Digital acceleration delivering on NZME’s 2023 strategy

MARKET ANNOUNCEMENT



18 November 2021



Digital acceleration delivering on New Zealand Media and
Entertainment’s 2023 strategy
AUCKLAND, 18 November 2021: Today NZME Limited (NZX: NZM, ASX: NZM) (“NZME”)
will deliver its 2021 strategy update through a virtual Investor Day.
The NZME 2021 Investor Day Presentation is attached to this announcement.
NZME’s Chairman Barbara Chapman highlights NZME’s significant transformation into a digitally
focussed media business, supported by strong brands, platforms, and people.
Digital audience and revenue transformation are illustrated across all three of NZME’s strategic
pillars – Audio, Publishing and OneRoof.
Ms Chapman also attributes NZME’s achievements during 2021 to a commitment across the
business to its key strategic priorities and to the Board’s guiding principles introduced during
2020.
These principles are now firmly established, ensuring NZME delivers to the expectations of its
customers, and through them to NZME’s shareholders:
 Customer First
 Win with Quality
 Digital Acceleration
 Audience Expansion
 Top Performance
CEO Michael Boggs outlines how NZME’s focus on its three strategic priorities has supported
NZME’s achievements across 2021 including revenue market share growth across all platforms
and audience growth to record levels especially across NZME’s digital platforms.
NZME’s strategic priorities are:
 New Zealand’s Leading Audio Company
 New Zealand’s Herald
 OneRoof – Your Complete Property Destination
In the presentation NZME executives provide performance and achievement updates across
NZME’s Audio, Publishing and OneRoof business units.
The presentation also includes the following Outlook Update:
 Despite the restricted operating environment, 4th Quarter revenues have
been encouraging
 Real Estate markets have shown signs of a positive recovery over recent weeks
 Our audiences have been at record levels particularly on our digital
platforms nzherald.co.nz and iHeartRadio as we Keep Kiwis in the know

 NZME has been adapting to the economic and operating environment as the Covid-
19 restrictions have continued. NZME continues to expect to deliver EBITDA
1
in the
range of $63m to $67m for the full year 2021 (2020 EBITDA
1
of $67.3m)
 We are engaging with Google and Facebook with regards to them
accessing and supporting editorial content

Audio
Jason Winstanley, Chief Radio Officer, provides updates on the growth in digital audio audience
and revenues via NZME’s digital audio platform, iHeartRadio.
Also shared are details of broadcast audio growth across NZME’s leading talk brand Newstalk
ZB and in key breakfast audiences across the majority of NZME’s music radio networks,
especially in the key 25 to 54-year-old audience demographic.
And investors are given insights into future focussed audience growth initiatives in sports
entertainment, youth audiences and podcasting.
Publishing
Carolyn Luey, Chief Digital and Publishing Officer, outlines the transition of NZME’s publishing
business to its current state of a digital centric business with a focus on digital subscriptions.
Shayne Currie, Managing Editor, updates audience expansion initiatives, multi-platform
storytelling and personalisation alongside initiatives to revitalise NZME’s regional and
community titles as well as plans to build a digitally focussed youth audience model designed
to build engagement with New Zealand’s future leaders and decision makers.
Matt Wilson, Chief Operating Officer, provides an update on NZME’s subscription offering.
Digital subscriber growth continued at pace across 2021 with digital and print enabled
subscribers now totalling 135,500 and digital only subscribers totalling 78,500.
Also highlighted are continuous improvements to the NZ Herald Premium value proposition,
with enriched personalisation a key focus of future subscriber benefits.
OneRoof
Paul Maher, Chief of OneRoof, details progress of OneRoof property listings, which have shown
robust growth through 2021 alongside significant growth in OneRoof awareness as a national
brand.
The update also highlights initiatives supporting OneRoof’s strategy by strengthening core
residential listings, being indispensable to agents and by expanding the OneRoof portfolio.
Performance Overview
NZME’s Chief Financial Officer, David Mackrell, provides an overview of NZME’s financial
performance, including strong growth in digital advertising revenue and radio advertising
showing recovery from 2020. Both have contributed to stable earnings during 2021 despite
the ongoing impacts of COVID-19.
Details on NZME’s net debt position are confirmed with $100m fully repaid in the last three
years.
Investors are also supplied details of NZME’s Dividend and Capital programme. NZME advises
investors that with a clearer business outlook, and with the completion of the sale of GrabOne,
the NZME Board intends to undertake an on-market share buy-back of up to $30m to
commence in early 2022.

NZME also confirms the permanent cost reductions implemented in 2020 have been maintained
across 2021.
Details are presented of the EBITDA margin growth NZME is targeting for each of its strategic
divisions as represented in the following table:
FY21F EBITDA
1
Margin FY23 EBITDA
1
Margin Target
Audio 11% 15% – 17%
Publishing 18% 19% – 20%
OneRoof 2% 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).

ENDS
Authorised by Michael Boggs, CEO.
For further information:
David Mackrell
Chief Financial Officer
T: +64 21 311 911
Email: david.mackrell@nzme.co.nz

For media enquires:
Cliff Joiner, GM Communications
New Zealand Media and Entertainment
T: +64 21 270 9995
cliff.joiner@nzme.co.nz

---

1
A leading integrated media company
NZME INVESTOR DAY
18 November 2021

2
1.Chairman's AddressBarbara Chapman, Chairman10:00am –10:10am
2.CEO OverviewMichael Boggs, Chief Executive Officer10:10am –10:20am
3.Performance OverviewDavid Mackrell, Chief Financial Officer10:20am –10:30am
4.AudioJason Winstanley, Chief Radio Officer10:30am –10:50am
5.Publishing
Carolyn Luey, Chief Digital & Publishing Officer
Shayne Currie, Managing Editor
Matthew Wilson, Chief Operations Officer
10:50am –11:40pm
6.OneRoofPaul Maher, Chief of OneRoof 11:40pm –12:10pm
7.Summary / Q&AAll presenters 12:10pm –
Agenda

3
1.Chairman’s Address
Barbara Chapman
Chairman

4
Barbara Chapman
Independent Chairman
David Gibson
Independent Director
Carol Campbell
Independent Director
Guy Horrocks
Independent Director
Sussan Turner
Independent Director
1.Chairman’s Address
Board Members

5
2.CEO Overview
Michael Boggs
Chief Executive Officer

6
Our national and local
presence allows us to offer
advertisers broad access to
their target markets
> 88%
ofthe people
living in the
North Island
1
~ 92%
ofthe people
living in
Auckland
1
~ 74%
of the people
living in South
Island
1
SOURCE:
1.
Nielsen CMI Fused Q3 20 –Q2 21 August 2020 AP15+ (Included weekly print,weekly claimed radio & monthly unique digital audience).
1*
Those who intend to buy/sell/build in the next 12
months who engage with NZME.
2.
GfK RAM, Commercial Radio, S3 2021, Total NZ, M-S 12mn-12mn, Cumulative Audience000s, AP10+ (unless otherwise stated).
3.
OneRoof’slistings as a percentage
of residential for-sale real estate listings on trademe.co.nz as of 30 June 2021.
2.CEOOverview
NZME reaches an audience of more than 3.4 million
New Zealanders
1
NZ’s #1 radio station
and favourite
breakfast talk show
2
NZ’s #1 radio station
and favourite
breakfast music show
2
89% of residential
for-sale listings
nationwide
3
NEWS
2.8 MILLION PEOPLE ENGAGE WITH OUR
NEWS CONTENT
1
SPORTS
OUR SPORTS BRANDS ENGAGE WITH 1.1
MILLIONPEOPLE
1
ENTERTAINMENT
IN ENTERTAINMENT WE ENGAGE WITH
2.6MILLION PEOPLE
1
CLASSIFIEDS
WE ENGAGE WITH648,000PEOPLE WHO
INTEND TO BUY/SELL/BUILD PROPERTY
1*

7
6am –9am9am –3pm3pm –7pm
Wake up in
the morning
The morning
workout
Get ready for
the day
Travel to
work or study
Break from
work or study
Working or
studying
Travel from
work or study
After work
activities
OnlineAudioOnlineAudioPrintOnlineAudioAudio
When Kiwis wake
up, we are
checking our
phones for the
latest news
For those who
exercise, online
music and
podcasts are our
chosen media to
accompany us
Multi-tasking is
important! A
quarter manage
to fit in checking
the news while
listening to online
music
Radio listening is
the favourite for
the daily
commute with
41% tuning in.
Over aquarter are
listening to online
audio
Lunch breaks are
where print is at
its most popular
Digital media
dominate here
47% of 25-54s will
listen to radio on
the daily
commute. Over a
third are listening
to podcasts
during this time
Whilst out and
about, we’re
multi-tasking and
listening to our
favourite portable
media, 37% will
listen to radio
SOURCE: NZME Media Engagement Study ‘How we’re engaging’ May 17
th
-28
th
May 2021n=1000 nationally representative New Zealanders.
2.CEOOverview
NZME’s Digital, Audio and Print brands and platforms
are part of New Zealanders daily habits

8
PROMOTING A HEALTHY, DIVERSE AND SAFE WORKPLACE
We will embed a high performing health and safety culture and will
regularly report on our performance. We will strive for a collaborative
and welcoming place to work.
We will adopt and strengthen policies for the promotion of gender
equality and diversity.
CHAMPIONING THE CRAFT
We will ensure we are mentoring the next generation of journalists
and broadcasters. We will develop our people to maintain and grow
the craft.
EQUIPPING OUR PEOPLE
We will commit to offering our staff relevant and impactful training
to create new opportunities for growth and innovation.
Top GradEmployer for
Media& Comms Category2021
30 UNDER 30
Excellence Awardee
HR team of the Year 2021
2.CEOOverview
We provide a workplace that fosters
innovation, engagement and inclusion

9
Executive Team
2.CEOOverview
Michael Boggs
Chief Executive Officer
Shayne Currie
Managing Editor
Paul Hancox
Chief Revenue Officer
Carolyn Luey
Chief Digital & Publishing
Officer
David Mackrell
Chief Financial Officer
Paul Maher
Chief of OneRoof
Katie Mills
Chief Marketing Officer
Allison Whitney
General Counsel
Matthew Wilson
Chief Operations Officer
Jason Winstanley
Chief Radio Officer

10
New Zealand’s
leading audio
company
New Zealand’s
Herald
Your complete
property
destination
2023 Strategic Priorities were introduced in 2021
2.CEOOverview

11
•Keep Kiwis in the know
and entertained with
up to the minute news
and entertainment
•Ensure commercial
opportunities deliver
outstanding campaign
performance with
robust post-campaign
reporting
•Improve the end-to-
endcustomer
experience
•Deliver suite of
products that
customers value
•Premium, independent
journalism
•Trust and engagement
focus
•Identify, attract, and
retain NZ's best
•Ensure our platforms
are best placed to
deliver audience
experiences and
advertiser outcomes
•New tools, technology
to aid audience
engagement across all
platforms
•Data capability growth
•Cement iHeartRadio
as NZ’s leading free
audio service
•Grow NZ’s leading
Podcasting network
•Scale NZ-wide brand
audience
•Diversification –
geographically,
culturally,
demographically
•Place our content
where our audiences
are, with close links to
the community
•Attract new audiences
through innovative
digital-first formats
•Extend OneRoof
listings verticals
•Deliver leading returns
for shareholders
•Accelerate subscriber
growth
•Grow share of digital
media market
•Simplification
1Customer First2Win with Quality
3Digital Acceleration
4Audience Expansion
5Top Performer
2.CEOOverview
These strategic principles have guided the delivery
across the strategy

12
SOURCE:
1.
PwC Radio advertising market benchmark report, 12 months to December 2018 –10 months to 31 October 2021 (current).
2.
PwC NPA quarterly performance comparison report, December
2018 -9 months to 30 September 2021 (current).
3.
IAB digital advertising revenue –General Display, IAB NZ Digital advertising revenue report, Q1 2018 –Q1 2021 (current).
39.0%
39.5%
40.4%
41.0%
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
-
50
100
150
200
250
300
FY18FY19FY20Current
Market Share %
Market Revenue ($m)
Total Radio Advertising Market Revenue and
NZME Share %
1
Market RevenueNZME Share
44.8%
46.9%
47.1%
47.8%
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
44.0%
46.0%
48.0%
50.0%
-
50
100
150
200
250
300
FY18FY19FY20Current
Market Share %
Market Revenue ($m)
Total Print Advertising Market Revenue and
NZME Share %
2
Market RevenueNZME Share
23.3%
23.5%
24.2%
25.2%
15.0%
17.0%
19.0%
21.0%
23.0%
25.0%
27.0%
153
154
155
156
157
158
159
160
161
162
163
164
FY18FY19FY20Current
Market Share %
Market Revenue ($m)
Digital Display Advertising Market Revenue and
NZME Share %
3
Market RevenueNZME Share
2.CEOOverview
Delivering market share growth across all platforms

13
2.CEOOverview
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY19FY20FY21F
Revenue ($m)
Digital Audio Revenue
-
10.0
20.0
30.0
40.0
50.0
60.0
FY19FY20FY21F
Revenue ($m)
Digital Publishing Revenue
Digital Subscriber Revenue
Digital Publishing Advertising Revenue
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY19FY20FY21F
Revenue ($m)
Digital OneRoof Revenue
NZME's digital media strategy is delivering revenue growth
across all strategic pillars

14
-
5
10
15
20
25
JanFebMarAprMayJunJulAugSep
Advertising Revenue ($m)
NZME Total Advertising Revenue Q1-Q3 2019-2021
201920202021
[ Q1 2021 vs 2019 (-5.5%) ]
[ Q2 2021 vs 2019 (-1.0%) ]
[ Q3 2021 vs 2019 (-11.7%) ]
Advertising Revenue
% change
(Q1-Q3 2020)
% change
(Q1-Q3 2019)
Audio15.5%(6.3%)
Publishing17.9%(8.1%)
OneRoof21.5%(3.1%)
•Advertising revenue for H1 2021 was 3.2%
lower than the first half of 2019. However, for
the month of June, revenue was higher than
June 2019
•The 3
rd
quarter was tracking well until NZ
moved into a level 4 lockdown on 17 August
2021 resulting in the quarter being lower than
2019 but 7% higher than 2020
•Advertising revenues for Q4 2021 have been
less impacted by the lockdowns and are
expected to be close to last year’s levels
2.CEOOverview
Advertising Revenue had recovered to 2019 levels prior
to Q3 2021 lockdowns

15
•Despite the restricted operating environment,4
th
Quarter revenues have been
encouraging
•Real Estate markets have shown signs of a positive recovery over recent weeks
•Our audiences have been at record levels particularly on our digital platforms
nzherald.co.nz and iHeartRadio as we Keep kiwis in the Know
•NZME has been adapting to the economic and operating environment as the Covid-19
restrictions have continued. NZME continues to expect to deliver EBITDA
1
in the range
of $63m to $67m for the full year 2021 (2020 EBITDA
1
of $67.3m)
•We are engagingwith Google and Facebookwith regards to them accessingand
supporting editorial content
NOTE:
1.
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 financial years.
2.CEOOverview
Outlook Update

16
3.Performance Overview
David Mackrell
Chief Financial Officer

17
NOTE:
1.
FY21 Forecast includes 9 months actuals and 3 months forecast.
2.
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 Results Presentation on NZX and ASX for a full explanation.
3.
FY19 NPAT excludes goodwill impairment of $175m.
4.
FY21F NPAT excludes impact of
GrabOnegain on sale.
-
10
20
30
40
50
60
70
80
FY18FY19FY20FY21F
$m
Performance
12 3 4
EBITDA (IFRS 16)NPAT
3.CFOPerformance Overview
Earnings stable despite Covid impacts
-
50
100
150
200
250
300
350
400
450
FY18FY19FY20FY21F
Revenue ($m)
Revenue
1
PublishingAudioOneRoofGrabOneOther

18
Radio Advertising showing recovery from 2020 Covid impact while Print advertising has been flat
-
20
40
60
80
100
120
FY18FY19FY20FY21F
Advertising Revenue ($m)
Advertising Revenue by Channel
PrintRadioDigital
42%
39%
34%
32%
40%
42%
43%
43%
18%
19%
23%
26%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY18FY19FY20FY21F
Advertising Revenue Channel Split
PrintRadioDigital
3.CFOPerformance Overview
Strong growth in Digital Advertising Revenue

19
Forecast is 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.
NOTE:
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, 2020 and 2021 financial years. Please refer to the NZME Results Presentations 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.
3.CFOPerformance Overview
FY21F Divisional Performance
$mAudioPublishingOneRoofGrabOneOtherTotal
Reader Revenue
Print -70 ---70
Digital-12 ---12
Total Reader Revenue-82 ---82
Advertising Revenue
Radio101 ----101
Print-64 13 --77
Digital3 55 7 -1 67
Total Advertising Revenue104 119 20 -1 244
Other Revenue1 8 0 7 3 20
Total Revenue105 209 20 7 4 346
People and Contributors52 77 6 2 4 142
Print & Distribution-45 7 --51
Agency Commission & Marketing18 20 4 1 0 44
Other16 21 2 0 5 44
Total Costs86 162 19 4 8 280
Operating EBITDA
1
19 47 1 3 (5)65
IFRS16 Adjustments7 8 1 0 0 16
EBITDA (pre IFRS16)
2
12 39 0 3 (5)49
EBITDA (pre IFRS16)
2
Margin %11%18%2%N/AN/A14%

20
$mFY20FY21 and
beyond
Temporary / Activity
Related Savings
30-
Permanent Savings1620
Total Savings4620
Cost savings implemented in 2020 vs. FY19:
•Permanent costs reductions implemented in 2020
maintained in 2021
•2021 cost base higher due to increased activity
versus2020 and lower temporary savings
3.CFOPerformance Overview
Permanent Cost Base reduction maintained
-
50
100
150
200
250
300
350
400
FY18FY19FY20FY21F
Expenses ($m)
Total Operating Expenses
People & ContributorsPrint & Distribution
Agency Commission & MarketingOther

21
•GrabOnesale which was announced in August
2021 andcompleted on 29 October 2021 as
planned
•The business and assets were sold for $17.5m
which, after settling merchant liabilities and sale
costs, resulting in a net cash inflow of $13.1m
•GrabOnehascontributed ~$3m to EBITDA each
year
3.CFOPerformance Overview
Impact of GrabOneSale
$m
Gain on Sale
Sale Price17.5
Book Value of Assets(1.1)
Sale Costs (0.5)
Gain on Sale15.9
Cash Flow
Sale Price17.5
Merchant Liabilities to be settled(3.9)
Sale Costs(0.5)
Net Cash inflow 13.1

22
Given the size of the NZ Market and
the strong position that Trademehas
in the Automotive Classifieds
market,NZME is reviewing new
models based on international
experience.
No significant investment expected
until future models are evaluated in
2022.
1.3 Million
change of ownership
transactions per year
3.85 Million
Light vehicles in
the NZ fleet
119K
New vehicles
registered per year
~$30m
Trademe
Dealer revenue
1
~$1m
DRIVEN
revenue FY 21F
NOTE:
1.
Estimate based on FY19 motors revenue (dealers, cars only). SOURCE:
2.
DRIVEN and Trade Me website as at11 November 2021.
3.
Nielsen Online Ratings July 2021.
DRIVEN has a similar number of dealer listings to Trademe, butwith its private listings and larger audience,
Trademehas a strong market position.
3.CFOPerformance Overview
Automotive remains an opportunity
10
20
30
40
50
60
DRIVENTrademe
Dealer Listings Volume ('000)
2
0
100
200
300
400
500
600
700
800
DRIVENTrademe
Monthly Unique Audience ('000)
3

23
NOTE:
1.
FY21F Capital Expenditure consists of 10 months to 31 October 2021 plus expected November –December 2021 spend. For the avoidance of doubt, FY21F has not been adjusted to
incorporate IFRS Interpretations Committee’s April 2021 agenda ruling on recognition of Software-as-a-Service (SaaS) costs.
•Capital Expenditure in 2021 expected to be
~$10m
•Recent interpretation of accounting
standards in regard to costs relating to the
implementationofSoftware as a service
(SaaS) solutionsmay result in previously
capitalised costs being expensed in the
future
3.CFOPerformance Overview
Capital Expenditure expected to be $10-12m per year
14
12
6
10
-
2
4
6
8
10
12
14
16
FY18FY19FY20FY21F
Capex ($m)
Capital Expenditure
1

24
FY21F EBITDA
1
Margin
FY23 EBITDA
1
MarginTarget
Audio11%15% –17%
Publishing18%19% –20%
OneRoof2%15% –25%
NOTE:
1.
EBITDA is a non-GAAP measure and is presented as excluding the impact of IFRS16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
3.CFOPerformance Overview
EBITDA margin growth targeted across each division as
part of FY23 Strategy

25
•Net Debt of $100m fully repaid in the last
3 years
•GrabOnesale has resulted in net cash
position at the end of October 2021
•Target Leverage ratio remains 0.5 to 1.0
times rolling 12 monthEBITDA
2
(pre
IFRS16)
NOTE:
1.
“Current” Net Cash position as at31 October 2021.
2.
Operating EBITDA is a non-GAAP measure and is presented as including the impact of IFRS16, however excluding exceptional
items (redundancy costs, one-off projects and other exceptional items) to allow for a like-for-like comparison between 2019 and 2020 financial years. Please refer to the NZME Half Year Results
Presentation on NZX and ASX for a full explanation.
3.CFOPerformance Overview
Net Debt fully repaid
1.8
1.5
0.6
0.3
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
(20)
-
20
40
60
80
100
120
FY18FY19FY201H FY21Current
Leverage Ratio (Net Debt / 12 month Operating
EBITDA (pre IFRS 16))
Net Debt / (Cash) ($m)
Axis Title
Net Debt / (Cash)
1
and Leverage Ratio
Net Debt / (Cash)Leverage Ratio

26
Dividend Policy
"NZME intends to pay dividends of 30-50% of Free Cash Flow subject to being within its target leverage ratio and having regard to
NZME's capital requirements, operating performance and financial position."
•Interim dividend of 3 cents per share declared in August
2021signalled the intention to return to regular Dividend
payments
•Given the trajectory of net debt, this has resulted in a
leverage position well below the target leverage range
•The Board was in a position to announce a capital
return to shareholders in August 2021 but paused due
to the uncertainty of Covid related restrictions
•With a clearer business outlook, combined with the
completion of the sale of GrabOne, the Board intends to
undertake an on-market share buy-back of up to $30m
to commence in early 2022
•Details and the required disclosure statement will be
provided to shareholders before the end of the year
3.CFOPerformance Overview
Dividend and Capital Return
NOTE:
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).
Dividend Calculation Example based on Midpoint of Guidance
$m
EBITDA (inc IFRS 16)
1
65
Depreciation and Amortisation
(18)
Interest on loans
(1)
Interest and Depreciation on Leases
(16)
Non-Recurring
(2)
Tax
(8)
NPAT
20
Add Depreciation
18
less Capital Expenditure
(11)
Working Capital Movement
0
Free Cash Flow
27
Dividend example
30-50% of Free Cash Flow
$8m to $14m
Cents per Share
4 to 7 cents per share

3.Audio

28
3.Audio
Jason Winstanley
Chief Radio Officer

29
SOURCE:
1.
GfK RAM, Commercial Radio, S4 2020 –S2 2021,Total NZ, Market Share %, AP10+, NZME excl. Partners.
2.
PwC Radio advertising market benchmark report, Dec 2020, 12 months to 31 Dec
2020,
2*
June 2021 Rolling 12-month average. Note: report excludes independent broadcasters and contra revenue.
3.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ
IFRS 16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
3.AudioNew Zealand’s leading audio company
Scorecard
Metric
FY 2020
Achievement
H1 20212023 Target
NZME share of total
audience
35.6%
1
34.4%
1
> 1% share point growth
per annum
Radio Revenue Share40.4%
2
40.9%
2*
> 1% share point growth
per annum
Digital audio revenue as a
% of total audio revenue
2.4%3.2%5%
EBITDA
3
Margin Target (pre
NZIFRS16)
14%10%15 –17%

30
SOURCE:
1.
TheInfinite Dial 2021, Edison Research, Triton Digital,Nielsen Audio RADAR 149, June 2021, publicly available via Radio Advertising Bureau.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
201220132014201520162017201820192020
% of Total US Population 12+
Audio listening –US
1
% listened to in the last month digital / week terrestrial
Weekly Terrestrial Radio ListeningMonthly Online Audio ListeningMonthly Podcast Listening
•The audience for broadcast
radioremains the highest, with
83% ofAmericans aged 12+
listening to terrestrial radio
weekly in 2020
•Digital audiolistening is
growing, and podcasting is
accelerating, presenting a
larger total audio eco-system
3.AudioNew Zealand’s leading audio companyBackground
Broadcast radio globally remains high with Digital audio
growing the total audio eco-system

31
Broadcast radio is consistent, reaching over 3.7 million New Zealander's each week
1
and remains the primary
platform from 6am to 7pm weekdays, reaching over twice as many people as any other audio channel at
breakfast
SOURCE: 1. GfK, RAM, Total NZ, S3 2021, Mon-Sun 12mn-12mn, Cumulative Audience 000s, AP10+​. 2. GfK, RAM, Commercial Radio, S1/2017-S3/2021,Major Markets, M-S 12mn-12mn, Cumulative Audience (000s),
AP10+*Radios 2012-2016(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. NZME Media Engagement Study ‘How we’re engaging’ May 17th -28th May 2021 n=1000 nationally representative New
Zealanders.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Mon –Fri
6am-9am
Mon –Fri
9am-12pm
Mon –Fri
12pm-3pm
Mon –Fri
3pm-7pm
Mon –Fri
7pm-10pm
Mon –Fri
10pm-12am
Mon –Fri
12am-6am
% New Zealanders reached
NZ Audio reach across the day
3
Radio FM/AMOnline RadioOnline MusicPodcasts
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1-20122-20121-20132-20131-20142-20141-20152-20151-20162-20163-20161-20172-20173-20174-20171-20182-20183-20184-20181-20192-20193-20194-20191-20203-20204-20201-20212-20213-2021
Audience (000’s)
Cumulative Audience -NZ Major Markets only (000’s)
2
All Commercial RadioPopulation Major Markets
3.AudioNew Zealand’s leading audio companyBackground
Broadcast radio is the primary audio platform in NZ

32
•In the US, terrestrial radio revenue
remains the major driver in Audio
revenues –share of total advertising
revenue market forecast stable at 5.5%
in 2021¹
•The US podcast industry is forecast to
reach US$1 billion in annual advertising
revenue in 2021 and is projected to
double to US$2 billion by 2023²
SOURCE:
1.
Zenith Optimedia(2017-2018) & Dentsu(2019-2020)
2.
IAB’s U.S. Podcast Advertising Revenue Study 2021.
6.2%
5.9%
5.8%
5.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2017201820192020
Share (%)
Radio Share of Advertising Revenue –
Global
1
3.AudioNew Zealand’s leading audio companyBackground
Globally radio’s share of advertising has remained relatively
stable –podcasting is a growth opportunity

33
SOURCE:
1.
Radio Advertising Benchmark Report” PwC –October 2021, 8 November 2021. NZME and Mediaworks only. 2021F represents October YTD 2021annualised.
•New Zealand’s Radio Advertising market has been impacted
by Covid-19
•2021 is forecast to be up 8% on 2020 even though an
expected recovery was impacted by further lockdowns from
August 2021
•In New Zealand, Radio advertising revenue is higher at 10%
of total New Zealand advertising spend demonstrating its
powerful reach and localised integration
264
260
256
261
220
237
-
50
100
150
200
250
300
201620172018201920202021F
Revenue ($m)
NZ Radio Advertising Market Revenue
1
3.AudioNew Zealand’s leading audio companyBackground
NZ radio market temporarily impacted by Covid-19

34
SOURCE:
1.
IABNZ, H1/Q2 2021 Digital Advertising Revenue Report. NZME revenue. 2021F based on run-rate forecast.
•iHeartRadio represents the
majority of New Zealand’s digital
radio revenue as estimated and
reported by IAB
•iHeartRadio attracts the largest
radio streaming audience in the
country
3.AudioNew Zealand’s leading audio companyBackground
NZ Digital Radio Revenue continues to grow
0
1
2
3
4
5
2018201920202021F
Revenue ($m)
NZ Digital Radio Market Revenue¹
IAB Reported Audio Spend iHeartRADIO

New Zealand’s leading
audio company

36
Create New Zealand’s
best local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
There are three pillars to the Audio Strategy:
3.AudioNew Zealand’s leading audio companyStrategy
New Zealand’s leading audio company

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

38
SOURCE:
1.
GfK, RAM, Commercial Radio, S1 2019-S3 2021, Total NZ, Cumulative Audience 000s, AP10+.
2.
GfK, RAM, Commercial Radio,S1 2018-S3 2021, Major Markets, Market Share
%,AP10+. Note Radio Sport closed prior to S3 2020.
3.
GfK, RAM, Commercial Radio,S1 2018-S3 2021, Major Markets, Market Share %, AP25-54.
1,500
1,600
1,700
1,800
1,900
2,000
2,100
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021
Weekly Listeners (000’s)
NZME Radio weekly
listeners¹
5
6
7
8
9
10
11
12
13
14
15
S1/2018S2/2018S3/2018S4/2018S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021
Market Share (%)
NZME Talk Radio –Major
Markets All 10+ Share²
5
10
15
20
25
30
S1/2018S2/2018S3/2018S4/2018S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021
Market Share (%)
NZME Music Radio –Major
Markets 25-54 Share³
Closure of
Radio Sport
Content
Changes Made
3.AudioNew Zealand’s leading audio companyStrategy
NZME radio audience is stable with strong growth in talk
radio

39
SOURCE:
1.
GfK, RAM, Commercial Radio, Major Markets, Market Share %, Mon-Fri 6am-9am,S1 2018-S3 2021, AP25-54.
2.
AudioMetrix,TLHas at end of month.
3.
GfK, RAM, Commercial Radio,
Cumulative Audience 000’s, Major Markets, Mon-Fri 6am-9am,AP25-54, S3 2021 compared to S1 2021.
4.
GfK, RAM, Commercial Radio, S3 2021, Market Share,Mon-Fri6am-9am,Major
Markets,AP25-54.
•Breakfast show audiences have grown
for the 25-54 demographic across 7 of
the 9 radio brands
3
•ZM is New Zealand’s #1 25-54
breakfast show
4
•Newstalk ZB is New Zealand’s #2 25-
54 breakfast show
4
•iHeartRadio TLH up 17% YoYin
September 2021
2
5
10
15
20
25
30
35
40
S1/2018S2/2018S3/2018S4/2018S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021
Market Share (%)
NZME Radio –Major Markets
25-54 Breakfast Share
1
-
1
2
3
4
5
6
7
Mar-19
Jun-19
Sep-19Dec-19
Mar-20
Jun-20
Sep-20Dec-20
Mar-21
Jun-21
Sep-21
Listening Hours (millions)
iHeartRadio Monthly Total
Listening Hours (TLH)²
NZME 25-54 audience share has increased in the important Breakfast daypart
1
3.AudioNew Zealand’s leading audio companyStrategy
NZME Breakfast Audience and iHeartRadio Digital Listening
Hours Growth

40
The content changes made in 2020
are focused on closing the gaps in
the 25-54 demographic:
•Strong growth for Newstalk ZB
and ZM
•Positive change to Coast
audience profile
•New Flava format a success
SOURCE:GfK, RAM, Commercial Radio, S3/2020 and S1/2020,Total NZ,M-S 12mn-12mn, Cumulative Audience (000s), AP10+.
3.AudioNew Zealand’s leading audio companyStrategy
NZME'scontent strategy has achieved positive audience
shifts to date

41
SOURCE:GfK, RAM, Commercial Radio,S3 2021, Total NZ, M-S 12mn-12mn, Cumulative Audience (000s), AP10+.
3.AudioNew Zealand’s leading audio companyStrategy
Our focus remains on driving audience growth in thekey 25-
54 demographic

42
DIGITAL BRANDS
•Brand portfolio covering all core
demographics
•iHeartRadio is NZ’s leading,
advertising-funded single source
audio application
•Three dedicated digital native brands
delivering contentacross Podcasts,
Youth and Sports Entertainment
3.AudioNew Zealand’s leading audio companyStrategy
NZ's leading local content

43
NEW TO NZME
•Show hosts are at the heart of our audio
business and NZME will continue to
identify, attract and retain the best talent
•Comprehensive market host study
completed in August 2021 which
highlighted NZME’s strength
•2020 saw significant change, 2021 and
beyond is focussed on consistency
•New local shows launched in Christchurch,
Wellington, Manawatu and Taranaki
•Development shows implemented across
all brands with a focus on future talent
3.AudioNew Zealand’s leading audio companyStrategy
NZ’s best multi-media broadcasters

44
SOURCE: GfK, RAM, Commercial Radio,S3 2021, Total NZ, M-S 12mn-12mn, Cumulative Audience (000s), AP10+
*
Expected Audience=Management Estimates.
Continued growth in 25-54
driven from improvements
already seen at Breakfast
3.AudioNew Zealand’s leading audio companyStrategy
Closing the gap further is the focus through to 2023

45
NZME’s podcast 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
andmulti-platform content. ‘The Leighton Smith Podcast’ is the fourth largest in
NZ, a successful transition from a broadcast radio show into an original
formatpodcast series. Inside Celebrity Treasure Island is a partnership with ZM
andnational TV broadcaster TVNZ.
NZME Audio on Demand ContentNZ Herald
NZME Podcast Content –Originals and Bespoke
The Alternative Commentary Collective and KICK
NZ Herald's growing audio content supporting key editorial verticals, supporting
long-format editorial and targeting youth audiences through series such as ‘in
the loop’ –a weekly recap of the news focussed on 18-24 year olds.
Growing sports entertainment, comedy and youth content suite with digital
native brands The Alternative Commentary Collective (ACC) and Kick.
3.AudioNew Zealand’s leading audio companyStrategy
NZME is NZ’s leading local podcaster

46
•Localisediteration of the successful US
Barstool Sports model
•The ACC is 100% fan-focussed. It is
original, non-traditional, risk-taking
andattention-grabbing content
•The ACC has a well-established content
proposition and has built anattractive
audienceof Males aged 18-44
•Current product suite includes podcasts,
live commentaries andevents
•Established partnerships with TVNZ,
Sky TV and Spark Sport
The Alternative Commentary Collective (ACC) is NZME’smulti-channel sports
entertainmentbrandencompassing digital audio channels, socialchannels, on-air integration with NZME
terrestrial brands, andcontent integration with the NZ Herald
3.AudioNew Zealand’s leading audio companyStrategy
ACC -The Future of Sports Entertainment

47
Incubate new, youth focussed content formats and strategies using the new KICK brand, in turn
providinga feeder system of audience, content strategies and talent to NZME's wider audio business
3.AudioNew Zealand’s leading audio companyStrategy
Grow digital brand KICK -by youth,for youth

48
SOURCE:
1.
SpreakerNZME Podcast Downloads.
2.
Triton NZ PodrankerSeptember 2021.
Podcast downloads continue to grow, up 43% year on year¹
RankPublisherDownloads
1
NZME/iHeartRadio3,285,995
2
Audioboom
820,765
3
Stitcher Media
937,804
4
MediaWorks
238,854
5
LiSTNR
200,494
6
Kast Media
197,539
7
Sports Entertainment Network (SEN)
77,100
8
Headgum
52,531
New Zealand PodRankerSeptember 2021²
0.0
0.5
1.0
1.5
2.0
2.5
Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21
Millions
NZME Podcast Downloads¹
3.AudioNew Zealand’s leading audio companyStrategy
NZME is the leading podcaster in NZ

49
PODCAST INDUSTRY RANKINGS: US AUDIENCE AUGUST 2021¹
RANKPODCAST CONTENT HOUSE
US UNIQUE MONTHLY
AUDIENCE
GLOBAL STREAMS &
DOWNLOADS
ACTIVE
SHOWS
NZME Equivalent Brands
1iHeartRadio32,406,000252,352,595590
2NPR22,255,000158,983,11147
3Wondery12,486,00068,500,424127
4New York Times11,409,00088,571,38714
5The Walt Disney Company8,266,00046,261,420103
6NBC News7,847,00048,450,30344
7PRX4,587,00056,574,63393
8Barstool Sports6,249,00028,424,68065
9Cumulus/Westwood One5,973,00037,878,561121
10All Things Comedy5,758,00025,538,85264
SOURCE:
1.
Podtrac August 2021 Podcast report.
In the US, iHeartRadio dominates audience and downloads through production of original shows and
radio catch-up. NZME has brands and content that aligns with what global audiences are consuming –
this demonstrates the opportunity that NZME has to serve New Zealand audiences
3.AudioNew Zealand’s leading audio companyStrategy
NZME’scontent matches what audiences want

50
It’s vital to meet consumers where they are now, and where they
will be in the future. Increasingly, that means online, on mobile
devices, at home, and at the time and place of their own choosing.
iHeartRadio is NZ's leading free audio app that delivers the best of
radio, podcast and music content. The 2022 product and content
roadmap include:
•‘Music Playlist’ feature to enhance music streaming capabilities
•Branded listening experiences to complement radio shows and
talent
•Further develop podcasting catalogue across all NZME brands
3.AudioNew Zealand’s leading audio companyStrategy
Digital is providing more access to audiences

51
iHeartRadio US App
iHeartRadio NZ App
iHeartRadio Functionality
NZ
Live Radio
⚫
Custom Radio
⚫
Artist Radio (algorithm-driven music streaming)
⚫
Podcatcher (access to millions of Podcasts)
⚫
Connected device integration
(Smart speakers, connected car, smart TVs etc)
250 native
integrations
Playlists
2022
Talkback
(instead of only being able to call in, users can send a
message directly from their iHeart Radio app)
2022
Interactive Podcasts
(full screen player with interactive and changing images
throughout the episode)
2022
Radio Plus Subscription
-
Full Subscription
(Listen offline, unlimited access to millions of songs)
-
3.AudioNew Zealand’s leading audio companyStrategy
iHeartRadio functionality provides NZME with market
leading capability for audiences and advertisers

52
Create New Zealand’s
best local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
3.AudioNew Zealand’s leading audio companyStrategy
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company

53
Auckland 39%
Wellington 33%
Christchurch 36%
Tauranga 35%
Dunedin 33%
SOURCE:
1.
NZME analysis.
•Across New Zealand NZME holds just over
38% of all commercial FM frequencies. Gold
FM and Flava broadcast in limited
geographies
•We havestrengthened our national
frequency footprint overthe past 12 months
through:
•Operationalising additional frequencies
Northland
•Select frequency acquisitions
•iHeartRadio complements our terrestrial
network and provides nationwide coverage
extending our audio reach across the
country
Owner% ownership of
commercial FM
frequencies in NZ
1
NZME38%
Mediaworks50%
Other12%
3.AudioNew Zealand’s leading audio companyStrategy
Extend national reach through iHeartRadio, strategic
frequency acquisitions and investing in local content

54
SOURCE:
1.
Adobe Analytics Aug 18 –Aug 21
2.
Spreaker Podcast CMS –NZME produced shows only.
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
People
Monthly Reach¹
•Total listening hours on iHeartRadio for October 2021 were 6.4 million up 23% year on year
•62% of listening is now on mobile, and 22% on Smart Speaker or connected device
•91% of time spent on iHeartis listening to Live Radio
•Majority of NZME Podcast content consumed now on iHeartRadio App
iHeartRadio’s reach has experienced significant audience growth and is also now the primary platform
NZME podcasts are consumed on
0%
10%
20%
30%
40%
50%
60%
NZME Podcasts by platform listened on²
iHeartAppleOthersSpotify
3.AudioNew Zealand’s leading audio companyStrategy
iHeartRadio audiences are at all time high

55
Build iHeartRadio’s digital reach by attracting new audience and encouraging active engagement
3.AudioNew Zealand’s leading audio companyStrategy
Leverage NZME platform reach of 3.4m New Zealanders to
grow audience

56
3.AudioNew Zealand’s leading audio companyStrategy
NZME is uniquely positioned with brands and platforms
across all touch points

57
Create New Zealand’s
best local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
3.AudioNew Zealand’s leading audio companyStrategy
There are three pillars to the Audio Strategy:
New Zealand’s leading audio company

58
•Increase overall market size by:
•utilising industry wide research highlighting
the power of radio
•growing the market by accessing digital
advertising budgets
•Regional NZ remains a market share opportunity –
regional resourcing has been strengthened
•Continue to leverage NZME’s multi-platform
integrated sales approach –68% of revenue
comes from multi-platform customers
Commercial focus on key music brands and digitalaudio
NZME’s revenue share exceeds its audience share in all
measured markets.
SOURCE:
1.
Radio Advertising Benchmark Report” PwC –October 2021, 8 November 2021. NZME and Mediaworks only. 2021F includes October YTD actuals, Market Share is October YTD.
Continue to grow market share
3.AudioNew Zealand’s leading audio companyStrategy

59
SOURCE:
1.
NZME Revenue.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY16FY17FY18FY19FY20FY21 *
Revenue ($m)
NZME Digital Audio Revenue¹
2016
•Target specific audiences based on behavioursor
demographic profiles
•Interactive formats that listeners can engage with such as
‘shake me’ or ‘clicking on the banner’ to complete an action
•Dynamic creative messaging based on conditions such as the
time of day, where the listener is and the current weather
conditions
•Reach audiences in new moments by targeting specific
devices such as mobile phonesor smart speakers
Digital ad Insertion allows us to combine the benefits of Radio with the power of digital
3.AudioNew Zealand’s leading audio companyStrategy
The leading digital radio commercial opportunity in market
2021F20172020
2018
2019

60
The international award-winning podcast series from Newstalk ZB, presented by Heather du Plessis-Allan.
Partnering with Hewlett Packard, and now in a second season, HP Business Class leveraged the full portfolio
of NZME brands including iHeartRadio, content syndication across NZ Herald and playing out on-air across
Newstalk ZB
•253 mins of Live Radio on Newstalk ZB
•114,009 podcast listens (and growing)
•ZB Network activity estimated reach of 966,475 people
aged 10+
•10.7 million impressions across all NZME platforms
•79,655 Page views across 22 different articles
•1,546,115 reach across social
•Award Winner –Best use of audio INMA Awards 2021
“WelovedbringingiconicNZstoriestolifethatalignsoclosely
withHP’sdrivenspiritandmentalityofinnovation.Thequalityon
displaythroughouttheseasonwhichwascreatedbyourpartners
includingNewstalkZBwassecondtonone.”
Jessica Rangi, Head of Marketing, Print & Personal Systems,
Hewlett Packard
3.AudioNew Zealand’s leading audio companyStrategy
Case study: HP Business Class -The Story of New Zealand
Business

61
3.AudioNew Zealand’s leading audio company
Scorecard
SOURCE:
1.
GfK RAM, Commercial Radio, S4 2020 –S2 2021,Total NZ, Market Share %, AP10+, NZME excl. Partners.
2.
PwC Radio advertising market benchmark report, Dec 2020, 12 months to 31 Dec
2020,
2*
June 2021 Rolling 12-month average. Note: report excludes independent broadcasters and contra revenue.
3.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ
IFRS 16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
Metric
FY 2020
Achievement
H1 20212023 Target
NZME share of total
audience
35.6%
1
34.4%
1
> 1% share point growth
per annum
Radio Revenue Share40.4%
2
40.9%
2*
> 1% share point growth
per annum
Digital audio revenue as a
% of total audio revenue
2.4%3.2%5%
EBITDA
3
Margin Target (pre
NZIFRS16)
14%10%15 –17%

62
5.Publishing

63
5.Publishing
Carolyn Luey
Chief Digital &
Publishing Officer

The NZ Herald is
New Zealand’s Herald

65
65
SOURCE:
1.
Stats.govt.nz Dwelling and household estimates: June 2021 quarter.
2.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding
exceptional items (redundancy costs, one-off projects and other exceptional items).
5.PublishingNew Zealand’s Herald
Scorecard
Metric
FY 2020
Achievement
H1 20212023 Target
Subscription
Volume Target
169,000
subscribers
177,545
More than 210,000
subscribers by 2023year-
end
Subscription
Volume Mix
32% / 68%38% / 62%Digital Only > Print
% Households Subscribing9%
1
9.5%
1
> 12% by year-end
Advertising
Revenue Mix
42% Digital44%> 45% Digital
EBITDA
2
Margin Target (pre
NZIFRS16)
20%17%19 -20%

66
Print Model
Audience
Local mastheads serving
distinct regional footprints
Revenue
Local print subscribers
Local print advertisers
Print Centric Model
Audience
Local mastheads serving
distinct regional footprints
with stories published
online
Revenue
Local print subscribers
Local print advertisers
National digital advertisers
Digital Centric
Hybrid Model
Audience
Distinct digital free and
paid content with stories
published in print
Revenue
National digital subscribers
National digital advertisers
Local print subscribers
Local print advertisers
CURRENT
5.PublishingNew Zealand’s HeraldBackground
NZME’s Publishing business has transitioned to a digital
business, focused on growing digital subscriptions

67
AUDIENCE
The #1 News brand for
all New Zealanders
SUBSCRIBERS
Subscriber first
ADVERTISING
Be a safe, scalable
destination for
advertisers
SIMPLIFICATION
Simplify and automate operating model
There are three pillars to the Publishing Strategy:
5.PublishingNew Zealand’s Herald
The NZ Herald is New Zealand’s Herald

68
AUDIENCE
The #1 News brand for
all New Zealanders
SUBSCRIBERS
Subscriber first
ADVERTISING
Be a safe, scalable
destination for
advertisers
5.PublishingNew Zealand’s HeraldStrategy
SIMPLIFICATION
Simplify and automate operating model
There are three pillars to the Publishing Strategy:
The NZ Herald is New Zealand’s Herald

69
5.Publishing
Shayne Currie
Managing Editor

70
SOURCE:
1.
Nielsen Online Ratings September 2021 AP15+ (excludes APP)
2.
NielsenCMI Q3 20 -Q2 21AP15+.
3.
GfKRAM, CommercialRadio, TotalNZ, S3 2021, M-S 12mn-12mn,
CumulativeAudience(000s), AP10+.
New Zealand-wide reach
•Newsrooms and almost 300
editorial staff in more than 20
NZ-wide locations
•Two major news websites, one
major radio news network, six
daily newspaper titles, 16
community titles, 7 magazine
titles
•Total New Zealand reach:
•Digital reach of 2.24M¹
•Print reach of 1.45M²
•Newstalk ZB reach of 672K
3
Breadth of award-winning content
•Integrated 24/7 news operation
across NZH and Newstalk ZB
•Website of the Year 2020, 2021
•App of the Year 2020, 2021
•Newspaper of the Year 2020
•Regional Newspaper of the Year
2021
•Best Magazine 2021
NZ content and industrypartnerships
5.PublishingNew Zealand’s HeraldBackground
National coverage and award-winning content

71
Multi-platform storytellingto
grow audience engagement,
leveragepersonalisation–and
turn more of our audience
intohighly engaged subscribers
Audience expansionthrough
a data-assisted,
refocusededitorial/content
strategy and regional and
diversity initiatives​
Quality is atthe heart of
what we do through
specialist journalism and
vertical content​
New newsroom tools and
technology to support our
journalists in our growth
objectives
5.PublishingNew Zealand’s HeraldStrategy
The #1 News brand for all New Zealanders

72
Kāhuis the NZ Herald and NZME's digital platform that showcases Māori stories
and talent drawn from our newsrooms across Aotearoa
A pivotal moment for NZME -a low-key, long-term plan to build trust among our
communities, recruit Māori staff, increase content relevant to Māori audiences,
and tackle issues important to Māori health, welfare, education, and development
Our vision is to nurture a sustainable, authentic platform for Māori storytelling
An unprecedented industry collaboration (with Māori Television, Newshuband the
Pacific Media Network) to train our future journalists. Twenty-five new cadets start
in early 2022 to help future-proof journalism as a career pathway and enhance
staff and content diversity
5.PublishingNew Zealand’s HeraldStrategy
Building our content across New Zealand, with a 15-strong new editorial cohort,
focusing on court and legal reporting
Audience expansion through new and diversified
content

73
COMMUNITY TITLES
•‘Reporting Local, Supporting Local’
commitment across editorial and
commercial
•New centralised operating model –
shaping for a digitally focused future
•Alignment with NZ’s Herald and the
Herald support network
REGIONAL TITLES
•Aligning NZ Herald brand across
five regional daily titles
•Editorial strategy aligned with
building audience engagement,
subscriber growth
•Reinforcing our commitment to
representing our local
communities,giving residents a
voice on what’s happening in their
home towns and providing business
with a platform to effectively
engage local customers
PART OF NEW
ZEALAND’S HERALD
5.PublishingNew Zealand’s HeraldStrategy
Revitalising our local connections

74
Younger audiences are already engaging with our
news brands –381,000 15-24yos read nzherald.co.nz
every month
1
. We have exciting plans to supercharge
that growth
•Develop a youth audience model that contributes to New
Zealand’s Herald being the #1 news brand for all New
Zealanders
•Create a content proposition that will connect with New
Zealand’s future leaders and decision makers and develop a
deep and ensuring interest in news storytelling and current
affairs
•Develop a free news network across multiple platforms,
specifically targeting audiences in the ways they want it,
including what they want, when,where and how
New podcast, targeting
15-24yos with a youth-
focused angle on news
More than 540 schools
have signed up for NZ
Herald Premium access
One in five NZ Herald
readers across a
week are aged 18-29
Creating a proposition that is ‘made by rangatahifor rangatahi’
PRINT
PREMIUM
AUDIO
SOURCE:
1.
Nielsen CMI Fused Q3 20 –Q2 21 August 2021 AP15+.
5.PublishingNew Zealand’s HeraldStrategy
Building our future news audience -A new NZME youth news
brand
* Working title for Youth Brand

75
DATA
AUDIO
VIDEO
The relaunch of NZ
Herald Focus-new
video news and sport
show in short-clipand
live format
New, specialist podcasts –and
a new morning news podcast
highlighting the very best NZ
Herald journalism
Data journalism has been at
the centreof our editorial
campaign to have at least
90% of NZ’s population
vaccinated
5.PublishingNew Zealand’s HeraldStrategy
Build audience engagement by showcasing new projects
and stories across multiple platforms

76
Q4 2021
•Personalisedcontent
embedded in prominent web
positions -serving relevant,
local content on site to build
engagement
•Premium newsletters curated
by our top journalists,
delivered to inboxes
2022
•Entire new modules on the
website –up to six articles in
each section –with more
relevant, personalised
content
•Newsletters personalised
based on browsing behaviour
5.PublishingNew Zealand’s HeraldStrategy
Delivering bespokejournalism of personal interest to
individual readers

77
The newsroom KPIs:
New Zealand’s most trusted publisher (as measured by NZ on Air and AUT)
5.PublishingNew Zealand’s HeraldStrategy
It’s not about being the biggest -our editorial team is focusing
on trust and engagement to fuel our growth
Audience
engagement
QualityTrust

78
As well as the Covid ‘bump’, audience expansion has been driven by exclusive, quality journalism that
uncovers the truth, sets the news agenda –and celebrates the best of NZ
•Education series –public v
private schools; the $1 billion
private college
•How business is
coping in Covid -
the self-isolation
business trial
campaign
•Home Truths campaign
–tackling NZ’s housing
affordability crisis
•The state of New
Zealand’s health
system –and
how it can be
fixed
•America’s Cup, All Blacks and
Olympic glory
5.PublishingNew Zealand’s HeraldStrategy
Quality is at the heart of the newsroom

79
Highly influential, leading the national conversation to make New Zealand a better place -The 90% Project saw
us initiate a vaccine target and daily scorecard for New Zealand
In an age of misinformation and fake
news, the role of journalism has never
been more important.
Overseas and local research shows
audiences place a far higher degree of
trust in credible media sources,
compared with social media channels.
That trust is reinforced during major
events, such as the Covid pandemic.
NZME's engagement allows us to
foster and lead debate –and help
make New Zealand a better place
through concerted editorial campaigns.
‘Remarkable’
Director General of Health
Ashley Bloomfield as
Auckland nears a 90%
vaccination rate
‘Remarkable’
Director General of Health
Ashley Bloomfield as
Auckland nears a 90%
vaccination rate
5.PublishingNew Zealand’s HeraldStrategy
NZME’s news channels drive the national conversation

80
With the mix of data insights and journalistic instinct, we ask ourselves: Will this build audience and engagement and/or
subscribers and engagement? If it’s not meeting either of those thresholds, we ignore it
Utilise AI tools, which free up journalists from ‘mundane’ tasks and commodity news (e.g.daily weather bulletins, sports
results, business reports) to focus on quality, unique journalism
The Now (Free)The NoThe New (Premium)
Breaking newsExclusive specialist content
Agenda-setting local storiesthat
others are across
Investigations
Major announcements/press
conferences and updates
Explainer and analytical
journalism
Trending storiesProjects/campaigns
Partner content /public-funded
content
Features/interviews
Stories with low
audience,
engagement and
subscriber
interest
5.PublishingNew Zealand’s HeraldStrategy
Re-engineering the newsroom with an even stronger focus on
distinctive, quality journalism

81
Audience
Engagement
Editorial
Automation
•Registration and sign-up flow
•Premium Subscriber
Commenting
•New Local Sites
•PersonalisedNewsletters and
Homepage Articles
•AI Social Media Tool
•Premium Subscriber Article Sharing
•New Subscription Vertical Products
•Enhanced Content
Recommendation Engine
•PersonalisedHomepage Module
•AI Generated Content
•New Video Destination
•Editorial Automation –Phase 1
•Automated App Curation
•Upgrade On Site Search
•Editorial Automation –Phase 2
•Automated article tagging and
homepage curation
•Content Performance Prediction
Engine
•Headline & Image
Recommendations
•Automated content moderation
Delivered in 2021
2022 and Beyond
5.PublishingNew Zealand’s HeraldStrategy
Newsroom has access to more tools and technology to support
journalism and audience engagement strategies

82
5.Publishing
Matthew Wilson
Chief Operations Officer

83
AUDIENCE
The #1 News brand for
all New Zealanders
SUBSCRIBERS
Subscriber first
ADVERTISING
Be a safe, scalable
destination for
advertisers
SIMPLIFICATION
Simplify and automate operating model
5.PublishingNew Zealand’s HeraldStrategy
There are three pillars to the Publishing Strategy:
The NZ Herald is New Zealand’s Herald

84
•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.
5.PublishingNew Zealand’s HeraldBackground
Scorecard –2023 and beyond targets

85
1.
Maintain Print
Subscribers
2.
Digital Subscriber
Acceleration
5.PublishingNew Zealand’s HeraldStrategy
Focus on all subscribers

86
1.
Maintain Print
Subscribers
2.
Digital Subscriber
Acceleration
5.PublishingNew Zealand’s HeraldStrategy
Focus on all subscribers

87
•Subscriber revenue stable (CAGR -0.7%)
•Subscriptions now over 78% of Print Reader Revenue and growing
•Retail revenue decline rate has stabilisedto pre Covid levels
•Over 70% of eligible print subscribers have activated access to
premium digital content
•Key element to improving the print subscriber value proposition and a
reader pathway to digital
•Churn on activated digital subscribers is 4 percentage points lower
than those that have not activated
SOURCE: NZME analysis. *Digital Entitled % is calculated versus of the total 5,6,7-day subscribers that have provided an email address (86% of total).
5.PublishingNew Zealand’s HeraldPrint SubscribersBackground
Print subscriber revenues remain stable –supported by
Premium activation

88
•Higher proportion of subscribers activating Premium
digital content has improved retention 2 percentage points
year on year
•77% of base 3+ years tenure with high retention
Active
Subscribers
2021
Annual
Retention %
2020
Annual
Retention %
2021
< 1 Year9,66262%63%
1-2 Years8,18171%76%
2-3 Years7,36482%82%
3-4 Years7,05885%86%
4 Years +76,98690%91%
Total
109,251*
84%86%
•More people at home has allowed us to utiliseNZME’s total
audience to drive subscription sales
•A greater % of inbound sales has led to an improved quality of
sale
5.PublishingNew Zealand’s HeraldPrint SubscribersBackground
SOURCE: NZME analysis.*Total print subscribers 31 August 2021
Improved retention reflects Premium activation
increases

89
•Cover price increase of $0.20 per
day implemented April 21
•NZ Herald is $3.70 on weekdays
and $4.20 on weekends (incl.
GST)
•Individual subscriber pricing
continues to be reviewed annually
on subscriber anniversary
•Average subscription price
remains well below cover price
SOURCE: NZME analysis.
5.PublishingNew Zealand’s HeraldPrint SubscribersBackground
Yield continues to offset small volume declines

90
1.
Maintain Print
Subscribers
2.
Digital Subscriber
Acceleration
5.PublishingNew Zealand’s HeraldStrategy
Focus on all subscribers

91
Premium
launch
campaign
23 November
Puzzles & Crosswords
behind the paywall
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
15 Feb
Lockdown
level 3
Auckland
2
nd
Birthday
Sale
18 Aug
Lockdown
level 4 NZ
Black Friday
Promotion
28 Jun
New on-
boarding
series
24 Jun
Google sign
in launched
20 Jul
Apple sign
in launched
2019 -2021 Milestones
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
SOURCE: NZME analysis.
Digital subscriber growth rate continues at pace

92
•Growing coporate customer base, now
representing 13% of activated subscribers
•Reduction in yield from 2020 reflects this
increased corporate customer base
•Introduction pricing offers are utilised to
acquire customers and incent them to create
a ‘100 day habit’
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
NZ Herald Premium yield maintained as volume grows
SOURCE: NZME analysis.

93
SOURCE: INMA / Piano subscription benchmarks.
Subscriber
Penetration
Rate
Monthly
ARPU
Paywall Stop
Rate
Monthly starts
per million
UAs
Monthly
Churn Rate
Measure
International
Benchmark
2% -4%
FTI & Mather
$10 -$15
Developed Markets FTI
5% -8%
FTI & Mather
600 -1000
Mather
>3% -5%
FTI & Mather & FT Consulting
NZH Premium
4.0%
$14.26 (NZD)
$10.21 (USD)
3.3%
2,502
Status
8.8%
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
NZ Herald Premium is performing well versus
international benchmarks

94
SOURCE: INMA / Piano subscription benchmarks.
NZME
NZME
Subscriber Retention
Year 1
•Churn better than international benchmarks
•Opportunity to improve retention by
improving the value propositon and
increasing annual subscriptions
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
Churn better than benchmarks but still an opportunity
for improvement

95
The New York Times Digital Metrics
1
:
▪Total digital subscribers 2.1% of USA
population or 4.3% of average
monthly unique audience (164m)
▪Digital subscription revenue
overtaken print circulation revenue
for first time
▪NYT Total Digital ARPU
3
US$84 per
annum, Print US$645 per annum
NZ Herald
▪Paid digital subscribers 1.6% of NZ
population or 4% of average monthly
unique audience
▪Digital subscribers ARPU
3
NZ$171
per annum, Print subscribers
NZ$502 per annum
▪Digital and Print subscriber direct
contribution per subscriber are
broadly similar
Digital Subs% HH
4
% Population% UA
5
New York Times
1
7,100,0005.4%2.1%4.3%
News Corp Australia
2
810,0008.0%3.1%6.9%
The Times & Sunday Times
2
367,0001.3%0.6%2.3%
NZ Herald78,5004.2%1.6%4.0%
SOURCE:
1.
The New York Times Q2 2021 Financial Report.
2.
News Corp Q2 2021 Financial Report.
3.
ARPU = average revenue per user (Total Revenue / Total subscribers).
4.
HH = households.
5.
UA
= unique audience. Please note that Print ARPU has reduced this year as subscriber number in calculation was changed from six-day equivalent subscribers to total subscribers.
NZME
2025
Target
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
NZ Herald Premium is tracking in line with Global publishers

96
Source: Reuters Institute Digital News Report 2021.
•Around the globe the proportion that pay for
online news has continued to grow
•On average subscribers tend only to have one
digital news subscription
•The average age of subscribers 50 –55
•Opportunity for NZME is to take advantage of
the growing potential market size and be NZ’s
leading news subscription offering
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
Paid news subscriptions have continued to grow -on
average readers have one paid news subscription

97
SOURCE: INMA readers first Newsletter 29 Sept 21. Data for 25 European and North American markets; Source: newspaper circulationvia World Press Trends, World Association of Newspaper 2002; news
payment behaviour based on surveys for Digital News Report, Reuters Institute 2021. Analysis: G. Piechotafor INMA 2021.
•In 2001, 272 newspapers were sold per 1000
people in NZ –that was 1 million newspapers per
day at that time
•NZ’s print distribution was similar toNetherlands
and USA. They now have circa. 20% of population
paying for news online at least once a year
•On this basis: NZ’s total addressable market for
paying online news could be circa. 1m
NZ
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
The market opportunity in New Zealand is 1 million
subscribers

98
Enhance Value
Proposition
OptimisePricing
and Packaging
Launch New
Verticals
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
Digital subscriber acceleration through three strategies

99
•Improve endto-end touchpoints including
onboarding, in life and exitexperiences, focusing
on moments thatmatter
•Enhance Corporate subscriber’s self-service
capabilities
•Clear product features and benefits for each
reader state
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
Enhancing the value proposition with an improved end-
to-end customer experience

100
Anonymous
Read Free
Articles
Prospect
Read Free
Articles
Get
Newsletters
Registered
Read Free
Articles
Get
Newsletters
Read
Comments
Personalization
on site and
newsletters
Subscribed
Read Free
Articles
Get
Newsletters
Read &
Write
Comments
Read
Premium
Content
Ad Lite
Experience
Access Print
e-editions
Personalizatio
n on site and
newsletters
Share limited
number of
Premium
articles
Reader Value Proposition
FUTURE
BENEFITS
USER STATE
CURRENT
BENEFITS
Key:
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
To enhance the value proposition, we will continue to
enrich the Premium Subscriber experience

101
Food
Lifestyle
Puzzles
Proposition
Customer Need
Place to go for
popular culture,
fashion, beauty
and lifestyle news
in NZ
NZ Digital Cook
Book& Guide
•I’m looking for inspiration
on what to cook
•One place I go for trusted
recipes and advice
•I’m looking for inspiration
in my life that is modern,
smart and has an edge –
so I stay ahead of the
game with what’s new and
topical
Ultimate puzzle book
•I am looking for a
challenge that gives my
goal seeking behaviouran
outlet. Puzzles are
soothing and good for me
Herald Premium
High quality journalism
to stay ahead
•I want a source of NZ
News I can trust that goes
deep on the big issues –
quality and depth is
important to me
Business
Authority on business,
finance and investment
news in NZ
•Single trusted source of
insight and analysis that
covers NZ business and
investments
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
Broaden the appeal of the subscription proposition and
grow ARPU by delivering key verticals

102
Auckland
Wellington
Christchurch
Tactics to improve subscriber penetration:
•Utilise NZME local sales teams to sell B2B corporate
subscriptions
•Utilise new personalisation tools to showcase more relevant
local content
•Regional database partnerships
•Utilise NZME platforms to promote NZ Herald Brand and
Premium
•Launch subscriber verticals to unlock new audiences
Digital Subscriber
Household Penetration
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
SOURCE: NZME analysis
Our subscription footprint is now the whole of NZ -
deeper regional penetration is an opportunity

103
To date focus has been on early adopters. As we
accelerate our growth into more casual readers, we
are developing a strategic pricing model with the
aim:
•to understand opportunity to grow volume faster
and then improve yield
•to test price and term
•to make a recommendation for product bundles
and tiers
Fans
Early AdoptersLate Adopters
Heavy
Users
Casual
Readers
New Product Adoption LifeCycle
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
Implement strategic pricing model to optimise long
term value

104
5.Publishing
Carolyn Luey
Chief Digital &
Publishing Officer

105
AUDIENCE
The #1 News brand for
all New Zealanders
SUBSCRIBERS
Subscriber first
ADVERTISING
Be a safe, scalable
destination for
advertisers
SIMPLIFICATION
Simplify and automate operating model
5.PublishingNew Zealand’s Herald
There are three pillars to the Publishing Strategy:
The NZ Herald is New Zealand’s Herald

106
Newspaper Revenue
3
Share of Total NZ Advertising
Market
2015 18%
2020 9%
CAGR 2015–2020: -15%
Digital Revenue
2
Share of Total NZ Advertising
Market
2015 31%
2020 55%
CAGR 2015–2020: +10%
SOURCE:
1.
IAB Revenue Report 2020.
2.
Digital Advertising includes Digital display, classifieds, search and directories, excludes programmatic.
3.
Advertising Standards Authority.
474
417
353
317
276
210
801
891
923
1113
1255
1341
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
201520162017201820192020
$ million
Newspaper and Digital Advertising Spend in NZ 2015-2020
Digital
Newspaper
Digital Revenue
Categories
1
Display -$163M
Search –$833M
Social –$133M
Classifieds & Directories –
$213M
Digital market growth continues
5.PublishingNew Zealand’s HeraldBackground

107
NZME products driving growth
3
SOURCE:
1.
PwC Quarterly Performance Comparison Report September 2021.
2.
IAB Digital Advertising Revenue Report, Q1 2021.
3.
NZME analysis.
Programmatic
+20%
Data Driven
Audiences
+60%
Native
+90%
Digital
Performance
Marketing
+30%
5.PublishingNew Zealand’s HeraldBackground
NZME revenue market share continues to grow
45%
47%
47%
48%
43%
44%
45%
46%
47%
48%
-
50
100
150
200
250
300
2018201920202021 YTD
Market Share %
Market Revenue ($m)
Total Print Advertising Market Revenue and
NZME Share %
NPA Total MarketNZME Market Share
23%
23%
24%
25%
20%
21%
22%
23%
24%
25%
26%
27%
-
50
100
150
200
250
2018201920202021 YTD
Market Share %
Market Revenue ($m)
Digital Display Advertising Market Revenue
and NZME Share %
IAB Total MarketNZME Market Share

108
Best Technology
and Tools
Leverage
Audience Insights
Brand-Safe
Monetisation
5.PublishingNew Zealand’s HeraldStrategy
Brand safe and scalable destination for advertisers

109
2021 Delivery2022+ Priorities
•Contextual targeting
•Sentiment targeting
•You Tube audience extension
•Pinpoint Location (Landmarks ID)
•Data connectivity to enable
reaching known, high value
customers (Live Ramp)
•Geo / demographic data
segmentation
•Look a Like Modelling
•Intender Retargeting
•AI Driven Creative
•Customer Data Platform
5.PublishingNew Zealand’s HeraldStrategy
Build out customer data to create richer audience
insights and sophisticated targeting solutions

110
Scale Audiences
•Reach 50% of Kiwis
•2.4M Kiwis each month
1
•Verified and independently measured
•Multi platform, rich environments
1
st
Party Data Capability
•Growth of authenticated daily users
•1M+ registered known users
•1,000s of behaviouruser data points
•Insight from diversity of data
Customer Segments
•800+ segments
•Advertisers can reach
prospects at every stage,
age and moment
5.PublishingNew Zealand’s HeraldStrategy
Business
Property
Sport
Travel
Rural
Artificial
intelligence
Analytics
Partnerships
Machine
learning
Natural
Language
Programming
NZME ID
+
=
SOURCE:
1.
Nielsen Online Ratings September 21. NZME analysis.
NZME’s capabilities deliver effective campaigns at
scale

111
•Simple native performance
solutions
•Segment and contextual
targeting
•1
st
party data driven
personalized buying experiences
•Orchestrated omni channel
journeys based on purchase
intent signals
•Dynamic e-commerce product
ads based on behaviourand
propensity
•Enrich client data to target
known prospects or exclude
segments e.g. credit challenged
•Pinpoint location insights –
frequency, dwell time,
campaign footfall correlation
•Affinity targeting –based on
engagement with different apps
•Dynamic creative optimisation
to enhance campaign relevancy
Simple, effective targeting
Custom audience segments
Sophisticated pinpoint targeting
Small Businesses
Medium Businesses
Large Businesses
5.PublishingNew Zealand’s HeraldStrategy
NZME's portfolio of audiencedata products will provide a
premium alternative to global platforms for all size of
advertisers

112
Global SME ad spend growing rapidly, with
37% of small businesses spend less than
$10,000 on advertising
McKinsey & Co
•Self service portal offering convenient 24/7
access to NZME digital products
•Best in class digital client experience –self
service campaign booking, performance delivery
reporting, billing and rebooking
•Launch with native performance products, scale
to other NZME products in the future
Magna
5.PublishingNew Zealand’s HeraldStrategy
Self service proposition caters for the growing SME
market and accelerated digital adoption

113
NZH Video Destination
NZH App Video Experience
•Easy content discovery and navigation
•Content recommendations and playlists
•Video sub titles
•Optimisedapp video experience
•Rich ad units to increase engagement
•Enhanced ad experience
5.PublishingNew Zealand’s HeraldStrategy
Enhanced snackable video experience to take
advantage of demand for brand safe video inventory

114
Shoppable content and
recipes delivering
improved user
experience and results
Enhanced native
placements have
increased click through
rate by 18%
NZH built recommendation engine serving native
ads based on browsing behaviour delivering 1B
impressions per annum and doubling revenues
Native video creates a
richer experience and
engagement
5.PublishingNew Zealand’s HeraldStrategy
Expansion of brand safe ad products across all NZME
environments

115
AUDIENCE
The #1 News brand for
all New Zealanders
SUBSCRIBERS
Subscriber first
ADVERTISING
Be a safe, scalable
destination for
advertisers
SIMPLIFICATION
Simplify and automate operating model
5.PublishingNew Zealand’s HeraldStrategy
There are three pillars to the Publishing Strategy:
The NZ Herald is New Zealand’s Herald

116
Refresh
product vision
Simplify and
standardise
products
Simplify and
streamline
end to end
processes
Redeploy
capacity to
accelerate
growth
Simplification Vision
Review end to end operating model to enable investment that accelerates growth initiatives
5.PublishingNew Zealand’s HeraldStrategy
With the transition to a digital centric hybrid model, our
business has got more complex -we will simplify to continue to
evolve

117
High
Value
(7%)
Key Priorities
•Build NZH brand –owned, earned and paid
•High digital quality audience via social, SEO, SEM
•Increase penetration of key segments and regions
•Breaking news, trending stories content offering
•Increase engagement of casual users
•Optimisedad placements to drive monetisation
Goal
•Broadest audience
reach and
monetisationvia
advertising
•Capture newsletter opt ins and deliver personalisedcontent to
drive engagement
•Create CVP for registered / logged in experience
•Build 1
st
party data –enhanced user experience and CPMs
•Audience segmentation and nurturing up engagement levels
•Build 1
st
party data
and audience
engagement via
sticky registered
experience
•Distinctive end-to-end Premium subscriber CX
•Compelling CVP that delivers value and increased retention
•Premium content offering and new verticals to grow depth
and bread of proposition
•Optimisefunnel and audience management to drive
subscriber growth
•Drive CLV through driving upsell of verticals
•Grow Premium
subscriber customer
base and CLV
5.PublishingNew Zealand’s HeraldStrategy
Strategic focus on driving conversion and increasing lifetime
value is critical to driving revenue mix

118
11
8
5.PublishingNew Zealand’s Herald
SOURCE:
1.
Stats.govt.nz Dwelling and household estimates: June 2021 quarter.
2.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding
exceptional items (redundancy costs, one-off projects and other exceptional items).
Scorecard
Metric
FY 2020
Achievement
H1 20212023 Target
Subscription
Volume Target
169,000
subscribers
177,545
More than 210,000
subscribers by 2023year-
end
Subscription
Volume Mix
32% / 68%38% / 62%Digital Only > Print
% Households Subscribing9%
1
9.5%
1
> 12% by year-end
Advertising
Revenue Mix
42% Digital44%> 45% Digital
EBITDA
2
Margin Target (pre
NZIFRS16)
20%17%19 -20%

6.OneRoof

120
6.OneRoof
Paul Maher
Chief of OneRoof

121
12
1
SOURCE:
1.
OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz
1*
as of 30 June 2021.
2.
Nielsen Online Ratings, Dec 2020 -June 2021 (FY 20 has been
amended to be the gap as of Dec 2020).
3.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding exceptional items (redundancy costs, one-off
projects and other exceptional items).
Scorecard
6.OneRoofYour complete property destinationBackground
Metric
FY 2020
Achievement
H1 20212023 Target
Residential Listings89%
1
89%
1
100% of listings
Audience
#2, 460k,
gap to #1 of 271k
2
#2, 543k, gap
to #1 of 281k
2
Reduce gap to #1
Listings Upgrade %10%12%
50% of Auckland residential
listings
22% of regional residential
listings
Revenue24% / 76%33% / 67%Digital > Print
EBITDA
3
Margin Target (pre
NZIFRS16)
9%2%15 -25%

122
NZME’s largest revenue vertical
In New Zealand there are
1
:
138,000
MOVERS
871,000
FIRST HOME BUYERS
1,183,000
RENOVATORS
701,000
INVESTORS
~$150 million
REAL ESTATE CLASSIFIEDS MARKET SIZE
2
SOURCE:
1.
Nielsen CMI Q3 20 -Q2 21 July 21 TV/Online Fused -NZME. Investors -Expect to buy/sell/build property next 12 months.
FHB -age 25+ in paid employment and living in shared accommodation (with housemates, as a boarder, or with extended
family/parents/siblings) or renting.Renovators -homeowners planning to renovate n12m. Movers (buy n12m) -plan to buya property
live in and are homeowners.
2.
NZME estimate based on 2019.
6.OneRoofYour complete property destinationBackground
Real Estate is a key market

123
Significant demand, with limited inventory, resulting in lower advertising spend
•Significant demand saw national residential
sales volume start strongly in 2021 but has
been impacted by Covid-19 in August and
September
•New listings have tracked behind 2019 and
2020 and are down 11% and 23% in Q3
respectively
•Property prices have continued to increase
(up ~25% year on year)
•Average number of days to sell have
reduced by 7 days (19%) January to
September
SOURCE: REINZ.
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
JanFebMarAprMayJunJulAugSepOctNovDec
National Residential New Listings
1
201920202021
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
JanFebMarAprMayJunJulAugSepOctNovDec
National Residential Sales Volume
1
201920202021
Market significantly impacted by Covid-19
6.OneRoofYour complete property destinationBackground

124
Average
YOY
Audience
growth
(Jan-Aug)
+64%
Gap Vs
RE.co.nz
(Average
Jan-Aug)
+32%
SOURCE:
1.
Nielsen Online Ratings Monthly Unique Audience (000). TradeMeProperty UA's not reported in July '20 due to a tagging issue.
NZ Herald
referral
reduced to
27% from
30% LY)
OneRoof continues to grow brand equity and direct audience
Other Key Metrics:
Registered
Users
490K
+71% YTD
App
Downloads
250K
+25%YTD
6.OneRoofYour complete property destinationBackground
OneRoof has continued its strong audience growth
-
100
200
300
400
500
600
700
800
900
1,000
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Monthly Unique Audiences (000)
Audience Trends OneRoofvs Competitors
(000)
1
Trade Me PropertyRealestate.co.nzHomes.co.nzOneRoof

125
OneRoof Listings vs
realestate.co.nz (RE) and
trademe.co.nz (TM)
(Note: TM includes Private
at an estimated 5%)
-
20%
40%
60%
80%
100%
120%
May-19
Jun-19
Jul-19
Aug-19Sep-19
Oct-19
Nov-19Dec-19
Jan-20
Feb-20Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20Sep-20
Oct-20
Nov-20Dec-20
Jan-21
Feb-21Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
National Listing Penetration Vs RE and TM
1
% of RE% of TM
Note: TM includes Private listings –assumed to be ~5%
Excluding Private listingswe estimate OneRoofto be ~94%
Strong growth nationally
SOURCE:
1.
realestate.co.nz and trademe.co.nz.
6.OneRoofYour complete property destinationBackground
OneRooflistings penetration continues to
increase

126
(32%)
(7%)
(26%)
(100%)
(41%)
(11%)
(4%)
11%
(14%)
(23%)
1%
31%
(35%)
(35%)
(33%)
(29%)
(1%)
(8%)
(13%)
(23%)
(12%)
(10%)
Jan
Feb
Mar
Apr
May
Jun
Jul
AugSep
Oct
NovDec
Jan
Feb
Mar
Apr
May
Jun
Jul
AugSep
Oct
20202021
OneRoof Print Monthly Revenue Growth
2020 vs 2019
2021 vs 2019
120
116
108
104
109
-
20
40
60
80
100
120
140
160
-
5.0
10.0
15.0
20.0
25.0
20172018201920202021
Forecast
New Listings (‘000)
Revenue ($m)
OneRoof Real Estate Revenue Mix
and New Listings
Print RevenueDigital RevenueMarket New Listings
Print revenue significantly impacted by COVID-19. Digital revenue growth is offsetting the reductions
in Print revenue
‘Hot’ market
Lockdowns
6.OneRoofYour complete property destinationBackground
OneRoof revenue grows to pre-17 levels –despite
abnormal market impacts

127
Strong growth of depth products –acceleration across rest of New Zealand remains an opportunity
Auckland
Depth
product
conversion
+50%
YOY
Rest of NZ
Depth
product
conversion
+100%
YOY
Advertising
24%
Other
5%
Agents
8%
Residential
Depth
Revenue
63%
OneRoof.co.nz Revenue Mix​
(digital only)
YTD
average
revenue per
listing
increased
YOY by 13%
to $351
6.OneRoofYour complete property destinationBackground
20%
4%
30%
8%
0%
5%
10%
15%
20%
25%
30%
35%
AucklandRest of NZ
Depth Product Penetration
Q4 2020Q4 2021F
OneRoof.co.nz revenue is drivenbydiversified revenue
streams

128
Important to continue investing in building position
69%
53%
SOURCE:
1.
ConsumerLink Omnijet11-18 August 2021.
1*
Key attribute question not asked in August 2020 survey (comparison is between May 21 and August 21).
0%20%40%60%80%
OneRoof Prompted
Awareness
69%
53%
+30%
Aug 2020
Aug 2021
Year on Year Brand Movements (Aug 21 Vs Aug 20)
Unprompted
Awareness
Preferred Real
Estate Website
+55%
+100%
Key Brand Attributes Movements (Aug 21 Vs May 21)
1*
Has all the
listings
Best place to
buy / sell
Easiest to
use
Most accurate
Valuations
#1
+62%
+84%
+84%
+51%
6.OneRoofYour complete property destinationBackground
Brand Equity Growing Significantly
1

OneRoof –Your Complete
Property Destination

130
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
6.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoof Strategy:
Your complete property destination

131
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
6.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoof Strategy:
Your complete property destination

132
Accelerate depth
product conversion
Increase brand
salience nationally
Leverage OneRoof
strength across the
real estate funnel
123
6.OneRoofYour complete property destinationStrategy
Strengthen Core Residential Listings Business

133
Continue Building the OneRoof Brand
•Targeting both Vendors and Agents
•Grow organic audiences across digital
channels
Maintain investment in Brand Advertising
•Leverage NZME local media assets to
increase OneRoof relevance nationally
•Regionally targeted communication
•Local personalities as brand advocates
•Sponsorship of local events
•Strengthened marketing capability
6.OneRoofYour complete property destinationStrategy
Increase Brand Salience Nationally and in Local
Markets

134
Point of Differentiation
OneRoofengages through the real
estate cycle
Content a key driverof differentiation
for consumers and vendors -allows
early engagement
Delivers conversion of passive to active
consumers
OneRoofis #1 for valuations
1
–critical
when researching
6.OneRoofYour complete property destinationStrategy
OneRoof is the only portal that connects with
consumers across the Real estate funnel
SOURCE: OneRoofAnalysis. CoreLogic. Nielsen CMI.
1.
ConsumerLink Omnijet11-18 August 2021.

135
Target, engage and convert consumers through
the real estate funnel
Enhance capability to drive improved organic search
Leverage data to increase Personalisationon site:
•Listing and content served based on segmentation,
real and inferred behaviour
Targetcontent relevant to real estate consumer’s journey
Invest in best-in-class talent in data, customer acquisition /
conversion and search engine optimisation.
Target
consumers
through the
Real Estate
funnel
6.OneRoofYour complete property destinationStrategy
SOURCE: OneRoof Analysis. CoreLogic. Nielsen CMI.

136
NOTE:
1.
Boost is OneRoof’shighest value depth upgrade, layering OneRooffirst party data on top of standard Social and Google targeting to reach a highly
qualified audience specific to every property.
Continue to deliver a suite of products that deliver market leading
value to customers:
•Across the real estate funnel (Passive –Active)
•Across our multi-media platforms (Print / On-line / Radio)
BespokeBundled Media and Pricing Solutions:
•by customer and region
Launch new depth products (Boost 2.0)
1
•Leveraging NZME first party data
•Increase reach and deliver more targeted and contextual listing
solutions
Increased resources outside of Auckland
6.OneRoofYour complete property destinationStrategy
20%
30%
50%
4%
8%
22%
0%
10%
20%
30%
40%
50%
60%
Q4 2020Q4 2021F2023F
Depth Product Penetration Forecast to FY23
AucklandRest of NZ
Accelerate depth product conversion

137
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
6.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoof Strategy:
Your complete property destination

138
Develop hyper-local
agent products
Deliver data led and
audience aligned
products to build
agents brands and
drive appraisals
Leverage unique
strength of our
content and
consumer
engagement to build
agent brand
123
6.OneRoofYour complete property destinationStrategy
Be indispensable to Agents

139
First Party Data
Proprietary Segmentation
12 Unique Audiences
NOW
NOW
Agent profile and testimonials delivered to highly targeted
prospects based on the fusion of OneRoof / NZME first
party data and our proprietary real estate audience
segments.
NEXT
Introduce direct real-time consumer feedback and
recommendation engine.
Integration into OneRoof marketing automation suite.
Development of attribution modelling
6.OneRoofYour complete property destinationStrategy
Deliver data led and audience aligned products to build
agents brands and drive appraisals

140
NOW
•Leverage sponsorship and integration across our platforms
to deliver unique branding opportunities.
•Agent interviews as a driver of brand value and listing leads
•Quarterly property report, live panels and native content as
a key resource for agents and brands.
NEXT
•Deeper content and data opportunities across the real
estate journey to align with agent portfolio / geography.
•Regional content strategy (including some third party
partnerships) to extend reach and relevance of content.
•Proprietary research on the value of OneRoofmedia assets
on building agent brands.
6.OneRoofYour complete property destinationStrategy
Leverage unique strength of our content and consumer
engagement to build agent brands

141
Development of a data-hub for automated delivery
of localisedmarket facts, analysis and insights
•Region and Suburb level data
•Tailored for agency and / or agent
•Links to OneRoof content library and SEO content
hubs as a key differentiator
•Powerful listing tool for agents
•Strengthens OneRoof'sagent offering and
indispensability
PONSONBY, AUCKLAND 1011
6.OneRoofYour complete property destinationStrategy
Develop Hyper-local agent toolkit

142
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
6.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoof Strategy:
Your complete property destination

143
Extend Listing Verticals
-Retirement
-New Build
-Rural
-Commercial
Create pathway for
development of
consumer services
12
6.OneRoofYour complete property destinationStrategy
Expand the Portfolio

144
Source:
1.
JLL Research; Statistics NZ (medium forecast scenario).
•Limited offerings currently in growing market
•Increasing demand for retirement units (estimate of ~790K over 75 years by 2043
1
)
•Opportunity to create category
Retirement
•Growing vertical (increasing consents / new builds)
•NZME has customer relationships across OneRoof and Commercial sales
•Opportunity to leverage data and content capabilities
New Build
•OneRoof has compelling rural listings proposition vs competitors
•Opportunity to differentiate through content and leveraging NZME rural media assets
•Data opportunityfor both agents and consumers
Rural
•OneRoof has unique position across print and digital media
•Opportunity to strengthen digital users through stronger customer acquisition and NZH /
Masthead referral
Commercial
6.OneRoofYour complete property destinationStrategy
Extend Listings Verticals

145
Learning from International Portals
•Significant investment in consumer services in Australia and US markets
•Mortgages and Insurance prioritised
•Revenue remains relatively low but high margin opportunity
FUTURE
More to shared ownership / revenue model
-Partnership / JV with consumer product supplier(e.g.Mortgage Broker
/ Bank)
-Development of OneRoof owned consumer services (white label)
NOW
Continue to engage market for advertising partners across key sectors
-Low development investment –media play only
-Highest returns in the short term
Mortgages
Insurance
Utilities
6.OneRoofYour complete property destinationStrategy
Create “Pathway” for future consumer services

146
•Increase Brand Salience
•Improve Organic Search
•Target Consumers through
Purchase cycle
•Increased Personalization
•Targeted Pricing Bundles
•Launch New Depth Products
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
•Data & Ratings Led Appraisal
Products
•Brand building content
products
•Hyper-local agent toolkit
•Extend Listing Verticals
•Retirement
•New Build
•Rural
•Commercial
•Pathway For Consumer
Services
6.OneRoofYour complete property destinationStrategy
Summary of OneRoof Strategy

147
14
7
6.OneRoofYour complete property destination
Scorecard
SOURCE:
1.
OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz
1*
as of 30 June 2021.
2.
Nielsen Online Ratings, Dec 2020 -June 2021 (FY 20 has been
amended to be the gap as of Dec 2020).
3.
EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding exceptional items (redundancy costs, one-off
projects and other exceptional items).
Metric
FY 2020
Achievement
H1 20212023 Target
Residential Listings89%
1
89%
1
100% of listings
Audience
#2, 460k,
gap to #1 of 271k
2
#2, 543k, gap
to #1 of 281k
2
Reduce gap to #1
Listings Upgrade %10%12%
50% of Auckland residential
listings
22% of regional residential
listings
Revenue24% / 76%33% / 67%Digital > Print
EBITDA
3
Margin Target (pre
NZIFRS16)
9%2%15 -25%

148
7.Summary
Michael Boggs
Chief Executive Officer

149
New Zealand’s
leading audio
company
New Zealand’s
Herald
Your complete
property
destination
Create New Zealand’s best
local audio content
Grow broadcast and digital
reach
Grow market revenue
share and digital revenue
The #1 News brand for
all New Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
7.CEOSummary
2023 Strategic Priorities

150
•A market leader in media and entertainment
•A well-advanced digital transformation
•Clear strategic goals with value adding outcomes
•An experienced board and executive team
•Strong cashflows and capital management position
7.CEOSummary
Strong Investment Case to Deliver Shareholder Value

151
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only,andyoushouldnotrelyonitinisolation.
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orforward-lookingstatementsarebasedoncurrentexpectations,estimatesandassumptionsandaresubjecttoa
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provideyouwithfurtherinformationaboutNZMELimited.
TheGroupadoptedNZIFRS16Leaseson1January2019.Resultsasstatedthroughoutthispresentationincludeand
excludeadjustmentsfortheadoptionofNZIFRS16andpriortoexceptionalitems.PleaserefertotheFinancial
Reports&PresentationssectionoftheNZMEwebsitefordetailedreconciliationsofhistoricalperformance.
Whilereasonablecarehasbeentakenincompilingthispresentation,noneofNZMELimitednoritssubsidiaries,or
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152
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