
MetricsBenchmarks based on 223 sites
Fly -bys
Active
users
Stopped/
Exposed
to offers
Registered
Subscribed
Renewed
60.3%
66.7%
72.4%
6.0%
4.2%
2.6%
26.2%
13.4%
6.1%
3.4%
3.0%
2.4%
2.0%
0.8%
0.1%
93.7%
90.8%
86.4%
% one-time
visitors/month
% viewers
of 10+
pages/month
% all visitors
exposed to offers to
register/subscribe
% visitors who
registered vs.
exposed
% visitors who
subscribed vs.
exposed
% subscribers
who renewed after
1
st
month
Registered
13.4%
SOURCE: Based on historical data for 223 news sites that are customers of Piano, as of 2020
4. PublishingNew Zealand’s HeraldDigital SubscribersBackground
nzherald.co.nz relative to benchmark

79
-
10,000
20,000
30,000
40,000
50,000
60,000
Apr-19May-19Jun-19 Jul-19 Aug-19 Sep-19Oct-19Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20May-20Jun-20 Jul-20 Aug-20 Sep-20Oct-20
Cumulative NZ Herald Premium Digital Subscribers 2019 - 2020
Launched corporate
domain subscriptions
2019 - 2020 Milestones
Key events have driven growth
in digital subscribers
Premium
launch
campaign
23 November
Puzzles & Crosswords
behind the paywall
Launched new
App
11 July
Win a Trip
to London
(Cricket)
6 November
Paywall
changed
from 100 to
35 words
free
30 April
Sales begin
11 August
Lockdown
level 3
Auckland
26 March
COVID Level
4 Lockdown
27 May
In-app
subscriptions
SOURCE: NZME analysis
4. PublishingNew Zealand’s HeraldDigital SubscribersBackground

80
NZ Herald Premium yield maintained as volume grows
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
-
10,000
20,000
30,000
40,000
50,000
60,000
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020Q4
2020F
Yield per Day per Subscriber
# of subscribers
Digital Subscriptions Volume & Yield
Digital Subs VolumeDigital Subs Yield
Individual -
Monthly
62%
Individual -
Annual
29%
Corporate
9%
Digital-only Subscribers by Type
4. PublishingNew Zealand’s HeraldDigital SubscribersBackground
~ One third of individuals
subscribe annually
SOURCE: NZME analysis

81
1. Continue
Acquiring
Customers
2. Improve
Customer
Retention
3. Manage
Customer
Yield
Three strategies to deliver digital
s
ubscriber acceleration
4. PublishingNew Zealand’s HeraldDigital SubscribersStrategy

82
▪Continue conversion from increased quality journalism.
▪Utilise customer insights and enhanced personalisation.
• Capitalise on increasing demand and propensity to pay.
38%
52%
58%
65%
30%
39%
57%
64%
0%20%40%60%80%
Value
Purpose
Convenience
Distinctive Journalism
Reasons for Subscribing to an Online
News Brand - USA and UK
UKUSA
Proportion that paid for any online news
in last year (2014-20) - Selected countries
in last year (2014-20) -Selected countries
Continue acquiring by leveraging quality
journalism and customer propensity to pay
SOURCE: Reuters Institute: Digital News Report 2020
4. PublishingNew Zealand’s HeraldDigital SubscribersStrategy

83
Total Audience UA’s
2+ articles per month
Active Users (10+
articles / month)
1.7m
1
68.3k
Subscriber Acquisition
Subscriber Closing Base
Churn
~50k
Base is
2.8% of our
UAs
Logged in
Personalised newsletters
Improve sales conversion / reduce friction
– e.g. social sign on, Google 1 Tap
Increase registered and logged in Users
– e.g. read comments
Showcase content offsite
Personalised homepage or app feed
Free trial Premium
Triggered / personalised / targeted paywall
100 -day habit formation
Subscriber benefits – in-story commenting
Improve Engagement
Audience Growth + Marketing
Tactics
Subscribe Subscribe
and Stay
Utilise best-in-class funnel conversion techniques
SOURCE:
1
Nielsen Online Ratings September 2020 AP15+ (excludes APP)
4. PublishingNew Zealand’s HeraldDigital SubscribersStrategy

84
• Build 100-day- habit program to
improve retention.
• Implementing propensity to churn
model and trigger targeted activity
- eDMs, onsite messaging.
• Provide clear subscriber benefits –
commenting, subscriber
experience, Newsroom live.
• Personalised homepage, Apps and
newsletters.
• Reduce involuntary churn.
Monthly
Subscribers*
Annual
Subscribers*
TenureRetention %Retention %
< 3 months77.4%98.3%
3 < 6 months90.2%99.6%
6 < 12 months93.9%99.2%
First Year 61.5%97.1%
12+ months98.8%82.5%
Total (16 months)66.0%79.6%
Ongoing engagement and personalisation
w
ill improve retention
*Excludes App, Corporate and Print Bundle Subscriptions
4. PublishingNew Zealand’s HeraldDigital SubscribersStrategy
SOURCE: NZME analysis

85
• Implement corporate subscription
yield growth based on user data.
• Print and digital bundles to be
included in existing Mather
Economics yield management
program.
• For individual subscribers,
implement a yield management
program, including an increase
in the above-the-line price for
new sales (post 2021).
Initial focus on volume to be supported
b
y ongoing yield management
4. PublishingNew Zealand’s HeraldDigital SubscribersStrategy
SOURCE: NZME

86
Scorecard –2023 and beyond targets
4. PublishingNew Zealand’s Herald A subscriber first publisher
• Digital only subscriptions
exceed print subscriptions
in 2023.
• More than 210,000
subscribers by the end of
2023.
• Over 15% of NZ
households subscribing to
NZ Herald, in print or
digital, by the end of
2025.
SOURCE: NZME analysis
-
50,000
100,000
150,000
200,000
250,000
300,000
2020F2023F2025F
Target Subscriber Growth
Digital
Print and Digital
Print Only

87
NZ Herald becomes NZ’s Herald
87
The #1 News brand
for all New
Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
A
U
D
I
E
N
C
E
S
U
B
S
C
R
I
B
E
R
S
A
D
V
E
R
T
I
S
I
N
G
There are three pillars to the Publishing Strategy:
Be a safe, scalable
destination for
advertisers
A
D
VV
E
R
TT
I
S
I
N
G
4. PublishingNew Zealand’s Herald
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+

4.
Publishing
Laura Maxwell
Chief Digital Officer

89
NZ Herald becomes NZ’s Herald
89
4. PublishingNew Zealand’s Herald
The #1 News brand
for all New
Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
A
U
D
I
E
N
C
E
S
U
B
S
C
R
I
B
E
R
S
A
D
V
E
R
T
I
S
I
N
G
There are three pillars to the Publishing Strategy:
Be a safe, scalable
destination for
advertisers
A
D
VV
E
R
TT
I
S
I
N
G
SOURCE:
1
NielsenCMI Fused Q3 19 – Q2 20 August 2020 AP15+

90
90
Scorecard –2023 and beyond targets
4. PublishingNew Zealand’s Herald Brand safe and scalable destination for advertisers
Metric2023 Target 2025 Target
Advertising Revenue
Mix
>45% Digital>50% Digital

91
474
417
353
317
276
801
891
923
1,113
1,255
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20152016201720182019
$ million
Newspaper and Digital Advertising spend in NZ 2015 - 2019
1
Digital
Newspapers
Decline in newspaper advertising market
revenue driven by shift to digital
Newspaper Revenue
Share of Total NZ
Advertising Market
2014 18%
2019 10%
CAGR 2015 – 2019
-13%
Digital Revenue
2
Share of Total NZ
Advertising Market
2014 31%
2019 45%
CAGR 2015 – 2019
+12%
SOURCE:
1
Advertising Standards Authority
2
Digital Advertising includes Digital display, classifieds, search and directories
4. PublishingNew Zealand’s Herald Background

92
We have a history of moving early on trends
and capitalising on revenue opportunities.
We were the first NZ major media company to
launch:
- a Data Management Platform;
- audience-led cross-platform digital
products;
- adata -lake to form a single view of our
customers;
- a market-wide programmatic trading
desk;
- a c reative-hub for content-led solutions;
CreateMe;
- a Digital Services marketing hub for
paid search and social campaigns;
- Digital subscriptions; and
- synchronised ad-serving.
NZME Print and Digital revenue share
continues to grow
45%
47%
47%
40%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%
0
50
100
150
200
250
300
350
FY18FY19YTD20
Market Share %
Market Revenue ($m)
Total Print Advertising Market
Revenue and NZME Share %
Market RevenueNZME Share
23%
23%
25%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
0
20
40
60
80
100
120
140
160
180
200
FY18FY19YTD20
Market Share %
Market Revenue ($m)
Digital Display Advertising Market
Revenue and NZME Share %
Market RevenueNZME Share
SOURCE: PwC NPA quarterly performance comparison report, December 2018 - 6 months to 30 June 2020. IAB digital advertising revenue – Gen eral Display, IAB NZ Digital advertising revenue report, Q4 2018 - Q2 2020.
4. PublishingNew Zealand’s Herald Background

93
NZME monetises audience and customer
data across its network
NZME Customer Match creates campaigns based on
audience behaviours, demographics, propensity and affinity
models. When merged with the customer data of an
advertiser, we can find “look-alike” prospects and serve
advertising messages to these users.
“We need to understand that people buy based
on emotion and justify with logic which means
that emotional, contextual and conversational
commerce is the future for advertising.”
Steffen Svartberg, CEO, Cavai
SOURCE:
1
Nielsen Online Ratings September 2020 AP15+ excludes APP (NZME Brand)
4. PublishingNew Zealand’s Herald Background
DELIVERING
AUDIENCES
AT SCALE
DELIVERING
TO AUDIENCES
AT THE RIGHT
TIME
50% of the NZ population come to
NZME’s digital channels
1
• 1.9 million unique visitors per month
1
• Verifiable and independently measured
This scale delivers
• Rich and growing first party data
• A standalone commercial data offering
• Data integration into campaigns
• Diverse activation opportunities
Our audience is engaged with
NZME’s digital channels at
every age, stage and moment.
• Our user base is engaged daily
across multiple content categories
• We collect data on 1000’s of user
behaviours
• We gain insight through the
diversity of our offering
• We are there at every journey
stage of our audience

94
Brand safe and scalable
distribution for advertisers
94
2. Best Technology
and Tools
1. Leverage
Audience Insights
3. Brand-Safe
Monetisation
4. PublishingNew Zealand’s Herald Strategy

95
95
▪NZME has audiences at scale across a range of
contexts, mindsets, devices and locations, which
provides a benefit for advertisers that is superior to
competitors.
▪With a strong direct-to -advertiser revenue channel, we
will continue to support local business by delivering
audience reach nationally and locally, through
personalisation and specific local products across print
and digital assets.
▪We will continue to enhance cross-channel advertising
packages and expand off-network digital packages for
SMEs.
Utilise audience and customer data across
the NZME network
“In due course, publishers should also enjoy
increased revenues from this style of targeting, as
these deeper contextual algorithms naturally
favour quality, long-form content.”
Sonia Pham, Head of Business Analysis at Illuma Technology
increased revenues from this style of targeting, as
4. PublishingNew Zealand’s Herald Strategy

96
Increase authenticated audience and
customer data across the NZME network
96
• Grow authenticated
audiences (registered and
signed-in).
• Extend the data capability to
identify audiences, deploying
more relevant advertisements
in online and offline
environments.
• Increase geo-targeting
capability.
customer data across the NZME network
•
•
•
Matched
List
Behaviours
Demographics
Declared
Data
NZME
Hash Table
Client
Hash Table
Client Database
Other Data Sources
NZME First Party Data –
1.9M+ Unique Audience
1
Activation
Channel Mix
Look-a-likes
Affinity
Audiences
NEW CONVERSATIONS
AUDIENCE AND
PROPENSITY MODELLING
CUSTOMER INSIGHTS
NZME Customer Match
4. PublishingNew Zealand’s Herald Strategy
SOURCE:
1
Nielsen Online Ratings September 2020 AP15+ excludes APP (NZME Brand)

97
Focus AreasOutcome
1.
Transform the current data-lake to a Customer Data Platform
Real-time, unified and longitudinal customer profile analysis
for data-driven advertiser solutions
2.
Automate campaign optimisation and programmatic buyingIncrease deployment of machine-learning and AI tools
3.
Increase natural language processing tagging of content
Build advertising solutions based on content and context
4.
Extend mobile creative ad suite
More revenue from the 75%+ of our audience who are
mobile
5.
Create content to commerce solutions for advertisersDelivering on-site purchase for advertising customers
6.
Maintain data governance policiesLead the market with data transparency and safety
7.
Expand range of selling channels and intuitive self-service
options
Create efficiencies for SMEs
8.
Increase native content automated product suiteProvide SMEs with a viable option to global platforms
9.
Develop advertising value attribution modelsConfirm benefits of cross-channel campaigns to advertisers
Continue to evolve our advertising technology and
tools to capitalise on monetisation trends
97
4. PublishingNew Zealand’s Herald Strategy

98
Create new advertiser opportunities across
NZME’s brand-safe environment
98
Reaching audiences at scale
• Continue to develop the
ecosystem of advertising
products for advertisers to
connect with their customers
at all stages of the customer
lifecycle.
• Create more synchronised
print and digital packages to
improve sales efficiency.
Reaching audiences through
storytelling and context
• Strengthen the range of
native products across all of
our channels that deliver
brand stories for advertisers.
• Increased use of video,
utilising the expertise, talent
and influencers within NZME.
Reaching relevant audiences
with personalised messaging
• Evolve digital advertising
products to serve relevant
messages to known NZME
audiences.
• Deploy NZME Smart Ads, which
dynamically deliver
personalised creative to
audiences based on their
behaviour, propensity modelling
and personalised data sets.
123
4. PublishingNew Zealand’s Herald Strategy

99
99
Scorecard –2023 and beyond targets
4. PublishingNew Zealand’s Herald Brand safe and scalable destination for advertisers
Metric2023 Target 2025 Target
Advertising Revenue
Mix
>45% Digital>50% Digital

100
5.
OneRoof

OneRoof –your
complete property
destination

New Zealanders
love property
There are
1
:
SOURCE:1. Nielsen CMI Q3 2019 – Q2 2020 Aug ’20 TV/Online fused. Investors: Intend to buy/sell in the next year.FHB: Kiwis employed
over 25 who are renting, shared household, boarders or living at home. Renovators: Own their own home and intend to renovate in the next
year. Movers: Intend to buy/sell in the next year who currently own theirown home
. 2.
NZME estimate based on 2019
5. OneRoofYour complete property destinationBackground
106,000
MOVERS
817,000
FIRST HOME BUYERS
1,013,000
RENOVATORS
610,000
INVESTORS
102
~$135 million
REAL ESTATE CLASSIFIEDS
MARKET SIZE
2

103
September properties
sold: the highest for
previous 42 months and
the highest September
sales volume for 14
years
September
inventory: lowest
since records
began
20182019
Sept 2020
YTD
September
2020
Annual Listings116,186 107,685 73,13210,050
Year-on-year
% Change
-3.2%-7.3%-9.6%-12.9%
SOURCE: REINZ, Property Reports 2018,2019,2020
Annual listings decreased in 2018 and 2019 but returned to growth
in early 2020, prior to Covid-19 lockdown.
Since May, the market has accelerated to break new records.
Inventory
has been in constant
decline
Market momentum was building
in 2020 until Covid-19 lockdown
5. OneRoofYour complete property destinationBackground

104
Today’s
presentation
will focus on
OneRoof Real
Estate revenue
and strategy,
not the Real
Estate Pillar
revenue
Source: Real Estate pillar - Revenue from Real Estate products and Real Estate advertiser spend beyond Real Estate products
(e.g. Radio, NZH Digital, Run of Paper). OneRoof Real Estate –Revenue from real estate products only.
. 2.
NZME estimate based on
2019
NZME Real Estate Pillar 2020 Forecast $35m
OneRoof Real Estate Products 2020 Forecast $19m
Digital
Print
OneRoof Print
$15m
Print Other
$7m
OneRoof.co.nz
$4m
Digital Other
$3m
Radio
$6m
Real Estate continues to be #1 revenue vertical at NZME,
but has been impacted by lower overall market listings
5. OneRoofYour complete property destinationBackground
120
116
108
100
0
20
40
60
80
100
120
0
5
10
15
20
25
30
35
40
45
2017201820192020
Forecast
Annual Listings (000s)
Revenue ($m)
PrintRadioDigitalAnnual Listings
NZME Real Estate Revenue and Market
Listings Trends 2017 -2020
Print and digital classifieds
market size ~$135 million
2

105
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
May-19
Jun-19
Jul-19
Aug-19Sep-19
Oct-19
Nov-19Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20Sep-20
Residential Listings For Sale (Auckland)
OneRoofRealestate.co.nzTrade Me Property
OneRoof has the most Residential For Sale
l
istings in Auckland
5. OneRoofYour complete property destinationBackground
SOURCE:Google Analytics
Waikato /
B
ay of Plenty
% of TM
% of RE.co.nz
81%
69%
Lower
North Island
% of TM
% of RE.co.nz
71%
67%
Restof
South Island
% of TM
% of RE.co.nz
71%
61%
Auckland
% of TM
% of RE.co.nz
105%
106%
Northland
% of TM
% of RE.co.nz
101%
88%
Hawke’s Bay
/ Gisborne
% of TM
% of RE.co.nz
81%
69%
Central
Otago
% of TM
% of RE.co.nz
87%
89%
Canterbury
% of TM
% of RE.co.nz
90%
78%

106
OneRoof emails
delivered
each month
1m+
Daily listings audience has
increased
42% YoY
1
OneRoof has cemented itself as a core property
site with awareness, listings views and enquiry
to agents all increasing
App downloads
185k
OneRoof was the fastest
growing real estate site in
September
+92% YoY
1
Agent listing enquiries are
up
117% YoY
2
5. OneRoofYour complete property destinationBackground
SOURCE:
1
Nielsen Online Ratings Sep 2020 (excludes APP)
2.
Google Analytics

107
OneRoof.co.nz audience is a strong
#
2 in market
0
100
200
300
400
500
600
700
800
Jan-20 Feb-20Mar-20Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Monthly Unique Audience (000s)
Unique Audience YTD 2020
1
Trade Me PropertyOneRoofRealestate.co.nz (Brand)
As the brand has built its own equity, audience referral
from NZHerald.co.nz has reduced to 30%
3
5. OneRoofYour complete property destinationBackground
39%
47%
53%
0%
10%
20%
30%
40%
50%
60%
70%
Jul-19Sep-19Sep-20
OneRoof National Prompted
Awareness
2
56%
58%
66%
0%
10%
20%
30%
40%
50%
60%
70%
Jul-19Sep-19Sep-20
OneRoof Auckland Prompted
Awareness
2
SOURCE:
1
Nielsen Online Ratings Jan-Sep 2020 (excludes APP) Note: TradeMe Property site numbers were not released in July 2020 due to URL definitions
that were missing.
2
ConsumerLink Omnijet 26 August – 2 September 2020.
3.
Google Analytics

108
• Print Real Estate market share has increased
from 44% in 2017 to 50% currently
1
.
• OneRoof.co.nz listings upgrade sell through
is currently 20% in Auckland and 5% for the
rest of New Zealand, with average revenue
per listing upgrade of $310.
• Advertising packages include a mix of
display, native content and sponsorship
partnerships.
• Agents can purchase a range of products to
build their brand profile and these are sold as
subscription packages.
Whilst print revenue market share is improving,
OneRoof.co.nz provides a growing offset to trending
print revenue decline as market listings reduce
5. OneRoofYour complete property destinationBackground
SOURCE: 1. PwC NPA quarterly performance comparison report, December 2018 - 6 months to 30 June 2020.
120
116
108
100
0
20
40
60
80
100
120
140
0
5
10
15
20
25
FY17FY18FY19FY20F
New Listings (000s)
Revenue ($m)
OneRoof Real Estate Revenue Mix and
New Listings
Print Listings RevenueDigital Listings Revenue
Advertising RevenueListings Volume

109
OneRoof.co.nz’s listings revenue is
s
kewed to Auckland, highlighting
national opportunity
SOURCE:
1.
REINZ
OneRoof Rev %
Total Listings %
1
New Listings %
1
Northland4%
7%4%
Auckland86%
41%42%
Waikato1%
7%7%
Bay Of Plenty3%
6%7%
Hawke’s Bay1%
3%3%
Manawatu-
Whanganui
1%
3%4%
Rest of North
Island
2%
6%10%
South Island3%
27%23%
4%
42%
7%
7%
3%
4%
23%
% of National
new listings
5. OneRoofYour complete property destinationBackground

OneRoof–your
complete property
destination

111
111
There are three pillars to the
OneRoofStrategy:
5. OneRoofYour complete property destinationStrategy
Strengthen Core Residential
Listings Business
Be indispensable
to Agents
Expand the Portfolio
to Agents
An opportunity for transformation

112
Scorecard
5. OneRoof StrategyYour complete property destinationScorecard
Current2023 Target
Residential
Listings
86%
1
100%
Audience
#2 in total
audience in all
major NZ markets
2
Reduce gap to #1
(currently ~200k)
Listings
Upgrade %
9%
50% of residential
listings
Revenue ~80% PrintDigital > Print
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2020202120222023
OneRoof Target Transition to Digital Revenue
DigitalPrint
SOURCE:
1
Google Analytics
2
Nielsen Online Ratings September 2020 AP15+ (excludes APP)

113
113
5. OneRoofYour complete property destinationStrategy
Strengthen Core Residential
Listings Business
Be indispensable
to Agents
Expand the Portfolio
to Agents
There are three pillars to the
OneRoofStrategy:
An opportunity for transformation

114
• Strengthen OneRoof leadership with dedicated
executive accountability, focused on delivery of growth
strategy.
• Utilise NZME’s national sales capability, realigning sales
team structure to national growth strategy.
• Continue to build listings coverage through solid Agent
relationships.
• Become an essential listings marketplace for agents,
buyers and sellers of property.
• Expand OneRoof Local Magazines as a geo-targeted
complement to digital listings for vendors.
Reach 100% of all residential
for sale listings
5. OneRoofYour complete property destinationStrategy
600k+ publications weekly

115
SOURCE:
1
Nielsen CMI Fused Q3 19 – Q2 20 Aug 2020AP15+ (Included weekly print,weekly claimed radio & monthly unique
digital audience)
2
Google Analytics Oct 2020 (users ages 25+)
Utilise the strength of
NZME audience and
OneRoof Local Magazines
t
o grow audience
• Focus to date has been on winning Auckland, with
50% of OneRoof’s audience currently in Auckland
2
.
• Grow OneRoof national audience utilising NZME’s
leading platforms across print, digital and radio.
• Local magazines, including localised editorial content,
are a key marketing tool for building the OneRoof
brand to Agents and Vendors.
5. OneRoofYour complete property destinationStrategy
Northland Advocate
OneRoof Northland
Bay of Plenty Times
Rotorua Daily Post
OneRoof Bay of Plenty
Whanganui Chronicle
OneRoof Manawatu-Whanganui
Hawke’s Bay Today
OneRoof Hawke’s Bay
OneRoof Auckland
OneRoof Waikato
NZME
> 85%
of the people
living North
Island
1
NZME
~ 87%
of the
people living
in Auckland
1
NZME
~ 71%
of the people
living in South
Island
1
OneRoof
Central
Lakes

116
• Create a large and engaged property
audience using marketing automation,
AI and personalisation tools.
• Continue customer journey site
enhancements using leading digital
design methods and continuous release
frameworks to build the best tools for
buyers, owners and movers.
• Grow signed-in audience on OneRoof to
underpin relevant content and product
offerings.
Passive
63%
Passive
40%
Passive
60%
In Market
14%
In Market
14%
In Market
23%
Active
23%
Active
100%
Active
46%
Active
17%
FIRST TIME
BUYERS
MOVERSINVESTORSRENOVATORS
ActiveIn MarketPassive
OneRoof is unique amongst market competitors in its
relevance for people at every stage of the property cycle
Build #2 audience with relevant product and
content for all stages of the property cycle
5. OneRoofYour complete property destinationStrategy
SOURCE:Nielsen CMI Fused Q3 19 – Q2 20 Jul 2020 fused Base: NZME Total. Active RE Audience: Intending to buy/sell/build in the n12m, In Market RE Audience: Not intending to
buy/sell/build but keeps an eye on real estate, Passive RE Audience: Not intending to buy/sell/build and doesn’t keep an eye on real estate

117
Grow Listings Upgrade revenue:
• Increase uptake of depth products from current (20% in Auckland, 5% Rest of NZ)
• Develop new listings upgrade products
• Increase revenue from bundled print, digital and social listings products
• Build attribution models to prove effectiveness of listing campaigns
Increase Advertising revenue:
• Increase audience and customer segmentation to support data-driven and audience-insight products
• Build behavioural and contextual products
• Create native content products across print, digital and radio platforms
A suite of products that provide scale and
relevancy to deliver results for vendors and
advertisers
5. OneRoofYour complete property destinationStrategy
SOURCE: NZME analysis

118
118
5. OneRoofYour complete property destinationStrategy
Strengthen Core Residential
Listings Business
Be indispensable
to Agents
Expand the Portfolio
to Agents
There are three pillars to the
OneRoofStrategy:
An opportunity for transformation

119
Build data-driven tools to
generate leads for agents
OneRoof connects
agents with people at
all stages of the
property cycle
Dreamer
(First) Home Buyer
Renovator
Vendor
Mover
Buyer
Investor
NOW
Comprehensive Property
marketing solutions
across print, digital,
social, email and radio.
Building propensity
modelling to connect
agents with the next
vendor and the next buyer.
5. OneRoofYour complete property destinationStrategy
NEXT

120
Create content and audience-aligned
p
roducts to build agents’ brands
5. OneRoofYour complete property destinationStrategy
NEXT
• Contextual and content marketing products.
Profile and Agent Lead-generation tools
based on OneRoof audience data.
• Create a national network for real estate
branding and solutions specific to local
markets for agents.
NOW
• Comprehensive subscription marketing
solutions across print, digital, social, email
and radio to build agent’s brands.
• Live panels, native content options across
print, podcast and OneRoof radio show on
NewstalkZB, Quarterly Property Report.

121
121
5. OneRoofYour complete property destinationStrategy
Strengthen Core Residential
Listings Business
Be indispensable
to Agents
Expand the Portfolio
to Agents
There are three pillars to the
OneRoofStrategy:
An opportunity for transformation

122
0%
0%
54%
75%
79%
102%
0%
0%
28%
66%
87%
59%
0%50%100%150%
Retirement
Villages
Rural
Residential
Rentals
Commercial For
Lease
Commercial For
Sale
Businesses for
Sale
OneRoof Share of Listing Types
OneRoof Share of Market Listings v Trade Me
OneRoof Share of Market Listings v realestate.co.nz
Expand the portfolio to further
v
erticals and services
5. OneRoofYour complete property destinationStrategy
Listings Vertical Expansion:
• Build out the listings into key property specialty markets: Commercial,
Business Brokerage, Rural, Retirement Villages
• Build the Rental listings marketplace to support the investor market and
provide a natural adjacency for property seekers
Financial Services & Utilities:
• Provide aligned services tools for buyers, home-owners and renters
including home loans, power and broadband
• Future scope for services adjacency product development
Digital Tools Expansion:
• Machine learning and AI tools to create more automated digital
advertising products
• Media attribution models
• Modelled customer segments
• Propensity models and data partnerships
SOURCE: NZME analysis

Diversify overall OneRoof
Real Estate Revenue
Residential Listings
(incl. Print and Digital)
Expanded Portfolio
Revenues
OneRoof Revenue Mix 2023
ONEROOF REAL ESTATE
–YOUR COMPLETE
PROPERTY DESTINATION
123
5. OneRoofYour complete property destinationStrategy
SOURCE: NZME analysis

124
Scorecard
5. OneRoof StrategyYour complete property destinationScorecard
Current2023 Target
Residential
Listings
86%
1
100%
Audience
#2 in total
audience in all
major NZ markets
2
Reduce gap to #1
(currently ~200k)
Listings
Upgrade %
9%
50% of residential
listings
Revenue ~80% PrintDigital > Print
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2020202120222023
OneRoof Target Transition to Digital Revenue
DigitalPrint
SOURCE:
1
Google Analytics
2
Nielsen Online Ratings September 2020 AP15+ (excludes APP)

6.
Performance
Overview
David Mackrell
Chief Financial Officer

126
Earnings stabilised and margin improved
14.1%
13.6%
15.5%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
10
20
30
40
50
60
70
80
FY18FY19FY20F
EBITDA Margin
EBITDA ($m)
EBITDA
1
EBITDA post IFRS16EBITDA pre IFRS16EBITDA Margin
0
50
100
150
200
250
300
350
400
FY18FY19FY20F
Revenue ($m)
Revenue
PublishingReal EstateAudioGrabOneOther
6. Performance Overview
1. EBITDA is a non-GAAP measure and excludes the impacts of exceptional items (redundancy costs, one-off projects and
other exceptional items). Please refer to the NZME Half Year Results Presentation on NZX and ASX for a full explanation.

127
Increased transparency with new
Divisional Reporting
• Revenues and direct costs are
reported for each division.
• OneRoof includes all
dedicated real estate products
including real estate inserts to
newspapers (note: represents
around half of NZME’s total
real estate industry revenue).
• Cost pools that relate to
multiple divisions have been
allocated on an appropriate
basis.
6. Performance Overview
1.
Operating EBITDA is a non-GAAP measure and is presented as including the impact of IFRS16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional
items) to allow for a like-for- like comparison between 2019 and 2020 financial years. Please refer to the NZME Half Year ResultsPresentation on NZX and ASX for a full explanation.

128
Based on midpoint of
guidance range
included in the
outlook statement.
Cost pools that relate
to multiple divisions
have been allocated
based on revenue,
geography and
headcount.
Other Revenue
includes $8.6 million
of Government wage
subsidy.
$mAudioPublishingOneRoofGrabOneOtherTotal
Reader Revenue:
- Print -73 ---73
- Digital-7 ---7
Reader Revenue-80 ---80
Advertising Revenue:
- Radio93 ----93
- Print-59 14 --73
- Digital-43 4 -1 47
Advertising Revenue93 102 18 -1 213
Other Revenue6 15 1 9 2 32
Total Revenue98 196 19 9 2 325
People and Contributors(49)(75)(6)(4)(3)(138)
Print & Distribution-(40)(6)--(46)
Agency Commission & Marketing(15)(15)(2)(1)(0)(32)
Other(16)(21)(2)(2)(4)(45)
Total Costs(80)(151)(16)(6)(7)(260)
Operating EBITDA
1
19 46 2 3 (5)64
IFRS16 Adjustments(5)(8)(1)(0)(0)(14)
EBITDA (pre IFRS16)
2
13 38 2 3 (5)50
EBITDA (pre IFRS16)
2
Margin %14%19%9%30%-16%
128
FY20F Divisional Performance
6. Performance Overview
1.
Operating EBITDA is a non-GAAP measure which includes the impact of IFRS16 and excludes exceptional items (redundancy costs, one-off projects and other exceptional items) to allow for a like-for- like comparison between 2019 and 2020
financial years. Please refer to the NZME Half Year Results Presentation on NZX and ASX for a full explanation.
2.
EBITDA is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of IFRS16.

129
$mFY20Future
cost base
Temporary /
Activity Related
Savings
30-
Permanent
Savings
1620
Total Savings4620
0
50
100
150
200
250
300
350
400
FY18FY19FY20F
Expenses ($m)
Total Operating Expenses (pre IFRS16)
Other
Agency commission
& Marketing
Print & Distribution
People &
Contributors
Cost saving initiatives in FY20 have resulted in
permanent savings of $20m per annum
Cost savings vs. FY19:
6. Performance Overview
FY20F

130
• Transitioned from a daily deals site to an
always on platform in 2019.
• Covid-19 has seen an acceleration in
‘Store’ e-Commerce revenues, with gross
Store sales totalling$12 million, up 33%
from $9 million in FY19.
• Will require further investment in people
and technology.
• Not extensively integrated into NZME
technology or resources.
• Appointed Grant Samuel to explore
divestment options.
0
2
4
6
8
10
12
14
16
20162017201820192020
Revenue ($m)
GrabOne Revenue by Type
ExperiencesEscapesStoreAdvertising Revenue
GrabOne is not a core strategic focus
6. Performance Overview

131
• Automotive remains a top 5
advertising vertical.
• Currently monetising through
digital display and lead
generation.
• Continue to believe there is an
opportunity to expand and grow.
• Not currently one of our three
strategic priorities for significant
investment.
Driven remains a future opportunity
SOURCE:
1
Nielsen Online Ratings September 2020 AP15+
2
Nielsen DCR September 2020
3
Google Analytics (NZ only)
42,000+ Listings
(90%of Trade Me Motors Dealer Listings
3
)
+16% YTD vs LY YTD
2
Monthly Unique audience
1
172,000
201820192020 YTD
DRIVEN.co.nz Revenue
Now 34% of Trade Me Motors audience
2
6. Performance Overview

132
CAPEX expected at ~$10-12m per
year from 2021 onwards
14.1
11.8
5.9
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
FY18FY19FY20F
$ million
Historical Capital Expenditure
6. Performance Overview

133
EBITDA margin growth targeted
across each division
FY20F EBITDA
1
Margin
FY23 EBITDA
1
Margin Target
Audio14%15% –17%
Publishing19%19% –20%
OneRoof9%15% –25%
6. Performance Overview
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancycosts, one-off projects and other exceptional items).

134
Capital Management and Revised
Dividend Policy
Dividend Policy
"NZME intends to pay dividends of 30-50% of
NPAT subject to achieving the debt reduction
target and having regard to NZME's capital
requirements, operating performance and
financial position."
Leverage Ratio
Target Leverage Ratio of 1.0 to 1.5 times rolling 12
month EBITDA
1
(pre IFRS16).
The current is less than 1.0 times EBITDA
1
.
Dividend Policy
"NZME intends to pay dividends of 30-50% of
Free Cash Flowsubject to being within its target
leverage ratio and having regard to NZME's
capital requirements, operating performance and
financial position."
The Board expects to be able to consider a dividend payment when facility terms permit,
after 30 June 2021.
Previous Policy
Revised Policy
Leverage Ratio
Target Leverage Ratio of 0.5 to 1.0 times rolling
12 month EBITDA
1
(pre IFRS16).
6. Performance Overview
1.
EBITDA is a non-GAAP measure which excludes the impact of IFRS16 and exceptional items (redundancy costs, one-off projects and other exceptional items) to allow for a like-for- like
comparison between 2019 and 2020 financial years. Please refer to the NZME Half Year Results Presentation on NZX and ASX for a full explanation.

135
Example dividend calculation
$mExample Year
EBITDA
1
(pre IFRS 16)50
Depreciation(20)
Interest(4)
Non-Recurring(2)
Tax(7)
NPAT17
Add Depreciation 20
Less Capital Expenditure(12)
Working Capital Changes0
Free Cash Flow25
Previous Policy Example:
Dividend 40% of NPAT (midpoint)$m 7
Cents per sharecents 3
Revised Policy Example:
Dividend 40% of Free Cash Flow (midpoint)$m 10
Cents per sharecents 5
Dividend example
uses an EBITDA
1
of
$50 million (pre
IFRS16), with other
inputs based on
normalised historical
performance.
6. Performance Overview
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancycosts, one-off projects and other exceptional items).

7.
Summary
Michael Boggs
Chief Executive Officer
136

137
2023 Strategic Priorities
New Zealand’s
leading audio
company
New Zealand’s
Herald
Your complete
property
destination
7. Summary

138
2023 Scorecard Metrics
Metric2023 Target
NZME Share of total
audience
> 1% share point growth per
annum
Radio Revenue Share
> 1% share point growth per
annum
Digital audio revenue as a %
of total audio revenue
5%
EBITDA
1
Margin Target
(pre IFRS16)
15 – 17%
New Zealand’s
leading audio
company
7. Summary
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancycosts, one-off projects and other exceptional items).

139
2023 Scorecard Metrics
Metric2023 Target
Subscription Volume Target
More than 210,000
subscribers by year-end
Subscription Volume MixDigital Only > Print
% Households Subscribing> 12% by year-end
Advertising Revenue Mix> 45% Digital
EBITDA
1
Margin Target
(pre IFRS16)
19 - 20%
New Zealand’s
Herald
7. Summary
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancycosts, one-off projects and other exceptional items).

140
2023 Scorecard Metrics
Metric2023 Target
Residential Listings100% of listings
Audience
Reduce gap to #1
(currently ~200k)
Listings Upgrade %50% of residential listings
Revenue Digital > Print
EBITDA
1
Margin Target
(pre IFRS16)
15 - 25%
Your complete
property
destination
7. Summary
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancycosts, one-off projects and other exceptional items).

Shareholder value
creation
7. Summary
141

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