The Warehouse Group Investor Day

___________________________________________________________________________

To: Market Information Services Section
NZX Limited
_________________________________________________________________________________

Auckland
4 May 2021

The Warehouse Group Investor Day
The Warehouse Group is today holding an Investor Day for analysts and institutional investors, to
update investors on the progress that has been made and to provide a deeper understanding of its
current strategy.
A copy of the presentation is attached.
ENDS

Contact details regarding this announcement:

Investors and Analysts: Jonathan Oram, Chief Financial Officer
To be contacted via Kim Russell +64 9 488 3285 or +64 21 452 860
kim.russell@thewarehouse.co.nz

Media: Jordan Schuler, Corporate Affairs Partner
+64211436930
media.enquiries@thewarehouse.co.nz

---

The Warehouse Group
4 May 2021
2021
Investor Day

Important Disclaimer
This presentation is given on behalf of The Warehouse Group Limited (‘the Group’).Information in this presentation:
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or
recommendation of securities in the Group. Readers should take their own independent professional advice in
respect of their objectives, financial position or needs;
•Should be read in conjunction with, and is subject to, the Group’s Annual Report, market releases, and information
published on The Warehouse Group website (www.thewarehousegroup.co.nz);
•Includes forward-looking statements about the Group and the environment in which the Group operates, which are
subject to uncertainties and contingencies outside of the Group’s control –the Group’s actual results or performance
may differ materially from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future
performance;
•May contain information from third parties believed to be reliable; however, no representations or warranties are
made as to the accuracy or completeness of such information; and
•Has not been subject to audit or review by an independent third party of the assumptions, data, calculations and
forecasts contained in or referred to in this presentation.
All information in this presentation is current at the date of this presentation, unless otherwise stated. All currency
amounts are in NZ dollars unless stated otherwise.

3
9:00amWelcomeNick Grayston –Chief Executive Officer
9:15amTurnaround JourneyJonathan Oram –Chief Financial Officer
9:45amEcosystem VisionNick Grayston –Chief Executive Officer
10:15amCustomer ExperienceJonathan Waecker –Chief Customer Officer
10:45amMORNING TEA BREAK
11:00amSystems and Digital InitiativesEdwin Gear –Chief Information Officer
Michelle Anderson –Chief Digital Officer
11:30amCore Brands –The Warehouse,
Warehouse Stationery, Noel Leeming
Tim Edwards –Chief Sales Officer
Tania Benyon –Chief Product Officer
12:30pmLUNCH BREAK
1:00pmTorpedo7Simon West –CEO Torpedo7
1:30pmTheMarket.comJustus Wilde –CEO TheMarket.com
2:00pmInvestments and ReturnsJonathan Oram –Chief Financial Officer
2:30pmGovernanceJoan Withers –Chair of the Board
2:45pmOpen Q&AAll
2021 Investor Day –4 May 2021

of today
4
There areno trading updates in these materials, but we do highlight areas
of potential growth
The Warehouse Group’s last investor day was November 2017 and
since then major steps have been made on transforming the business
Today is an opportunity to update investors on the progress that has been
made and providea deeper understanding of our current strategy
As anNZX listed company TWG iscommitted to maximising the benefits
that a listing can bring.Twoobjectivesto do this are to
•Deepen and strengthen the share register
•Return to being a constituent of the NZX50
2021 Investor Day –4 May 2021

52021 Investor Day –4 May 2021

Turnaround
Journey
Jonathan Oram
Chief Financial Officer
6

Scale forNew Zealand
Improvingfinancial performance
Change readyteam
Proximity to New Zealanders
Trusted brands
Digital Investment
Investment case
7
Leading New Zealand retail brands in their market segments and emerging marketplace brand,
TheMarket.com
Unrivalled national store network of 254 stores, supported by distribution centres in the North and
South Islands giving proximity to deliver goods and services to New Zealanders
$3.2b of sales representing over 10%of non-food retail spend, coming from more than 3.7m loyalty
members and over 2m+ shopping trips per week
Significant investment in customer facing digital assets and development of TheMarket.com providing
foundation for the group ecosystem
Last three years demonstrate improving financial metrics and return on capital, which is beginning to
translate into share price performance
Transformation investment in stores and SSO has prepared teams for continuing change
2021 Investor Day –4 May 2021

FY2017FY2018FY2019FY2020
FY2021 and
beyond>>>
Phase 1
Phase 2
Phase 3
Phase 4
Phase 5
Phase 6
8
RISE
Digital future / Customer experience
COEs / Business
simplification
Agile ways of
working
Our multi-phase turnaround journey started
in FY17 and remains ongoing
EDLP
Systems and processes
2021 Investor Day –4 May 2021

RISE Transformation
Programme
Systems and processes
Digital future / Customer
experience
EDLP
COEs / Business
simplification
Agile ways of working
We have made material progress towards
becoming a world class retailgroup
9
Creation of Group centres of excellence and business simplification –exit of financial services and non-
core brands and commencement of SWAS
Adoption of EDLP in The Warehouse providing value to customers and delivering margin, inventory and
store productivity improvements
Programme of 282 initiatives across revenue, cost, capital allocation, and operating model delivering
recurring and one-time benefitsand building capability
First global multi-brand retailer to fully adopt agile ways of working in support office operations
Executing programme of core system renewal and associated process changes, extending to in-store
operating models
Significant investment in the components and customer experience necessary to deliver a Group
ecosystem
2021 Investor Day –4 May 2021

10
Our RISE programmedelivered value through 282
initiatives across the business
Our top 10 initiatives delivered significant recurring and one-time benefits to enable further investment
High performance cultureIntroducing a new performance management process in all Noel Leeming stores, with new reporting
and coaching tools
Aged inventory standardsStandardising aging benchmarks to industry standards for all categories in TWL
TWL clothing tablesIntroducing apparel tables into TWL stores, allowing for increased stock density available at any time
TWL store performanceRaising the performance of bottom quartile stores in the TWL network through a new performance
management methodology
> $5M
recurring
Supplier payment terms
1
Improving working capital through the extension of overseas supplier payment terms
Pricing optimisation processUsing data analytics and disciplines to review and optimise our pricing, especially in an EDLP
environment
COGS negotiationEmbedded a new framework and process to negotiate trade supplier terms across all brands
Direct sourcingLowering cost of goods through driving direct business via sourcing offices in China and India instead
of local suppliers and agents in New Zealand
Fill and recovery optimisationImproving night fill productivity in TWL stores through new processes, standards, and ways of working
TWL store operating modelOperating model changes in TWL to include a review of management layers and wider updating of
rosters to reflect when staff are needed most
>$1M
recurring
InitiativeDescription
2021 Investor Day –4 May 2021
1. Significant one-time cash flow benefit and ongoing benefit with growth

11
Wehavearrestedthemulti-yeardeclineinthedecadeto2017andwearenowdrivingstrongreturns
Increasedsales
Increasedoperatingmarginandprofit
Increasedcashflowconversion
Reduceddebt–nowinpositivecashposition
Our transformation is delivering
Operating profit and margin(Net Debt)/Cash and Total Liquidity ($million)
111.2
96.7
93.2
111.2
107.8
91.4
112.4
49.3
153.0
5.0%
3.7%
3.4%
3.8%
3.6%
3.1%
3.7%
1.6%
8.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
0
20
40
60
80
100
120
140
160
180
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1
Operating Margin (%)
Operating Profit ($million)
Operating ProfitOperating margin
(216.9)
(220.9)
(299.6)
(300.0)
(218.3)
(162.3)
(76.2)
168.1
183.6
43.1
79.1
30.4
40.0
61.7
47.7
103.8
498.1
513.6
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1
(Net Debt)/CashTotal Liquidity
FY20 Operating Profit has been restated from previous reported results to exclude the $67.5m wage subsidy received in FY20 whichhas been reclassified as unusual items.
Operating Profit is a non-GAAP financial measure defined in the Group’s financial statements.
2021 Investor Day –4 May 2021

TURNAROUND
INVEST
GROW
OPTIMISE
Financial performance breakdown
12
OPERATING
PROFIT
GROUP
Divisional Operating Profit
$million
FY13FY14FY15FY16FY17FY18FY19FY20
(1)
FY21 H1
85.276.979.689.484.571.485.154.9122.6
10.311.812.714.315.710.616.717.517.2
11.011.36.412.119.331.238.134.233.1
(1.7)0.1(2.3)(0.1)(1.6)(4.1)(8.9)(17.7)5.2
1.5(4.1)(14.8)
(9.2)
111.296.793.2111.2107.891.4112.449.3153.0
1.FY20 Operating Profit for each brand and Group has been restated from FY20 reported results due to the reclassification of the wage subsidy
received in March 2020 to unusual items and this was repaid in December 2020. Including the wage subsidy, Group Operating Profitwas
previously reported as $116.8 million in FY20.
2.Noel Leeming was acquired in December 2012, therefore FY13 only includes 7 months results.
3.Torpedo7 was acquired in April 2013, therefore FY13 only includes 4 months results, and has been restated to exclude 1-day.
4.TheMarketOperating Profit includes TheMarketand 1-day results from FY18.
2021 Investor Day –4 May 2021

Cash flowgeneration
•Improving earnings amplified by working capital benefits
•Capital expenditure profile has been declining but the intention is for this to increase
•Dividends have been very stable over the period despite cashflow volatility
Capital Expenditure and Dividends Paid ($million)Operating Cash Flow ($million)
93.3
91.0
109.3
75.2
70.6
70.2
61.3
64.5
39.4
69.1
58.2
59.6
58.2
52.5
55.8
52.3
27.9
162.4
149.2
169.0
133.3
123.0
126.0
113.6
92.4
39.4
0
50
100
150
200
250
300
350
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1
Capital ExpenditureDividends Paid
93.7
76.6
76.5
162.5
128.1
107.9
198.0
324.2
61.4
-100
-50
0
50
100
150
200
250
300
350
FY13FY14FY15FY16FY17FY18FY19FY20FY21 H1
EBITDAChange in working capitalRestructuring costsOther
2021 Investor Day –4 May 2021
To improve multi-year comparability, Operating Cash Flow in FY20 and FY21 H1 includes NZIFRS16 lease
principle repayments.
13
$27.9m dividends paid in FY20 relate to the FY19 Final Dividend paid. FY20 Interim dividend was
cancelled and no FY20 Final dividend was declared due to COVID-19.

Ecosystem
Vision
Nick Grayston
Chief Executive Officer
14

15
(1)Google/Ipsos, Global Retail Study 2019, total sample n=14,206
(2)Google Internal Data 2021 vs. 2020
(3)Google APAC Online Consumer Research 2018
(4)“Brexit Hits the High Street, but Ecommerce Proves Resilient” eMarketer, Jul 7, 2019
Customers are demanding convenience more than ever before
CUSTOMERS ARE ...
MORE CURIOUS
58%
+118%
purchases prompted
by something seen
online
1
growth in mobile
searches for
“where to shop/buy”
2
MORE DEMANDING
+450%
ON DEMAND
EVERYTHING
growth in mobile
searches with
“near me”
4
Uber, Spotify,
Netflix, Prime,
banking, etc.
MORE IMPATIENT
+120%
growth in mobile
searches for same-
day shipping
2
consumers look for
info online as they
shop in stores
3
79%
2021 Investor Day –4 May 2021

ALIGNED TO THIS NEW WORLD
Think customer
Whakaarohiatekaiutu
We put the customer first in
everything we do
Own it
Kia ngaio
We walk the talk and make
things happen
Do good
Kia oha
We are one team, standing
up for our people, our planet
and our communities
Helping Kiwis live better every day
To build New Zealand’s most sustainable, convenient and customer-first company
Build a customer
ecosystem
Define the future
experience
Excel in retail
fundamentals
Customer-first service and
product offering
Ethical and Sustainable
performance
Customer-first offering
powered by data
Frictionless on-demand
shopping experience
162021 Investor Day –4 May 2021

17
→They better leverageassets and investments(footprint, systems, data, inventory)
→They create strongercustomerrelationships(high engagement, low churn, etc)
→They create new platforms for businessgrowth
2021 Investor Day –4 May 2021
Strong physicalfootprint
+ Whole Foods, GO
Mobile app-based loyalty
#1 app + Prime+ Walmart Pay+ payments+ payments, rewards+ points
Highly personalised
(offers / range / services)400+ million listings + Supplier Advertising+ Supplier Advertising+ Supplier Advertising
Convenient fulfilment
Pickup + fast deliveryPickup + fast deliveryPickup + fast deliveryPickup + fast deliveryPickup + fast delivery
Partnership extensions
Payments, Health,
Logistics, Shopify, etc.
Fintech, QSR UberEats partnershipSWAS partnerships
(CVS, Ulta Beauty)
SWAS partnerships
(shops in Kohl’s)
Category & segment expansion
Marketplace, Content,
Pharmacy, Grocery,
Private Label
Marketplace,
Pharmacy, Grocery,
Private Label
CoffeePharmacy, Grocery,
Private Label
Services
1.Target USA

CUSTOMER-LED
ECOSYSTEMS WITH NINE KEY AREAS IN COMMON
eCommerce & Marketplace
range via 1st & 3
rd
party products & services
Fulfilment
shipping and Click&Collect
Health & Wellness
typicallypharmacy, vision and health
Customer Loyalty
data-driven programs that hold it all together
Services (Home & Personal)
helping customers in their daily lives
Food, Travel, & Entertainment
value-added benefits to increase time spent
Advertising
turn traffic into supplier funding and revenue
Financial & Payment Services
payment options, cards and schemes
Stores
physical retail and pickup points
182021 Investor Day –4 May 2021

19
A CUSTOMER-CENTRIC
Our unique combination of local assets, global
partnerships, and astrong financial positionmeans we
can grow our business and expand our capabilities to
deliver solutions for customers
•We have a vision of what we want our ecosystem to become
•We are on the journey now, with foundational elements being deployed
•Some customer-facing experiences beginning to come online FY21 / FY22
2021 Investor Day –4 May 2021

Customer
Experience
Jonathan Waecker
Chief Customer Officer
20

21
OUR ECOSYSTEM
Customers will choose us first, as long as shopping with
us is easierthan shopping with anyone else
KIWISSTART WITH US
moreconvenient
morerange / options
morecustomised
morepredictive
moreways to save money
moresustainable
2021 Investor Day –4 May 2021

22
Agile, unified(cross-brand), and
change-ablepeople platform
Unified platforms across the Group
•eCommerce
•Data (customer, product, and store)
•Product sourcing anddevelopment
•Marketing and customer acquisition infrastructure
•Logistics
•Technologies
•TWG Business
Unifiedcustomer view
1
st
party data
WE’RE STARTING EVERYTHING
BY FOCUSING ON OUR CUSTOMERS
WRAPPING OUR CUSTOMER EXPERIENCES
AROUND THREE UNIFIED ENABLERS
2021 Investor Day –4 May 2021

23
SHOPPING
Physical Stores
•Our stores are convenient and located
throughout New Zealand
•Continue prioritising Click&Collectgrowth
(more convenient + more profitable)
•Continue successful SWAS program
eCommerce (1
st
party retail)
•Our sites and mobile apps are among the top
retail sites and apps in New Zealand
•+50.3% growth in online sales in H1 FY21
(+85% for Noel Leeming, +75% for The
Warehouse)
•Growing investments in mobile apps
Marketplace(3
rd
party retail)
•Range is a critical enabler for customers to
choose us first
•Helps take our Group range from ~ 120k 1st-
party SKUs to 5,000 brands and 3m active
SKUs (1
st
and 3
rd
party)
WE’RE FOCUSED ON MAKING OUR SHOPPING EXPERIENCES EASY AND SEAMLESS.
ARE WHERE IT ALL STARTS
2021 Investor Day –4 May 2021

24
LOYALTY
•Nearly4 million unique customer records across
our existing loyalty programmes
1
•LaunchedTheMarketClub paid membership
($5.99/month or $59.00/year) with free shipping
($45+)
•Successfully piloting app-first loyalty programme
in The Warehouse
•Partnership with FlyBuys(Noel Leeming, Torpedo7)
•Opportunity to integrateand simplify
(1) TWG Internal Data 2021, aggregated and de-duped across 9 data sources. Over 10M total records (not unique)
BRING IT ALL TOGETHER, IN STORES AND ONLINE
2021 Investor Day –4 May 2021

25
SUPPLIER ADVERTISINGINFRASTRUCTURE
WILL TURN OUR STORE AND DIGITAL
TRAFFIC INTO INCREMENTAL REVENUE
2021 Investor Day –4 May 2021
Expand dedicated media centresto
better service and capture supplier
funding

26
CUSTOMER FULFILMENTAND OUR LOGISTICS
•Scaled one-hour click & collect at Noel
Leeming
•Established same-day click & collect at
The Warehouse
•Launched Fulfilment by Market (FBM)
•Nationwide Click&Collectand MarketPoint
locations
•Strategic partnership with NZ Post
•Opportunity to leverage our footprint for last-
mile pickup
•Opportunity to invest in fulfilment capacity
and capability
WE GET OUR GOODS AND SERVICES TO OUR CUSTOMERS,
WHEN AND WHERE THEY WANT
2021 Investor Day –4 May 2021

27
OUR SERVICESHELP CUSTOMERS
AND BUSINESSES IN THEIR DAILY LIVES
•Installation
•Warranties and Protection Plans
•Consultation Services
•Print & Copy Centres
•Expanded use of AI, chat bots, and digital
humans to drive improved personalisation
and to better solve customer problems, while
increasing team member engagement and
effectiveness
•Opportunity to expand services across the
Group
•Opportunity to personaliseservices for
customers
2021 Investor Day –4 May 2021

28
OUR PAYMENTOPTIONS HELP CUSTOMERS
PAY QUICKLY AND EASILY
•Launched Purple Visa interest-free into
The Warehouse and Warehouse Stationery
•Expanding our financing solutions,
products, and partnerships
WITH MORE WAYS TO MAKE THEIR BUDGETS WORK FOR THEM
2021 Investor Day –4 May 2021

292021 Investor Day –4 May 2021
Products
Planet
People
Reduce
Drive cost benefits by using
our resources more
efficiently
Enhance
Drive growth benefits
through better practices
and appealing to customer
perception drivers
Comply
The current and future
regulatory environment
Community Initiatives
•egPeriod Poverty
Community Fundraising
•egSalvation Army, Plunket, Women’s
Refuge
NZ upcoming Mandatory Product
Stewardship Schemes
Plastic Bag Free
CLC (Climate Leaders Coalition)
Voluntary Emissions Market
Leadership
•egFamily Violence not OK, White
Ribbon, Free Access to Period products
for all employees,...
Efficiency in transportation, packaging
and delivery of products
•egreduction in product packaging,
plastic packaging and shipping
materials, EV delivery trucks
Sustainable Packaging
TWG Operational Waste Reduction
Active Emissions Reduction Program
•egEnergy efficiency, EV Light Fleet
Carbon Neutral since 2018
Ethical Sourcing
Sustainable Products & Materials
•egcertified materials, sustainable
alternatives, Certified palm oil, Better
Cotton Initiative, FSC and others
Circular Economy & End-of-Life
Recycling for Customers
•egSoft Plastic Recycling at TWL,
polystyrene, eWasteat NLG, ink & toner
cartridges at WS, new programs with
partner brands and MfE
Embed change in behaviours into the
business
•eg.Create owners mindset in regards to
sustainability
Future of Work, reducing team member
risk against future changes in workplace
•eg.upskilling, working w/automation
An Integrated Reporting and evolving Environment & Social Governance (ESG) Model
IS A GROWING REQUIREMENT
FOR OUR CUSTOMERS
OUR ASPIRATION IS TO BECOME NEW ZEALAND’S MOST SUSTAINABLE RETAILER
3 AREAS OF FOCUS
TARGETS

302021 Investor Day –4 May 2021

Edwin Gear
Chief Information Officer
Systems &
Digital Initiatives
Michelle Anderson
Chief Digital Officer
31

•Replacing our core operational systems to migrate from Batch
to Realtime (MDM, ERP, WMS, GEP, OMS, HCM)
•Rebuilding our Supply Chain to capitaliseon changes in
customer demand
•Continued investment in our digital platforms to enable growth
in online
•High level roadmaps for business solutions
•Brief Q&A
32
Systems and Digital Initiatives
2021 Investor Day –4 May 2021

33
Systems and Digital -Foundations
Reduces admin/rework and enables staff to focus on value-
added tasks (“single source of truth”)
CentralisedFinancial
Reporting across the
Group
Is essential to reliable online “Available to Sell” (ATS) as well as
improved forecasting/replenishment to maximize trading
performance in stores
Enables organisationstructure administration, DFA, time
reporting, activity-based costing and employee self service
Ensures seamless interoperability, adaptability and reuse
across our 300+ business application ecosystem
Replacing core
operational
systems will
increase
productivity
and enable the
transition from
“batch” to
“realtime”
Reduces admin overhead, reduces time to value, improves
accuracy of management reporting
CentralisedMaster
Data Management
(MDM)
Realtime inventory
administration
Integrated Human
Capital Management
(HCM)
Common middleware
integration
architecture
2021 Investor Day –4 May 2021

Systems and Digital –Supply Chain
Improve stock availability for core range and increase stock
turns in stores
Consolidating
Warehouse
Management Systems
Will increase productivity, business continuity, reduce cost-to-
serve and improve throughput in peak periods
Will reduce freight to stores and increase stock availability for
core range and Key Value Items (KVIs)
Balances demand between NI/SI, ensures redundancy of
operations, enables same day delivery and lower cost of
fulfilment
Rebuilding our
Supply Chain to
capitaliseon
changes in
customer demand
and transform
from “Push” to
“Push/Pull”
Supply Chain
WMS will standardiseoperating procedures and facilitate
integration of optimisationtools to further improve productivity
Introducing Fast and
Slow distribution
channels
Increased automation
in fulfillment
Optimisingstorage,
truck utilisationand
routing
Additional Online
fulfillment facility
(in South Island)
342021 Investor Day –4 May 2021

Systems and Digital –Customer Ecosystem
Increased customer LTV by connecting data across all
touchpoints –transactional, behavioural, support, media,
surveys and more
New website & app
capability
AI / machine learning to provide real-time / dynamic
personalisation, eg.targeted promotions & product
recommendations, throughout the customer journey
Replacing order management systems optimisingcost to serve
whilst providing customers with a suite of delivery choices –
1-hour / same day delivery, Click&Collect, dropship and returns
Enabling a choice of channels for customers to engage,
leveraging AI to predict needs and increasing self-service
options, eg.delivery & installation bookings
Continued
investment in our
platforms
enabling growth
in online and
building the
foundations of
the customer
ecosystem
Delivering a seamless omnichannel customer experience
bridging physical and digital and incorporating marketplace
Unified customer view
Personalisation
powered by data &
intelligence
Focus on fulfilment
Enhanced customer
service
352021 Investor Day –4 May 2021

→New WMS from SEP 2021
WMS
TRANSFORMATION
TWG Distribution Centres
→BAU NOV 2023
ERP FINANCE +
INVENTORY MGMT
Deploy
Inventory/ATS
Build/Deploy
Finance/Integration
Design
BA. →BAU OCT 2024
ERP MERCHANDISE
Design
Deploy
Build
→AUG 2023
Order Mgt System
OMS
Design
Deploy
Build
→BAU SEP 2022
Middleware (Azure API,
KAFKA, iHub, WSO2)
DesignDeploy Build
Point of Sale
POS
DesignDeploy Build
2
3
5
1
6
8
7
4
9
Roadmap –Business Solutions
→“Single Source of Truth” from OCT 2022
Master Data Mgt
MDM
PIM
MVP
PIM/Supplier
(NL & T7)
PIM
(Red & Blue)
PIM/Supplier
(HOME BRAND)
PIM
Integrate,DMG
→BAU OCT 2022
E-COMMERCE
DesignDeployBuild (Red)Build (NL)
Deploy
Build (WS)
SIDC and
NIDC1
NIDC2 & NIDC3
BA. →BAU OCT 2024
SUPPLY CHAIN
Design
Deploy
Build
TODAY
362021 Investor Day –4 May 2021
FY21
Q1
FY21
Q3
FY21
Q4
FY22
Q1
FY23FY24FY25FY22
Q2
FY21
Q2
FY22
Q4
FY22
Q3

•Offsite behaviour
•2
nd
& 3
rd
Party
•Intent
•Anonymous IDs
•Ad Interest
•Name
•Email
•Birthday
•Mobile #
•Gender
•Channels
•Publications
•Interests
•Digital
Engagement
•Needs &
Interests
•Browse History
•2
nd
& 3
rd
Party
•Cart/Wishlist
•Clienteling
•Purchase history
•Basket Size/Spend
•Delivery Address(es)
•Interests
•Replenishments
•Subscriptions
•Reviews
•Implicit Preferences
•Channel Engagement
•Propensity to churn
•Sentiment
•Case History
•Loyalty status
•VIPs -CLTV
•Influencers
•Curated content
37

Dyson
Dyson
382021 Investor Day –4 May 2021

Targeting
parents
most likely
to churn
Parent sees an ad and clicks
through to site
Split test landing pages
eco-friendly vs generic
Personalisedwayfinding included
throughout user journey
Returning users see relevant content on
homepage during subsequent sessions
392021 Investor Day –4 May 2021

Tim Edwards
Chief Sales Officer
Core Brands
Tania Benyon
Chief Product Officer
40

41
ICONIC BRANDS ARE
LEADERS IN THEIR SEGMENTS
A FAMILY OF NEW ZEALAND RETAIL BRANDS WITH DIFFERENTIATED CUSTOMER PROPOSITIONS
Leading value retailer, offering
trusted everyday products and
brands at the lowest prices
Leading productivity retailer
for businesses and consumers
Leading full-service appliance
and technology retailer
Leading cross-category
outdoor adventure retailer
Online marketplace offering
5,000 brands and 2.5M+ third-
party SKUs
Where Everyone
Gets a Bargain
Business Made EasyThe authority in appliances,
technology, and services
See You Out ThereGet It All Done
Sourcing & Private
Label Development
Sustainability &
Corporate Affairs
Property &
Network Planning
Technology
& Data
Commercial Services
(TWG Business)
Commercial,
Strategy & Risk
People &
Capability
Supported by full alignment across unified back-of-house Group support
2021 Investor Day –4 May 2021

ACROSS THE GROUP WE ARE ALIGNING OURSELVES
WITH
Powered by a new data analytics and insights capability
enabling us to make more informed customer decisions
and smarter investment choices
Playing a bigger role in our communities by better
understanding our customers, their needs and their
challenges eg.equal access to period products
Developing and expanding our offer in key growth areas,
solving customer problems under one roof
422021 Investor Day –4 May 2021
Through Agile, we have moved away from traditional
category structures, to become customermission focused,
aligning our teams around how our customers shop and
want to experience our offer, with end-to-end
accountability to deliver change faster

Data driven
range
reduction
Mix shift to
continuity
Consolidated
sourcing
volume
Investment
in quality
Data driven
price
optimisation
Volume
flat
Cost per
unit
decrease
Inflow
margin
increase
Value
perception
increase
Average
sell price
up
WE ARE TO GROW OUR
GROSS MARGIN WHILE IMPROVING VALUE PERCEPTION
Sales, margin and cash growth from
our merchandise programme is strong
across all brands
Our data driven price and range
optimisation provides strong inventory
control, operational efficiency and
margin delivery
Programme has delivered an enduring
annualised gross margin gain while
improving stockturn with lower
inventory levels and clearance
432021 Investor Day –4 May 2021

Living & Co Mink Feel Blanket
•PVC bag with zip and wire framing updated to
card band
•Each bag weighing approx. 225g
•Based off 3,165 units sold this packaging
update will save 712kg of waste over the next
12 months
•Customer focus is moving on from ethical sourcing practices to include
sustainable ways of working too
•More and more customers are looking to use their power as consumers to
enable change. An important distinction for TWG is that our programme
authentically aligns with our history of ethical sourcing and is supported by our
wider ‘Do Good’ value
•Our guiding objective is to source sustainably, optimise design and support
recycling, achieving 20% of range with an environmental feature by end FY22
•Currently we have over 9k barcodes carrying an environmental attribute
accounting for over $180min annual sales
WE ARE LEADING INDELIVERING A
RANGE
442021 Investor Day –4 May 2021

We do this by:
•Focusing on the qualification of new factories
•Ongoing monitoring and training for factories
and vendors
•Identifying and supporting joint industry
initiatives such as Her Project and the Better
Cotton Initiative
•Producing transparent reporting to our team
and customers
Our aim is to ensure customers can have
confidence our products have been
ethically sourced
ETHICALLY SOURCED PRODUCTS
452021 Investor Day –4 May 2021

Our direct sourcing capability creates valueby:
•Driving down CODB and improving COGS
•Collaborating with suppliers to deliver latest
trends quickly
•Making products better, delivering more
quality for less with decision making at source
•Bringing our ‘Do Good’ Group value to life
through ethical and sustainable practices
•Working with our customer mission tribes as
an integrated partner driving product
development and design as a source of
competitive advantage
Proactive and sustainable sourcing that delivers better products at better prices
Veon TVs
•Average cost reduced by
-9.2% since 2018
•Average selling price
hasdecreased -2%
•Units increased +3%
•GP$ improved by +47%
Reducing our COGS while improving our value
WE ARE SET UP TO
$1 Chocolate Bunny
•Direct sourced in 2018 for
acostreduction of -59%
•Selling price has remained
$1
•Units purchased +69%
•GP$ improved by +83%
462021 Investor Day –4 May 2021

Supply chain is a cross-functional integrator providing information and resource transparency across the business
•More perfect orders with DIFOT
•Less lost sales
•Greater speed and flexibility
•Less markdowns and obsolescence
•Lower inventory levels
•Efficient use of assets
•Lower FTE costs
•Lower warehousing and
transport costs
•Lower overhead costs
Building market leading convenience for customers at a winning cost to serve
INTEGRATED SUPPLY
CHAIN ACROSS TWG
472021 Investor Day –4 May 2021

AS A GROUP, WE LEVERAGE OUR BRANDS TO CREATE
NEW OPPORTUNITIES FOR GROWTH:
ONE ACCOUNT ACROSS ALL TWG BRANDS TO PROVIDE A CONSOLIDATED EXPERIENCE
ACROSS A WIDE RANGE OF PRODUCTS AND SERVICES
Bringing it all
together for
your
business
Flexible Finance
Warranties
Leasing Options
Complete After Sales
Support
Financial Services
OnlyApplianceStorewith
Flybuys
Big Brands
More than what you would find in a
store
Insurance
Dedicated Account
Management
Tech Solutions
Cloud services & IT support
Servicing all commercial industries
Buying
Groups &
Associations
Education
Aged Care &
Retirement
Living
Govt &
Banking
Corporate &
Hospitality
SME &
Growth
Industries
Building &
Property
Sports &
Outdoors
482021 Investor Day –4 May 2021

PROVIDES OPPORTUNITIES THROUGH
A NEW END-TO-END OFFERING
Enabling a consolidated purchasing
experience
•Leveraging the power of multiple brands
•MaximisingLTV of our customers for
TWG
The Power of One
•One point of contact
•One invoice
•One delivery
•Salesforce ecosystem provides single
view of the customer across all
channels and enables group wide
integration
Significant opportunity for
growth across key sectors
•Total market size estimated at
$5b
Salesforce underpinning growth
NZ’S ONE STOP SHOP FOR BUSINESS PRODUCT, SERVICE AND SOLUTION REQUIREMENTS
492021 Investor Day –4 May 2021

50
WE HAVE A CLEAR PLAN TO
Brilliant BasicsLeveraging Existing
Customers
Office SuppliesBuilding & Trade
Streamline processes and system
optimisation to realise automation and
efficiencies. Delivering on the Brilliant Basics
will be the driver for increased market-share,
customer growth and incremental
opportunity identification.
Use TWGB outbound field team and
relationship owners to engage existing
customers in market share growth & new
category engagement.
B2B offering launched to market enabling
competitive B2B pricing / range offer.
Multi-brand engagement across Building &
Trade to drive market-share growth &
category expansion.
Residential & Group home builders
consultation strategy and SmartHome
category growth development
EducationGovernmentInsurance FulfilmentAged Care
Elevate TWGB Back to School involvement to
enable growth in school lists, packs and
engagement. Consolidate TWG education
team into one (SchoolTex, NLG & WS) to
optimise sales across schools and tertiary.
Sustainability framework development to
respond / deliver against Broader Outcome
Initiatives. Development of reporting
framework (WS initially) that highlights
sustainability attributed purchasing behaviour.
Salesforce optimisation to deliver efficiencies
and enable increased claim processing.
Insurance provider system integration to
enable Insurance self serve and direct to
customer replacement. Opportunity to be first
to market.
Increase penetration in aged care sector and
build services proposition. Develop TWG
proposition for SuperGoldinto TWL
2021 Investor Day –4 May 2021

51
AS A GROUP, WE DELIVER CUSTOMER SOLUTIONS
ACROSS OUR BRANDS:
Build a perfect
solution
Installation
Set-up
Support
in life
Education
Remedy
in over
40,000
homes & businesses
annually
●Nationwide reach: Over 100 Technicians on the road, in-store and on the
phone –installation, set up and support
●In-Home Consultants –in4 key metros and scaling in FY21
Our Noel Leeming Services model has evolved rapidly to support customers across our brands
●NL Tech Solutions offering expanded across TWL and WS
●Assembly services launched in TWL and WS
2021 Investor Day –4 May 2021

52
EVOLUTIONIS A KEY PART OF
BUILDING OUR CUSTOMER ECOSYSTEM
We see further opportunities in this combined services and support model, across the Group
Delivery (all Brands)
Mobile plans (all Brands)
Repairs
Payment solutions
Print and copy centres
New services (eg.clothing
alteration)
2021 Investor Day –4 May 2021

Where everyone
gets a bargain
53

Our store strategy for TWL utilisesthe talent we
have across the Group
Store
Development
SWAS
TWL Refit
•A centralised store
development team in Group
Business Operations
•Aligned store format
strategy applied
meaningfully to the brands
•Gold/ Silver/ Bronze
•"40 stores in 2 years"
programmeof works mainly
focused on TWL and WSbut
also includes some new stores
for TWL, WSand NL
•First 5 stores approved
•Best of both worlds
•Expect 40-45 of SWASstores
and ~25 standalone
WSstores on completion
542021 Investor Day –4 May 2021

552021 Investor Day –4 May 2021
Our new Ormiston SWAS store incorporates key
points of difference for our customersacross
TWL and WS
Video played

Our new Ormiston SWAS store incorporates key
points of difference for our customersacross
TWL and WS
562021 Investor Day –4 May 2021

Our Warehouse Team are a valued part of our
store experience
•A more connected team
−Rosters built to reflect when our customers need us
most
−Good NPS and eNPSscores show customers and
team are embracing the change
•Building on the culture
−Connecting support office and store teams on a
regular basis
−Creating sponsorship and working groups to drive
engagement
572021 Investor Day –4 May 2021

582021 Investor Day –4 May 2021
KEY RESULT AREAS
Customer & Product Offering
1
Helping Kiwis Live Better Every Day
Mastering ‘I need to buy’ and ‘I want to buy’
•Deliver the right assortment for all customers in every channel
•Deliver availability with the right selection when and where the customer needs it
•Be New Zealand’s most sustainable company
•Be the first choice for great value
•Engage our customers with relevant events
•Make services available for customers who need them
Customer Experience
2
Providing frictionless end-to-end personalised experiences
•Insights-driven seamless omnichannel shopping experience
•Deliver a personalised experience at every touchpoint
•Becoming a destination over and above our core offering
•Deliver market-leading fulfilment capability
OptimisingOur Team & Assets
3
Creating sustainable growth
•Optimise efficiency and effectiveness of“end to end" stock flow
•Optimise the utilisation of our footprint
•Continue to build team capability and improve our ways of working through
improvedprocesses and systems
•Protecting our team and our assets
Where everyone gets a bargain
OUR BRAND STANCE
WHO WE ARE
OUR VALUES
We're a curious, capable, customer-centric team
providing tailored,modern retail experiences
that welcomevalue-savvyKiwis to get more for
their money and time every day
Own it
We walk the talk and make things happen
Think customer
We put the customer first in everything we do
Do good
We are one team, standing up for our people, our planet and
ourcommunities
CUSTOMER OUTCOMES
2021 Investor Day –4 May 2021

59
Business made easy
59

In WS we show up to our customers in different
ways to meet their needs
2021 Investor Day –4 May 202160
Standalone Stores / Business Hubs
Store within a Store (SWAS)WS Branded Product

2021 Investor Day –4 May 202161

62
The authority in
appliances, technology,
and services
62

63
First consumer
electronics app in
NZ
First digital human in
retail –also now a bot on
web platforms
First interactive smart home
experience for customers to see
the future of homes
Newmarket store of thefuture –as
good as anything internationally
Innovating for our customers is a key reason why
Noel Leeming is number one
2021 Investor Day –4 May 2021

64
Noel Leeming sales appprovides us with a point
of difference in the retail environment in NZ
●Helping customers on the shop floor, where the product is
●Improve overall customer experience
●Authority in demonstrating technology
●Increasing our conversion
2021 Investor Day –4 May 2021

65
Nola helps us deliver world class customer
service through technology
●Introducing Noel Leeming’s digital human Nola
●Developed to assist shoppers with in-store navigation and general queries, Nola is one of the first
human-like interfaces backed by artificial intelligence in a New Zealand retail store
●Nola works from Noel Leeming’s flagship store in Newmarket and online
●In just the first two months Nola was in-store, she demonstrated a wealth of value to the Noel
Leeming Newmarket team through:
−35,546 interactions
−2,761 directions provided to customers
−999 handovers to Noel Leeming team
2021 Investor Day –4 May 2021

Our new Ormiston store demonstrates how we
optimiseour experience for our customers
●Full digital fit-out includes: digital screen, digital
ticketing and digital counter locks
●Higher spec NL / supplier floor and wall fixtures
●Designed lighting (LED) and ceiling plan
●Latest counter concept
●Heavy focus on Tech Solutions
2021 Investor Day –4 May 202166

67

68
•True brand relevant end-to-
endexperiences across channels
•Growing TWGB to provide business
customers with a wide product and
service range across our Brands
•Responding to customer needs
through the evolution of TWG
Services
•Commitment to our store
development program and continued
innovation
•Using technology to enhance the
customer journey and empower our
teams
•Responding to our customer
changing needsthrough our
commitment to continued innovation
andoptimisation includingour
integrated supply chain
•Data driven price and range
optimisation
•Combine the power of oursupport
officesand stores for better customer
and businessoutcomes
•Providing products that are
sustainable and ethically sourced at an
affordable price
Build a customer
ecosystem
Define the future
experience
Excel in retail
fundamentals
2021 Investor Day –4 May 2021

69
Insert imagery here
Simon West
CEO –Torpedo7

2021 Investor Day –4 May 202170
Our FY18 Strategic Focus Areas:
12 months to
March 2021
01Brand Clarity
Relaunch T7 as the authority for outdoor adventure
Awareness +3 bps
02Refine and Curate Product Offering
Define range proposition with external partnerships and house brand. Drive increased
margin
HB Growth +19.9%
Margin% +482 bps
03Customer Experience
Drive engagement through store and online experience
Deliver Albany as hub for innovation
Store Conversion +6.5%
Online Conversion
+11.9%
04Build our Services Business
Develop add-on services to increase the lifetime value of customers and increase our value
proposition
Sales -12%
05Maximise Customer Data & Loyalty
Review and redefine our loyalty programme
+23% acquisition
+ 1 bps revenue
penetration
06Streamline Systems and Processes
Evaluate business processes and drive continuous improvement
CODB reduction of 9% as
% of sales

Sales and profit
2021 Investor Day –4 May 202171
Business plan is showing resultsPleasing move to profitability
1.Torpedo7 Sales and Operating Profit is adjusted from previously reported results to include Torpedo7 only. Previous reportedresults included 1-day which is now included in TheMarket.
2.FY20 Sales and Operating Profit have been restated to recognise the wage subsidy for each brand as an unusual item as this was subsequently repaid in December 2020, therefore now
excluded from Sales and Operating Profit. This was included in Operating Profit in the 2020 Annual Report.
•Continued growth in sales with the addition of new stores, improved product offering and brand awareness. FY21 H1 growth was aided by significant online
growth of +66% on FY20 H1 and same store growth of +24%. FY21 H1 performance was strong driven by growth in Cycle, Outdoor and Water categories.
•Operating profit in FY21 has shown significant improvement in part from sales growth but primarily from margin growth and operating cost efficiencies.
94.2
94.7
106.5
114.3
129.9
84.9
13.4%
0.5%
12.5%
7.3%
13.7%
29.0%
0%
5%
10%
15%
20%
25%
30%
35%
0
20
40
60
80
100
120
140
FY16FY17FY18FY19FY20FY21
Sales ($million)
H1 SalesH2 SalesSales Growth
(0.1)
(1.6)
(4.1)
(8.9)
(17.7)
5.2
(0.1%)
(1.7%)
(3.9%)
(7.8%)
(13.6%)
6.2%
-15%
-10%
-5%
0%
5%
10%
(25)
(20)
(15)
(10)
(5)
-
5
10
FY16FY17FY18FY19FY20FY21
Operating Profit ($million)
H1 Operating ProfitH2 Operating ProfitOperating Profit Margin

2021 Investor Day –4 May 202172
Omni-channel network
Number of Stores 21
Store Footprint 28,230 sqm
1.1m
Average website
visits per month
31%
Online sales (as
% of total sales)
41%
Click & Collect
(as % of online
sales)

2021 Investor Day –4 May 202173
Napier store –new format

2021 Investor Day –4 May 202174
Highly engaged base with 9 out 10 transactions coming from club members
Steady acquisition growth trending at +24% YOY

2021 Investor Day –4 May 202175
Source: Nielsen CMI YE Q1 2020

Leveraging on customer missions
to strengthen audience targeting
76
Bike
•Lifting private label volume to drive "good" range
•Building on low volume "best" range
Outdoor
•Expanding the accessories range and increasing private label mix
•Improving private label quality and specifications
Water
•Enhancing design aesthetics and lifting innovation
Apparel
•Increasing depth of key private label lines
•Launchingnew lifestyle (eg.ilabb) and technical brands (eg.Columbia) into the
range
Snow
•Building range width in stores on value hard lines
•Lifting our services profile and capability
Fitness
•Introducing more "best" equipment
•Expanding supplements segment
2021 Investor Day –4 May 2021

Customer Experience and Product Highlights
Best Facebook post is an Air
Series Tent
Black Out Series organic post
Received 927 likes, 2,700
comments
Reached 122,127 people
Drove 13,592 people to website
Air Series 500 Tent
Black Out Series
Established CNZ partnership for top customer event
Best Performing Live Workshop
Hiking Packs: Fit and Packing Tips –
4,200 tuned in LIVE (3secs+), 22,000 have watched
the replays.
811 Comments/questions, 270 reactions, 12 shares
(Average LIVE views are: 887 and replays: 7645
772021 Investor Day –4 May 2021

78
FY22: To help everyone get out there
2021 Investor Day –4 May 2021

1.Increase Sale Scale
Grow store network and widen category and
digital offering
2.Increase Gross Margin
Enhance inventory management tools and build
private label offer
3.Decrease CODB
Continue to build sales efficiency through training,
drive value through talent investment and improve
distribution efficiency
4.Leverage Channel Migration
Enhance digital offering through investment and
continue to leverage on data insights for
personalisation
5.Grow Brand Trust
Build on sustainability of offer from product to
execution and grow local community engagement
NZ’s authority on outdoor
and adventure gear
79
Own It
We walk the talk and make
things happen
Think Customer
We put the customer first in
everything we do
Do Good
We are one team, standing up
for our people, our planet and
our communities
To help everyone
get out there
To be the most trusted
adventure brand
out there
2021 Investor Day –4 May 2021

Justus Wilde
CEO TheMarket.com
80

NZ 11%
NZ Estimated2025
AU 16.3%
USA 19.6%
UK 27.9%
NZ Online Share of Retail Spend
2020
GLOBAL RETAIL SHIFT TO ONLINE
W E A R E S E E I N G A C O N T I N U E D C H A N N E L S H I F T I N C O N S U M E R $ P E N D F R O M R E T A I L S T O R E S T O E C O M M E R C E .
W E E X P E C T N Z E C O M M E R C E T O R E P R E S E N T 1 5-2 0 % O F T O T A L S P E N D B Y 2 0 2 5 U P F R O M 1 1 % I N 2 0 2 0 .
~15-20%
Source: NZ Post Full Download Report 2020, Australia Post Online Retail Report 2020, Digital Commerce 360, eCamrketer.com andTheMarketproprietary estimation
China 52.1%
MARKET OVERVIEW & OUR OPPORTUNITY
2021 Investor Day –4 May 202181

MARKETPLACE BUSINESS MODEL
O N L I N E M A R K E T P L A C E S A R E A T W O-S I D E D P L A T F O R M B U S I N E S S T H A T I N T E R M E D I A T E P U R C H A S E S B E T W E E N S E L L E R S A N D B U Y E R S .
Customer
TheMarket
Marketplace
Browse & purchase
product
Seller
Order Is confirmed
Seller ships Product
822021 Investor Day –4 May 2021

MARKETPLACE FLYWHEEL
O N L I N E M A R K E T P L A C E S G E N E R A T E N E T W O R K E F F E C T S W I T H S C A L E C R E A T I N G A V I R T U O U S C Y C L E O F V A L U E C R E A T I O N F O R S E L L E R A N D
B U Y E R S .
Growth
Low cost
structure
Selection
Traffic
Low prices
Seller
Customer
experience
2021 Investor Day –4 May 202183

✓Selection
✓Availability
✓Inspiration
✓Value / offer
Source: http://www2.publicisgroupe.net/shopper-first
MARKETPLACE PREFERENCE
R E C E N T R E S E A R C H H A S S H O W N A S T R O N G C O N S U M E R P R E F E R E N C E T O W A R D S M A R K E T P L A C E S .
FIRST TIMEREPEAT PURCHASE
50%
40%
30%
20%
10%
% OF SHOPPERS
50%
Retailers
33%
Brands
19%
20%
31%
Marketplaces
47%
Why? Convenience
2021 Investor Day –4 May 202184

Source: NZ Post Full Download Report 2020 data and TheMarketproprietary estimation. Assumes 2.5% total NZ retail CAGR
MARKETPLACE FORMAT ACCELERATION
G L O B A L L Y 6 2 % O F O N L I N E S A L E S O C C U R O N M A R K E T P L A C E S . N Z L A G S B E H I N D a t 1 4 % A N D W E E X P E C T T H I S T O G R O W T O 2 5 % B Y 2 0 2 5 .
G R O W T HF I G U R E S F O R 2 0 2 0 D E M O N S T R A T E T H A T O N L I N E I S G R O W I N G 5 x F A S T E R T H A N S T O R E S A N D M A R K E T P L A C E S A R E G R O W I N G N E A R L Y 2 X O N L I N E .
0%10%20%30%40%50%60%70%80%90%
New Zealand
Australia
UK
USA
China
2020 Marketplace Format Share of Online Sales
2020 NZ YOY Growth
5
25%
46%
%
Total Retail
Online Retail
Online Marketplaces
2021 Investor Day –4 May 202185

2020
2025
~$60b
retail spend
~$9-12b
15-20%
Online
~25%
Marketplaces
~$2-3b
$53b
Retail spend
14%
Marketplaces
$812m
Source: NZ Post Full Download Report 2020 data and TheMarketproprietary estimation. Assumes 2.5% total NZ retail CAGR
NZ MARKET OPPORTUNITY
M A R K E T P L A C E R E P R E S E N T 2 5-8 0 % S H A R E O F E C O M M E R C E S P E N D I N M A N Y M A J O R M A R K E T S .
W E E X P E C T T H E S H A R E O F M A R K E T P L A C E S I N N Z T O R E A C H 2 5 % O F O N L I N E S P E N D B Y 2 0 2 5 R E P R E S E N T I N G A G R E A T O P P O R T U N I T Y .
$5.8b
11%
Online
2021 Investor Day –4 May 202186

N o r e g r e t s
H A S S L E F R E E R E T U R N S
C o n t e n t t o
I N S P I R E , G U I D E & E N T E R TA I N
Don’t wait
B U Y N O W, PAY L AT E R
S h o p 5 , 0 0 0 + o f t h e b e s t
LO C A L , G LO B A L & N I C H E B R A N D S
N o m a t t e r w h e r e y o u s h o p
PAY N Z $ & G E T K I W I S E R V I C E
OUR JOURNEY
2021 Investor Day –4 May 202187

ValueTechnologyProductivityAdventure
Find Anything
TWG FIRST FOR ANY NEED OR WANT
5k External Brands
T H E M A R K E T I N T E G R A T E S O U R E C O S Y S T E M O F B R A N D S W I T H V A S T E X T E R N A L R A N G E T O S U P P O R T A T W G F I R S T S T R A T E G Y .
2021 Investor Day –4 May 202188

2021 Investor Day –4 May 202189
ASSORTMENT GROWTH
7 0 0 + M E R C H A N T S R E P R E S E N T I N G 5 , 0 0 0 + B R A N D S A N D 3 m + P R O D U C T S .

2021 Investor Day –4 May 202190
ASSORTMENT GROWTH
Temp dip during covid L4 lockdown
essential items restriction
-
1,000
2,000
3,000
4,000
5,000
6,000
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Aug-19Feb-20Aug-20Feb-21
SkusBrands
7 0 0 + M E R C H A N T S R E P R E S E N T I N G 5 , 0 0 0 + B R A N D S A N D 3 m + P R O D U C T S .
Temporary range drop due to covid
lockdown essentials classifications

2021 Investor Day –4 May 202191
AUDIENCE GROWTH
W E N O W H A V E 2 M M O N T H L Y V I S I S T S A N D 2 0 0 k C U S T O M E R S .
Aug-19Nov-19Feb-20May-20Aug-20Nov-20Feb-21
New OrderReturn Order
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
SessionsLinear (Sessions)
+228%
New Customers
+40%
Retention Rate
Customers Acquired
Pre Mar 2020
+245%
Traffic
March 2021 vs 2020
+345%
Active Customers

15.2
18.6
24.6
14.1
14.1
16.1
15.1
16.1
15.9
17.8
14.4
12.9
27.7
25.3
22.0
10.1
11.5
8.5
0
10
20
30
40
50
60
70
80
90
100
Q1 2020 (pre-Covid)Q3 2020 (post-Covid)Q1 2021
65+55-6445-5435-4425-3418-24
2021 Investor Day –4 May 202192
AUDIENCE DEMOGRAPHICS
O U R A U D I E N C E D E M O G R A P H I C S H A V E E V O L V E D T O B R O A D L Y R E F L E C T T H E P O P U L A T I O N –W E H A V E A T R U E B R O A D O F F E R I N G .

2021 Investor Day –4 May 2021
93
0%
200%
400%
600%
800%
1000%
1200%
Aug​
Sep​
Oct​
Nov​
Dec​
Jan​
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Apr
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June
July
Aug
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Oct
Nov
Dec
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Mar
ACQUISITION ENGINE
W E H A V E B U I L T A N D S C A L E D A N E F F I C I E N T A D V E R T I S I N G A N D C U S T O M E R A C Q U I S I T I O N E N G I N E .
Return on Advertising Spend

Oct ’20 -Mar ’21
Brand
performance
Apr ’20 -Sept ’20
Brand
performance
+150%
+18%
+29%
+67%
BUILT A BRAND
W E H A V E B U I L T A B R A N D T H A T N O W E N J O Y S 6 0 % P R O M P T E D A W A R E N E S S 2 0 M O N T H S I N T O O U R J O U R N E Y .
RECENT INVESTMENTS SUCH AS THE AMERICA’ S CUP SPONSORSHIP ARE PAYING DIVIDENDS.
2021 Investor Day –4 May 202194

MARKET CLUB & VODAFONE PARTNERSHIP
W E L A U N C H E D A M E M B E R S U B S C R I P T I O N P R O G R A M M E I N L A T E 2 0 1 9 O F F E R I N G F R E E S H I P P I N G .
I N A U G 2 0 2 0 W E P A R T N E R E D W I T H V O D A F O N E T O E X T E N D O U R R E A C H W I T H T H E P R O G R A M M E T O V O D A F O N E R E W A R D S C U S T O M E R S .
M e m b e r s s p e n d m o r e
AV E R A G E O R D E R $ 1 4 6 + 4 3 %
G r o w i n g p r o g r a m m e
C O N T R I B U T I O N TO S A L E S 2 7 %
M e m b e r s s a v e
AV E R A G E S AV I N G $ 2 . 7 P E R $ 1 S P E N T
G r o w i n g a c t i v e c l u b m e m b e r b a s e w i t h V o d a f o n e
4 6 k M E M B E R S / 2 1 0 k C U S TO M E R S
2021 Investor Day –4 May 202195

FULFILMENT BY MARKET & L'ORÉAL PARTNERSHIP
W E L AUNCHED A 3 PL SERVICE TO SUPPORT BRAND OW NERS THAT DON’ T HAVE THEIR OW N DIRECT TO CONSUMER FUL FIL MENT CAPABIL ITIES.
T H E S E R V I C E C H A R G E S H A N D L I N G , S H I P P I N G A N D S T O R E F E E S P E R I T E M . L ' O R É A L G R O U P I S O N E O F O U R K E Y C L I E N T S A N D L E V E R A G E S
T H E M A R K E T A S I T S E X C L U S I V E D I R E C T T O C O N S U M E R C H A N N E L I N N E W Z E A L A N D .
Range Setup &
Storage
Item Put awayPick & PackDelivery
2021 Investor Day –4 May 202196

MARKETPOINT NETWORK
W E H A V E I N T E G R A T E D I N T O A N E T W O R K O F 1 0 0 + S E R V I C E L O C A T I O N S F O R C O L L E C T I O N S A N D R E T U R N S .
100+today
Click & collect
option
FREE Returns
drop-off
LOCATIONS
2021 Investor Day –4 May 202197

Grow...
1.Assortment
2.Audience
3.Customer Spend
4.Channels
T H E M A R K E T I N T E G R A T E S O U R E C O S Y S T E M O F B R A N D S W I T H V A S T E X T E R N A L R A N G E T O S U P P O R T A T W G F I R S T S T R A T E G Y .
WHAT'S NEXT? MORE IS MORE
2021 Investor Day –4 May 202198

~14m
Monthly Audience
~2m
Monthly Audience
2021 Investor Day –4 May 202199
SYNDICATE SELECTIVE RANGE TO EXISTING AUDIENCE POOLS
T H E M A R K E T I N T E G R A T E S O U R E C O S Y S T E M O F B R A N D S W I T H V A S T E X T E R N A L R A N G E T O S U P P O R T A T W G F I R S T S T R A T E G Y .

Syndicate selective
marketplace range
2021 Investor Day –4 May 2021100
SYNDICATE SELECTIVE RANGE TO EXISTING AUDIENCE POOLS
T H E M A R K E T I N T E G R A T E S O U R E C O S Y S T E M O F B R A N D S W I T H V A S T E X T E R N A L R A N G E T O S U P P O R T A T W G F I R S T S T R A T E G Y .

Syndicate selective
marketplace range
2021 Investor Day –4 May 2021101
SYNDICATE SELECTIVE RANGE TO EXISTING AUDIENCE POOLS
T H E M A R K E T I N T E G R A T E S O U R E C O S Y S T E M O F B R A N D S W I T H V A S T E X T E R N A L R A N G E T O S U P P O R T A T W G F I R S T S T R A T E G Y .

1022021 Investor Day –4 May 2021

Investment
and Returns
Jonathan Oram
Chief Financial Officer
103

share price history
FY11FY12FY13FY14FY15FY16FY17FY18FY19FY203 May 2021
Market Cap ($m)1,227.8894.91,363.11,068.3891.4971.2735.3704.1794.3718.01,182.7
LTM PE
(2)
16.113.718.517.215.114.010.811.910.722.412.2
Net Dividend Yield8.2%7.8%5.6%6.0%6.6%5.7%7.1%7.9%6.6%3.9%5.3%
(3)
Annual TSR8.5%(21.5%)60.9%(16.9%)(11.0%)15.2%(18.9%)3.3%20.2%(6.1%)73.4% (4)
WHS acquires 51%
of Torpedo7
(1)
April 2013
1.Acquisition of Torpodo7 includes No1 Fitness, Shotgun Supplements, Shop HQ and Insight Traders.
2.Last 12 Months Price/Earnings ratio (LTM PE) is based on market capitalisation as at financial year end date and Adjusted NetProfit After Tax (NPAT) for that financial year. The LTM PE for 3 May 2021 is based on
market capitalisation as at 3 May 2021 and Adjusted NPAT for the 12 months ending 31 January 2021 (FY20 H2 + FY21 H1).
3.Dividend yield for 3 May 2021 is based on dividends received between 2 August 2020 and 3 May 2021 and share price of $3.41 asat3 May 2021.
4.TSR for 3 May 2021 is based on share price movement and dividends received between 2 August 2020 and 3 May 2021.
5.10 Year TSR is calculated on 10 years to 22 April 2021.
WHS launches
Financial Services
business
March 2014
Sale of Financial
Services business
September 2017
TheMarket.com
launched
August 2019
WHS delisted
from the ASX
June 2012
WHS acquirees
Noel Leeming
December 2012
Flip to Agile
August 2020
COVID-19 impact and
Level 4 lockdown
Mar-Apr 2020
Warehouse Group
announces new
operating model
January 2017
Nick Grayston
starts as CEO
December 2015
10 YEAR TSR
(5)
Annualised
WHS.NZX78%5.9%
NZX50 (gross)260%13.6%
WHS removed
from NZX50
March 2017
2021 Investor Day –4 May 2021104
3 May 2021
$3.41

focus
Increase margin, while
maintaining growth and capital
1
Drive growth, while
maintaining margin and/or
capital
2
Increase capital efficiency by
reducing capital or driving
higher ROI on new capital
3
Profitability
Asset efficiency
•Group strategy and financial forecasts are assessed using a ROIC
framework, with the objective of increasing ROIC in excess of cost of
capital over time towards best-in-class benchmarks
•Three value creation pathways exist: increase margin, drive growth
and increase capital efficiency
•All three are being pursued with the objective of increasing cash flow
generation, supporting continued investment and dividend returns to
shareholders, while maintaining an appropriate level of funding
liquidity
•At a project level, TWG’s revised capex approval process isnow in
its third year of operation and continuing to evolve through the Agile
operating model
•The target returns for individual projects will depend on specific
project risks and benefits
•For the next three years TWG expects capex to be elevated above
recent levels, with a mix of maintenance (egcore systems, property
refits) and growth (egTheMarket, Ecosystem, SWAS, Supply Chain)
investment
2021 Investor Day –4 May 2021105
Group performance and investment assessed through ROIC

Gross Profit MarginInventory ManagementCODB Control
•Management of gross profit margin can have
the most immediate impact on performance,
but needs to be sustainable
•Areas of focus include continued evolution of
EDLP, pricing processes, clearance and
promotional activity, COGS and rebates
negotiation and space optimisation
•Working capital benefits in the last three years
have initially come from overseas creditor
initiative and more recently from a range
inventory initiatives
•Significant progress has been made but further
upside exists eg: through supply chain
investment
•Labour and lease costs have and continue to
present major headwinds
•Lease cost focus on combination of lease
renewals and sales intensity
•The are a range of initiatives underway to
mitigate the impact of these headwinds
including SWAS, supply chain investment and
continued changes in operating model
on value creation
32.7%32.7%
32.5%
33.6%
36.2%
FY17 H1FY18 H1FY19 H1FY20 H1FY21 H1
Gross Profit Margin
17.0%
15.9%
4.5%
4.1%
1.2%
1.1%
6.9%
6.6%
29.6%
27.7%
FY20 H1FY21 H1
CODB (excluding other income)
Other expense
Depreciation
Employee Expenses
3.6
3.0
6.5
1.9
4.1
3.3
8.7
2.5
The
Warehouse
Warehouse
Stationery
Noel LeemingT7
FY20 H1FY21 H1
Gross Profit MarginCost of Doing Business (CODB) as percentage of SalesStock Turn by Brand
2021 Investor Day –4 May 2021106

1
Capex
$100-130m pa
$20-30m
$25-30m
~$35m
$10-15m
$10-20m
Other
Supply Chain
Store
Renewal
Systems of
Engagement
Core
Systems
•Store R&M, SSO, hardware
•DC reinvestment, new central FC, regional FCs, WMS, OMS
•SWAS, Red refit programme, new stores, closures
•GEP, Group Loyalty, Omni-channel Gift Cards
•ERP-FI, ERP-Merch, MDM
•Maintenance capex
•Mitigant to headwinds
•Supports digital investment
•Maintenance of core
•Mitigant to headwinds
•Maintenance of core
•Core ecosystem investment
•Growth capex
•Maintenance of core
•Enables digital investment
Impact
TypeExamples
Investment required to enable strategy
2021 Investor Day –4 May 2021
Capex profile over the next three years is expected to average $100-130m per annum
107

4%
7%
7%4%
•Redesign and implement central planning process
•Generate visibility across stock flow from purchase
order to sale
•Further reductions in inventory levels and op
2021 Investor Day –4 May 2021108
Store renewals –footprint efficiency
Mitigate headwinds and increase sales density
Increasing areas of focus
•Fulfilment Centre –design automation
•New racking with conveyors & cranes. New sorter
and small case pick
•Continue to roll out WMS
•Embarked on developing a five year property strategy
•Implemented interim lease renewal principles to
provide flexibility
•Total stores down from 257 to 254 since FY19
•Stores WALT 4 years, provides flexibility
•Systematically reviewing all catchments across NZ
•Completed or are well underway on three catchments
•Optimising store footprint based on three KPIs –
EBIT psm, property costs as % of sales, and number
of leases
•Future network investment and partnerships
•Transport diagnostic and implement TMS (reduce
volumes transported at LTL and increase FTL and
MSTL)
•Explore initiatives to drive E2E supply chain
efficiency
•Diagnose and design initiatives to improve fill
productivity: lean and technology/automation
Supply chain transformation
Reduction inventory and operating efficiencies
•Currently 24 SWAS stores –target is 40-45
•Next integrations will be in conjunction with a refit of
The Warehouse (TWL) store
•SWAS delivers uplifts in Sales and Profit TWL and WS
•TWL store refit programme has been on hold while we
focussed on other transformation initiatives
•TWL refit programme to recommence from FY22
•5 stores approved, with plans to complete 40 stores
over the next few years ~$35m in capex annually

109
and Priorities
2021 Investor Day –4 May 2021
Development of
Ecosystem
•Investment in customer facing systems that are core to a group ecosystem: new website and app
capability, single customer view, personalisation and customer service
•Continue to invest in TheMarket to achieve scale, as a core component of a group ecosystem, and a
critical part of the group’s online offering
Productivity/
ways of working
•Diverse and ongoing portfolio of initiatives to improve the productivity of our ~12,000team member
workforce in stores and SSO –includingagile, operating models, training, etc
•Investment in core systems will come with significant process improvement and change management
Inorganic
growth
•Primary focus is on existing portfolio of businesses but there may be opportunities that help us execute
our strategy in building a group ecosystem and providing further scale in New Zealand
Trading
performance
•Material opportunities to lift sales density / capture new segments / lift margins, e.g
oSales density –Refits / SWAS / growing existing under penetrated segments
oNew segments with adjacencies to existing offering
oMargin –pricing processes, space utilisation, services and operating model
•Continue multi-year effort to return T7 to profitability and generate adequate return on investment
•Achieve operating profit contribution from TheMarketand wider group ecosystem benefits

Chair
110
Joan Withers
2021 Investor Day –4 May 2021
Governance

2021 Investor Day –4 May 2021111
•On-going assessment of skills required
•Skill matrix published in annual report
•High calibre Board recruits
•Externally facilitated Board performance reviews
•Board timing and cadence of interactions altered to work in
Agile environment
•Commitment to ongoing training for Directors
Joan Withers
Chair & Independent
Non-Executive Director
Rachel Taulelei
Independent
Non-Executive Director
Robbie Tindall
Non-Executive Director
John Journee
Independent
Non-Executive Director
Julia Raue
Independent
Non-Executive Director
Anthony Balfour
Independent
Non-Executive Director
Will Easton
Independent
Non-Executive Director
Dean Hamilton
Independent
Non-Executive Director
Renee Mateparae
Future Director

2021 Investor Day –4 May 2021112
•The Board has been actively engaged in the Company’s evolution over the
last 4 years
•Our Committee structure supports Board responsibilities
•Dedicated Health & Safety committee
•Strong commitment to managing capital appropriately –eg.ROIC framework
and revised dividend policy
•Value enhancing investment slate –lessons learned
•Working towards best practice in Board / Executive deliberations
•Significant achievements in the last 5 years –but much more to do

Thank You
Q&A
2021 Investor Day –4 May 2021113

APPENDICES
1142021 Investor Day –4 May 2021

1152021 Investor Day –4 May 2021
GLOSSARY
TermDefinitionTermDefinition
C&CClick & CollectNIDCNorth Island Distribution Centre
CODBCost of Doing BusinessNIFCNorth Island Fulfilment Centre
COGSCost of Goods SoldNLNoel Leeming
DCDistribution CentreOMSOrder Management System
DIFOTDelivered In-Full On-TimeOMUOperating Model Update
E2EEnd-to-EndPOSPoint-of-Sale
EDLPEvery Day Low PriceSIDCSouth Island Distribution Centre
ELSExtended Leadership SquadSSOStore Support Office
eNPSEmployee Net Promotor ScoreSSSSame Store Sales
FCFulfilment CentreSWASStore-Within-a-Store
GBOGroup Business OperationsTWLThe Warehouse
GEPGroup eCommerce PlatformWALTWeighted Average Lease Tenure
GMVGross Merchandise ValueWMSWarehouse Management System
LTVLifetime ValueWSWarehouse Stationery
MDMMaster Data Management

The Warehouse
116
Omni-channel network
Number of stores90
Store footprint 490,314 sqm
1.5m
Registered
Users
1.6m
Average
customer
store visits
per week
6.3%
Online sales
(as % of
total sales)
41%
Click &
Collect sales
(as % of
total sales)
6.7m
Average
website
visits per
month
2021 Investor Day –4 May 2021

The Warehouse –sales and margin
117
Focus on EDLP strategy is delivering sales
growth back into positive territory
Translating intostrongoperationalleverage
1.FY20 Sales and Operating Profit have been restated to recognise the wage subsidy for each brand as an unusual item as this was subsequently repaid
in December 2020, therefore now excluded from Sales and Operating Profit. This was included in Operating Profit in the 2020 Annual Report.
•With the move to EDLP, Sales dipped in FY18, however growth in FY21 has been significant with sales returning to historical levels.
•Improved Gross Profit Margin through reduced clearance and promotional activity, together with tight control of costs (includingthe
Labour Operating Model Update) has led to Operating Profit Margin jump to 12.7% in FY21.
2021 Investor Day –4 May 2021

The Warehouse –channel and mix
118
96%93%
93%
96%
4%
7%
7%
4%
•FY21 H1 Sales have grown +3.0% YoY largely driven by +75% increase in the Online channel as momentum gained from the COVID-
19 Lockdowns continued. Within this Online growth, Click & Collect sales grew +116% with the introduction of same day collection.
•Major categories by sales include Toys, Sporting Goods, Beauty & Grooming, and Large Storage & Laundry.
•Since FY21 H1 we have closed one The Warehouse store in Whangaparoaand opened one new store in Ormiston.
2021 Investor Day –4 May 2021

Warehouse Stationery
Omni-channel network
119
Number of stores71
Store footprint 65,799 sqm
536k
Registered
Users
118k
Average
customer
store visits
per week
10.5%
Online sales
(as % of
total sales)
25%
Click &
Collect sales
(as % of
total sales)
736k
Average
website
visits per
month
2021 Investor Day –4 May 2021

Warehouse Stationery –sales and margin
120
1.FY20 Sales and Operating Profit have been restated to recognise the wage subsidy for each brand as an unusual item as this was subsequently repaid
in December 2020, therefore now excluded from Sales and Operating Profit. This was included in Operating Profit in the 2020 Annual Report.
Sales growth boosted from working and learning
from home
SWAS operating model resulting in operating profit
growth
•Sales declined in FY18 with the move to EDLP, however exponential growth has been observed since then. This is due to the conversion of 23 stores (at the
end of FY21 H1) to the SWAS (Store within a Store) concept over the last 5 years and more recent sales growth attributed to increased appetite to working
from home, reflected in the increased sales growth in Office Consumables and Furniture.
•Operating profit margin has surged in FY21 due to a combination of sales growth, reduced discounting leading to higher margins and well controlled costs.
2021 Investor Day –4 May 2021

Warehouse Stationery –channel and mix
121
92%90%89%92%
8%
10%
11%8%
•Consumer buying patterns shifting to Online is the primary reason for FY21 H1 growing +2.1% YoY. Online sales have grown +31%
whilst Click & Collect sales have increased a significant +230% YoY.
•Major categories by sales include Print & Consumables, Stationery, Office Furniture, Computing & Devices, and services from our in-
store Print & Copy Centres.
•Since FY21 H1 we have closed one Warehouse Stationery store in Henderson and opened one new SWAS store in Ormiston.
2021 Investor Day –4 May 2021

Noel Leeming
Omni-channel network
122
Number of stores72
Store footprint 84,702 sqm
488k
Registered
Users
257k
Average
customer
store visits
per week
10.4%
Online sales
(as % of
total sales)
64%
Click &
Collect sales
(as % of
total sales)
2.6m
Average
website
visits per
month
2021 Investor Day –4 May 2021

Noel Leeming –sales and margin
123
Standout sales growth in FY21 H1 –boosted by
tech sales and service and click & collect
Increased sales and shift to higher margin products
has delivered operating profit growth
1.FY20 Sales and Operating Profit have been restated to recognise the wage subsidy for each brand as an unusual item as this was subsequently repaid
in December 2020, therefore now excluded from Sales and Operating Profit. This was included in Operating Profit in the 2020 Annual Report.
•Continued Sales growth reflects gains in market share over the last 5 years. The Online channel has achieved strong growth each year
(30-60%) with an exceptional year in FY20, through lockdown, where demand for home office related technology performed strongly.
•Operating Profit improvement in FY21 due to a combination of increased Sales volumes and improved Gross Margins.
2021 Investor Day –4 May 2021

Noel Leeming –channel and mix
124
96%89%88%94%
4%
11%
12%
6%
•Surge in online penetration during FY20 driven by customers using the channel during lockdown, with positive user experiences
ensuring this higher penetration rate carried through into FY21.
•Same Store Sales Growth driven by continued strong demand for appliances, technology and services, resulting in record highs for
both the Black Friday and Boxing Day events.
•Major categories by sales include Communications, Computers, Whiteware, and TVs.
•Since FY21 H1 we have closed two Noel Leeming Stores in Hunters Plaza and Morrinsville and opened one new store in Ormiston.
2021 Investor Day –4 May 2021

Torpedo7 –channel and mix
125
67%70%70%79%
33%
30%
30%
21%
•FY19 shift in sales mix between online and stores was the result of removal of Shotgun Supplements and No1 Fitness websites from
the brand as well as an increase in total number of stores from FY18. FY20 and FY21 has seen strong online growth from a change
in customer behaviour resulting from the lockdown.
•Overall sales growth from H1 FY20 of +29% is the result of SSS growth of +24.4% including online.
•Major categories by sales include Cycle equipment, Outdoor, WatersportsEquipment, Apparel, and Fitness Equipment.
•Since FY21 H1 we have increased our T7 store numbers with the opening of one new store in Napier.
2021 Investor Day –4 May 2021