Annual Shareholders’ Meeting – Presentation and Address

NAPIER PORT HOLDINGS LIMITED ANNUAL SHAREHOLDERS’ MEETING

10:30am, Friday 17
th
December 2021


Napier Port Chair, Alasdair MacLeod

Kia ora, good morning everyone and welcome to Napier Port’s Annual Shareholders’ Meeting.

My name is Alasdair MacLeod. I am the Chair of the Napier Port Board and I’ll be running today’s
meeting.

On behalf of the Board, the Chief Executive, and our leadership team I’d like to welcome shareholders,
Napier Port people and media to Napier Port’s third Annual Shareholders’ Meeting as a listed company.

I’d now like to give an overview of the 2021 financial year.

In the face of ongoing lockdowns, global shipping congestion, disrupted shipping schedules and supply
chains, Napier Port has had a remarkable year.

As Todd and Kristen will comment on later in this meeting, the team at Napier Port kept cargo flowing,
moving record volumes which in turn resulted in the solid financial results we are presenting today.

Underpinning these results, was the continued global demand for our region’s food and fibre products,
which highlights one of Napier Port’s key strengths - the diversity of our trade portfolio.

The stability that this diversity provides, and the fortitude of our regional producers, gives us the
confidence to continue investing in long term strategic infrastructure with the purpose of connecting
our region – and our customers – to the world.

As we have said previously, 6 Wharf is the centrepiece of this investment and when live will give cargo
owners more shipping and supply chain options, access to larger vessels coming to New Zealand and
greater flexibility and berth availability on our other five wharves.

It is a credit to Napier Port, and our contractor partners, that 6 Wharf construction has so far not only
stayed on track and on budget during 18 months of a global pandemic, but in fact we now expect it to
be operational earlier and under initial estimated costs.

This year, the Board is particularly pleased to have created a Sustainability Committee at Board level
that oversaw the launch of a comprehensive sustainability strategy and action plan, including our first
Climate Change Related Disclosure Report.

The passion of Napier Port’s people for integrating wellbeing, te reo and tikanga Māori, saw the launch
of a Te Ao Māori strategy, and a Marine Cultural Health Programme working closely with mana whenua
to protect the Ahuriri marine environment.

It is important to the Board that our actions as a business match the aspirations and expectations of
our shareholders, as well as our people, customers, and the community.

We are grateful for your support and confidence to continue investing in Napier Port.

The Board has declared a final dividend of $9.4 million, 4.7 cents per share, bringing total dividends
for the financial year to 7.5 cents per share, up from 5 cents per share last year. This should have been
paid into your bank accounts yesterday, 16 December.

While we expect COVID-19 related disruptions to continue in the new financial year, and while
inflationary pressures are building in the economy, the continued demand for the exports that cross
our wharves, together with the benefits we see coming from our strategic capital investment
programme and Napier Port’s proven resilience, positions us well.

We will comment on the outlook later in the meeting.

As a company that plays an important part in regional growth and prosperity, the team at Napier Port
has been unwavering in their commitment to keeping COVID-19 out of the region and keeping port
people and the community safe. Thank you to Todd and the senior management team for the tenacity
with which they have adopted a leading position on border protocols, mandatory vaccinations and
testing.

Thank you to our cargo owners, who have worked closely with us this past year to overcome the
considerable disruptions we have all faced. To contractors, suppliers and transport operators a sincere
thank you for helping Napier Port keep our cargo owners, and our community, connected to global
markets.

I’d like to introduce Napier Port Chief Executive, Todd Dawson, to present his report on the 2021
financial year.


Napier Port Chief Executive Officer, Todd Dawson

Thank you, Alasdair.

Good morning everyone, and thank you for taking the time to attend our Annual Shareholders’
Meeting today.

Napier Port has been more than resilient this year. It has performed incredibly well, under very
challenging circumstances, and I am immensely proud of the whole team.

The dedication of our people, and their pride in connecting our region to the world, meant we were
able to move record tonnes of cargo, resulting in record financial results this year:

• revenue of $109.5 million is up 9% from last year;
• net profit of $23.2 million is up 5.2% from last year; and
• 5.9 million tonnes of cargo handled is up 16.3% from last year’s 5 million tonnes.

Kristen will comment in more detail shortly.

I want to focus on providing a summary of how we’ve been able to achieve these results, especially
in the face of ongoing lockdowns and global shipping challenges.

Our success can largely be attributed to five key things:

• Firstly, we are seeing the benefits arising out of the very clear and detailed strategy that we
developed in 2018;

• Secondly, buoyant international markets keep demanding the food and fibre products of our
region;

• Thirdly, our cargo owners have shown true resilience throughout the pandemic. Despite
ongoing labour shortages, shipping disruption and operational constraints on their
production, they have continued to deliver strong volumes through our port;

• Fourth, the forestry sector and log exports were consistently strong this year, despite
harvesting being stopped during the August lockdown; and

• Lastly, through our strategy to grow our presence throughout the North Island, we have
successfully attracted cargo from outside Hawke’s Bay, which contributed to increased
volumes this year.

I will now talk in a bit more detail about our business strategy, which has underpinned our ability to
weather the pandemic and sets us up well for the coming years.

Strategy Driving Growth and Resilience

Underpinning Napier Port’s business strategy is our purpose – which is very clear.

“Together, we build a thriving region by connecting our customers, people and community to the
world”.

That purpose is front and centre of everything we do and in 2018 it was the starting point of a 10-
year strategic roadmap we developed for Napier Port.

Developed against the backdrop of year on year volume growth from our region, we needed to
ensure we built the capability to futureproof Napier Port and support that continued growth.

Our strategy defined three phases, spanning 10 years:

Phase 1: A period of setting the foundations required to support our region’s future growth and
largely focused on creating the capital structure and development of critical infrastructure we would
need to support the region.

Phase 2: A period of developing our people, systems and process capabilities to ensure we can best
leverage the benefits of the infrastructure we are building; and open the opportunities for Phase 3 -
where we are transforming our business and delivering a refreshed NZ-Inc approach to supply chains,
providing a greater number of services and new value streams for Napier Port.

This year’s highlights are good examples of where we are making solid progress in our strategic
roadmap; and sees us build further on our sustainability initiatives. I’ll touch on those now.

6 Wharf and Infrastructure Investment Unlocking Growth

6 Wharf is a major inter-generational asset for the region. I am pleased to report it has remained on
budget and on track for completion, and in fact it’s actually progressed faster than originally planned
and is now expected to be operational in the second half of 2022.

We have achieved this through applying a disciplined approach right from the start. The decision to
invest in a 350m wharf, and to fund that through an IPO, was based on a sound business case. This
disciplined approach has continued into the construction programme which has given us the
resilience to stay on track and on budget, despite two periods of lockdown during construction.

We expect the final cost of 6 Wharf to range between $173-$179 million. This is lower than our
earlier estimate of $173-$190 million.

6 Wharf opens up growth opportunities and shipping options for cargo owners. It will accommodate
the larger vessels arriving in New Zealand, including 50m wide container ships and Oasis-class cruise
liners. It will provide greater flexibility and availability across all our other wharves, such as for bulk
cargo. This will enable us to handle the increasing numbers of shipping vessels arriving at Napier
Port.

In addition to 6 Wharf, this year we embarked on a range of other investments to enhance our
services to customers. This includes working with customers to introduce an on-port mobile log
debarker and preparing our mobile harbour cranes for log loading on to charter vessels.

Debarking will replace methyl bromide fumigation of logs at Napier Port from 1 January 2022, a
move which we have been committed to for some time.

Supply Chain Network Solutions

In March this year, we launched our Landside Logistics Service. This provides customers with a
greater range of freight and cargo-handling options via Napier Port.

We’ve extended our partnership with KiwiRail and with local transport and logistics providers to offer
managed logistics services. This is providing a seamless link to our port for both importers and
exporters.

Growing the central and lower North Island supply chain network is an important strategic initiative
for us. Having our own logistics service allows us to extend our reach and offer services to customers
outside Hawke’s Bay.

Our joint venture initiative, the Manawatū Inland Port, is a key part of our network solution. Road
and rail services now run 7 days a week between Napier Port and Manawatū Inland Port.

The inland port provides services to major shipping lines and offers cargo owners within the central
and lower North Island convenient access to shipping services via Napier Port. This end-to-end
service has attracted new cargo to Napier Port, giving customers greater flexibility and options for
moving imports and exports.

Whakatū Inland Port in Hawke’s Bay remains an important part of our future supply chain network.
Our timeframe for development has shifted back to our original medium- to longer-term timeframe,
however we remain flexible to bring this development forward if there is a compelling business case
to do so.

Data & Technology Providing a Better Experience

A key pillar of our strategy is developing data and technology to provide customers with a better
service and experience when working with us.

This year, in a time of shipping disruption and change, our planning technology in particular has
provided extra flexibility for our customers and enabled us to better link their needs with our
operational planning.

An example of this is Propel: our in-house Vehicle Booking System. Propel makes it easier for
transport operators to book a timeslot for pick-up and delivery of containers. It provides users with
improved visibility, access to and communication with Napier Port. It also allows us to better manage
terminal capacity and demand.

Feedback from customers has confirmed they are benefitting from improvements in operational
planning technology, as Napier Port has been able to respond rapidly to changing supply-chain
patterns throughout the year.

The key to making our technology work is our people. They have developed the tools in-house, and
they work closely with cargo owners, shippers, carriers, agents and government agencies, to create
as many opportunities as possible to ensure customers’ cargo continues to flow.

I thank our customers for trusting that we are doing all we can to bring vessels in and keep them
connected to markets, during unprecedented disruption.

Health & Safety Focus on Critical Risk

In relation to Health & Safety, the priority this year has been our Critical Risk Control programme.
This focuses on marine and shore-based hazards that have the potential to cause serious harm or
death.

This year we completed critical risk assessments that address a range of hazards, including COVID-19.

Our next step, which is already underway, is to complete and validate critical control plans for each
risk and to make changes throughout the business if required.

We are making significant financial investments to ensure progress continues at pace in this area.

A recent example of this is the purchase of new shore tensioning systems. This is a hydraulic mooring
system that will replace the use of traditional shorelines on port. This will allow us to minimise and
eliminate critical risks associated with mooring at the port.

This is a significant investment being made to ensure the ongoing safety of our people. The Board
and the management team remain focused on prioritising safety.

Embedding Sustainability in Everything We Do

Sustainability has been embedded into our business strategy this year. This reflects the importance
we place on social, economic and environmental sustainability across our business.

While sustainability has been an overriding consideration throughout Napier Port for some time, this
year we launched a comprehensive Strategy and Action Plan aligned to the United Nations
Sustainable Development Goals.

Our philosophy is to think globally but act locally, and put our efforts into issues we are in the best
position to influence and make a meaningful difference.

The Marine Cultural Health Programme is a great example of this, where we have partnered with
mana whenua to monitor the health of the marine environment in and around Napier Port. The
programme balances western science and Maori worldview and is the first marine cultural health
programme of its kind in New Zealand.

Other sustainability highlights during the year include the:
• creation of two artificial reefs
• the launch of our Te Ao Māori strategy and the refresh of our diversity and inclusion policy
• the third year of our partnership with Massey University to support kororā (little blue
penguin) research, and
• the release of our first Climate Change Related Disclosure Report, providing an
understanding of the potential implications of climate change on Napier Port

Partnerships and People

Collaborative partnerships and our culture of care are fundamental to our business.

Hearing from our people, customers and community gives us a realistic gauge on how we’re going as
a company.

This year, we surveyed these stakeholder groups to see what we’re doing well and how we can
improve.

We kicked off a new annual employee engagement survey with 71% of our team taking part. Our
people told us the work we do at Napier Port is important, they are proud to work for Napier Port
and they would recommend Napier Port as a great place to work.

They also want us to recognise and celebrate success more and have greater collaboration between
departments. We were really pleased with an overall engagement score of 77% and we look forward
to implementing some changes and improving on this score.

We surveyed different customer groups for feedback on our service levels. We were pleased to
receive a consolidated overall customer satisfaction score of 7.9 out of 10.

It was pleasing to know that our customers recognise we are doing all we can to keep their goods
flowing, and developing flexible, fit-for-purpose solutions to their shipping challenges. We want to be
known as the port that says yes.

Late in the financial year we surveyed 360 community residents and undertook deep-dive interviews
with 12 stakeholder groups. This is the first time Napier Port has initiated a community survey and
early results are very positive – 99% agreed that Napier Port is of key importance to the region and
76% thought Napier Port had a good reputation.

But there’s room for improvement. We need to communicate more and share what happens inside
our gates, with our community who want to know more about our long-term planning and the
sustainability work we’re undertaking.

To summarise, when we look at our results this year, we can see that our strategy is clearly working –
we did what we set out to do.

Napier Port is in great shape to capitalise on the growth prospects and opportunities we see in the
future.

I’ll now hand over to Napier Port’s Chief Financial Officer, Kristen Lie to present our financials.

I’ll then briefly return to comment on our outlook for 2022.


Napier Port Chief Financial Officer, Kristen Lie

Thank you Todd and good morning everyone.

Record Total Cargo Tonnes

Our expectations coming into the 2021 financial year were tempered given the ongoing pandemic
effects and risks, and knowing there would be no cruise ship visits contributing to our 2021 financial
results.

In the final reckoning, we are pleased to report another year of growth and records in our key
financial metrics with the main driver being the stable and positive export market conditions for New
Zealand logs throughout 2021. Log exports through Napier Port increased 27.6% to reach just over 3
million tonnes. Total bulk cargo, including logs and products such as oil
and fertiliser imports, was 3.95 million tonnes, an overall 26.6% increase on the prior year.

Our container services business grew as volumes increased by 2.9% to 276,000 TEU (twenty-foot
equivalent container units). Within this total growth, containerised dry export cargo was down by
3.4%. This reduction was mainly due to lower wood pulp and timber volumes, which were impacted
by shipping schedule disruptions and shipping capacity constraints during the year, as well
as exporters’ plant maintenance and shutdowns.

Higher value containerised refrigerated (‘reefer’) exports increased 4.7% mainly due to higher meat
exports. Apple and pear reefer export volumes reduced 1.5% to 25,000 TEU– a good result given
the well publicised apple industry challenges with securing seasonal labour.

Other container movements, including Discharge, Load, Restows (DLRs) and transhipped containers,
increased 58.4% to 17,000 TEU due to increased container repositioning by shipping lines related to
shipping schedule disruptions.

While charter vessel calls have increased by 39 to 343 ship calls due to the increased log exports,
container vessel calls were down to 242 ship calls from 293 calls in the prior year. Global shipping
congestion and disrupted supply chains continued to result in volatile schedules, with scheduled calls
missed and significant reductions in total container shipping capacity from New Zealand and Napier.
We also experienced a relatively high number of weather event days, further restricting shipping
during 2021.

Strong Revenue Growth

Record bulk volumes led to our bulk cargo revenue growing $10.2 million, or 32.7%, to $41.5 million
for 2021 - more than offsetting the complete loss of all cruise revenue which was $4.3 million last
year.

Our container services revenue grew 4.8% to $65.3 million, due to the higher volumes, and 1.8%
higher average revenue per TEU compared to the prior year. Additional revenues were earned as a
result of container shipping disruptions, including additional storage and refrigerated container
servicing. These gains were partially offset by the lower container vessel calls and lower Port Pack
pulp and timber packing volumes during the year.

Total Napier Port revenue, compared to the prior year, grew by $9.0 million, or 9.0%, to a
record $109.5 million.

Operating and Net Profit Higher

As a result of the arrival of COVID-19 in early 2020, we implemented a number of measures
to reduce and defer expenditure. Coming into the 2021 financial year we did not expect the
temporary cost measures implemented during 2020, to continue to the same degree. With this
effect, and continued investment in our capability and resilience, and an increasing inflationary
environment, total operating expenses grew by 10.8% to $65.7 million.

The net result from operating activities increased by 6.4% to $43.8 million –
a record result and much better than our expectation coming into the 2021 financial year.

Reported net profit after tax increased by 5.2% to $23.2 million from $22.0 million in the prior year.

On a comparable underlying basis, 2021 net profit of $22 million increased 7% from $20.5 million in
the prior year.

Capital Expenditure

In 2021, we committed the significant sum of $110.4 million to capital investment projects.
This included $100.9 million on 6 Wharf construction, as significant progress was made on all the
major project workstreams. Other investments included increasing our capacity to store refrigerated

containers, new plant for the log debarker and mobile harbour crane log loading trial, and
maintenance and replacement spend on the Te Mata tug dry docking, wharves, paving and buildings,
and replacement bulk cargo hoppers, among others.

This level of capital spend will represent the peak of our annual capital investment as we look
forward to the completion of the 6 Wharf construction project, ahead of plan, in the second half of
the next financial year.

The positive progress to date with 6 Wharf construction has seen the range of remaining risk from
this project reduce, enabling us reduce the range of expected cost outcomes. Whilst significant risks
with the project remain, as Todd noted, we have reduced our estimate for the total construction
project cost to between $173 million and $179 million, excluding capitalised overheads and finance
costs, which is lower than the original estimate.

Given the inflationary cost pressure we are seeing across many cost categories – e.g. energy, labour,
equipment, technology & insurance - we are pleased to be in this position.

Liquidity and Capital Management

Our balance sheet remains strong. At the end of the financial year, Napier Port had net drawn debt
of $78.0 million, in addition to $102 million in undrawn credit facilities.

A year ago, we were flagging the likelihood of our key Net Debt to EBITDA metric peaking above our
target ceiling of 3.5x through the 6 Wharf construction period. This was due to the impact of COVID-
19, including the expected loss of cruise revenues. Better than expected underlying earnings and 6
Wharf cost refinements mean, all things being equal, at this point in time we are now comfortable
with reverting back to our original target ratio guidance of no greater than 3.5 times through the 6
Wharf construction period. We continue to expect that over time the ratio will be managed to within
the long-term target range of 2.0 – 3.0 times, following completion of 6 Wharf.

I will now hand back over to Todd.


Napier Port CEO, Todd Dawson

Thanks Kristen.

Looking forward to the 2022 financial year, unfortunately, we see the continuation of supply chain
and shipping disruptions. Our customers are concerned by ongoing constraints with equipment and
shipping capacity, congestion, increasing costs, labour shortages and the increasing inflationary
environment.

We look forward to successfully delivering a number of our strategic projects – including 6 Wharf
which we expect to be operational in the second half of 2022.

Looking out further, we expect to see international borders reopening and a return of cruise ships.
No cruise ships are expected at Napier Port during the current 2022 season. We are hopeful the
cruise industry will start rebuilding during our 2023 financial year.

In terms of trade and results expectations for 2022, as we have seen this year, log export volumes
can have a material effect on our financial results. We noted in our annual results, that we are seeing

the moderating of export prices and higher shipping costs, which are negatively affecting the log
export trade.

Whilst log volumes for the first two months of the financial year are largely in line with the prior
year, we are expecting to see some slow-down in harvesting and exporting activity around the New
Zealand summer holiday period and leading into the Chinese New Year period, at the beginning of
February.

There is an increasing profile of maturing trees ready for harvest across the Hawke's Bay and the
lower North Island and our base case assumption for log export volumes in 2022 is in-line with our
2021 result, of 3 million tonnes.

In respect of earnings, we are committed to improving yields and growing revenue to generate
returns on investments in our strategic assets.

Taking into account the expected contributions from completing strategic projects, our base-case
assumption for log volumes, and assuming a continuation of the current market conditions, we
expect our underlying result from operating activities to increase by approximately 10% for the new
financial year.

I would like to take this opportunity to thank the whole team at Napier Port for the dedication they
have shown. We are delighted to have been able to recognise everyone’s contribution through our
Employee Recognition Scheme that saw a total payment of $800,000 distributed to our employees,
and was made up of a mix of both cash and Napier Port shares.

Thank you to the Board for their support of the management team this year.

We are looking forward to the future and continuing to see our strategy deliver great results for
Hawke's Bay and you our shareholders.

Thank you again for joining us today – I’ll now hand back to our Chair, Alasdair MacLeod.


Napier Port Chair, Alasdair MacLeod

In concluding our Annual Shareholders Meeting for the 2021 financial year, I would like to take the
opportunity to thank a few people for the key role they have played in our success over the last year.

On behalf of the Board, I extend our thanks to all shareholders, our region, and the cargo owners
who entrust their product to Napier Port.

And to the entire Napier Port team who – led by an excellent senior management team – have
delivered an outstanding result.

It has been my absolute pleasure to serve as Chair and Board Member for Napier Port since 2014. In
accordance with long-standing Napier Port practice and good governance principles, it is my
intention to stand down at the end of the coming year, with the December 2022 shareholder’s
meeting being the last I convene as Chair. We will communicate more in due course.

One final reminder that all shareholders are invited to join us on Friday 4th February for morning
tea to meet the team and ask any questions about port operations. The details will be posted on
Napier Port’s investor centre before the end of the year.

Thank you for coming today and thank you for your continued support of Napier Port.

No reira tēnā koutou, tēnā koutou, tēnā koutou katoa.

---

KEEPING OUR REGION
CONNECTED TO THE WORLD
ANNUAL SHAREHOLDERS MEETING 2021
17 DECEMBER 2021

2
ALASDAIR MACLEOD
CHAIR

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IMPORTANT NOTICE AND DISCLAIMER
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4
DIRECTORS
VINCENT TREMAINEHON RICK BARKER
ALASDAIR MACLEOD
STEPHEN MOIR
JOHN HARVEY
DIANA PUKETAPU
BLAIR O’KEEFFE

5
SENIOR MANAGEMENT TEAM
DAVID KRIEL
MICHEL DE VOSVIV BULL
ANDREA MANLEY
ADAM HARVEY
KIA ZIA

6
MEETING AGENDA
Close of Meeting
General Business and additional Questions
Chief Executive’s address
Chief Financial Officer's address
Chair’s address
Ordinary business
-Questions and Resolutions

2021 CHAIR HIGHLIGHTS
•Another successful year under challenging circumstances
•Growth in trade & financial results
•6 Wharf ahead of schedule
•Enhancing sustainabilitygovernance and launching
sustainability strategy and action plan
•Leadership position on COVID-19 vaccination and
testing to keep our people safe
•Delivering on our commitments to customers, shareholders, people
and ourcommunity
•Fully imputed final dividend of 4.7 cps declared

8
TODD DAWSON
CHIEF EXECUTIVE

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HIGHLIGHTS OF A SUCCESSFUL YEAR
2021 Financial Year
•Record tonnes of cargo and revenue
•Strategic roadmap delivering results
•Buoyant international markets
•Resilience of cargo owners
•Strong forestry sector
•Launch of Landside Logistics Service

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STRATEGY –DRIVING GROWTH AND RESILIENCE
Phase 1: FOUNDATION SETTING
-Strategy creation
-IPO
-6 Wharf commences
-Thames Street II
-Kaweka–3
rd
Tug
-Safety Roadmap
-People Development
Phase 2. CAPABILITY BUILDING
-6 Wharf completion
-Systems and process
upgrade
-People development
-Health & Safety
-Sustainability
-Logistics Services
Phase 3. TRANSFORMING OUR BUSINESS
-New value and revenue
streams
-Rebalancing supply chains
-Sustainability improvements
-Preferred employer
-Integrated supply chain
network offerings

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6 WHARF AND INFRASTRUCTURE INVESTMENT
UNLOCKING GROWTH
STATUS
•Ahead of budget and statedcompletion date
•Operational discipline and partnerships
•Growth opportunities and shipping options
•Mobile log debarker
•Mobile harbour crane log loading

12
SUPPLY CHAIN NETWORK SOLUTIONS
NAPIER PORT LANDSIDE LOGISTICS SERVICE
•Freight and cargo-handling options
•Partnerships with KiwiRail and logistics providers
•Central and Lower North Island network
•ManawatūInland Port

13
DATA & TECHNOLOGY PROVIDING A BETTER EXPERIENCE
DIGITAL APPLICATIONS TO SUPPORT CUSTOMERS
•Planning technology adds resilience to COVID-19 disruptions
•Propel: in-house Vehicle Booking System
•Tangible benefits for customers

14
HEALTH & SAFETY FOCUS ON CRITICAL RISK
•Hazards with greatest potential to harm
•Validation of critical control plans
•Investment to ensure progress at pace

15
EMBEDDING SUSTAINABILITY IN EVERYTHING WE DO
•Strategy and Action Plan launched August 2021
•Aligned to 14 of 17 UN SDGs
•Work streams aligned to global, local
and business goals
•Short, medium and long-term timeframes
•Marine Cultural Health Programme
•Climate Change Related Disclosure Report

16
PARTNERSHIPS AND PEOPLE
COLLABORATION AND CULTURE OF CARE
•KōreroMai –have your say
•Customer feedback
•Community engagement

17

FINANCIAL & OPERATING
PERFORMANCE

19
KRISTEN LIE
CHIEF FINANCIAL OFFICER

20
Woodpulp
9%
Timber
5%
Meat
5%
Apples &
pears
6%
Other
12%
Logs
63%
RECORD TOTAL CARGO TONNES
276
THOUSAND TEU
3.0
OF LOG EXPORTS
MILLION TONNES
5.9
OF CARGO HANDLED
TOTAL CONTAINERS
FY21EXPORT
CARGO BY
WEIGHT
MILLION TONNES
3.9
OF TOTAL BULK CARGO
MILLION TONNES
+16.3%
+27.6%
+26.6%
+2.9%

21
FY21
REVENUE
Bulk cargo
$41.5m
(+32.7%)
Other
$2.6m
Container services
$65.3m
(+4.8%)
STRONG REVENUE GROWTH
$109.5
MILLION
TOTAL REVENUE
9.0%
YEAR-ON-YEAR
REVENUE GROWTH

22
41.2
22.0
43.8
23.2
$-
$10.0
$20.0
$30.0
$40.0
$50.0
Result from Operating ActivitiesNPAT (reported)
Millions
FY2020FY2021
OPERATINGAND NET PROFIT HIGHER

23
53.1
110.4
$-
$20
$40
$60
$80
$100
$120
FY2020FY2021
Millions
Development - 6 WharfDevelopment - OtherReplacementOther
CAPITAL EXPENDITURE
•Capital expenditureof $110.4m¹
with $100.9m²on 6 Wharf
•Other development in support of strategic
initiatives and growing revenue
1-Includes accounting accruals including capitalised overhead and finance costs. FY2021cash spend $103.7m
2-Includes accounting accruals including capitalised overhead and finance costs. FY2021 cash spend $94.7m
DELIVERING 6 WHARF
6 Wharf
$100.9m
Other development
$4.3m
Replacement
$5.2m
FY2021 CAPITAL EXPENDITURE

24
LIQUIDITY AND CAPITAL MANAGEMENT
At balance date:
•Cash & cash equivalents of $1.4m
•Bank debt drawn $78m
•Additional undrawn bank facilities of $102m
Target ratio of Net Debt to EBITDA ceiling of 3.5x through the 6 Wharf construction period

25
TODD DAWSON
CHIEF EXECUTIVE

26
LOOKING AHEAD TO 2022
Continuation of container-based supply chain and shipping disruptions expected in FY2022
Delivering strategic projectsin FY2022
Estimating growth in underlying result from operating activities of approximately 10% in FY2022
CURRENT OUTLOOK AND EARNINGS OUTLOOK
Our base-case volume assumption for log exports in FY2022 is in-line with FY2021
No cruise visits expected in FY2022. Looking forward to a potential FY2023 partial return

QUESTIONS ON
PRESENTATIONS

ORDINARY BUSINESS

29
VOTING INSTRUCTIONS
Question box
Voting Card

30
RESOLUTION 1
To re-elect Vincent Tremaine as a director of the company

31
RESOLUTION 1
To re-elect Vincent Tremaine as a director of the company
ForOpenAgainstAbstain
Proxies145,145,864
(98.89%)
1,588,202
(1.08%)
42,110
(0.03%)
2,203

32
RESOLUTION 2
To re-elect Blair O’Keeffe as a director of the company

33
RESOLUTION 2
To re-elect Blair O’Keeffe as a director of the company
ForOpenAgainstAbstain
Proxies145,137,075
(98.88%)
1,592,202
(1.08%)
46,179
(0.03%)
2,923

34
RESOLUTION 3
To authorise Directors to fix the Auditor's remuneration
for the ensuing year.

35
RESOLUTION 3
To authorise Directors to fix the Auditor's remuneration for
theensuing year.
ForOpenAgainstAbstain
Proxies145,164,044
(98.90%)
1,583,628
(1.08%)
25,550
(0.02%)
5,157

VOTING

GENERAL BUSINESS

MEETING CLOSED

KEEPING OUR REGION
CONNECTED TO THE WORLD
ANNUAL SHAREHOLDERS MEETING 2021
17 DECEMBER 2021